Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Las Vegas Country Club

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:

• May 2011:  2376
  
• April 2011:  2342
  
• March 2011:  2307
  
• February 2011:  2253
  
• January 2011:  2002
  
• December 2010:  1889
  
• November 2010:  1887
  
• October 2010:  2119
  
• September 2010:  2171
  
• August 2010:  2300
  
• July 2010:  2106
  
• June 2010:  2214
  
• May 2010:  2049
  

 Average Monthly Rental Rates:

• May 2011:  $1257
  
• April 2011:  $1207 
  
• March 2011:  $1497
  
• February 2011:  $1501
  
• January 2011:  $1449
  
• December 2010:  $1563
  
• November 2010:  $1184
  
• October 2010:  $1308
  
• September 2010:  $1484
  
• August 2010:  $1459
  
• July 2010:  $1425
  
• June 2010:  $1410
  
• May 2010:  $1254
  

Median Monthly Rental Rates:

• May 2011:  $1150
  
• April 2011:  $1100
  
• March 2011:  $1100
  
• February 2011:  $1100
  
• January 2011:  $1100
  
• December 2010:  $1100
  
• November 2010:  $1100
  
• October 2010:  $1150
  
• September 2010:  $1100
  
• August 2010:  $1150
  
• July 2010:  $1100
  
• June 2010:  $1100
  
• May 2010:  $1150
  
• April 2010:  $1100
  

Las Vegas Area remains a Landlord's Market 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 Las Vegas Area Rental Home Report

How to Rent a Home in Las Vegas - Fill Out the Form on this page to rent or ask for property management services.

Search for Rental Homes:

• Las Vegas Rental Homes and Condos
• Henderson Rental Homes and Condos
• North Las Vegas Rental Homes and Condos

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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When the government introduced the first-time home buyer tax credit program - later it included move-up buyers as well - many real estate and mortgage movers and shakers blessed it with applause. Others weren't so sure it would work that well. The Housing research firms are predictably right now working on overdrive to put their data together and announce soon what they found out as to the initiative's effectiveness. One thing is for sure, though; it did add a respectable dose of demand to the otherwise lethargic real estate arena. It concentrated largely on the lower half of the market, Las Vegas being a good example of that, but in this uncertain environment any demand is peachy.  

Mortgage Bankers Association provides an early indicator on this intriguing issue. In the first week after the tax break closed out mortgage applications dropped 14% and to make matters worse, in the second week they nosedived 27%. Reuters came out to call these declines the worst since 1997.

The significance here is that this is happening in the middle of the traditional spring buying season. Sellers and buyers of course are not looking at a standard real estate market where to conduct business. These figures, though, seem to show that obviously the tax credit did play a big role in generating sales the way it did over the past year or so. Mortgage money also remains surprisingly affordable, supposedly drawing applicants in droves to go for it. But the numbers from the last two weeks prove otherwise. Home loan underwriting guidelines are stricter now which does leave some borrowers out of the hunt.

Demand for homes will suffer, frustrating sellers who had made plans for the next step. And with it comes the fear that prices will also soften some more. In many areas they are already down a mile, frequently past replacement cost, and another dip is entirely possible. This hurts homeowners further in lost equity or pins them deeper into underwater territory, and it hits mortgage lenders who acquire property through foreclosure or agree to the increasingly popular short sale. They get even less from the wreckage sitting in their bloated inventory.

Real estate investors waving cash are then going to become an even more dominant market maker with this trend. Who else is left? First-time buyers are shying away and existing homeowners are mostly trapped in their underwater houses. The demand the investors spawn is always warmly embraced. It keeps the housing market moving. But the big picture is out of balance. For one, most of the investor homes end up being leased out that then raises the rental component in subdivisions to new heights. Further pressure on values is inevitable to the detriment of the entire real estate industry.

The calls for a new tax credit program could be heard rather soon.

Freddie Mac has been pummeled thoroughly in the eye of the real estate meltdown, so much so that the government finally had to take over its operations due to heavy mortgage losses. In the recent past its matters seemed to be settling down a bit but now it needs another $10 billion from Washington to cover its 1^st quarter setbacks. Besides that, it also has some good news to release.

For the first time since April of 2007 Freddie Mac can report that delinquencies for single-family home loans it guarantees slipped to 4.13% in March, from 4.20% in February. Although it isn't a major improvement by any means, it does break a three-year losing streak. It's significant for the GSE, or Government Sponsored Enterprise, itself, and also for the drained housing market. It's too early to tell if this is a permanent shift but at least a temporary backstop has been set. It gives both new energy to begin climbing out of the darkness.

