Las Vegas Real Estate Market

According to the latest report from RealtyTrac, 53% of all the homes sold in Nevada are in some stage of foreclosure. So what does that mean for the market aside from that it is a great time to be a home buyer?

One of the pillars for the national economy is real estate. For Nevada, it does effect the state economy but for the Las Vegas area, tourism also has a huge impact. Over the last six months, more and more people are coming back to Las Vegas for vacations. Don't believe it? Try renting a car on the weekend from any national chain. You may not get one if you don't reserve it ahead of time. Prices for luxury homes in Las Vegas have fallen drastically like most of the rest of the market.

These bank owned properties are frequently referred to as REOs still make up the bulk of the listings in Las Vegas and other areas of the country. Because of this Las Vegas new home builders are slowing down production but that isn't the case in some areas of the country. New home builders in Columbus Georgia are still building homes and production is speeding up. That isn't the norm in markets with high foreclosure rates like Nevada, Arizona and California.

RealtyTrac estimates that there is a three year supply of foreclosures in the Las Vegas real estate market. As to the impact REOs have on pricing, according to RealtyTrac you can expect a 35% price difference. This may have been the case initially, but with so many foreclosures in the valley you'll see the same pricing across the board.

Thank you for visiting my Las Vegas real estate blog. Check out our other news site for Las Vegas real estate news and other tidbits.

Is the News Wrong?

The one constant about the news, both local and national. Nothing gives a reporter a larger gleam in their eye then reporting bad news. Throw in a celebrity and its going to be a great news cycle. A perfect example would be the recent news coverage of Paris Hilton. She was caught with drugs (allegedly) and thrown in jail. It was on the news constantly over the last week.

Another small blurb about the Las Vegas real estate market was thrown in. Las Vegas home sales are down compared to last year and new home sales are hitting rock bottom. But is it really bad news for everyone? Not if you are a home buyer of course. People are still moving to the Las Vegas valley and there are people looking for investment or vacation property too. Just because someone said it on television does not make it so. It is all about perspective.

If you are thinking about moving to the Las Vegas valley and have questions, feel free to drop me a line. Thanks for reading our Las Vegas real estate blog.

First Time Home Buyer Tax Credit Extension Ending

The First Time Home Buyer Tax Credit extension is coming to an end next month for most people. The extension gives certain Federal employees and military personnel additional time to take advantage of it. For the rest of us, to qualify you must be in escrow on a property (and meet the other requirements of course) before May 1st.

There has been a lot of debate over whether the tax credit has helped sales. I think you'll find a lot of support among those buyers that have been able to take advantage of the credit and have actually received their refund. Feel free to leave your thoughts in a comment.

If you would like listings of Las Vegas homes for sale, call 702-493-8033.

The State of Nevada Real Estate

The state of the Las Vegas real estate market has been great if you thinking of buying a home and living in that home for several years. Foreclosures over the last 2 years had pushed prices down to levels not seen here since the mid 1990's. Despite government intervention, foreclosures are still happening, mostly due to job loss. While unemployment is still high, the unemployment rate has stopped going up both here in Nevada and nationally.

The extension of the First Time Home Buyer Tax Credit has also impacted the market in a positive way. Home buyers now have the opportunity to take advantage of the credit for another three months. So it begs the question, will 2010 be the year of recovery for the Las Vegas real estate market?

Please feel free to comment and leave your thoughts.

A Year Later

Just over a year ago, I experienced a life altering event. One morning I woke with a slight tingling sensation in the tips of my fingers and what felt like a pulled muscle in the back of both of my legs. Thinking that I must have slept wrong, I went about my business that day and didn't think too much about it. The next morning when I woke up I was much worse and by that evening had trouble walking. I went to the ER at UMC and was admitted. I ended up staying 10 days in the hospital for Guilliam Barre syndrome. I am happy to say that I have no long term effects from being temporarily paralyzed, other than I've managed to keep off some of the weight I lost.

During my time in the hospital I found out just how lucky I was. My good friend, Matt Pellerin, a Paradise Valley Realtor along with my friend Max Chirkov, set up a fund raiser to help pay my bills while I recovered. Specifically I'd like to thank my friends Jeff Manson in Hawaii, Ken Smith in Arlington Heights, Glenn Ginsburg in Naples and Toby Barnett in Marysville for their generousity, support and continued encouragement. So many people offered help is so many ways, it was truly humbling. My good friend and neighbor Vera Mischke and her family probably mobilized half of Omaha to pray for my recovery. I am truly lucky to have such a neighbor and good friend. And a special thank to you Anna Bourland and Kristina Davis at Advanced Access.

Some people also started their own fund raising efforts, like Gary at US Real Directory and others like my friends Larry Hotz in Denver, Mack Perry in Atlanta, Cal Carter in Gulf Shores, Wayne Long in Columbus, Eric Blackwell, Greg Swan in Phoenix and Eric Bramlett in Austin helped out in other ways.

