Nevada Real Estate >> Las Vegas Real Estate Specialist: December 2008

Mountain's Edge November 2008 Market Report

Mountain's Edge Resale Statistics

Mountain's Edge November 2008 Real Estate Resale Market Report:

  • Listings (12/29/2008):  334
  • Under Contract (12/29/2008):  150
  • Sold October 2008:  57
  • Month's Inventory:  5.9

Last Month's Mountain's Edge Real Estate Market Report

Mountain's Edge is a newer community so many of the listings are short sales or bank owned.

If you are thinking about buying, renting or selling a Mountain's Edge Home Please Call:  702-966-2494:

  • Option 1 if you are a Buyer wanting to purchase Mountain's Edge Property. (Varieties range from bank owned to new construction!) 
  • Option 2 if you are a Renter wanting to rent a Mountain's Edge Home
  • Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
  • Option 0 if you would like to sell or rent out (property management) your Mountain's Edge home.
  • Option 4:  Para español presione el cuatro.

Burrows Group is proudly affiliated with and brokered by Nevada Realty Solutions, LLC.  NVRS is one of the top listing and sale brokers for both REO and Short Sales.  While we are not given preferential treatment for any in-house listings, we do have a distinct advantage when we work with REO and Short Sale buyers. 

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

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Summerlin Las Vegas, NV November 2008 Real Estate Market Report

Summerlin Homes Real Estate Market Report

Summerlin November 2008 Real Estate Resale Market Report:

  • Listings (12/29/2008):  967
  • Under Contract (12/29/2008):  258
  • Sold November 2008:  114
  • Month's Inventory:  8.5

Absorption is in line with the rest of the Las Vegas Valley.

Last Month's Summerlin Report

If you are thinking about buying, renting or selling a Summerlin Home Please Call:  702-966-2494:

  • Option 1 if you are a Buyer wanting to purchase Summerlin Property. (Varieties range from bank owned to new construction!) 
  • Option 2 if you are a Renter wanting to rent a Summerlin Home
  • Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
  • Option 0 if you would like to sell or rent out (property management) your Summerlin home.
  • Option 4:  Para español presione el cuatro.

Burrows Group is proudly affiliated with and brokered by Nevada Realty Solutions, LLC.  NVRS is one of the top listing and sale brokers for both REO and Short Sales.  While we are not given preferential treatment for any in-house listings, we do have a distinct advantage when we work with REO and Short Sale buyers. 

The opinions expressed in this article are those of Renee Burrows and not necessarily those of NVRS.

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Terms and Definitions for my Market Reports

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My Favorite Christmas Present EVER

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How Much is that Doggie in the window? Why NOT to purchase a pet shop puppy. (re-posted from Dec 07)

Seriously, as a volunteer for Italian Greyhound Rescue, anyone who buys a puppy for Christmas needs to be aware of this.  The message is strong, concise and VERY ACCURATE!

Via Jeannie Kontis, Lancaster PA Real Estate & Lancaster County Homes for Sale (Long & Foster Real Estate, Lancaster PA):

A recent post by Maureen McCabe - Central Ohio real estate  entitled The Christmas Puppy reminded me of a post I did last year. 

In light of Maureen's post, I thought i would mulligan my previous post for this year's readers who might have missed it.

It's long... but if you are considering purchasing a puppy for Christmas, please take a moment to read through it. 

Originally posted December 2007:

How much is that doggy in the window? More than you can imagine!

I remember when I was a kid, every year at Christmas it was the same.  All I wanted for Christmas was a puppy.  Year after year, I didn't get it.  Well, now that I'm wiser (okay, older too), I realize exactly why my parents (umm.. I mean Santa) were reluctant to buy bring me a puppy for Christmas. 

It is an enormous responsibility to own a dog, or any pet for that matter.  Of course, as parents we all want to teach our children about responsibility, I can certainly understand that.  At twenty and eighteen years old, I am still trying to teach my sons about responsibility.    But, to bring a puppy home for Christmas can be a huge mistake.  To buy a puppy from a puppy mill or pet store is an even bigger mistake. 

Those cute puppies in pet stores, even those with an AKC price tag, all come from puppy mills - trust me on this.  No reputable breeder will place their puppies through a pet shop.  I have done a huge amount of research when a sick puppy mill puppy came into my life two years ago.  I didn't know the difference then, between what a puppy mill is or isn't.  I thought there was nothing wrong with purchasing a puppy from a farmer who raised dogs or from a pet shop.  What I didn't know at the time, and have educated myself about it all by default, was that this particular farmer had over 500 dogs on his property at the time.  Yes, he was a puppy miller and he was selling Cavalier King Charles Spaniels, among many other breeds.

