Saturday, January 09, 2016

  • Price: $895,000
  • Year Built: 1979
  • Bldg sqft: 960
  • Bedrooms: 4
  • Total Baths: 3
  • Full Baths: 3
  • Garage / Parking Spaces: 1
  • Days On Market: 3
  • Acreage: 2.06 acres
  • Provided by: Platinum R.E. Professionals
  • Call 702-217-1680 for additional information or visit:
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    Hot Property!

    $265,000 Year Built: 1965 Bldg sqft: 2346 Bedrooms: 5 Total Baths: 3 Full Baths: 2

    1. Provided by: Gavish Real Estate

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    Thursday, January 07, 2016

    Tesla and Competitors Fuel Housing Boom in Nevada

    by Alexei BarrionuevoIn the 1860s, gold and silver discoveries spurred a short-lived economic boom in Nevada. Hundreds of prospectors flooded into the hillsides of what is today the western edge of the state, many of them coming from the gold mines of California. Men like Henry Comstock, for whom a giant silver lode was named, scrambled to stake their claims in a wide-open frontier.
    Today, it's electric car plants and data centers that are setting the stage for a modern-day economic transformation in a state still sweeping away the ash from the fire sales ignited by the recent housing bust. Once again, California opportunists may be among the biggest beneficiaries of a new mini-housing boom. Over the past year Tesla Motors and Faraday Future, the electric car manufacturers, have announced massive new operations in Nevada, and as a result, the state needs to add tens of thousands of new housing units.
    Tesla, based in Palo Alto, is building a $5 billion, 10 million-square-foot Gigafactory in northern Nevada, near Sparks, for the production of lithium ion batteries for its electric cars. Faraday Future, a Los-Angeles-based startup (which just unveiled a 1,000 horsepower electric car at CES) backed by Chinese investors, plans to build a $1 billion, 3 million-square-foot factory in North Las Vegas, with the goal of producing electric cars by 2017. Nevada lawmakers approved the Faraday project last month.
    The companies say that between them they will be hiring 11,000 new workers in Nevada over the next five years. As a result, Reno-Sparks and Las Vegas are expected to grow by some 80,000 residents by 2020, unheard of growth for the regions. To meet the demand from Tesla, Faraday, and other major employers, Nevada will need at least 40,000 more housing units—single-family homes as well as apartments and condos for younger engineers and techies—over the next five years, according to state projections. Who will fill the demand? And will they fill it in time to stave off price inflation?"The bulk of the investment is coming from outside the state" so far, said Mike Kazmierski, president of the Economic Development Authority of Western Nevada. The response to the forecasted demand is being met by national players like Lennar andToll Brothers, and by California-based developers like Lansing Companies.Nevada-based builders, their psyches still singed by the previous housing bust, have been less eager to jump into the fray. "Most of the builders in this region went under with the recession and the housing bust," Kazmierski said. "We were over-building, and when the music stopped it was pretty dramatic in this region. People around here are saying, 'I have seen this before. I am going to be careful.'"Builders outside the state, by contrast, have been less intimidated. "They have come in and said, 'Wow, we need to get into this, it is really taking off,'" Kazmierski said.
    To be sure, the housing market in Nevada has improved, especially in the Las Vegasand Reno-Sparks areas. The housing bust slashed prices by half in both areas, but they have rebounded to just over half of pre-recession highs. In Las Vegas, median prices for single-family homes rose by 9 percent in 2015 to $220,000, according to the Greater Las Vegas Association of Realtors. In Reno, prices increased by 17 percent to$275,000, said Kevin Sigstad, president of the Nevada Association of Realtors.
