Nevada Real Estate >> Las Vegas Real Estate Specialist: January 2009

This Rhodes Ranch Area resale market report was generated on January 25, 2009: 

• Active Listings: 445
• Under Contract: 150
• Sold 12/20/2008-1/20/2009:  77
• Months Inventory: 5.8
• Low:  $59,900; High:  $3,490,000; Median:  $175,995(listing prices only)

Rental Market Report generated on January 25, 2009:

• Active Listings: 116
  Under Contract: 12
• Leased 12/20/2008-1/20/2008:  42
• Months Inventory:  2.8

Median List Price for an area rental:  $1272/month, Low:  $725, High:  $4500

Note:  The resale market is losing steam and swinging back into a balanced market.  The rental market is still a strong landlord's market.

How to read my market reports (definitions and terms!)

Last Market Report Generated January 5, 2008

Price Trend Graphs, Most Recent Market Reports, New Construction Listings, Rental Listings & Resale Listings for 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. 

702-966-2494 menu:

• Option 1:  Buyers wanting to purchase a Rhodes Ranch Area Home
• Option 2:  Renters wanting to rent a Rhodes Ranch Area Home
• Option 3:  Financing Questions for Rhodes Ranch Area Buyers - Ask about 100% loans for first time buyers!
• Option 0:  Sellers wanting to sell their home in the Rhodes Ranch Area:  We do have a short sale specialist (with a proven track record) and a full time licensed, permitted property manager if you need to rent out your Rhodes Ranch area home!
• Option 4:  Para español presione el cuatro.

Economic Conditions for the Las Vegas Valley November 2008

 Housing Conditions:

• Foreclosure/Short Sale Listings (1/12/2009): Total Listings 21034; Short Sales: 6580, 31% of all listings; Bank Owned Listings: 8072, 38% of all listings. Short sale and REO listings consume 70% of total listings
• New Home Sales (November 2008, units sold): 607 Year Change -56.3% (excl condo conversions, highrises)
• New Home Sales (November 2008, median price): $248,341 Year Change -10.5% (excl condo conversions, highrises)
• Existing Home Sales (November 2008, units sold): 2518 Year Change +79.0%
• Existing Home Sales (November 2008, median price): $173,900 Year Change: -31.5%
• New Home Permits (November 2008): 180 Year Change -44.8%
• Rental Rate (MLS Monthly Average December 2008): $1594/month 

My analysis:  Distressed listings (foreclosures and short sales) are 70% of total listings.  Credit markets must be watched, it's hard to remain optimistic with all the bad news on Wall Street.  Resales up units sold 79% 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 (December 2008): 4656, Year Change -26%
• Total Employment (November 2008): 927,600 Year Change -0.5%
• Unemployment Rate (December 2008) 7.9%, Year Change +51.9%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will go down if no new jobs are created.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (November 2008): 3,234,352 Year Change -14.7%
• Gaming Revenue (November 2008): $702,587,313, Year Change -15.2%
• Visitor Volume (November 2008): 3,132,021, Year Change -10.3%
• Convention Attendance (November 2008): 503,545, Year Change  -16.4%
• Hotel/Motel Occupancy (November 2008): 79.2% Year Change -8.9%

My analysis: Rising gas costs & flight cuts have hurt our incoming visitor count.  Conventions, Visitor Volume, Airport Traffic all down double digits.  Gaming revenue takes a hot.  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.

 Interest Rates Down, Prices Down, Rental Prices remaining stable!

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!

Address:  3150 Soft Breezes #1189

• West Las Vegas:  Condo w/ Community Pool, Spa, Clubhouse and Desert Shores Amenities 
• Price: $73,900
• Rental Comps:  $775-875*
• Estimated FHA Monthly Payment:  $696**

Address: 7443 Bouquet Canyon St

• SW Las Vegas:  1746 SF, 4 Bedrooms, Large Balcony, More Info, Virtual Tour, Floorplan
• Price:  $149,900
• Rental Comps: $1150-1250*
• Estimated FHA Monthly Payment:  $1114***

 Address:  5112 Iron Crossing Ave

• North Las Vegas:  2083 SF, Open Plan w/ Loft
• Price: $172500
• Rental Comps: $1250-1350*
• Estimated FHA Monthly Payment:  $1258****

Address:  11240 Arcangelo Ct

• South:  2320 SF, 4 BRs, Private Backyard w/ Covered Patio
• Price: $199,000
• Rental Comps:  $1300-1400*
• Estimated FHA Monthly Payment: $1428*****

*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.

******Rates are as of 1/17/2008 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.

Important news for buyers in the Las Vegas area residents in foreclosure and buyers also.

Weekly feature to profile Executive Style and Luxury Homes "smokin deals" in the Las Vegas Valley (Including Henderson and North Las Vegas.) 