We only went "to look" at the Cavalier puppies to see what the farmer had.  My husband didn't even want a dog!  I thought a puppy would be good therapy for us, since my oldest son had just moved out and we were all (even my younger son) hearing the echos through our emptied hallways called "empty nest syndrome".  I thought a puppy would help cheer up my younger son, and perhaps replace the void of not having his brother around.  I sure would have appreciated the extra distraction, as well.   What a trap we fell into!  The smallest puppy just stole our hearts.  We were told they were "on sale" because it was now one week after Christmas and their rush of sales were over.  Hubby ran to the ATM to take out cash to pay the farmer $800 (on sale!) for the little 2.5 pound bundle of love. 

 That little (expensive) bundle became very ill in less than 24 hours.  He had a seizure the next morning in our family room.  We ran to the P.E.T.S emergency hospital -- this happened to be New Years Day -- and paid hundreds more to have him stabilized.  He only stayed there for the day, but we were at our wits end.  He had already stolen our hearts, and we were willing to pay whatever it took to save his life.   When we told the vet's office where we had gotten our new puppy, a worried look came over their faces.  We were told that he was the worst puppy miller in the county.  

I won't go into the huge controversial topics here about puppy mills and who or who isn't a miller.  What I want to point out, though, is that there are thousands of dogs who are in need, waiting for homes in shelters.  Wonderful dogs, Dogs that need a home and will love you tenfold for bringing them to your home and showing them the love they crave.  Training your dog is very important, and the rewards are tenfold as well.   If you must have a puppy, there are rescue organizations who sometimes have puppies available as well.  Many times they are up to a year old, and have been returned because people do not have the time or the patience to train them.  They bring home a puppy for Christmas, and then realize that there is real work involved in raising a dog.  So, rescue organizations step in, and wait for good people like you to step forward and adopt.

This puppy that we purchased on sale for $800 ended up costing us over $1500 in vet fees over the next two weeks!!!  Because I learned about my rights regarding The Puppy Lemon Law, I complained to the PA State Attorney General's office, and the miller refunded my intial $800.  Since then, I have spent thousands of dollars on additional vet fees, surgery to repair his faulty knees and holistic vet fees to prevent it from happening on his other knees. 

He has issues - but he is our little neurotic, happy, lovable puppy who just turned 2 years old.  We brought a brother (from a reputable breeder) to join our home as well, and the difference between the two dogs is -- one from a puppy mill and the other not -- is enormous.  I have never had a vet bill higher than a cough and an upset tummy from something he ate, from our breeder-obtained dog, and they are only 2 months apart.   

What I have learned in the tons of research I have done, along with my efforts to help with dog rescue organizations, is that these local farmers who sell puppies know that local people are on to them.  So what do they do?  They advertise in the newspapers of neighboring counties and states.  If you see an ad in Maryland or New Jersey for puppies in Pennsylvania, please be aware.  Do your research on the Kennel or Breeder. 

 Please realize that I am not saying that every puppy seller is a miller - just ask the right questions.  Ask to see the parents of the dogs.  Ask how many breeds of dogs they sell.  Ask what sort of health guarantee they give and what sort of health testing they do on the parents.  You have no idea how important this is, until you bring a puppy home that has genetic problems from poor breeding, genetically unhealthy parents, and inbreeding, etc.  

And please realize that bringing a puppy home for Christmas can be a very stressful event in this young life.  This will be the first time they are separated from their surroundings, the activities and excitement of Christmas can be overwhelming.  Stress can sicken a puppy, can make him frightful, and it may not be a great experience for all involved, including the family.  

It is heartbreaking to bring home a puppy, only to later find out that his is a very sick puppy, and feeling helpless while cradling him while he is near death.  It is also a very expensive experience.  I wouldn't trade my little furry bundle of joy for the world, but considering the amount of money we spent on medical bills because we tried to save a buck and not purchase from a reputable breeder, I realize that we could have purchased a "show" dog for the same amount.   

Instead of bringing home a puppy during the hustle and bustle of Christmas, here are some other gift ideas for your children that you can try:

  • wrap up a colorful collar and leash -- for the puppy you will be bringing home after the holiday hustle and bustle is over.
  • wrap up a plush doggy bed -- for the puppy you will be bringing home after the holiday hustle and bustle is over.
  • wrap up a children's book on "training your new puppy" in anticipation of the puppy you will be bringing home
  • wrap up a pair of colorful water and food bowls -- in anticipation of the puppy you will be bringing home
  • wrap up some toys and blankets for your child to donate to the local animal shelter
  • wrap up a special stuffed puppy so they can start practicing on how to love it!

In the meantime, you will have plenty of time to research quality breeders and rescue organizations, meet them in person, and make sure that the puppy you bring home is the best one suited to your family's needs.  After all, this is a lifelong decision.  And it is a life you are agreeing to take care of - one that will depend on you for all of it's needs.

Happy holidays to everyone, including your furry household members -- and remember, Don't Shop. Adopt. 

