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Las Vegas Real Estate News

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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"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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