I've posted about the benefits of living in Las Vegas. With all the recreation and entertainment right in your back yard, it makes it easy to slip away for a quick vacation. Even with being rather busy I was able to take a quick break with some out-of-town guests.

This trip was to Wynn, and it's adjoining sister property that opened this past December, Encore Las Vegas. While I've always enjoyed Steve Wynn's first hotel that opened in 2005, I'll have to say he outdid himself with this one. The vivid reds throughout, the butterflies, natural light, decor and draperies, and lavish plants and trees inside and out, give Encore an extravagant and intimate feel. Here's the main aisle through the middle of the casino floor, and you'll find other pictures of Encore in my Picasa Web Albums in the Las Vegas, NV folder.

Le Reve is located in the Wynn Theater, just off the Esplanade that connects to Encore. The show was created by Franco Dragone who was responsible for Celine Dion's "A New Day" when it was at Caesars Palace, and when with Cirque du Soleil he was the producer for two of their Las Vegas productions, Mystere at Treasure Island and "O" at Bellagio. There have been rumors that Celine may be returning to Caesars in June 2010, and she's been quoted as saying she misses her Las Vegas lifestyle, but nothing definite or if Dragone will be involved for a return performance.

I'd have to admit that when Le Reve, "The Dream" in French, first opened, it was rather 'dark'. The show was tweaked and improved quite a bit and eventually Steve Wynn bought the show. Shortly after he did, he revamped the entire theater, added new lighting and effects, and some more touches to the show. While based on water and with plenty of acrobatics, more dance was added to the mix.

The makeover of the theater included VIP seating with plush chairs with personal video screens, and champagne and chocolate covered strawberries are served. The theater in the round makes for easy viewing most anywhere, and the performers at times will be in the aisles of the 3 entrances to the water stage below.

It's an outstanding performance by the cast and musicians, and the new special effects work very well with the adapted storyline. While they will allow photography pre and post show, it's forbidden during the performance for the safety of the actors. So here's a few shots that give you an idea of how the theater itself morphs from beginning to end.

All pictures can be clicked for an enlarged version, and are downloadable at Picasa under a Creative Commons License.

For a little more in depth look at the performance, here's a 2 ½ minute teaser video with some scenes from Le Reve. It gives you a little idea of how spectacular it is.

So yes, living in Las Vegas has it's advantages, and world class entertainment is just part of the equation that makes Las Vegas such a great place to call home.

If you are interested in relocating to the Las Vegas area or would like more information or have questions about Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

In my last post I talked about the 78.3% increase in Las Vegas Home Sales for April 2009. It was the 13th straight month of year over increases, and Las Vegas Home Buyers and Investors have been grabbing up the bargains. For first time buyers that qualify, they have the added incentive of the $8,000 tax credit if they close on their home before Dec. 1, 2009.

I also mentioned in that post that real estate is local, even on the local level. This is where you need to have a knowledgeable agent working for you, as unfortunately there are so many generalizations in the media and elsewhere. Median price and price declines for an entire metropolitan area can be misleading.

There are homes available at median price in Las Vegas, and above and below that figure. A home buyer can be misled if they think that home prices are 'median' valley wide. While home prices have dropped valley wide and homes are offering tremendous values, much will depend on the area. While still a generalization, an article in The Las Vegas Sun about Median Home Prices in Las Vegas Zip Codes can give you an idea of what I mean.

In the article it states that 13 of 56 Las Vegas zip codes had median home prices under $100,000, well under the data source's median of $150,000 for the metropolitan area. The lowest median prices they found were $45,500 in 89101 around downtown Las Vegas and $39,000 in 89030 around downtown North Las Vegas.

On the other end of the scale you have their 1st quarter median listed for Henderson's 89052 that includes communities like Anthem and Seven Hills where they place the median at $260,000. Summerlin's 89135 and 89138 medians were at $270,083 and $285,000 respectively. You'll also notice that percentage of price declines goes across the board, and those will also vary even within a zip code, even down to various subdivisions within a particular community. Remember median is also only the middle number of all homes sold, so there will be an equal number of homes sold above and below the amount.