Mortgage lenders have started using a revamped strategy to deal with distressed homeowners by approving more short sales instead of letting property go into foreclosure. Home loan modifications have also had a positive effect on Freddie Mac's ebbing delinquency rate. Deed-in-lieu of foreclosure is another legal process commonly used nowadays when mortgage borrowers are unable to meet their payment obligations.

Short sale has largely turned into a method du jour, especially in worst-hit areas like Las Vegas, Nevada. As mortgage providers get more realistic and organized at handling them it's foreseeable that Freddie Mac's delinquency rate will continue to gradually head down. Then again, while this statistic might look better in the coming months the fact is that there still are scores of homeowners who are struggling to keep up. Or don't intend to keep up due to being badly underwater. Short sale or the other less-severe methods damage their credit somewhat less than a straight foreclosure, but it's a long-lasting scar nevertheless.

Southern Nevada was hailed as the boomtown USA just a few years ago. Those days as many as 54,000 people annually moved into the area from all corners of the country. They came here for jobs and the climate and the good old-fashioned excitement of being able to live in Sin City dominated by the gaming industry and everything that comes with it. The phenomenal growth was partially fueled by affordable housing which was soon followed by more relaxed mortgage underwriting standards that eventually opened the floodgates to an unsustainable real estate boom. And then came the bust.  

The effects have been spectacular, rivaling the oohs and aahs the many colorful and exotic Strip shows manage to elicit from their thrilled patrons. It's just that they are now growled through gritted teeth, with the words mortgage foreclosure, short sale and underwater generally dominating the conversation.

And that has actually reversed the steady in-migration Las Vegas has enjoyed at least hundred years. Census data just released shows that from July 2008 to July 2009 the city lost almost 1,300 residents. It's not much on the surface, but when it's compared to the in-migration of 54,000 during the best growth year a few moons ago, then its importance becomes quite clear. In a little bit over a two year period to beginning of this year 130,000 jobs have vanished into the thin desert air. Real estate prices have spiraled down without much resistance, prompting many underwater mortgage borrowers to either do a short sale, pull a strategic default or go into foreclosure. Whichever, they still tend to leave the area in search of a new start.

The chances of Vegas bouncing back are good. The climate won't go anywhere, nor will the desert beauty all around, nor the Strip and its universal appeal. They are important parts of the foundation. The job outlook, though, needs to improve before a sustainable rebound can take hold and that can be a while. One thing local governments ought to do is widen the economic base in Southern Nevada, being so dependent on one industry - gaming - leaves few options when a major recession comes knocking on the door. This has been discussed and written about for years among local and national economic observers, but progress has been slow. Now that this severe downturn has totally exposed Vegas' vulnerability, action might be forthcoming.

Las Vegas High Rise Rentals:

• 247 Listed 9/15/2009
• 19 Under Contract 9/15/2009
• 36 Leased August 2009 
• 6.9 Months Inventory

Las Vegas High Rise Resales:

• 626 Listed 9/15/2009
• 87 Under Contract 9/15/2009
• 59 Closed August 2009
• 10.6 Months Inventory  significant improvement over last several months!
  

This Market is extremely volatile due to the boutique nature and lack of financing.    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.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Welcome Home To Las Vegas High Rise Communities:  Regency Towers! 

Regency Towers is a high rise condominium community developed in 1974.  It is located in the prestigious guard gated "Las Vegas Country Club".  Community Amenities include a country club, golf, pool, spa, tennis, exercise facilities and security.

There are 218 condominum units in the Regency Towers High Rise complex.  The

Condos range between a 584 Square Foot one bedroom unit to a 5938 sq foot luxury penthouse. 

Regency Towers in Las Vegas Country Club is conveniently located between the strip and convention centers.

Other amenities just minutes away: World Famous Las Vegas Strip, Hospital, Shopping, Professional Offices (Howard Hughes Center), World Class Entertainment, Gaming, Employment Centers, Monorail and the I-15 Freeway.

For further information or floorplans please contact Renee Burrows:  411@ReneeBurrows.com

Please note at the time of this post:  Condos are extremely hard to finance in Las Vegas currently.  Condo buyers should expect to pay all cash!

DISCLAIMER:  The information, photographs & content  contained within Renee Burrows' blog is the property of Renee Burrows.  You must obtain written permission from Renee Burrows or use the Active Rain "reblog" function and reblog the post in  its entirety without revision if you would like to use any of this content.  Opinions expressed are those of Renee Burrows may not necessarily be opinions of past and present brokers.  Many articles may be time and date sensitive so please always look at the date posted.  For most current brokerage and contact information, refer to my Active Rain profile.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice