CA and NV - Real Estate Blog by Olivia McClellan, Agent

News on Nevada Foreclosure Mediation Program

This week the Las Vegas Review Journal released the hotlist of where to go to dress up and party around Devils Night.  Some clubs are early some are late...

http://www.reviewjournal.com/entertainment/events/halloween/ Check this link out it will help you choose the best bash in town.

Now back to your regular scheduled real estate postings about a hot market with falling prices.

Admin

UNLV has weekly classes for homeowners facing a foreclosure mediation meeting with their lender.    In this story by Fox 5 they will assist you with putting together a case so your bank will actually mediate will you instead of just showing up.

See the Video here:  http://www.fox5vegas.com/video/20979533/

If you are in town and want to route for your NFL team with some familiar painted faces check out this link of what sports bars in town have adopted a NFL team.  Some haven't changed in years and some are new on the list.

http://www.reviewjournal.com/media/interactive/footballbars.html


Just an FYI list not related to real estate.


Have fun.  Admin

The much anticipated downtown project Juhl Opened in June and has closed about 20 units with five more in the pipe. The lending sector has drastically changed since these units were sold so most buyers who are getting a loan are having troubles. If you have cash in hand that is another story.

If you are interested in current pricing and availablity pleases do not hesitate to give us a call at 702-835-9298. If we do not answer we are on the phone with another client or with a client, please leave your name number and brieft message.

Thank you

Olivia


Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

JASON MCCLELLAN Earns REAL ESTATE WEBOGRAPHER™ Certification.

For Immediate Release

Las Vegas, NV 2009 August 25 Jason McClellan has successfully completed the REAL ESTATE WEBOGRAPHER™ certification to join an elite group of real estate professionals who have earned the prestigious certification offered through the National Institute of Webographers, LLC (www.webographers.com).

Jason McClellan has successfully completed 12 short courses which include: Online Business Strategy, Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Virtual Assistants, Mobile Technologies and Blogs.

The REAL ESTATE WEBOGRAPHER™ certification teaches real estate professionals how to develop and maintain an effective online business strategy in a web-based environment. Candidates learn how to establish an effective consumer-facing, all-inclusive web presence; while increasing their knowledge on real estate technologies and strategies clients expect. The program helps real estate agents and affiliates increase marketability by aiding them in determining where they should invest their resources to generate leads, acquire new clients, advertise and facilitate closings.

About Jason McClellan
Jason McClellan, a REAL ESTATE WEBOGRAPHER™ professional, knows how to win more listings, attract buyers by turning a listing process into a marketing process. For more information about the valuable services that Jason provides to clients and web-savvy consumers, please feel free to make contact with:

Jason McClellan
jason@triple8associates.com

About National Institute of Webographers, LLC
Since 2004, The National Institute of Webographers, LLC has specialized in the education, training, assessment and certification of web-based technologies for the Real Estate industry. REAL ESTATE WEBOGRAPHER™ certification teaches agents, brokers and assistants how to best utilize today’s most popular web-based technologies - the solutions for an all inclusive, consumer-centric web presence. Certification, online modules for REALTORS® and Assistants include Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Blogs, Mobile Technologies, Virtual Assistants, and the Learning Laboratory™, where Certificants can access an array of showcased technologies for hands on learning. Available 24/7/365, these courses provide the opportunity for Real Estate professionals to learn at their own pace while enhancing the skill sets necessary to compete and excel with today’s web savvy consumers. REW™ professionals provide consumers with a positive and profitable Real Estate experience. For more information regarding The National Institute of Webographers, please visit www.webographers.com or contact Scott Lau at ScottLau@Webographers.com.

The Obama Administration slated billions to assist banks in hope for homeowners plan and did little to nothing depending on the bank to assist homeowners. The article posted in yesterdays Sunday RJ explains how some banks modified only 15% and most of the them ZERO that is right ZERO.

Read PDF article here

If you are not tweaked after reading this something is very wrong.

PennyMac brings back subprime memories - MarketWatch

Posted using ShareThis

Bad loans still make money - Jul 30, 2009 12:06 PM — Scott Jagow

A group of former Countrywide people launched an IPO today with their new company, PennyMac. Take one guess at what they’re doing. And while we’re at it, let’s talk about why the government’s loan modification program isn’t working.

PennyMac is based in Calabasas, California (sound familiar?), and it plans to make money by buying up failing home mortgages from failed banks and then restructuring the loans. From Forbes/Reuters:

PennyMac’s chief executive is Stanford Kurland, a former president and chief operating officer of Countrywide. At least 10 other top PennyMac officials are alumni of Countrywide, which was also based in Calabasas.

Countrywide was once the largest U.S. mortgage lender, but its aggressive lending practices are widely considered to be a major cause of the nation’s housing crisis.

PennyMac’s business has drawn the attention of critics who have accused Kurland and other Countrywide alumni of trying to profit from a housing crisis they helped create.

Do investors have faith in the crew the second time around? Well, in May, PennyMac predicted its IPO would raise $750 million. It netted $320 million. But the company has raised hundreds of millions from private investors as well, so some people believe PennyMac will find a way to profit.

