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

I went out to Omaha for My sister's wedding for 10 days.

Quite possibly the oldest bridesmaid in the world:

I got my baby fix:

It stormed almost every day but one.  My daughter was just asking about tornadoes the day before I got these amazing pictures.  We were shopping and she was freaking out because the thunder and lightening was brutal.  I told her that tornadoes mostly pop out of wall clouds and we didn't need to worry.

Well the next day (Friday July 27, 2008) I interrupted her shower to let her know the most amazing wall cloud was coming through.  She shot these photos by the way.  We were at my in-laws in Carter Lake Iowa approximately 1.7 miles north from downtown and the Quest Center where the olympic swimming trials are going on.

Picture one, mom (me) letting daughter know I have witnessed many many wall clouds and it is safe and I know what to look for.  I told her we need to spot rotation in the clouds and a possible debris cloud underneath.

Picture 2, notice my daughter is getting brave and in the street now.  Notice the debris cloud underneath in the lower left corner?  Yea, that's about the time I spotted it too!

We are seeing definite rotation and debris cloud as the storm is moving 1.5-2 miles to the south of us.  Note how we are making our way closer to the house...LOL!

Picture 4:  Yea, it is what it is and before all hell broke loose:

This storm was fast moving and due north of us a big debris cloud was spinning and we could see debris flying all around and it sounded like Mike was rummaging through the kitchen utensil drawer minus him yelling "hun where is the potato peeler?"

My sister (who lives midtown Omaha) called me and screamed "get in the basement something just hit our house!"  We lost cell service.  We zipped downstairs and it was over with almost as quickly as it came through.  After about 15 minutes of rain and wind and hail we popped out of the basement and all you could hear was emergency vehicles all around.  My MIL was MIA for about an hour and pulled in and her car looked like she drove through the jungles with it camouflaged.  She said trees were down everywhere (she works close to where my sister lives.)

We made our way to the old market for dinner a couple of hours later.  The Quest building (where we are just a couple of miles from) had part of it's roof ripped off:

The next day we went to my sister's house.  There was house damage here and there in her neighborhood.  This one is taken from her backyard, 60th and Walnut-ish.  A Walnut tree (go figure) fell on the garage behind her:

Notice the smathering of debris all over the siding.  They were pulverized leaves.  All the homes in the area had them on all four sides.  The national weather service didn't call this a tornado, I am not a meteorologist, nor do I play one online.  Never saw debris on all sides of a house from "Straight Line Winds" only tornadoes.  I saw what I saw and I am sticking to it!  Amazingly enough, with all this destruction, there were only two deaths in Council Bluffs Iowa from a tree falling on a car with people inside of it.

My heart and prayers go out to all who have damaged homes.  I am amazed at the quick response from Omahans to get everything cleaned up.  1000s of homes are still without electricity today. 

Seriously, there is NO PLACE like home. 

I became a new mom way too young.  People may not realize it but I only play an arrogant full of myself Realtor only online.  I am actually a mom and wife first before anything else.  My whole entire existence revolves around my family.  I learned that from my own parents who instilled that sense of family life in me at a young age.

All of my family has had a profound effect on my children and their outcome because they were so loving and filled with encouragement.

The #1 tribute goes to my husband of 19 years and my babies' daddy:  Mike 

Our first date was Father's Day 21 years ago.  He has been a wonderfully supportive husband, INCREDIBLE FATHER and more than I ever dreamed of.

He somehow managed to attend school, work full time and be a wonderful dad to two small children when he didn't have time.  When the kids were little, he would wear out the knees in his jeans every couple of months because he spent so much time playing with them on the floor.

Mike is completely supportive of all of our dreams (not as much as a realist dream killer like I am!)  Mike is my "back up".  He doesn't have to "pull out the arsenal" when the kids disappoint him.  All he has to do is give them a look and say "I am disappointed."  That is more effective than my logic driven discipline that can go on for days.

Other tributes (not in particular order)

Mike's Dad, Carl.  He was an only child and was so focused on my children (cuz they were the only grandchildren for something like 14 years!) 

They would be the "fun ones" that would teach him how to shoot a BB gun and drive a stick (on their BMW no less.)  The stuff that makes a mother cringe. 

They ended up living to tell the stories and looking back, I shouldn't have cringed.  They managed to raise 4 children between the two of them and they all lived to tell about it so I should have just let go and not get so uptight so many times!

My dad, Bob.  Also the fun one but only "safe" fun.  They would take the kids camping, to cookouts and state parks to give Mike and I small breaks here and there. 

He would chase my son around and squeeze his fat thighs and his nickname for my son was "THICK". 

Heather's blue eyes and striking resemblance to my baby sister would always melt his heart and have him give in to her every wish.  She was his princess

My brother, Brian.  He is "the Godfather" to both of my children.  We are only 13 months apart.  He would come over to the house and play with the kids with my husband so rough. 