       

  and Dugan and Domino... or .... Puppy Ying-Yang 

 


Looking for a home in Lancaster County that can accomodate your special family pets and animals?  Visit Homes in Lancaster PA - Real Estate in Lancaster County for assistance with your Lancaster Real Estate needs.

----------------------------------------------------------

Edited to add ----  I though I would post a photo of my mother's rescue puppy.  She is a Luckystar rescue dog (Cavalier King Charles Spaniel Rescue) -- or at least her mother was.  Her mother was rescued from a puppy mill - while pregnant.  Lucky for everyone, the miller did not know at the time and this puppy was born in the foster family's home.  She is the highlight of my mom and dad's life, and as senior citizens she brings them joy every day.  She is also the best friend of my two little pups.  If you are interested in a Cavalier King Charles Spaniel, please contact rescue organizations first!  You can get advice from the American Cavalier King Charles Spaniel Club or the Cavalier King Charles Spaniel Club 

The point is, with research and patience, a puppy can come into your life through a rescue organization, as opposed to a pet shop if you prefer a puppy to an older dog for your family (although older dogs need homes and can be wonderful, greatful pets!).

 

 

 

 

 

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The Burrows Breakdown: Las Vegas Area Rent, Buy or Invest? 12/22/2008 Weekly Edition

So I am a half a week late, sue me :)

Las Vegas, NV Area First Time Buyers to All Cash Investors:  Does it Make Sense to Buy a Home Right Now?

Can you own for less than renting?  Can you own a rental and see a decent monthly return on your investment?

Weekly feature w/ 4 homes in different areas of the valley designed to help people from first time buyers to all cash investors to see if the numbers make sense!

SW Las Vegas Real EstateAddress:  8704 Big Sagebrush

  • West Las Vegas:  Black Granite, 4 BRs, 2 Car Garage, 1721 Sq Ft
  • Price: $159000
  • Rental Comps:  $1300-1400*
  • Estimated FHA Monthly Payment:  $1297**

East Las Vegas Home For SaleAddress: 3668 Moonlit Beach Ave

  • East Las Vegas:  Gated Community, 1418 Sq Ft, 2 Car Garage
  • Price:  $74,900
  • Rental Comps: $1000-1100*
  • Estimated FHA Monthly Payment:  $667***

 North Las Vegas Home For SaleAddress:  1956 Vista Malaga St

  • North Las Vegas:  1113 Sq Ft, 1 Car Garage
  • Price: $65000
  • Rental Comps: $875-950*
  • Estimated FHA Monthly Payment:  $631****

 

Henderson Home For SaleAddress:  590 Chelsea Dr

  • Henderson:  Single Story 1677 Sq Ft, Near GREEN VALLEY!
  • Price: $172,000
  • Rental Comps:  $1600-1700*
  • Estimated FHA Monthly Payment: $1148*****

  

*Rental Price:  Comparable range based on terms. Lower end rental price = more conservative lease terms based on best credit and 1 year + lease.  Higher end rental price = more liberal lease terms with OK credit, pets allowed and shorter than one year lease terms.  All prices based on date of this post.  Comparable rental range is not net, it does not factor in the price of repairs, holding costs, property management fees, etc.  I will be happy to send you the rental comps via email.  Simply request "rental comps for "  at email address:  Renee@ReneeBurrows.com.

 **  $159,000 $56 HOA taxes $3380/year

  • Loan Amount $156929
  • Rate ******5.% APR = 5.378%(with 1 point)******
  • Principle and Interest = $842
  • FHA Mortgage Insurance = $72
  • Est Taxes = $282
  • Est Homeowners Insurance = $45
  • HOA = $56
  • Total Payment = $1297

*** E $74,900 $65 HOA taxes $1512/year

  • Loan Amount $73,924
  • Rate 5.% APR = 5.421%(with 1 point)******
  • Principle and Interest = $397
  • FHA Mortgage Insurance = $34
  • Est Taxes =  $126
  • Est Homeowners Insurance =  $45
  • HOA =  $65
  • Total Payment =  $667

****  NLV $65,000 $100 HOA taxes $1470/year

  • Loan Amount $65,000
  • Rate 5.% APR = 5.413%(with 1 point)******
  • Principle and Interest = $334
  • FHA Mortgage Insurance = $29
  • Est Taxes =  $123
  • Est Homeowners Insurance = $45
  • HOA = 100
  • Total Payment = $631

 ***** HN $172,000 $0 HOA taxes $1376/year

  • Loan Amount $172,000
  • Rate 5% APR = 5.338%(with 1 point)******
  • Principle and Interest = $911
  • FHA Mortgage Insurance = $78
  • Est Taxes = $115
  • Est Homeowners Insurance = $45
  • HOA = 0
  • Total Payment = $1148

******Rates are as of 12/17/2008 and based on a 30 year fixed FHA loan on approved credit and income qualifications.  Some products may not be available in all states.  This is not a commitment to lend.  Restrictions apply.  Call for financing details 702-966-2494 option 3.

