Las Vegas Real Estate Blog

The Census Bureau’s American Community Survey reported that Hispanics make up 26% of Clark County’s population in 2005. Additionally, one in four Las Vegas home buyers identify themselves as Hispanic, and that is grabbing the attention of realtors as they scramble to reach this dynamic market. PSAs, commercials with Spanish celebrities, and realtor continuing educations classes geared to meeting the needs of this market are all being used to reach the growing Hispanic home-buying population.

Business Las Vegas takes a look at the push to reach Hispanic homebuyers in “Latino home buyers targeted as dynamic portion of market” by Cristina Rodriguez. To read the story, click here.

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The LATimes.com article, “In Vegas real estate, the house always wins” expresses the opinion that the likelihood of the Las Vegas housing market going bust is slim. According to the writer, Carmel Hopkins, there are several reasons why including:

1. 7,000 new people move to Las Vegas every month, and they need a roof over their head.
2. As more new hotel casinos are built, workers will leave their jobs in the older resorts for better-paying ones in the newer facilities. This will mean that more traditional blue collar employees will be able to afford homes.
3. An increased demand from multinational buyers who are purchasing secondary and tertiary homes in Las Vegas.
4. Investors will likely purchase homes going into receivership and convert them into rental properties.

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What’s faster than a speeding bullet?  No, its not Superman, its a home builder slashing prices.  That quick reflex has assisted in boosting home sales to its highest level in three months.  According to a recently released government report, sales of new homes unexpectedly rose 5.3% in September to a seasonally adjusted annual rate of 1.075 million.

While overall sales numbers remain down, many within the industry are looking upon this as a hopeful sign.  The idea being that buyers are responding to builders who are cutting their prices.  The moral of the story being, if you cut it (price), they will buy.

Hope springs eternal…

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USA Today has a full-spread article on the transformation of the real estate market. Gone are the days when sellers set their prices at or above the market, watched the offers roll in, and picked the ripest one. Instead, its the buyers doing the pickin’ and they have quite a selection.

In some parts of the country, like Las Vegas, there is a 12 month supply of homes sitting on the market, just waiting to sell. Miami seems to have the worse with a 14.6 months supply. San Francisco is currently only showing a 4.4 month supply.

Throw in incentives galore, and buyers have some great opportunities to secure the home of their dreams. Sellers, on the other hand, may find themselves singing the Blues for some time to come.

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Terraza is Richmond American’s appealing new neighborhood located within the Southern Highlands master planned-community. There are three floor plan designs to choose from ranging from 1650 to 2050 square feet and starting at $340,000 for a three bedroom.

With the opening of these three new models within Terraza, Richmond American is offering a new Buyer’s Advantage promotion. The promotion allows home buyers to choose from up to 10 package options at no additional cost. Options include a stainless-steel package, a laundry room package and backyard landscaping. Offer is valid for a limited-time only.

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

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The end of the real estate boom seems to be acknowledged by everyone.  Well, almost everyone.  Some might suggest that many sellers are still in denial as they have refused to reduce their prices.  However, as more buyers continue to sit on the sidelines taking a “wait and see approach”, how long can sellers afford to remain stubborn?

Could those sellers showing reluctance to lower their price actually worsen the market?  That is what some industry observers predict might happen as home inventories continue to climb and would-be buyers run for the hills.

Howard Glaser, a mortgage industry analyst said, “Sellers have not caught up with the reality of the marketplace despite the proliferation of ‘For Sale’ signs. There is a lag period between sellers’ expectations and the reality of the marketplace,’ and shaking them out of their high-price fantasy ‘is more psychology than science’.”

May be many of those sellers just need a little more time to come to the reality that the party has ended.  Rising home inventories and the reality that they maylose more home value the longer they delay may motivate many to reduce their prices soon.

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Builder’s William Lyon Homes is offering buyers a savings of $20,000 in the gated neighborhood of The Cottages at Centennial Ranch.  In addition to the discounted savings, buyers will also get a washer, dryer and refrigerator thrown in when they purchase and use the builder’s preferred lender.  Certain restrictions apply.

Buyers can select from Plan Three or Plan Four to receive the incentives.  Plan Three has a 1,598-square-foot floor plan with three bedrooms, 2 1/2 baths and a two-car garage.  Plan Four has 1,776 square feet with three bedrooms, a loft, 2 1/2 baths and a two-car garage.  Prices start in the mid-$200,000s.

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

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Builder Pardee Homes is offering a move-in package that includes appliances and miniblinds for its La Puerta and San Mateo neighborhoods in Mountain’s Edge.  Mountain’s Edge is a master-planned community located in the southwestern Las Vegas Valley.In addition to the move-in package, Pardee Homes is also offering a financing program with interest rates as low as 2.875% for the first year of the loan on select homes.  Buyers would be expected to close by December 29, 2006.

There are four floor plans available in both the La Puerta and San Mateo neighborhoods.  For more information on any of those flour plans, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

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The basic laws of supply and demand are diligently at work in the Las Vegas housing market. The supply is definitely there, but the demand is wavering. Recent information suggests that there are approximately 22,000 existing homes on the market across the valley and 9,800 of them are vacant. Even with massive incentives being offered by homeowners and builders alike, many potenial buyers are choosing to wait on the sidelines.

In September, the median price for a home was $285,000. That’s the same place it was a year ago. Even with a 21.5% decline in new home building permits in the past year, it will take some time before the demand catches up with the existing supply.

According to some local realtors, buyers are preferring to rent over purchasing. Therefore to meet that particular demand, sellers are turning to renting out properties they would have preferred to sell. It’s that or neighborhoods filled with vacant homes.

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Even though ground has yet to be broken on the 56-story W Las Vegas luxury condo project, people are signing up. The project’s first release of 500 condos sold out, and it is moving onto the second.

Owners of this plush new development not only get VIP pool,  maid and concierge privileges, but priority access to restaurants and nightlife.
Former NY Yankee pitcher Scott Erickson recently coughed up over $1M for a 565-square-foot “Corner King” studio in the W Las Vegas. Neighbors welcoming Erickson to the neighborhood include DJ AM and poker pros Phil Hellmuth and Phil Laak.

The project is slated for completion in 2009.

If you are looking for a home for sale in Las Vegas contact us at 702-212-3513

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