Tuesday, May 30, 2006

It's a buyers' market in the Las Vegas Valley

Las Vegas SUN: It's a buyers' market in the Las Vegas Valley: "It's a buyers' market in the Las Vegas Valley

"Buyer's market" doesn't always mean exactly what the quote indicates. In the past, buyer's market typically signaled a great time to make a great deal, but with prices falling after record increases, how many buyers are sitting on the sidelines and waiting. Add to that rising interest rates and affordability issues, look for more downward price movement and upward rent pressure to get buyers off of the sidelines and into the game. With a record 18,467 resale houses and another 4,000 new homes up for sale along with another 6,000 condominiums that may soon be available after being converted from apartments. Click the link above for the full story from the Sun.

Yet another High Rise Planned

Falcon Group Taps Interstate to Manage Pinnacle: "LAS VEGAS-The publicly held international hotel operator Interstate Hotels & Resorts of Arlington, VA, has been tapped to manage the 1,100-unit Pinnacle Condominium Resort in Las Vegas. The twin-tower 36-story structure is tentatively scheduled to break ground in the fall of 2006 and open in the second quarter of 2009. Pre-construction sales began in February and a sales center will open in late June, a company source tells GlobeSt.com."

The proposed project is slated for 12 acres at the intersection of Tropicana & Cameron, basically 1.75 miles west of the "Las Vegas Stip." Pre-construction pricing is in the mid-$300,000 range for a 600 SF studio upwards to $900,000 for a 3 bedroom unit. More online at the above link.

Home Forcast: Where the growth is ... and isn't.

Money magazine recently published a home forcast covering projections for 380 markets. While not always being known for "dead-eye" accuracy, such reports do have a way of measuring the prevailing real estate winds. Las Vegas ranked near the bottom of the list with a forcast of a -3.40% for the next 4 quarters. I think if it only drops that much, most Vegans would be thrilled. Look for a much larger correction. To read the full article, click the link below.

MONEY Magazine Real estate guide...market forecast - May. 17, 2006

Sunday, May 07, 2006

Mixed Use - Mixed Review

Development of the residential/commercial mixed use at The District in Green Valley has spawn more than one "wantabee" in the Las Vegas metro area. Mixed use projects are popping up around the valley as developers try to make the best of high priced urban land. The RJ has just a sampling of what's to come in their feature "The Mix is In" . It's worth taking a look to see what's on the horizon for lofts and clustered projects around the valley.

reviewjournal.com

Tuesday, May 02, 2006

Title Insurance, Agents and ABA's

Congress is finally taking a look at "affiliated business" between home builders, real estate agents, mortgage companies and title companies. On the trail with HUD and RESPA reforms, the Government Accountability Office (GAO) has begun a year-long study of title insurance industry pricing and business practices. RESPA prohibits realty settlement kickbacks or provision of "anything of value" in exchange for referrals of consumer business. Regulators have cited widespread illegal kickbacks within the industry. With reformist Rep. Michael G. Oxley (R-OH) heading up the congressional committee looking into the issues, based on his track record, you can expect changes are forthcoming. Read the article by Kenneth Harney at Realty Times.

Monday, May 01, 2006

Advice on FSBO's for agents

Realty Times weighted in on the best way for and agent to approach a FSBO. According to RT, use of the DISC method ... Understand the seller's style i.e., Dominant, Influencer, Steady or Compliant. Knowing what style the seller's personality is will help the agent select the best method to approach them. Since most FEBO's eventually list with an agent, how agents approach them during the initial call, could give them the inside track for the future. I think Dr. Phil must be at work here somewhere.

Realty Times - Agent News and Advice: "How to Capture More FSBOs by Knowing Their Style
by Joeann Fossland

Saturday, April 29, 2006

Martha Stewart & KB Home Team Up

Martha will be doing the interiors on seven KB Home communites across the US including one here in Las Vegas. The models will be "Martharised" from furniture to paint and decoration with products from Martha Stewart Living Omnimedia, Inc.

Martha Stewart Launches into Real Estate - CoStar Group

LV High-Rises make the times ...

The Las Vegas High Rise Condo market is under scrutiny by investors and builders alike. The LA Times recently took a look at what's going on in our market. Interesting article by Diane Wedner, Times Staff Writer.

Highrollers are folding in Sin City - Los Angeles Times: "Seven glitzy Las Vegas condo projects have stalled. Does this signal a slowdown?

Monday, April 24, 2006

They're heading for the hills ... maybe.

With home prices in the Las Vegas real estate market rising you can expect to see more commuting from surrounding communities such as Pahrump, Sandy Valley, Moapa and the like. Numerous projects are planned and as Las Vegas continues to grow you can expect the exodus. We get 30+ % of buyers from California .. commuting an hour is normal and the savings will be significant. See some coverage of "what's outside the valley, up and coming" in the current issue of the Las Vegas Business Press: "Homeowner affordability fuels suburbs.

Sunday, April 23, 2006

Getting the Seller the news .. good or bad.

The challenge of the day ... closing the gap between what sellers are asking and what buyers can afford. The sellers perspective ... shoot the messenger, typically the agent. Realty Times columnist Michael J. Russer has some good thoughts on how to dodge the bullets. With the obstacles Las Vegas Real Estate agents are facing, maybe worth a look. Realty Times - Agent News and Advice

Las Vegas Housing Market Conditions

For those that aren't up to data date ... the latest report from the Center for Business & Economic Research at UNLV shows data to support the current slow down in the Las Vegas Real Estate Market. Permits have lowered in both the single and multi-family sectors and inflow to the valley (as measured by driver's licenses redeemed) has dropped off from the 2004 peak. Read more at ...
CEBER_UNLV