Las Vegas Real Estate Blog

Last year, the website Zillow.com began offering consumers computer-generated free home value reports and other online tools for real estate buyers and sellers.  However, some are questioning just how accurate  the estimates are.  A recent Wall Street Journal analysis of 1,000 recent home sales showed that Zillow’s  estimates were often  very good.  Quite often they were within a few percentage points of the actual price paid.  Unfortunately, the analysis found that when Zillow’s estimates were off, they were way off.  In fact one in 10 homes were more than 25% off.  The Wall Street Journal reported that in one situation it was more than $2 million off.

The median difference between the Zillow estimate and the actual price was 7.8%.  Zillow itself reports a median margin of error of 7.2% for transactions where they have estimated the value.   A spokesperson for Zillow acknowledged that the estimates could be way off in some situations, but that people should view the estimates as “a starting point” when trying to figure out how much a home should cost.  They do not recommend them as the final word.

Popularity: 7%

Pageantry Communities newest gated-neighborhood, Brookhaven debuted this week with three floor plans.  Prices for the three floor plans start in the low $300,000s.  Plan One is 1,629 square feet and features two master suites, 2 1/2 baths and a living room with attached kitchen and nook. Plan Two provides 1,676 square feet of living space and features three bedrooms, 2 1/2 baths, great room, and an open kitchen and nook. This plans also offers an optional third-floor loft.  Buyers receive flexibility when choosing the Plan Three floor plan.  The square footage ranges from 1,956 to 2,170 square feet and offers four bedrooms and 2 1/2 baths.

For more information contact MillionSaverHomes at 702.212.3513

Popularity: 7%

The map  below was presented in the PMI Group’s Economic Real Estate Trends Report and depicts the geographic distribution of house price risk for all 50 U.S. states and the District of Columbia. The color codes rank order the 10 riskiest states in red (11 including the District of Columbia), followed by the next 10 riskiest states in tan, white, light blue, and aqua.

To put it in simple terms, the average risk score is 342.  This means there is a 34.2 % chance of home price declining in the next two years. The New England region has a score of 525 or a 52.5% chance of home prices declining in the next two years.

Other regional numbers:

• Pacific 508
• Middle Atlantic 385
• South Atlantic 357
• Mountain 264
• West North Central 173
• East North Central 144
• East South Central 78
• West South Central 75

Popularity: 16%

Statistics released by the Greater Las Vegas Association of Realtors (GLVAR) indicates that home prices in the Las Vegas area are dropping. The median price of homes sold on the Multiple Listing Service dropped 1.3% in January. That is a total decline of 4.4% since June 2006 when sales were at an all time high. Then, the median home price was $315,000. Now, it is around $302,000 and could fall below $300,000 — the first time in two years.

Many national analysts have predicted that Las Vegas would see a drop in housing values. However, they can not agree on how much a drop that could be. Some estimates have placed it as high as 30%. Others such as BusinessWeek and Fortune have forecasted 9.9% and 6.6% drops respectively. A few like GLVAR’s President Devin Reiss hold to the position that home prices will not drop significantly.

Popularity: 7%

Last week, Pulte Homes held a grand opening for its newest neighborhood, Bristol Heights.  The community is a private, gated neighborhood located in the Centennial Hills area of Las Vegas. It features two-story family homes on oversized home sites, including several with panoramic views of the Las Vegas Valley.

There are three floor plans ranging from 3,799 to 4,378 square feet.   All of the homes will have three-car garages and covered patios The home sites can also accommodate swimming pools, spas, outdoor barbecue areas and a playground.

Plan 3799 - 4 bedroom, 2 1/2 baths. Options include a den, loft and as many as six bedrooms.  Priced from $579,990.

Plan 4173 -  4 bedrooms, 3 1/2 baths, 4,173 square feet.  Buyers may opt to add a fifth bedroom, plus a loft in lieu of the game room.  Priced from $614,990.

Plan 4378 - 5 bedrooms and 4 baths.  Also has a den or office and a game room.  A sixth bedroom and a loft may be added in lieu of the game room.  Priced from $629,990.

For more information contact MillionSaverHomes at 702.212.3513.

Popularity: 7%

A recent blog by Barry Ritholtz provided some interesting information on foreclosure filings on a per capita basis. The information provided by RealtyTrac shows that the redder the state, the more per capita filings there are. The leaders: Colorado, Nevada, Texas and Florida. Take a look.

Popularity: 7%

A large percentage of consumers — 47%– think a housing bubble and collapse of housing prices is very likely.  That’s the findings according to a recent Experian-Gallup Personal Credit Index^SM survey.  The survey also revealed  that:

• People in the West (52%) and in the East (49%) had the highest level of fear in regards to a potential housing price collapse.
• Consumers (42%) with annual household incomes of $75,000 or more were somewhat less fearful of a collapse in housing prices than those consumers (50%) with incomes of $40,000 a year but less than $75,000 a year.
• Approximately 36% of homeowners with annual incomes of $75,000 or more have a first and a home-equity loan/line.