Nevada Real Estate >> Las Vegas Real Estate Specialist: March 2007

OK, not a big surprise, I KNOW!  Everyone KNOWs about the high rises that are being built on the Las Vegas strip.  Those are being marketed to appeal to vacation property or second property home buyers!  It really doesn't have much appeal to the average person who lives and works here.  The price tag involved is a big turn off too! 

Most of the highrise developments that are being built are mixed use developments.  This means that you can stay, eat, shop and work in the same building.  This concept is new to us but not new to NYC or LA.

One of the most successful mixed use developments off strip is The District at Green Valley Ranch.  It is eclectic, cultural and appealing to the locals.  I am seeing signs pop up all over town for mixed use developments.  I personally love "The District" so I hope they are just as beautiful and well planned!

The other types of Las Vegas New Construction trends in high density housing you are NOT seeing are the patio homes, three story homes and regular condominium/townhome developments.  Builders are using the most of their available land to provide affordable housing solutions for the entry level market. 

These high density single family solutions are packed in pretty tight and most provide a small yard (patio sized, hence the name!) and community amenties for roaming such as a park, community pool, spa, etc.  Some are even being built ultra urban style with roof top decks!  Couple that with balconies and your patio sized backyard and you have a decent amount of outdoor living space on each level!

The higher density homes just entered our market on a larger scale during our boom (2003/2004) and when it became apparent that we would have to make the most of a scarce resource we don't have much of ~ Land!

For more information on high density solutions for entry level buyers, Las Vegas area patio homes, three story homes, mixed use developments, condominiums, townhomes or high rises please contact:

Renee Burrows at 702-580-1783 or email:  Renee@ReneeBurrows.com

My last two local blog posts (post 1) (post 2) proved to be slightly controversial for some so I am writing another to help explain it in greater details.

First off:  I do not allow comments from non members for a reason.  People who do not know the raw data are just chewing up, swallowing and digesting stuff they hear from the media.  Yea, I got questions from non members asking why they cannot comment.  I would like to keep accuracy within reach for my avid readers!

At the end of this post I have broken down inventory into several categories. 

When you look at the entire Las Vegas real estate market:  you see approximately 12 months of las vegas listings inventory.  When you start breaking it down and looking at it by specific market, it paints another picture!  The entire condo market is dismal compared to the townhome/single family home market.  High rise condos are even WORSE!!!!!!!!

Let me explain what is happening here!  People are still moving here at a good clip.  Economic conditions are stable.  Building permits are being pulled at 10-13 year lows.  Back in January, I watched Las Vegas new construction inventory dwindle in the entry level single family market.  What has happened is that the buyers have started to penetrate the inventory in that same resale market (under 300K).  You can see that in the chart I made!  The best place to sell and the worst place to buy  is in the single family market between 225-250K.  I was even astonished to see it moving all the way up to $300K. 

As I said in my other blog posts, the subprime debacle still needs to be played out.  I thought we would have more stuff fall out of escrow in the last month but it only flatlined.  I have great hope that with the entry level market moving so well that it will trickle up to the mid, high and luxury levels of our market and then trickle into the condo market that needs so much help right now!  How long will this take?  I don't have a crystal ball.

This information is so important to sellers, to buyers and to investors in our market so they can set realistic expectations on what is happening before selling or putting in an offer to buy.

Type of Listing            Listings      Under Contract   Sold(2/25/2007-3/25/2007)       #Months Inventory +/-1 mo

All Listings                    24282        3377                2011                                       12 

All Condos                    3843          354                   191                                        20

Townhomes                  1522          211                    145                                       10

All SFR                        18333        2724                 1640                                        11

Hi Rise Condos              692            32                    19                                          36

SFR Under 200K            376            102                   47                                          8

