High Rise condos on the Las Vegas Strip have made a comeback

At the height of the Las Vegas Real Estate market in 2006, high rises were sought after from people from all walks of life who wanted to own a piece of that luxury lifestyle, and when the market began to fall, our high rises may have suffered the most. The plans for a second Trump Tower were scrapped and the 3rd Panorama Tower fell into bankruptcy. That 3rd tower was later purchased and renamed “The Martin”.

Well I just attended a closeout event at “The Martin” and they only have 5 original brand new residences left to sell. That’s quite a turnaround, considering where we were. There are several brand new units available in buildings with at least 5 stories, and of course there are hundreds available in the resale market . . . ranging from under $70,000 up to $38,000,000 currently.

Take a look;
http://goo.gl/44z1nJ

The Las Vegas valley has a balanced real estate market for the first time in years.

It’s one of the oldest laws in history – the “Law of Supply and Demand”.  And in residential real estate, there are some very specific measurements, that tell you most of what you need to know about any given market.

Take any specific territory (one zip code, or several), then we refer to “supply” as the number of available houses on the market today, and we call the demand, the number of houses that sold in the previous 30 days. Next, divide the former, by the latter, and that gives us “months of inventory”.  (to be clear, if there are 400 houses on the market today, and 100 houses have sold in the past 30 days, 400/100=4 “months of inventory”). What we have learned in modern real estate history, is that when “months of inventory” is less than 4, seller’s are pretty much “in charge” of the negotiations and the buyer is just grateful for the opportunity to (hopefully) buy.  Under these circumstances, we regularly see properties receive multiple offers, and buyers are often prone to paying more than the appraised value for a house. That’s the way it has been in the Las Vegas Valley for quite some time. I, personally started tracking inventory levels in September of 2012, when inventory was a paltry 1.34 months of inventory. I did this because I had learned that people who tracked these kind of numbers, saw what was coming, long before the typical consumer. A lot of people were blindsided in Las Vegas in 2006, and I did not want that to happen to me or my clients in the future. We just recently broke the 4 barrier and today we have 4.12 months of inventory.

What is next? That depends. Of course, historically less houses sell in the winter months, however, last December, we never broke the “4” mark; and inventory levels ranged between 3.29-3.38 months. What I hope this means is that we will continue for a long time to see “months of inventory” between 4-6 in our valley? What happens after 6?, well then the buyer’s kind of become “in charge” and the seller’s are just happy to have someone (hopefully) buy their property.

Would you like to see the supply of homes available in 89135 (Summerlin South)? 43 residential properties sold last month, and this link will show you what is what is available right now;
http://goo.gl/L8uwhb

(The Las Vegas valley is considered balanced, as a whole, however sellers are still “in charge” in this zip code)

Rhodes Ranch and the surrounding area has some great houses for sale (89148)

I love the sign that at the west entrance to Rhodes Ranch that looks like the famous “Hollywood” sign. Have you been inside the gates yet? This guard gated golf course community has entrances from the east side on Durango, as well as the west side off of Fort Apache (near the new Wet N Wild water park) and whether you want to live behind the guard gate, or just in that area, it’s a popular community to live and play in. Feel free to do a little window shopping by clicking on this link;

http://goo.gl/desCqe

– and if you want to do some actual shopping, just let us know. We can arrange that easily!

Wanna buy a great house in Mountain’s Edge for less than $250,000?

You know, Mountain’s Edge . . . located in the southwest corner of the Las Vegas valley . . .

What I really like about the area is that there are a lot of newer homes there. Plenty of them are less then 10 years old. There are great parks, and all of the shopping you need, and it’s far enough from the “Strip” to be away from the “bustle” and close enough to get to work (if you work there) in under 30 minutes.

There are plenty to choose from! Just click this link to see for yourself;
http://goo.gl/JiC2NA

December calendar of events in and around Summerlin

OK, so calendar may be the wrong term; more like overview . . .

