Las Vegas Real Estate News

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:

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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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"Where have all the homes gone?!" In the Las Vegas real estate market it's like the clock has suddenly been turned back to the year 2004. Within hours there are multiple offers on everything listed under $250k, often sight unseen, and most accepted contracts are going above list price. New home builders are warning real estate agents about imminent price increases.

At the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are only 5,074 active single family listings in the Las Vegas MLS. That's about a six week supply at the current rate of absorption.

This is a direct result of Assembly Bill 284, which effectively stopped the non

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During the recent mortgage melt down, banks had suspended all foreign national financing except for Canadians buying second homes in the United States. But as of last week, foreign national mortgage financing is once again available for citizens of other countries wanting to buy vacation homes in Las Vegas.

Most Las Vegas mortgage lenders, like Bank of America and Wells Fargo, don’t have these programs available, but there are now a few smaller “rising star” lenders that have foreign national funding for second homes. The basic guidelines of the programs are as follows:

  1. Can only be for a second home, no investment properties
  2. Buyer cannot own any other property in the United States
  3. 30% down payment
  4. An international credit report with acceptable
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Nevada has always been a non-judicial foreclosure state.  If a borrower was past due, all the mortgage holder had to do was produce copies of the appropriate documents and file foreclosure notices, and within approximately 5 months the foreclosure sale took place at the county steps. There was no right of redemption for the borrower, and the new purchaser took possession immediately.

But in the wake of the robo signing scandals, the Nevada legislature passed a new amendment, AB 284, which included the requirement that an authorized representative of the current lien holder had to complete and sign an affidavit indicating they had “personal knowledge” of all previous transfers of interest in the note. Most notes are sold by the originating lender within

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The mission statement of the new Smith Center for the Performing Arts in Las Vegas reads: “To build and establish a high quality performing arts center that is embraced by the community and recognized as a vital force by supporting artistic excellence, education and inspiration for all.”

Well, mission accomplished! Say hello to the most hotly anticipated cultural venue in Las Vegas history: a $450 million performing arts center that puts Las Vegas on a par with the world's great stages. Some musicians are even claiming it is THE best performing arts center in the entire world. If you’ve been debating whether to move to Las Vegas because of its lack of cultural events, wonder no more.

The Smith Center celebrated its gala March 10th opening by greeting

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We are truly excited to announce the launch of our newly redesigned web site at www.GreatLasVegasHomes.com. The new site has much more information on specific housing communities and condo developments, with on-page statistics for high, low and median prices within each community and direct links to listings by price range.

The new real estate search engine also gives you many more choices to refine your search results – you can even eliminate short sales or look specifically for bank foreclosures. Each detailed property listing has maps showing nearby amenities like schools, restaurants and shops. And, unlike the national sites, contingent properties have been eliminated, so you don’t waste hours looking at properties that are already under contract.

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The Modern Las Vegas CondosIf you have been looking for a taste of luxury, hurry down to view the new models at The Modern, which should be completed by the end of January! The Las Vegas real estate market is coming to life again with The Modern, the first new Las Vegas luxury condo project to open during the past few years, was developed as a totally unique luxury loft lifestyle focusing on the essentials of what optimized living should be.

The remarkable luxury loft homes of The Modern combine a respect for the light, the color palate, and the natural environment with state-of-the-art technology and a true understanding of how people relate to space. The architecture provides progressive soaring private spaces to call home in the context of a neighborhood social community with…
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