You easily see that price variation in the article's mention that the highest price per square foot of $320 was along the Strip. That's the highest for the entire valley during that quarter, yet the median price for the zip code area only came in at $247,500, which isn't the highest median valley wide for a given zip code.

So yes, location, location, location still plays a huge role in real estate values. Median and overall price drops only give you a wide ranging ball park figure. For you to determine pricing for your specific needs, you really need to look at comparable sales and their reported appraisal condition. Was a property sold that was appraised as a Excellent like new condition, or was it Poor and in need of rehab and additional investment? That is where having a good agent can be a tremendous asset for you to determine a home's real value.

In another article in the Las Vegas Review Journal, they say what I said in my last post, Home Buyers and Investors are gobbling up foreclosure inventory. The article states that first quarter sales are up 77%, even larger that last month's gains alone, and that inventory is being purchased at a faster pace than in other parts of the country, again why real estate is local.

Local SalesTraq tells of what most agents are experiencing locally. Banks are listing homes low to attract attention and competition and then waiting a while for highest and best offer, often at or above list. This isn't necessarily the case in other home markets, so using what may be happening elsewhere could be a mistake in home buying.

The article mentions another quote that homes under $200,000 that are very popular, are in shorter supply. This is also increasing competition for both home buyers and investors. Here you don't want to overbid and why you need to determine value, but you also need to know the reality of the market if your bid is to be successful.

Assuming you can underbid on a foreclosure because the banks are 'loaded' with them, might just have someone else getting the home. The media in general produces statistics that claim Las Vegas has one of the highest foreclosure rates in the nation. That's not the amount of homes going into foreclosure, but the rate based on population. It doesn't tell you that these homes are selling and keeping inventory down, or where the competition is found.

The article also mentions 'Phantom Listings', or homes that have been foreclosed by the banks that have yet to be listed on the MLS. They claim that only 30% have been listed nationwide. Unfortunately national foreclosure statistics aren't maintained by any government agency, and the private companies that the media often list as 'leading sources', have had their figures come into question.

I think any agent who has experienced Short-Sales can explain why some homes don't make it to market quickly. The RJ article states SalesTraq figures that the number of completed Short-Sales is around 10%, which is an improvement since when the housing crisis first began. Lender have been understaffed and slow to respond in many cases.

Another issue is that it's often difficult to figure out who exactly owns the loan, as many lenders are only loan servicers. Loans can be bundled among countless others and placed into traded securities which can make it difficult to sort through. Following homes through a foreclosure process, it's not unusual to see a property reconveyed, even multiple times, before one lender has clear title. Using raw data as the statistical site often do, it's possible that these changes in title may be inflating numbers of bank-owned properties.

There can also be further complications with property condition and even keeping up with prepping a home for sale. Demand for restoration services is often high and in severe cases of damage a determination has to be made if it would be better to invest more into the property for repairs or simply sell in it's condition. One property may be pristine with new carpets, paint and appliances, the next requiring repair. Some listings can be found as cash-only as by underwriting standards the home's condition won't permit it to be financed.

So my question is...does this statement of a 30% national figure of 'Phantom Listings' that have yet to reach the MLS apply to Las Vegas? It appears the inventory on the MLS has been moving quickly, so there has been demand. Local SalesTraq also states that while one month may only be a 'fluke', bank-owned home dispositions, or sales, have outpaced bank acquisitions through new foreclosures in March. So I'll let you decide if this nationwide overview figure necessarily applies to Las Vegas.

While foreclosures appear to still be with us and for some time into the future, don't let broad media statistics influence your buying decisions. You need to examine and understand the local market very closely, and determine what applies to your specific situation.

It's also unknown what condition or pricing may be if this demand continues, so at least shopping now will keep you in touch with what is happening. Median price or general reduction of values doesn't give you guidance, if it's not the specific area, community, access, or lifestyle where you want to be. Again, that's where the personal services of a knowledgeable REALTOR® can help you along the way.

If you are interested in relocating to the Las Vegas area or would like more information or have questions about Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

This according to the Greater Las Vegas Association of REALTORS® figures as reported here in the Las Vegas Sun. It's a 78.3% increase above April 2008 sales, and up 7.3% over the previous month's gains.