They would do things like roll them in a blanket and swing them around until they get thrown in the couch.  One of those other momma moments where I would have to leave the room.

Can't forget all those endless phone calls when his favorite team (Oakland Raiders) was beating my son's favorite team (KC Chiefs) just to tease.

Mike's brother, Tony.  He lived in our basement for two years when the kids were little.  He would baby sit for us on the occasion we had a little extra cash to go out.  He would play so gently with them, not too much rough housing.  He wouldn't get into diaper duty or anything of a great help but just playing with them sometimes to get them out of my hair was enough!  ESPECIALLY when Mike was in school.

My brother in law Lowell.  He is a former Marine and got my son out of the BB gun stage and took him to the range repeatedly to teach him how to use and respect big boy guns. 

He has 4 brothers and no sisters so he always treated Heather so special and delicate. 

Now he was blessed just this year with a little baby girl.  MUHAHHAHAHHAAHAHA  He is now ruined for life!

My soon to be brother in law, Kyle.  Kyle and Lowell are closer in age to my children than us.  My children love both of them for their youth and ability to close the gap between the generations.

Kyle went camping with us last year (during his 3 week internship he stayed with us) and my son and him managed to go rattlesnake hunting with success :shudder:  I did NOT need to know that I camp so close to rattlesnakes.

Kyle is doing his facetious "senior pictures" pose in this one with my sister and nieces. 

We definitely cannot forget the moment when we went out to eat with them last year.  My daughter had a friend that looks like her, my sister looks like my daughter and Kyle looks like my son.  The server thought all five of them were my children..LOL

And then my recently deceased grandfather.  He is missed in a very big way!

The best way to describe my family that they are filled with love and a twisted sense of humor.  We laugh a lot!  I feel very blessed that my children are surrounded by wonderful men (and women) in our family to share experiences I can not share, to share love, laughter and tears too.  My children are very well rounded due to the diversity of people in our lives.

Here goes the domino effect of the day and I wasn't planning on any widespread use of brain cells today either (THANKS LENN!)

I am old but not very old but the last decade seems to have brought out a new type of investor:  the Speculator.

First we saw the Tech Bubble.  That bubble began to burst in the early election cycle of the year 2000.

Shortly thereafter, energy traders began taking advantage of California's deregulation where wholesalers and traders would manipulate the western electric markets by taking power plants offline.  What we ended up in the west with was a host of utility companies stuck in long term wholesale power contracts and credit ratings ruined.

We are still paying for it.  9/11 made the story go away from the national headlines but when anyone out west gets their summer electric bill, we sure as heck remember this scandal!

Shortly after 9/11 with credit loose, the packaged Mortgage Backed Security (read Lenn's story that prompted me to write) made its way into portfolios.  Lenn writes: 

"My vote for the largest contributor would be the investment banks on Wall Street.  It was they who pooled the international funds, including Sovereign Wealth Funds, to buy the RMBSs, investment securities backed by residential mortgages.  Alan Greenspan had rates so low, the billions of international money had no place to go. WAIT!  Let's take some mortgages, carve them up, bundle them and resell them as Mortgage Backed Securities.  Americans will always buy homes, won't they?  Americans will always pay their mortgage payments won't they?  All those Billions of Dollars from around the globe looking for a place to put those $Billions fed the frenzy of more and more sub-primes to originate, bundle, carve up, bundle again and sell again.  Folks don't always understand just how much money went into these instruments.  $900,000,000,000 is a hard number to wrap your head around."

Look at what I bolded in her statement.  We know that many lives have been ruined because this statement has simply been proven false.  I think the largest group of people <in my market> who have been hurt by this are people who don't have any control over making the mortgage payments:  RENTERS.

I am trying not to go off on a tangent here but want people to think about the new SCANDAL DU JOUR:  THE OIL BUBBLE.

Articles are written all over AR, all over the web about panic in regards to gasoline prices.  Well I firmly believe we are in the midst of an oil bubble.  (FYI, I believed that before that article came out, I have replied on many blog posts that there is no need to panic!)  The price of a barrel of oil is not firmly based on supply or demand but on the futures market.

Does it hurt me to pay twice as much at the pump as I should?  Sure!  Will we have long lasting economic effects?  YUP!  It hurts that I have to pay twice as much as I should have to for a gallon of gas.  Our thirst and lust for oil (read those bolded words again) are begging for more drilling, more this, more that.  We don't see anything about conservation.  We don't see anything about innovation.  All we are seeing from this is that we are a vulnerable society to foreign & speculative money to snatch what we have from our economy.

What is up with that?  It almost seems to be a collaborative effort.  Our society is a "want it all want it now" greedy society. (Settle down, as a whole, OK?)  Maybe if we learned how to save and learned how to conserve and learned how to be innovative we wouldn't get ourselves where we are today.

