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

Hey guys I want to remind you about safety as I encountered a squatter in a foreclosed home today.  Yes, I just about tinkled my drawers!  I didn't have my pepper spray on me either as I took it out of my purse to go on the plane last week.  I announced sternly "GOOD AFTERNOON, REALTOR HERE" as I always do when I open the door.  I heard nothing and we proceeded in.  Windows and the slider were open and I screamed at the top of my lungs "GOOD AFTERNOON" and someone screamed back "GOOD AFTERNOON." 

 We bolted and I called the list agent to alert them that there was a squatter.  There was a truck parked in the driveway but it is typical for neighbors to park in foreclosed home driveways.  Just look for telltale signs of squatter droppings:  cars parked in driveways, windows open, sliders unlocked, blankets, pillows, empty bottles of 40s etc.  I have seen signs of squatters before and swear that some slip in the attic while I am showing but never encountered one.  Just be careful out there AND DO NOT SHOW AFTER DARK!  This was broad daylight!

Hawley's glock idea is not a bad one (as we laughed yesterday) and now the stun gun situation or even maybe a concealed weapon permit is NOT a bad idea.   Although ~ my husband declares me too psycho to carry a gun.

Also had 2 houses with rocks through windows, one of them the complete kitchen was missing, including cabinets. 

Had several showings with keys missing in lockboxes ON ONE STREET.  Luckily my brokerage provides me with survival skills and tools to be able to access these homes, THANK YOU NVRS!  I guess agents are back to the old games of stealing the keys.   I am mentally exhausted after today's challenges but I got two contracts done late from it!

Make SURE you notify the list agent if you ever see any unusual activity in homes - rocks through windows, stolen goods (like entire kitchens,) missing keys and most importantly SQUATTER droppings!

It's a crazy existence selling real estate in the Las Vegas area right now, folks.  I see lots of things but never encountered so much in one day.  A little overload if you will!  Be safe!  These were newer homes in decent neighborhoods.

This Rhodes Ranch Area resale market report:

• Active Listings (2/15/2009): 408
• Under Contract (2/15/2009): 174
• Sold January 2009:  69
• Months Inventory: 5.9
• Low:  $70000; High:  $699900; Median:  $186500(sold prices only)

Rental Market Report:

• Active Listings (2/15/2009): 121
  Under Contract (2/15/2009): 10
• Leased January 2009:  46
• Months Inventory:  2.6

Median Leased Price for an area rental:  $1200/month, Low:  $750, High:  $2995

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 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/

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.

My BNI group has been slow to get chartered.  OFFICIALLY last Tuesday we made it with the minimum 15 members we need to get chartered!  YAY to GIVERS GAIN!

I have always tried to be a team player on this chartering and my goal is always to bring a visitor every week to get this done.  I was a tad upset on Monday because I didn't have the time to seek out a new visitor BUT my new visitor came to me!

My active rain post for a Rhodes Ranch home last week got filtered through twitter (and then I have it go to facebook, more explanation in a later post.)

Wayne Wallace of Wayne Wallace photography is opening a new studio just a block south of Rhodes Ranch and he has set up alerts to Rhodes Ranch Related Tweets.  Well he contacted me and asked if we can have coffee.

I can have coffee several times a day and as much as I like coffee I like networking coffee only once a week because after all, I still sell real estate.  SO I asked Wayne if he would join us Tuesday morning for our area BNI group.  Wayne had already visited a BNI group that was too far and was excited and filled out his application on his first visit!

Please check out his stuff, he is AN AMAZING ARTIST!  I also got a sneek peak of his new photography studio that will be opening in several weeks.  Not only does he "get" BNI but he is a SOCIAL AND REGULAR MARKETING GENIUS!

I am extremely gracious for the opportunity to have a new marketing buddy & pal like Wayne!

If you are a Las Vegas Area business who is interested in a networking opportunity for growing your business through BNI (this is not MLM or I don't get anything special for bringing you in,) and you see this on AR or Twitter or Facebook, please ask me about all the available spots we have open for different businesses.  We meet in the Southwest!

We still need:  CPA, Courier, Moving Company, Lawyers, Commercial Realtor, Property Management, Massage Therapist AND MORE!

Summerlin January 2009 Real Estate Resale Market Report:

• Listings (2/15/2009):  928
• Under Contract (2/15/2009):  278
• Sold January 2009:  100
• Month's Inventory:  9.3

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings UP 5
• Pendings UP 22 
• Sold Units DOWN 31

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

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:

• January 2009:  1651
• 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 

Average Monthly Rental Rates:

• January 2009:  $2083
• 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 

Median Monthly Rental Rates:

• January 2009:  $1200
• 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 

Absorption Rate is stable from last month and remains a Landlord's Market at 2.92 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

Mountain's Edge January 2009 Real Estate Resale Market Report:

• Listings (2/15/2009):  334
• Under Contract (2/15/2009):  155
• Sold January 2009:  53
• Month's Inventory:  6.3

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

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

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

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

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.

Even though bank owned listings (aka Foreclosures, REO) are seeing an upward tick in absorption, it is still a seller's market! Inventory has fallen dramatically (-835 units), Pendings have risen +709 units  Closing data is slightly down at -84 units.   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 82.4% of all Las Vegas Area Valley resales in December 2008.  REO listings account for only 35% 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 (2/15/2009): 7237
• Under Contract (2/15/2009): 4299
• Sold January 2009:  2161
• Absorption Rate:  3.3 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.