Saturday, December 30, 2006

Hot Las Vegas Condos & Townhomes For Sale! Ask About the Incentives





To All ViewLasVegasRealEstate.com Friends & Customers!


Thank you for your support this year! It's such a pleasure to live and practice real estate in Las Vegas!


I am looking forward to meeting many of you in person that email, and call. Since the internet is among the best source to shop online for new homesand properties, feel free to start your search for that home you always wanted in Las Vegas with Realty World Luxury Homes.
click here: http://www.viewlasvegasrealestate.com

If you're looking for a new home or high rise condo, our services are... * FREE To You, The Buyer * Simply Tell Us What You Are Looking For! * We Will Search Our MLS Database and Conveniently Email The Pictures To You! * No Need To Drive All Over Town. * Have The Pictures of Homes Sent To You! * It's Fast And Easy! * Makes Buying Quickly And Easy. * Our Service Is...once again FREE. Just Tell Us the Location, # of Bedrooms, and Price range--and we'll send you pictures FREE! Call 702-217-1680 Happy New Year!


Steve Harless

Friday, December 29, 2006

HOUSING MARKET: Baby, it's cold out there Increase in median price not a true gauge, analyst says

HOUSING MARKET: Baby, it's cold out there Increase in median price not a true gauge, analyst says

BY HUBBLE SMITH REVIEW-JOURNAL
The C2 Lofts can be seen under construction on the west side of the Las Vegas Valley on Wednesday. A housing analyst reported 2,829 sales of new homes in November. Construction crews put finishing touches on homes on South Mandrake Falls Street in southwest Las Vegas.Median prices for new homes in Las Vegas continue to rise in November, but at least one analyst believes incentives are keeping those prices high.
The median price of a new home in Las Vegas was $335,850 in November, up 11.4 percent from $301,519 in the same month a year ago, housing analyst Dennis Smith of Home Builders Research said Wednesday. He counted 2,829 new home sales, compared with 3,680 a year ago.
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Factoring out sales incentives offered by most home builders, new home prices would probably be down by double digits, he said.

"Home builders that have more standing inventory will be more likely to have larger sales incentives and therefore have seen their prices decline more than those that had fewer standing inventory homes," Smith said. "Now that new home inventory levels are dropping, incentives will vary from builder to builder as well as by area, product type, lot size and price range."
The housing industry has undergone a severe slowdown this year following a prolonged boom that had been fueled by the lowest mortgage rates in more than four decades.
This year's slump followed five years in which sales of both new and existing homes had set records.

Kurt Lehman of Realty One Group said the Las Vegas housing market is months away from a rebound. He said fewer than 1,000 homes have entered escrow since Dec. 1, signaling another slow sales month for Las Vegas, which has endured a 27.7 percent decline for the year.
"We're hoping that by March there may be signs of life, but unless the available homes drop to a 60-day absorption rate, which I really don't foresee until spring of 2007, if then, things will stay very slow," Lehman said.

But private economists said the November rebound offered hope that the steep slide in housing may be ending.
"It looks like sales activity has truly bottomed out," said David Seiders, chief economist for the National Association of Home Builders.
Seiders said he is forecasting that sales of new homes will be off about 18 percent from last year's record and will be flat in 2007.

Nationally, sales of new homes rose in November while the backlog of unsold homes fell for a fourth straight month, providing hope that the serious slump in housing could be ending.
Sales of new single-family homes rose by 3.4 percent last month to a seasonally adjusted annual rate of 1.047 million units, reflecting solid sales increases in every region of the country except the South, the Commerce Department reported.
The increase was better than had been expected and offered hope that the steep slide in housing may be starting to bottom out as builders, using a wide array of incentives, begin to make a dent in the record level of unsold homes.

The 3.4 percent rebound in sales last month was the third increase in the past four months. It helped to lift the median price for a new home to $251,700, a 3.2 percent increase from a year ago. The median price is the point where half the homes sold for more and half for less.
What some are calling a recession in housing has been a big factor in the economy's overall slowdown, cutting 1.2 percentage points from growth in the July-September quarter, a period when the economy expanded at a lackluster pace of just 2 percent.
Many analysts believe housing is continuing to act as a drag on growth in the current quarter and will continue to depress activity through the early part of 2007.