And why not? What’s left of the mortgage business seems to be doing just fine. The New York Times reports that one reason the government’s loan mod program isn’t going very well is that mortgage companies collect tons of fees on delinquent mortgages:

“It frustrates me when I see the government looking to the servicer for the solution, because it will never ever happen,” said Margery Golant, a Florida lawyer who defends homeowners against foreclosure and who worked in the law department of a major mortgage company, Ocwen Financial. “I don’t think they’re motivated to do modifications at all. They keep hitting the loan all the way through for junk fees. It’s a license to do whatever they want.”

More from the article:

“If they do a loan modification, they get a few shekels from the government,” said David Dickey, who led a mortgage sales team at Countrywide and Bank of America, leaving in March to start his own mortgage advisory firm, National Home Loan Advocates. By contrast, he said, the road to foreclosure is lined with fees, especially if it is prolonged. “There’s all sorts of things behind the scenes,” he said…

“For many subprime servicers, late fees alone constitute a significant fraction of their total income and profit,” said Diane E. Thompson, a lawyer for the National Consumer Law Center, in testimony to the Senate Banking Committee this month. “Servicers thus have an incentive to push homeowners into late payments and keep them there: if the loan pays late, the servicer is more likely to profit.”

One more note on a semi-related subject. The Wall Street Journal reports that the Senate has subpoenaed Goldman Sachs, Deutsche and other banks to inquire about possible fraud in the mortgage market:

The congressional investigation appears to focus on whether internal communications, such as email, show bankers had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested. Collapsing values for many of those securities played a big role in precipitating last year’s financial crisis.

If they can’t prove fraud, how about absolute and utter negligence?

Buyers Backed Out at the 11th Hour Leaving Seller Twisting in the Wind

7036 Delta Falls , Las Vegas NV 89149 Google Map

SHORT SALE WITH PREVIOUS APPROVAL CALL FOR DETAILS Former Model Home*NEVER LIVED IN* Spacious Eat-in Kitchen, Breakfast Bar, pendant lights, Corian, Oak Cabinets w/ pantry, 2 story ceilings in LR w/ 2 fans & FP, Driveway Pavers, Backyard fully landscaped w/ syngrass, Mt & Strip Views, Ceiling fans T/O, custom paint, updated 7/14/09 View Tour Here - Listed at $186,000 - Approval Letter Just Expired

7044 Delta Falls, Las Vegas NV 89149 Google Map

Model Home in*Spacious Kit,Island,Breakfast Bar, DR/Family rm, 20x20 tile, Separa LR, Granite, Upgraded Cabinets, WI pantry, stone backsplash, built-in desk,custom paint, Balcony/Covered patio,french doors, Driveway Pavers, Fully Landscaped, MT/Strip Views, surround sound, full house audio package, patio in front
View tour Here - Listed at $199,900 - Approval Letter Expires on 7/14/09

Call for Showing - 3rd Tier Bank Representative Involved in Closing these Deals.

Call Lising Broker at 702-372-2671

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

REALTOR® Magazine-Daily News-Mortgage Rates Reach 7-Month High

Shared via AddThis

10 Most Undervalued U.S. Cities

Housing research organization IHS Global Insight estimates that the average U.S. home is undervalued by 12.2 percent, and many previously pricey communities are undervalued by considerably more.

A recent study released by IHS used home prices, interest rates, area incomes, population density, and historic premiums and discounts to analyze housing values. It examined 330 markets and found homes are underpriced in 248 of them.

Despite the high percentage of undervalued areas, IHS says "it is too early to call a bottoming," as "job losses continue, housing inventories remain elevated, and consumers remain wary in light of economic uncertainty."

Here are the 10 most undervalued areas:

1. Vero Beach, Fla., -42.5 percent
2. Houma, La., -41.4 percent
3. Las Vegas, -40.9 percent
4. Merced, Calif., -40.1 percent
5. Cape Coral, Fla., -39.1 percent
6. Houston, -36.9 percent
7. Midland, Texas, -34.8 percent
8. Lafayette, La., -34.4 percent
9. Vallejo, Calif., -34.3 percent
10. Stockton, Calif., -34.3 percent

Source: CNNMoney.com, Les Christie (06/04/2009)

Trump Tower is starting a rental program to mix in with it's owner occupied units and condo hotel program. You will be able to rent out units on a one year lease for big bucks. Studios are starting at $1700 month, the shorter the lease the higher the premium which is standard for corporate furnished housing.

Yes, corporate offices everywhere will turn to this type of rental unit especially if they rotate personnel out and need them to be close to the strip. No need for a rental car, great location and they an write off the lease to the company while providing this super perk to their employees.

More details to come.

Fannie Mae annouced a new program allowing renters to stay in their homes that they rent that are in foreclosure which means no eviction process. We get calls weekly from renters who are shocked to find out that their landlord is not paying the mortgage and then the foreclosure process hits. Read more about this directly on Fannie Mae.

According to Channel 13 Action News

700 condos under construction in Southwest at the 215 and Russell are now on hold.

Funding has reportedly dried up for the $350 million Manhattan West Project.

Gemstone Development says its facing increased costs including charges to rework parts of the project that weren't built correctly.

It's uncertain when new funding can be secured and the sales center remains closed.

eep it tuned to Channel 13 Action News.

MGM Mirage City Center continues to grow as Vdara, Veer Towers, Mandarin Oriental Las Vegas and The Harmon move forward towards completion.

Contact us at Triple8 Associates at 702-372-2671 for more info on unit availabilty.

