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

Who knows if this will hold steady through the week.

Here are the numbers as of 7/27/2009 2:51 PM PST:

• Active:  19975
• Pendings:  7797
• February 2009 Closes:  2234 (not official end closing tally)

Usually pendings drop as end of month closes rise.  Not the case today!!

Will hopefully be back to write more blog posts this evening!

Check out my regular monthly report here.  This one definitely deserved a special post on it's own!

The absorption rate for Las Vegas Valley Area Short Sales went up slightly for January 2008.  Absorption still remains high and above the two year mark.  Inventory has increased sharply (+191units).  Pending units have increased sharply by +330 units.    Solds have  decreased by -221 units.  Absorption up by almost 9 months

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

Short Sale Synopsis:

• Listings 2/15/2008: 6771
• Pending 2/15/2008: 2295
• Closed January 2009: 221
• Month's Inventory: 30.6 (=2.5 Years Inventory.)

Short Sales Currently Account for:

• 33.5% of All Las Vegas Valley Listings
• 8.4% 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

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:  8132 Winslow Ave

• West Las Vegas:  Gated Community, Pool Home on 1/4 Acre Lot More Pictures, Virtual Tour & Floorplan Here
• Price: $330,000
• Rental Comps:  $2000-2100*
• Estimated FHA Monthly Payment:  $2182**

Address: 6232 Downpour Court

• East Las Vegas:  Gated Community, 2131 SF, Tile Floors, Covered Patio
• Price:  $159,900
• Rental Comps: $1400-1500*
• Estimated FHA Monthly Payment:  $1281***

 Address:  67 Big Creek Court

• South Las Vegas:  Guard Gated Golf Community w/ Waterpark, Low HOA.  4503 SF, 6 Beds, 4.5 Baths, Granite Countertops. View Virtual Tour
• Price: $357,900
• Rental Comps: $2750-2850*
• Estimated FHA Monthly Payment:  $2773****

Address:  5729 Clarendon

• North Las Vegas:  Gated Community, Beazer Built Unique & Elegant Floorplan!  2819 SF, Clean & Ready for You to Move In!  View Floorplan, Virtual Tour & More Pics here
• Price: $250,000
• Rental Comps:  $1700-1800*
• Estimated FHA Monthly Payment: $1836*****

*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 2/25/2008 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.

There is so much market confusion for those that may need to sell and may actually have something that they believe is non-existent such as equity.

First of all we (as licensed market experts) have to be very careful when pulling comps.  We cannot look at list prices and say "this is what it is".  More often times than not (at this point in the game,) sale prices are going well above list prices.

A market analysis currently takes a nice chunk of time for me these days.  It isn't about pulling up the subdivision and saying "this is what they are selling for and these are what they are listed for."

Here is a sample of some of the things I analyze:

• Subdivision Absorption Rate:  Some subs are seller's markets (believe it or not) and some still must go through a correction and are depressed markets (lots of listings with few pendings or sales).  This helps us determine if we price it on the higher end of the price I come up with, or the lower end.  It also helps me explain to you that you could be chasing the market down which isn't a pretty thing!
• What Closing Costs should you expect?  I go in depth with the last three months of sales to determine what type of closing costs you should expect to see when we have an offer come in. 
• The entire Las Vegas Area Absorption Rate:  Are we seeing inventory, pendings or sold trends going up, down or staying stagnant?
• Pricing Recommendations:  I give two levels of pricing recommendations for holding times.  Do you want your property to have a shorter marketing time or are you ok to wait out a longer marketing time?
• Types of listings:  I break down and classify each type of listing (REO, Short Sale, Probate, Auction, Non-Distressed, Corporate Owned, etc.)  Each type of listing gets a different value.  Did you know........Non-Distressed generally fetch more than the other types?  Not much more but when I analyze the comparables it helps me determine HOW MUCH more you can possibly receive for your Non-Distressed, Estate or Probate Listing.
• Types of Sales:  Again, I go in and break down the types of financing or all cash purchases that are in your area so we know who your target buyer is for marketing purposes.  Is it an all cash investor, FHA first time buyer, VA or Conventional move up or second home?  THis is VERY important so your marketing can be geared to the types of financed (no fair housing violations, k?) buyers that are buying in your area!

Selling a house in this declining market isn't brain surgery when a little extra care is taken before hand and you are prepared for all the pitfalls.  Buyers WILL pay a little extra to avoid the REO, Probate or Short Sale headache of buying after they lose several houses.

If you are thinking about selling and have trouble making heads or tails of the instant valuation websites or don't think you had a great CMA done recently, please call or email me at:  702-966-2494 x 0 or Renee@ReneeBurrows.com (must enter a verification code to get past spam filter.)  I will do my best to give you a comprehensive CMA so you can make an educated decision on whether it is the right time to sell your Las Vegas Area (Henderson and North Las Vegas too) home.

