Property Maintenance a Crime

The City of Las Vegas officials did not think through the possible damages that this bill will cause to the Las Vegas real estate market but how can you blame them when several banks are not maintaining their foreclosures!

Read more details about Las Vegas Property Maintenance a Crime.

Las Vegas HUD Homes

HUD homes for sale in the Las Vegas area.

There are currently around 400 HUD homes for sale in Southern Nevada. Ranging in price from $25,000 to over $300,000.

Here ar two lists of current HUD listings:

• Las Vegas HUD listings for the week of 2/28/11
• Other Southern Nevada HUD listings for the week of 2/28/11 This includes: Henderson, Boulder City, Mesquite, Mount Charleston, Overton and Pahrump

If you would like to learn more about how to purchase a Las Vegas HUD home, be sure to check out the Frequently Asked Questions, FAQ’s.

Las Vegas HUD Homes

HUD homes for sale in the Las Vegas area.

This week there are currently about 320 HUD homes for sale in Southern Nevada. Ranging in price from $18,000 to $310,000.

Here are the two lists of current HUD listings:

• Las Vegas HUD listings for the week of 3/14/11
• Other Southern Nevada HUD listings for the week of 3/14/11 This includes: Henderson, Boulder City, Mesquite, Mount Charleston, Overton and Pahrump

If you would like to learn more about how to purchase a Las Vegas HUD home, be sure to check out the Frequently Asked Questions, FAQ’s.

New Henderson Homes Nearly Abandoned

Henderson Homes and Real Estate Information

New Henderson homes are being constructed amid abandoned developments on the other side of Gibson road in Henderson. Sets of unfinished structures sit in the other half of Gibson road. This was once what developers dreamed to be a place for modern houses and condominiums which broke ground in 2005. The property was supposed to go on the market and be for sale at a recent tax auction but it was pulled from the block at the very last minute.

The $160 million project sits empty today. Chicken wire thrust through unfinished exterior walls. Windows that weren’t finished are covered now by pieces of plywood. Lurking across the street is another set of unfinished structures. But these structures are not abandoned. Construction workers often visit the site which is bustling with activity. Three structures are believed to be a single family houses and soon families will visit them and perhaps purchase one of these Henderson homes.

Why should developers build homes when there is an existing stock that is so abundant and despicable and empty? In a city decimated by unemployment, new housing projects hope to build new reputation.

Real estate experts, developers and analysts say that there’s a demand for new homes. This project could help the economy to be alive again. Dennis Smith, a real estate analyst and the President of Home Builders Research, said that not everyone likes to purchase used houses. People are now looking at new Henderson homes at low prices.

KB and Ryland homes are also developing plots for approximately 200 single family homes. This project is the second and third developments in Henderson in the span of 3 years. The project is set to plot on Horizon Ridge Parkway and Gibson. At the same junction where the KB homes are being made up, another three plots have been approved for housing. Other developers and including KB and Ryland are planning to build the homes right after they are purchased and sold.

Michael Tassi, city Planning Manager said that the recovery is still far in hand although this projects signal economic renewal.

Meanwhile, Chris Thompson of RCI Engineering, the firm working on the KB and Ryland projects said, “These developers and homebuilders, their job is to build houses whether they sell quickly or slowly”, He also said that he don’t think anybody is just building houses these days without buyers lined up.

That only portrays the saying build-as-they-sell. If there are only 35 homes sold, then 35 homes will only be made. But housing analysts predicted that such a situation can’t be repeated with the developments are being constructed. Each month, roughly 300 to 400 new homes sell in the Las Vegas valley, resulting to a quarter of all home sales. Anticipation in many grows as a stronger market they foresee and they also believed that the market is better than it was last year.

Homemakers and builders are trying to identify and anticipate what the potential buyers might want. From bigger adjustment in closets spacing to fancier kitchens and office nooks standard features, and no dining rooms. Smart developers also anticipate the need to minimize or mainly to eliminate hard to repair foreclosures and as well as the stagnant short sales.

“With a foreclosure you don’t know what you are getting,” as said by Steve Bottfeld, a housing market analyst and the executive vice president of Marketing Solutions.

“Most neighborhoods that have one foreclosure have more than one foreclosure, so you have no idea what your neighborhood is going to look like in three or four years. People don’t buy new homes to rent. People buy new homes to live in.” he added.