The internet is probably the greatest commerce vehicle ever invented, but it also has allowed me to make friends all over the country as you can see. So many people helped I couldn't possibly mention them all. Friends of my brother and sister also sent their support, which speaks very highly of my siblings and their friends. I would also like to thank the following people for their generousity and prayers for my recovery:

Jonathan Yudin
Grant Freer
Deborah McCreath-Akbar
Joseph Ferrara
Jay Thompson
Wasabi Design, Inc.
Jason Farris
Dan Connolly
Kristi Berg
Sherry Baker
MediaQuake, LLC
James Duncan
Mike Farmer
Erich Caparas
Margaret Woda
Melissa Caulk
Kevin Kling PA
Larry Jensen
Barber Virtual Assisting Solutions LLC
Caleb Mardini
Susan Withington
Laurinda Frederick
Lisa Martin
Anna Hackman
Drew Hartanov
Dena Davis
Lynda Eisenmann
Paul Davis
Courtney Miller
Eileen Pettengill
Erin Cristall
Kellee Davis
Steve St John
Taeyoung Lee
Tenchi Hamaki
John Palmer
Art Derailed
Vlad Zablotskyy
Glenn Timme
Martin Barringer
Ray Lancon
Lesley Reppeteaux
Maureen Francis
Stephen Toms
Martin Barringer
Kristal Kraft
Elton Blair
Steven Haffner-Stearns
Karen Hurst

This is of course, an imcomplete list. There are many, many more people that made a difference. Thank you all.

Top Five Real Estate Industry Blogs

I had wanted to include a poll for everyone to cast their own vote, but I couldn't find one that I liked that worked with blogger. So instead I thought I'd list my own top five real estate industry blogs (one that I read). There are a LOT of real estate blogs out there to choose from. Some are super niche concentrated, others offer a wider view of the real estate market in general.

So here is my picks for the top five real estate industry blogs:

1. Bloodhound Blog - Owned and operated by Greg Swann, it started off with humble beginnings and has evolved into one of the most influential industry blogs out there. Greg has championed several causes on his blog and has thousands of fans across the US. If you haven't stopped by there yet, what are you waiting for?
2. Real Estate Industry Watch - A relatively new blog, REIW looks at issues not only affecting the market in the US, but all over the world. A great section is the "Franchise Watch" which lists what the big real estate franchises are up to.
3. Rain City Guide - Based in Seattle, RCG covers a wide range of industry topics. RCG set the standard for collaboration blogs in the industry.
4. Sellsius - Joe had a RV tour across the US that hit 24 cities in 2007. Very original and generated a lot of buzz and a loyal following.
5. Matrix - Jonathan Miller's blog focuses on the more economic issues of real estate, current trends, analysis and trends. A must read.

There are of course several more great blogs that I didn't list (after all I did say the top five). Thanks for stopping by.

Out of Town Visitors

Today the city held a "tourism" rally to promote (and reaffirm) our tourist trade. Tourism has been down the last year and has hurt the local economy, but if you're a visitor it has worked out well for you (room prices are unbelievably cheap at the moment). A friend of mine was in town for a few days checking out the real estate market here after visiting some relatives in nearby St. George.

Larry is a Denver Realtor so naturally we ended up talking about the First Time Home Buyer tax credit and how it would effect the market once it expired. He was of the opinion that the market would suffer once its was no longer available. His daughter Liz Hotz has had only first time buyers as clients this year (and has closed more deals than Dad as a result) and most of them were motivated by the credit to buy a home now.

With the economy the way it is, steady home sales and a reduction in foreclosures is a necessity to getting things back on track. The April foreclosure numbers were released today and sadly, once again Nevada is leading the nation.

So my question to everyone out there is this: Do you think home sales will decline significantly once the First Time Home Buyer tax credit expires?

Canadians buying in Las Vegas

For the last several months, more and more Canadians are buying up Las Vegas property. With housing prices dropping to new lows and the strong Canadian dollar, it makes perfect sense. While this is good news for agents in Las Vegas, its bad news for Canadian agents. I was reading a post about real estate in Parry Sound, Ontario Canada that states the Canadian resort property market is slowing down and part of the reason is property sales in US. You can read the post here.

The big question is whether the recent financial meltdown and subsequent bailout will continue to draw in foreign investors or will it scare them off. Several overseas property markets are feeling similar pinches as are their major banking institutions. At the beginning of the year, CTV was talking about the US recession (what recession?!) and whether it would affect the Canadian housing market. They theorized that a slowdown here could actually boost the Canadian housing market. Apparently they were right and wrong.

Canadians are still coming to buy Las Vegas vacation homes and condos. With the fed lowering interest rates again, I don't think they'll stop buying any time soon.

Las Vegas real estate market in the news

The media has actually been reporting some good news about the real estate market, at least in Las Vegas. The Las Vegas real estate market has been quietly making a comeback over the last six months. Even though homes are still sliding into foreclosure, home sales are up and gainning ground. Here is a short video report by Jane Wells on the Las Vegas homes market.

Win a REW website with IDX

The Greatest Real Estate Agent in the World contest has come to a close. Team Eric came out on top, beating some very tough competitors. As promised, the contest prize was donated to the Eco Preservation Society of Costa Rica to help raise money and awareness of the plight of the eco system in that area.