Last night, Women's Council of REALTORS® Installation of Melissa Zimbleman, President and 2009 Line Officers and Immediately Following the Las Vegas Chapter 40th Anniversary Celebration at the Las Vegas Country Club.

Congratulations to Melissa and her 2009 Board! We wish you the best and support you 100%.

Jason & Olivia
Triple8 Associates Inc'
Las Vegas Real Estate Brokerage and Property Management

We have noticed that more and more REO properties are being fixed up by the bank. Over the past 6 months 70% of all sales have been REO properties so those properties were probably in better shape than what is left. We have been doing REO tours over the past 3 weeks and we have seen a ton of properties in bad shape with DOM stats ranging in the high 7 months plus.
So we have seen crews in condos and single family homes putting low grade carpet and paint which is just enough to get it sold.

A good sign the market is turning and banks have adjusted to the market. Their adjustment was like making a u-turn in a aircraft carrier which dosent turn on a dime. Good news all in all.

Concordia Homes of Nevada has closed its sales offices and said they will be refunding deposits on homes that have yet to start construction, as reported on the Review Journal via an industry source.

The Henderson-based home builder has not gone out business and has not filed for bankruptcy, but it will not be selling any new homes, Home Builders Research principal Dennis Smith said.

If you are considering purchasing a new home do your homework or give us a call at Triple8 Associates. We keep a close eye on the best deals in the New home Sector. Search New Homes Here or give us a call at 702-835-9298.

Courtesy GSG DevelopmentGlen, Smith & Glen Development is seeking entitlements for a $1 billion, 40-acre mixed-use project in Henderson called Park Heights. The project would include 1,588 residences. For more infomation please give us at call at Triple8 Associates Inc. 702-835-9298.

Over the past 70 years Las Vegas has grown from 1 casino to the city that it has become. The Las Vegas Sun has created a very cool timeline of The World Famous Las Vegas Strip.

Note: This dosent take into account the growing South Strip where the M Resort is being built, Henderson and Downtown Las Vegas.

Have Fun

One of the coolest new technologies on the Web is instant television. Miss a show no problem because you can catch it later on the Web. Tivo is great but Hulu is better. Check out one of the funniest real estate shows on Cable. Flipping Out.

Silver State Bank of Henderson will cost the Federal Deposit insurance Corp. around half a billion dollars, according to law firm Jones Day. See more news at the Review Journal

Olivia McClellan, Broker of Triple8 Associates was recently written up in the National CRS Newsletter for her experience in Business Continunity. Check it out Here , CRS (Certified Residential Specialst) www.crs.com

The Website http://getdownpayment.com/ has a countdown clock telling the public when down payment assistance will cease to exist for potential homeowners.

The Nehemiah program is going away leaving little to no options for homebuyers needing down payment assistance.

If you want details or are seriously considering buying there is a window of less than 35 days to get your loan approved.

Call me today to get moving.

Olivia McClellan, REALTOR®, ABR, CRS, GRI, RRG
Broker/Owner, Property Manager
Triple8 Associates Inc.
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-948-5790
Olivia@Triple8Associates.com
Visit me online at www.Triple8Associates.com

A quote we live by: "You will miss 100% of all the shots you never take" Wayne Gretzky

Check out http://indymacbank.com/ for details on what happened, what to do about your mortagages and where is your money?

more to come

22 Parkside Lofts is under construction in Las Vegas. This project is sold out according to the developer.

What's up in Las Vegas?

How about a new developers breaking the mold of all of the "little pink houses" and really bringing luxury lofts to new levels in Las Vegas. There are a few loft style single family residence developments pre-existing in Las Vegas and frankly they are very cool because not only do you get the soaring high ceilings and backyards that fit a full size bbq island and pool. Mixing Urban Design and Suburban Living - Pure Genius.

During an April 26 conference call with analysts, Perry said the company didn’t sell a single dud loan in the first three months of the year because no one wanted to pay what he thinks they’re worth. No way is IndyMac selling to a hedge fund for “pennies on the dollar,” Perry said.In that time, IndyMac’s sour loans and foreclosed real estate ballooned 75 percent to $324 million. “We are not going to fire-sell when we have the intent and ability and expertise to work through those loans and sell them ourselves,” he said.But Indymac and others who deal in Alt-A loans, such as Impac Mortgage Holdings of Irvine and Downey Financial of Newport Beach, may not have time to wait. The same problems shaking up the subprime market are now emerging in the Alt-A industry. via the OC Register

In a depreciating market, we have seen many projects looking like a ghost town no construction crew’s onsite. At Luxe Lofts, construction is moving briskly with crews onsite working away.

If you are interested in this unique project please contact us.

All,

Here is a link to the Mortgage Forgiveness Debt Relief Act of 2007 on the IRS Website if you are considering a foreclosure, bankruptcy or short sale.

It is important to be as informed as possible when considering any of the above actions.

According to In Business, on May 2nd, co-owner Glen, Smith and Glen Development of Sullivan Square has closed their sales office. The other co-owner Hardcourt Developments intend to reopen new offices and start construction on the 16.5 acre project this summer.

The first phase of Metreon Las Vegas is expected to be completed in June. The project under construction at Flamingo Road and the Las Vegas Beltway will have 110,000 square feet of upscale shops, restaurants and office space built between twin five-story residential towers. Current retailers include Sammy's Woodfired Pizza, FedEx Kinkos and Einsteins Bros. Bagels....

