June 2014

Ready to Buy or Sell Investment Property?

1031 exchanges, are also known as "Deferred exchanges" or a "Starker exchange".  These exchanges do not avoid taxes but can defer them as long as certain criteria and time frames are met.

What types of residential properties qualify?

Property must be an investment property, not your primary residence or second home.  If it was your primary residence, you have to convert it to a rental property for at least two years before it will qualify for a 1031 exchange.  A vacation home has to be rented out for at least six months to a year before it can qualify.  And, it should truly be rented.  You can't just say you tried to rent it.

Minimum time frames must be met.  An owner occupied residence must be rented

Low inventory means that homes are selling faster than they have since the peak of the market.  In Las Vegas, 52% of the homes that sold in May were on the market 30 days or less.  It may seem that homes are selling so quick you don't need to do anything other than put a sign in the front yard and wait for the offers to come in.

It isn't quite that simple.  Homes sell in less than 30 days because the sellers and their agents take the right steps to get the home sold.  And, it's more likely that your home will sell quick if it's in the lower price range.  If you are considering selling your luxury home you still need to pay attention to the little details.

What steps do you take to get your luxury home sold?

Any home seller can benefit by

Selling Your Las Vegas FSBO

The Las Vegas Real Estate Market is improving.  Recent reports show the inventory of homes available for sale is less than 3 months.  A seller's market by most standards.  And prices have started to recover.  The Las Vegas market saw price appreciation that varied from 15% to more than 40% in different zip codes this past year. Homeowners are beginning to recover a bit of lost equity.

In this kind of market, maybe you don't have to list with a Real Estate agent.  After all, the Real Estate commissions will take a big chunk off the top.  Low inventory should have buyers lining up at your door, right?

If you are considering trying to sell your own home, we would like to help.  First step should be reading "How To Sell

Debbie Drummond presents a broad overview of the luxury condos for sale in Las Vegas and features the 6 luxury high rises included in the slide show below.

Turnberry Towers Metropolis Panorama Towers The Martin ONE Queensridge Place Veer Towers

Important Links Should You Buy a High Rise Las Vegas High Rise Market Report

High Rise condos come in many shapes, sizes and styles ranging from modern to art deco. And there is a condo to fit every budget whether it be a studio, a one to three bedroom, or a 15,000 foot penthouse.

High rise amenities differ from condo to condo and may include: front desk, concierge, fitness centers, outdoor recreation, pools, full service spas, security, restaurants, nightlife, shopping and restaurants.

In the News

Price appreciation in Las Vegas has slowed a little. Clear Capital's monthly Home Data Index Report has us at 16.5% over last year. Las Vegas ranks 14th among their list of top ranking metro markets. This is the average price appreciation for the entire valley. The appreciation varies from one zip code to the next.  Some of the hardest hit areas are substantially higher than that.

Arizona Central shared a Zillow prediction that the median price of Las Vegas homes will appreciate 11% over the next year.  We haven't found Zillow's home values to be accurate but we still expect a healthy appreciation over the next year.  11% would not be surprising.

How to Hire a Realtor offers tip for sellers.  When interviewing your Realtor, make sure

The Las Vegas high rise condo market has recorded fewer than 50 closings per month in the top high rise towers.  In April, only 37 units closed escrow.  In May we climbed back to 51 units sold through the MLS.  We expect to see continued interest in the high rise market, especially as we get closer to the re-opening of the old Sahara.  It's expected to debut as the SLS which on Labor Day week-end.

MGM has announced City of Rock, a partnership with Cirque and Rock In Rio.  They'll be constructing an outdoor concert arena that will accommodate up to 80,000.  Located on the 33 acre parcel at the Southeast corner of Sahara and the Strip, this will bring more excitement to the nearby condos.  Allure, SKY, Turnberry Place and Turnberry Towers are all