The website with core IDX and free lifetime hosting is being raffled off. You can get the full scoop here: http://www.ericonsearch.com/real-estate-webmasters-website-raffle-by-team-eric/

Related:

Who is the greatest real estate agent in the world
Real estate posts and comments

Out of this world home up for sale

ET's retirement home?

This "spaceship" house went up for auction in Signal Mountain, Tennessee.

You would think that it would be a one of kind. Thanks to the popularity of Star Trek, Star Wars and other science fiction over the years, that isn't the only spaceship house out there.

Greetings Earthlings from Pensacola, Florida

Don't have enough cash to buy your own spaceship house? This one is available for rent in Pensacola Florida.

Certainly not in the same league as the Tennessee house, but if you have to live in a spaceship, at least you can start out with something small and work your way up. The top structure is actually a Futuro, set on top of a normal house. The Futuro was designed by Finnish architect Matti Suuronen back in the late 60's and represents the Utopian design of the era. There are still a few of them around the world (although this is first one that has been added to another structure that I've seen). There was even a film made about them in 1998, titled "Futuro - A New Stance for Tomorrow". For more pictures of Futuros around the country, visit futuro-house.net.

The Spaceship Housing Development

The city of El Paso almost had an entire housing development of spaceship homes. There was going to be a giant lake created behind the homes, but that never happened and the project folded.

Influence of Space Age Architecture

The influence of architects like Matt Suuronen can be see across the US in the most unlikely places. This former restaurant The Gobbler located in Madison,Wisconsin has a distinctly space age design. Sadly, the unique building design was not enough to keep the restaurant open.

The new University of Phoenix stadium in Glendale, Arizona also has a distinctive "spaceship" look.

Crisis in Las Vegas: Doom and Gloom in Sin City

Deadly poison found in Las Vegas

It has been an "interesting" week here (think the chinese proverb) in Las Vegas to say the least. A highly toxic poison Ricin was found here in the valley. Metro and the FBI are investigating and stated that currently they are treating it as a public safety issue. The poison was discovered in Roger Von Bergendorff's hotel room along with some firearms and an anarchist textbook. Von Bergendorff is still in the hospital, although the cause of his illness hasn't been determined. The FBI have also searched storage units and a relative's house in connection with the investigation. Authorities have confirmed the man was a loner.

Sources: Associated Press, Salt Lake Tribune

Possible Hepatitis Outbreak

If that wasn't bad enough, a series of local clinics were shut down due to a hepatitis outbreak. Talk about feeding the candidates with an example of why health care should be provided by the government. Clinic operators decided to SAVE MONEY by REUSING syringes, single drug doses, etc. People that used the clinic are now being tested for Hepatitis B, C and HIV, because they wanted to save a few bucks.

My neighbor actually went to the Endoscopy Center of Southern Nevada (located at 700 Shadow Lane) on the orders of his doctor for some tests the day before the outbreak occurred. The total number of clinics shut down is now up to six. Its estimated that as many as 40,000 people could be affected from just the one clinic. The clinic operates under the umbrella of the Gastroenterology Center of Nevada, which has several other clinics (some that have been shut down) across the valley. If you have used their services, its imperative that you get yourself tested. So far, six cases of Hepatitis C have been linked to the Shadow Lane clinic. But my neighbor has been told that they will need to be tested every six months for the rest of their lives.

Five certified registered nurse anesthetists who worked at the Shadow Lane location were asked to voluntary surrender their licenses. All five complied. Local police and county prosecutors have opened a preliminary criminal investigation this past Monday. Even with all these risks being front and center in the news during a recent inspection by the Nevada Health Division found unsafe practices at other clinics around the valley.

Local attorneys have started advertising for clients, you can hear the class action train coming.

The Southern Nevada Health District has set up a hotline. The number is (702)759-4636 (INFO) Call to schedule testing or if you have health questions. This past January the clinic was told to stop reusing syringes when administering drugs.

Sources: Las Vegas Review Journal, KLAS Channel 8

Historical Inter-racial hotel may get a facelift

In other more positive news, the Las Vegas Planning Commission voted to allow the Moulin Rouge restoration go forward, approving the various permits, variances, etc that are needed. Final approval for their application will need to be granted by the city council and that may happen in early April. I seriously doubt that the project will not get it. Its one of the few historic landmarks left, although only the facade and sign survived the arson in 2003. But considering the commitment of the city and Mayor Goodman about the continued revitalization of downtown Las Vegas, its a safe bet that the Moulin Rouge project will be approved. According to the developers, if the project is approved they plan on breaking ground next year and have phase one completed by the end of 2010.

source: city of Las Vegas

Real estate posts and comments

For whatever reason, I've been receiving a lot of comments on my post about the Greatest real estate agent in the world contest. So where are they you ask? Well, let's just that ads for other real estate sites won't be displayed, unless I add them in my blogroll.

The competition is heating up. I just found another post about the real estate contest here. He has an interesting view on the contest, real estate blogging and ethics.