What is going on in the Las Vegas real estate market you ask?

Las Vegas Lifestyle

I get this question quite frequently and most people who ask are very surprised at the answer.  Las Vegas is experiencing tremendous sales activity and in the month of June an all-time sales record was exceeded.  The number of resale homes available to be purchased is around a three months supply at the current consumption rate.  Clients of mine who travel to Las Vegas from out-of-town are amazed at the quality of life here and the low prices of homes.  The local Las Vegas Review Journal recently reported that Nevada is in the top ten states in the Nation for the best Economic Outlook.  Right now in Las Vegas we have more resale homes under contract then are available to purchase and it costs less to own a home than it costs to rent!  These are both indicators that the current housing market is undervalued because when you consider the tax benefits and appreciation potential of owning a home it should cost more than renting.  You also must insure a home in Las Vegas for more than the current prices because it will cost more to rebuild if damaged! 

I think that our low tax structure will most assuredly be a driver of our economic growth as is our warm climate since 7918 people in the US turn 60 every day(according to the US Census Bureau) !  When the Baby Boomers retire they will be looking for warmer climates and environs that have low tax structures which Nevada and especially Las Vegas have.  This is not a political blog but with the Bush tax cuts expiring next year and the current Administration’s expansion of government higher taxes is a certainty!  Those in the highest tax brackets in the higher tax states like New York, New Jersey and California may be facing tax bills in excess of 50% including property, income and business taxes.  Nevada is one of the states with the lowest tax burden and we just FELL a notch and are now number four in the Nation for lowest business tax environment!  And as proof of this more high net worth individuals are moving to Nevada and relocating their businesses here in growing numbers. 

Major Institutions are also investing in the Las Vegas community:   the prestigious  Brookings Institute just announced a joint initiative with UNLV to improve the quality of life in the US Southwest with an emphasis on Las Vegas,  and the World-Renowned Cleveland Clinic, partner in the Lou Ruvo Center for Brain Health  in  Symphony Park in Downtown Las Vegas is starting a feasibility study on head-quartering a Clinic location within Symphony Park. 

Las Vegas is a great place to live and will make a great place to relocate, purchase your second or vacation or investment property!  Please leave me any questions or comments in the space below and make sure to visit Vegasdreamsellers.com!

The return of Mira Villa!

Mira Villa

The long awaited and much talked about Mira Villa condominiums in Summerlin was recently opened for sales.  This community started pre-sales about four years ago and was under construction until litigation halted progress.  From what I understand, the development group had financing issues and ultimately filed for bankrupcy protection which collected the builder, Westmark Homes in the process.  This was unfortunate because Westmark is a quality, local builder that as a result of the litigation has halted construction of Coronado in the Paseos and Montechiro. 

Mira Villa

These are large homes.  They start around 2000 square feet to 4000 square feet and are located near the JW Marriott on the TPC Las Vegas Course.  All of the homes are one level,  have two car garages, private elevators and large verandas.  The common ammenities include a state of the art gym, barbecue ramadas firepits and hottubs.  The location provides a tranquil setting and ideal place to take in the  tremendous views of Red Rock Canyon and the beautiful environs of Summerlin.  These homes start in the $400,000’s  and if you are interested in touring this community just call or email me!  As always remember to visit Vegasdreamsellers.com and don’t forget to ask questions or leave me a comment or two! 

More Great Summerlin Homes News!!

Boulder Ridge Plan 2 Kitchen

I was recently asked by Christopher Homes to participate their new education seminar, the Realtor Ambassador program.  I was blown away by these homes and the floor plans, upgrades and the area! First, Boulder Ridge is located in The Ridges in Summerlin , which in my opinion, is the finest place to live in the entire Valley.  These beautiful homes range from 4400sf to 5900sf and start in the upper $1 millions.   The standard upgrades and finishes available here are much more elaborate than I have seen even in most custom homes!  Features like pivot front doors, kitchens with two of everything, slick wall texture, unique door hardware, stone flooring and counters and exotic hardwood cabinetry (like zebra-wood and gum wood)!  All this and home-sites of 1/3acre to 1/2acre at prices that in many cases is lower than building it yourself!  In addition to these incredible homes, Christopher is offering  jumbo financing at 6% with only 25% down.  For those of us who don’t want to sell our homes at the current prices, Christopher has a solution:  sign a contract to purchase a B. R. home but only buy the home-site at that time and then they give you 24 months to sell your home all the

Boulder Ridge Plan One Living Room

while your new home is under construction.  So this gives you time to sell your home in a more favorable market and lock in today’s prices on the home of your dreams at Boulder Ridge!   They also offer a sale/leaseback for investors looking for locked in cash flow.  The plan one home is available with out artwork but fully furnished with a lease payment of $19,630/month (8%)  for a guaranteed year!  An investment that yields an 8% return!  Please contact me for more information about these tremendous homes and these incentives!  And remember to contact your Ambassador to schedule a tour of Boulder Ridge!