    Foreclosures and short sales—which reached 75 percent of sales in southern Nevada as recently as late 2011—have plummeted to 6 percent of the combined Reno and Las Vegas markets, Sigstad said. Demand has caught up to supply and today it's getting tougher and tougher to find an available home. What's happening in Nevada is transformative, and it's not just the electric car companies that are locating big operations in the state.
    Dozens of companies have begun moving operations to the state recently. While Tesla's Gigafactory, which will be located in the Tahoe Reno Industrial Center, a 107,000-acre behemoth of privately owned land about 15 miles east of Reno, will be the largest, Wal-Mart already has a 1 million-square-foot distribution facility there. And the center is also the future home of Las Vegas-based Switch, which is building the largest network data center in the world; it will connect Las Vegas, Reno, San Francisco, and Los Angeles with the SUPERNAP, one of the fastest fiber-optic loops in the world. Amazon has a distribution center in Reno. Apple has a data center there, too, which it is currently expanding to increase its iCloud server capacity.
    "We were already really busy before Tesla announced," Sigstad said. "Now we are three, four, five times busier than we were. It is kind of heady."
    Despite Nevada being the state with the highest percentage of land owned by the federal government—less than 20 percent is in private hands—there is sufficient available land for residential development. To avoid more urban sprawl, state leaders have been encouraging in-fill housing to meet the needs of the new companies.
    Of bigger concern, especially around Las Vegas, has been whether there is enough water for all these companies and new residents. State lawmakers spent considerable time charting the future water needs of the Apex Industrial Park, where Faraday will be based, before signing off on the deal, which will give the company $215 million in tax abatements and tax credits.
    While Faraday is just getting started, Tesla's new facility broke ground last June, and the company is preparing to hire a slew of new workers beginning this month. To house these newcomers, Lansing Companies is co-developing the Santa Maria Ranch, a954-acre riverfront community in the Dayton Valley that is planned to have 2,214 homes over 13 construction phases. Lot sizes range from a quarter of an acre to 11.54 acres, with homes from 1,800 square feet to 5,000 square feet. Only 20 lots of 139 in the development's first phase are still available, according to the project's website.The Reno Development Company, which, like Lansing Companies, has California roots, has six housing projects in the works in the Reno area, including the 141-acreRancharrah community, which plans to feature 691 units and two commercial parcels. The developer wants to build single-family homes, and apartments or duplexes in seven residential villages, which would be gated. The centerpiece of the developmentare a 52,000-square-foot equestrian center and a 30,000-square-foot mansion. Reno Development bought the former estate from John Harrah, son of Harrah's Hotel and Casino founder Bill Harrah.
    Just minutes from the Mount Rose Ski Resort, Toll Brothers is building the Presidio at Damonte Ranch, a luxury single-family home community starting in the mid-$400,000s, with three single-story home designs.State economic development officials are in talks with other potential developers. But Kazmierski said some still need arm-twisting. One Nevada developer, whom he declined to name, has been reluctant to build despite having 600 people on a waiting list, he said."We will have a housing crisis if we don't respond to it," Kazmierski said. "They are building at a pace that based on their historic trends has been adequate, but they need to accelerate the pace. The sooner we get things started the better."

