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

Las Vegas Lifestyle

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!


Foreclosures, Foreclosures is all I hear from buyers?!


For several months I have received calls from buyers who ask about purchasing foreclosure homes.  Since all that is in the media is the “Wave of Foreclosures “ but in fact the total amount of  homes that are current on their mortgages in the United States represents  98.7% of the total.   98.7%!  We have to keep in mind that since the media was hoodwinked into thinking that the Tech Bubble of the late 1990’s would last forever they have to make up for it and continuously blast the population with the current bad news every day of our lives! 

Anyway, I digress,  so with this foreclosure frenzy everyone is looking for these deals of buying a home for “$35,000″ or $1,600” which is what the so called “foreclosure peddlers” would like the public to think.  Images of Chicken Little must come to mind of anyone who thinks that they can buy a home for the price of a home owners assn. lien!  Now don’t get me wrong, buying foreclosed properties can be a very astute and profitable venture-  but first of all most bank owned properties are totally thrashed with significant repairs required and the buyer has no idea of mold, water or structural damage and second most banks require that the repairs be done or satisfaction of other unfavorable conditions prior to close of escrow.  Foreclosure auctions attract many buyers to the advertised starting bids but the gavel price is often more than could be negotiated directly with the bank and the buyer usually has to pay the auctioneer’s fee on top of it!

 So for most real estate buyers, bank owned properties can be very problematic and even catastrophic!  I have been telling my clients and buyers that with the large price reductions and incentives towards upgrades, interest rate buy-downs and closing costs that New Construction homes may be the way to go.  Some builders have discounted homes by over $100,000 and with a $30,000-$50,000 (and even more in some cases) incentive added in new homes are great bargains in many popular areas of the Las Vegas Valley.  Remember that with a new home there is a customer service rep to fix anything that needs repair and the financing should be easier as well since a new home is better security than a old beat up home in an old neighborhood! 

I put my money where my mouth is and I recently bought a new home in Summerlin!  Remember this famous quote by John D. Rockefeller “The way to make money is to buy when blood is running in the streets!”   So if you want more information about new homes or would like to shoot me a comment please do and make sure you visit my website: vegasdreamsellers.com

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