There are approximately 16,000 homes that are up in the market in Las Vegas alone. Nevada was ranked as the highest rate of foreclosures for 52 months in the whole country. A ratio of 1:97, out of 97 houses, there would always be 1 that is in foreclosure. People are fast moving out than people who move in.

The KB Versante and Ryland’s Zephyr Ridge development houses are from 1,700 to 2,500 square feet, and selling from $180,000 starting price. The new neighborhood is seeing a positive future in years to come. But still, work on the abandoned Vantage lofts isn’t resuming as yet.

Las Vegas Homes and Real Estate Information

Las Vegas Homes For Sale

According to statistics that were released Monday by a research firm, sales of existingLas Vegas homesremain rapid amid declining prices while the new-home market is getting worse than ever.

The homebuilding industry would fall short of the 5, 438 closings that were reported in 2010 if the rate continues at 267 closings of new Las Vegas homesin April which puts it to the fourth month total at 1, 085 according to reports of SalesTraq.

In April, the 267closings are 44 percent lesser than April 2010. The new Las Vegas home market has stumbled since a federal tax credit expired effectively in April 2010.

The Las Vegas homes that are sold are smaller and are priced less. $189,099, the median price which is 7.5 percent lesser than April 2010. Per square foot, the price fell to a new low of $91.17, and is 12.4 percent lower than the $104.05 per square foot price in April 2010.

313 permits in April had the builders lose optimism about a recovery, 34 percent lesser than April 2010. 1,141 permits have been issued for the year, putting the region on track falling below the 3,776 which was issued in 2010.

The better prices Las Vegas home market and the weak economy has drawn individuals to those properties. Las Vegas documented 4,970 closings of existing houses in April which was 13.8 higher than that of April 2010. It only had lesser closings than March.

Earlier this month, there was a report that was released by the Greater Las Vegas Association of Realtors (GLVAR) that the sales of its listing being handled by realtors fell 9 percent between the months of March and April. At a later point, those will show up as closings.

The GLVAR doen not keep track sales not on its Multiple Listing Service.

SalesTraq reported that Las Vegas had 17,935 existing closings throughout the year for the first four months. The area is leaning towards surpassing the 51,124 closings in 2010.

In april, the median price of homes closed and fell again to $106,900 down from $108, 900 in March. The price is 14.5 percent lesser than April 2010′s $125,000 median price.

Per square foot, the average price of homes that closed in April was $70.08, down from March’s $70.24 per square foot and down 14 percent from April’s price of $81.15 percent.

Foreclosure properties closed in the existing home market for a median price of $105,000. The short sales closed for $120,000 and the traditional closed for $110,000.Las Vegas homes sold at auction went for $90, 100 median price.

1,833 homes were repossessed in April, according to SalesTraq, down from 2,097 in March. This year, so far, 6,476 homes have been repossessed. The region will surpass the 17,528 forclosures in 2010 based on that trend.

Happy Couple in their newly closed Las Vegas home!

Hear what Jeremy and Stephanie McClain had to say about their experience with Michelle Natale during their recent real estate transaction. They just closed on a HUD foreclosure in the master planned community of Providence.

Help us in wishing them the best of luck in their new home!

Do you want to buy a Las Vegas Home?

Looking for a Solution?

We have it! We now have access to a loan program to buy a Las Vegas home if you have had a Bankruptcy or Short Sale in the recent past.

Contact us for more details, but here are the basics.

• All loans are reviewed and decisions to finance buyers are strictly on a case-by-case basis.
• Bankruptcy – Will be considered on a case-by-case basis and must be discharged for at least 12 months
• Short Sales – Will be considered on a case-by-case basis and must be finalized with a deficiency release from the bank(s)
• Charge-off’s and tax liens – Must be satisfied
• Reserves – Minimum of three months and must be verified
• Income – Full Income documentation required
• Self-Employed – Must be in business for three years
• Impounds – Required
• Maximum LTV is 80%
• Maximum Debt-to-Income ratio is 45%
• Minimum credit score is 620
• 30 or 15 Year Fixed Rate loans
• All pre-approval requests require a completed application, detailed letter of explanation regarding the circumstances surrounding the short sale or bankruptcy, and a credit report fee of approximately $20.

No need to wait, start shopping for that new home right now!

Everyone knows the Super Bowl is the single biggest day for placing bets in the United States. This is great news for the Las Vegas economy!