All properties listed here are brokered by Nevada Realty Solutions, LLC.  Call 702-966-2494 option 1  (Para español presione el cuatro) for more information on properties.

Also check with your tax advisor for the potential tax benefits of owning a home.

Grant and Bond 100%, Zero Money Down Opportunities for First Time Buyers.

 

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Las Vegas NV Area November 2008 REO Inventory Update: How Many Licks Does It Take to Get to the Middle of a Tootsie Pop?

Las Vegas Foreclosed Homes

Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has risen dramatically (+513 units), Pendings have risen +82 units  Closing data is up up UP at -424 units.  Inventory is rising at an uncontrolled pace which is causing the absorption rate to rise also.  What I know on the back end with all the contracts being written, this may change VERY soon here.  Low interest rates have spurred a flurry of buyer activity this December.  Since the numbers were pulled, we are almost another 200 pendings higher!  Foreclosures are showing NO signs of stopping!

REO sales accounted for 76.6% of all resales in November 2008.  REO listings account for only 35.9% of total resale listings.

Multiple offers are streaming in as banks continue to lower to fire and auction sale prices.

Current Listed Bank Owned Statistics:

  • Listings (12/11/2007): 7786
  • Under Contract (12/11/2007): 3682
  • Sold November:  1945
  • Absorption Rate:  4 Months

View Last Month's Report Here  

To find the most recent report, click here

If you are thinking about buying an REO (Foreclosure or Bank Owned) property in the Las Vegas Area Please Call:  702-966-2494:

All statistical information I used to create this report was obtained from GLVAR MLS.  Information Deemed Reliable but not Guaranteed.

Sorry for the way silly headliner.  This market is crazy with buyer activity and instead of appreciation we are still seeing slight depreciation.  WHEN WILL THIS STOP?!?!?!

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WOW! Major Snow Event in LV!! Sin City is going to be disabled...

Las Vegas Snow

I called this if we ever got more than 4" of snow - this city is going to be DISABLED!

McCarran International is closed.  They do not have snow removal or de-icing equipment.  We do not have much in the way of street snow removal equipment so major arteries are closed.  Make sure you listen to the radio or television or go to www.lvrj.com for updates.

Snow and Cold Weather Tips:

  • Cover your Anti-Siphon Valve - Affordable Tree Service fixes these rather inexpensively - 702-837-1500
  • Turn off automatic sprinklers
  • Unhook hoses from hose bibs
  • Open cabinets that have plumbing in them so the heat can get to the pipes so they do not freeze
  • Run your pool pump at all time when temps go below 35 degrees
  • DO NOT DRIVE IF YOU DONT HAVE TO = people don't even know how to drive in the rain here, I can't imagine the snow!
  • Take a broomstick to hit the wet snow off of bushes and trees = wet snow on leaves can cause damage.   Trust me on this one - have seen it in Nebraska.  Whole trees can come down.  Call my friends at Affordable Tree Service 702-837-1500 if you need tree service.
  • Las Vegas Snow

Heather and Vitto Enjoying a moment in the snow (when it started)

Las Vegas Snow

The Burrowski Boyz installing a new battery in the Exploder.  Died on me this AM.  Some angel jump started me at 6:30 am at Fills gas station (BIG THANK YOU.)  Had to cancel all appointments today.  Was a good thing, followed up and wrote some investor contracts :)  This is what I miss about living in Nebraska, how life comes to a complete standstill and you recognize what is important - FAMILY.

Heather made a snow launcher out of one of those pool noodles.  She is currently walking around with a friend and terrorizing the neighborhood with it, wouldn't let me get a photo.  I am going to beg my man pal to blow up the inflatable sleds so we can run up to the elementary school and go sledding :)

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Las Vegas or Denver?

Las Vegas NV

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South Las Vegas Home For Rent

South Las Vegas Home For Rent
Main Photo
Location: Blue Diamond Ranch
Single family home.
For more info, pictures, floorplan and virtual tour go to:
www.ReneeBurrows.com/4855
Features
Bedrooms: 2
Bathrooms: 2.5
Year Built: 2002
Subdivision: Blue Diamond Ranch
Lot Size: 3485
Garage Size: 2
School District: CCSD
Square Footage: 1462
Agent Name: Renee Burrows
Broker: NVRS
MLS #: 887817
Information
Contact Information
Pricing
Rent: $1,300 per month
Available Date: Mon Dec 01, 2008
Deposit: 1300
Minimum Lease: 1 year
Included Utilities: none
Property Location
4855 Englewood
Las Vegas, NV 89139
View Map
Attributes
Appliances
Range/Oven
Full Refrigerator
Dishwasher
Microwave
Interior Amenities
Fireplace
Exterior Amenities
Fenced Yard

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Big White Fluffy Ones Seen in Vegas!

Las Vegas Snow

As the snow was rolling in...........Normally you can see the mountains in the background!

