Las Vegas Real Estate Blog

The first of five planned high-rise towers on the One Lifestyle Condominiums project has been topped off according to developers. Residents are expected to begin moving in during the Fall once exterior and interior finishes are completed. When finished, all five towers are expected to range from 18 to 21 stories. The condos are priced in the $200,000-plus range and go up to $1.7 million.

If you’d like more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 20%

The Census Bureau reported this week that the number of vacant homes on the market rose 34% to 2.1 million at the end of 2006 versus the end of 2005.  That represents the fastest increase ever.  The report also found that vacancy rate for owned units made history as it increased 2.7%, up from 2.0% a year ago. That rate has not been above 2% for forty years.  The homeownership rate remained flat at 68.9%.

Economist believe that an excess supply is likely to lead to an increase in homes available for rent, which should drive rental prices down and reduce core inflation.

Popularity: 23%

In the the late 1970s and early ’80s, when mortgage rates were in the high teens, conventional financing was unaffordable for many. That’s when seller financing, or carry back financing as its also known as, became popular. Seller financing, while similiar to a conventional mortgage, usually has the seller financing part or all of the sale price. The interest charged can be lower than the market rate or higher than the market rate - if buyers do not qualify for conventional mortgages. Whatever amount the seller decides to finance they bear financial responsibility for in terms of collecting and administering the loan. Unfortunately, they could find themselves wiped out if the buyer becomes delinquent.

With the real estate market stagnating in several parts of the country, seller financing appears to be making a come back as a way to entice new would-be-homeowners into the marketplace. Even with low interest rates, many people are finding it difficult to come up with the down payment on homes carrying high price tags. All factors that appear to be motivating some sellers to entice buyers with the idea of carry back financing.While a viable and legal option, there are certain financial risks assumed by the seller.

Many experts strongly caution sellers to think twice about seller financing if their home is their primary asset and they are looking to retire on the funds of the sale or put their kids through college. You may find that you do sell your home, but open yourself up to potential financial risk should your buyer fail to pay you.

Popularity: 17%

PurMar Homes has started construction on one of its latest projects, Copperhead Canyon. The development will contain three floor plans of two-story, single family residences. The floor plans are called the Adobe, Chisum and Prairie, and measure from 1,108 to 1,605 square feet. The homes come with two or three bedrooms as well as 1 1/2 to 2 1/2 baths. To date, PurMar has sold half of the first planned phase.

Notable exterior features include three-coat stucco exteriors, concrete-tile roofs, choice of front-yard landscaping and irrigation system, rear wall, side closure with return and gate, and pre-wiring for garage door opener. Interior highlights worth checking out are the 9-foot ceilings in the downstairs areas, slate-look tile entries, textured walls and ceilings, structured wiring, and interior laundry rooms with washers and dryers.

If you’d like more information, contact MillionSaverHomes at 702.212.3513.

Popularity: 26%

The landscape, in terms of demographics, has changed when it comes to developing a picture of who is buying a house.  While married couples are still the biggest demographic at 61%, there are some interesting changes.

The National Association of Realtors found that:

1. Single women now buy 21% of homes, single men only 9%.
2. Minority homeowners account for 30% of all home sales.
3. More international buyers are buying homes in the U.S.  There were over $41 billion worth of residential real estate purchases by international buyers during 2005.  Germans, Latin Americans, Australians, and the Japanese are purchasing vacation properties in resort areas such as Miami, Ft. Lauderdale, Palm Springs and the ski resorts of the Rockies and the Sierras.

Popularity: 35%

Jeromith Sutton, an advisor for the National Association of Residential Real Estate Investment Advisors (NARREIA) sees room for optimism in the Las Vegas market for 2007. According to a recent article, he believes the market will slowly begin to increase again in 2007 - 2008. For Vegas, that translates into a slower price increase and a slower, but steady appreciation rate compared to what was seen in 2005.

He points to the growing numbers of Baby Boomers looking to retire over the next three years is a positive sign for Las Vegas, as the city continues to be a leading destination for retireees. Furthermore, if prices slow and interest rates remain low, Sutton expects many home buyers to return to the marketplace.

Popularity: 19%

The higher-end home market has not escaped the real estate market slow down. Real Estate Journal did a survey of the 46 houses featured in Weekend Journal’s “House of the Week” between October 2005 and September 2006. Of those 46, only 14 sold and those were at deep discounts — an average of 16% below the published asking price. Four more homes were under contract at the time of the article. The average asking price of these homes was $10M with only one listed under $1M.

To read more on why these particular homes sold and what set them apart from the rest, click here.

Popularity: 20%

Recently, the Mortgage Bankers Association released their three year economic forecast. While similiar in overall findings to that of Fannie Mae, here is the reports highlights in relations to residential housing:

1. Fixed mortgage rates are expected to rise to about 6.5 percent by the end of 2007 and to remain around that level for the next three years.
2. Existing-home sales will decline by about 7 percent and new home sales 8 percent relative to 2006. Both  are projected to rebound in 2008 by about 3 percent and a further 1 percent in 2009.
3. Existing home price appreciation will slow significantly over the next three years. Median prices for both new and existing homes should remain relatively flat next year and rise about 2 percent in 2008 and 2009.

Source:  MortgageNewsDaily

Popularity: 99%

A recently released report from the Commerce Department shows that single-family builders broke ground on fewer homes in December.  Many builders appear to be focusing on cutting their current inventory levels before building any additional homes.  While single-family housing starts were down, total housing starts which also includes condos and apartments were up overall.

Regional breakdown for total housing starts:
Northeast:  rose 25.6%

Midwest:  1.8%

West:  12.4%

South:  2.0%

Popularity: 27%

I found this property in my search for a 5 bedroom home.This property is going through forclosure and is for sale at 300,000 by the bank.It is 2400sft and it looks to be in good shape it also has a nice pool.

Popularity: 32%