While Las Vegas leads the Nation in foreclosures and unemployment, weekends like this are very important for the local economy. Predictions are for well over 250,000 visitors, that fills lots of rooms and results in lots of tips for casino employees.

This year there should be over 80 million wagered on the game just here in Southern Nevada and an additional 80 million pumped right into the local economy.

This type of weekend is just what we need to get the local housing market turned around and back on its feet.

By the way, BuyVegasHomes.com has their money on the Steelers!

Did you place the winning bet on the game? Then Click Here to, Start your Home Buying Search

Las Vegas Foreclosures- The Past, Present and the Future

Everyone knows Nevada has lead the Nation in the number of  foreclosures over the past few years.

The question is: “What will the future hold for the Las Vegas market?”

Core Logic has reported that twenty percent (20%) of current Las Vegas homeowners are 90 days or more behind on their mortgage payments. Turns out to be a number of about 75,000 homes that are facing the foreclosure process. Some will correct themselves with loan modifications, some will result in short sales and the balance will end up being foreclosed upon by banks. When the banks take them back they will be re-listed in the MLS as Real Estate Owned, better known as REO property.

With this amount of inventory in the pipeline it is a good bet that prices will remain low for the next few years. With only about 20,000 foreclosures per year from 2008 to 2010, 75,000 more will keep the market on it’s current course for the next three to four years.

Looking at the numbers to the right, that were provided by Larry Murphy of SalesTraq, you will see there are close to 9,000 REO properties that are not currently listed in the MLS. This back-log of inventory puts even more pressure on the future of home values.

The Good News? Lower prices in Southern Nevada make it once again one of the most affordable and desirable locations in the Country. Baby-boomers just started to turn 65, there is more snow this year in cold climates than many can remember and elections are just around the corner.

All of this coupled with the pricing pressure should result in lots of buyer opportunity and action over the coming years.
Looking for a deal on a Vegas Home? Then Click Here to, Start your Home Buying Search

10 Reason to Retire in Sin City-Las Vegas

Retire in the Entertainment Capital of the World

According to a recent article in by Emily Brandon with the US News and World Report, there are ten specific tips that you should consider when choosing your retirement location.  Las Vegas and Henderson have become a strong retirement mecca in the Southwest, and it is easy to see why.

Here are each of the tips Emily recommends a buyer should consider, and why Vegas meets those requirements.

1.  Cost of Living: Las Vegas has historically had one of the lowest cost of living rates in the nation compared to its size due to the amount of available property, the low tax structure, and the lack of social welfare requirements to it citizens.  Although the recent boom years did change all of that for a while, over the past 18 months we have seen the cost of living drop way back down to historic levels.

2.  Low Tax Locales:  Nevada is one of the lowest taxed states in the United States.  According to data found on retirementliving.com, from the Tax Foundation’s Special Report No.163 published in August 2008, which shows the state and local tax burden for each state, Nevada ranks 49th overall, second only to Alaska as the lowest burdended state overall.

3.  Health Care Facilities:  Las Vegas is home to several quality hospitals including such notables as Sunrise Hospital and Medical Center and the St. Rose Dominican Network.  Both are ranked as among America’s Best Hospitals by the US News and World Report.

4.  Proximity to Family:  Las Vegas has been developing as a logistics hub for several large organizations due to its proximity to several large cities in the Southwest.  Additionally, Las Vegas’s McCarran International Airport is ranked as one of the countries best run.  Both make Las Vegas a highly accessible city.

5.  Job Opportunities:  Ok, so this isn’t the best right now, but you are retiring remember?

6.  Recreation and Culture:  Five words:  “Entertainment Capital of the World”

7.  Public Transportation: The local bus system is very solid, and so is The Strip transportation.

8.  Housing Needs:  This pertains to the availability and diversity of homes on the market.  Coming out of the recent boom, there are is a wide variety of available homes here in Las Vegas, ranging from new golf front condo’s such as Mira Villa, Summerlin, to resale opportunities such notable Del Webb communities as Anthem in Henderson and SunCity Summerlin.

9.  Weather:  Las Vegas is a notorious “snowbird” haven bosting some of the best desert weather in the Southwest.  Why?  There are an average of 310 sunny days per years here.

10.  Amenities:  Five words: “Entertainment Capital of the World”