Las Vegas Real Estate Blog

Richmond American Homes’ Autumn Glen is offering homes ranging from three to five bedrooms, 2 1/2 to three baths in 1,850 to 2,400 square feet, starting from $360,000s.   Interested buyers can also benefit from Richmond American’s 35th anniversary celebration because the builder will include upgraded flooring, window coverings and a rear-yard patio in the cost of the home.

The homes are part of the Stonegate Collection and are highlighted by stone exteriors and wrought-iron detailing. Four two-story floor plans are available. For more information, contact MillionSaverHomes at 702-212-3513.

Popularity: 8%

A recent WSJ article titled, “As Market Cools, Home Buyers Seek a Way Out” takes a look at the wide range of disputes that are breaking out across the country between builders and buyers who signed contracts for new homes and condos when the market was hot — and now want to get out of them.

It seems that some buyers, desperate to get out of their contracts, are filing lawsuits claiming they were duped into purchases they couldn’t afford, or victimized through fraudulent investment schemes. Others are going through their contracts with fine tooth combs looking for loopholes, or searching out tiny flaws in finished homes that might allow them to back out without losing their deposits.

One of the better examples of this insanity was the story from an attorney in Aventura, FL who said he is representing a family who bought a  $1.6 million condo in a waterfront high rise, expecting a private entrance.   Recently, the family learned that the door to the garbage chute, which is shared with neighbors, cannot be locked.  The attorney and his clients are now arguing that their privacy to their apartment has been lost and are suing to rescind the contract.

Lesson to be learned – besides the fact that we appear to be one of the most lawsuit happy countries on the planet that can’t admit to buyers remorse –beware of neighbors who  are prepared to climb up your garbage shute anytime the mood suits them for the express purpose of invading your privacy.

Popularity: 8%

Located within the Las Vegas Country Club, Las Vegas’ original golf course community, is the tree-lined condominium development of Monterey.  The developer recently announced that they are now offering buyers furnished and decorated condos available for immediate move-in.  Additionally,  the complex is also offering a $10,000 flexible incentive program that buyers can use to pay closing fees, homeowners association assessments or reduce their monthly payments with an interest rate buy-down.

One-bedroom floor plans measure as large as 900 sf. and start in the $190,000s. Depending on the floor plan chosen, architectural highlights may include a private patio or balcony, formal entry, floor-to-ceiling windows, walk-in closet, multiple secondary storage spaces or built-in bookshelves.

For more information, contact MillionSaverHomes.

Popularity: 8%

One positive about the current real estate slump is that if you are a buyer, your dollar is going to go further in terms of how much house you can get.  Depending on what part of the country you are looking, you may find quite a few deals out there.  In the article, “What $1 Million Buys In Homes Across the U.S.”, Forbes takes a look at just how much house you can now buy for $1M.

According to the article, if looking in Las Vegas, you might be interested in owning this Mediterranean 3,688 square foot, three bedroom four bath home.  The backyard pool actually nudges the fairway of the gated community’s golf club. 
 
Source of photo: Forbes

Popularity: 8%

Starting in 2007, mortgage-insurance premiums will be tax deductible.  Did that grab your attention?  Well it should because for the first time ever, mortgage-insurance premiums on conventional, as well as government loans can be written off on your 2007 tax return.

There are a few things to be aware of with this new tax deduction –wouldn’t be the IRS if there weren’t caveats, would it?  Here are the top three.  Read more at the IRS website.

1. It’s NOT a dollar-for-dollar write off.  It is a “below the line” deduction (like your mortgage insurance) based on your tax bracket. So, if you are in the 31% bracket, your actual tax benefit is only $.31 on every dollar of insurance premium.
2. Can claim only if you file an itemized return.
3. The deduction is limited to borrowers with adjusted gross incomes (AGI) of $109,000 or less.

The Mortgage Insurance Cos. of America (MICA) is projecting that the average annual savings for a taxpayers will be between $300 and $350 so it may be worth your time to take a closer look at this particular deduction.

Popularity: 8%

The WSJ ran a story on a new home equity product being backed by insurer American International Group Inc.  The product is unique in that it allows homeowners to tap into the equity of their home without taking out a loan or moving. 

REX & Co. is offering to pay homeowners cash now in exchange for a right to part of the proceeds when the home eventually is sold.  According to the article, this is how it works:

“The owner of a home valued at $750,000 might obtain $100,000 in cash by giving REX a 50% share of the change in the home’s value. If the home sold for $850,000, REX would receive $150,000 — the original $100,000 invested plus half of the increase in value. If the home sold for $650,000, REX’s share would be $50,000, half of what it had invested.”

