While it is controversial whether something like this works or it takes away our rights as a pet owner, I am using this as a reminder that there are plenty of unwanted pets in the valley available up for adoption during the holiday season currently!  Shelters and foster homes are at their max these days.

Vets and dog parks within the Las Vegas city limits will be required to post notices in regards to the ordinances.  I think this will be impossible to enforce.  It seems the area is barely enforced anyways (stray intact dogs taken in over and over and time limits, mandatory spaying/neutering not enforced from my personal experience!)

There is a new clinic in town that is receiving accolades and they only do spays and neuters.  I am hearing that their cost is under $100 currently.  (note:  I have no personal experience with them nor is this a paid endorsement)

At any rate, I encourage people who are looking for a pet to give as a gift this holiday season, consider a few things:  

(most important) RESEARCH THE BREED! 

Interview & Research the Breeder

(there is one IG breeder in town that will not take the puppy back if there are issues even though they state they will - asking for references is very important - if they have been breeding for years a list of 3-5 people is not good, they should have hundreds of references.)

Please do not buy from a pet store -

pet store puppies come from puppy mills (for the most part.)  Reputable breeders generally do not sell to pet stores.  Reputable breeders usually have a waiting list.

Consider a shelter: 

• Lied,

• Heaven Can Wait,

• NSPCA,

• Las Vegas Valley Humane Society,

• or just google "Las Vegas Dog Shelters" to find more!

Consider a Breed Specific Rescue if you want one specific breed, there are a bunch in the Las Vegas Valley:

View Breed Specific Rescues in Las Vegas

View Breed Specific Rescues in Henderson

The Plug for The Breed Specific Rescue I am involved in:  Las Vegas Italian Greyhound Club of America Rescue. 

There are currently two dogs available and we will be adding another two (as of today).  The adoption forms and contact info are located on the information page!

All dogs pictured in this blog post are either up for adoption (like Shakey and Elrod) or have been adopted.

(Trust me, as a breed specific rescue volunteer this is NOT a good idea and we gear up in January/February for "turn ins" to rescue!  The cute little puppy with adorable little eyeballs turns into a destructive monster who tinkles and doos in the house.)

Remember:  Don't Shop, Adopt: 

It may make some dog happy

If you are an Active Rain Member who adopted a pet: 

Please post a picture of your adoption success story here in the comments!

Nevada Trails October 2009 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (11/15/2009):  23
• Under Contract (11/15/2009):  46
• Sold October 2009:  13
• Month's Inventory:  1.8

Since Last Month:  Listings are UP +3, Pendings are DOWN -4, Closes are DOWN -2

Last Month's Nevada Trails Market Report

Click here for More Information on Nevada Trails Living.

Welcome Home to GATED N Las Vegas Communities:  Allen Manor

• Gated Community
• 212 Single Family Homes
• All Single Story
• Ranging from 1970-2362 Square Feet
• Built From 2005-2008 by DR Horton 
• Located Near the Cross Streets of Allen & Centennial  

Good proximity to the new Northern 215 Beltway which makes getting to shopping, restaurants, entertainment and professional offices a snap!  Also close to Aliante Station Casino!

Review Journal article written by Hubble Smith

I would like to comment on the article on Shorts Sales in Las Vegas, Nevada is no longer a Niche Market. It is interesting that there has been a increase in the number of closings of short sales, 16% in October from the first quarter of only 8% short sale closings. The pending contracts that are in escrow for short sale approval is a very slow process and is fraught with perils for the buyer and the seller. The peril for the buyer is the time it takes to get approval or denial is 3 to 6 months, or the bank just forecloses on the property instead. The latter has happened to one of my clients when the first was sold to another lender and the new lender foreclosed on the property without looking at the offer.

For the seller that is trying to do the right thing by going through the short sale process, instead of foreclosure or bankruptcy are now seeing the banks giving approval to the short sale only if the owners agree to sign a document giving the bank the right to collect the difference from them for up to six years. Talk about a gun being put to your head!

Is the increase in closed short sales a result from a backlog of contingency contracts in escrow that are now moving through the process or is it actually a subtle change in banking policy and accepting more short sales? I believe it is not the bank changing policy but it is like a funnel filled with rice a few grains of rice will fall through the opening slowly at first until a path is made.