From Metreon Mailing 5-6-08 Matt Brimhall

If you would like to tour Metreon Lofts as a possible Live Work option please give us a call at 702-372-2671

Over the past month, we have seen more foreclosures with multiple offers and going into escrow. We have been focusing our searches for clients on the areas in Summerlin and Peccole Ranch area where foreclosures were sitting on the market now have more than one offer.

Other stats put foreclosures as 57% higher in 2008 than in 2007 in Nationwide. Nevada foreclosures are 4 times higher than the rest of the nation and also ranked #1 in foreclosures in for the 15 consecutive month.

If you are interested in a specific area we can setup a target search for homes hitting the market based on your criteria so you get immediately notified.

Sure foreclosures can be priced well under market but that is not without costs you will incur after you close escrow. Make sure you do research on the property so there arent any big ticket issues such as roofing, wiring, plumbing or major pool damage.

We regularlly visit at least 25 or so foreclosures a week to preview them for our clients and close to 100% of the properties need carpet, paint and appliances. Depending on the property size you are looking at 10k to 20k in out of pocket costs.

When you are purchasing a property from a bank in Nevada they are expempt from providing you with a SRPD or Sellers Resale Property Disclosure. This document is important during a sale because the Seller must disclose all property history such as roof leaks, any damage and other important issues. Banks are not required to provide this and you the Buyer are required to sign a waiver of your rights.

We can assist you in finding a property, reviewing your options and purchasing it.

Call us for assistance.

Olivia McClellan, ABR, CRS, GRI, RRG
Corporate Broker REALTOR®
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 www.Triple8Associates.com

A quote we live by: "You will miss 100% of all the shots you never take" Wayne Gretzky

As reported in the Review Journal, the $850 million Village at Queensridge mixed-use development at Rampart Boulevard and Alta Drive will bring high end shopping and dining in to Summerlin in 2009.

Executive Home Builders, is building One Queensridge Place luxury condominium towers, will bring the same quality expectations to the village, which is scheduled to open in spring 2009..

The Village at Queensridge will have 700,000 square feet of retail space, including 120,000 square feet of restaurants, and 3,500 underground parking spaces. Grand Lux Café, Zefferino's and Mastro's Steakhouse are among the restaurants that have already signed leases.

Village Road Show of Australia is building a 36,000-square-foot, eight-screen theater with reclining Lear jet-style seats. A residential component is planned for 340 condos on top of retail, similar to The District at Green Valley Ranch Resort.

Olivia McClellan, ABR, CRS, GRI, RRG
Corporate Broker REALTOR®
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 www.Triple8Associates.com

A quote we live by: "You will miss 100% of all the shots you never take" Wayne Gretzky

The mortgage forgiveness debt relief act of 2007 aims to assist debt relief for taxpayers from income debt on their principal residence up to 2 million dollars to help homeowners who are facing forclosure or short sale. For more info go to http://www.irs.gov/

Town Square is one of news mall experience to hit Las Vegas in a while. There are a few more malls planned around the valley but this project was turned out by Turnberry Associates in the same manner as their other LV projects. Fast.

Town Square is located just south of Mandalay Bay and offers easy parking to access this well designed shopping venue. Some of the merchants include:

Abercrombie & Fitch - 702.270.2889
Aéropostale - 702.914.9311
American Eagle Outfitters - 702.260.0486
Ann Taylor - 702.270.0692
Banana Republic - 702.260.0551
Bath & Body Works - 702.263.3559
bebe - 702.260.6274
Borders - 702.383.6734
Claim Jumper - 702.270.2509
EQ3 Furniture & Accents - 702.436.9994
Fry’s Electronics - 702.932.1400
GAP - 702.361.2447
Lucky Brand Jeans - 702.614.5260
Oakley - 702.614.1288
Rave Motion Pictures - 702.362.7283
Robb & Stucky BLDG B 702.531.0531
Tommy Bahama’s Emporium - 702.948.6828
Tommy Bahama’s Tropical Café BLDG K 702-948-8006
White Housev - 702.269.3043
Whole Foods Market -
Yard House - 702.734.9273

There are more stores than this short list and more being added soon.

Contact me for all of your real estate needs.

Olivia McClellan, ABR, CRS, GRI, RRG
Broker/Owner REALTOR®
Triple8 Associates Inc
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@OliviaSellsVegas.com
Visit me online at www.OliviaSellsVegas.com

We all have heard there are a ton of foreclosures in Las Vegas spuring a host of foreclosure services from bus tours to specialzed agents. It is truly like panning for gold when searching for a foreclosure.

Sure the home home is going for $100k or more less than other listed properties in the same area BUT you have to consider cash out of pocket to get the property either rent ready or livable.

We have seen some pools that could double for Loch Ness meaning there is some serious work needed to be functional. Some of the foreclosures are picked clean. The former owners or tenants have removed all of the appliances, fixtures, celing fans, lighting and in some cases the carpet and pad.

Be aware and don't settle for something because its cheap.

One of the biggest problems is there are no photos online to compare apples to apples. This is why we have started TourLVForeclosures.com , a Website dedicated to giving you photos and video of foreclosures in Las Vegas. We are starting with Summerlin specifically and moving from hotspot to hotspot in Vegas. Check it out today!