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    Monday, December 21, 2015

    Good News For Foreign Investors - Obama Abruptly Waives 1980 Foreign Investment in Real Property Tax Act

     by Tyler Durden on 12/20/2015

    Barack Obama Bond Commercial Real Estate Federal Reserve High Yield Meltdown Private Equity Real estate White House

    Submitted by Gordon T. Long of the Financial Repression Authority

    Obama Abruptly Waives 1980 Foreign Investment in Real Property Tax Act

    The Financial Repression Authority has consistently shown that Regulatory changes which “Ring Fence” US investors choices is a cornerstone of the Macro-Prudential Policy of “Financial Repression”. Through stealth programs like FATCA and PFIC the US government has steadily and quietly limited Americans ability to take cash out of the country and to invest abroad, other than through profitable public exchange traded products sold by the financial industry.  However, it is one thing to shut the doors to American investing abroad but it is quite another to fully open the doors to foreigners! It begs the question why, why now and why the change needed to happen so urgently?

    This week, as the BOJ, ECB and PBOC all continued to aggressively expand credit  the Federal Reserve was “full ahead” in the process of withdrawing approximately $1 Trillion of liquidity to achieve its December FOMC decision to increase the Fed Funds rate by 0.25%. To counteract this policy initiative and the alarming collapse in the HY & IG bond market, the US government immediately opened the floodgates to easy foreign credit in a major policy reversal. A policy decision which was rushed through congress with almost no time for congressional debate. Obviously what was not lost on the White House was the fact that the now troubled $2.2 Trillion of High Yield bonds peddled to yield starved investors since the financial crisis matches 2/3’s of the $3.5 Trillion increase in the Federal Reserves balance sheet during the same period.

    FIRPTA was implemented during a better era for Americans in response to international investors in the late 1980s and early 1990s buying U.S. farmland, as well as the more publicly visible buying of trophy U.S. property by the Japanese.  The US government has now expediently waived FIRPTA.

    Bloomberg reports:

    President Barack Obama signed into law a measure easing a 35-year-old tax on foreign investment in U.S. real estate, potentially opening the door to greater purchases by overseas investors, a major source of capital since the financial crisis.

    Contained in the $1.1 trillion spending measure that was passed to avoid a government shutdown is a provision that treats foreign pension funds the same as their U.S. counterparts for real estate investments. The provision waives the tax imposed on such investors under the 1980 Foreign Investment in Real Property Tax Act, known as FIRPTA.

    “FIRPTA has historically made direct investment in U.S. property a non-starter for trillions of dollars worth of foreign pensions,” said James Corl, a managing director at private equity firm Siguler Guff & Co. “This tax-law modification is a game changer” that could result in hundreds of billions of new capital flows into U.S. real estate.

    Foreign investors have flocked to U.S. real estate since the global economic meltdown, drawn by the relative yields and perceived safety of assets from office towers and shopping centers to apartments and warehouses. The demand has helped drive commercial real estate prices to record highs. Many foreign investors structured their purchases to make themselves minority investors and bypass FIRPTA.

    REIT Purchases

    The new law also allows foreign pensions to buy as much as 10 percent of a U.S. publicly traded real estate investment trust without triggering FIRPTA liability, up from 5 percent previously.

    “By breaking down outdated tax barriers to inbound investment, the FIRPTA relief will help mobilize private capital for real estate and infrastructure projects,” Jeffrey DeBoer, president and chief executive officer of the Real Estate Roundtable, an industry lobbying group, said in a statement.

    Cross-border investment in U.S. real estate has totaled about $78.4 billion this year, or 16 percent of the total $483 billion investment in U.S. property, according to Real Capital Analytics Inc. Pension funds accounted for about $7.5 billion, or almost 10 percent, of the foreign total, according to the New York-based property research firm.

    “Foreign pensions are such a low percentage of foreign investment in U.S. real estate because of FIRPTA,” Corl said.

    Investment Surges

    Foreign investment has surged from just $4.7 billion in 2009, according to Real Capital. Foreign buying this year as a percentage of total investment in U.S. real estate is about double the 8.1 percent average in the 10 years through 2012.

    Despite a perception that FIRPTA was a response to the wave of Japanese buying of trophy U.S. property in the late 1980s and early 1990s, including Rockefeller Center and Pebble Beach, the act was actually passed in 1980 in response to international investors buying U.S. farmland. Under old rules, foreign majority sellers had to pay 10 percent of gross proceeds from the sale of U.S. real estate as well as additional federal, state and local levies that could increase the total tax burden to as much as 60 percent, according to the National Association of Real Estate Investment Trusts.

    The change “is a huge deal,” said Jim Fetgatter, chief executive of the Association of Foreign Investors in Real Estate. “There’s no question” it will increase the amount of foreign investment in U.S. property, he said.

    The FRA predicts that Americans will face significant increases in US property taxes over the next five years starting in 2016. With the change in FIRPTA Americans should additionally expect property values to increase in 2016-2017.

    Clearly, foreigners, the “1%” and property owners will all gain from this, but most Americans will simply face significantly increasing property taxes on elevated asset values to fund the ever increasing government debt burden.

    Americans owning a house can be expected to initially focus on their net worth being higher, and not that they once again will have even less disposable income. Some will learn painfully why the number one killer of small business is cash flow, not profits..

