Las Vegas Real Estate News

by Jeff Tonnesen

It is the monsoon season here in the Las Vegas Valley and with that comes thunderstorms.  Just look outside and you can see rolling thunderheads throughout the valley dumping their rain in big curtains of water.  

With the heavier rain comes flash flooding.  Flash floods are incredibly dangerous to drivers.  If running water is seen crossing the path of your vehicle do NOT attempt to cross it.  90% of all flash flood deaths occur from vehicles trying to cross rushing water during a flash flood, according to the Las Vegas Metropolitan Police Department Search and Rescue.   

During monsoon season it's important to know which areas in Las Vegas are most vulnerable to flash flooding. Many areas in which flooding is a danger have been

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We wanted to extend public kudos to HSA Home Warranty Company for going way beyond the expected for a Las Vegas home owner!

This week one of our agents, Maxine, who had purchased a warranty for her home, opened her front door to discover that, after a day of 110 degree temperatures, her air conditioning system was completely out. At 6 pm she called her home warranty company, HSA, and by 7 pm an air conditioning tech was at her residence.

The air conditioning tech was not able to fix her A/C on the spot, but the next morning, at 7 am, a local Las Vegas representative from HSA showed up at her home with a portable air conditioning unit and got it hooked up for her. HSA keeps three portable A/C units on hand just for emergencies like this.

At 6 pm that

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It seems like the downward spiral of available housing inventory for the Las Vegas real estate market has finally stabilized, and it even increased slightly during the month of July. The number of actively listed single family homes went from 3785 at the end of June to 3953 at the end of July. (These figures do not reflect properties already under contract and in contingent or pending status.)

The market breakdown at the end of July looked like this:

  • 527 homes priced under $100k - including 161 short sales and 74 foreclosures
  • 1410 homes priced between $100k and $200k - including 418 short sales and 164 foreclosures
  • 796 homes priced between $200k and $300k - including 194 short sales and 77 foreclosures
  • 406 homes priced between $300 and $400k -
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Las Vegas has a lot to offer visitors.  There's everything from gambling in casinos to helicopter tours of the the Grand Canyon and everything else you can imagine in between.

What visitors don't get though is the hometown treatment that locals get from the businesses and casinos in the area.

Locals in Las Vegas get deals from almost every casino on the strip.  A number of casinos have signed onto a money saving promotion called Locals Only.  The discounts and deals include hotel rates, restaurants, spas, pools, entertainment and other savings for residents of Las Vegas. Many of the Locals Only deals are available at Aria, Excalibur, The Mirage and New York-New York. In most cases promotions are two-for-one dinners, entertainment and in-hotel retail

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If you are wondering why there doesn't seem to be much for sale in Las Vegas anymore: as of June 29, 2012, only 3,785 single family homes listed in the Las Vegas MLS remain as active (not under contract) in Clark County.

The current market breakdown looks like this:

  • 492 homes priced under $100k - including 180 short sales and 88 foreclosures
  • 1332 homes priced between $100k and $200k - including 447 short sales and 180 foreclosures
  • 766 homes priced between $200k and $300k - including 190 short sales and 71 foreclosures
  • 401 homes priced between $300 and $400k - including 69 short sales and 28 foreclosures
  • 186 homes priced between $400k and $500k - including 25 short sales and 7 foreclosures
  • 200 homes priced between $500k and $750k -
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Some of our agents get pretty antsy if they're not working, even on vacation. Ed Orasi is prime example - if his body (or his wife!) would let him work 24/7, he would. He calls or emails the office every day while he is gone, making sure his clients are being taken care of.

Here's the latest from Ed during his enforced "vacation time" visiting family and friends in Florida this week. 

"My summer Vacation:

Trip to Miami   $1300.00
Miami Marlins Game  $180.00
Swimming with the Dolphins $200.00
Printer to work on Vacation  $190.00

Working on a 40 home portfolio valued at $3,500,000.00 on vacation - Priceless!!!!

For everything else there is MasterCard."

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The supply of single family homes for sale in Las Vegas keeps dwindling at an alarming pace and average home prices are inching upward again. As of June 4, 2012, only 3.923 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. At the end of April there were 4.594 homes actively listed, so this represents a 15% decrease in inventory and only gives the local market a 5 week supply of resale housing.

Properties selling for under $100k posted the biggest decrease in inventory as investors continue to purchase for cash as an investment.  Available foreclosures in this price range dropped over 50% as Las Vegas foreclosure filings remain stymied by AB 284.  

The current market breakdown looks like this:

564

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Who says you have to be IN Las Vegas to SELL Las Vegas? Not our agents, that's for sure.

Our agents keep a weekly "diary" of general activities, just to keep them focused on what they are actually doing each day. Nothing formal, just a random list of "stuff" they have done during the week, including pesonal time. And it's fun to see just how busy they actually are, even when they are "out of town."

A perfect example is Katrina Johnson, one of our most energetic and enthusiastic team agents. She had to go to Louisiana for ten days on family business. Not only did she write offers and get contracts accepted long distance, she lined up tons of clients back to back for after she got home. Here's Katina's actual activity diary for just this past week:

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As of April 26th, only 4,594 single family homes remain listed in the Las Vegas MLS as active (not under contract) in Clark County. Our inventory is continuing to shrink as few, if any, bank foreclosures are reaching the market due to the restrictions of AB 284.

The sale of lower priced housing, in particular, is really active. This week one of our agents had an offer in on a home that had received over 70 offers within just a few days, most above list price!

The current market breakdown looks like this:

874 homes priced under $100k - including 361short sales and 225 foreclosures
1644 homes priced between $100k and $200k - including 664 short sales and 278 foreclosures
846 homes priced between $200k and $300k - including 262 short sales and 89

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Las Vegas hotel poolNo swimming pool in your Las Vegas home?

If you aren't fortunate enough to have a swimming pool in your Las Vegas home, you might want to consider booking into a hotel for the weekend to beat the heat. While most Vegas hotels have swimming pools, some are more impressive than others - here are some of our favorites:

1. Mandalay Bay Beach Resort:

You can't go swimming in Las Vegas without checking out the pool, or should I say "beach," at Mandalay Bay. This 11-acre resort features a sandy beach area, complete with palm trees, lounge chairs and umbrellas, plus eight pools, including wave pool and lazy river, and the adult-only, Moorea Beach Club. For those who can't keep away from the tables, visit the beachside casino with its own restaurant and

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