Las Vegas Real Estate Blog

The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan region across the United States.   The Chicago Mercantile trades futures contracts based on these home-price indices.

Earlier this month, they released the March figures for median home prices in these 20 markets.  Las Vegas is expected to decline the most, while San Francisco is expected to decline the least.

Their forecast for median home prices over the 12-month period starting in March 2007 is as follows:

Popularity: 37%

The U.S. Census Bureau has just released its latest round of population estimates.  North Las Vegas holds the distinction of having the nation’s fastest growth rate among large cities (100,000 or more population) between July 1, 2005, and July 1, 2006.  North Las Vegas’ population increased 11.9%  to 197,567.

Top cities with the largest numerical gains:

1. Phoenix, AZ
2. San Antonio, TX
3. Forth Worth, TX
4. Houston, TX
5. North Las Vegas, NV
6. Austin, TX
7. Miami, FL
8. Dallas, TX
9. Charlotte, NC
10. San Jose, CA

Popularity: 37%

A nationwide telephone survey conducted by The Boston Consulting Group (BCG) found that despite turmoil in the housing markets that includes record foreclosure numbers, mortgage rate increases and home price depreciation, a majority of homeowners don’t believe there’s a real estate slump.  Is this denial or just wishful thinking?

Fifty-five percent of those surveyed were confident that their homes continued to increase in value compared with a year ago.  Seventy-four percent said they were confident that they could sell their home within six months at the price they think it’s worth.  Unfortunately, the survey’s findings do not support  the data of most home-price indices, which point to lower median single-family house prices of about two percent nationwide.

Other notable findings:

• 69 percent are likely to renovate or make some improvement in their home during the next 12 months.
• 27 percent said they are likely to be moving on to a better house sometime in the next five years.
• 52 percent said the current housing slump would end within two years.

Popularity: 37%

Kimmel & Silverman has opened the first ever home lemon law practice, dedicated to providing legal assistance to home owners who suffer defects related to new construction, renovation, and installation of major components. The firm has created a new website, http://www.homelemonlaw.com/, to educate consumers and outline legal protections that may apply.

Using Federal law, the group plans to offer contractor fraud, legal representation at no cost. Should the consumer prevail, the recovery of all attorney fees and court costs are recoverable in addition to the amount recovered for the homeowner.  In addition, Home Lemon Law legal representation will be offered for shoddy workmanship, deception and/or fraud related to work provided by building contractors and installers.

The website provides consumers with an overview of the home lemon laws and provides additional resources.  To access those resources, click here.

Popularity: 37%

Located in the southern Las Vegas Valley is Lennar’s Bermuda Ranch, a gated neighborhood featuring 18 homes on sites starting at one-third of an acre. 

Currently, eight homes remain available, where the residences measure 4,401 to 5,000 square feet. Prices start from the $700,000s.  The homes include three-car garages, lofts, formal living and dining rooms, master suites with baths, private retreats, walk-in wardrobes, balconies and chef-inspired kitchens. 

For more information, contact MillionSaverHomes.

Popularity: 20%

The National Association of Home Builders’ (NAHB) monthly Housing Market Index (HMI)dropped from 30 in May to 28 in June. This was the lowest level since 1991.  It also represents an all-time low since the organization began charting the index back in 1995.

All three components declined:

1. present sales fell from 31 to 29
2. six month sales went from 41 to 39
3. buyer traffic slid from 23 to 22

NAHB Chief Economist David Seiders was quoted as saying, “Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year. As a result, we expect housing to exert a drag on economic growth during the balance of 2007.”

Popularity: 16%

Last week, U.S. Treasury Secretary Henry Paulson was quoted by the Associated Press as saying the major slump in the housing market is nearing an end and should not have a significant impact on the overall economy.  In an interview with a group of reporters, Paulson said, “We have had a major housing correction in this country. I do believe we are at or near the bottom.”

Paulson’s comments echoed remarks by Federal Reserve Chair Ben Bernanke, who said in a speech earlier in the month that he believed the slump in housing would last longer than expected but that so far, “we have not seen major spillovers from housing onto other sectors of the economy.'’

Popularity: 11%

Located in the southern portion of the Las Vegas Valley, the Estates at Southern Highlands is debuting a new neighborhood called Augusta Canyon.  The August Canyon neighborhood will offer 100 estate lots of one-half acre to more than two acres located along the western ridges of the Southern Highlands Golf Club.

These prime golf lots will be located at the 14th fairway and offer views of Las Vegas, nearby mountain ranges and the golf course.  They are priced from the $600,000s to more than $1 million.

The Southern Highlands Golf Club is an invitation-only club ranked as The Best New Private Golf Club in the Western United States, 2001 by Golf Digest.

For more information, contact MillionSaverHomes.

Popularity: 13%

Bella Vista at Green Valley Ranch is a private, gated condo community located in Henderson.  The builder is currently offering potential buyers a variety of incentives to sign, including a Visa gift card valued up to $10,000, 3% towards closing costs and no condo HOA dues for a year.

There are several designs from which to choose.  The one- and two-bedroom designs have garages, many of which are attached directly to the unit. Four floor plans offer single- and two-story units with two bedrooms and 2 1/2 baths.  Prices start in the mid 180,000s.

For more information, contact MillionSaverHomes

Popularity: 13%

Toll Brothers has begun construction on ten new model homes in Inspirida, a master-planned community in the southern section of the Las Vegas Valley.  On June 30th, the builder will hold a grand opening for its Barcelona, Coronado and Balboa single-family home models, three townhomes and four mansion-condominiums.

Inspirada includes five collections of home designs. With a total of 20 floor plans, homes include foyer entrances, expanded master suites, family rooms, dining areas and spa-like master baths.  Prices begin in the upper $400,000s.

The collection of luxury townhomes range from 2,736 to 2,796 square feet, with prices starting from the mid-$500,000s, and the condo designs range from 1,406 to 1,712 square feet with prices starting from the mid-$300,000s.

For more information, contact MillionSaverHomes.

Popularity: 12%