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Las Vegas Real Estate 07/18/2008 - Las Vegas Bank Owned Homes for sale continue to hit the Las Vegas MLS and there appears to be no slowdown - BUT -- they have been selling which is absolute key for a recovery in the Las Vegas real estate market. June sales for single family homes in Las Vegas were up over 50% in comparison to June of 2007. Certainly signs that Las Vegas real estate prices have bottomed out in certain areas of Las Vegas. In certain areas of Las Vegas such as Summerlin, we've seen Summerlin Homes going back up in price from the lows seen earlier this year and decreased availability. Multiple bids are not uncommon for the choice Las Vegas real estate priced right. BUT -- do not get carried away and overbid on the great Las Vegas bank owned home you may come across. Until there are signs that the Bank Owned inventory for Las Vegas starts reducing, there is NO reason to get caught up in the games the Banks are playing to get multiple bids on properties to increase the prices. As of this report, our Bank Owned Las Vegas Homes Report has only shown increases in inventory. 1/1/2008 - Happy New Years! Starting off the New Years for Las Vegas real estate promises to be an exciting year for true Las Vegas Investors as evidenced by our Las Vegas Deals of the Week. We have not seen single family investment deals such as this since early 2004 when true Las Vegas real estate investing came to a screeching halt due to speculation. (Let's face it, buying a $400,000 Las Vegas home that could only be rented out for $1,300 a month at the most is not real estate investing.) For the overall Las Vegas real estate market, Las Vegas MLS indicators do suggest that the overall Las Vegas real estate market is going to still see a lot of challenges and the inventory available for some of the new Las Vegas Luxury Condominiums certainly suggests a lot of speculation did take place. It's really important to know the different areas of Las Vegas. We are seeing Las Vegas homes in certain subdivisions lagging on the market due to high pricing in comparison to other Las Vegas homes in Las Vegas communities that offer more for their residents. Make sure you follow our Las Vegas real estate Blog for an understanding of what is going on with our Las Vegas real estate market reports. With several years of Las Vegas real estate experience, we are keeping a close eye on several communities in Summerlin and master planned communities in Henderson that at one time were nearly impossible to find a home for sale in. For Las Vegas real estate sellers, it's really important to know (and understand) what the inventory reports are suggesting and to be very competitive in your pricing if you have to sell. A broad view of the Las Vegas real estate market and knowing the different areas that make up Las Vegas is extremely important for Las Vegas buyers... and sellers. Experience Certainly Matters and knowing the numbers is imperative. Las Vegas real estate agents and their Brokerages do not control the Las Vegas real estate market. In reality, we work with the current Las Vegas real estate trends. If you (or a Las Vegas real estate agent) are getting their information from the media, the real news is that you are relying on information that already happened. The difference between experience and inexperience is knowing the Current Las Vegas real estate trends.... not what already happened. As many Las Vegas homeowners are now finding out, you make your money when you buy.. not speculating on what future values may be. There are times to take action, times to watch to see what happens and times to watch out for what's going to happen. The current Las Vegas real estate trends are visible if you know what to look for and it's not in the newspaper! 11/24/2007 - New Las Vegas home prices have been dropping and the list of Las Vegas Bank Owned homes available for sale in Las Vegas, Henderson and Summerlin is now 2018 Las Vegas homes ranging in price up to $1,550,000 including a couple of Bank Owned Red Rock Country Club Homes available for sale. When we first started tracking Bank Owned Las Vegas real estate available for sale on the MLS back in March, the list was a little over 300 Las Vegas homes. The number of Transactions taking place is increasing with over 2,200 Las Vegas homes currently under contract in the Las Vegas MLS. A recent Bank owned home in Summerlin real estate that was available for a phenomenal price received 18 offers in a matter of days! Fantastic Las Vegas real estate deals are appearing and they are moving - showing that there is plenty of interest in Las Vegas real estate. Las Vegas Real Estate Tip: Work with one Las Vegas REALTOR that knows your specific criteria and knows how to set you up with an automatic Las Vegas home search to be notified when Las Vegas homes below market value become available for sale. The great Las Vegas real estate deals are moving fast! Las Vegas Nv Real Estate Report 10/18/2007 - Prices have dropped significantly in many locations including New Las Vegas homes. Highlighted properties that we've recently found that are exceptionally well priced include guard gated golf course homes. One that is currently listed in the mid $700,000 range was purchased for $800,000 in 2004. Two smaller sized golf course homes are listed in the high $600,000's. We've also reduced the price for a Spanish Trail Town Home to $325,000. Recent sales in