The article also noted a whopping 40% 'price drop', April 2008 to April 2009. Las Vegas foreclosed homes continue to dominate sales, driving down median price. Many first time home buyers are taking advantage of the $8,000 tax credit, all buyers the much more affordable pricing and low interest rates, while investors see opportunity in potential income producing rental properties.

There is a little more to this story that isn't discussed in the article. I think it's important for buyers to have a better understanding of these figures and what it means to them personally.

Remember that these reports are actually from sales that have taken place as much as 30 - 60 - 90 days prior. The figures represent the homes that have closed during the month and lag real time. The same will be true when you see increases in prices. They will have taken place previous to them being reported.

Of course prices have fallen and Las Vegas homes are very affordable today, but median prices aren't necessarily an accurate barometer or the entire Las Vegas home market. There are several reasons why this is true.

One of the issues is that investors are buying homes, sometimes in multiple numbers, and often the distressed foreclosure properties that require additional investment. Some of these homes may require extensive repairs that the average home buyer wouldn't be interested in dealing with. In some cases they are cash only as the damage makes them unable to be financed with a mortgage.

The credit crunch itself has been another issue. While it has eased considerably since the freeze of last fall, non-conventional or Jumbo Loans, which are those above $417,000, have been more difficult to obtain. This combined with the weak economy has caused a reduction in the number of sales in the higher tier properties that would typically offset the increased sales on the lower end of the scale. Easy to understand why the median prices can get skewed downward, as median is the middle number of all homes sold.

One last mention to understand Las Vegas home values, is location. The old saying "Real Estate is local" is true even on the local level. So is the saying "Location, location, location." While prices have dropped market-wide, there will be fluctuations in pricing in various neighborhoods. What you will find at 'median price' in one neighborhood can be totally different or not exist at all in another. Desirability still plays an important role in home pricing. That is why you'll typically find increased completion and multiple offers for the best properties in every price range or neighborhood.

While these reports do give an indication of the strong interest, don't be mislead by these very general statistics. You also need to pass on the hype of the sometimes ridiculous pricing that may be found on some internet home search sites, or late night infomercials with some extreme claims. Las Vegas home pricing has reduced significantlly, but those too good to be true prices usually are.

This often has many chasing foreclosure lists, usually with short free trials and paid subscriptions afterward. Often these sites have some unrealistic or unavailable properties. For Free Las Vegas Foreclosure Lists, every local REALTOR® with multilist access has them. They are among all listed homes from real estate brokers, as it's against federal law for the banks to sell their foreclosed properties themselves. This is true not only in Las Vegas, but across the country. They are also the most up-to-date, being the source database for the local area.

There are incredible bargains to be found in the Las Vegas home market and many are taking advantage of this unique situation of pricing, rates, and first time buyer incentives for those that qualify. Having a solid understanding of what is actually happening, and how it affects your personal home buying situation, can make your search and purchase a much more pleasant experience. That's why it's your best bet to have a knowledgeable agent working for you, to help guide you to find your best home value.

If you are interested in relocating to the Las Vegas area or would like more information or have questions about Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

With a nearly year round growing season, Las Vegas has some incredible plants and flowers. Coming from the colder climates of the east, it was such a pleasure to see so much color and life throughout the year. No more cabin fever from the dreary days of waiting for spring to arrive.

Of course there are many familiar plants and flowers that grow very well here and last so long. That wasn't much of a surprise, although visiting well stocked nurseries and garden centers in late fall, and what are considered winter months in most places, was a very different experience.

Then in spring, and many in our 'second spring' of the fall months, you have another surprise. The beautiful and unique blooms of the desert are added to the pallet. Even from plants and cactus you could hardly imagine, come these colorful and delicate flowers.

My in-house photographer took a number of shots from the yard, around the neighborhood, the trail, and the Cactus Gardens at Ethel M Chocolates. If you follow my blog you may recall the Holiday Lights Display at Ethel M, and it's one of many demonstration gardens available here in Las Vegas. Others are at Springs Preserve, that also has a Winter Festival of Lights, and a number of other gardens around the Las Vegas Valley for those that don't care to hike the trails or ride the rails to see all the desert in bloom. It gives you an idea of what landscaping you can use at your own Las Vegas home.