The number of unsold homes fell by 1.4 percent in November to 545,000. It was the fourth straight decline in inventories after they had hit an all-time high of 573,000 units in July. Builders have been cutting prices and offering various incentives such as helping to cover closing costs in an effort to move finished homes and reduce high cancellation rates.
It would take 6.3 months to exhaust the current supply of homes at the November sales pace, down from 6.7 months in October and 7.2 months in July.
Sales last month increased in all parts of the country except the South, where they fell by 9.3 percent.

Wednesday, December 27, 2006

Jacko: Investing With Brunei Prince In Vegas?

All I can say, is first there was Elvis, then Celine with her musical venue, coming soon possibly Britney, and now The King Of Pop! Gosh I love Living in Las Vegas! -Steve Harless

Jacko: Investing With Brunei Prince In Vegas?
By Roger Friedman
Jacko: Investing With Brunei Prince In Vegas?
He’s baaaack.
Michael Jackson is back in Las Vegas. It’s the first time he’s been there since November 2003, when he was arrested for child molestation and conspiracy, charges he was subsequently acquitted of. But coming back to Vegas must be strange for him, especially on his shopping sprees. One such adventure was caught on tape in Martin Bashir’s “Living with Michael Jackson” special.
This is great news for the press, since it means Jackson has learned absolutely nothing in three years.
Las Vegas is also a well-known Jackson locale in the Jordy Chandler saga. It’s the place where June Chandler, Jordy’s mom, has said Jackson separated her and her then 13-year-old son so the pop singer could sleep with the boy in the same room while the mother shopped at Jackson’s expense.

Michael Jackson: Investing With Brunei Prince In Vegas?
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Full-page Fox411 Archive

The fact that Jackson is back in Vegas brings up a lot of issues. For one: His stay at the Irish castle and compound of Michael Flatley is evidently over. Jackson’s been there with his entourage since June 2006. The adage “house guests and fish stink after three days” didn’t seem to matter to him. But since Jackson is traveling on Christmas, it could mean that Flatley finally had enough of his guest’s long mooching.
Sources do tell me that Jackson’s return to Las Vegas has something to do with his old pal, Prince Jefri of Brunei. This is not Prince Abdullah of Bahrain or Prince Alaweed of Saudi Arabia. No, Prince Jefri is much loathed in Vegas, and the frequent object of multi-billion dollar international lawsuits. He’s often referred to as the Sultan of Brunei, but he’s really the Sultan’s brother, accused in his own country of huge financial looting.
Prince Jefri has long been one of Jackson’s benefactors. Jackson has lived for free in many of the hotels Jefri used his country’s money to purchase, including the Dorchester in London and the Palace in New York.

Now comes word from sources that Jefri may have plans for Jackson regarding his interest in Spanish Trails, a private golf community just ten minutes from the Las Vegas strip. Home to celebs and the very wealthy, Spanish Trails is gated and guarded. Jefri built a 100,000-square-foot mansion there some years ago which turned into a famous white elephant of an estate. It’s unclear whether this property or another is what Jefri has in mind for Jackson.

A bigger question might be where Jackson would get the cash to invest in anything. His financial situation remains controlled as ever, and he is mostly illiquid despite his 50 percent ownership of Sony/ATV Music Publishing. His home, Neverland Valley Ranch, carries a $25 million lien from Fortress Investments, a firm that also has possession of Jackson’s $325 million in loans.
With Jackson back in the U.S., there should be some interesting maneuvering to control what’s left of him. His public relations adviser, Raymone Bain, and children’s nanny, Grace Rwaramba, each very unpopular with Jackson’s fans, claim to be his managers. But now that he’s in Vegas, Jackson’s father, Joseph — who lives there with his daughter, Michael’s half-sister — will begin angling for influence. But Bain is said to have brought in an old crony, Rev. Jesse Jackson, who also may try to advise Michael.
Meanwhile, as I wrote yesterday, watch for process servers to start tracking Michael Jackson down now that he’s returned to the United States. Let the games begin!

Positive Housing Market Rebound News!

Glad to hear any positive news....