SFR 200-225K               477            111                    69                                         7

SFR 225-250K              1378           321                  226                                         6

SFR 250-275K              2049           371                  214                                         10

SFR 275-300K              2339           399                  271                                          8

SFR 300-325K              1531            257                  147                                        10

SFR 325-350K              1765           256                  197                                          12

SFR 350-400K              2304            290                 197                                        12

SFR 400-450K              1386            157                 105                                        13

SFR 450-500K              1167           151                   83                                        14

SFR  500-600K             1375            142                 84                                          16

SFR 600-700K              883             105                  40                                          22

SFR 700K-1MIL            1166            121                  51                                          22

SFR 1-1.5MIL                506              62                   31                                         16

SFR 1.5-3MIL                338              32                  17                                          19

SFR 3-5 MIL                  91                12                   3                                          30

SFR 10+ MIL                 10                  0                   0 

Stats taken mid day 3/30/2007 from GLVAR MLS.  ALL areas no other criteria except stated.  All inventory includes manufactured homes.

So I was just accused of so many things in my recent post:  "Stats" Surrounded by Doom & Gloom.

First I was accused of being a "cheerleader" instead of giving  "accurate and impartial information" like Broker Bryant.  Well I will honestly and openly admit I am NO Broker Bryant.  No one can be sooooooooo good looking like him!

Here is another difference:  Broker Bryant reports on real estate from his side of the earth:  Florida.  While I report on mine:  Nevada.  What forces drive the Florida market are completely different forces driving the Nevada market and it even gets more local than that!

I have to dispell myth and fact from fantasy because I deal with it on a DAILY basis!  People hear prices are dropping.  Well my phone starts ringing and I have to tell them WHY prices are dropping or <more accurately> WHY they appear to be dropping.  Prices APPEAR to be dropping because of NEW entry level product entering our resale market from speculators.  Read:  Do Median & Average Sale Prices Mean Much in Your Market These Days?  What is the media ever going to do and say NEXT year when our condo prices actually RISE at a good clip as the highrise resale market moderates and heats up?  We have one high rise building closing a month and a glut of high rise resale inventory right now (38 months to be exact!) 

SO I flippantly answer my accuser saying "who cares" about Las Vegas listings inventory!  (Quite honestly inventory is a yawner like list prices.)  And then I get this: 

Now you might say "who cares?", but if I were a buyer in the LV market looking for a realtor, I'd want one that cared, and I'd want one who kept track of the number of new listings in order to help me understand the market conditions and get me the best deal possible.

Great, now I am a crappy Realtor because in the grand scheme of things I am trying to spread a little good news about a market that is feeling a turn.  A really good turn!  Does anyone understand what a NON-MOTIVATED seller is?  Does anyone understand what a NOVICE SPECULATOR is?  Does anyone know what PANIC selling is?  Well that just about describes most of our listings.  Nobody has anywhere to go.

Prices are holding tight because everyone wants to see their return or get their price or just throw their home on the market to make it a grand fishing expedition.  (FYI:  I just answered my questions in that paragraph!)

With all of that being said:  2006 was our second highest year for new construction closes and third highest year for resale closes (UNITS.)  I don't like looking at it from an inventory perspective when we have so many micro-markets and NON-MOTIVATED SELLERS in our single market! 

SO I get no apologies after I explained how I counseled a seller/buyer just last week about how she wants to sell her condo (14 months inventory) and move to an entry level single family home (less than 5 months inventory.)  That is a HUGE challenge to make sure it works out right. 

What starts out to be a blog post to dispel what was being said, turns out to be a post to debunk me period, no facts, figures or stats to refute.  I posted on 1/11/2007 to even back up my claims.  Back then there was almost no Las Vegas new construction standing inventory left in the entry level single family home market.  I am seeing it filter into the resale entry level single family home market.  That is all I was trying to say.  For speculators, investors and home buyers to grasp.  Is this not good news or what? 

Sue me, I am a cheerleader! 

Rah rah ree, kick em in the knee!  Rah rah rass, kick em in the other knee! 