Las Vegas Snow

Big White Fluffy Snowflakes makes the pool look so uninviting :)

You will have to excuse my excitement!  It has been snowing for two hours now and please don't watch the video if you live in a snow prone area because it will be B O R I N G!  We only see big fluffy white ones with the potential to accumulate every several years.  FYI, I live on the western foothills and that is Faiss middle school behind us!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (Speechless Sunday Perhaps?!?!)

Las Vegas Weather

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Charleston Heights - 103 Homes For Sale Under $100K & Some Have Pools!

Charleston Heights Homes For Sale

As I was cutting into my mountain of BPOs here is something I noticed today = there are 103 homes for sale in Charleston Heights for under $100K - lots of them are foreclosures!!!!!!!

Charleston Heights Homes For Sale

Imagine owning your own home for less than the price of rent. Yes, some of them even have pools.  These homes are excellent for any type of buyer from a first time buyer to an investor! (Rental income possibilities are VERY lucrative!)

Charleston Heights is located up the Western 95 Freeway Corridor between the streets of Decatur and Buffalo.

Sorry the street scenes aren't all that great, they were obviously taken for BPOs at the butt crack of dawn! 

Make sure you work with a Realtor experienced with REO/Foreclosure properties before stepping in this market ~ it's not easy to put together a good offer the banks like!

I have a list of these homes so if you would like the list please email me at 411@ReneeBurrows.com

This list does NOT include short sales.  They are either non-distressed or REO sales.  Prices are from $55000-100000.  These are ACTIVE listings (not under contract) and they are single family homes - no Condo, Townhome or Manufactured homes!

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Las Vegas, NV Area Short Sale November 2008 Inventory Update: Seems Hopeless Sometimes!

Las Vegas Area Short Sales

The absorption rate for Las Vegas Valley Area Short Sales went up slightly for November 2008.  Absorption still remains high and just slightly above the 2 year mark.  Inventory has risen at a slower pace than normal (+52 units).  Pending units has also decreased by -120 units.    Solds have  decreased by -51 units. 

There are many reasons for the lack of closings in this market and it is outlined in this post

Short Sale Synopsis:

  • Listings 12/11/2008: 6742
  • Pending 12/11/2008: 2078
  • Closed November 2008: 247
  • Month's Inventory: 27.3 (=2.3 Years Inventory.)

Short Sales Currently Account for:

  • 31% of All Las Vegas Valley Listings
  • 9.7% of All Las Vegas Valley Sales

One thing you really need to consider when buying or selling short is to make sure the list agent is EXPERIENCED in this niche.  These deals are hard to pull whether it is or is not an experienced agent.  

Read here for the most current Las Vegas Area Short Sale Report.

Read here for last month's report on Las Vegas Area Short Sales.

Las Vegas NV Real Estate

If you need to sell your home via a short sale by a proven short sale expert, you can either fill out the form on this page or you can call 702-966-2494 and press option 0.  If you would like to buy a short sale property you can call 702-966-2494 and press option 1 for a Realtor or option 3 for Financing Questions.  Be sure to ask about down payment assistance (zero down/100% loans) for first time buyers through grants and bonds! Para español presione el cuatro

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Las Vegas, NV Area November 2008 Area Pendings Report: Absorption Up Slightly

Las Vegas Area Real Estate Pendings Report

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for December 2008 is a healthy 8.6 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)  Be warned, the market as a whole is considered a "neutral market" ~ not a buyer's market, not a seller's market.  Some micro-markets (ie,Foreclosures Bank Owned, REO) are extreme seller's markets where there is no mercy to the buyers, multiple offers are the norm! 

Here is a snapshot of valley listings:

(Nov/Dec 2007)  All SFR, Townhome, Condo Listings:

  • Listings (12/9/2007):  25691
  • Under Contract (12/9/2007):  2304
  • Sold November:  1137
  • Month's Inventory:  22.5

(Jan/Feb 2008)  All SFR, Townhome, Condo Listings:

  • Listings (2/10/2008):  23665
  • Under Contract (2/10/2008):  3107
  • Sold January 2008:  1164
  • Month's Inventory:  20.3

(Feb/Mar 2008)  All SFR, Townhome, Condo Listings:

  • Listings (3/20/2008):  22,644
  • Under Contract (3/20/2008):  4516
  • Sold February 2008:  1318
  • Month's Inventory:  17.2

(Mar/April 2008)  All SFR, Townhome, Condo Listings:

  • Listings (4/16/2008):  21983
  • Under Contract (4/16/2008):  5390   
  • Sold March 2008:  1747
  • Month's Inventory:  12.6 

(April/May 2008)  All SFR, Townhome, Condo Listings:

  • Listings (5/13/2008):  21236
  • Under Contract (5/13/2008):  6283
  • Sold April 2008:  2063
  • Month's Inventory:  10.3

