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Email: debbie@lvhomepro.com
RE/MAX Excellence 4435 S. Buffalo Dr., Las Vegas, NV 89147

 Last Updated: Wednesday, 1st February 2012 03:37:43 AM

February 2, 2012

Las Vegas Homes for Sale – Dwindling Supply

For Sale in Painted Desert

Home buyers can find great prices at record low interest rates, but they may find their choices are becoming somewhat limited in Las Vegas and Henderson.  There are currently 8202 single family homes for sale without offers on them in the Las Vegas MLS.  Add another 1450 condos, town homes for sale and 424 condos in the high rise category.  That gives us a total of 10,076 choices for buyers.

Considering that we sold 3965 homes per month over the last year, the current inventory is only two and a half months of homes if no new listings were to come on the market.  However, with fewer bargains to choose from, we saw a drop in the number of homes sold in January.  As of today, the MLS is showing that 3456 properties closed escrow in the first month of 2012.  In December of 2011, we closed 4156 transactions.  That’s basically, a 16% drop from one month to the next.  It is only the second of February, and there may be a few homes that sold which haven’t been changed in the MLS yet, but we’ll be very surprised if the drop in homes isn’t close to 15% when all transactions have been reported.

The number of foreclosures that sold dropped from 1905 in December to 1556 in January.   Of the current Las Vegas Homes listed for Sale, 4540 of the listings are short sales and 1745 are foreclosed properties.

There is widespread speculation that AB284 which requires lien holders to provide an affidavit proving they have the authority to foreclose, has been responsible for stalling or stopping the foreclosures from coming on the market.  The legislation went into affect in October and foreclosure filings have dropped after it went into affect.

However, last September, before the bill took affect, Corelogic reported that the Shadow Inventory was declining and had in fact declined from a six month supply of shadow inventory to a five month supply.  To see that article, click here.

What does the lower number of listings mean to you?  If you are buying a home in Las Vegas or Henderson, it may mean that you will have to consider a home that needs a little touch up here or there.  It also means that when you find a home you like, DO NOT WASTE ANY TIME IN MAKING YOUR OFFER.  My partner has clients who recently took a bit over a week to decide to make an offer on a $619K foreclosure in a golf course community.  He warned them as nicely as he could that they shouldn’t wait.  The day they called to ask him to prepare the offer, the listing agent had received the seller’s (bank’s) signed acceptance of another offer and was putting it into Contingent status.  Even in higher price ranges, the old adage of you snooze you lose is becoming the rule of the day for a home that’s in good condition at a good price.

SOLD above appraisal

If you have been waiting to list your home for sale, prices are still low, but the declining inventory is a step in the right direction.  For a free evaluation of your home’s value or to find out how we can help you get the best possible price for your home, call Debbie at (702)354-6900 or email debbie@lvhomepro.com.

January 30, 2012

Lennar Offers New, Energy Efficient Homes in Summerlin

New Home

Lennar  is now offering some excellent homes at a great value in Summerlin’s Andalusia community.  This is a great location, just West of the 215 Beltway at Charleston & Desert Foothills.  Home sizes range from 3200 sf to 3900 sf, with prices starting at $380,000 with EVERYTHING included!  

By EVERYTHING, we mean Stainless GE Profile Kitchen appliances, granite slab kitchen countertops with full backsplash behind cooktop.  Include an undermounted stainless Amerisink with Moen faucet.  Cabinets are 42″ raised panel maple with spice finish and crown molding.  Family rooms are pre-wired for home theatre.  Each room is pre-wired for ceiling fans and two ceiling fans are included in the purchase of the home.  Flooring in the entry and wet areas is 18″ x 18″ tile.  The homes come equipped with Schlage Home Automation Systems which include Security Cameras and Nanny cams.

The floor plans themselves offer lots of options.  The largest can be configured to offer optional 6th and 7th bedrooms.  The smallest floor plan offers an optional “next gen” suite on the second floor with a living area, bedroom and bath.  The larger plan offers a similar optional “Granny suite” on the first floor.  All three homes offer garage space for three cars, which is hard to find in the Las Vegas market.

Lennar is building the homes in Andalusia to meet the Energy Star guidelines.  Homes feature dual flush toilets, radiant barrier roof sheeting, 14 SEER Air Conditioners, and Lennox energy efficient gas heating system.  Trane programmable thermostats help you control energy costs even while you’re away from home.