You can see these flowers in a Full Window Slideshow Here, or check out all the individual Las Vegas stills in my Picasa Web Albums, where they are available for download up to 1600 pixels wide for non-commercial use. So if you'd like a new Las Vegas screen wallpaper it might be worth a look.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

If you follow my Active Rain Blog, you probably know there are pilots in my household. So for us, being around airports large and small isn't an unusual experience. My better half is a former Public Affairs Officer, that among other things, was involved in organising and participating in a number of air shows over the years. They were always very well attended and that goes to show how much interest there is in aviation. With an estimate that less than 2% of the US population are pilots, he helped a lot of people get on the other side of the airport fence and he hopes he helped inspire a few careers along the way.

It's easy to see that level of interest here in Las Vegas. Day or night there's never been a time we've passed the parking lot on Sunset Rd., the runway side of McCarran, when there weren't people there watching the planes.

Attendance at the Nellis AFB Aviation Nation, featuring our hometown Las Vegas Thunderbirds USAF Demonstration Team is another indicator. Hundreds of thousands attend the annual 2 day air show on the base and thousands more watch from around it.

Aviation really starts at the smaller airports that are called General Aviation, suited for corporate, charter, and private aircraft, and often flight instruction. Henderson Executive Airport is a fine one with it's modern terminal building and flight school from Cactus Aviation currently scheduled to open in mid 2009. Maverick Airlines, a sister company of Las Vegas tour operator Maverick Helicopters, has also opened at Henderson Executive in the corporate office park that's springing up around the airport. Maverick offers tours and charter on their fleet of 18 passenger Beechcraft 1900D aircraft.

Also opened on the 2nd floor of the terminal building is Landings Restaurant. They are open for breakfast and lunch and are currently offering fine dining dinner on weekends. Of course they have the '$100 Hamburger', pilot speak for flying off to have lunch. They also have upgrades like their $200 Hamburger, and their house specialty The Million Dollar Burger that's topped with their popular secret ingredient....peanut butter! Of course they offer a wide variety of sandwiches and sides as well as a typical breakfast menu, but don't let those big dollar burger names fool you, it's reasonable priced.

Then there's the view at no extra charge. A variety of arriving and departing aircraft, fixed and rotary wing, along with some celebrities from time to time can be seen from the bird's eye view of the second floor. There's also an outdoor patio that not only has views of the runway, but of the Las Vegas Strip to the north. As you can see, the interior is decorated with all things aircraft, from pictures on the walls to models hanging from the ceiling.

Henderson Executive is conveniently located just off St. Rose Parkway with access to Interstate 15. It's also convenient to the executive homes found in nearby Seven Hills, Anthem and Madeira Canyon, and Toll Brothers Inspirada. Green Valley Ranch and MacDonald Highlands are just a short drive, as is Southern Highlands that is just across the I 15 from the new M Resort. It's no surprise Henderson Executive recently hosted 'Aircraft Experience', a show for corporate aircraft and luxury cars from Porsche.

Even if you're not into aircraft, it may be worth a business stop. Landings has plentiful natural lighting, and there's free WI-FI service throughout the terminal building. If you're in that part of town it could be a good place to stop for a bite or a beverage, review with clients or check your email.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

This past weekend I posted about my trip on the Southern Nevada Railway train ride. Afterwards we headed over to the 24th Annual Boulder City Fine Arts Festival to enjoy the art and the food. The 2 day event was held in Bicentennial Park in the downtown area of the city.

I've also posted about Boulder City before, with it's quaint small town charm that is a sharp contrast to the big city lights and expansion of Las Vegas. While it has the largest land area of any city in Nevada, it's growth is limited by restrictions on building permits and the city itself owning most of the vast open land in the Eldorado Valley. If you checked out the pictures from the train you'll catch a glimpse of how large it is, and also the contrast between the desert valley and the neatly manicured downtown that almost appears to be caught in time.

As you can see, it's a well attended event, and just like it's busy main street with antique stores and outdoor cafes that you can see in the pictures in my Boulder City post. Yes, it's a popular place for locals and tourists, alike. Just over the hill from downtown there are homes with amazing views of Lake Mead. Parks and recreation abound with fishing ponds, RC car and boat areas, BMX tracks and trails, and much more. Boulder City also remains one of the places in Nevada where gambling is still illegal to this day, something you might not expect in Nevada.

