Las Vegas Real Estate News

Posted: 02 Aug 2007 10:00 PM GMT-06:00

Costs are on the rise as more insurers change how they calculate deductibles, especially for damage caused by windstorms and other natural events.

Foreign Buyers Scoop Up Real Estate in the U.S.

Posted: 02 Aug 2007 10:00 PM GMT-06:00

In a slow housing market one type of buyer is still bullish on America -- foreigners.

Real estate in real-time

Posted: 03 Aug 2007 06:00 AM GMT-06:00

Industry luminaries talk tech

Be the go-to blog for your real estate niche

Posted: 03 Aug 2007 06:00 AM GMT-06:00

Part 2 of 2: Fresh content's the only way to blog

Real estate by the numbers in Southern Nevada

Posted: 02 Aug 2007 10:34 PM GMT-06:00

Recently I attended a breakfast meeting where a realtor with a couple dozen years of experience recounted from his vantage point how the Las Vegas housing market is doing. The picture wasn't necessarily optimistic. Some of his stats:

9,200 foreclosures so far this year
No more building permits will be pulled until October
Builders are building only for qualified buyers under contract with a three to six month wait time for a new home
23,000 new homes are on the books, including condos and townhomes
25,338 resales are on the market; the average is 12 to 24,000, which usually represents a 9-month inventory
1,400 single family homes were sold last month, which is down from 7,000 last year
The median single family home price has declined to around $305,000 and 'experts' think it will go down another 40% before the market turns around
Experts say we have another 18 to 24 months of decline before a turn-around
Growth in the community remains strong; we still have 5,000 to 6,000 new move-ins each month
High-rises and custom homes, $2 million and up, are doing well; about 20 to 30 sales each month
Commercial rental rates are steady at around 2.50 to 2.70 per square foot

While I find it difficult to believe we'll see another 40% decline in median home prices, there's no mistaking that we're on a downward trend. The question remains, when will the market bottom out and begin its recovery. From these stats it appears that only the uber-rich are moving to Vegas. I suspect there are more blue-collar move-ins, and I guess they must be renting, not buying. I thought we'd see a turnaround by this summer, but it looks like it may take some more time. Perhaps six months, perhaps a year. With continual growth in the community in terms of move-ins and a low unemployment rate, one could surmise a shorter, rather than longer time period for recovery. Perhaps the best thing that could happen is for the Fed to raise interest rates and force a sort of further falling out in the sub-prime market. Maybe that would help bolster the market and coax a turnaround.

Am I missing something? The NAR Experience.

Posted: 02 Aug 2007 07:31 PM GMT-06:00

I wrote awhile ago about big real estate companies having a lot in common with battleships. They are slow to react. Zillow and Trulia and the likes (and there will be millions of more "likes" entering the ring before I hit the publish ...

Go “Green” with Eco-Conscious Home Furnishings

Posted: 02 Aug 2007 05:46 PM GMT-06:00

Environmental awareness is sure to be one of the hallmarks of the first half of the 21st century. It seems that everywhere you look these days, someone is coming up with a new version of an old product that is "greener" in one way or another. Here's something to seriously consider for your Las Vegas home, earth-conscious furniture. Every new trend has to have a catchy phrase and in the furniture business it's "sustainable home furnishings". Like most catch phrases, "sustainable" means different things to different people. Some furniture manufacturers are concentrating on the actual building process, seeking to do the job of creation and assemblage in a more energy efficient fashion. Others are more focused on the actual materials used to make the furniture, such as organics, recycled materials and bamboo. The World Market Center here in Las Vegas has recently partnered-up with the Sustainable Furniture Council to create The Living Green Pavilion, which will feature the finest in sustainable furnishings for upcoming trade shows. Much more than a fad or a fringe movement, environmentally responsible home furnishings are moving into the mainstream as consumer awareness/demand continues to grow. There can be no question that this is another earth-friendly step in the right direction.

Nevada Once Again Tops Foreclosure Market ()

Posted: 02 Aug 2007 06:28 AM GMT-06:00

Posted by Art C Ryter: () Suggests that Nevada is the state with the most foreclosures pending. 1 of 135 homes in Las Vegas, Nevada is in some stage of foreclosure. Short Tags: foreclosure help, foreclosure.

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Posted: 02 Aug 2007 04:08 PM GMT-06:00

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NBC Uses Housing Slump as Scapegoat

Posted: 02 Aug 2007 04:26 PM GMT-06:00

"It's really just draining me emotionally," said Bruce Helmprobst, an upset Las Vegas real estate investor on "World News." "And I have a lot of bills, and a lot of mortgages I can't pay and banks are calling me every day." ...

Units at The W Hotel for sale again? Trump now has residential condos? Huh!

Posted: 02 Aug 2007 03:41 PM GMT-06:00

Have you ever cruised the internet trusting to find solid info regarding the Las Vegas luxury condo market? You are probably doing so right now...after all, many real estate agents are experts on this niche...right? Some are even nice enough to keep projects on their websites that were cancelled three years ago.

Aaron Auxier's VIVA VEGAS! Blog

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SBE Entertainment Group and Stockbridge Real Estate Funds Complete ...

Posted: 02 Aug 2007 10:36 AM GMT-06:00

SBE and Stockbridge intend to utilize their extensive redevelopment experience to renovate and revitalize the property, which is located at the north end of the Las Vegas Strip. Terms of the acquisition were not disclosed.

For Sale Signs Are Becoming More Like Yard Ornaments

Posted: 02 Aug 2007 01:45 PM GMT-06:00

"Eyewitness News looked at a five bedroom home in northwest Las Vegas that has never been lived in. It was supposed to be a big help for Kathy and Michael Lowry. Michael Lowry said, 'Biggest real estate boom in the history of the United ...

California MLSs to share real estate data

Posted: 02 Aug 2007 06:00 AM GMT-06:00

Agents, brokers can now search single system to find properties

Survey: Fewer renters becoming homeowners

Posted: 02 Aug 2007 06:00 AM GMT-06:00

Subprime lending crisis increases apartment demand

Realogy to put listings on Yahoo! Real Estate

Posted: 02 Aug 2007 06:00 AM GMT-06:00

Distribution deal aims to increase properties' marketing exposure

Loser!

Posted: 02 Aug 2007 10:19 AM GMT-06:00

Marquez: In the once red-hot housing market of Las Vegas, investors like Bruce Helmprobst hoped to cash in. He purchased seven homes - three are now in foreclosure, others are on the brink. What once appeared to be can't-miss deals are ...