A few days ago I posted a letter on this blog from one our Las Vegas real estate inspectors, Spectrum Inspections. The letter addressed the responsibility of the listing agents to disclose known defects on Las Vegas foreclosures they were handling, despite the fact that the properties were being sold "as is, where is." In this particular case, the inspector was aware that the listing agent had ordered mold remediation done on the property prior to placing it on the market, though there was no disclosure about the remediation to the subsequent buyers. The inspector's quandary was whether or not to let the listing agent know about their potential liability to the buyer, since Las Vegas real estate agents are required to disclose all known material defects about a property, even though the property is being sold "as is, where is."
Below are excerpts from the inspector's follow up letter detailing the resolution that resulted from alerting the listing agent to the issues.
Dear Diann,
I would like to thank the many people who responded to my request for guidance and provided me with input. Most of the guidance and direction recommendations that I received were very similar. However there were a wide array of suggestions that ranged from, "Do nothing; you're just the home inspector," to "you must take this issue to the state legislature to ensure this type of thing never happens again." Some people thought we were over stepping our boundaries as home inspectors, while others complimented our involvement. During my twenty-one years in the military one lesson I learned was that the proper initial course of action is always to try and resolve problems at the lowest level. This is what I did.
When I called the Listing Agent and spoke about the potential liability he may be incurring by not disclosing material information that he should disclose in accordance with the "Duties Owed" he was very grateful and receptive. He went on at great length about how he is buried with REO listings and appreciated me bringing this issue to his attention. He is a good guy, trying to do the right thing, and did not need to be either reprimanded or incarcerated.
He sent an addendum to the Selling agent disclosing that the home was plumbed with Kitec. He also sent the Selling Agent copies of all the repair orders, documentation of the repairs that were accomplished, and even forwarded the results of the post mold remediation testing that was performed. It appears that his actions to address the damage and the mold were done by the book. The buyers were very grateful that nothing seemed to be glossed over and now feel that they received the level of disclosure they were entitled to receive.
We also suggested the Listing Agent contact the Asset Manager, request that the Kitec replumb be accomplished prior to title transfer at the bank / current homeowners expense, and to have the prospective buyer sign an agreement that assigns any remuneration from the class action lawsuit to the bank that paid to have the replumb accomplished. Everyone involved thought it was a good path of resolution that created a win/win situation. The buyers are willing to move forward with the transaction once the replumb is accomplished, and will have a better than expected 25 year warranty on the plumbing system. All the repairs the Listing Agent had performed were professionally accomplished and this was confirmed during the course of our inspection. The buyers are now looking forward to spending the Christmas holidays in their new Las Vegas home.
A great home inspection will not only uncover all the significant problems with the home, but will provide you with a course of action or path of resolution for addressing the issues. Both agents in the transaction were delighted at the level of involvement we provided. Don't you love a happy ending?
Paul J. Donohue, RHI, RREI, CREI President, Spectrum Inspection Group Inc. 8345 Coyado StreetLas Vegas, NV 89123 Phone: (702) 269-6716
Here is a letter recently sent to us by Paul Donohue of Spectrum Inspections, one of the leading home inspection companies in the Las Vegas Valley. As usual, Paul keeps us informed of ongoing inspection issues that we, as Las Vegas real estate agents, need to be aware of. Paul sent us the information below just this past week which raises an interesting question: What responsibility do REO listing agents have to disclose defects that they are aware of?
Recently REO agents have been hiding behind the "as is, where is" clauses inserted by sellers (banks) into their contracts. But this does NOT relieve them of responsibility to disclose anything they know about a Las Vegas home for sale that they have listed.
Excerpt from Paul's letter:
No Disclosure
We were recently involved in an inspection on a Las Vegas home in foreclosure where the Selling Agent and buyers were very worried about mold. They had somehow gained entry into the home before it was "officially" on the market and observed an extensive amount of water damage and mold. But the Listing Agent, through the Asset Manager, had the damage repaired and mold remediation performed before the home was placed on the market. When the Selling Agent inquired about the damage the Listing Agent informed her that the home was being sold "AS-IS" and that there was no SRPD being provided. No disclosures about the property condition were going to be provided. They had an accepted offer to purchase contract in place.
The SRPD is the Sellers Real Property Disclosure Statement. True enough, especially with a fully signed NRS 113 waiver in place, the bank who owns the home is not required to make any disclosures about the material condition of the home.