PS:  I love differing opinions and respect them but if you are going to come to my table with them, please bring some stats to back yourself up! 

An article last week in the Las Vegas Review Journal Depressed me: HOUSING: Local sales continue to decline Closings drop for new, existing homes, but median prices climb. But Low and behold, I am a big believer in stats! Silly Rabbit, Tricks are for Kids!

Building permits are wayyyyyyy down. The builders are moving away from speculative building (build them and they will come!) and back to dirt lots (we will release upon demand!) According to Southern Nevada Home Builders, Las Vegas New Construction permits for 2006 were 23,219 (down 25% departure from 2005) while Las Vegas New Homes sales for 2006 were 36,051 (only a 7% departure from 2005.)

Now I have a big smile on my face and I am not depressed anymore.

Existing home pendings are holding strong at 3461 (3/25/2006) and have been the last month even with the subprime fallout. Investor inquiries are coming in at a steady stream ~ looking for Las Vegas foreclosures and short sales. Existing home Las Vegas listings have grown, put so have the pendings!

While Foreclosures & Short Sales are rising, we still have a healthy economy along with a steady stream of incoming residents.

With all the doom and gloom out there, I am still sniffing a shift (healthy market conditions permitting) by the end of 2007.

Other information located on this page of Southern Nevada Home Builder's Website:

• Area Information
• Top 20 Southern Nevada Home Builders
• 2006 Metro Las Vegas Housing Fast Facts
• How Many Home Builders Are There
  
• Historical Data (Closed and Median Price Tracking)
• Sources of Area Information

View My Website for Las Vegas Resale Statistics.

Sorry, numbers are boring but sometimes the truth just doesn't entirely come out!

While I don't believe that a competent real estate professional MUST have the fact that they have bought or sold property on their resume, I do feel it is ultimately important!

Putting your money where your mouth is and backing it up is essential in the world of real estate!  I know I know certain things because *I* am a homeowner myself and have been one since I was 19 save 8 months.  When you reap the tax benefits, deal with the homeowner's association, pay your mortgage monthly, (+all other things) etc you are constantly reminded of those benefits and pitfalls.   While I cannot directly counsel on tax benefits, dealing with your homeowner's association or make your house payment for you, I can most definitely empathize. 

I run into plenty of situations which I would not have the means to solve if I were NOT a homeowner!  I use my personal expertise to tell potential buyers to look at something at this angle or that angle.  When I enter the realm of an area that I should not be giving advice on, I have resources at my fingertips that I forward on to them!

SOOOO When you are interviewing Las Vegas Realtors to work with, whether you are a buyer or listing your home, it wouldn't hurt to ask if they own property here!

If they say YES, you can go to the  Clark County Assessor's Website to verify the information!  This is a great place to verify information if they are telling you they are investors (and have bought xxx investment property) or just to check to see if they own property.  You can search by current records or past and current records.  I do find it is hard with dual names on a deed to put a first name in the search, as the record will not come up.  Try searching by last name only and hopefully that last name isn't a common one!

Doggie parks in the Las Vegas Valley are a great way for newcomers with pups or a tourist traveling with pups to meet some of the locals. For the most part, the dog owners who frequent these parks are fantastic and very social people.

You must learn the rules and regulations. Not everyone thinks they need to follow them, and it is frustrating, but make sure you do and use common sense always when around so many dogs.

City of Las Vegas Doggie Park Amenities and Information:

• All American Park
• Barkin Basin Park
• Centennial Hills
• Charlie Kellogg & Joe Zaher Sports Complex
• Children's Memorial Park
• Jaycee Park
• Lorenzi Park
• Police Memorial Park
• Winding Trails Park
• Woofter Park

Clark County Doggie Park Amenities & Information:

• Desert Breeze Park Dog Park
  8425 W. Spring Mountain Road (at Durango)
• Desert Inn Dog Park
  3570 Vista del Monte
• Dog Fancier's Park
  5800 E. Flamingo Road (cross streets E. Flamingo/Jimmy Durante)
  Molasky Park Dog Run
  1065 E. Twain
• Shadow Rock Park Dog Park
  2650 Los Feliz (cross streets Lake Mead past Hollywood)
• Silverado Ranch Park Dog Park
  9855 S. Gillespie
• Sunset Park Dog Park
  2601 E. Sunset Rd.