(May/June 2008)  All SFR, Townhome, Condo Listings:

  • Listings (6/12/2008):  20674
  • Under Contract (6/12/2008):  6847
  • Sold May 2008:  2418
  • Month's Inventory:  8.6

(June/July 2008)  All SFR, Townhome, Condo Listings:

  • Listings (7/15/2008):  20744
  • Under Contract (7/15/2008):  7092
  • Sold June 2008:  2588
  • Month's Inventory:  8.0

(July/Aug 2008)  All SFR, Townhome, Condo Listings:

  • Listings (8/16/2008):  20559
  • Under Contract (8/16/2008):  7070
  • Sold July 2008:  3034
  • Month's Inventory:  6.8

(August/Sept 2008)  All SFR, Townhome, Condo Listings:

  • Listings (10/5/2008):  20795
  • Under Contract (10/5/2008):  6793
  • Sold August 2008:  2893
  • Month's Inventory:  7.2

(Sept/Oct 2008)  All SFR, Townhome, Condo Listings:

  • Listings (11/14/2008):  21540
  • Under Contract (11/14/2008):  6414
  • Sold September 2008:  3115
  • Month's Inventory:  6.9

(Oct/Nov 2008)  All SFR, Townhome, Condo Listings:

  • Listings (11/14/2008):  21540
  • Under Contract (11/14/2008):  6414
  • Sold October 2008:  3084
  • Month's Inventory:  7.0

(Nov/Dec 2008)  All SFR, Townhome, Condo Listings:

  • Listings (12/11/2008):  21715
  • Under Contract (12/11/2008):  6320
  • Sold November 2008:  2539
  • Month's Inventory:  8.3

Short Sales:

  • 31% of Listings
  • 9.7% of Sales

REO (Foreclosures, Bank Owned:)

  • 35.9% of Listings
  • 76.6% of Sales

In a Little Under One Month:  Listings are up +175 units, pendings are down -94 units, closings are Down -545 units and absorption is down up slightly.  Sales are expected to be slightly down during winter months. Much pending inventory was burned off due to Seller Assisted Down Payment Assistance ending.  DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's Report

If you are thinking about buying a home in the Las Vegas Area Please Call:  702-966-2494:

  • Option 1 if you are a Buyer wanting to purchase a home.
  • Option 3 if you are interested in Financing your home - (including down payment assistance for first time buyers)
  • Option 0 if you are interested in selling your Las Vegas Area home.
  • Option 4:  Para español presione el cuatro.

 

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Hug Your BFF

Italian Greyhounds

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The Burrows Breakdown: Las Vegas Area Rent, Buy or Invest? 12/10/2008 Weekly Edition

Las Vegas, NV Area First Time Buyers to All Cash Investors:  Does it Make Sense to Buy a Home Right Now?

Can you own for less than renting?  Can you own a rental and see a decent monthly return on your investment?

Weekly feature w/ 4 homes in different areas of the valley designed to help people from first time buyers to all cash investors to see if the numbers make sense!

West Las Vegas Home For SaleAddress:  8988 Leaping Pad Court

  • West Las Vegas:  1604 Sq Ft, 3 BR, Garage, Private Backyard
  • Price: $149,900
  • Rental Comps:  $1150-1250*
  • Estimated FHA Monthly Payment:  $1153**

East Las Vegas Home For SaleAddress: 3889 Spencer St

  • East Las Vegas:  2336 Sq Feet, 2 Car Garage, 4 BRs, Large Lot
  • Price:  $200,000
  • Rental Comps: $1550-1650*
  • Estimated FHA Monthly Payment:  $1407***

 North Las Vegas Home For SaleAddress:  3229 Green Ice Ave

  • North Las Vegas:  2066 Sq Ft, 3 Car Garage, 5 BRs
  • Price: $159,900
  • Rental Comps: $1350-1450*
  • Estimated FHA Monthly Payment:  $1313****

 

Henderson NV Real EstateAddress:  254 Chamomile Dr

  • Henderson:  Single Story, 2036 Sq Ft, 3 Car Garage, 3 BRs 
  • Price: $219,900
  • Rental Comps:  $1350-1450*
  • Estimated FHA Monthly Payment: $1569*****

  

*Rental Price:  Comparable range based on terms. Lower end rental price = more conservative lease terms based on best credit and 1 year + lease.  Higher end rental price = more liberal lease terms with OK credit, pets allowed and shorter than one year lease terms.  All prices based on date of this post.  Comparable rental range is not net, it does not factor in the price of repairs, holding costs, property management fees, etc.  I will be happy to send you the rental comps via email.  Simply request "rental comps for (insert address of advertised home)"  at email address:  Renee@ReneeBurrows.com.

 

** West Purchase Price     $   149,900.00
  HOA Association    $           35.00
  Taxes      $      2,128.00
         
  Loan Amount    $       147,948
  Rate     5.375%
  APR     5.911%
         
  P & I     828
  FHA MI      $               68
  Est Taxes     $             177
  Est Homeowners Insurance  $               45
  HOA      $               35
  Total Payment    $           1,153
         
***East Purchase Price     $   200,000.00
  HOA Association    $                -  
  Taxes      $      2,000.00
         
  Loan Amount    $       197,395
  Rate     5.38%
  APR     5.933
         
  P & I     1105
  FHA MI      $               90
  Est Taxes     $             167
  Est Homeowners Insurance  $               45
  HOA      $                -  
  Total Payment    $           1,407
         
****North Purchase Price     $   159,900.00
  HOA Association    $           28.00
  Taxes      $      3,411.00
         
  Loan Amount    $       157,817
  Rate     5.38%
  APR     6.11
         
  P & I     883
  FHA MI      $               72
  Est Taxes     $             284
  Est Homeowners Insurance  $               45
  HOA      $               28
  Total Payment    $           1,313
         
*****HN Purchase Price     $   219,900.00
  HOA Association    $           18.00
  Taxes      $      2,302.00
         
  Loan Amount    $       217,036
  Rate     5.38%
  APR     5.611
         
  P & I     1215
  FHA MI      $               99
  Est Taxes     $             192
  Est Homeowners Insurance  $               45
  HOA      $               18
  Total Payment    $           1,569

  

******Rates are as of 12/9/2008 and based on a 30 year fixed FHA loan on approved credit and income qualifications.  Some products may not be available in all states.  This is not a commitment to lend.  Restrictions apply.  Call for financing details 702-966-2494 option 3.

All properties listed here are brokered by Nevada Realty Solutions, LLC.  Call 702-966-2494 option 1  (Para español presione el cuatro) for more information on properties.

Also check with your tax advisor for the potential tax benefits of owning a home.

Grant and Bond 100%, Zero Money Down Opportunities for First Time Buyers.

 

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Henderson NV OPEN HOUSE: Pool For Sale Home Near The District!

Pool Home in Green Valley Ranch
Main Photo
Location: Green Valley Ranch
For More Photos, Virtual Tour and Current Pricing Go To: www.ReneeBurrows.com/1855


Open Week of December 11-16. Go to www.ReneeBurrows.com/openhouse for more information on days/times.
Features
Bedrooms: 4
Bathrooms: 3
Year Built: 2000
Subdivision: Green Valley Ranch
Lot Size: 6981
Garage Size: 3
School District: CCSD
Square Footage: 3181
Agent Name: Renee Burrows
Broker: Nevada Realty Solutions
MLS #: 831258
Information
Contact Information
Pricing
Price: $380,000.00
Additional Pricing Information: Short Sale Subject to Lender Approval: Back on Market, approved at this price but buyers walked!BRING US ANOTHER!
Property Location
1855 Whispering Cir
Henderson, NV 89012
View Map
Attributes
Appliances
Range/Oven
Dishwasher
Sink Disposal
Interior Amenities
Fireplace
Kitchen Island
Exterior Amenities
Patio
Fenced Yard
Swimming Pool
Hot Tub

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Las Vegas, NV November 2008 High Rise Inventory Update: Still Painful!

Las Vegas High Rise Rental Activity

We have seen the Las Vegas, NV high rise real estate market as a challenged market with an abundance of resale inventory.  For several reasons:

  • Too many speculators in that market.  They want to close n flip.  They are not interested in holding, renting or living in them.  Each time a building closes, we see an increase of inventory.Trump High Rise Tower Las Vegas, NV
  • Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is.  So the buyer pool for both resales and new went kaput.  Loud and hard too.

Here are the high rise stats:

Rentals:

  • 318 Listed 11/14/2008
  • 11 Under Contract 11/14/2008
  • 43 Leased 9/29-10/29/2008
  • 7.4 Months Inventory

Resales:

  • 884 Listed 11/14/2008
  • 25 Under Contract 11/14/2008
  • 31 Closed 9/29-10/29/2008
  • 38.4 Months Inventory (=3.2 years)

Rental inventory has increase from the last report.  Resale inventory absorption rate has gone up by 1 year in one month.  THis is how volatile this market is.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  Information is deemed reliable but not guaranteed.

If you are thinking about buying or renting a high rise condominimum in the Las Vegas area, please call 702-966-2494.  Press 1 if you are a buyer or press 2 if you are a renter.  For financing options press option 3.  For selling or leasing/property management press option 0.  We will not list condos that have not yet closed with the builder or are not interested in contract reassignments.  Para español presione el cuatro.

Las Vegas High Rise Condos For Sale

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Economic Conditions for the Las Vegas Valley November 2008

Economic Conditions for the Las Vegas Valley October 2008

 Housing Conditions:

  • Foreclosure/Short Sale Listings (12/9/2008): Total Listings 21,550; Short Sales: 6695, 31.1% of all listings; Bank Owned Listings: 7662, 35.6% of all listings. Short sale and REO listings consume 66.6% of total listings
  • New Home Sales (October 2008, units sold): 798 Year Change -31.8% (excl condo conversions, highrises)
  • New Home Sales (October 2008, median price): $244,086 Year Change -18.1% (excl condo conversions, highrises)
  • Existing Home Sales (October 2008, units sold): 3140 Year Change +105.4%
  • Existing Home Sales (October 2008, median price): $180,000 Year Change: -30.6%
  • New Home Permits (October 2008): 329 Year Change +82.1%
  • Rental Rate (MLS Monthly Average October 2008): $1393/month 

My analysis:  Distressed listings (foreclosures and short sales) are 66.6% of total listings.  Distressed listings taking up almost 70% of the market share continues to pique buyer interest in this city.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resales up units sold 105.4% year over year, this is due to prices falling dramatically year over year.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster.

New Residents/Employment Conditions:

  • New Residents (October 2008): 5612, Year Change 8%
  • Total Employment (September 2008): 924,100 Year Change +0.1%
  • Unemployment Rate (September 2008) 7.4%, Year Change +45.1%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.

Tourism/Gaming Conditions:

  • McCarran Airport Total Passengers (September 2008): 3,377,238 Year Change -13.2%
  • Gaming Revenue (September 2008): $853,511,010, Year Change -2.9%
  • Visitor Volume (September 2008): 3,230,992, Year Change -11.4%
  • Convention Attendance (September 2008): 357,525, Year Change  -10%
  • Hotel/Motel Occupancy (September 2008): 84.3% Year Change -7.7%

My analysis: Rising gas costs & flight cuts have hurt our incoming visitor count.  Conventions, Visitor Volume, Airport Traffic all down double digits.  Gaming revenue staying steady year over year almost looks impressive.  October, November and December's numbers need to be watched carefully.  Hopefully low gas prices and incredible discounts from hotels and airlines will flip those numbers around.  Conventions may remain dismal for a while due to lack of business credit available.

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.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion.

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North Las Vegas Resale Statistics by Zip Code

North Las Vegas Real Estate

89030 Units Sold Median Price 1000's
Jan-08 4 170
Feb-08 6 100
Mar-08 7 98
Apr-08 7 122
May-08 8 111
Jun-08 15 87
Jul-08 20 84
Aug-08 16 105
Sep-08 23 82
Oct-08 36 63
Nov-08 35 52

North Las Vegas Real Estate

89031 Units Sold Median Price 1000's
Jan-08 45 218
Feb-08 58 220
Mar-08 83 190
Apr-08 102 198
May-08 126 180
Jun-08 128 182
Jul-08 154 181
Aug-08 144 170
Sep-08 165 165
Oct-08 192 160
Nov-08 129 155

North Las Vegas Real Estate

89032 Units Sold Median Price 1000's
Jan-08 27 214
Feb-08 19 204
Mar-08 27 200
Apr-08 35 179
May-08 44 181
Jun-08 74 172
Jul-08 74 160
Aug-08 59 164
Sep-08 89 155
Oct-08 75 150
Nov-08 51 135

North Las Vegas Real Estate

89081 Units Sold Median Price 1000's
Jan-08 23 218
Feb-08 23 208
Mar-08 39 215
Apr-08 40 215
May-08 69 201
Jun-08 63 199
Jul-08 93 190
Aug-08 74 186
Sep-08 97 180
Oct-08 86 178
Nov-08 63 169

North Las Vegas Real Estate

89084 Units Sold Median Price 1000's
Jan-08 21 226
Feb-08 34 248
Mar-08 36 204
Apr-08 52 254
May-08 46 224
Jun-08 53 215
Jul-08 71 245
Aug-08 66 195
Sep-08 61 190
Oct-08 78 205
Nov-08 58 208

North Las Vegas Real Estate

89085 Units Sold Median Price 1000's
Jan-08 3 234
Feb-08 3 290
Mar-08 7 282
Apr-08 6 265
May-08 16 264
Jun-08 13 285
Jul-08 16 250
Aug-08 5 265
Sep-08 12 230
Oct-08 10 250
Nov-08 7 210

North Las Vegas Real Estate

89031 Units Sold Median Price 1000's
Jan-08 2 263
Feb-08 5 230
Mar-08 4 254
Apr-08 2 267
May-08 7 249
Jun-08 9 189
Jul-08 18 241
Aug-08 17 225
Sep-08 15 220
Oct-08 12 187
Nov-08 9 193

North Las Vegas Monthly Resale Statistics for year 2008:  units sold and median price by zip code.  Does not include Manufactured Homes, FSBO and New Construction.  Residential Units Included in this report:  Condominium, Townhome and Single Family.  Median Price = Sold Units

Please Call 702-966-2494 if you are interested in purchasing, renting or selling your North Las Vegas Home!

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