But in this case it was the Listing Agent who arranged and coordinated the repairs that were accomplished. Forget about the SRPD, think about the "Duties Owed" The DUTIES OWED BY A NEVADA REAL ESTATE LICENSEE specifically states: Licensee's Duties Owed to All Parties:A Nevada real estate licensee shall:1. Not deal with any party to a real estate transaction in a manner which is deceitful, fraudulent or dishonest.2. Exercise reasonable skill and care with respect to all parties to the real estate transaction.3. Disclose to each party to the real estate transaction as soon as practicable:a. Any material and relevant facts, data or information which licensee knows, or with reasonable care and diligence the licensee should know, about the property.b. Each source from which licensee will receive compensation.4. Abide by all other duties, responsibilities and obligations required of the licensee in law or regulations.
Our inspection revealed that the home was plumbed with Kitec® plumbing and that a plumbing system leak was the cause for all the previous water damage the home had sustained. The leak and the damage had been repaired but the issue that caused the damage (Kitec® plumbing) still existed in the home.
This particular home was a Woodside Home. Woodside is currently in bankruptcy and no Kitec® replacement actions are going to happen on any Woodside homes until the bankruptcy is completed. If or when the buyers move into this home and then happen to develop mold related health issues do you think that the Listing Agent is going to be immune from litigation?
I am not an attorney and as such I do not provide legal advice. But as is the case with most home inspectors I always am cognizant of the potential liability that may exist in any inspection situation. There is no doubt in my mind that unless the Kitec® in this home is replaced, and replaced soon, there will be other water intrusion issues occurring and further water damage is imminent. And when the homeowner is unable to obtain relief from the Kitec® class action lawsuit they will be looking for other ways to obtain remuneration for the repair and replacement expenses they will have incurred. The buyers are already questioning the responsibility of the Listing Agent to provide the disclosure they seek. Once they lament to an attorney that the Listing Agent was aware that previous damage existed and failed to disclose any information about the issue it seems to me that it is very possible that the Listing Agent could be held liable and end up in court.
Las Vegas home inspectors are licensed by the Nevada Real Estate Division, just like real estate sales people and our guiding regulations NAC 645D.460, which outlines professional conduct, states: A certified inspector shall:1. Perform his duties with the highest standard of integrity, professionalism and fidelity to the public and the client, with fairness and impartiality to all. In light of the information we possess and in consideration of our responsibility to the standards that we are required to observe should we advise the Listing Agent of the potential liability that exists?
I would appreciate your input so that I may decide how to act upon this issue. And thank you for your time. Paul J. Donohue, RHI, RREI, CREIPresident, Spectrum Inspection Group Inc.8345 Coyado Street Las Vegas, NV 89123Phone: (702) 269-6716Web: http://www.inspectlv.com/
For Las Vegas home owners who have been unable to qualify for a loan modification and are facing foreclosure, a new Fannie Mae program would at least allow them to stay in their homes for up to a year if they are willing to sign over their homes to the bank on a deed in lieu of foreclosure. The bank would then lease the house back to the borrower at current market rate for up to a year. After the initial lease period expires, there's the possibility that the bank would extend the lease on a month to month basis.
The program, called Deed for Lease, is designed to help stabilize neighborhoods and reduce the amount of foreclosures on the market. Foreclosures in Las Vegas have been among the highest in the country. Many neighborhoods built during the boom period were bought out by investors and currently stand half vacant. According to Dean Baker, co-director of the Center for Economic and Policy Research, "Families that like their home, their neighborhood, or the schools for their children will have the opportunity to stay in their house even after foreclosure. This is also good policy for neighborhoods that have been hard-hit by foreclosures. The Deed for Lease Program will keep the homes occupied rather than being an eyesore and a potential safety hazard."
To qualify for the deed for lease program, the home must be the borrower's primary place of residence. A borrower-turned-tenant must be able to prove that the market rental payment is no more than 31% of his gross income. Any subordinate lien holders (second trust deeds, judgments, etc.) must agree to release those liens in full. For most homeowners, the rental payment will be far lower than the mortgage payments they were making.