1. Clark County Doggie Park Guidelines
2. Clark County Doggie Park Etiquette Videos
3. Clark County Unsupervised Doggie Park Rules
4. Clark County Off Leash Tips for Doggie Parks
5. Human and Canine Behaviors
6. Dog Park Dangers - Note on this one: Dog Parks are NOT Places for Children!
7. Dog Park Rules

My doggie park of choice is Desert Breeze so stop by and say hello some time!

My biggest pet peeves about the doggie parks are:

• Young Children Messing with Dogs: Last night a young child was bit by a pit bull who was teasing it in the Desert Breeze park. When you bring children (especially young uns) in, you are bring them into a dog world, not a child world. My lil guy even snaps at kids who teases them and gets in their face. Heed the Dog Park Dangers warning and DO NOT BRING CHILDREN!
• People who Bring Food in: Uh this should be a big "DUH" but it isn't.
• People Who Do Not Clean Up After their Pets: I guess they think that there is some magical park guy who cleans up after them. There is not and there are doggie waste baggies and recepticles located in every park I have been in!
• People who are in Denial that Their Pet is Aggressive or too Big for the Area: Dogs who are not socialized well will snap and send "wrong signals" that are warning signals to other dogs. This can start provoke the most well socialized dog into a fight.
• People who Hold Both Gates Open in the Holding Cage: There is a reason why there are two gates and a holding cage to enter and exit a doggie park. It's so the furbabies do not escape! Please observe this!
• People who get mad when dogs are exhibiting normal canine behavior: Humping is a natural behavior, that dogs play to show dominance. Don't get mad if you bring your intact female dog in that is in heat. Not only could she get pregnant but she can cause fights among other male dogs! Dogs pee to mark their territory. Do not get mad if a dog pees on your chair or bag. This should be another big "duh" but some people do not get it!

Join a Dog Meetup Group! I belong to the local Las Vegas Italian Greyhound Playdate, Education & Adoption Group. All of the pictures on this post are from our last meetup!

There are meetups available in Las Vegas for: Boston Terriers, Boxers, English Bulldogs, Large Breed, Beaglers, Golden's, Miniature Pinscher, Pomeranian, Puppies, Shih Tzu, Henderson Dog Lovers Off Leash, Chihuahua, Dachshund, Las Vegas Dogs, Labrador, Pug, Monsieur Pit Bull Rescue Inc. or just start your own group!

Make sure you come prepared with a water dish for your dog and a lawn chair :)

Also be sure to view the other "Skip the Strip" Series:

Skip the Strip Part 1: For the Outdoor Enthusiast

Skip the Strip Part 2: Shop till You Drop

Skip the Strip Part 3: A Restaurant Diner's Paradise

Economic Conditions February 2007

• Foreclosure/Short Sale Listings (3/14/2007):  Total Listings (3/14/2007)  21,717; Foreclosures Commenced (listings 3/14/2007) 645, 2.9% of all listings; Short Sales (listings 3/14/2007) 913, 4.2% of all listings; Both Foreclosures Commenced AND Short Sales (listings 3/14/2007) 285, 1.3% of all listings.
• New Home Sales (January 2007, units sold):  1,610  Year Change -22.1% (excl condo conversions, highrises)
• New Home Sales (January 2007, median price):  $335,054  Year Change -2.4% (excl condo conversions, highrises)
• Existing Home Sales (January 2007, units sold):  2,423 Year Change -25.6%
• Existing Home Sales (January 2007, median price):  $280,000  Year Change:  -1.8%
• Single Family Residential Permits (January 2007):  1147  Year Change -46.2%
• Apartment Rental Rate (4 Q 2006):  $850 Year Change +4.5%

My analysis:  New home standing inventory is pretty much non-existent with the exception of a few.  Sub-prime lending issues will negatively impact the market:  for how long and how bad remains to be seen.  Short sales, NOD's and Foreclosures have risen dramatically in the last 30 days. 

