 |
Pros and Condos
It's a good time to own a condominium --
the housing market in general has stayed strong through
both upturns and downturns in the recent economy, and
not only have sales of condos been on the rise, but
their value has been appreciating at a comparable rate
to that of single-family homes.
These facts make it a good time to
sell a condo, too, and not just economically, but
historically: with America's most numerous generation,
the baby boomers, entering retirement age, the demand
for lower-maintenance housing is growing, and condos are
custom-made for that preference.
Even with all these advantages,
though, you can't count on a condo to sell itself -- it
will need help from your skill and your judgment. Here
are a few things to bear in mind:
* “Curb appeal” may
have to come indoors -- exterior conditions are decided
by your condo association, so while you'll want to
influence that as much as possible, you have full
control over preparing your own property's interior to
impress.
* Doing this involves
one of the standard rules for selling any home: reduce
clutter, knick-knacks and even furniture so the
potential buyer gets a feeling of roominess and can
picture their own belongings being at home here.
* Space is more at a
premium in condos than in houses, so aid the sense of
spaciousness with generous lighting, airy window
treatments, light paint colors, and maybe more mirrors.
* Above all, be
reasonable -- the rising resale value of condos makes
them an attractive investment for first-time homebuyers,
so don't price yourself out of this readymade market. A
real estate professional can advise you on what prices
work most profitably and realistically for your area.
|
Property Tax Limits
Excerpt from Las Vegas Review Journal
Many Nevadans are proud to point out how
dissimilar their state is to its neighbor to the west.
No income taxes. Less
government regulation. A 24-hour lifestyle.
But in Southern Nevada at
least, one comparison isn't sitting well with some homeowners:
skyrocketing land values and corresponding increases in property
tax bills.
Nevada may not look exactly
like California in 1978, when Proposition 13 was on the ballot
in the Golden State, but some state and local officials say the
comparison is growing uncomfortably closer all the time.
"We could see a 100 percent
increase in land values in one year," said Clark County Assessor
Mark Schofield. "I've seen home values increase $100,000 in six
months. Homeowners will see those increases in the 2005-06 tax
year.
"We're at a dangerous
crossroads. This urgently needs attention right now. If we don't
do something, there will be a revolution."
Schofield and others say the
increasing property tax rates are a concern because of their
effect on young families and the elderly, people who may not be
able to pay the big tax increases looming on the horizon.
Assemblywoman Sharron
Angle's answer to the problem is an initiative petition that
mirrors Proposition 13.
If she can collect more than
52,000 signatures by June 15, voters will decide on her plan in
November. If approved, it would have to be voted on again in
2006 and would take effect in 2007.
It would amend the state
constitution to limit property taxes to 1 percent of taxable
value and roll property tax rates back to the 2001-02 fiscal
year allowing for small annual increases. The limit does not
apply to property taxes being used to pay off bonds for
growth-related projects.
Once a home was sold, it
would be reappraised at its sale value, and the limited annual
increases would take effect at the new level. |
|
|
|
Unprecedented Appreciation!
Excerpt from Las Vegas
Review Journal
The feverish Las Vegas housing market showed
no signs of cooling off in February with home sales and
prices reaching uncharted territory, local research experts
said Tuesday.
The average home sold within 27 days of being listed and at
99 percent of its list price, he said.
Realtors have said they're getting multiple offers beyond
the list price in some of the more desirable neighborhoods.
Both the new and resale markets are now in uncharted
territory, Larry Murphy of Salestraq said.
"What is going on with the real estate market in Las Vegas?
I've got a new buzzword for it -- hyperactive," he said.
 Dennis
Smith, president of Home Builders Research, counted 2,256
new-home sales in February, compared with 1,652 in the same
month a year ago.
For the first two months of the year, new-home sales are up
35 percent to 4,307.
"All the projections for this year are going to be low,"
Smith said, "but you have to be conservative. If I'd
predicted 35 percent growth, people would have said I'm
crazy."
Murphy said prices in Pulte's Escala subdivision in
Summerlin increased 41 percent in a three-week period from
February to March, going from $410,990 for the lowest-priced
plan to $601,990 and from $470,990 to $664,990 for the top
plan.
Tom McCormick, president of Astoria Homes, said he sees no
end to rising home prices as long as people continue moving
to Las Vegas and the Bureau of Land Management keeps its
squeeze on the amount of public land put up for auction each
year.
"If anybody knows, we would all pay a lot of money for them
to tell us. I thought long ago prices would level out," he
said. "Either interest rates go up and that hurts everybody
or prices get so high that nobody can afford a new home."
"There's a bunch of factors that go into home prices, and
the No. 1 underlying issues is the price of land," Smith
said. "Supply is getting smaller. We're absorbing more land
than the BLM is replacing. As long as that happens, the
price of land will go up."
Lack of new homes coming on line continues to be a problem,
Murphy said, as Las Vegas Valley has about a two-week supply
at the current absorption rate.
A housing market is considered good when the supply extends
three to six months, he said.
"There is virtually no standing new home inventory in Las
Vegas, nor has there been for the past year," Murphy said.
The pool of existing homes for sale dropped 60 percent in
February to 1,455, compared with 3,698 a year ago.
Astoria, which builds smaller homes targeted toward
first-time buyers starting at about $150,000, closed on 780
homes in 2003 and plans to grow that number to 1,100 this
year, McCormick said.
The private Las Vegas home builder has cut off all sales of
new homes to investors, who some say have driven up prices
and dragged down neighborhoods with rental properties.
Astoria stipulates on the deed that the home must be
owner-occupied.
"People have to see these are quality neighborhoods," he
said.
|
Lender's Corner
Interest rates have been rising steadily over
the past month, but seem to have stabilized for
the moment. Current rates are at 6.25% for a 30
year fixed rate mortgage and 5.75% for a 15 year
fixed rate mortgage.
For more information on current
loan programs please contact Glen Tonnesen from
Excel Mortgage at 702-524-7216.
|
|
|
