Las Vegas Real Estate Blog

As the market continues to cool, we’ve heard stories of new homebuilders throwing in a few additional incentives. These incentives have ranged from free landscaping to washers and dryers to refrigerators. But, for some new lucky Las Vegas homeowners they appear to have hit the jackpot of incentives.

Las Vegas-based Wagner Homes is giving away swimming pools said to be worth $30,000 on some of its projects. They’ve recently added a pool feature to three of their homes that have been on the market for a few months. Interest flaired, and all three homes are now sold.

Larry Murphy, president of Sales Traq, which monitors real-estate trends in the Las Vegas area sees the increase in incentives as a builders desire not to have to lower the sale price.”Swimming pools, gold club memberships, home landscaping, all of them are being offered,” Murphy said. “Home builders lower prices only as a last resort, so prior to that they prefer to give incentives, which are masked within the sales price. They don’t want to reduce prices, not only for the peace of mind of having to deal with the homeowners who have already bought but because it would cause problems with appraisals.”

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 17%

Hampton Oaks, in Cary, NC probably has Martha Stewart using her catch-phrase of “It’s a Good Thing” quite often these past few months. After all, the new planned community she helped design is a hit with the first phase of 90 Homes already sold out and the second phase now underway with 19 pre-sales already signed.

If you are a fan of Martha and her signature style, and are wanting to own one of her homes, then its your lucky day. Developer KB homes plans to maintain the momentum of Hampton Oaks by quickly launching similiar projects in Las Vegas, Los Angeles, Daytona Beach, and Charlotte, N.C.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Yes…it’s good to be Martha Stewart.

Popularity: 17%

According to the Greater Las Vegas Realtors Association:

• Sales of local homes fell nearly 24% in June from a year ago.
• The number of listed homes rose nearly 32% from a year earlier, to a record 20,026.
• Sales of condos and townhouses were down 22%.
• Listings of condos and townhouses were up in June nearly 83%.

First American Title Company reports:

• 40% of all the area’s homes for resale aren’t even occupied
• There are between 400 and 500 houses in the $500,000 to $600,000 price range that have never been lived in and have sat on the market for over a year.

The Center for Business and Economic Research at the University of Nevada estimates:

• Approximately 7,000 people a month move to the area.
• One of every three people living in LV eventually moves out.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 17%

The National Association of Realtors said that sales of existing Homes fell 1.3% in June, to the lowest rate since the beginning of the year.  Sales of condominiums also tumbled and price increases were the weakest in 11 years.  A record 3.73 million homes were for sale at the end of June, representing a 6.8 months’ supply, compared to 6.4 months at the end of May.

The national median existing home price for all types of housing was $231,000 in June, up 0.9 percent from the June 2005 median price of $229,000. This was the slowest annual pace of price appreciation for any month since May 1995, when prices rose 0.3 percent year-on-year.

David Lereah, chief economist for the NAR, said the data showed a continued transition from a seller’s market to a buyer’s market.  Additionally, he also expects sales declines to  level out in the near future.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 15%

Sometimes you read something that just makes you either shake your head in disbelief or laugh out loud at the sheer wonderment of it all. Today, I had just one of those such moments.

The ReviewJournal.com ran a great editorial today on the City Council’s tendency to favor big business in real estate transactions. In “Step right up, only one dollar! City Council offering another sweetheart land deal”, the editor points out how the Las Vegas City Council has approved yet another unbelieveable land deal. This one is to sell 7.69 acres of land for $1 and the promise to build a parking lot. Yep, that’s one whole dollar.

A sweet deal for Cox Communications who is purchasing the old Addelar Guy Veterans Administration ambulatory care center, for only $16 million and getting an additional 7.69 acres of adjoining land for just $1. Land that has appraised for approximately $4 million.

The City’s rationale was the 1,100 jobs that Cox Communication brings to the community. However, as the editor correctly points out, they were jobs that were already in the city. Makes you wonder who you got to know to get such a sweet deal like this, doesn’t it?

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 15%

The Good News for Sellers and Homeowners

Home Builders Research Inc. reports that:

• From May 2002 to May 2006, the median price for a
• From May 2002 to May 2006, the median prices for a new home sale increased by 81% (from $186,858 to $338,990).

The Bad News for the Buyer and/or Renter

For many people, the higher medican prices means less affordable housing options.

The Solutions

In response to a lack of affordable housing, several pilot programs are rolling out in Southern Nevada to address an ever increasing need. Programs that are either rolled out or will be soon include a senior for-rent housing project slated for five acres at Jones Boulevard and Harmon Avenue and supported by Clark County officials. Officials are also working on a multifamily rental complex on 10 acres at Arby Avenue and Riley Street, south of Interstate 215. Additionally, it is working on is a 400-acre site, of which a portion has already been approved by commissioners to include a mobile home park. The county is also considering attached housing.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 16%

Some might say that residential construction in Clark County is booming….literally. Builders have long used explosives to clear out rock to make way for housing, hotels and commercial buildings in Clark County. However, recent complaints about damages from blasting to Henderson-area Homes has many calling for greater regulation over the practice.

Although, it appears that not everyone appears to have issues with the blasting. The Clark County Fire Department reports issuing 146 blasting permits since 2001. An official for the organization could not recall every receiving a complaint during that period regarding blasts along the Strip, which included massive hotel implosions. So, are Henderson residents looking for a scapgoat to blame for damages to their homes or do they have legitimate concerns stemming from the blasting practices?

The city of Henderson recently hired a civil engineer to study the blasting. The engineer found that area companies using blasting register some of the lowest decibel and vibration levels in the country. In fact, blasts in Henderson are limited to 120 decibels (compared with a national average of 133). To put that in perspective, 120 decibels is equivalent to the sound of a metal door slamming against a metal frame with a crack of thunder ranging from 120 to 140 decibels.

Some Henderson homeowners, who have suffered damages they allege resulted from blasting, find the results hard to believe and vow to continue fighting for more regulations on blasting.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 8%

According to an article in the Las Vegas Sun, some homeowners in the Richfield Village area are being told to “sell their homes or else”. Many are frustrated because they can not find answers as to what type of development is being planned for their neighborhood or who is behind the latest push for everyone to sell.

Real estate agents involved in the “sell or else” campaign are refusing to comment on who their client is. The recent purchases of at least 12 single-family Homes in the neighborhood were done by the limited liability partnerships LV Asset Holdings, LV Residential Holdings and Southern NV Rental Holdings.To read the article, click here.

Popularity: 19%

Most states, with the exception of California, Ohio, and Nevada, reported a decreased numbers of foreclosure filings in the month of June. According to RealtyTrac, Nevada’s foreclosure rate in June jumped from seventh highest to second highest in the nation with a 13% increase. This is also more than twice the number reported in June 2005. The foreclosure rate was listed as one new foreclosure filing for every 697 households which is more than 1.9 times the national average. The overall national foreclosure rate for June was down 5% from the previous year and was at its lowest level of the year to date.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 15%

A recent survey of consumers by HomePages.com found a few interesting statistics regarding people looking to purchase second homes:

• 21% of respondents were considering purchasing a second home within a year, another 42%  within the next two to six years.
• 25% were considereing  a second home for investment purposes, while 22% listed for “enjoyment,” purposes.
• For those where geography was an important consideration:  36% listed proximity to water as key, 17% wanted to live by mountains, 5% by golf courses, and 2% by the desert.
• What would stop a second home purchase?  32% said rising home prices, 18% cited mortgage rates and 12% listed job insecurity.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 8%