New Residents/Employment Conditions:

• New Residents (February 2007):  6,782, Year Change -7.4%
• Total Employment (January 2007):  924,900, Year Change +3.8%
• Unemployment Rate (January 2007)  4.7%, Year Change +20.5%

My analysis:  We need more jobs to continue strong growth.  Our employment rate is still low but has seen a dramatic spike the last two months.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (January 2007):  3,669,613 Year Change +5.9%
• Gaming Revenue (January 2007):  $967,777,123, Year Change -2.0%
• Visitor Volume (December 2006):  3,379,775, Year Change 0
• Convention Attendance (December 2006):  161,809, Year Change -16.2%
• Hotel/Motel Occupancy (December 2006):  81.3%  Year Change -1.5%

My analysis:  The gaming/tourism industry is still strong. 

Sources:  Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles,  McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation

Doity Laundry: I found my green awareness inadvertently because of the natural magic cleaning power of the sun when my baby boy was allergic to the chemicals in disposable diapers. I tried a diaper service and he was allergic to those chemicals also! I had to wash my own diapers with detergent and bleach and then rinse in hot water about 3 times. Someone told me that the sun kills the bacteria and viruses found in cloth so I started using less bleach, less rinses and hung the diapers out to dry. Not only did it kill the bacteria in the diapers - those things became white as the day I bought em! Have a tough stain on whites? Want to save some money and energy? Hang it out to dry!

Water: Having enough water is a challenge in our valley. The myth is there is no water in the desert (see my post: Why Would I Want to Live in the Desert: There is No Water!) There is plenty of water in the form of aquifers and Lake Mead via the Colorado River. Unfortunately the Colorado Compact both built us to the gambling mecca we are today (by building the Hoover Dam) and screwed us out of a precious resource that is available in our state but it is not all ours! We must be careful to use this resource wisely and conserve what little we have until we get our water issues straightened out!

• Pool Cover: Southern Nevada Water Authority offers instant rebates for pool covers once every 36 months. Keep your pool toasty warm with solar heat while preventing rapid water evaporation!
• Watering Schedule: Adhere to your MANDATORY assigned watering schedule days & times.
• Take out your grass and participate in the Water Smart Landscapes Rebate.
• Wash your car at places that use reclaimed water

Electricity: The Enron scandal rocked the west coast back in 2000. Politicians and Political pundits called the Enron debacle a "victimless crime." I don't know how much of it is victimless when Hundreds of Thousands of households on the west coast are still paying the ultimate price from that scam: Utilities with Damaged Credit Ratings & Deferred Energy Purchases. What happens when credit ratings get ruined? You pay a higher rate for your purchases. Also the spook that there was no electricity scared utilities to purchase power for years ahead of time. Call it speculation if you will. Well do you think Enron or any of the other wholesalers that were involved or the utilities are absorbing these prices? No, the people who use the utilities are paying the ultimate price! Scandals are fueled by greed. Greed from the people providing a service or product and greed from the people using a product or service. NOW if us west coasters would have reacted to "shortages" of electricity by means of conservation when we were alerted to these "shortages" the game would have been OVER for Enron and the other energy wholesalers.