The reasoning is based on statistics from Nevada Title showing in October, 428 short sales closing and 1,261 short sales failed a 1 to 3 success ratio. Most studies that I have seen, shows the banks can recover more from a short sale if they do not have to start the foreclosure process which is costly and time consuming.

I believe that short sales would help stabilize the housing values in Las Vegas, Nevada as foreclosed properties take time to go back on the market. Vacant houses are not maintained and are left to deteriorate which only drops the values further. 

With more willing and able buyers then available homes, there must be a solution that works for all parties and in a more timely manner.

Without a process for approving a short sales, and shortening the time to get that approval, short sales will continue to be a Niche Market.

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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The unprecedented real estate bubble the nation just experienced was partly created by the credit rating shops that were tasked to value mortgage-backed securities, or MBS. The three large agencies doing that are Fitch Ratings, Moody's Investors Service and Standard & Poor's. The ratings the three arrived at were then attached to MBS issued by Wall Street firms and subsequently offered to investors who were seeking to invest money based on their own risk preferences. Obviously what the large investors world over were seeing made them confident that MBS were sound and worth acquiring, so they bought boatloads of them, stoking the fire under the housing bubble even more.

Las Vegas mortgage recipients, like those in the other seriously mauled areas of Arizona, California and Florida, were caught up in this frenzy and are now paying dearly for it.

Ever since the home loan and real estate market implosion there has been talk about how these ratings actually were sugar-coated and inaccurate, giving investors false impressions on their true value. Naturally the three agencies under scrutiny are adamantly defending their business practices.

Ohio attorney general has now filed a lawsuit against these three agencies on behalf of five Ohio public employee pension and retirement funds, claiming that the MBS ratings were inflated, often giving triple-A scores to mortgage-backed securities that in fact were rather risky. Moreover, the issuers of these bonds themselves, the lovable Wall Street crowd, were paying hefty fees for the ratings, creating an apparent conflict of interest issue. Conceivably the more fees a Wall Street issuer paid, the better an MBS rating would be.

The lawsuit seems to have decent merit now that the housing market has largely tanked and those MBS have lost most of their value, showing that in fact they were not quite triple-A vehicles but rather the high-risk variety. The Ohio attorney general has already filed seven other lawsuits against financial and investment companies since the economy turned sour and has collected thus far $2 billion in damages. This then isn't his first rodeo, so evidently he's onto something everybody should be paying attention to.

It just makes people wonder why Washington mortgage industry regulators are still sitting on the sidelines. This appears to be what they should be keeping an eye on and taking corrective action when needed. Does Wall Street have too much influence there? Well, at least some of the states have taken the initiative seeking to make the marketplace more responsible for its greedy and deceptive actions.

Desert Shores September 2009 Real Estate Resale Market Report (Homes For Sale/Under Contract/Sold):

• Listings (11/15/2009):  56
• Under Contract (11/15/2009):  106
• Sold October 2009:  29
• Month's Inventory:  1.9

Since Last Month:  Listings are DOWN -15, Pendings are DOWN -9, Sold Units are UP +15

Last Month's Report

Click here for Most Recent Desert Shores Market Report

Click here for More Information on Desert Shores Lake Living.

When the Southern Nevada - including Southern Highlands, Summerlin, Henderson, North Las Vegas, Anthem, Mountains Edge and Green Valley - housing market tripped into a free fall it was a foregone conclusion on many lips that scam artists would soon surface to try take advantage of the situation. And have they ever. What the local media has reported on the magnitude of the issue is undoubtedly only a tip of the iceberg. This, of course, isn't only a Las Vegas problem either, it covers the whole nation.

The scam artists generally employ a few basic practices that have all too often worked on unsuspecting homeowners facing mortgage payment challenges. One of them is the promise that the shady operator guarantees to put a halt to a foreclosure or to modify a home loan. Another is where he requests a large advance fee. They also like to ask for the borrower to stop paying the mortgage lender and send the payments to them instead. All of these are red flag events for homeowners thinking about foreclosure rescue or home loan modification.    

In addition, some operators will brag about their excellent track record and pledge to make refunds in case they fail to deliver the goods. And then there are those who say they are affiliated with the government or the mortgage company in question, when they are not. It's important to check on the legitimacy of any foreclosure rescue shop or home loan modifier before engaging them.