The community doesn’t officially open until February 18th, but we can get in for a sneak peak.  Aside from the floor plans, this is a popular part of Summerlin.  With the elevation, you will find gorgeous mountain and partial city views.  Call Debbie at (702)354-6900 or email debbie@lvhomepro.com to schedule a tour of the community.

In addition to opening this community, Lennar has officially opened their sales office at Ladera Terrace in the Mesa’s

Large lots near Red Rock Preserve

of Summerlin.  The Mesa’s are at the Southwest tip of Summerlin, off the 215 and Russell Rd.  For those who want a smaller home, Lennar’s San Marcello community off Tropicana and the 215 is building 1465 to 1526 sf plans, starting in the high $100′s.

With resale inventory declining in our MLS, we are excited to see the new home builders picking up their tools and starting to build some quality new homes.  And this is especially good news for those who don’t have the luxury of waiting to see if a short sale closes as well as those who don’t want to put a foreclosed home back together.  At prices like this, with homes that include so many features plus a builder’s warranty, one has to wonder whether the distressed sales are the best deal.  To compare these new homes to resale homes in Summerlin, click here.

January 29, 2012

Relocating to Las Vegas – How’s the Weather?

Filed under: Las Vegas Weather,Relocating to Las Vegas — Tags: — admin @ 8:03 pm

Joggers enjoy June Day in Peccole Ranch

If you are relocating to Las Vegas one of your first questions is probably concerning the weather.  When clients ask me about the weather, I know they’re waiting to hear about how hot it gets.  I’m probably not the best person to ask about the weather because lots of sunshine and warm weather is the reason I moved here from Northern California.  Best answer I have for this question is the photo I took of folks enjoying our nice 103-104 degree weather last June.  As you can see in the picture on the left, the Summer heat does not keep us from enjoying our parks and walking paths.

Even though I wanted those sunny, hot summers, I did prepare myself by moving here in December so I had a chance to acclimate.  For anyone who is moving here from a colder climate, I highly encourage you to plan the move so that you arrive sometime after Labor Day and before April.  That way, you will get to experience our nice Spring weather with pleasant days that average 67 degrees in April, working up to 77 degrees in May and 87 degrees in June, according to the National Weather Service Forecast Office.  Of course, that same chart gives 98.7 degrees as the high in June and 104 degrees as the high in July.  From my experience, those highs are typical but we usually get a week to ten days where the heat soars up to 110-115 degrees.  I know that sounds incredibly hot, but there is no humidity.  I would roughly equate 115 degrees of our dry heat to the low 90s in hot, humid Florida or Houston.

Las Vegas sunny, hot summers are my favorite time in the desert.  The traffic seems to get a little lighter as snow birds to back to their cold climates.  We don’t have the mosquitos and gnats that I remember from other places where I’ve spent a few Summers.  If the heat gets too much, just go inside to the AC or jump in a pool.  Most of all, the summer nights here are lovely.  They’re the perfect temperature for inviting friends over to throw your favorite foods on the grill and dine outside.  The desert sky is especially nice in the summer.  The lack of clouds makes the stars even more vivid.

The bits of weather that do surprise people have to do more with the cold weather.  Yes, we do get colder in the Winter than I

The Ridges, Jan. 3, 2011

would like.  Out of the past 10 Winters, including this one, I have seen it snow at least once or twice except for a couple of years.  Granted, this is not the kind of snow I remember from Detroit or New York.  You will never have to go digging out the shovel.  In fact, I frequently compare the snow we get in Las Vegas to a well behaved house guest.  It shows up, looks really pretty for a few hours and then fades away before you can get tired of it.

The photo at the right is a good example.  That’s actually the Bear’s Best golf course in the Ridges of Summerlin hiding underneath the snow.  Covered in snow one day and had golfers out on it just a couple of days later.  And, if you really want a dose of snow, you can always drive 45 mins. to Mt. Charleston where the 8000 foot elevation means that they are usually about 20 degrees cooler than in the Las Vegas valley.  In Winter, they even have four ski slopes for those who want to get cold.

This year, we did have a day back in November when we had snow flurries in the higher elevations and around the foothills but so far it’s been a beautiful Winter.  This week’s forecast for the end of January, first of July is mostly Sunny and highs in the mid 60′s.  Not a bad climate.