• Know Your Rate Tiers! Last year (2006) everyone was a participant in the on peak/off peak program. Now it is a program you need to sign up for. I will have to analyze my bills from last year to see if the savings will outweigh the benefit. Summer on peak times are 1 PM to 10 PM. Last year it seemed like on peak times were shorter, I could be wrong! I would utilize my thermostat timers for the temperature to slowly go down to 78 degrees prior to 1 PM and then have them set to go up to 88 until off peak time. My air conditioner would rarely turn on during those times! It's also wise to circulate your pool during off peak periods as pools cost almost as much to circulate as it does to run your air conditioner! I would also schedule to do my laundry at off peak periods. Usually throwing the load into the washer prior to on peak times and then putting that load the dryer during off peak times. Same with the dishwasher, it was turned on right when the off peak period began. Running heat emitting appliances during the hottest parts of the days only puts strain on your air conditioner and makes your energy bills skyrocket!
• Compact Florescent Bulbs (CFB) provide more natural light, last longer, use less wattage and emit verly little heat. We have been slowly switching to these bulbs and I love the light they emit! Calculate your savings for switching out to CFB's!
• Nevada Power Auto Shut Off: They used to have an incentive program that had a mechanism to automatically shut off your air conditioner during the hottest times of the day. Supposedly the air conditioner is shut off for short periods of time to relieve the grid and you could barely notice it. It appears that this program is no longer available!
• Solar Screens & low E glass windows help keep the heat from the sun from baking your home!
• Ceiling Fans: Use ceiling fans in any room you can - even during winter - to circulate the air and keep the room temperatures even!
• Cook on your grill outdoors when it is too hot out. We have always cooked on our grill when it is too hot out. Consider spending a little extra money on a grill that has a side burner so you don't have to create heat in your home on a hot summer's day!
• Conduct an Energy Audit to find hidden energy and money saving incentives in your home!
• Be aware of where Nevada's power comes from!

Harness Solar Energy & Wind Power: Nevada Power finally has a Net Metering program in place!!! Net Metering is when you provide your own power through either a photovoltaic system (solar) or wind power system and your meter runs backwards to credit you for the power you provide to the utility. When I was considering putting a photovoltaic system on my roof top a couple of years ago there was no net metering program! This is great news and I am glad they have done this! Nevada power offers more incentives via rebates for solar energy installations through an extensive program that you must apply for about a year prior to installation. Imagine the possibilities if builders could start offering photovoltaic systems as an upgrade to your home purchase! It would make a great long term real estate investment by increasing your home's value while saving money and would be less expensive than getting your own contractor after the fact and we could slowly replace the air polluting coal and natural gas plants that make most of our electricity! To my amazement Michael Meservier posted a survey in regards to buyer demand & solar energy after I had this penned in draft!

From Nevada Power's website:

Renewable Energy For Nevada

By year-end 2007 Nevada will be the No. 1 state in the nation based on solar watts per capita and solar as a percentage of retail sales.

The rankings incorporate two major solar projects expected to go online in 2007: Nevada Solar One and the 10-megawatt SolarStar project to be built at Nellis Air Force Base, the largest solar-photovoltaic project in the country. Read more about Nevada Power's commitment to Renewable Energy.

Air Quality: Main pollutants for the Las Vegas Valley are: Dust, Ozone and Carbon Monoxide. You can view the air quality forecast here. And Remember: Don't be a Dusthole!

Growth: Growth is a challenge for Southern Nevada. Much of Nevada is BLM land and desert. Even though it is desert, there are still living, breathing things that we need to be concerned about displacing as we grow: the desert tortoise, burrows, wild horses, rabbits, big horn sheep, mountain lions, coyotes and bats. The desert provides life to so many unusual plants and animals and contains so much beauty that people do not even realize!

Mining: Mining accounted for 9% of Nevada's gross state production in 1997. Minerals that are sought after include (but not limited to): Gold, Silver, Copper, Gypsum and Lithium. Mining effects are visible to the naked eye! Drives in the desert show abandoned mines and mountains that are half gone. Less obvious effects are possible mercury and lead poisoning of our underground (aquifer) water sources. Gypsum recycling is gaining ground!