Sales of New Homes Post Gain in NovemberDec 27 10:14 AM US/Eastern

By MARTIN CRUTSINGERAP Economics Writer
WASHINGTON


Sales of new homes rose in November while the backlog of unsold homes fell for a fourth straight month, providing hope that the serious slump in housing could be ending.
Sales of new single-family homes rose by 3.4 percent last month to a seasonally adjusted annual rate of 1.047 million units, reflecting solid sales increases in every region of the country except the South.
The increase was better than had been expected and offered hope that the steep slide in housing may be starting to bottom out as builders, using a wide array of incentives, begin to make a dent in the record level of unsold homes.
The 3.4 percent rebound in sales last month was the third increase in the past four months. It helped to lift the median price for a new home to $251,700, an increase of 3.2 percent from a year ago. The median price is the point where half the homes sold for more and half for less.
The housing industry has undergone a severe slowdown this year following a prolonged boom that had been fueled by the lowest mortgage rates in more than four decades.
This year's slump followed five years in which sales of both new and existing homes had set records.
What some are calling a recession in housing has been a big factor in the economy's overall slowdown, cutting 1.2 percentage points from growth in the July-September quarter, a period when the economy expanded at a lackluster pace of just 2 percent.
Many analysts believe housing is continuing to act as a drag on growth in the current quarter and will continue to depress activity through the early part of 2007.
The number of unsold homes fell by 1.4 percent in November to 545,000. It was the fourth straight decline in inventories after they had hit an all-time high of 573,000 units in July. Builders have been cutting prices and offering various incentives such as helping to cover closing costs in an effort to move finished homes and reduce high cancellation rates.
It would take 6.3 months to exhaust the current supply of homes at the November sales pace, down from 6.7 months in October and 7.2 months in July.
Sales last month increased in all parts of the country except the South, where they fell by 9.3 percent. Sales were up 22.5 percent in the Northeast, a rebound from a huge 35.5 percent drop in October. Sales rose by 22.4 percent in the Midwest and 19 percent in the West.

Saturday, December 23, 2006

What A DEAL I SAW TODAY!










..awesome home..fell out of escrow, somebody will score with this house!!!!! situated right on the Mountains Edge, wide open, and spacious 3940 sq ft, 5 bedrooms, with a pool, retails for 683,000, yours for only 538,000 today....

Friday, December 22, 2006

Las Vegas, NV November 2006 Market Update

December 22, 2006

Here are the latest real estate market statistics for Las Vegas, NV. These numbers represent single family (SFR) homes and condos. The number of homes on the market where the asking price has been reduced *: 38.1%

Average October 2006 November 2006 % Change
Asking Price $340,018 $358,420 5.4%
Sales Price $330,052 $356,130 7.9%
% of Asking Price 97% 99% 2.0%
$/SQFT $191 $203 6.3%
Days on Market 104 102 -1.9%
Total Transactions 1,380 1,043 -24.4%

As of 12/7/2006: All numbers are from the MLS and are deemed reliable but not guaranteed. * Market numbers: 15,444 properties on the market with 5,888 showing price reductions. Days on market reflect number of days between listing date on MLS and close of escrow.

Sunday, December 17, 2006

Advice to Las Vegas Home Shoppers

What great advice from Arizona real estate agent Greg Swann! enjoy! - Steve Harless

Original Post from http://www.bloodhoundrealty.com/BloodhoundBlog/?p=772
Greg Swann

Advice to consumers: Start with the assumption that the nice person showing you around is not your ally. Ask up front how much the person would be compensated if you bought a place. If possible, sign a buyer-broker agreement before you start looking at houses. This guarantees that the agent is working solely for you. Specify in the agreement how much he or she will be paid, either as a percentage of the sales price or, best of all, in a flat fee, such as $5,000 or $10,000. Then, if you like a house that happens to have a bonus involved, your agent can ask to have the value of the bonus knocked off the price of the house.

Saturday, December 16, 2006

Las Vegas Real Estate and Development

This is a must read for anyone thinking of buying or investing in Las Vegas right now... enjoy! Steve Harless - ViewLasVegasRealEstate.com


Brian Wargo has written a great article...full credit goes to him

Real Estate and Development

City officials work to calm investors' concerns

By Brian Wargo / Staff Writer


A rendering shows the Cannery Corner, a 300,000 square-foot retail center on 32 acres at the northeast corner of Craig and Losee roads in North Las Vegas. Territory Inc. announced it will begin development on the project early next year.



Las Vegas Mayor Oscar Goodman and city administrators don't want idle speculation or New York news media reports to stop the flow of investment into the community, especially into the downtown area.

Goodman, City Manager Doug Selby and other top staff recently met in New York City with seven of the top investment houses in the U.S. in response to articles claiming that investors are becoming concerned about Las Vegas.

Several articles cited how some luxury condominium projects failed to get built and how there is a slowdown in the housing market, city officials said. Some companies have been leery of investing in Las Vegas because of the fluctuating market and rising construction costs, Goodman said.