The Las Vegas real estate market would seem ideally positioned for this new program. There are even rumors that in the future Fannie Mae would seek to sell the homes back to owner/tenants. Current short sale guidelines prohibit more affluent friends or family members from purchasing a borrower's home in the hopes that one day they would be able to buy them back. Banks could gain from potential appreciation over the next few years, rather than going through the expense of the foreclosure process and low prices now.
For a complete listing of Las Vegas MLS listings including foreclosures, please contact us at 702-985-7654,
Las Vegas real estate agents and homeowners alike are celebrating the news! It looks like the first time home buyer tax credit will be extended through April 30th of 2010, and more buyers than ever before are now eligible to take advantage of the new credit guidelines. Income caps have been raised from $75,000 to $125,000 for individuals, and from $150,000 to $225,000 for couples. In addition, move up homeowners are going to get a piece of the pie as well. Any homeowner who has owned his home longer than five years can get up to a $6500 credit on the purchase of a new principal residence. (The credit is available for the purchase of principal homes costing less $800,000, and vacation homes do not qualify for the credit.)
So what does that mean for the local market? The inventory of Las Vegas homes for sale has already dwindled dramatically in the third quarter of 2009, with less than 8,500 single family homes on the market at the end of October, down from a high of over 25,000 in October of 2007. Price decreases of more than 50% in the market lured investors back into circulation during 2009, and first time homebuyers, squeezed out during the boom, took advantage of affordable pricing. Competition for Las Vegas foreclosures has been fierce, with multiple offers submitted on properties under $250,000. (One property received a record 75 offers in less than three days on the market!)
One of the most frustrating aspects of the market during the past year, for both buyers and agents, has been trying to get an offer accepted. With more than 80% of the properties for sale being either bank owned foreclosures or short sales, the process has been arduous to say the least. Many buyers on short sales have waited over 6 months waiting for bank approval only to have the short sale package denied or to find out that the bank had foreclosed on it, even though there was a valid contract in escrow. And in some cases the sellers have "disappeared" prior to closing since they are getting no money out of the sale. Most buyers have had to put in more than a dozen offers on properties before finally getting one accepted. Plus the banks are writing all the rules. Negotiators are requiring full preapprovals from Las Vegas mortgage lenders before they will even consider an offer. And buyers are taking homes in "as is, where is" condition with no repairs made and no warranties or recourse against the sellers.
With any luck the new tax credit for move up buyers will stimulate "real sellers" to put their existing homes on the market. They will be pleasantly surprised to find that they are able to command more money for their homes than the bank repos and short sales, as frustrated agents and buyers will be zeroing in quickly to claim a "normal" transaction without all the headaches and hoops of the repos and short sales. Higher sales prices for homes should stabilize the market as well, and may even lead to increases by the time spring buying season rolls around. So break out the champagne and the paint brushes!
We have discovered a great lender for Canadians wanting to buy Las Vegas homes or condos, either as a second home or as an investment! This lender charges no loan discount points or origination fees, and the rates are the same as what a US citizen can obtain.
Lately all our blog posts have been about finding Las Vegas mortgages for our clients. With the high rate of national foreclosures, many traditional venues and programs have been discontinued, leaving buyers, even those with substantial down payments, in limbo. It has truly been a challenge for us to find mortgage lenders with reasonable down payment and rate structures.
In our never ending quest for foreign national financing for Las Vegas real estate purchases, we have literally stumbled across a lender who is able to loan money at competitive rates to Canadian citizens. This lender is able to use Canadian credit scores and income to provide mortgage loans for the thousands who are trying to flee a harsh winter climate for a few months each year.
General program guidelines for this lender are as follows:
The program is available for both second homes and Las Vegas investment properties. The minimum down payment is 20%, although the best financing on investment properties would be with a 25% down payment.
The programs that are offered are full qualifying loans. Available are the 3/1, 5/1, 7/1, and 10/1 Adjustable Rate Mortgages. Each is a 30 year loan with a 30 year amortization locking in the loan rate for the short term of the loan. For example, if you got a 3/1 ARM, your start rate would be locked in for three years. (Rates are typically lower for shorter loan locks.)