Because mortgage-related scams just continue gaining speed the FTC, or Federal Trade Commission, has launched a new program to attempt to slow things down. It's called Operation Stolen Hope. It was recently announced in a press conference held in Las Vegas, one of the cities most affected by the housing collapse where many hustlers have set up shop to ply their slimy trade. FTC is actually joining forces with at least 25 state attorneys general to thwart these deceptive, fraudulent and unfair business practices the scammers like to pull off. 

Operation Stolen Hope must be the result of ever increasing amount of mortgage borrower complaints. What FTC has done so far obviously hasn't been enough. Sometimes people wonder why regulators have to receive thousands of complaints before they start taking their mandate seriously. Why not do their job right from the get-go so there won't be that many disgruntled mortgage borrowers to make those breathless phone calls? Anyway, if FTC has the resources, organization and will it can make a big difference on the struggling homeowners' behalf.

Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

• Active Listings (11/15/2009): 219
• Under Contract (11/15/2009): 429
• Sold October 2009: 108
• Months Inventory: 2.0

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

• Active Listings (11/15/2009): 118
• Under Contract (11/15/2009): 11
• Leased October 2009:  66
• Months Inventory:  1.8

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

Last Month's Market Report

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 & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

CNNMoney Article By Les Christie: Option Arms: A poison Pill for homeowners

This is a comment about a article today in CNNMoney about Option Arms and what the affect it will have on the Las Vegas, Nevada housing Market. CNNMoney assessment is that it may be a killer for any home price recovery in Las Vegas, Nevada as the last of the Option Arms that were issued in 2004 are set to be recast. Some of the more interesting statistics that CNN reported is that relatively few of these Option Arms programs were used while they were being offered.

Unfortunately this is, I have some good news and I have some bad news which do you want to hear first! The good news is that only about 350,000 Option Arms were used, the bad news is that 60% of all Option Arms were in California, Nevada, And Arizona. These three states are in a bubble market and have already seen large declines in home prices over the last several years.

For those of you that are unsure how the Option Arms work I will explain. Most of the Option Arms had a starter teaser rate anywhere from 1% to 1.5% for three months to a year. The buyer was allowed to be qualified based on the starter teaser rate. They allowed the buyer to pick a payment plan each month

1.)a minimum payment (less then the Interest only option).

2.) Interest only payment.

3.) 15 years Principal and Interest payment.

4.) 30 year Principal and Interest Payment

I doubt that anyone one would be surprised that 93% of the people that had a Option Arms used the payment plan #1. The problem with using the payment plan #1 was that each and every month you took payment plan #1 you added the difference between Plan 1 and the interest only plan, this creates a negative amortization which increases the principal loan balance.

The lender to protect itself had written into the loan terms, if the principle balance increased more then 110% or 5 years (which ever trigger came first)  then the loan would be recast with the remainder of the loan term converted to a fully amortized loan, but at a greatly higher interest rate then the current ARM rate.

CNNMoney reports that currently 25% of the Option Arms that were issued have already defaulted in the first 20 months into the loan. The people that have made the minimum payment plan, but are ready to be recast, the defaults are expected to jump considerably higher due to lower home prices values, higher balances leaving few alternatives for the homeowner.

The "poison pill" for owners of a Option Arms loan is 80% of these types of loans were stated income. While the lender allowed no verification of income then, the rules have changed as they are now known as the "Liar Loans". The owners of the Option Arms loans are unlikely to produce the necessary income to qualify for a new loan, but may be also held legally liable for falsifying the application by stating income that was untrue.

Add the wrinkle of an unstable economy, and high unemployment rate in Las Vegas, Nevada you have a very poor foundation of stabilizing the housing market in Las Vegas, Nevada.

I have never used the Option Arm product with any of my clients and have actually lost business because after explaining to the clients the pitfalls of this program the client insisted in having this, I declined to do the loan.

I have received a few calls from clients that went a head and proceeded with the Option Arms, asking me to help them try to get out of their loan and told me they had wished they had listen to me in the first place.

At least I can sleep at night.

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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Tomorrow we give thanks on Thanksgiving Day in Las Vegas, Nevada for the sacrifices from those that first came here in hopes of a better life and freedom from persecution. While Thanksgiving Day is a special day where we celebrate with food and festivities that first day the pilgrims gave thanks, it is also a time for me to reflect and give thanks as well.