the past six months for the same floorplan include a $374,000 sale. We've also reduced the price for a single story Henderson home in a gated community to $294,900. How about a 3 bedroom Bank Repo in a guard gated community near Summerlin for $139,000? These were condo conversions that were selling for over $220,000 in 2006! Other comparable properties currently listed are all over $180,000+. We've also come across several 4 plexes that are bank repos in the low $300's. We'll be evaluating these and providing investment reports to our Las Vegas Real Estate investors. Our preferred lender has stated that she can provide financing in the mid to high 6% range for a stated income loan with 25% down and excellent credit. These should easily cash flow with this criteria but keep in mind they are currently vacant and you or your property manager will have to lease them out since they are Bank Repo properties. (Most of the time this is a good thing anyways. Inheriting somebody else's headaches acquired through poor property management can be worse then finding new tenants.) Our single story Summerlin Bank Repo with 3 bedrooms and two baths that we found for $199,000 ($40,000 below comps) is now pending. We knew that one would not last long. New Las Vegas homes builders have been contacting us with price decreases in Mountains Edge, one of the newest Master planned Las Vegas communities located in Southwest Las Vegas. One of them that stood out as an exceptional deal (even in the current Las Vegas real estate market) is a brand new 1900 square foot home priced for $231,000. The new Las Vegas home builder is also offering $5,000 towards options and upgrades and another 3% towards closing costs. We've been involved in the Las Vegas real estate scene for 10 years now and while I've always been able to find a good Las Vegas real estate deal, these deals are exceptional and priced below current market values. There is a lot of speculation from the media concerning further price drops in Las Vegas but when you can purchase real estate that will cash flow if you choose to rent it out, you really have to wonder if the Las Vegas real estate market has over corrected. Nobody can say with absolute certainty if Las Vegas real estate prices will continue to drop or if they will go back up. When you see all of the appreciation of the past three years for Las Vegas real estate and Summerlin home prices get wiped out back to 2003 real estate prices, you really have to wonder if prices have dropped too much. Some common sense factors in place suggest that they have dropped too much and the fear of buying is being further fueled by the media. Just remember that the media reports on Las Vegas real estate are based on Las Vegas real estate statistics that ALREADY happened and some of the reports are based on statistics that are many months old. However, as we saw from the Las Vegas real estate hype in 2004, the media does influence people's buying decisions. Las Vegas Real Estate Buying or Selling Questions? Contact me for the answers. Las Vegas Nv Real Estate Report for July. 2007 - The number of Las Vegas Bank Repos (Bank owned Properties) listed on the Las Vegas multiple Listing service has increased dramatically with over 800 properties now listed for sale. These are Las Vegas area homes that have already gone through the foreclosure process and does not include Las Vegas real estate currently in the foreclosure stage so obviously the amount of short sales in Las Vegas have also increased. The quarterly Crystal Ball Seminar that tracks the latest Las Vegas real estate market reports sponsored by Salestraq (the new home search tool for Las Vegas real estate agents) will be held on July 19th. For people who really are in the know for Las Vegas Real Estate, this is one of the places where they get their information and the buzz concerning the Las Vegas Real Estate market will hit the media shortly afterwards. Some big changes are on the way and it's important to understand what values were before the Las Vegas real estate boom to understand where Las Vegas real estate prices are going to be heading. It's no secret that some New Las Vegas home communities were overpriced due to irrational exhuberance and promises that prices would go up with each phase so beware. Las Vegas NV Market Report for Mar. 2007 - 42 Homes Sold for Over a Million Dollars in Las Vegas in February of 2007. As we've always commented in the past especially when it comes to media reports the best Las Vegas Nv Real Estate indicators for current and future conditions has and probably always will be with a couple of quick phone calls to other Las Vegas real estate agents, lenders and our trusted title representatives. You may read some doom and gloom by newspaper jounalists reporting on what already happened which is ok if you are a historian. For the short term, there will be concern for people who purchased Las Vegas homes for too much to begin with with creative financing. Obviously, if you don't buy right to begin with, you might have some problems down the road. We keep track of current trends for areas we specialize in such as Las Vegas golf course communities to stay on top of the latest trends. Real Estate is valued by it's uniqueness. Golf course homes in Las Vegas are unique and always will be when you live in a city surrounded by a bunch of land not so green. Now for the headline that may have caught your attention. There was a time not all