In Business March 5

Lenders such as BankUnited have elected not to lend to some areas because of declining prices and foreclosures. The South Florida Business Journal reported that Bank United drew up a non-permissible condominium-project list of 191 condo developments in Las Vegas and Florida that it wouldn't finance.

The list included such Las Vegas projects as Allure, the District, Manhattan, Newport Lofts, Panorama, Park Avenue, One Queensridge Place, Meridian at Hughes Center, Sky Las Vegas, Soho Lofts, Turnberry Place and Turnberry Towers.

Local brokers, however, said they haven't used the lender for high-rise loans and cited other options.

If you have a condo, townhouse or home that is vacant and you need a tenant call us.

We have tenants looking for rental properties all around the Las Vegas Valley. We are a full service property management company who will find a tenant, lease your property and manage it monthly by collecting rent along with a host of other services.

Give us a call or check out www.PropertyManagerLV.com for list of services and pricing.

Triple8 Associates

Pinnacle Las Vegas, a high-rise condo project planned for the former site of Falconi Honda on Tropicana Avenue, has been canceled as reported in the real estate section of the Las Vegas Review Journal.

RISING VACANCY: Apartment vacancy in Las Vegas rose to 9 percent in January, up from 8.4 percent in December, CB Richard Ellis, a commercial real estate brokerage, reported. The breakdown by class shows 7.76 percent for Class A (28,082 units), 9.38 percent for Class B (42,000 units) and 9.67 percent for Class C (26,148 units) as posted in the Review Journal

The RJ reported that Construction has stopped on Vantage Lofts in Henderson and the sales center is closed while Slade Development works out a new financing plan. Vantange expects financing will be in place within the next couple of weeks and then he'll proceed with construction. More as it breaks.

There are many opportunities in Las Vegas based on the foreclosures and prices that have been driven down based on over-all market.

There are homes in Summerlin that a few years ago were selling for 500k that are now availabe in the low 300's. Summerlin is one of the most desirable areas in Las Vegas based on location, location, location. The amenities in and around Summerlin make it what it is.

For details on foreclosures or real estate in Las Vegas give us a call or email us. We can setup a watch list based on your requrirements. When a property is put on the market that meets your specifications, you will recieve an email notifying you.

This will allow you to react and schedule to view the property. To setup an automated search stop by www.Triple8Associates.com

Olivia

The Review Journal posted the 4th quarter real estate appreciation stats of 2007. They weren't pretty with 56 of the 61 zip codes in negative digits. The few zip codes that were positive may be a bit squewed due to the high rise luxury condos mixed in. For a full list and to review the map check out my investor hotlink section on www.oliviasellsvegas.com

Pinnacle Development was recently hit with a class action lawsuit by frustrated buyers. Pinnacle has not broken ground after changing contractors three times in three years. See more in our investor section for the full Review Journal article.

The new year brings new deals and Buyers are starting to jump off the fence and take advantage of foreclosures and new home incentives.

One of the main strengths of Triple8 is our relationships with builders and developers so we get a priority position on all special deals.

Please do not hesistate to take advantage of utilizing our experience in the local market. Remember as a Buyer there are no fees to you.

Triple8 Associates Inc
702-372-2671

Happy New Year from all of us at Triple8 Associates in Las Vegas.

May your 2008 bring you health and successful investments.

Triple8 Associates Inc.

Business Press announced that Spa Lofts a development by The Light Group has been cancelled or suspended.

The planned mid-rise is the latest development to be cancelled due to slowing market conditions.

Current Hgh, Mid, Loft Resales in Las Vegas, NV. The lower prices reflect 1 bedrooms or studios depending on the project. The higher prices are usually penthouse units.

Downtown Las Vegas
NEWPORT LOFTS - Resales (13) Range: $464k- $838k
SOHO LOFTS - Resales (27) Range: $459k- $4.7 mil
Streamline Tower - not completed can get pricing
The Verge - not completed sold out

Las Vegas Strip
Allure Las Vegas - Resales (5) Range: $448k- $494k - There are a few 1 beds around $425k available
Sky Las Vegas - Resales (56) Range: $399k- $5.9 mil
City Center - not completed can get pricing
Trump International - not completed can get pricing
Planet Hollywood Towers - not completed can get pricing

South Strip
PARK AVENUE - Resales (51) Range: $204k- $499k
Loft 5 - Resales (12) Range: $525k- $7194k
Boca Raton - Resales (4) Range: $399k- $700k
Onyx - Resales (1) Range: $810k
L5 - not completed can get pricing
Brickwater - not completed can get pricing

East Off Strip
Platinum Condo Hotel - Resales (84) Range: $369k- $1.1 mil (Furnished Condo Hotel)
TURNBERRY M G M GRAND TOWERS - Resales (152) Range: $369k- $2.2 mil (Furnished Condo Hotel)
METROPOLIS - Resales (17) Range: $499k- $2.5 mil
TURNBERRY PLACE - Resales (82) Range: $448k- $12 mil
TURNBERRY TOWERS - Resales (83) Range: $4396k- $1.4 mil

West OFF Strip
PANORAMA TOWERS - Resales (108) Range: $435k- $12 mil
Palms Place - not completed sold out

West Summerlin OFF Strip
C2 LOFTS - Resales (12) Range: $696k- $1.5 mil
One Queensridge Place - Resales (8) Range: $2.1 mil - $5.96 mil
THE MERCER - not completed can get pricing
Luxe Lofts - not completed can get pricing

Henderson Green Valley
The District - Resales (1) Range: $575k

Give us call if you would like to view any of these units

The Verge ground breaking event downtown has been set for December 12th at 3pm onsite. This is great news for a great project. We are glad to see it get off the ground. If you stop by you might see Mayor Goodman on hand celebrating the Verge Ground breaking. We will be sending seperate invitations out to our clients who purchased a Verge unit. There may be a few units available based on drop out so if you are interested please email us.