I'm giving thanks for having a wonderful family, a loving wife of 25 years, 3 Children, and one grandchild Michael who brings me joy everyday. I'm giving thanks to being reunited with my two sisters last month after 45 years of being separated and not knowing if I would ever see or hear from them again.

I'm giving thanks for having made the right decision to move to Direct Access Lending and working with a great team. I'm giving thanks for the owner of the company Shane Watson for mentoring me and seeing in me, my true potential and working with me to take me to the next level. I'm giving thanks to a great friend, and my branch Manager Sam Gibson Jr. who loving calls me dad.

I'm giving thanks to my support team Rosemary Morgan who is my Personal Assistant and helps me schedule my day and keep me on track. I'm giving thanks to Liza Neilson my Escrow Coordinator who helps with the packaging of my loans and addresses any of the issues during the loan process. I'm giving thanks to Erica Arthur my Processor that work tirelessly to get the loan closed once submitted.

I'm giving thanks to all of the Account Executives from the different lenders, Title Representatives, and outside Vendors that I have had the great fortune to work with and are a part of my team. I'm giving thanks to all of my Realtors without them I would not be what I am today and value their friendship.

I'm giving thanks to all of my clients from all walks of life, and from all corners of the world. It is through their eyes I can see what sacrifices they have given to attain the American Dream.  I'm giving thanks to all of the Veterans that I have had the privilege to meet and who also sacrificed for our freedoms.

I'm giving thanks to my clients that are from other countries that have placed their faith in me and have accepted me into their culture and into their families.

I have a lot to be thankful for on Thanksgiving Day.

John Le Francois Senior Loan Officer All Western Mortgage Inc. 8345 W. Sunset Rd. Suite 200 Las Vegas, NV, 89113 US	Work: 702-947-0648 Mobile: 702-271-2659 Fax: 702-541-9901 jlefrancois@awmlv.com http://www.lasvegasmtg.com
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As you get your day started today, get dressed, start the car and spend a good 8-10 hours away from home dealing with clients I want you to think about something: You really needed to go to work today because your country needs you. Not only that but your tax dollars are hard at work for you!

Click our logo to visit our website, email me nevin@nevinloans.com or call

888-206-5781 x 1017

Carlsbad mortgages

 Serving San Diego customers since 1977

Visit our Carlsbad office

 1902 Wright Place 2nd floor Carlsbad CA 92008*

 First Priority Financial is licensed by the CA DRE # 654852  Nevin's CA DRE license 016552

  The opinions expressed in this blog are not necessarily those of First Priority Financial.

3700 Hillborn Rd #700, Fairfield, CA 94534.   This is not a guarantee to lend.  * Not a licensed branch.

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here.  This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting.  More homes available for rent (higher supply) and less renters (lower demand.) 

Units Leased:

• October 2009:  2015
• September 2009:  1849
• August 2009:  2011
• July 2009:  2029
• June 2009:  1853
• May 2009:  1760
• April 2009:  1677
• March 2009:  1825
• February 2009:  1702
• January 2009:  1651
• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531

 Average Monthly Rental Rates:

• October 2009:  $1264
• September 2009:  $1477
• August 2009:  $1255
• July 2009:  $1405
• June 2009:  $1299
• May 2009:  $1348
• April 2009:  $1348
• March 2009:  $1365
• February 2009:  $1419
• January 2009:  $2083
• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610

Median Monthly Rental Rates:

• October 2009:  $1125
• September 2009:  $1150
• August 2009:  $1150
• July 2009:  $1195
• June 2009:  $1195
• May 2009:  $1200
• April 2009:  $1200
• March 2009:  $1200
• February 2009:  $1200
• January 2009:  $1200
• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250

Las Vegas Area remains a Landlord's Market at 2.6 months of inventory in the Rental Sector for the Las Vegas Valley. 

How to check to see if the home you are renting is in default

Last Month's Report 

If you own a home that needs to be rented out and would like to have a full time, licensed and permitted property manager contact you please fill out this form or call 702-966-2494 and press option 0

Paul Slaybaugh's recent featured post, prompted me to expand on the comment that I made on his blog.  Often, the consumer is the last to know what is truly happening in their local market.  During the past year, numerous Charlotte buyers, who were under the impression that because local newspapers were printing national statistics, this same data applied to our local market.  This misinformation resulted in missed opportunities due to the fact that the buyers were convinced that they were going to be able to purchase property for up to 50% off of list price.  The 50% off price purchase was never an option in our market but, buyers were fearful that they would not get the 'deal' that they had heard that they would.