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    Tuesday, December 15, 2015

    December 15, 2015 I am proud to announce that I Just made the move to Legacy International Real Estate.
    Visit me at my office:

    Legacy International
    1120 Shadow Ln
    Las Vegas, NV 89102

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    Saturday, October 24, 2015

    FHA Back To Work Program Waives Foreclosure, Bankruptcy, And Short Sale Waiting Periods

    The FHA has waived its mandatory waiting period after foreclosure via the Back to Work - Extenuating Circumstances Program
    Update (October 24, 2015): This FHA mortgage post is up-to-date as of today. Make sure you always get the most updated version of the FHA's rulebook, which changes constantly.
    Did you know: The FHA has changed its policy regarding a 3-year foreclosure waiting period?
    Effective for FHA Case Numbers assigned on, or after, August 15, 2013, borrowers with a recent history of bankruptcy, foreclosure, judgment, short sale, loan modification or deed-in-lieu can apply for an FHA loan and get approved without hassle.


    The Federal Housing Administration (FHA) was formed in 1934. 31 years later, in 1965, it became part of the U.S. Department of Housing & Urban Development (HUD).
    The FHA's primary role is as an insurer of mortgage loans made by FHA-approved lenders. The FHA insures loans in all 50 states, all U.S. territories, and in the District of Columbia. Since its inception, the group has insured more than 34 million loans which makes the FHA the world's largest insurer of mortgages.
    FHA mortgage insurance is available for any loan which meets the following two conditions :
    1. The loan must be made by an approved FHA lender
    2. The loan must meet the minimum standards of the "FHA Mortgage Guidelines".
    The minimum standards of the FHA mortgage guidelines are straight-forward. Some of the more well-known rules require mortgage applicants to show a minimum credit score of 500; to make a downpayment of at least 3.5% on a purchase; and, to verify income via W-2 or federal tax returns.
    The guidelines also include such arcane topics as U.S. citizenship requirements for borrowers; relocation rules for trailing homes and income; and, minimum standards for condominiums and co-ops.
    Loans failing to meet FHA mortgage guidelines do not get insured and the Federal Housing Administration has been steadily tightening its requirements since last decade's housing downturn.
    On August 15, 2013, though, the Federal Housing Administration moved to relax its guidelines for borrowers who "experienced periods of financial difficulty due to extenuating circumstances".
    Dubbed the "Back To Work - Extenuating Circumstances Program", the FHA removed the familiar waiting periods that typically followed a derogatory credit event.
    If you've experienced any of the following financial difficulties, you may be program-eligible :
    • Pre-foreclosure sales
    • Short sales
    • Deed-in-lieu
    • Foreclosure
    • Chapter 7 bankruptcy
    • Chapter 13 bankruptcy
    • Loan modification
    • Forbearance agreements
    The FHA realizes that, sometimes, credit events may be beyond your control, and that credit histories don't always reflect a person's true ability or willingness to pay on a mortgage.
    Use the Q&A below to learn more about the FHA's Back to Work - Extenuating Circumstances program. Then, get today's FHA mortgage interest rates at no cost and with no social security number required to get started.


    What is the FHA Back To Work - Extenuating Circumstances program?

    The FHA Back To Work - Extenuating Circumstances program is the FHA's "second chance" for mortgage applicants who have experienced financial hardship as a result of unemployment or severe reduction in income.

    Can I use the Back to Work as a first-time home buyer?

    Yes, you can use the program as a first-time buyer.

    Can I use the Back To Work program as a repeat home buyer?

    Yes, you can use the program as a repeat home buyer.

    Can I use the Back To Work program for an FHA 203k construction loan?

    Yes, you can use the program for an FHA 203k construction loan.

    Does the FHA Back To Work program waive the traditional 3-year waiting period after a foreclosure, short sale, or deed-in-lieu?

    Yes, the program waives the agency's three-year waiting period. You no longer need to wait three years to apply for an FHA loan after experiencing a foreclosure, short sale or deed-in-lieu.

    Does the Back To Work program waive the traditional 2-year waiting period after bankruptcy?