Here's a few pictures from the Boulder City Fine Arts Festival, Bicentennial Park and it's surroundings. To watch full screen, instead of using PLAY, click the HD or Full Screen button on the bottom of the player below, and when finished click it again or use the ESC key to return.

The XML Flash player NOT embedded in your current posting location? Click here to view these pictures , or for all my Las Vegas Photoshows that include some of the interesting neighborhoods and other community activities found in and around the Las Vegas Valley, CLICK HERE.

These pictures are also available as higher quality large images that are downloadable in my Picasa Photo Album. Or you can view them there in this full window slideshow that's compatible with the Google Chrome Browser.

Boulder City's arts festival and it's many charming shops adds to the Arts and Culture and Community Events found in and around the Las Vegas Valley. The city itself adds another lifestyle choice among the many that are found here, making Las Vegas such a great place to call home.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

Many visitors think of living in Las Vegas as the 'Wild Life'. Their brief stop at a very small 4.5 mile 'Strip' of land often gives them a limited view of all that Las Vegas has to offer, and there is much more. Yes, you can experience the other wildlife found in and around the valley. From what you might find in the luxury homes of McDonald Highlands, to this guy on my trip to Boulder City to ride the rails.

I've posted about the Santa Train of the Nevada Southern Railway held the first two weekends of December. Of course there are rides available on weekends through most of the year at this train museum and restoration facility that's an agency of the Nevada Dept. of Cultural Affairs.

The equipment is donated or acquired by the state, but most of the work comes from volunteers for both the maintenance and operation of the train. The meticulously restored cars are comfortable, with three air conditioned Pullman coaches and one open-air car. There are other cars and engines to be seen, all in various states of restoration. The friendly staff is eagerly available to answer questions about the train, others cars on static display, and what can be found along the way.

The spur is part of the original line built for the construction of Hoover Dam. As you'll see from the pictures, parts of it were cut out of the rock. That's a small idea of the massive project to construct the dam in Black Canyon with the much less sophisticated equipment of the time. The colorful rock formations also show the unique geology of the Las Vegas Valley. Evidence of it's beginnings as an ancient ocean and it's long dormant volcanoes all mixed into the abundant mineral deposits seen in the many different colored layers and formations.

In the spring, you also have the added colors of the wild flower blooms. Desert plants that grow in the most unusual places, even right out of the rock, that can produce amazing flowers and colors. The cactus blooms are especially amazing. These plain and often unusual looking, thorny plants can produce beautiful flowers that look like roses, and in such vibrant colors.

Other sites along the way include the exclusive Cascada Golf Course and it's waterfall that not only runs down the mountain, but it's stream flows through the clubhouse. The mirage-looking 'lake' in the southwest of the massive Eldorado Valley is actually the Solar One solar-thermal power plant. The hiking and biking on the paved 35 mile River Mountain Trail that runs from Henderson to Lake Mead. The Nevada Veteran's Home is nestled into the foothills just below a large round VOR antenna (VHF Omni-directional Radio Range) used for aircraft navigation. (Yes, I have pilots in the house.) There's also the Boulder City Airport that is not only home to many general aviation aircraft, but many of the Grand Canyon tours plus skydivers that you might see during your train ride.

The end of the line is at Railroad Pass, and the casino of the same name. It began as a dance hall for the workers of the dam. It's home of the oldest continually active casino license in southern Nevada, and sits just outside the limits of Boulder City. Gambling was banned from the government town, and it remains that way to this day.

Railroads played a huge part in settling the west and in particular Las Vegas. With all the mining in the mineral rich Silver State, trains with supplies and workers were brought in, and minerals taken out, so the rails were the key to development. For what was to become Las Vegas, it had water in natural artesian springs that was needed for the steam engines. In 1905, the railroad had a land auction at the water stop in the desert. That land was the Las Vegas townsite that became a city in 1911. It's what began the valley's growth to an estimated 2 million in just over 100 years.