The moral of the story - act on fact, not fear or false/misleading information.   Consult your local real estate expert for the data that you need to guide you in your home-buying and home-selling process.  Don't rely on national news and averages to make this important financial decision; inaccurate could will cost you in the long run.

Fact:  Charlotte NC real estate is not only local but, hyper-local, neighborhood-specific.
Fact:  Charlotte NC unemployment is currently at 11%, down from last month
Fact:  Sellers are getting an average of 95% of their list price.

Also, factual year-over-year data is provided below.  

*This data was obtained from Charlotte MLS and is deemed reliable but, not guaranteed.

Consult your local Charlotte NC real estate expert for more hyperlocal statistics.  It will guide you in the direction that you need to be going to secure the best property for the best price that fits your specifications.

Click our logo to visit our websites, email me nevin@nevinloans.com or call

888-206-5781 x 1017

Carlsbad mortgages

 Serving San Diego customers since 1977

 *1902 Wright Place 2nd floor Carlsbad CA 92008

 First Priority Financial is licensed by the CA DRE # 654852  Nevin's CA DRE license 016552

  The opinions expressed in this blog are not necessarily those of First Priority Financial.

3700 Hillborn Rd #700, Fairfield, CA 94534.   This is not a guarantee to lend.  * Not a licensed branch.

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for October 2009 is a seller's market @ 2.1 months of inventory (dropfrom last month, seeing some micros inch up with inventory!)  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!

We are FINALLY seeing an increase with inventory and a decrease with escrows (we should have seen that late spring/early summer!)  Good news for buyers?  Still remains to be seen.  We need to get over 10000 active units on the market before it can be stabilized from a seller's market 

Las Vegas Area Market Activity (Includes North Las Vegas, Henderson and Las Vegas)

• Listings (11/15/2009):  10393
• Under Contract (11/15/2009):  14609
• Sold October 2009:  4328
• Month's Inventory:  2.4

Short Sales:

• 43% of Listings
• 16% of Sales

REO (Foreclosures, Bank Owned:)

• 22% of Listings
• 66% of Sales

The above breakdown shows how very few short sales are being closed and how little inventory is in the REO market currently. 

In One Month:  Listings are UP +22 units, pendings are DOWN -425 units, closings are UP +160 units.  Close ratios are going lower because much of the pending inventory is short sales which requires LONGER close times. Pending inventories usually level late spring ~ FIRST TIME BUYERS WANT THEIR TAX CREDITS (must be in contract by Nov 1 and close by Dec 1) and INVESTORS ARE SEEING OPPORTUNITY!

 DOWN PAYMENT ASSISTANCE HAS NOT ENDED FOR FIRST TIME BUYERS, HOWEVER!!

Last Month's Pending Report

The Most Current REO (Foreclosure) Report

The Most Current Short Sale Report

The Most Current Las Vegas Area Pendings Report

The short sales that I have been exposed to have all required a 'human factor' to get the job done.  Case in point--one that I'm working right now with BOA:  I was told to fax in the package, then told to upload it into the REO-Trans system.  I did so and kept noticing that the information was disappearing.  After several very long phone calls to a Bank of America rep, I wound up putting the information into the system a total of three times before one finally was visable to them--why, I don't know, I could see it just fine!  Anyway, last week, still under the 'generic negotiator,' we got results--two approvals and one decline!  What, what, WHAT?  This was the SAME file!  Same documentation, same EVERYTHING!  Of course, I was frantically trying to delete the decline and keep one of the approvals but, can now find no one who knows the system well enough to assist me!

It's been a crazy mess--and suffice it to say, I personally prefer the lending institutions to keep some form of human factor in this--all hardships are not created equally and automation is not going to be able to evaluate this, or the financials in a 'fair' manner.  

My opinion, they should have trained their staff on the new automated system BEFORE rolling it out to the agents!