Nuclear Waste: The Nevada Test Site has had 928 nuclear tests and 1021 detonations since the 1940's. The test site provides a (debatable) perfect ground for the Yucca Mountain Low Level Nuclear Waste Facility. The main debate points are seismic activity & transportation. Between 1976-1996 there were 621 seismic events greater than 2.5 magnitude within 50 miles of the Yucca Mountain Site. Transportation of nuclear waste on our roads and rails should be a concern to ANYONE who travels highways, interstates, freeways and live near railroad tracks. Having a nuclear repository in our backyard doesn't mean that you are safe from transportation accidents that involve nuclear cargo! Transportation routes go through 43 states! Many people think that they are safe because of NIMBY thinking - reality is they are not! My biggest concern isn't the safety of the facility but the transportation of this stuff!

As you can see, Nevada faces many challenges that must be addressed. In the meantime, raising public awareness to the problems and some minor solutions can make a bridge over the path to a greener future!

I cannot get into my yahoo mail and it appears from Yahoo! questions that I am not the only one.  There seems to be a backdoor link but I can only access the main email, not my hosted domain mail!  Not only that but I am afraid they are phishing so I don't want to reenter my password or do anything hasty.

I guess now would be a good time to make a switch to Outlook :pout:

I also had a hard time accessing my web domain stats this AM. 

Is this a early daylight savings time / Y2K (boo!) thing?

I haven't had access at all today and I check it 4-5 times a day.  I guess the peeps know they can call me if they need me!

Back to the outdoors!

OK, here we go again: Dateline AOL NEWS! A Flood of Foreclosures, but Should You Invest? Read ME: (IS AOL NEWS? Not really, but I am still seeing RED!) Maybe they are reading me: Foreclosures & Short Sales: Deal or No Deal? I would like to think so anyways!

This topic MUST be revisited, as I obviously dealt with it this week!

You won't find anything like foreclosures.com proclaims unless you are great at digging needles out of a haystack! Sorry to break it to you! You are not going to find anything more than 20% underpriced and if you do, there will be a firestorm of bidding activity which will drive the price up. Especially when you are dealing with the turtle slowness of a bank and the property remains on the market!

Right now, if you can find a steal in the valley for 30% less than value, you are one lucky camper! People are STILL paying these pay-for-something-you-can-get-free-anyways sites (even after they read my Foreclosure & Short Sale primer) for something they assume they are getting but they are not.

They think they are getting listings.

They are not.

They are getting NOD (Notice of Default) information. A notice of default is when a homeowner gets behind on their payments and they are in the pre-foreclosure process. This does not mean the house is listed for the price they are in default! The default can be a condo homeowner behind on two years of $200/month HOA dues. SO it appears you can buy that condo "listing" for $2400. The default can be on a second lien (mortgage/loan or whatever you want to call it) on a 3000 square foot home for $150,000. So, nope, that house is not listed for $150,000. That house probably has a first mortgage, HOAs and could maybe be upside down resulting in a short sale. THESE ARE NOT LISTINGS! These are defaults that CAN QUITE POSSIBLY BE CURED by the owner catching up on payments!

SO when you sign up and pay for the NOD's at -

www dot somethingicangetfreebutwouldratherpayfortheinformation dot com

What are you doing? You are paying for information that you are going to utilize to find a bargain of a house! You are going to do your research on the home's value. Call your local title company and have them run a preliminary title report so you understand what kind of other liens this home has. You are going to write up an enticing offer to help get these people out of their horrid circumstance. You are going to get in your car. You are going to go knock on the door. You are going to hope the owner answers it. You are going to ask the owner if they want to sell their home to you for the amount and terms you are going to ask for. You are going to hope the owner doesn't slam the door in your face, yell at you or worse, resort to physical violence (do you really think you are the only one who subscribes to this service and has knocked on the door?)

OR

Are you going to go to LasVegasFireSale.com and let a Realtor find you already-listed bargains and deliver them free to your email?