that long ago that Las Vegas did not sell that many Million Dollar luxury homes in an entire year. February was a short month and many of those went into escrow during traditional slow times for the Las Vegas market. The most expensive residential property that sold in February, a Penthouse at Turnberry Towers that sold for $3,895,000 that had been listed since 8/9/2005. We can't think of a media outlet that has reported on this because the current focus is on the gloom and doom... which was caused by buyers who paid too much for their Las Vegas properties to begin with.... which was influenced by the media when everybody thought that by reading an article from a journalist made them a Las Vegas real estate investor. For some, this has turned out to be one of the most expensive lessons in buying real estate. Market Report for 2007 - Happy New Year! While some areas of Las Vegas have seen a significant decrease in real estate prices dropping -- it's been our postition that these areas were overpriced to begin with. Las Vegas new home prices in 2004 got out of control during the feeding frenzy and everybody who read the Las Vegas Review Journal and bought some real estate was all of a sudden a Las Vegas real estate investor! Las Vegas real estate investors with absolutely zero experience in real estate investing all of a sudden looked liked geniuses selling the notion that real estate always goes up in price. In 2004 Las Vegas new home builders made a killing selling homes for far more then it cost to build them and would not pay Las Vegas Realtors..... things have changed as builders in late 2006 started offering Las Vegas real estate agents 10% commissions to sell their homes and started offering everything they could creatively think as far as incentives to sell their homes. A major problem that is in effect is overbuilding and overpricing during the frenzy of the low supply and high demand during 2004. Unfortunately, buyers with no representation or representation only thinking about a quick commission have quickly found out that they paid too much for their Las Vegas property. The shift of thousands of buyers on a Las Vegas new home waiting list of 2004 quickly shifted to Las Vegas high rise luxury condominiums, a market that may have been predominantly bought up by real estate speculators who only purchased with the notion that their purchase would equate to a quick profit. So... it's no surprise that areas of Las Vegas bought up by speculators are now decreasing in price and this is evident with the amount of Las Vegas Foreclosures taking place in practically brand new homes. True real estate agents saw this warning back in 2004 and advised against purchasing new Las Vegas properties severely overpriced compared to resale Las Vegas homes located right around the corner. Is the entire Las Vegas real estate market going to go down the tubes? Can anybody say for certain? Let's face it.... Las Vegas is one of the most exciting cities in the world with multiple new projects coming with BILLIONS of dollars invested that equates to new jobs and more income coming into the middle of the desert. Tax advantages of Nevada insure that the money will keep flowing into Nevada and Las Vegas is easily the poster child of what happens when you offer low taxes and let the people choose where they spend their money instead of the government. Our word of advice for 2007 is to use full time real estate agents or Las Vegas real estate companies who are up to date with the current pulse of what is going on today including buyer incentives from new home developments, foreclosure properties available and short sales. Look for Las Vegas real estate below current market value and do not overypay for Las Vegas real estate on the premise that Las Vegas real estate prices are going to go up! Market Report for December 2006 - According to a company that tracks Foreclosures Nationwide, Nevada has overtaken Colorado for the most foreclosures filed for the latest quarter. Prices have dropped and current mortgage rates are at their lowest in the past 15 months. The problem is that Adjustable Rate Mortgages are adjusting and home appreciation values have not risen (and have even decreased in some areas) in the amounts needed to cover refinancing options. Risky financing that allowed Las Vegas home buyers to purchase more home then they could afford with low teaser rates are now adjusting, causing homeowners mortgage payments to increase to levels that they no longer can afford. Novice Las Vegas real estate investors banked on making a quick buck in Las Vegas real estate and are now being burned. So, is this all gloom and doom for the Las Vegas real estate market? For buyers looking to purchase Las Vegas area real estate the large inventory of homes for sale, New home builder incentives, motivated Las Vegas sellers and the increase in foreclosure homes in Nevada are going to eventually create the best buying opportunities that we have seen for Las Vegas real estate in over two years. Just use experienced Las Vegas real estate representation, a good mortgage lender that has your long term interest in mind and make sure you always get an accurate and complete neighborhood market report before you purchase Las Vegas real estate. We've recently found Las Vegas homes for sale by motivated Las Vegas real estate sellers that are 10%+ below recent comparable sales. Instant equity is always better then counting on Future Appreciation!