Whether you're interested in trains, the desert ecosystem, it's geology, history, or just taking a step back to the relaxed times of travel by rail, Nevada Southern Railway is worth a visit. If you click on the link you'll find their schedules, more information including their Cab Rides, Engineer for a Day, Birthday Parties and other charters, and their current coupon for $1 off Adult Fares.

Now it's 'All Aboard" for the picture tour of the Nevada Southern Railway. To watch full screen, instead of using PLAY, click the HD or Full Screen button on the bottom of the player below, and when finished click it again or use the ESC key to return.

The XML Flash player NOT embedded in your current posting location? Click here to view these pictures , or for all my Las Vegas Photoshows that include some of the interesting neighborhoods and other community activities found in and around the Las Vegas Valley, CLICK HERE.

These pictures are also available as higher quality large images that are downloadable in my Picasa Photo Album.

If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

If you've been following my blog you know that Las Vegas home sales have been on the rise for quite some time. The pricing from the downturn combined with low interest rates has made homes in Las Vegas very affordable. From basic tract homes and condos all the way to the ultimate in luxury executive homes, there are super deals to be found. Not just in foreclosed properties, but in resale homes, as well. Of course if you've been following you know that you don't have to pay for Las Vegas foreclosure lists to find these home values.

This incredible pricing has also attracted the home investors, from individuals to investment groups. Fortunately it appears that most are serious investors that allow appreciation over time, not the flood of very speculative quick flippers that overinflated the market during the boom.

I've posted before about the Canadian Invasion of Las Vegas, there are a large number of our neighbors from the north that have been purchasing second homes and condos here in the Las Vegas valley. Just the other day, a KLAS TV8 news report was about a Canadian Investment Group that has purchased 27 properties and could possibly buy as much as 30 more.

Their reason for settling on Las Vegas? While they could go anywhere in the country, they feel that Las Vegas provides the best opportunity for future appreciation. You can hear the remarks in the KLAS video. The full screen control is on the bottom right and you can use the esc key to return.

This increased activity is something I've been experiencing for some time. My home buyers have been seeing it as well, as they are usually caught in the mix of multiple offers on properties. After writing a few offers, I usually hear the "you were right".

Properties are often very well priced, and going in at or below list on an exceptionally valued home may lead to disappointment. In many cases the listing price appears more like an auction starting bid, and the competition stiff. This is where you have to know what true comparable values are, for buyers can make a solid offer, but without overbidding.

If you're interested in Las Vegas homes, either as a home buyer or investor, at the very least you should be doing some serious shopping right now. You might also need to experience the learning curve often involved in the exceptionally valued properties that can be found in Las Vegas today.

If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

Since I did my post on Free Las Vegas Foreclosure List - You don't need to pay for Foreclosed Home Listings, I've had some interesting feedback. Many were surprised to find out that yes, your local Real Estate Agent has these listings. There aren't any foreclosed 'Secret Properties' to be bought directly from the banks. Once homes have been foreclosed, they all go through real estate brokers and appear on the local MLS.

With so many sites offering paid foreclosure listings or 'paid systems', a number of people have assumed that there is some 'secret' that isn't available to the general public, and that these sites or companies can provide them this information, for a fee, of course. Well, some times you don't always get what you pay for. It comes down to this...banks can own real estate, and through foreclosure own REO's or Real Estate Owned, but they can't sell it themselves.

Why? Arguments there range from a conflict of interest to monopolies. In 2001 the lenders began lobbying Congress to allow them to sell real estate, and a long battle began. They were challenging the Bank Holding Act of 1956 prohibiting financial institutions' holding companies from participating in most non-banking activities. The act was very broad and had been amended over the years to allow some flexibility, and the lenders were pushing to include real estate sales.

A bill was introduced in 2008 and re-introduced in 2009 as the Community Choice in Real Estate Act, that proposed to clarify and specifically prohibit financial institutions from participating in real estate brokerage or management. This bill actually became unnecessary, as that provision was included in the Omnibus Appropriations Act of 2009, signed into law on March 11, 2009. A brief summary of the provision to permanently prohibit banks from real estate activities is found on page 3 of this legislative notice on the funding bill.