The typical documentation list is as follows. Based on your own individual circumstances, more documentation may be required:
2 years personal tax returns including all pages and schedules 2 years T4s 2 years corporate tax returns including all pages and schedules (if self employed) Most recent 2 months bank statements reflecting name, account number, and 2 month transaction history Most recent 1 month retirement / investment account statement reflecting name, account number, and current balance. Mortgage statement on any property owned in borrowers personal name reflecting name, property address, current balance, current interest rate, and current payment. Line of credit statement on any property owned in the borrowers personal name reflecting: name, property address, current balance, current interest rate, current payment, and available balance. Lease agreement for any rental properties. Clear copy of passport to include the signature page and picture page.
Two unique benefits of this lender are their rate renegotiation prior to closing and their loan modification process.
The rate renegotiation is available to a client in the event that they lock their rate in but before closing rates drop. The borrower has the ability to renegotiate the rate to that day's pricing with a modest premium paid.
The loan modification process would come in to play should rates drop after the borrower has closed the loan. There is a one time modification available to the borrower. It allows them to simply lower the rate with no documentation, appraisals or closing fees that a refinance would incur. It is one page that the client signs and it gets recorded behind the deed of trust. Again, a modest fee is paid for this privilege should the borrower elect to take advantage of it.
Like all loan programs, there is no guarantee on how long this one will last. So if you are a Canadian citizen who has been thinking about purchasing property in the States, call us right away so we can put you in touch with this lender. 702-985-7654 Once your financing is in place, we can find you a phenomenal STEAL on Las Vegas foreclosures! Las Vegas Nevada real estate hasn't been priced this low in almost ten years.
Once again the mortgage lending guidelines have changed with the wind. For a brief period there was a window for foreign nationals to obtain mortgage financing on investment and second homes in the United States with down payments as low as 25%, but now that window has been slammed shut along with a host of other "make sense" loan programs. (Don't even get me started on condo hotels that can't be financed by anyone with even 50% down!)
Many of the foreign nationals who contacted us in recent weeks were willing to put down as much as 30% to 40% or even 50% on Las Vegas foreclosures. With the current housing market crunch, what are the big banks thinking? Here are people with real money, good credit and big down payments that would love to take advantage of lower prices and they can't get financed?!!! Some of these investors were already under contract on projects in development, and they may have to walk away from substantial deposits unless alternative financing is brought online. (Just as a side note, permanent resident aliens are still able to obtain financing on the same terms as US citizens. If you are a permanent resident alien and need a Las Vegas mortgage, please contact us at 702-985-7654 so we can put you in touch with the right lender.)
On top of all this, with the stock market dives globally, even those foreign investors who didn't need financing and were planning on paying all cash are now stepping back as they watch the value of their portfolios diminish. The Euro is back down to 2005 levels and the British pound has plummeted even below that level.
Canadians, who saw their dollar rise to all an all time high against US currency at $1.10, have watched it tumble in just the past few days to 79 cents versus the US dollar. Literally thousands of Canadians were looking for winter getaways in the US, but have had to put their plans on hold. Again, many of these were all cash buyers looking for modest Las Vegas condos under $100k, but with the devaluation of their dollar they have once again been priced out of the market without financing.
And even US citizens are being crunched/punished in the mortgage marketplace. The latest is that anyone who has three or more properties with any kind of mortgage on them cannot get financing for a fourth property. Again, even if they are willing to put 50% down and have low loan to value ratios on their existing properties and excellent credit and income, they still can't get a fourth loan. Not even if you're Donald Trump.
With all the resale Las Vegas homes and condos for sale, not to mention the hundreds of thousands nationwide, and all the opportunities to pick up great deals on foreclosures, our banks are not willing to lend to these impeccable buyers who want to buy and have money. Certainly I am not suggesting we should go back to no or low money down programs with no income or asset verifications. But why not create some solid loan programs to entice these good buyers, whether or not they are citizens of the US? The banks would be able to lower their inventories of properties substantially, which would in turn stimulate the economy and gradually raise prices again in a controlled manner.
All I know is that in the months to come, those with cash who are willing to take a chance on the market now are probably going to come up looking like geniuses in couple of years. My other prediction is that while Las Vegas real estate was one of the first to fall, it will also be one of the first to recover, and I am personally putting my money where my mouth is.
With the dollar expected to rise against foreign currencies later this year (that trend has already started), foreign investors are hurrying to purchase real estate in the US while their dollar goes further. Most of these investors are targeting the Las Vegas real estate market in particular, where the sharp decline in prices (due to the high amount of Las Vegas foreclosures) and the world class amenities have made it an attractive get-away destination. In particular, Canadian buyers are looking to Las Vegas homes as a vacation retreat from their harsh winter climate.