If you are concerned about the increase of graffiti around the Las Vegas Valley its time to start cleaning it up.

If you see graffiti on any structure call a 24 hour voicemail hotline to report it. The Graffiti Hotline number is 702-455-4509.

If you catch a tagger or someone defacing any structure call 911 and report it to the police department.

This is non-profit line so support it to clean up Las Vegas. The number is being promoted by Kevin L. Child from Deiro & Associates

The official holiday season has started flooding the malls with shoppers and the builders putting homes up for sale slashing prices.

Every year, builders do their best to unload inventory at the end of the year to clear there books. If you are waiting or sitting on the fence it might be time to talk a look at the inventory.

There are million dollar homes going for $600k with golf course views. Some are new homes others are resales that have never been lived in.

So if you are a buyer, who is interested in seeing what is available, give us a call at T8A.

Check out our other Las Vegas Blogs

• Rentals
• New Homes
• Las Vegas Condos
• Open House in Las Vegas
• Technology Blog
• Relocation Links
• Triple 8 Associates Main Blog
• Las Vegas 2006 and Beyond

The new Trump Tower in Vegas stands out with a large T lit at night along with TRUMP on the sides of the building. Tower II is scheduled to break ground in 2008 now that the Frontier has been flattened and clean-up has begun.

Las Vegas is just one city that Trump is building high rise luxury condos in. He is currently either has built or is building in New York, New Jersey, Honolulu, Los Angeles, Chicago, Florida, Dominican Republic, Seoul, Toronto, Panama, Mexico, Connecticut and future development sites in Soho, NY, Atlanta, New Orleans and Dubai.

Trump dominates the luxury high rise market with his exclusive product and unstoppable brand.

Trump stands apart from other developments in Las Vegas due to the fact it is exclusive, high end and very expensive per square ft. If you are looking for exclusivity in Las Vegas give us a call to check inventory.

C2 Lofts located off the 215 and Charleston in Summerlin started move-ins this month. This property is one of the few properties in Las Vegas that features a true loft residence with high ceilings and sleek comtemporary design.

Most units have huge floor to ceiling windows and some of the most high end upgrades available. The builder Christopher Homes has a reputation of designing and putting out a great product within the luxury sector.

C2 Lofts is located near red rock canyon, shopping and restaurants. There is also one of the most anticpated shopping malls being built across the freeway which is patterned after Fashion Island in Newport Beach CA. If you shop and live in Las Vegas this is a wonderful addition.

There are units available at C2 Lofts for sale and for corporate lease so call us if you have questions.

Is it really a bad market or just a Buyers Market?

All of our clients who have purchased either a resale, bank foreclosure or new home have been pretty happy with the incentives and results.

Are my Sellers happy? "No" especially if they have to sell. They feel like they are wading out into waist deep waters knowing there are sharks swimming around. If they are not priced close to market most of them are getting offers 20% below asking. So not happy.

In 1999,2000,2001,2002.2003 it was a Sellers Market and Buyers were paying over asking and getting into bidding wars. The Buyers weren't happy when they were buying but in 6 months when they put that home back are the market and Flipped it for a nice profit, they turned into a Seller and they were happy.

Really, is there a Bad market or just a Buyers Market and Sellers Market. The market shifts back and forth almost like one of those wave machines that sits on your desk. It is sure to shift the other way.

Las Vegas continues to have about 6,000 new residents a month and tourism is maxing out McCarren Airport. There are many new residential and condo hotels on the verge of hitting the market AND MGM Mirage City Center is moving along nicely. By the way have you heard, City Center II on the north end of the Strip...

If you are buyer who is looking for something specific in Las Vegas give us a call we will research it to let you know if it is available and at what price. There are one bedroom units on the strip available for around 400k. Just give us a buzz

360 Marketing was taught by a husband and wife team Harley and Karina Rouda team, Great class teaching REALTORS about new technologies in marketing. The spoke regarding there 360 degree marketing and many phases of how to advertise in today's economy.

The Sands Convention Hall was full with REALTORS from all around the world. During the day most attended classes along with visiting with exhibitors in the main hall.

The feature speaker today was Bill Cosby who with his humorous twist spoke to a packed room about the positives of the current market. A fun break from the hustle and bustle of the convention.

More coming soon...

Seth Godin spoke today at NAR 2007 in Las Vegas to a packed audience.

The topic was permission marketing and how REALTORS need to stand out from the crowd to be successful. His hour and half seminar covered branding and how to utilize a changing market to get ahead.

I will be posting more about NAR soon about other exciting products and services at this years NAR show..

Town Square by Turnberry has opened on the South Las Vegas Strip.