1800 Bannie Ave, 89102 in Scotch Eighties.  MLS # 818510

FOR MORE PICTURES AND INFO, SEE VIRTUAL TOUR HERE

Square Feet:  5569

Lot Square Feet:  28,826

Bedrooms:  5

Baths:  3.75

Description:  Old School Charm Awaits the new owner of this amazing mansion.  Wrap around porch, Pool, Spa, Secret Closet and MORE!

List Price:  679900

Down Payment:  Approx 25%

Monthly Payment:  $3878

Luxury Home Brokered by:  NVRS

*Rates are as of 1/17/2008 and based on a 30 year fixed JUMBO 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.

If you would like to be set up on a search for Las Vegas Area Executive or Luxury Homes, please call 702-966-2494 option 1 or simply email Renee@ReneeBurrows.com and put LUXURY HOMES LAS VEGAS in subject title.

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 (+286 units), Pendings have dropped -92 units  Closing data is up up UP at +300 units.  Watch inventory rise in Feb/Mar as the foreclosure moratorium ended Jan 9.   Low interest rates have spurred a flurry of buyer interest & activity this December and it continues.   Foreclosures are showing NO signs of stopping!

REO sales accounted for 77% of all resales in December 2008.  REO listings account for only 38% 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 (1/12/2009): 8072
• Under Contract (1/12/2009): 3590
• Sold December 2008:  2245
• Absorption Rate:  3.6 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:

• Option 1 if you are a Buyer wanting to purchase REO Property.
• Option 3 if you are interested in Financing your REO Property (including down payment assistance for first time buyers)
• Option 4:  Para español presione el cuatro.

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

Watch for growing inventory in Feb/Mar with the current foreclosure moratorium ending Jan 9!  The absorption rate is extremely low in this market which means multiple offers on homes and offers above list price.

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 decreased sharply (-162 units).  Pending units have decreased by -113 units.    Solds have  increased by +55 units.  Absorption down 6 months but I do not believe the tide is turning.

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

Short Sale Synopsis:

• Listings 1/12/2008: 6580
• Pending 1/12/2008: 1965
• Closed December 2008: 302
• Month's Inventory: 21.8 (=2.8 Years Inventory.)

Short Sales Currently Account for:

• 31% of All Las Vegas Valley Listings
• 10% 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.

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

Nevada Realty Solutions NOW has a search tool where you can see area foreclosed homes BEFORE they hit the market (pre-marketing stage!)  You can also see real time status on our listings (such as how many offers are on our properties) and MORE!

Remember:  Our team does NOT charge you for buyer's representation!  We don't even charge you a stealth brokerage transaction fee!  When you are searching for your "free" buyer's representation, make sure you ASK your Realtor if they charge any transaction or brokerage or "stealth" fees.  These fees can range from $100 to almost $1000 so it is always good to ask.

To get this website info please call 702-966-2494 ext 1 or email Renee@ReneeBurrows.com and ask for "PRE-MARKETING FORECLOSURE LIST"

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 7.0 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:

(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

(Dec2008/Jan 2009)  All SFR, Townhome, Condo Listings:

• Listings (1/12/2009):  21034
• Under Contract (1/12/2009):  6099
• Sold December 2008:  2900
• Month's Inventory:  7.0

Short Sales:

• 31% of Listings
• 10% of Sales

REO (Foreclosures, Bank Owned:)

• 38% of Listings
• 77% 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.

Summerlin November 2008 Real Estate Resale Market Report:

• Listings (1/12/2008):  923
• Under Contract (1/12/2008):  256
• Sold December 2008:  131
• Month's Inventory:  7.0

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

Since Last Month's Report:

• Listings DOWN 44
• Pendings DOWN 2
• Sold Units UP 17
• Absorption DOWN 1.3 months

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.

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

Weekly feature to profile Executive Style and Luxury Homes "smokin deals" in the Las Vegas Valley (Including Henderson and North Las Vegas.) 

632 Chervil Valley Dr, 89138 in West Summerlin.  MLS # 874799

FOR MORE PICTURES AND INFO, SEE VIRTUAL TOUR HERE

Square Feet:  4620

Lot Square Feet:  10890 (0.25 acres)

Bedrooms:  6

Baths:  4.5

Description:  Entry courtyard w/ fountain.  Entry finished with slate and onyx.  Formal dining room features wet bar and wine cir.  Gourmet kitchen has center island w/ cooktop, granite, maple cabinets.  Grande master suite includes 2 walk-in closets, jetted roman top and double walk-in shower.

List Price:  764,900

Down Payment:  Approx 25%

Monthly Payment:  $4662

Luxury Home Brokered by:  NVRS

*Rates are as of 1/10/2008 and based on a 30 year fixed JUMBO 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.

If you would like to be set up on a search for Las Vegas Area Executive or Luxury Homes, please call 702-966-2494 option 1 or simply email Renee@ReneeBurrows.com and put LUXURY HOMES LAS VEGAS in subject title.

Heidi Johnson of Nevada Realty Solutions has made it her goal to raise the bar in Las Vegas Property Management Services!