Most banks will not loan on real estate outside of their own country. With all the recent shifts in the credit markets, the qualifying criteria has changed for mortgage loans in the United States across the board, including those to foreign purchasers. Prior to this year, a foreign national could obtain financing from US banks as long as they had 35% to put down with no or limited documentation. Now US mortgage lenders are requiring full documentation of income and assets on all mortgage loans without exception, though the down payment requirements have dropped.
A citizen of a country other than the US can obtain a loan for property in the US based on what classification they fall under. A permanent resident alien is a foreign national who has been granted the right to work in the US permanently and who has been given a US social security number. A permanent resident alien can purchase property under the same guidelines as a US citizen. They can get a loan with as little as 5% down payment for a primary residence, either on a fixed rate or adjustable rate mortgage at the current interest rates available to US citizens.
All other foreign nationals, including those with temporary work visas, are required to put down a minimum of 25% for properties under $650,000 or 35% for properties over $650,000, whether the property is a primary residence or a rental property. Lenders will also require the equivalent of a US TRW rating as well as full documentation of their employment income and assets. In addition, the down payment money must be "seasoned" in a US bank for at least 60 days prior to the close of escrow.
These loans to foreign nationals are only currently available as adjustable rate mortgages or ARMS. The fixed rate terms can be for 3, 5, 7 or 10 years and interest rates are currently running between 7.5% and 8.5% with approximately 5 loan discount points prepaid for the amount of the loan (points can vary on a day to day basis just like interest rates). Each point is the equivalent of 1% of the loan amount, so on a $100,000 loan 5 points would be $5,000.
Another alternative is for the foreign national to obtain an equity credit line on their property in their home country and come to the US with cash in hand. Cash offers are very strong, and enable the buyer's agent to negotiate the best possible price on behalf of their client.
For more information on getting qualified for a Las Vegas mortgage and to receive the latest listings on great deals in Las Vegas new homes, high rise condos or MLS listings, please contact our office at 702-985-7654 or email us at sold@greatlasvegashomes.com.
I really must begin by thanking Diann Tonnesen for offering to allow me to blog on her site. In case you're not aware Diann is somewhat of an icon in the Las Vegas real estate community. To be offered to provide input for her web site is truly an honor. Thank you, Diann.
Diann told me that I could write about anything I wanted to write so I chose something that has been needling me for quite some time now; the way people shop for a Las Vegas home inspector. Do you realize how most people shop for a home inspector? They gain a list of inspectors, usually from their real estate agent, and call three or four inspectors asking what they charge for the inspection. They generally do this without knowing what they are buying. Especially with all the Las Vegas foreclosures on the market being sold "as is, where is" this truly boggles the mind.
Can you imagine people shopping for a car they same way they shop for a home inspector? It would look something like this:
Ring, ring. "Hello, Lamborghini, Mazarati, Rolls Royce, Bentley dealership, can I help you?" "Yeah, hi. You guys sell cars, right?" "Yes ma'am, we do." "What do you charge for them?" "Excuse me? "Yeah, you know, how much do they cost?" "Well are you aware of what kind of cars we sell?" "Naw, I'm really not interested in hearing about that, I'm just calling around getting prices." "Well we have a beautifully reconditioned Bentley on sale this week that is valued at $35,000 that we are selling as a lost leader for $22,000. "That's great. Twenty-two thousand hunh? Okay, I may call you back. Thanks for your time." Ring, ring. "Yeah, Arties Autos. What do you want?" "Yeah, hi. You guys sell cars, right?" "Why sure we do. What cha lookin for toots?" "How much do you charge?" "Well I can put you in this sweet little Yugo that was towed in, I mean, that came in last night for say... $15,000." "Fifteen thousand hunh? Okay. Sweet. I'll take it."
Sound absurd? Well sure it does. But many, many people who are about to make what is often the single largest purchase they'll make in their entire life shop for their home inspector and their Las Vegas mortgage loans the same exact way.
So here is where I am coming from: I retired from the Navy in 1998 after spending nearly my entire adult life as an engineering inspector. I wasn't just an "engineering inspector," I was an engineering inspector and instructor where I was one of eight members of an elite team that earned the distinction as the most successful engineering inspection team in the history of the United States Navy. The distinction still stands today where our success record has never been matched.
