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

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.