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Las Vegas Real Estate 01/10/2009 - For Las Vegas Real Estate Updates... please visit my other Las Vegas Real Estate site with a built in blog for market reports, an online search and extensive community information in the Las Vegas Communities I specialize in including Summerlin 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. 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. 01/01/2008 -- 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.  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. 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. 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. 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. 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. 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 and we do not expect this trend to stop as Banks are looking to unload their Bank Owned Inventory.

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.  Look out for problems in areas of Las Vegas where buyers were buying straight from Las Vegas New Homebuilders that were pricing due to demand and not actual value.

For More up to date Las Vegas Real Estate Blogs, you can visit My other Las Vegas Real Estate site which also has an online Las Vegas Real Estate search to see what is currently available for sale.

Paul Francis, CRS Prudential Americana Group 8337 W. Sunset Rd, Suite #150 Las Vegas, NV 89113 702.592.3058 Each Office Independently Owned and Operated