January 26, 2012

Bellagio’s Conservatory Celebrates Year of the Dragon

Filed under: Las Vegas Events — Tags: — admin @ 8:47 pm

The Bellagio Conservatory puts a different twist on their New Year’s Celebration with an incredible display in their conservatory.  While the Bellagio is known for their fountains, the conservatory is an additional attraction with magnificent displays that are changed several times throughout the course of the year to celebrate the seasons.  The Chinese New Year Display is always a favorite and the Year of the Dragon is no exception.

While the Palazzo/Venetian display is centered around one large, giant Dragon with five claws, the Bellagio features five beautiful Dragons.  Each of the dragons is a different color, representing an element ranging from the Brown Dragon for the Earth to the Gold Dragon for metal.  Each Dragon was made using 3000 hand painted scales.  The five individual Dragons are on the sides of the conservatory.

Completing the space around the Dragons are beautiful flowers and plants.  As a sign near the entrance informs us, Bamboo is used because it bends in strong winds but does not break.  The pines are revered for the great age and strength and like bamboo they remain green in the Winter.  The Plum in the trinity is revered because it is early blooming and the longest lived of the flowering fruit trees.

The two Blue Dragons climb 25 feet to the sky and their Blue color represents the element water.  They are rising from the Bellagio’s pond with two waterfalls in the corners.  The waterfalls were positioned so that their location and direction of water flow would attract good fortune.

It’s a beautiful display to experience.  Of course, Bellagio’s restaurants Jasmine and Noodles are offering special menus for the New Year.  And if you have a sweet tooth, you might want to venture beyond the Conservatory to view the chocolate fountain at Jean Phillippe Patisserie.  While there you might have to grab an ice cream cone or one of their delicious pastries to enjoy as you stroll through the Casino and out to watch the Bellagio Fountains which have become a Las Vegas Landmark.

Jean Philippe Pattisserie

Chinese New Year festivities continue through Sunday, click here for a peak at where the festivities are happening.  And don’t forget the festival on Sunday, the 29th at Las Vegas Chinatown Plaza, hope to see you there.

 

January 25, 2012

Las Vegas Celebrates Chinese New Year 2012 – Year of the Dragon

The Chinese New Year 2012 Celebration has kicked off in Las Vegas and the Casinos are going all out.  We had a chance to tour the Year of the Dragon display at the Palazzo/Venetian today and their display was incredible.  The Venetian/Palazzo staffs consulted with a Feng Shui expert to ensure that their display is positioned to bring luck to the Casino and its guests.  Their fire breathing creation measures 128 feet in length, spans two fountains and weighs 8000 lbs.  It took them over a year to design.  And, it is beautiful! While it only breathes fire at 1 and 5 p.m., you will notice that it breaths off steam periodically throughout the day.

 

Surrounding the Dragon, you will find other elements to bring good luck to the Casino and their guests.  Starting with the Rooster to the Dragon’s West.  The two are “Secret” Friends which will bring Harmony.  The crystals in front of the Dragon’s claws are an Earth Element and they insure “Wealth” for 2012.

In addition to the wealth and harmony, the Dragon’s large belly is “carrying lots of auspicious energy to all visitors”.

And if all the luck that surrounds this Dragon isn’t enough, there are nine small scrolls inside of him.  Five are in his head and four are in his tail.  ”The mantras written on them will remove all obstacles in your path and help you achieve success.”  Altogether, this is a beautifully thought out display to celebrate the Chinese New Year.

And on a closer look at the Dragon, it may not be too surprising that he and the Rooster are Secret Friends.  The Dragon has five claws, which signifies power but also made us wonder if perhaps he and the Rooster might not be distant cousins.  In Ancient China, only a Royal family could have displayed a Dragon with five claws.

If you have the opportunity to visit any of the Chinese New Year Celebrations in Las Vegas, you should.  The displays are incredible….to see more of what’s going on for Chinese New Year, visit:

 http://tinyurl.com/86g9t88

In addition to the thought given to every little detail of the display, the Palazzo/Venetian are committed to “global sustainability”.  The water used in the displays is re-cycled and the hotel’s “water reclamation system produces 20 million gallons of water a year for horticultural use”.  Now that has to bring good luck to the Casino and its visitors.