Goodman said he's responding in part based on comments from local developers that financing for residential towers isn't as forthcoming, and he wanted to assure investment houses that financing in the community is sound.

Downtown Las Vegas remains a great investment opportunity with its land values well below those on the Las Vegas Strip, city officials said.

"There was evidence from downtown developers that our redevelopment efforts were not on the radar screen of people who make the decisions regarding which projects to fund," said Scott Adams, the city's director of office of business development.

Goodman also said he wanted to correct misconceptions that have surfaced over the last year after the city and developer, The Related Cos., walked away from 10 months of negotiations for the city's development plan of Union Park, a project that has been assumed by Newland Communities.

"After Related left Las Vegas, there were rumors they were unhappy with the economic conditions here," Goodman said. "We wanted to put that to rest."

Goodman said he told the group that the Related pulled out because of his demand that two residential towers be under construction within two years.

City officials met with such investment houses as Credit Suisse/First Boston, Bear Sterns, Goldman Sachs, Guggenheim Partners, GE Capital, Morgan Stanley, Deutsche Bank and Lehman Brothers. Goodman also spoke to the Harvard Club.

Goodman said he's confident the trip was a success in promoting the city and that Las Vegas has turned a corner when it comes to attracting funding for projects. He said he also fielded questions about whether he would seek another term and continue to be the cheerleader for Las Vegas and downtown. He said he told the group he doesn't want to disappoint them and as long as he continues to be happy, he'll run.

City officials said this is the first in a series of trips dealing with financial investment in Las Vegas. Goodman said he invited the financial leaders to visit the community in 2007.

In other news:


Completion is set for mid-2007 for the third and final tower of The Residences at MGM Grand. The second 40-story tower was recently completed. The first tower debuted in June. Less than 90 of the 1,727 suites remain.


The Plise Cos. announced it is on schedule with the construction of its second phase of the Rainbow Sunset Pavilion, which will be completed in the first quarter of 2007. The second of three phases of the office, medical and retail center includes a four-story office building and parking garage. It is on Rainbow Boulevard, north of the Las Vegas Beltway.


Territory Inc. announced it will begin development early next year on Cannery Corner, a 300,000 square-foot power retail center on 32 acres at the northeast corner of Craig and Losee roads in North Las Vegas. The $60 million project, anchored by Sam's Club and Lowes, will be completed by fall.


The second phase of the Stone Canyon luxury loft homes will be completed this month. The gated community of 23 loft-style homes at Buffalo Drive and Del Rey Avenue is a project of Blue Heron.


Construction will be completed this month on the Venture Commerce Center on Eastern Avenue near McCarran International Airport. It will consist of 38 privately owned business properties in four separate buildings.


Boca Raton Luxury Condominiums said it is paying agents 1 percent of pending commissions at the time of contract and financing approval and the remaining 4 percent at the close of escrow. The first phase of the far South Strip project is 97 percent sold and the second building is more than 50 percent sold. The first phase with 378 homes will be complete in early 2007.


The developers of Loft 5, a condominium development that will be ready for move-in this month, will build a six-story condominium project adjacent to it near Las Vegas Boulevard and Pebble Road. It will have 284 units. The first phase has 272 units.


Nigro Construction has started work on the Westgate Retail Center at Warm Springs Road and Gillespie Street. Westgate Resorts is the developer for the $5.4 million project scheduled to be complete in February.


Work is expected to be completed in the first quarter on the region's next multifamily community, The Preserve, located at the southeast corner of Deer Springs Way and Losee Road, The 445-unit complex is a project of Picerne Development Corp.


Chase has teamed up with luxury condo developer, Turnberry, in becoming the preferred mortgage lender for all of Turnberry's U.S. properties, including Las Vegas. It will provide mortgage support for clients at The Residences at MGM Grand and Turnberry Towers.


Las Vegas architectural firm SCA Design was contracted to design a 266,000 square feet mixed-used, mid-rise development called the Realm, which will be located at Rainbow Boulevard between Pebble and Raven streets.


American Nevada Company has paid off its construction loan for the second phase of The District at Green Valley Ranch, GlobeSt.com reported. The $45.2 million fixed-rate loan was funded by Goldman Sachs Commercial Mortgage Capital. American Nevada is owned by the Greenspun familly, as is In Business Las Vegas.


Chicago-based JDL Development and Las Vegas-based Modern Living Holdings have opened its sales center for The Mercer project, 9700 W. Tropicana Ave.