Market Report for November 2006.Nobody can tell you with absolute certainty what the Las Vegas Nevada Real Estate market will be worth next month, next year or ten years from now. Future market values for Las Vegas (or any market for that matter) are only opinions and how those opinions are formed should be carefully considered. The future of the Las Vegas real estate market? Be very careful in what you purchase and make sure you have the most current Las Vegas real estate reports. Real Estate to consider: Great Las Vegas golf course homes are not replaceable. Custom or Semi-Custom homes with large lots in Las Vegas are almost impossible to replace since all of the major Las Vegas tract home builders snatched up all the land they could in 2004 and 2005. Proposed Las Vegas high rise luxury condominium projects seem to get cancelled as fast as a new one is announced. As of right now, there are plenty of Las Vegas high rise luxury condominums in Las Vegas for sale and any Real Estate market is based on Supply and Demand no matter where you are. A large supply with low demand equals lower prices. Speculating with Las Vegas high rise luxury condominiums is in our opinion very risky as with any speculating in any real estate market. Association fees alone for this type of product can create a strain on your finances and certainly your IRR if you plan on putting it back up on the resale market upon completion with all of the other Speculators. In general, this is a new Las Vegas real estate product and only time will tell if there is an actual demand for residents to actually live in these. For mature markets such as Chicago real estate (we are licensed as Illinois Real Estate Brokers also) you need to understand what drives and maintains the values for luxury high rise condominiums. Our opinion, but some of these projects are going to be extremely risky when it comes to the resale market due to factors that we understand but only time will tell. Keep in mind the powers of supply and demand... something that Las Vegas has never seen before when it comes to this type of product. Luxury High Rise Condominium Developers are phenomenal in their marketing and get a lot of media coverage. A very popular technique is using press releases to announce celebrities that have put down down payments for a unit in their particular development and there is speculation that the use of the celebrities name is allowed due to a discount for the purchase of the real estate. All details of a contract in Nevada are supposed to be confidential until the property closes escrow. We really have to wonder if high profile buyers that you see all over the media are getting some kind of deal for the use of their name. (If you were a celebrity, would you want people to know what you were buying in Las Vegas unless you were getting a significant discount?) The Las Vegas economy has billions of dollars invested in some new casino projects on the way and it will continue to grow and create jobs. The Las Vegas real estate market will have some correcting to do so you need to be careful and not buy due to slick marketing but focusing on the fundamentals such as Las Vegas real estate unique in character. As long as people continue to want to move to Las Vegas, then obviously there will be a need for real estate. Housing Starts Tumble to Six Year Low-- For current Las Vegas real estate owners this should be some really good news. Stop building new Las Vegas homes and let demand catch up to supply. Las Vegas Real Estate is just like any other market and the value is determined supply and demand. Las Vegas new home builders overbuilt due to the high demand of 2004 and we may see problems in the Las Vegas real estate market with all of the overbuilding. We would highly consider Las Vegas golf course properties or custom and semi-custom las vegas homes that are priced right. These have not been overbuilt in the past three years due to their higher cost and lower profits for new Las vegas homebuilders.

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Paul Francis, CRS Prudential Americana Group 871 Coronado Center Dr Henderson, NV 89052 702.592.3058 Each Office Independently Owned and Operated