Dependant & Vulnerable.

:looking over the horizon for the next bubble:

Congratulations to my son, Darron James Burrows for graduating from Sierra Vista High School on June 10, 2008 with an advanced diploma (the blue cord.) 

Darron will be attending CSN for one year, followed by UNLV for one or two more years (as a film major) and then hopefully UCLA or USC to finish it off.  Darron has stayed out of trouble, graduated with honors and has been writing film scripts since elementary school. (Where would he get that from?  go figure!)

His daddy (my dear hub of 19 years), sister, grandparents, aunts and uncles could not be more proud of his academic achievements and goals.

Yea, my rusty tear ducts turned into an overflowing dam on that day :) 

I know everyone says it but it seems like just yesterday.....................................

This Rhodes Ranch Area resale market report was generated on June 12, 2008 (graph on bottom):  

• Active Listings: 377
• Under Contract: 209
• Sold 4/19-5/19/2008:  79
• Months Inventory: 4.8
• Low:  $92,900; High:  $3,490,000; Median:  225000(listing prices only)

Rental Market Report generated on June 12, 2008 (graph on top):

• Active Listings: 56
  
• Under Contract: 19
• Leased 5/5-6/5/2008:  48
• Months Inventory:  1.2

Median List Price for an area rental:  $1350/month, Low:  $800, High:  $7000

Note:  THE RESALE MARKET IS NOW A STABLE-SELLER'S MARKET, THE RENTAL MARKET REMAINS HOT WITH BARELY ANY INVENTORY!

Information from GLVAR is deemed reliable but not guaranteed.

Last Market Report Generated May 13, 2008

Click here to view past market report graphs and active rental, resale and new construction listings in the Rhodes Ranch Area 

 Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.  Press 1 if you would like to buy, press 2 if you would like to rent, press 0 if you would like to sell!

ABSORPTION continues the slow downward track!  Down 1.7 months from last month. Current absorption is hovering between 8-9 months of inventory.  Stabilization is coming into the picture!

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

In a Little Under One Month:  Listings are down 564 units, pendings are up 564 units, closings are up 355 units and absorption is down 1.7 months.  We are only seeing a 44% 30 day pending to close ratio right now.  No doubt the FHA limits rising + prices dropping has helped stimilate our market and the pent up demand!

Last Month's Report

If you are looking to buy a home in the Las Vegas, Enterprise, Paradise, Henderson Area, please call us for a free buyer's representation consultation today at:  702-966-2494.  Press option 1

Rental Homes with pools are in very large demand with summer on the horizon.  Renters are turning into buyers so we are seeing *a little* pressure taken off of the renter's market

Units Leased:

• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 
• December 2007:  1156 
  November 2007:  1452
  October 2007:  1501
  December 2006:  1052
• January 2007:  1262 

Average Monthly Rental Rates:

• May 2008:  $1483
• April 2008:  $1467
• March 2008:  1342 
• February 2008:  2788 
• January 2008:  $1500 
• December 2007:  $1531 
• November 2007:  $1493
• October 2007:  $1511
• January 2007:  $1295

Median Monthly Rental Rates:

• May 2008:  $1250
• April 2008:  $1250
• March 2008:  1200
• February 2008:  1200 
• January 2008:  $1200 
• December 2007:  $1295 
• November 2007:  $1200

Absorption Rate is stable from last month and remains a Landlord's Market at 2.2 months of inventory in the Rental Sector for the Las Vegas Valley.  Maybe we will see a stabilizing in the rental market coming up.  It seems to be softening every month!

Last Month's Report 

If you would like to rent a home in the Las Vegas Area please call 702-966-2494 and press option 2 to speak with a rental specialist.

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months.  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.
• 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:

• 297 Listed 6/3/2008
• 17 Under Contract 6/3/2008
• 65 Leased 4/24-5/24/2008
• 4.6 Months Inventory

Resales:

• 809 Listed 6/3/2008
• 43 Under Contract 6/3/2008
• 24 Closed 4/24-5/24/2008
• 33.7 Months Inventory (=2.8 years)
  

Rental inventory has big decrease from last month.  Resale inventory has decreased also but 2.8 years of inventory is still A LOT of inventory.  Read last month's report here.

There has been a noticed rise in foreclosures & bank owned listings at Manhattan South.  List prices for those are about 50-65% of what the original owners paid for them!  Manhattan South is located on Las Vegas Blvd South across the street from South Point Hotel & Casino but off strip and is a mid rise community.  We are also seeing a noticeable rise in foreclosures in Soho as adjustable loans adjust.  Soho is located in the Arts district between the strip and downtown.

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.

