Las Vegas Real Estate Blog

American West is offering four neighborhoods in its Highlands Ranch community, located in the southwestern portion of the Las Vegas Valley.   Potential home buyers have 20 choices collectively at the four American West Highlands Ranch neighborhoods: Windsor, Fairmont, Castlebay and Kensington. Plans offer two- and three-story layouts ranging from 1,486 to 4,039 square feet.

For more information on these homes and the Highland Ranch community, contact Millionsaver Homes.

Popularity: 100%

Several weeks ago, the developers of the V, an upscale residential enclave, began offering price incentives for their condo units.  Final closeout, limited-time pricing incentives were announced May 24 and units are selling briskly.

V at the Lake of Las Vegas features two- and three-bedroom condominium residences, ranging in size from 1,297 to 1,655 square feet. Each condominium residence has either a covered veranda or patio.

To learn more about the special pricing incentives being offered, call MillionSaverHomes.

Popularity: 70%

If you were to talk to one of the today’s self-made billionaires regarding what they’d like to see in a home, one word would probably sum it up – big.   Why?  One thought is that big, expensive houses send a message to the outside world regarding just how successful the occupant is.  It’s often referred to as a Trophy Home.

Self-made millionaires and billionaires in particular are notorious for building or buying over-the-top homes. “It makes them more willing to make a statement,” says Rick Goodwin, publisher of Unique Homes magazine. “Old money tends not to like to show off as much.”   Trophy homes are usually “very large, very interesting, and not necessarily resellable”.

While most of the housing market struggles, the very high end is thriving. The Institute for Luxury Home Marketing estimates that home sales at the $5 million-plus price range rose 11% in 2006, compared to a 8.4% decline in overall housing market sales. Between 1999 and 2005,  sales of homes for more than $1 million skyrocketed over 500%. Today, there are seven homes on the market priced at $100 million or more. In 2005, there was just one.

Popularity: 69%

House Prices in America reviews current and expected housing prices in the 317 largest U.S. Metropolitan areas on a quarterly basis. Results for the first quarter of 2007 were  released in May.  The study showed that  a widely dispersed national pattern of falling home prices continued to reduce the percentage of overvalued houses on the market, particularly in California, Florida, New York, New England, and the industrial Midwest.

Surprisingly, 54 metropolitan areas out of the 317 real estate markets followed remained overvalued and at risk for a price correction. The greatest incidence of overvaluation was in Oregon and Arizona. Texas continued to lead with the largest number of undervalued metropolitan markets.

Popularity: 75%

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: 72%

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: 76%

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: 69%

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: 61%

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: 36%

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: 30%