She would love the opportunity to secure qualified tenants and get the best possible rental price in a very competitive real estate market for your rental property!

Overview of Services:

• Secure Qualified Tenants by processing applications and performing credit and criminal background checks
• Negotiate and Prepare Rental Agreement
• Collect Rent - Late Fees

Advertising:

Heidi will give your property the best exposure to rent it efficiently and effectively by advertising through the following:

• MLS
• Internet
• LVRJ Sunday Edition
• Yard or Window Signage per HOA community rules if applicable

Tenant Screening w/ Rental Applications:

• Review Credit
• Review Employment History (verify tenant's employment through past and current employer)
• Rental History (verify rental history through former or current landlord)

Rent:

• Rents are due on the first of each month.  Rent is late after the third day
• Late fees per lease agreement will apply
• Qut and pay proceedings will begin on the 5th day of non-payment of rent not including weekends and holidays
• Monthly rental statement and rent payment are sent out no later than the 15th of each month

Pets:

• There will be a $500 pet deposit and $250 per each additional pet
• If there is excessive damage from the pets, additional funds from the security deposit will be used
• It is the owner's decision to accept or deny pets

Additional Services:

• Maintain your vacation home for a minimal fee of $50/month
• Check property 2x a month
• Flush Toilets
• Check Bathroom and Kitchen Plumbing
• Run A/C or Furnace
• Dust Furniture

For more information on Property Management in the entire Las Vegas Valley (Including Henderson & North Las Vegas) please fill out contact request form.

Interest Rates Down, Prices Down, Rental Prices remain the same!

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!

Address:  4135 Windsong St

• West Las Vegas:  1202 Sq Ft, 3 Bedrooms, Covered Patio, Tile Floors 
• Price: $95,000
• Rental Comps:  $1100-1200*
• Estimated FHA Monthly Payment:  $676**

Address: 4512 Metpark Dr

• East Las Vegas:  1396 Sq Ft, 4 Bedrooms AND DEN, Large Lot
• Price:  $88,900
• Rental Comps: $1000-1100*
• Estimated FHA Monthly Payment:  $715***

 Address:  3151 Soaring Gulls Dr #1088

• North Las Vegas:  NW location with DESERT SHORES AMENITIES! 3 Bedroom Condo
• Price: $53,500
• Rental Comps: $750-850*
• Estimated FHA Monthly Payment:  $683****

Address:  9562 Parvin Dr

• South:  1870 Sq Ft, 4 BR, Granite, Tile and MORE
• Price: $172,000
• Rental Comps:  $1250-1350*
• Estimated FHA Monthly Payment: $1188*****

*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.

 **  $95,000 $0 HOA taxes $1107/year

• Loan Amount $93,763
• Rate ******4.875% APR = 5.211%(with 1 point)******
• Principle and Interest = $496
• FHA Mortgage Insurance = $43
• Est Taxes = $92
• Est Homeowners Insurance = $45
• HOA = $0
• Total Payment = $676

*** E $88,900 $0 HOA taxes $1995/year

• Loan Amount $73,924
• Rate 4.88% APR = 5.378%(with 1 point)******
• Principle and Interest = $464
• FHA Mortgage Insurance = $40
• Est Taxes =  $166
• Est Homeowners Insurance =  $45
• HOA =  $0
• Total Payment =  $715

****  NLV $53,500 $196 HOA taxes $1671/year

• Loan Amount $53,500
• Rate 4.88% APR = 5.223%(with 1 point)******
• Principle and Interest = $279
• FHA Mortgage Insurance = $24
• Est Taxes =  $139
• Est Homeowners Insurance = $45
• HOA = $196
• Total Payment = $683

 ***** S $172,000 $0 HOA taxes $2007/year

• Loan Amount $169760
• Rate 5% APR = 5.338%(with 1 point)******
• Principle and Interest = $898
• FHA Mortgage Insurance = $78
• Est Taxes = $167
• Est Homeowners Insurance = $45
• HOA = 0
• Total Payment = $1188

******Rates are as of 1/7/2008 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.

So are you ready to get your search on?

Open houses are 1/17, 1/24 & 1/25 from 11AM-4PM

Auction is:  Jan 31 and Feb 2, 2009

Lots of properties available from your entry level condos to luxury homes!!!!!!!!

My buyer's agent, Hawley McIntosh will be at the auction representing our buyers.  Hawley has a record of closed transactions from auctions and loves the thrill of the auction as much as the buyer.  Representation is FREE to you, REDC pays US to represent YOU!  ALSO ~ Burrows Group at Nevada Realty Solutions DOES NOT CHARGE a transaction fee to buyers as most other brokerages do.  Call Hawley for more details and to get registered at:  702-445-0936

Our trusted lenders, Rey Gallegos & Aaron Gordon are also a preferred lenders for the auction.  Please feel free to contact them at 702-966-2494 ext 3 to get prequalified for the auction!

HAPPY BIDDING!