The Juliet Cos. announced it will break ground in May on its Lake Mead Crossing project in Henderson, a joint venture with Western Retail Real Estate Trust. The 725,000 square foot retail power center is located at southwest corner of Lake Mead Parkway and Water Street. Target has signed for 150,000 square feet. The first phase will open in July 2008.

Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. He can be reached at (702) 443-3604 or by e-mail at wargo@lasvegassun.com.

Thursday, December 14, 2006

Imagine....If Everyone Knew To Buy A Las Vegas Home In December!!

Then Sales would fall off the rest of the year! All jokes aside, I just had the opportunity to assist a young first time buyer home was almost 280,000 and we put an offer in at 255,000 plus 32,000 in Incentives in totally insane! I will let you know how the offer goes. WOW...Where was these types of incentives when I was buying my FIRST home? gotta run for now, happy holidays! Steve

Tuesday, December 12, 2006

GLVAR reports decreased listings

The news below is certainly great news for Las Vegas residents, and local agents!
- Steve Harless



After increasing for several months, the number of homes listed for sale in Southern Nevada began to decline in November, according to statistics released last week by the Greater Las Vegas Association of Realtors (GLVAR).

According to GLVAR President Linda Rheinberger, the inventory of homes on the market in the Las Vegas area appears to have peaked, which is a good sign for the local housing market.


The same can be said for the continued steady sales prices for single-family homes, condominiums and townhomes in the area, she said. The association statistics show sales prices for local homes have remained stable for the past 13 months, according to Rheinberger.

"We've been saying for months that sellers should be realistic in listing and pricing their homes for sale," Rheinberger said. "With this month's drop in the number of active listings, it looks like our message is taking hold. Sellers who may just be speculating are either removing their homes from consideration or renting them out, which is positive."

This month's GLVAR statistics include activity through the end of November. This month's highlights include:

The median sales price of a single-family home sold in the Las Vegas area in November was $308,000. That's down $2,000, or .06 percent, from last month. This is also down .06 percent from the same time last year.

For local condos and townhomes, the median sales price in November went down slightly to $199,950, from $200,000 last month. That is down less than 1 percent from last year.

The total number of local homes sold in November was 1,547, down 8.4 percent from October and down 36.6 percent from one year ago. For condos and townhomes, 324 units were sold, down 9.2 percent from the previous month and down 46.1 percent from the previous year.

Through November, 53.6 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days.

That's down slightly from October, when those percentages were 54.4 percent for homes and 56 percent for condos.

Saturday, December 09, 2006

IT'S A BUYERS MARKET IN LAS VEGAS!!!

IT'S A BUYERS MARKET IN LAS VEGAS!!!
by Steve Harless - Realty World Luxury Homes - 702-217-1680
http://www.viewlasvegasrealestate.com


to view more incentives: http://search.cashrebatesrealty.com/cgi-bin/incentives.cgi

"$80,000 in Incentives" "40% off your Mortgage for 2 years!" How is this..."No Mortgage Payments For a Year!! How about $12,000 back to you at close of escrow! $53,000 in incentives back to you if you use our preferred lender....
These are the kind of deals that are floating around Las Vegas currently, but what is funny is if you talk to your average joe off the street and tell them about it, some will say, "Oh, I am waiting til spring," or "I am waiting for prices on homes to go down." Sadly, with that type of approach people are missing out on what could be a great buying opportunity!

With 60,000 new jobs being created last year, VEGAS is humming along as among the fastest growing cities in the USA. Are you looking for a home in Las Vegas?
If so, feel free to call or email with:

1.When your time frame to move is

2.When are you available to look for your new home

3.Credit status/ and if you are working with a lender(s)/

A lot of times the incentives are so good, that if you are working with an outside lender, using the preferred lender of the builder can save you tens of thousands of dollars.

Happy holidays, Steve Harless

Friday, December 08, 2006

Wickes to enter Las Vegas market

Wickes to enter Las Vegas market
Gary Evans -- Furniture Today, 12/7/2006 1:20:00 PM

WHEELING, Ill. — Top 100 retailer Wickes Furniture is expanding into the growing Las Vegas market and expects to have two stores, possibly three, open there by the middle of 2007.

Monday, December 04, 2006

Greenspan Says The Worst Is Over?

Thats a positive in my book! Let's hope it is true!
http://www.realtor.org/RMODaily.nsf/pages/News2006112904?OpenDocument