    Yes, the program waives the agency's two-year waiting period. You no longer need to wait two years to apply for an FHA loan after experiencing a Chapter 7 or Chapter 13 bankruptcy.

    Which types of "events" are covered by the FHA Back To Work - Extenuating Circumstances program?

    The program can be used by anyone who's experienced a pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification; or who has entered into a forbearance agreement.

    How do I apply for the program?

    You can apply for an FHA Back to Work - Extenuating Circumstances mortgage with any FHA-approved lender. The mortgage approval process is the same for any other FHA-insured mortgage.

    What are mortgage rates for the FHA Back To Work program?

    Mortgage rates are the same as mortgage rates for any other FHA loan. There is no premium on your interest rate, nor are there additional fees to pay at closing. Your FHA mortgage rate will be unaffected by the FHA Back To Work program.

    My current lender says that it's not participating in the program? What do I do?

    If your current lender is not participating in the FHA Back To Work program, you can find another lender. If you don't know of another FHA-approved lender, you can get a mortgage rate here and see what you think.

    What are the minimum eligibility requirements of the FHA Back To Work program?

    In order to qualify, you must meet several minimum eligibility standards. The first is that you must have experienced an "economic event" (e.g.; pre-foreclosure sale, short sale, deed-in-lieu, foreclosure, Chapter 7 bankruptcy, Chapter 13 bankruptcy, loan modification, forbearance agreement). The second is that you must demonstrate a full recovery from the event. And, third, you must agree to complete housing counseling prior to closing. You must also show that your household income declined by 20% or more for a period of at least 6 months, which coincided with the above "economic event".

    How do I document a 20% loss of household income for the FHA?

    In order to document a 20% loss of household income, you must present federal tax returns or W-2s, or a written Verification of Employment evidencing prior income. For loss of income based on seasonal or part-time employment, two years of seasonal or part-time employment in the same field must be verified and documented as well. Income after the onset of the economic event, which should represent a loss of at least 20% for at least six months, should be verified according to standard FHA guidelines. This may include W-2s, pay stubs, unemployment income receipts, or other. Your lender will help you determine the best method of verification.

    How do I document a "satisfactory" credit history since my "economic event" for the FHA?

    Your lender will review your credit report as part of the FHA Back To Work approval process. All accounts will be reviewed -- ones which went delinquent and ones which remained current. Your lender will attempt to determine three things -- that you showed good credit history prior to the economic event; that your derogatory credit occurred after the onset of the economic event; and, that you have re-established a 12-month history of perfect payment history on major accounts. Minor delinquencies are allowed on revolving accounts.

    Does the "20 percent loss of income" eligibility condition apply to me only, or to everyone in the household?

    The "20 percent loss of income" eligibility condition applies to everyone in the household. If one member of the household lost income as the result of a job less but the household income did not fall by 20 percent or more for a period of at least months, the borrower will not be FHA Ba Extenuating Circumstances-eligible.

    Is the FHA Back To Work Program limited by loan size?

    No, the program is not limited by loan size. The FHA will always insure up to your area's local FHA loan limit. Your lender, however, may not. If your lender will not make a loan big enough for your needs, find another FHA-approved lender. There are many of them.

    With the FHA Back To Work Program, how soon until I can buy a home after foreclosure?

    Via the program, you can buy a home 12 months after a foreclosure.

    With the FHA Back To Work Program, how soon until I can buy a home after a short sale?

    Via the program, you can buy a home 12 months after a short sale.

    With the FHA Back To Work Program, how soon until I can buy a home after a deed-in-lieu of foreclosure?

    Via the program, you can buy a home 12 months after a deed-in-lieu of foreclosure.

    With the FHA Back To Work Program, how soon until I can buy a home after Chapter 7 bankruptcy?

    Via the program, you can buy a home 12 months after filing for Chapter 13 bankruptcy.

    With the FHA Back To Work Program, how soon until I can buy a home after Chapter 13 bankruptcy?

    Via the program, you can buy a home 12 months after filing for Chapter 13 bankruptcy.