So no, the banks don't sell direct, or are their any secret sources on foreclosed homes, they all go through brokers. They are listed with your local agents anywhere in the country, and included on any agent's site that has a multilist home search, like my own linked to the graphics at the bottom of this post, or my zip code based search hosted at the Greater Las Vegas Assn. of REALTORS®. Below is a map of the Las Vegas MLS Area Codes to help with your searches, particularly if you use my other sites.

I offer 3 websites to make it more convenient and compatable with different computers, browsers, and connection speeds. You can use whichever of my search sites you find is the easiest for you to use, see all available properties in your price range and other needs, and best of all it's free and no registration required. I don't 'harvest emails' from anyone that just wants to browse to see what's out there. Of course you should get in touch if you need more details or would prefer a more specific search, as I can set that up to be delivered straight to your email. When you're ready to shop, I'll be happy to show you your selections and help to guide you through the purchase.

While paid sites may imply there are secret foreclosure listings, or some say they have a 'system' with secrets for sale, there really isn't anything hidden. Even pre-foreclosures are a matter of public record and available from the Recorder's Office here in Clark County. The only 'secrets' are they require a lot of knowledge and research, knowing comparable values and all the risks and limitations involved. Even agents or real estate attorneys attempting short-sales for homeowners facing foreclosure are not always successful negotiating with banks or defaulted property owners.

While there are incredible bargains in today's Las Vegas home market, finding a property sold at a Trustee Sale that has potential equity can be very difficult. With declining home values leaving so many owing more than the properties is valued in most cases. Are they impossible to find? No, but very limited and you may just discover the competition stiff on those very few properties, just as you do in exceptional values for listed bank owned homes.

I hope that clears up some of the misconceptions about foreclosures. Not only here in Las Vegas, as the listings of homes that have been foreclosed are found on any MLS across the country and they offer the most up-to-date information available. Don't get caught up in the hype often seen out there on the web or TV infomercials. Find a knowledgeable REALTOR® that can explain all the realities of buying your next home or investment.

If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

Yes, it's time for true confessions. When I'm not a Las Vegas Real Estate Agent, and sometimes when I am, I'm a Las Vegas Stripper. Yes, another myth busted...Las Vegas Locals do go to the Strip. Now if you were thinking of the 'other' kind of Stripper...sorry, I'd probably fall like Jamie Curtis in the movie "True Lies."

So last night our group of nine was at the Strip, doing our part to help the local economy. There's a good chance you've heard about Las Vegas being 'slow', and the media reports of MGM's City Center declaring bankruptcy. Unfortunately even our contribution to one of MGM's great Steakhouses was too little, too late. As we stepped outside after dinner, the power on the Las Vegas Strip casinos was turned off. Besides street lighting and some of the smaller shops, the Strip was dark...with the exception of the limited lights from the 'few' visitors to Las Vegas. Business is just awful here, ya' know.

OK, I'm just kidding. Well sort of. The lights were actually turned off for Earth Hour between 8:30 and 9:30 PM, as Las Vegas was one of the 10 US Flagship Cities for the global event. It was held to recognise conservation and climate change. Las Vegas has become one of the cities with so much green construction, and out of necessity Las Vegas has been a leader in water conservation long before climate change became an issue. I do have to admit It was so strange to see one of the world's brightest cities, become so dark.

For more Las Vegas Strip pictures, even at night with the lights on, you might want to check out my Las Vegas Picasa Web Albums. Those pictures can be enlarged, and if you see something that catches your eye, they can be downloaded as a free Las Vegas Wallpaper, if you'd like.

There also seems to be another 'darkness' lurking around the globe. With all the doom and gloom of Las Vegas reported in the media, I guess this Earth Hour look must be what those outside Las Vegas might expect it to look like. Except for the traffic, perhaps. Yes, this is Las Vegas having a 'slow' economy and declines in visitors. Look as sparse or as bad as the media often describes it? You should have been with me at the airport today, it was packed.

Of course the Las Vegas visitor count has been reduced, and those that are coming are enjoying some fantastic bargains. That has lowered revenues and many companies were overleveraged, but it doesn't appear that desire to visit is dying. The same thing is true in the Las Vegas Real Estate market, where sales numbers continue to climb as savvy buyers pick up tremendous bargains in everything from tract homes to luxury residences. Probably why relocation.com said Las Vegas was their #1 for relocation in 2008, and predicts a repeat for 2009.