Be Kind, It's my first video and I can see how they may be addicting and I will be looking for another opportunity soon

:)

SW Las Vegas Open House Tuesday November 24, 2009 & December 1, 2009 9 AM - NOON

Location: Mesa Verde Lindell

Hosted by Renee Burrows, Encore Realty Group & Jeff Howard, Keller Williams. Listed by: Kimberly Honrath-Waters, O48 Realty

Features

Bedrooms: 3

Bathrooms: 2.5

Year Built: 2006

Subdivision: Mesa Verde Lindell

Lot Size: 3049

Garage Size: 2

School District: CCSD

Square Footage: 1845

Agent Name: Kimberly Honrath-Waters

Broker: O48 Realty

MLS #: 993988

Information

Contact Information

Renee Burrows

702-966-2494

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Pricing

Price: $133,900

Additional Pricing Information: Bank Owned

Property Location

5592 Chapin Mesa Ave
Las Vegas, NV 89139
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Range/Oven

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VFLYER ID: 2953599

Age Restricted (55+) Communities are scattered throughout the valley.  Many offer a variety community amenities for Seniors who enjoy active lifestyles.

Sun City Anthem is located in the Anthem Area of Henderson, NV (zip 89052 and 90-44).  There are 7312 Homes in Sun City Anthem ranging from 1080-4567 Square Feet.  Community Amenities Include:  Community Golf, Gym, Pool, Spa, Tennis, Clubhouse and Recroom

Sun City Anthem Market Report:

• Listings (11/15/2009):  142
• Under Contract (11/15/2009):  67
• Sold October 2009:  32
• Absorption Rate: 4.4 Months of Inventory

Since Last Month's Report:  Listings UP +11, Escrows DOWN -6, Solds UP +6.  Sun City Anthem is currently enjoying a seller's market.

Renee Burrows carries the SRES (Senior Real Estate Specialist) Designation and has Probate and Estate experience.  If you need a referral to a Probate or Estate lawyer, please contact me!

Seniors Real Estate Specialists® are REALTORS® qualified to address the needs of home buyers and sellers age 50+. The SRES® Council awards the SRES® Designation to those members who have successfully completed its education program.

By earning the SRES® designation, your REALTOR® has demonstrated necessary knowledge and expertise to counsel clients age 50-plus through major financial and lifestyle transitions involved in relocating, refinancing, or selling the family home. Your REALTOR® has received special training, gets regular updates, and is prepared to offer the options and information needed in making life changing decisions.

For Last Month's Sun City Anthem Market Report Click Here

For Most Current Sun Cities Market Report Click Here

Las Vegas Area November 15, 2009 Active Listings by Type

• REO:  2243 (22%)
• Short Sale:  4475 (43%)
• All Other:  3675 (35%)

October 2009 Sales by Type:

• REO:  2869 (66%)
• Short Sale:  688 (16%)
• Other:  7071 (18%)

This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.

Click here to see last month's Listing and Sales Type Report

Click here to view the most recent stats (scroll to bottom)

Southern Nevada - with communities of Mountains Edge, Summerlin, Henderson, Southern Highlands, North Las Vegas, Anthem and Green Valley - condominium segment bubbled up a little later than the single-family side, but its slide became equally devastating once it hit the slope down. Mortgage financing dried suddenly up, oversupply was horrendous and the mauled global economy forced many would-be buyers to the sidelines. The usual menu that real estate disasters are made of.

Now, though, things are cautiously looking up for the Las Vegas high-rise condo market. Sales in the third quarter climbed a decent 7%, as was reported by SalesTraq, a Las Vegas research boutique. Looking at it another way means that now 45% of all luxury condominiums in town are effectively sold, up from 38% at the end of the second quarter. True, the increase is well received and offers optimism down the road, yet it still leaves a monstrous block of vacant units out there, 55% in all. Undoubtedly that is a lot of inventory seeking qualified and willing buyers.

Las Vegas mortgage lenders continue to be very selective toward high-rise condominium projects on and off the Strip. Among the key issues they are wary about are unacceptable owner-investor ratios, unstable values and all sorts of legal problems.

The condo-hotel concept that also made a grand entrance to the Southern Nevada real estate market this decade and subsequently collapsed has no mortgage takers at all at the moment. It really is more like an investment vehicle that got off to a great start when the global economy was humming along and the Las Vegas market full of promise. And then the rosy environment changed in rapid order and wrecked everything. It's predictable that it will recover last from all the housing sectors in Southern Nevada.

Anyway, at least the regular Las Vegas condo market is now tentatively tiptoeing out of the doghouse.  Improved availablity of mortgage financing would make the road forward more sustainable.