Showing posts with label squidoo las vegas real estate. Show all posts
Showing posts with label squidoo las vegas real estate. Show all posts
What is going on with Las Vegas Real Estate?
5:40 PM | 
Posted by
SF Web Blogger
What is the state of the housing market in Las Vegas?
Buyers are having great time bargain hunting and finding deals on new homes. Resale’s - hit and miss based on sellers willingness to negotiate their price, many of whom are reluctant to lower prices because they are under water. Some because they refinanced and pulled cash out and with the slow down they have lost value and now owe more than the home is worth. Others of course went the route of negative amortization loans thinking they could flip or refi at a lower rate when the time came only to find, the time came and the rates went up and values down.
Many sellers are frozen and unwilling to listen to market data or their REALTORS®. The bottom line is if a seller NEEDS to sell - they may need to make concessions to sell the property. This is what developers are doing by offering huge buyer incentives like closing costs, upgrades, and back yard landscaping. Developers are also offering large realtor co-ops so re sale homes are competing against this factor as well.
Many sellers are testing the market and are not serious about selling unless it is at asking price AND on their terms even when the recent sales indicate a buyer could buy twice the home for half the cost elsewhere.
There is a collision either way with Buyers writing offers 20% or 30% under the asking price and Sellers listing their property over market comparisons adding in 2004 unrealized appreciation.
All of this contributed to an almost all time record of resale’s on the market in May, with over 23,000 homes listed for sale and a 2.8% decrease in the median home price from a year ago down to $301,352. And with only 1568 recorded sales in the month of May, sales are down 38.7%.
It's not pretty, Nevada leads the nation in foreclosures and nearly half the resales on the market are sitting vacant. I see out of state investors unwilling or unable to pay a property manager and unable to handle renting or maintenance and turnover long distance, so the property remains unrented and vacant. In the long run, this vacancy costs more, but many investors jumped into the hot real estate market with little to no experience and high hopes of making big bucks. Many did so without the assistance of a professional realtor and the foreclosures and short sales we are seeing is a result of that.
On the up side, in a buyers market like we have today, there are some great opportunities for an investor to buy low. Sitting down with a realtor to be educated about the market and discuss your long term investment goals can make all the difference in the right purchase. There hasn't been a better time to buy in the past 30 years, and despite the foreclosure rate there are still 100% loan programs and even some down payment assistance programs for owner occupied homes.
Call me today to get info on breaking deals.
Olivia McClellan, ABR, GRI, RRG
Liberty Realty
702-372-2671
Buyers are having great time bargain hunting and finding deals on new homes. Resale’s - hit and miss based on sellers willingness to negotiate their price, many of whom are reluctant to lower prices because they are under water. Some because they refinanced and pulled cash out and with the slow down they have lost value and now owe more than the home is worth. Others of course went the route of negative amortization loans thinking they could flip or refi at a lower rate when the time came only to find, the time came and the rates went up and values down.
Many sellers are frozen and unwilling to listen to market data or their REALTORS®. The bottom line is if a seller NEEDS to sell - they may need to make concessions to sell the property. This is what developers are doing by offering huge buyer incentives like closing costs, upgrades, and back yard landscaping. Developers are also offering large realtor co-ops so re sale homes are competing against this factor as well.
Many sellers are testing the market and are not serious about selling unless it is at asking price AND on their terms even when the recent sales indicate a buyer could buy twice the home for half the cost elsewhere.
There is a collision either way with Buyers writing offers 20% or 30% under the asking price and Sellers listing their property over market comparisons adding in 2004 unrealized appreciation.
All of this contributed to an almost all time record of resale’s on the market in May, with over 23,000 homes listed for sale and a 2.8% decrease in the median home price from a year ago down to $301,352. And with only 1568 recorded sales in the month of May, sales are down 38.7%.
It's not pretty, Nevada leads the nation in foreclosures and nearly half the resales on the market are sitting vacant. I see out of state investors unwilling or unable to pay a property manager and unable to handle renting or maintenance and turnover long distance, so the property remains unrented and vacant. In the long run, this vacancy costs more, but many investors jumped into the hot real estate market with little to no experience and high hopes of making big bucks. Many did so without the assistance of a professional realtor and the foreclosures and short sales we are seeing is a result of that.
On the up side, in a buyers market like we have today, there are some great opportunities for an investor to buy low. Sitting down with a realtor to be educated about the market and discuss your long term investment goals can make all the difference in the right purchase. There hasn't been a better time to buy in the past 30 years, and despite the foreclosure rate there are still 100% loan programs and even some down payment assistance programs for owner occupied homes.
Call me today to get info on breaking deals.
Olivia McClellan, ABR, GRI, RRG
Liberty Realty
702-372-2671
Waldorf Astoria in Las Vegas
The Waldorf Astoria Residences, the first purely residental property selected by the Hilton Family of Hotel to bear the legendary hotels name will be the address to only one hundred and sixteen of the discerning and privilaged few.
There are 792 Conrad Suites also located on the lower floors. Originally, called the Majestic there was considerable interests but then the project was put on hold.
The Waldorf - Astoria will be located one block from convention center putting it directly in the middle of Las Vegas.
Please call me if you are interested in Las Vegas High Rise Real Estate.
Olivia
Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Owner,
Triple8 Associates Inc
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@Triple8Associates.com
Visit me online at http://www.triple8associates.com/
There are 792 Conrad Suites also located on the lower floors. Originally, called the Majestic there was considerable interests but then the project was put on hold.
The Waldorf - Astoria will be located one block from convention center putting it directly in the middle of Las Vegas.
Please call me if you are interested in Las Vegas High Rise Real Estate.
Olivia
Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Owner,
Triple8 Associates Inc
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@Triple8Associates.com
Visit me online at http://www.triple8associates.com/
According to the Review Journal The Verge formally Aquintina Lofts was slated to be a Senior Housing Complex but due to escalating contruction costs had to be tabled in lieu of a more profitable venture.
The Verge is currently taking reservations for units starting at $141k.
This project is unique due to is location on Main and Bonanza.
If you would like more information, floor plans or unit pricing please call me at 702-372-2671.
Olivia McClellan
Broker, Salesperson, REALTOR
Liberty Realty
702-372-2671
The Verge is currently taking reservations for units starting at $141k.
This project is unique due to is location on Main and Bonanza.
If you would like more information, floor plans or unit pricing please call me at 702-372-2671.
Olivia McClellan
Broker, Salesperson, REALTOR
Liberty Realty
702-372-2671
Spa Lofts Lens on Squidoo
Check out updated info on Spa Lofts by The Light Group on my business lens at Squidoo.com.
Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845
Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845
Labels:
squidoo las vegas real estate
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