The Las Vegas Valley (includes Henderson & North Las Vegas) has seen some major market stabilization in the last year!  Absorption for January 2009 is a healthy 7.7 months of inventory (compare it to 22.5 months inventory in Nov/Dec 2007!)   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

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

• Listings (2/15/2009):  20201
• Under Contract (2/15/2009):  7291
• Sold January 2008:  2620
• Month's Inventory:  7.7

Short Sales:

• 36% of Listings
• 8% of Sales

REO (Foreclosures, Bank Owned:)

• 35% of Listings
• 82% of Sales

In a Little Over One Month:  Listings are down -833 units, pendings are up +1192 units, closings are Down -280 units and absorption is up slightly.  Sales are expected to be slightly down during winter months.   Pending inventory is rising at a phenomenal pace.  Compare this to last year's pendings!!

 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.

Mayor Goodman, the Mayor of this fine fine city whom I actually love for his candid ideas and flair, thinks President Obama owes us an apology for stating:  "You can't get corporate jets, you can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayer's dime."

My belief:  No he doesn't owe us an apology.  Convention business has been going down for several reasons:

• Cost:  Unions control convention space and what happens within the confines.  You would be surprised how much it costs to put a plug in an outlet here.
• Corporate Credit Running Dry:  As Mortgage loan availability dried up due to defaults, so did things like personal & corporate credit. READ MY ANALYSIS ECONOMIC STATS SEPT 2008

FACT:  Las Vegas enjoyed & benefitted many many boom years of "loose" personal and corporate credit.  Maybe Las Vegas thought it was one of those "too big to fail" conglomerates.  Rooms increasing along with room rates, convention space doubling and tripling overnight, you get the clue!

Look at Las Vegas' historical stats.  Those stats are from the 70s on.  For some reason Las Vegas managed to grow almost every year.  We grew through the Viet Nam War,  we grew through the 70's gas shortage, we grew through the 80's housing problems, we grew through the 90's housing problems, we grew through recession and "economic downturns" and now we are SINKING.

FYI, I can tell you, as an avid stats watcher, convention attendance and gaming revenue did NOT go down overnight.  The last year has been DISMAL.  Feel free to take a peek at the year over year percent changes.

The reason why we could grow is we famously *used to* have the ability to re-invent the city to draw visitors and their $$$ here.

Why can't we do it now?  Is our hangover so bad that we can't see straight?  Are we going to sit outside of the Capitol building in Washington DC with our tin cups?

~OR~

Should we pull our collective heads out of our tooshies and figure out how to get people back here.  Time for some water with a little aspirin to shake this hangover and get a movin!  Loose corporate and personal credit is NOT coming back any time in the near future!  Time to re-invent ourselves so we can be invited to the next party!

:looking over my back for the mafia & union bosses:

This will be a living document and constantly changing as I meet more new and fantastic vendors in the Las Vegas Valley!  You can view the updated list here!

Mortgage:
Rey Gallegos:  702-808-8328 Click here to email
FHA, VA, Jumbo, Conventional, First Buyer Grant and Bond Down Payment Assistance,
Culinary Union Down Payment Assistance

Hernan Zuniga: 702-217-4555 Click here to email
Residential Loans: FHA, VA, Conventional
Spanish speaking

Bari Fraire 702-949-5415 click here to email

Dennis Thomas: 702-493-5658
Loan Modifications, Private Money for Construction Defect, Foreign National, Stated.  
5% Down Conventional Program

Inspection:
Dan Ryan:   702-339-5676  Homerica Inspections

Appraisal:
Dwyer Home Appraisal:  702-917-1919 Click here to email
Appraisals for lending, estate, probate & divorce

Insurance:
Jason Prindl:  702-612-2681 Farmers Insurance Click here to email
Home, Auto, Life Insurance

Financial Advisors:
Keith R Jensen:  702-360-0400 Ameriprise Financial Click here to email
Working Hard to Give You a Responsible Rate of Return on Your Investments

Home Protection Plans
Old Republic
Home Warranty America
HSA
Fidelity
Alliance

Tree Service, Trimming and Removal:
Affordable Tree Service 702-837-5000 click here to email

Shipping, Printing, Mailboxes & Notary:
Jim & Tina Liaos 702-262-9338 PostNet click here to email
Shipping, Printing, Mailboxes and Notary Services

Photography:
Chris Robinson 702-525-1776 click here to email
Portraits, fine art, fine home and pet photography

Graphics:
Joshua Dorne 702-595-3624 click here to email
Print layout, logos, flyers, direct marketing publications, brochures, HTML newsletters,
postcards, packaging, labels, photo retouching

Payroll & Credit Card Processing:
Teresa Martine 702-279-3601 Heartland Payment Systems click here to email
Payroll & Merchant Card Processing services

Medical Services:
DR Larry Perez 702-451-3937 Optic Gallery
Eye Exams, Contacts, Post Operation Checks

DR Jonathan Wise 702-248-6292 Chiropractor
Holistic Health, Chiropractor, Medispa

Las Vegas Area Inventory may drop below 20K units in as little as a couple of weeks if this keeps up.  Pending units have gone up by over 1K and inventory has dropped by over 1K since my last pendings report.  I don't think we have been below 20K units of active inventory since April or May 2006.