There's also been all the media disaster about MGM's Project City Center, that's scheduled to open later this year. MGM has said they expect to be hiring 12,000 at City Center and that doesn't include all the jobs on the property or in support of it in the valley. These are new jobs being created without any stimulus package. There was controversy created in the media that Nevada Senators Reid and Ensign had been asking banks to take a good look at the credit worthiness of giving loans to the City Center project. A big part of what all those billions in bailout money the banks received, was supposed to be about...freeing up credit markets to make viable loans. I don't understand why the press would think this is a bad thing, saving jobs and getting credit flowing again.

Next a lawsuit from Dubai World claming MGM mismanagement, and that blasted in the media as more gloom and doom for Las Vegas. Strange that the media overlooked a few things, since Dubai World's comments last fall that Dubia World wasn't having any funding problems and wasn't canceling projects due to the global crunch. Yet by February, their Nakheel subsidiary has postponed 6, part of the $75 billion or 60% of projects cancelled in the resort area centered in the oil rich Middle East. So, could this lawsuit be another way for them to conserve cash in this downturn? A way to dodge their own overleveraged positions? Perhaps putting the blame all on MGM, and why those folks call it a 'meritless suit'? Or is it more as the media implied, that it was MGM as the lone source of the problem and the 'decay' of the Las Vegas market?

Of course next up in the media was City Center would be declaring bankruptcy, as the lawsuit came just days before Dubai World would have had to put up their 50% share of a $200 million payment due. What a coincidence! The media began all kinds of speculation that City Center would be declaring bankruptcy, and then MGM Mirage because of all this. MGM had already said it had the money to make the payment by itself. What the media often failed to report, was that MGM WAS ready to make the payment, it DID have the cash, but THE LENDERS were the ones objecting to Dubai World not making their 50% of the payment.

Yes, as most real estate agents in this foreclosure and credit mess have come to be aware, banks and common sense don't often belong in the same sentence. Banks that have frozen credit markets from their 'toxic assets', and in spite of the billions in taxpayer dollars handed to them, would rather refuse an available $200 million payment on a technicality and force a project into bankruptcy. Wouldn't that be creating even more toxic assets, as well as adding unemployment?

Of course the media seems to be almost on their level at times. Just the week before, they were blasting the news of MGM's sale of Treasure Island to billionaire Phil Ruffin. After winning gaming approval, he transferred $600 million of the $775 million sales price to MGM. So yes, MGM obviously had the cash on hand to make the $200 million payment for City Center. It seems many in the media forgot or passed on that little tidbit. Of course there is still a lot of twists and turns for MGM to navigate, and I'd expect the banking industry to have a ways to go before common sense becomes more prevalent, but the media still seems more interested in negative, tabloid style reporting than being objective.

One more case in point as to how crazy banking has become, is the Phil Ruffin purchase of TI. As he pointed out, he's getting one heck of a deal. To build the same nearly 3000 room hotel would cost in excess of $2 billion according to his estimates and former plans to do so at his former Frontier site a few doors up the street. MGM had done somewhere near $100 million in renovations to the hotel, and last year the property's revenues had declined...reported to be only around $87.7 million. MGM had offered to finance the balance, but gave Ruffin another super offer. If he found outside funding, they would knock off $20 million from the remaining $175 million balance. As crazy as this may sound, he's having trouble obtaining financing for the balance with $600 million down, or 80% equity! Ruffin had an interview with Las Vegas freelance reporter and a host of 'The Strip Podcast', Steve Friess. In Steve's Vegas Happens Here Blog, Phil is quoted as saying he may just pay it in cash.

As you can see from the Strip traffic from my Earth Hour pictures, Las Vegas still has a strong attraction even in this difficult economy. Bankers, in spite of the billions of our dollars handed to them, still appear to be hindering out national recovery. The news media still appears more interested in sensationalizing than objective reporting. There is light at the end of the tunnel, and the gloom and doom darkness is often blown out of proportion, prolonging our national recovery. You just might find out you need to check things out for yourself, or that you'll get better information from a Las Vegas Real Estate Agent...or a Las Vegas 'Stripper'. :)

If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!