After years of waiting, it’s finally open, and if you have not visited yet, Downtown Summerlin, just south of Red Rock Resort, is offering the Rock Rink, an ice rink set to be open through mid-January from 4 to 9 p.rn. Mondays through Thursdays; 4 to 10 p.m. Fridays; 10 a.m. to 10 p.m. Saturdays; 11 a.m. to 8 p.m. Sundays; and 10 a.m. to 10 p.m. school holidays, Holiday hours are set from 1 to 6 p.m. Dec. 24, 10 a.rn. to 6 p.rn. Dec. 31 and 10 a.m. to 7 p.m. Jan. 1. The rink will be closed Dec. 25th. For more information, call 702-832-1000 or visit http://www.DowntownSummerlin.com

Tivoli Village is on the corner of Rampart and Alta has a few events scheduled. Santa will be on hand for the junior paparazzi (the kids) from noon-4:00 on Fridays, 9:00-4:00 Saturdays and 11:00 to 4 on Sundays. Photo packages start from only $5. During those times you can also ride on the trackless train for $3 per ride or $5 for two rides. And if your pet wants to get a photo with the fat man, you can do that at Shaggy Chic from 5:00-8:00 on December 10 (today) and again on the 17th. The Arthritis Foundation’s Jingle Bell run (5K & 10K) is also set for this Saturday the 13th at 8 AM. Get some bells for your shoe laces and dress as much in the holiday spirit as you choose and help raise money for this worthy cause. There will also be live entertainment, vendors providing breakfast and a Reindeer Dash to Kidville. And if you are considering singing “Auld Lang Syne” at Tivoli this year, cab rides home are free (witihin 10 miles) from 8:00 PM until 2:00 AM on New Years Eve. For more information about Tivoli Village events, visit http://www.TivoliVillageLV.com

If you are interested in what I always called “The Christmas Pageant”, The Redrock Stake of The Church of Jesus Christ of Latter-day Saints will host its annual Live Nativity at Opportunity Village, (6050 S. Buffalo Drive). Performances are scheduled for 7 p.m. Dec. 10 (tonight); 6 and 7 p.m. Dec. 11; and 6, 7 and 8 p.m. Dec. 12 and 13. The free outdoor portrayal of the birth of the son of God features live actors, live animals, scripture narration and music. Parking is free, and all seats are offered on a first -come, first-served basis, (except for the 3 wise men, who can sit wherever they like). For more information, visit http://www.TheNativityLV.com

If you want to see a different approach to holiday lights, about 45 minutes east of Summerlin, the “Dock of Lights” event will be held at 5 p.m. Saturday Dec. 13 at Callville Bay Resort and Marina at Lake Mead. The event, presented by the Lake Mead Yacht Club, is set to feature a wonderland of holiday scenes displayed on boats docked at the marina and a drive-through Trailer Village Festival of Lights. Admission is free. For more information, visit http://www.callvillebay.com

Is it your first time? Because if it is, it just got easier! (Oh yeah, and if it’s not your first time, we can pretend)

Today Fannie Mae, a government entity that helps ensure that Americans can become homeowners, announced an improved option for qualified first-time home buyers, which allows them to buy with as little as a 3% down payment. On a $150,000 home purchase, that is less than $5,000 down and with today’s interest rates, your monthly payment would be around $1,000 (including Principal, Interest, Taxes and Insurance [PITI]). You still have to meet their standards of income and credit, and really, that’s just because they want you to be able to keep the home that you buy.

Two important things to remember; 1. A “first-time homebuyer” (in their eyes) is someone who has not had a mortgage in the past two years. (pretty cool, huh?) 2. The down payment can be a gift from a family member.

You can read more about the announcement here on Fannie Mae’s web site;
http://www.fanniemae.com/portal/about-us/media/corporate-news/2014/6203.html

Would you like to search for your first home? Click the link below to search for single family homes between $125,000 and $175,000 in Southwest Las Vegas
http://goo.gl/oG0Fe6

Would you like to find out if you qualify for this 3% down program?
https://www.my-loan-application.com/SecureLoanApp_Step1.cfm?org=2079&cli=18192

There are great 1 and 2-story houses for sale in “The Lakes” (89117) under $300,000

“The Lakes” is the first neighborhood I ever visited in Las Vegas.  In 1990, I drove here with my (then) girlfriend from Los Angeles to visit her father (that was 3 years before I moved to Las Vegas).  He lived in this amazing community.  The little lakes all through the community and the bigger lake on the east side of it made it so charming.  Well known builders made beautiful, sturdy houses and all of the amenities were nearby.  The best part (according to Lou)?  That the along West boundary (Hulapai) was BLM land and it would never have houses built on it.  Ok, well, that turned out to be wrong, and it is still an amazing community and you can buy great houses in there for well under $300K today.

Just click on the link below to see some;
http://goo.gl/BYV9lL

Maybe you’ll find something you like!