We have been very busy with Las Vegas Buyers (hence the lack of blog posts recently.)  Buyers are ranging from first time buyers using FHA programs (and down payment assistance programs) to All-Cash Investors.

The new $8K tax credit (see your CPA for details on this one as I am not a tax advisor) should also help burn off some inventory along with historically low interest rates!

Look for my next report.  It will be VERY interesting!

 I want to edit to add:

Foreclosure inventory will continue to come online for quite some time.  We are just seeing an abundance of inventory go :poof: at the moment!  This type of activity can cause the market to stabilize very quickly, however.

Las Vegas Area Multi-Unit Property For Sale

Location: Arrowhead Acres Tract

Foreclosure property, all units combined on this spec sheet, call for additional info!

Features

Bedrooms: 8

Bathrooms: 4

Year Built: 1977

Subdivision: Arrowhead Acres

Lot Size: 10125

School District: CCSD

Square Footage: 3026

Agent Name: Renee Burrows

Broker: NVRS

MLS #: 873096

Information

Contact Information

Renee Burrows

702-966-2494

Contact Reply Form

Forward to a Friend

View Other Flyers

Pricing

Price: $179,900

Additional Pricing Information: REO

Property Location

2032 Ellis St
North Las Vegas, NV 89030
View Map

Powered by vFlyer.com

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2254480

RARE BANK OWNED FOUR PLEX OPPORTUNITY!!

Location: Shenandoah Square

Bank Owned: Specs are for all four units

FHA Loans Available: 5% Down, One Unit Must be Owner Occupied

Features

Bedrooms: 8

Bathrooms: 4

Year Built: 1963

Subdivision: Shenandoa Square

Lot Size: 7980

School District: CCSD

Square Footage: 3504

Agent Name: Renee Burrows

Broker: NVRS

MLS #: 858644

Information

Contact Information

Renee Burrows

702-966-2494

Contact Reply Form

Forward to a Friend

View Other Flyers

Pricing

Price: $169,900

Additional Pricing Information: REO

Property Location

2829 Stewart Ave
Las Vegas, NV 89101
View Map

Powered by vFlyer.com

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2254472

You can get an FHA loan for 4-plexes by putting 5% down and have one unit owner occupied!  Here is a sample:

******Rates are as of 2/8/2008 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.

Rentals:

• 341 Listed 1/25/2008
• 16 Under Contract 1/25/2008
• 45 Leased December 2008
• 7.6 Months Inventory

Resales:

• 887 Listed 1/25/2008
• 39 Under Contract 1/25/2008
• 24 Closed December 2008 
• 37 Months Inventory (=3.1 years)
  

Rental inventory decreased from last month.  Resale inventory also cut in half from last 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.

Read the most current market report for the Las Vegas High Rise Sector right here.

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.

The rental sector has surprisingly remained stable throughout all this market turmoil!

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.

Units Leased:

• December 2008:  1390
• November 2008:  1405
• October 2008:  1707
• September 2008:  1531
• August 2008:  1719
• July 2008:  1697
• June 2008 1564
• May 2008:  1554
• April 2008:  1536
• March 2008:  1531 
• February 2008:  1632 
• January 2008:  1500 
• December 2007:  1156 
  

Average Monthly Rental Rates:

• December 2008:  $1594
• November 2008:  $1506
• October 2008:  $1393
• September 2008:  $1610
• August 2008:  $1464
• July 2008:  $1510
• June 2008:  $1503
• May 2008:  $1483
• April 2008:  $1467
• March 2008:  1342 
• February 2008:  2788 
• January 2008:  $1500 
• December 2007:  $1531 

Median Monthly Rental Rates:

• December 2008:  No Data
• November 2008:  $1250
• October 2008:  $1245
• September 2008:  $1250
• August 2008:  $1250
• July 2008:  $1250
• June 2008:  $1275
• May 2008:  $1250
• April 2008:  $1250
• March 2008:  1200
• February 2008:  1200 
• January 2008:  $1200 
• December 2007:  $1295 

Absorption Rate is stable from last month and remains a Landlord's Market at 3.5 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 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.

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