buying: Has Las Vegas Real Estate Hit Bottom?
- 09/19/07 10:12 AM
I was just reading Richard Lee's latest article that says less than 30 units separate total sales figures for the last four months. This usually signifies the bottom of the market, however he also noted that until we see the upward swing, foreclosures are going to be the reality. To go along with that, today's news of the fed lowering interest rates by 1/2 % is good news for all in Las Vegas wondering what is going to happen next. As Richard says, September data is what we are truly waiting for to read the future. Of course, they won't be available until October. On … (0 comments)
buying: City Center Power Bill.
- 08/30/07 11:36 AM
I got this info from one of my title reps. I am still trying to validate the numbers. Although they seem quite high, this very well could be correct....
Daily power bill - $300k
1/3 of buyers are local. 1/3 from California. They estimate 20 to 30% of their buyers will live there full time. Avg price is $1,600 per sqft. $1.4 billion in sales so far Construction cost is about $4 million dollars a day and will increase to $7million per day! (WOW)Currently 4000 men working on the job site. This will be increased to 7000 in March They have a seven person team that does … (0 comments)
buying: Properties listed 20-40% under market value.
- 08/21/07 12:25 PM
I've discovered a search method to find properties in Las Vegas that are listed under market value (Comps) and even quite a few that are under a recent, 3 month or less, appraisal or under comparable sales in the last 3 months. I am using the 3 month guidline as I am seeing that more and more lenders are tightening up their appraisal guidlines to only allow comps from within the last 3 months. Some examples: Priced at 849,000 - Appraised at 1.1M. That is about 23% under. I even talked to the appraiser and he will still put it at an easy 1.1M today, … (0 comments)
buying: Why it's Time to buy in Las Vegas.
- 08/21/07 10:46 AM
The GLVAR (Greater Las Vegas Association of Realtors) came up with some great points on why now is a great time to buy in Las Vegas. Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future. Southern Nevada's economy remains stronger than most metropolitan areas, with steady job and population growth. According to Las Vegas Perspective, Clark County added more than 96,000 new residents in 2006. This bodes … (1 comments)
buying: Update on Sunday Hudson and Marshall Auction
- 08/06/07 04:48 AM
If you weren't at the Las Vegas Auction on Sunday, August 5th, you missed out on an excellent real estate experience. I got to the event and noticed that tons of cars were pulling in and that valet was full even @ 11:30 on a Sunday. As I walked in to the event I was talking with the lady next to me as I saw property printouts in her hand. We got to the registration tables and and waited about 2-3 minutes to sign in and get our "paddles". After that we sat and talked, looking over comps I had brought. She … (0 comments)
buying: Foreclosure Auction
- 08/02/07 03:25 AM
Man have I been busy. Last Saturday and Sunday I sat at an open house for a home that was getting ready to go to auction this Sunday (August 5th). There are going to be about 90 homes up for auction this Sunday, all of which are bank owned. The auction company is Hudson and Marshall. I've never looked at auctions before because I have been under the predjudice that they are not a good deal, agents don't get paid, the process leans in favor of only the seller, etc. Sort of like going to court house steps. The thing I have found out … (0 comments)
buying: Proposed HUD Rule Comment Period Extended
- 07/16/07 09:47 AM
I received an update from the Nehemiah program following my last post on downpayment assistance programs in trouble. Due to significant interest, The Department of Housing and Urban Development (HUD) has extended the public comment period on the proposed rule entitled ‘Standards for Mortgagor's Investment in Mortgaged Property' until August 10, 2007. If the proposed rule is implemented as currently written, homebuyers using mortgages insured by the Federal Housing Administration (FHA) would be prohibited from accepting downpayment gifts that are indirectly funded by the home seller. This would impact your business by eliminating all privately funded downpayment assistance programs. The extended comment period ensures … (0 comments)
buying: Echelon at Centennial Hills
- 06/29/07 12:17 PM
I got invited to the first broker event at Echelon at Centennial Hills which is a mid rise in Norwest Las Vegas. The location offers views of the Las Vegas Strip and surrounding mountains, 15 different floorplans, private terraces, computer alcoves, granite counters, subterranean parking, garden patios, walkways and pools, guard gated entry, a 2 story clubhouse, fitness center and many other ammenities. The interior appointments include structured wiring system for telephone, cable TV & intra/internet, 50 gallon water heater, alarm pre-wire, soft water loop, decorator coordinated light fixtures, bull nose corners, satin nickle door hardware, raised panel doors, utility area, elevator and trash … (0 comments)
buying: Down Payment Assitance in trouble.
- 06/18/07 04:18 AM
I bought my first house before I became an active real estate agent. Back then, homes were affordable, the average ones hovering just above the triple digits. I'd saved the 3% required by FHA for down-payment but didn't like the idea of being newly married, starting a new family, and using most of my savings to get a house thus eliminating a major portion of my savings at the same time. A REALTOR here in Las Vegas (now my broker) turned me on to the Nehemiahprogram and helped me get my first house without using my savings for down-payment. Now, my favorite programs are … (3 comments)
buying: Las Vegas Foreclosure List
- 06/04/07 10:51 AM
If you are looking to buy a foreclosure home in Las Vegas, I have set up a search that will email you the latest foreclosures when they hit the market. The search also let's you log into a personal website for you so you can make changes at anytime such as number of bedrooms, location, size, price, baths, lot size, garage, etc. To get set up on this daily list of new foreclosure properties in Las Vegas, visit the link below. http://johncalvert.net/reo/default.asp
… (0 comments)
buying: Eight Common Ways to Hold Title in Nevada
- 05/29/07 08:39 AM
HOW YOU TAKE TITLE - ADVANTAGES AND LIMITATIONS: Title to real property in Nevada may be held by individuals, either in Sole Ownership or in Co-Ownership. Co-Ownershp of real property occurs when title is held by two or more persons. There are several variations as to how title may be held in each type of ownership. The following brief summaries reference eight of the more common examples of Sole Ownership and Co-Ownership. SOLE OWNERSHIP A man or woman who is not married. Example: John Doe, a single man. An Unmarried Man/Woman: A man or woman, who having been manied, is legally … (2 comments)
buying: This weekend.... SUMMER STARTS!!!!
- 05/25/07 11:06 AM
Memorial Day marks the traditional beginning of summer and the start of the most popular season in real estate. If you're in the market for a new home, get a jump start by getting pre-approved for a loan by a trusted mortgage broker. Buying a home can be an overwhelming process. A pre-approved loan agreement outlines what you can afford to buy, so when the time comes to start shopping you and your real estate agents have a set price range to follow in finding your perfect home. There are also other reasons to get pre-approved for a loan. When you find that … (0 comments)
buying: 1/2 price sale!!!
- 05/25/07 10:52 AM
Ok, so maybe not totally a 1/2 price sale, but how about getting 1/2 of your mortgage paid for 3 years! From the Builder: "1/2 House Payment Paid for 3 Years! $0 Down! 3 years they will pay 1/2 your mortgage. 2 communities to choose from. Located in Southwest Las Vegas, 1 is near 215 and Durrango and the other is at Blue Diamond and Ft. Apache. 1 opportunity for this deal. Inventory is limited. 0 Down payment and zero closing cost. Choose a new home and we'll pay half your mortgage for 3 whole years." The prices of these homes are in the mid $300,000 range so if it's $350,000 with … (0 comments)
I was just reading Richard Lee's latest article that says less than 30 units separate total sales figures for the last four months. This usually signifies the bottom of the market, however he also noted that until we see the upward swing, foreclosures are going to be the reality.
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