Las Vegas Real Estate Blog

A preview of the newest Del Webb community in Solera will be held on Sept. 2 from 9 to 10 a.m. Floor plans and pricing for The Villas at Solera development will be made available to the public at that time. Purchase opportunities will begin the following day.

The gate community of single family Homes located at Anthem will range from 1,519 to 1,590 sq. ft., include a closed-in yard or patio, maintained landscaping and shared recreation and social opportunities. For more information contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 19%

Do you want to buy a new home with zero down and get great incentives? Now is the best time. You can get free appliances, granite countertops, oversized lots, garages, money for closings costs… Check our new homes offers in Las Vegas. Or call MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 29%

A 186 condo owners of the luxury condo Turnberry Place may find themselves on the hook for a $3 million judgment against the property’s developer, Turnberry Pavilion Partners. There may be a mechanics lien filed against them by one of the drywall contractors that helped build the place. Turnberry is refusing t pay the court-ordered judgment and is appealing.

The attorney for the drywall contractor said they will be filing liens “against each of the owners, with the proportionate share of the judgment divided equally.” Furthermore, the attorney does not think that any of the owners have been informed of the judgment, nor does he think Turnberry has their permission to appeal the verdict.Turnberry faces several other lawsuits as well:

• The homeowners association in Tower One filed a $21 million construction defect lawsuit against Turnberry Pavilion Partners in 2004 alleging rain and wind intrusion into their million-dollar condo units on Paradise Road.

• A Turnberry resident who requested anonymity said the defects date back to 1999, when the first tower was built. The defect allegations are primarily related to exterior finish and interior surfaces.

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

Popularity: 17%

A recent Realty Times article reported on an Experian Inc. consumer survey which posed the question, “Who’s got the higher credit scores — homeowners burdened with heavy mortgage debts, or renters who have no mortgage debt whatsoever?”  Surprisingly the answer was homeowners.  The highest scoring homeowners were those that were not only carrying a mortgage, but were also carrying a second mortgage or an equity credit line.

According to the article, the average revolving and consumer debt of renters in the Experian sample survey was $4,565, compared with an average of $24,565 for homeowners with one mortgage and $42,511 for owners with seconds or equity credit lines on top of their first.  The sample found that homeowners also use their available credit more extensively than non-owners. The typical homeowner had a 35 percent utilization ratio on revolving credit trade lines compared with 18.5 percent for renters.

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

Popularity: 17%

In June 2005, Clark County passed an ordinance which expanded the use of accessory apartments from rural districts to zoning districts that normally allowed five units per acre.  Their thought was that many people would not only see this as a way to provide more affordable housing, but generate a little extra rental income to help pay the mortage.

Unfortunately, it hasn’t taken off as county planners had hoped it would.  So, they are “tweaking” the ordinace and will now allow guesthouses in residential zoning districts that allow up to eight  Homes per acre.  Additionally, you don’t have to throw in that costly kitchen unit anymore.  County officials are hopeful that these new incentives will peak the interest of builders who have been slow to take advantage of the new ordinance.

Some are expressing concern over the density of housing in some neighborhods, but officials say the ordinance will require a minimum lot size of 4,000 square feet in order to build a guesthouse/casita.  Furthermore, one of the two units built on the property will need to be occupied by the property’s owner.

A vote on the revised ordinace is scheduled for September 6th.

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

Popularity: 17%

A local real estate agent will be co-hosting an upcoming episode of HGTV’s popular “House Hunters” and she’s looking for a buyer to be on the show.

WANTED: Are you articulate and enthusiastic? Live in the Las Vegas Real Estate market? Serious about purchasing a home in the $400,000 range or higher? We’ll, you could be just the lucky buyer who is followed on “House Hunters”.

“House Hunters” takes viewers behind the scenes as home buyers learn the ins and outs of buying real estate. They follow a buyer as they tour three different properties. Then, reveal which property the buyer picked and why. For appearing on the show, HGTV will give you $500.

Interested? If so, contact Cindi Nelson at 702-658-8888 or via her website, www.cindinelson.com.

Popularity: 20%

For once, Uncle Sam isn’t watching you, but watching out FOR you when it comes to your real estate transactions.

According to the Digital Micro-Markets Blog on ZDNET, the DOJ Antitrust Dept. is suing the National Association of Realtors for allegedly “maintaining or enforcing a policy that restrains competition from brokers who use the Internet to more efficiently and cost effectively serve home sellers and buyers”.

In short, the government claims that brokers using new internet-based business models present a competitive challenge to the traditional real estate broker.  A competitive challenge that the government says the NAR has responded to by adopting policies that penalize and handicap competition from these internet-based brokers.

For example, there is one such provision known as an opt-out that forbids a broker participating in an MLS from conveying a listing to their customers by way of the Internet without the specific permission of the listing broker.    Thus, preventing brokers from “guaranteeing customers access through the Internet to all relevant listing information, increases the business risk and other costs associated with operating an efficient, Internet-intensive brokerage, denies brokers a source of high-quality referrals, and withholds from Internet brokers revenue streams permitted to other participants in the MLS.”

With 77% of all real estate sales originating on the Internet, the outcome of how this particular suit plays out will definitely be closely watched in the months to come.

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A recent article on TheStreet.com points to several indicators that the real estate market continues to move downward at an abrupt pace. Discussed in the article were the most current statistics released by the NAR which included:

• Total existing home sales for July were 6.33 million; the lowest sales in two years. Sales fell 6.4% in the West, 5.9% in the Midwest, 5.4% in the Northeast and 1.2% in the South
• The national median existing-home price for all housing types was $230,000 in July.
• The inventory of homes for sale increased dramatically to 3.86 million units, which represents a 7.3-month supply at the current sales pace.

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

Popularity: 28%

Rising interest rates and speculators short on cash continue to hurt the housing markets. This is being evidenced by the increase in foreclosure rates, particularly in the western states. According to Foreclosures.com, foreclosure rates are rising fast in California, Colorado, Las Vegas, and Phoenix.

Over the past few years, speculators have accounted for a significant portion of the buying market in Vegas. Unfortunately, that may continue to influence the increase in foreclosure numbers in the coming months. Foreclosure.com estimates that more than 25 percent of Popularity: 16%

Consumer confidence regarding the economy is way down. In fact, it hasn’t reach this low of a level since just after Hurricane Katrina.  The University of Michigan’s preliminary reading of consumer sentiment in August was 78.7, down from July’s reading of 84. The median forecast of Wall Street economists polled by Reuters was 83.6.

Turmoil in the Middle East, rising gas prices, and an increased expecation of inflation is driving confidence levels down. The declining housing market is also weighing on consumer confidence as data from this market shows it to be rapidly cooling.

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

Popularity: 17%