Ladera Canyon

Ladera Ridge at Ladera Canyon my Richmond American Homes is closing out their community located in The Mesas.  The floorplans are unique for Richmond in Las Vegas and they offer some great spaces!   I got a call from a sales person and they told me that the homes they have left in the Mesa can be purchased with free upgrades!!  So think of this buying a home with the natural stone floors and upgraded finishes for no additional cost!  This is a tremendous opportunity in the Mesas and I love these homes! 

If you are interested in touring Boulder Ridge and seeing these fabulous homes or Richmond American’s models in the Mesa please contact me on my mobile and we will set up an appt!  Please leave me a comment and make sure to visit http://vegasdreamsellers.com!  

Next post: The return of Mira Villa!

America’s Biggest Open House This Weekend In Summerlin of course!

America's Biggest Open House

Well its back America’s Biggest Open House this weekend in Summerlin!  This is a great event for those who are not as familar with Summerlin as those of us who live here because all of the model homes in all of the communities are open for viewing.  This is a great opportunity to view all of the new construction homes modeled by the builders and have a chance to win prizes while doing it!  If you visit all of the models you get a chance to win a $500 American Express gift card to any General Growth Mall Property and smaller prizes like a $200 gift card for a nights stay for two at the Red Rock Resort, $150 for the fabulous Vinter Grill Restaurant and memberships for the Friends of Red Rock Canyon and a guided hike in the canyon.  

In addition the various builders will have Open House specials and incentives good for only this weekend so if you are thinking about buying a new home this is the weekend to shop!  I am also getting into the Open House spirit and if you contact me it would be my pleasure to give you a guided tour of the community as well as the model homes!  Just give me a call and we will set up a time!  Thank you so much for reading, leave comments and as always visit: Vegasdreamsellers.com

Senior Economist says the Las Vegas Housing Market is poised to rally!!

NAR Senior Economist Lawrence Yun

The National Association of Realtors’ Chief Economist made a statement at the Realtor’s Rocky Mountain Regional Conference in Las Vegas last week that may surprise you.  He not only said what I have been saying all along that “Low mortgage rates combined with first-time home-buyer assistance from the stimulus package, will push buyers off the fence and into affordable homes”, Mr Yun said.  I paraphrased most of his speech as reprinted from the Las Vegas Review Journal.   ”I think Vegas will be the bell weather of how the nation will recover”, he said.  “Rising sales could help stabilize prices by the end of the year.  Vegas is a leading edge and portends what’s coming for the rest o f the country and also for financial institutions.”  He went on to say that “…monthly sales of existing homes have doubled for the past few months, a precondition for prices to stabilize.  The long-term prospect for Las Vegas is bright because baby-boomers reaching retirement age are migrating to cities with warm climates and favorable tax structures, the economist said. (see my post National Publications are Buzzing about Las Vegas)  ”  The home buyer tax credit accounts for less than $10 billion of the new $787 billion stimulus package, a rather small amount, but nonetheless sufficient to help spark a comeback, Yun said.  “I’m a little disappointed that it didn’t address as much as it could have, given the size of the bill,’ he said.  The plan features an $8000, non-refundable tax credit for first- time home buyers and it raises FHA limits to $400,000 in Las Vegas.  The media has led us to believe that new home sales have totally collapsed but their production has been cut way back, which is keeping inventory levels in check so naturally fewer sales will result. 

So prices are low and a PHD in economics predicts that Las Vegas will the first to emerge from the housing crisis!  So what have we learned?  The window of opportunity to take advantage of the current price levels is slowly closing and recovery is coming in the near future!   If you have questions or comments please leave them in the space below and make sure you visit my website Vegasdreamsellers.com to search for homes and to contact me directly for more information!