Economic Conditions for the Las Vegas Valley April 2008

Housing Conditions:

• Foreclosure/Short Sale Listings (6/12/2008): Total Listings 20,675; Short Sales: 5576, 27% of all listings; Bank Owned Listings: 4287, 21% of all listings. Short sale and REO listings consume 47.7% of total listings
• New Home Sales (April 2008, units sold): 749 Year Change -35.5% (excl condo conversions, highrises)
• New Home Sales (April 2008, median price): $255,615 Year Change -18.3% (excl condo conversions, highrises)
• Existing Home Sales (April 2008, units sold): 2247 Year Change -4.5%
• Existing Home Sales (April 2008, median price): $230,000 Year Change: -19.3%
• New Home Permits (April 2008): 711 Year Change -60.6%
• Rental Rate (MLS Monthly Average May 2008): $1483/month 

My analysis: Resale listings are down and pendings are up sharply, absorption rate is turning healthy.  REO listings are in a seller's market.  The Rental Market is turning.  Fire sale prices remain attractive to both long term investors and buyers tired of paying rent.  Distressed listings (foreclosures and short sales) are 47.7% of total listings.

New Residents/Employment Conditions:

• New Residents (April 2008): 6044, Year Change -2.4%
• Total Employment (April 2008): 926,900, Year Change -0.4%
• Unemployment Rate (April 2008) 5.5%, Year Change +25%

My analysis: The rising unemployment rate concerns me.  Availability of jobs will not keep new residents streaming in to town.  Could be tied to construction jobs lost and lack of home equity money for home improvement services.  New resident count seems to be stabilizing.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (March 2008): 4,120,158 Year Change -1.7%
• Gaming Revenue (March 2008): $871,896,196, Year Change -2.0%
• Visitor Volume (March 2008): 3,855,578, Year Change -1.5%
• Convention Attendance (March 2008): 637,755, Year Change  -6.6%
• Hotel/Motel Occupancy (March 2008): 92.2% Year Change -1.8%

My analysis: Only slight yearly changes.  The economic conditions need to be watched carefully as rising gas prices may affect tourism in the valley

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

Bank Owned Las Vegas Listings (AKA Foreclosures, REOs) are enjoying a HOT SELLER'S MARKET!  Inventory has risen slightly (+218 units), Pendings have risen DRAMATICALLY  (+763 units.) Closing data is up up UP at + 442 units.

Inventory holding steady.  Absorption rate is 2.9 months. 

There are some wild numbers out there in the blogosphere in regards to percentage of bank owned sold vs other sold.  All the solds for the same time period = 2407 units.  The percentage of REO's being sold in the market is 58.7%.  The number of REO Listings represents 20% of the resale market.

Current Listed Bank Owned Statistics:

• Listings (6/3/2007): 4130
• Under Contract (6/3/2007): 3297
• Sold 4/24-5/24/2008:  1412
  
• Absorption Rate:  2.9 Months

View Last Month's Report Here  

If you would like to buy a bank owned property call 702-966-2494, press option 1 and let us know what you are looking for.  We will set you up on a search to have the new listings emailed to you as soon as they hit the market!

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

The absorption rate for Las Vegas Short Sales has dropped by 1/2 year from April to May 2008.  Inventory has risen dramatically (+284 units).  Pending units has also risen dramatically by +291 units.  This is because the MLS board is REQUIRING agents to change status with an offer and make it contingent on bank approval.  Many under contract are no where near bank approval.  Solds have increased nicely by +35 units.  Maybe the banks are finally getting their act together to get these approved!

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

Short Sale Synopsis:

• Listings 6/3/2008: 5517
• Pending 6/3/2008: 1908
• Closed 4/24-5/24/2008: 172
• Month's Inventory: 32 (=2.7 Years Inventory.)
  

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

This Rhodes Ranch Area resale market report was generated on June 3, 2008 (graph on bottom):  

• Active Listings: 371
• Under Contract: 208
• Sold 4/19-5/19/2008:  67
• Months Inventory: 5.53
• Low:  $92,900; High:  $3,490,000; Median:  229900(listing prices only)

Rental Market Report generated on June 3, 2008 (graph on top):

• Active Listings: 59
  
• Under Contract: 18
• Leased 4/19-5/19/2008:  44
• Months Inventory:  1.3

Median List Price for an area rental:  $1350/month, Low:  $800, High:  $7000

Note:  THE RESALE MARKET IS NOW A STABLE MARKET, THE RENTAL MARKET REMAINS HOT WITH BARELY ANY INVENTORY!

Information from GLVAR is deemed reliable but not guaranteed.

Last Market Report Generated May 13, 2008

Click here to view past market report graphs and active rental, resale and new construction listings in the Rhodes Ranch Area 

 Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

If you would like to buy, rent or sell a home in the Rhodes Ranch Area, please call 702-966-2494.  Press 1 if you would like to buy, press 2 if you would like to rent, press 0 if you would like to sell!