Here are just a few anchor tenants located at Town Square:

• Abecrombie and Finch
• American Eagle
• Banana Republic
• Gap
• Lucky Brand Jeans
• Tommy Bahama
• Gymboree
• Aldo
• Skechers
• Kay Jewelers
• Bath and Body Works

and many more. Another great shopping mall opens in Vegas...

If you haven't been following the rapid growth of MGM Mirage City Center you are missing out on watching incredible growth on the World Famous Las Vegas Strip.

Boca Raton is the lastest mid rise to start move-ins into the brand new condominiums.

The 378-unit first phase has been completed and residents have begun moving into with more than 140 units closed. The developer is about 80 percent sold out with many units still available.

If you are interested in a luxury condo on the south strip, give us a call to find out what units are available and pricing.

Call for professional real estate assistance.

Olivia
702-372-2671

The Avenue is almost ready for move-ins and Wolfson Lofts is already planning another boutique Ultra Loft development in Las Vegas.

There aren't many details surrounding the new project The Strand but if it is anything like The Avenue it will be top notch.

Based on the Avenue there should be under 10 units so these will be reserved quickly. These probably are not units that you would purchase primarly as an investment to resell for a profit but an investment to live in based on the development's overall coolness.

For more info email or call me.

Olivia

Triple8 Associates Inc
5940 S. Rainbow Blvd. Ste 1007
Las Vegas, NV 89118
Direct 702-372-2671
Fax: 702-543-4845
Olivia@OliviaSellsVegas.com
Visit me online at www.OliviaSellsVegas.com

Palms Place, Las Vegas

If you own a unit, are buying a unit or have been in contract and released your earnest money to Manhattan Condos / Gemstone you need to read about the current lawsuit filed against Gemstone. (Click Here)

Contact Callister Reynolds (Kim or Brooke) for more info:

Callister & Reynolds Law Offices
823 Las Vegas Boulevard South
Las Vegas, Nevada 89101
Phone: 702-385-3343
Fax: 702-385-7743

Cash Positive with 12% CAP RATE

2 Model Homes for Sale

Builder Lease backs Silverado Ranch Area -

1. 2468 SF 3 bed 2sty, 3 car garage, POOL, full covered sundeck, retreat Includes all model home upgrades and furnishings - List Price: $609,007
2. 2834 SF 4 bed 2sty, 3 car garage, 1 bed down, separate family/dining - List Price: $643,059

Builder rent back at Rent of 1% of sales price per month ($6090/$6430)
Min. 18 month lease with options to renew up to 18 months. Cash Positive with 12% CAP RATE and no one living in the unit so no daily wear and tear and no maintenance as builder will handle all.
15% Down Required for Stated Income or 10% Down for Full Doc. 3% For Closing Costs also paid

Thank you

Jason and Olivia

McClellan Team, Liberty Realty
2920 S. Durango Dr.
Las Vegas, NV 89117
efax 702-543-4845
www.oliviasellsvegas.com

Olivia McClellan, ABR, GRI, RRG
Liberty Realty, Broker/Salesperson, REALTOR®
Direct 702-372-2671
olivia@oliviasellsvegas.com

Jason McClellan, REALTOR®
Liberty Realty, Salesperson
Direct 702-218-3302
info@oliviasellsvegas.com

A quote we live by: "You will miss 100% of all the shots you never take" Wayne Gretzky

CL3 Lofts is a mixed of office, warehouse and residential space being built in North Las Vegas. There apparently are some permit issues that have come up that are being resolved.

CL3 Lofts is planned for 44 units, including a café, with units priced from $600's.

The project was set for an August delivery.

If you are interested in true live work lofts call me today

Olivia

Palms Place construction is moving quickly with a scheduled late 2007 close coming up.




Palms Place is 100% sold out but as closings get closer there may be units available if you are interested please contact me.

Thanks

Olivia
702-372-2671

Another development breaks ground in Las Vegas.

Sullivan Square, a new mixed-use community in the southwest valley, is prepared to move forard and had it's groundbreaking ceremony yesterday.

Construction will begin with a 20-foot excavation for the underground parking area and laying of utilities.

This is one of the hottest mid-rise project in Las Vegas .

For more info or to tour the property please contact us.

McClellan Team, Liberty Realty
2920 S. Durango Dr.
Las Vegas, NV 89117
efax 702-543-4845
www.oliviasellsvegas.com

Olivia McClellan, ABR, GRI, RRG
Liberty Realty, Broker/Salesperson, REALTOR®
Direct 702-372-2671
olivia@oliviasellsvegas.com

Jason D. McClellan, REALTOR®
Liberty Realty, Salesperson
Direct 702-218-3302
info@oliviasellsvegas.com

I recently attended the Women's Wealth Conference in Newport Beach CA. There were many talented speakers on hand including one of my favorites, Terry Watson . I thought I would pass along a few of the books that were recommended:
Here they are:

• The Money Book for the Young, Fabulous & Broke


• The Hypnotic Salesman


• The Secret


• The Toyota Way


• Lean Thinking : Banish Waste and Create Wealth in Your Corporation, Revised and


• Generation Me: Why Today's Young Americans Are More Confident, Assertive, Entitled--and More Miserable Than Ever Before


• The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It


• The Richest Man in Babylon


• The Greatest Salesman in the World


• Think and Grow Rich: The Landmark Bestseller--Now Revised and Updated for the 21st Century