When I retired from the Navy I transitioned into the civilian world as a Las Vegas real estate agent. After several years as a modestly successful real estate agent I became very frustrated with the quality and depth of home inspections available for my clients. There simply weren't any good inspections available. The inspectors were more interested in protecting their own liability through the use of complicated and legalistic inspection agreements than they were in protecting my clients. I couldn't even find an inspector who would walk on a concrete tile roof. They mostly used binoculars to review the roofing.
I thought the public deserved better. I thought people wouldn't mind paying a little more for a true quality inspection where the inspector spent hours really investigating the home rather than hiring an inspector that spent several minutes walking through the home filling out a worthless checklist that contained no actual useful information.
I set out to create such a service. Now, after nearly eleven years performing thousands of home inspections, continually refining our procedures, attending thousands of hours of training, holding hundreds of training seminars, and developing an organization that is truly unique and first class I can truly state that there is no better inspection service available in the entire Las Vegas Valley, regardless of the price. It is not an opinion; it is a fact. We have inspecting Las Vegas homes down to an art. We don't do cheap inspections, and our service is nothing like the inspections that the cheap guys perform.
Nowadays, the most common comment I hear is that we don't charge enough for our inspections (compared to what we provide). I once had a home buyer say that he didn't think we charged half of what we should charge for our service. I promptly quipped, "That's not a problem. You're more than welcome to pay double." To my astonishment he did exactly that.
It is a statistical fact that the average home inspector ends up in litigation an average of three times each year because of issues the inspector did not discover and disclose in the course of his inspection. In eleven years that my company has been in existence neither I nor any of the inspectors who work for me has ever been named in any litigation in conjunction with a home we inspected. We have never gone to arbitration; we have never gone to mediation; and we were recently named on the Honor Roll for the Better Business Bureau of Southern Nevada, once again, for maintaining a complaint-free status.
For the consumer who swallows the paradigm that all home inspections are pretty much the same and selects their home inspector based solely upon the price of the inspection, they often get exactly what they are looking for: a cheap inspection. But for the consumer who shops for their home inspector based upon the quality of the service provided and who is able to discount the paradigm that all home inspections are the same: these are people who draw outside the lines and when they stumble across our firm we reward them with a Picasso every time. I can only hope that when it is time for you to get a home inspection you are able to discern the difference between "Art" and "Artie." Have a great day!
Paul J. Donohue, RHI, RREI, CREI President / Senior InspectorSpectrum Inspection Group Inc. 8345 Coyado Street Las Vegas, NV 89123
Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners have been holding their breath, wondering if the development would be completed. Or if they would get their money back in full if the development was canceled.
There were many "interested parties" making bids to purchase the project, but as of this week Deutsche Bank has taken over full ownership of the Cosmopolitan under an affiliate, Nevada Property I. Deutsche Bank was the high bidder, paying $1 billion at a recent foreclosure sale to acquire ownership of the project.
And Deutsche Bank isn't letting any grass grow under its feet to make sure the project goes forward. It has already inked contracts with Related Companies to take over as the resort's new developer. In addition Perini Corp. signed a new contract to complete construction work on the project. Perini has been working on the project from the beginning, and was being paid under an interim agreement since March when Deutsche Bank began foreclosing after the original developer, Bruce Eichner, failed to complete a deal to secure more financing. Increased construction costs helped drive the Cosmopolitan's construction budget from its original $2 billion price in early 2006 to its current $3.9 billion price, and Eichner was unable to find a new partner with enough capital to infuse into the project.
A letter has already been drafted to contract owners by the resort's new developer, Related Companies, letting them know of the management changes and informing them of progress to date. This letter will go out on Monday to almost 1825 contract holders, assuring them of the project's completion. To date over 50% of the Cosmopolitan's exterior construction has been completed, and it is anticipated that by December of 2008 owners will be celebrating the "topping off" of both towers, including the penthouse units. The new proposed completion date for the entire project is estimated for the second quarter of 2010.
Along with a rebounding resale housing market, this is great news for the local Las Vegas real estate market. For four months straight statistics have shown a significant rise in Las Vegas homes sales, with multiple offers on lower end properties, especially Las Vegas foreclosures. The buyers are back!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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