 

January 20, 2012

Financing Options – Las Vegas Luxury Condos

Coming Soon

With an office that is just minutes away from The ModernLV, we’re finding it really exciting to pass by the project and see the workers making progress every day.  Aside from the great amenities and floor plans, one reason we are convinced that The Modern LV will be a huge success is financing.  Many buyers who would like to live in a high rise have been unable to purchase because buildings with litigation or too many tenant occupied properties are shunned by lenders in today’s market.  While at least 50% of all purchases in the Las Vegas Real Estate market have been cash over the past year, the majority of high rise condos that have sold within the past year have been cash purchases.  The limits that has placed on the number of buyers has resulted in some of the downward pressure on high rise prices.

We are excited about our newest luxury condo project because At The Modern LV, buyers who meet credit and income requirements do have financing options.  Michael J. Sim, with Nevada Mortgage says:

We plan on having multiple financing programs available for buyers at The Modern including both FHA and Conventional programs.  We will also have private financing available for unconventional buyers.  I have worked diligently with the developer and several banks that believe in this project and what is to come in the future for luxury condo sales.  Since this project was bought bank owned, there is no litigation or structural issues that would create problems that are present with most other condo projects.  We look forward to offering the chance for all homeowners to experience luxury living at The Modern.  The website for Nevada Mortgage is www.nevada-mortgage.com .”

Orange paint is waterproofing material, will be hidden when finished.

If you would like a tour prior to the completion of construction, just give me a call at (702)354-6900 or email debbie@lvhomepro.com.  You will need to wear close toed shoes, and the sales office will supply hard hats and vests.  For more info on financing, call Michael J. Sim at (702)525-7369 or email MSim@nevada-mortgage.com.

 

January 19, 2012

Top Prices in Las Vegas High Rise Sales for 2011

Turnberry Towers

Recent articles in the Las Vegas Review Journal taunted that the high rise prices have “tumbled“, we don’t believe they will continue to “tumble”.  While we agree that high rise prices did tumble last year, we found that opinion to be the sort of short sighted view of someone who is looking in the rear view mirror rather than the road ahead.  Yes, we have seen some incredible deals in the high rise market.  Our happy clients are now owners of many of the lowest prices paid in several buildings.  I am quite certain that you want find a 1 bedroom Southeast corner unit above the 45th floor of Trump for $300K again, for example.  If it were listed for that price a bidding war would quickly drive the price up closer to $400K, or maybe a bit higher.

In looking at the top five closing prices in the MLS over the past year, we find the highest price paid for a luxury penthouse was $3,750,000 for a 4903 sf suite on the 9th floor of Park Towers.

Park Towers

Next SOLD price in the MLS was a 2998 sf unit on the 32nd floor of the Mandarin Oriental.  This was a new condo and at $1012/sf, it would qualify as the most expensive price per square foot.

The third spot in the top five was a 6104 sf penthouse on the 41st floor of Turnberry Towers which was listed for $3.2M and sold for $2.4M.

The final two in our top five high rise transactions for 2011 was a tie.  A 5142 sf, 4 bedroom suite on the 12th floor at Park Towers closed for $2M.  And a 5844 sf, 3 bedroom suite on the 15th floor of ONE Queensridge Place closed for $2M.  At $389/sf and $342/sf respectively, Park Towers still takes the fourth place position.

As the RJ’s article correctly discussed, you would be hard pressed to replace any of these properties for less than $450/sf, which does make even the most expensive high rise sales a bargain.  Our inventory of high rise condos is shrinking.  We’ve seen some of the popular, smaller buildings like SOHO & Newport with very few listings.  We’ve actually had a couple of units come on the market at SOHO this past week.  At $219K for 1356sf on the 11th floor, these are not the bargain basement prices that investors have been snapping up at SOHO, but at $162/sf they’re still a fraction of what they sold for when the building was new.  Yes, 2011 may have seen prices in the high rise market “tumble”, and the gloom an doom may help sell papers, but we see this as the year of the turnaround for the moderately priced units.  For the larger, luxury penthouse suites, we still see some downward price pressure.  Only five units sold for $2M or above last year and there are 30 units listed for that price – at last year’s rate of sale that is a 6 year supply of the high priced inventory, especially for the 7 that are listed for more than $5 mil.

With shrinking resale inventory available in most of the high rise buildings, we see this as the year when our favorite buildings like Turnberry Towers, the Martin, ONE Queensridge Place, CityCenter and smaller communities like the ModernLV and Mira Villa start finding their niche in the market.