• As a Man Thinketh


• The Google Story: Inside the Hottest Business, Media, and Technology Success of Our Time


• Focus Like a Laser Beam: 10 Ways to Do What Matters Most


• The Millionaire Next Door


• Cashflow Quadrant: Rich Dad's Guide to Financial Freedom


• Blink: The Power of Thinking Without Thinking


• Who Moved My Cheese? An Amazing Way to Deal with Change in Your Work and in Your Life


• The Tipping Point: How Little Things Can Make a Big Difference


• The Wisdom of Crowds


• 96 Great Interview Questions to Ask Before You Hire


• High-Impact Interview Questions: 701 Behavior-based Questions to Find the Right Person for Every Job


• The Millionaire Real Estate Investor


• The Real Estate Entrepreneur


• Shortcut to a Miracle: How to Change Your Consciousness and Transform Your Life
  
• Ask It Is Given


• The Fred Factor
  
• 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop
  Worrying; Revised and Updated Version
  
• The Courage to be Rich: Creating a Life of Material and Spiritual Abundance
  
• Women & Money: Owning the Power to Control Your Destiny
  
• Great Boom Ahead: Your Guide to Personal & Business Profit in the New Era of Prosperity


• The Roaring 2000s: Building The Wealth And Lifestyle You Desire In The Greatest Boom In History


• Rich Dad, Poor Dad (Rich Dad)


• The Millionaire Real Estate Investor

The fact that developers are building lofts in Las Vegas is great for locals who want a very untraditional home to live in. Pink Stucco houses with a 2 car garage and postage stamp of a backyard are a dime a dozen but a true loft with soaring ceilings and wide open spaces allows of True Living Space, IMHO.

The guys over at Urban Lofts are starting phase two of 11th Street Lofts a hybrid project - part loft, part townhouse but definitely hip and trendy. The only downside the project is being built east of Fremont street experience. The downtown revitalization is in progress but we won't see it spreading east for a while.

Urban Lofts 2nd project Fremont Street lofts is set to break ground shortly in the same area.

If you want an affordable, very hip loft/townhouse we would be glad to tour you on this property and other loft properties in Vegas. For more info go to www.nvlofts.com and find out why Olivia is your loft specialist in Las Vegas.

Thanks

Jason

Standhi will be the tallest building in downtown Las Vegas hosting over 425 luxury condominums adding to the selection of new downtown projects.

This is the lastest offering from Sam Cherry Development one of the top developers in Las Vegas. He has built Soho Lofts and is currenting finishing Newport Lofts. Standhi marks his 3rd offering in Las Vegas since the boom. Other developers are still working on the 1st completion.

To find out more information about this project please call me.

Thanks

Olivia

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

Many of the new high rise condos have been closing units allowing occupants to move in. The other units are closing are investors leaving them vacant and put up for lease.

Investors that purchased out of state may inquire about leasing their units at www.thehighrisereport.com . Units can be furnished to compete for corporate rentals or staged with rental furniture when put on the resale market.

For more information please inquire at www.thehighrisereport.com

As reported in the Review Journal on May 30th, Spanish View Towers has come under fire and lawsuit from Buyers who were unable to recover deposits make on luxury units.

The project is over 18 months overdue leaving the towers sitting dormat for months. The project lost its financing and has been unable to get the project back on track.

There are other allegations regarding Jeannie Cutter from Prudental Americana.

More to come as it the news breaks

Olivia McClellan
Liberty Realty

Presido Heights in Las Vegas is under construction. This development features old fashion Brownstones and is located in one of the fastest growing areas of Las Vegas. Prices start in the $500's.

If you are interested in this development and want more info please call me at 702-372-2671

Thanks

Olivia

Olivia McClellan, ABR, GRI, RRG
Liberty Realty

Paxton Walk is located in Northwest Las Vegas which is rapidly becoming a true destination, a place where residents from other parts of the valley will soon travel to work, shop, conduct business, or enjoy an evening out, a great many people have shown an interest in having those activities available closer to home. At Paxton Walk, residents will be right in the middle of the action in one of the valley's most affluent areas.

Townhomes at Paxton Walk is a series of 65 townhomes along Slade Avenue. They are 1,678 and 1,698 square feet. One floor plan has three bedrooms, while the other has two bedrooms and a loft. Both designs have private courtyards and two-car garages.

Courtyards at Paxton Walk offers 374 flats or two-level condominiums in four-story buildings surrounding a secure garage that offers at-level parking and direct entry to each home. Nine floor plans range from 726 to 1,532 square feet.

Paxton Square Town Center is the heart of the mixed-use development. The first story includes 46,000 square feet for retail space, including two 7,000 square-foot areas designed for restaurants. The second story contains 50,000 square feet of office space. There are 72 one-level and loft homes on the third and fourth floors, which overlook a 27,000-square-foot courtyard for pathways, seating, and outdoor dining.

Gardens at Paxton Walk feature 271 single- and two-story condominiums in four-story buildings, surrounding a secure garage.

Several amenities will be available to residents only, including multiple swimming pools, spas and fitness centers. The 9,000-square-foot clubhouse at the center of the development includes a two-story great room, movie theater, billiards room, library and business center.
Prices range from the $200,000s to the $500,000s.

For more info please call me at 702-372-2671

Olivia
Liberty Realty