    Is there a counseling requirement in order to use the FHA Back To Work program?

    Yes, in order to the use the program, you must agree to attend housing counseling.

    Will my housing counselor help me shop for FHA mortgage rates?

    No, your housing counselor will not help you shop for FHA mortgage rates. However, many counselors can help you read a Good Faith Estimate which may help you make better lending decisions.

    Why do I need to take housing counseling?

    The housing counseling required by the FHA Back To Work program will address the cause of your economic event, and help you consider actions which may prevent reoccurance.

    How long is the housing counseling session I am required to take?

    The housing counseling required will typically last one hour.

    Do I have to take housing counseling in-person?

    No, you do not have to take the housing counseling in-person. Housing counseling may also be conducted by phone or via the internet.

    If I complete counseling, am I automatically approved for the FHA loan?

    No, you are not automatically approved for the FHA loan if you complete the housing counseling required. You must still qualify for the FHA mortgage based on Federal Housing Administration mortgage guidelines.

    What is the minimum credit score requirement for the FHA Back To Work program?

    There is no minimum credit score requirement for the FHA Back To Work program, necessarily. The program follows standard FHA mortgage guidelines. Credit scores below 500 are not allowed, but borrowers with no credit score whatsoever remain eligible. The Federal Housing Administration doesn't change mortgage rates based on credit score.

    Are modified mortgages eligible for FHA Back To Work?

    Yes, modified mortgages are eligible.

    Are loans on a payment plan eligible for FHA Back To Work?

    Yes, loans on a payment plan are eligible.

    I lost my job because my employer went out of business? Does this qualify for the program?

    Yes, job loss resulting from an employer going out of business is Back-to-Work eligible. Your lender will ask you to provide a written termination notice or publicly-available documentation of the business closure.

    Can I use Unemployment Income receipts to document that I was out of work?

    Yes, you can use Unemployment Income receipt to document that you were out of work.

    I am unemployed. Can I still use the program?

    Yes, you can use the FHA Back To Work program if you are unemployed.

    I am still in Chapter 13 bankruptcy. Do I need the court's permission to enter into the mortgage?

    Yes, if your Chapter 13 bankruptcy has not been discharged prior to the date of your loan application, you must have written permission from Bankruptcy Court to enter into the purchase transaction.

    When does the FHA Back To Work - Extenuating Circumstances program end?

    The FHA Back To Work - Extenuating Circumstances program ends September 30, 2016.


    The FHA Back To Work - Extenuating Circumstances program is live, and ready. Millions of U.S. homeowners who experienced financial difficulty under extenuating circumstances are now eligible to purchase new homes.
    Before you apply, see what kind of money you can save via today's low FHA rates. Mortgage rate quotes are free and require no obligation on your part.

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    Saturday, September 12, 2015

    $269888 / 3br - 1888ft2 - ► WOW! Better than NEW HOME! (ft apache/charleston)

    WOW! Better than new.... This Spectacular Home features thousands in upgrades open floor plan three bedrooms Gourmet kitchen. Wait! Until you see the size of the rooms! Do Not Miss this Exquisite Home Buy this Dream Home!
    CALL/TEXT/EMAIL ANYTIME at 7 0 2 - 2 1 7 - 1 6 8 0 * To speak with us directly about this home or to schedule a showing*
    I work with motivated buyers If this home doesn't fit your criteria, I am an experienced, seasoned buyers agent that has access to new home communities, and hundreds of bank owned properties. I can help you find the RIGHT home you are looking for! 

    Please call - 7 0 2 - 2 1 7 - 1 6 8 0 - Steve Harless - Croteau Real Estate Services
    Please include a valid phone number so we can respond 

    No Realtor Inquires - All information is found on the MLS
    At posting time Information is deemed to be correct but not guaranteed
    Listing Courtesy of Steve Hawks, Agent


    Monday, July 06, 2015

    New port surfing - early in the morning

    My wife and I took off to cool down from the 113 degree heat in las vegas for good old new port beach in Los Angeles. It was taken at 6:00am and it was over cast and rainey and the sun was just coming up. enjoy!

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