 

January 17, 2012

Las Vegas Most Expensive Homes in 2011

Queensridge Entrance

Buyers who are re-locating here from other areas will frequently ask me which are the most prestigious of our commuities.  One way of answering that is to understand which communities are selling homes in the highest price ranges.  At the peak of the Las Vegas Real Estate market, it was not unusual to see homes that sold for more than $10 million.  Not so in today’s market.  In fact, we can count the number of homes that sold for more than $5 million in 2011 on one hand with a couple of fingers to spare.

There were three homes which sold for $5 Million or more in the past year.  One of those homes did break the $10M barrier.  Built in 1996, the 24,006 sf home is on Tomiyaus Ln, near Wayne Newton’s estate.  The estate which was purchased by Phil Ruffin, is situated on almost 11 acres of land.  While the final $15M sales price might be a bit staggering, considering that the home was originally listed for sale at $25M, it was a bargain by some standards.

The Summerlin area continues to claim the majority of luxury homes sold.  Second most expensive sale was for a 9303 sf home in Queensridge which was listed for $6.6M and sold for $6.35M.  Third place was a 9853 sf home in Promintory Pointe in the Ridges which was listed for $7,895,000 when it closed for $6,150,000.  And, the Ridges of Summerlin seems to have established itself as the most elite community, with five of the ten most expensive homes that sold over the past year.

The Ridges of Summerlin & the Spring Mountains

Top sales in Summerlin also included aTournament Hills home that went for $4,880,000.  Summerlin was followed by Southern Highlands with one home that made the top 10 at $4.4M and Spanish Trails with a home that closed for $4.5M.

Henderson doesn’t appear in the top sales of 2011 until we get into the $2.2-$2.5M price range.  One home in MacDonald Highlands sold for $2.45M and two in Anthem Country Club closed for $2.26M and $2.375M.

While we do feel that our housing market in Las Vegas has reached a bottom, we still see some bargains in the luxury home market.  We had 40 single family homes that sold for $2 Million or more over the past twelve months through the Greater Las Vegas MLS.  There are currently 127 homes listed for sale with prices of $2 Million or above.  This is going to be a great year for those who are looking to buy their luxury home in Las Vegas nicest communities.

January 15, 2012

New App Gives you Map of Vegas Casinos/Convention Center

Filed under: Las Vegas Information,Las Vegas Visitor Info — Tags: — admin @ 10:08 am

Just read about this new app and have to share it.  No need to go wandering aimlessly past slot machines and blackjack tables while trying to find the exit the next time you come to Vegas.  And, they even have the Convention Center mapped out…Now if only they’d do maps of the major department stores :)

Click here to find the app that will help you explore Vegas.

Bottles & Burgers Opens in Tivoli Village – Summerlin

We’ve been watching the new Tivoli Village establish itself  as the trendy place to shop & dine in Summerlin.  Petra Greek Taverna has quickly become a local’s hangout.  The Brio Tuscan Grill had a built in clientele from those who had already become fans at their Town Square location.  Their happy hour has made the new West side location an instant hit.

We love the Double Helix Wine Bar in Town Square so we’ve been anxiously awaiting the opening of their new venue, Bottles & Burgers in Tivoli Village.  We had originally heard they were opening in time for Christmas, but as building permits seem to go here in Vegas, they opened a little later.

Have to admit when we were pulling into the main entrance to Tivoli Village the line of cars in front of us so late in the afternoon was a bit of a surprise.  The Saturday Farmer’s Market was over and obviously the locals were still pouring in.  We do like seeing our local establishments attracting crowds.

We had heard that Bottles & Burgers would have flat screen TVs positioned throughout the restaurant and they do.  Yes, we were starving but needed to catch a bit of football while enjoying a late lunch/early dinner.  The decor is like a contemporary, upscale diner, much lighter than the Double Helix in Town Square.  The place was crowded, even in the late afternoon.  No room at the bar, but easy to get a booth in the lounge with good views to watch the 49ers win their game with the Saints.

The menu is more limited than their Town Square location.  My favorite was the buffalo shrimp salad.  The Patriots fan with me went for the onion rings and a basic burger.  The burger, on a brioche bun was cooked perfectly and had nice flavor.  I thought it was just the right size, but the former football player would have preferred that the meat had covered a bit more of the bun…And we both enjoyed the half bottle of Marquis de Riscal Cabernet.  Now if they’ll bring over the Shrimp & Grits that we love at Double Helix…

We hope to return when we have the appetite to try one of their hand crafted milk shakes…Yes, things are looking good in Tivoli Village.

 

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