The product is still too new and there are several variables in the equation that could cause funding failure issues, but only time will tell.  If it does work, it could provide homeowners who are sitting on appreciating assets (house) with an avenue for paying back their debt more cheaply.

Popularity: 8%

Pacific Southwest Development’s Villa De Giovanni at Tuscan Cliffs offers buyers an opulent lifestyle of grand luxury.  Located in a guard-gated neighborhood within Southern Highlands in the southwestern Las Vegas Valley, this particular  floor plan, measures more than 6,000 square feet.

The Villa De Giovanni features an open floor plan that joins the kitchen to the dining room, great room, foyer and library. Disappearing glass doors open to a front courtyard and covered rear patio.  Notable features on the second floor include a game room with a wet bar situated near the adjoining home theater. Off the rear of the game room is a deck measuring more than 100 square feet and a nook with a series of windows.

The Villa De Giovanni is one of four two-story model homes in Tuscan Cliffs. Each of the basic floor plans features multiple design options, allowing for more than 50 configurations. 

If you’d like more information on any of these floor plans or on availability, contact MillionSaverHomes.

Popularity: 8%

For those interested in the master-planned community of Mountain’s Edge located in the southwestern valley, you still have two home options from which to choose:  the Opal and and Topaz floor plans.  Both are available for immediate or 30-day move in.  Prices start from the $600,000s. The Opal is a two-story floor plan offering four bedrooms and measures 3,143 square feet.  If looking for a five-bedroom floor plan with a lot of space, check out the Topaz at 4,017-square-foot.

Other amenities in homes of this gated-community include three-car garages, paver-stone drives and front walkways, granite countertops, stainless steel appliances and maple cabinetry.

For more information, contact MillionSaverHomes.

Popularity: 7%

House values are declining in most parts of the U.S., except for the northwest region. At least those are the recent findings provided by Zillow.com. Nationally, home values are down 1% quarter-over-quarter and have dropped by just under a percentage point (-0.83%) from first quarter 2006.

In Las Vegas,the average home value for the first quarter of 2007 was $282,433 which was down 2.12% from a year ago when it was $288,564.

As mentioned, the northwest continues to do well. In fact four of the top-five highest-appreciating metropolitan areas are located in Washington State and Oregon. On the other end of the spectrum, the two areas with the most depreciation are on the Gulf Coast of Florida which are both experiencing double digit depreciation. From the Zillow report:

Five highest-appreciating metropolitan areas (year-over-year):

1. Corvallis, Ore. (17.26%)
2. Grand Junction, Colo. (16.57%)
3. Seattle-Tacoma-Bremerton, Wash. (12.03%)
4. Bellingham, Wash. (11.68%)
5. Portland-Salem, Ore. (10.72%)

Five most depreciating metropolitan areas (year-over-year):

1. Sarasota-Bradenton, Fla. (-15%)
2. Punta Gorda, Fla. (-12.43%)
3. Santa Barbara-Santa Maria-Lompoc, Calif. (-11.83%)
4. Pittsfield, Mass. (-8.62%)
5. Reno, Nev. (-8.5%)

Five most expensive metropolitan areas (measured by Zindex):

1. San Francisco-Oakland-San Jose, Calif. ($680,868)
2. Honolulu, Hawaii ($626,110)
3. Santa Barbara-Santa Maria-Lompoc, Calif. ($596,702)
4. Los Angeles-Riverside-Orange County, Calif. ($541,572)
5. San Diego, Calif. ($513,695)

Five least expensive metropolitan areas (measured by Zindex):

1. Peoria-Pekin, Ill. ($90,116)
2. Tulsa, Okla. ($95,382)
3. Rockford, Ill. ($108,811)
4. Columbia, S.C. ($111,763)
5. Champaign-Urbana, Ill. ($123,448)

Popularity: 8%

The National Association of Realtors (NAR) recently released their report on second home sales in 2006.  Not too shocking was the news that second home sales declined in 2006.  Sales fell from 40% to 36% last year.  However, by historical standards the sales rate was still considered high.

Overall, vacation homes continued to do well showing a growth of 4.8%.  It was the investment property arena which took a substantial hit.  Sales of  investment property dropped a whopping 28.9%.

Popularity: 7%