I want to give a shout out to a new business in Las Vegas!

I have heard that people who open businesses in recessions put themselves ahead of the game when the economy recovers because they have weathered the storm.  So anyone who starts a new business in this economy must be a genius!  I recently met a young entrepreneur who has done just that and I wanted to give her some well deserved credit!  Kelly Villatoro started a design and home staging company called Luxurious Living here in Fabulous Las Vegas!  I love design and architecture so I decided to take a look at her portfolio and was very impressed!  Educated in design at UNLV and CSN, Kelly went to work for a firm here in Las Vegas that was based in Canada called Haverhill Home Staging before striking out on her own.  Kelly maintains membership in the Association of Design Education and is studying to be a Leed Accredited Professional.  I have found her to be very practical in her use of space and how it relates to the design and the elements within it. 

A home stager gives potential buyers ideas how to set up a space as well as making homes more attractive through incorporating colors and pieces that make it unresistable to buyers!  Home builders do the same thing with their model homes and as you can imagine the homes sell quicker and for more money when they are perfectly staged!    Kelly and Luxurious Living do it better than I have seen and I heartily recommend them for both impeccable design as well as home staging when selling your home!  So when you are ready to sell you home give me a call and we will put Luxurious Living on the job! 

Make sure to watch for upcoming posts about the recovering Las Vegas Real Estate Market as well as new developments in Summerlin!

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Is Water a reason not to buy real estate in Las Vegas? (part 2)

Hoover Dam, Lake Mead and the Colorado RiverHow does the Las Vegas Valley and Clark County continue to grow if we are running out of water from our main source the Colorado River?  I am very impressed with Mrs. Mulroy and the Southern Nevada Water Authorityand the manifold methods in which they have searched for solutions to this problem!  First and most obvious way to find new supplies of water is through conservation.  I know most people do not think that this is possible but the SNWA started conservation campaigns that offered to pay property owners $1-$3  dollars per square foot of grass they removed and converted to drought tolerant or low water use shrubs and trees.  Mrs. Mulroy estimated that enough grass was removed in the Las Vegas Valley to almost encircle the globe!  Through this very successful program and conservation awareness in general Las Vegas is now using the same amount of water than it did in 1995! 

In addition to conservaton, the Authorityhas won battles to include the water from the Virgin River flowing into Lake Mead to the acre feet per year that can be taken from the River.  In addition to this new source of water the Authority has entered into water banking agreements with California and Arizona which will allow the states to bank their unused or uncommitted water in the other’s share adding to their allowed amount.  Both of these strategies effectively add to the allotment of Colorado River water that Southern Nevada can draw from. 

The last strategy and the most controversial is the SNWA’s plan to build a pipeline from Northern Nevada to Southern Nevada to tap the unused portion of aquifers in rural White Pine and Lincoln counties.  The ranchers in these valleys are envoking the memories of Los Angeles Water and Power’s stealing of the water from the now dried up Owens River and Owens Lake.  However, the Nevada State hydrologisthas granted the majority of the Authority’s requests for this “unused” water and when this supply is available it will ensure Southern Nevada’s growth for decades to come!  So don’t let water be an issue when considering a purchase of real estate in the Las Vegas area as Pat Mulroy says “We won’t run out of water, it will just cost more!” I hope you enjoyed this piece please leave me a comment and visit my website Vegasdreamsellers.com

Is Water a reason not to Buy Real Estate in Las Vegas? (part 1)

Pat Mulroy, General Manager of the Southern Nevada Water Authority

Is water really a reason not to buy real estate in Las Vegas?!  I hear this all the time from people who do not live in the Valley.  It is a valid question especially considering all the media attention given to global warming and the changing climate.  To start the discussion its important to know that when the Colorado River Compact was signed in the 1922 no one realized that lowly Las Vegas would grow to the extent that it has and our city was only allocated 4% or 300,000 acre feet of water per year of the total lower basin allocation.  In comparison, Arizona was granted 37.30% or 2.8 million acre feet and California was granted 58.7% or 4.4 million acre feet per year that can be drawn from the lower Colorado. 

So we start with a deficit!  In 1922 the population of Clark County was less and 5,000 people and now in 2008 we have more than 2 million and the allocation is still the same!  By the way, an acre foot of water is equal to an acre of land covered by water one foot deep or 325,851 gallons or what is considered the annual usage by a family of four for a year.  Family’s in the Southwest use only .25AF/year.  Since the compact is not changeable Mrs. Mulroy needed alternatives to ensure that Southern Nevada had enough water now and into the future assuming that we will have another million people residing in Las Vegas by 2030.

Part two next time…   In the mean time ask questions or comments!  Please visit my website as well!

Why does the media give Vegas the “bum rap”?

CNBC's Jane Wells

CNBC

I have been showing you several articles of late that see the value of  buying real estate in Las Vegas for investment or for second or vacation home purposes.  Some periodicals have however, been telling readers to expect “prices” to decline in Las Vegas another 20-30% over the next year and not to expect any improvement until 2010 or even later. 
These periodicals like Money magazine tell readers if they were to buy in Las Vegas to offer “30% less than asking price”!  Most bank owned properties list at well below current market value to attract multiple offers and then counter the highest few  and then settle on a price higher than originally asked.  In these situations, I tell my clients that if they want the property they need to offer more than the asking price since they will be competing against many other buyers for the home. 
So how does this jive with offering 30% less than asking on any property in Las Vegas- It does not work!  Maybe compared to the original price but not in this market!  This has only created confusion and misunderstanding among potential buyers and sellers in this crazy market.
Check out the Video about the Vegas market with Jane Wells:

The stock market is like a angry sea these days!

Jim Cramer of CNBC’s MAD MONEYIt is a painful time if you are a stock market investor these days with the market making large gains and losses with no direction in sight!  Even though the FED lowered the Fed Funds rate by 1.25% in one week it seems that the economy is still moving with the tide- recession one day, not the other.  Some investors are fleeing to other investment vehicles including REAL ESTATE?  CNBC MAD MONEYhost Jim Cramer (pictured) has recently recommended to invest in Toll Brothersluxury home builders and Bank of America Securities is recommending KB Home to its investor customers.  Both of these stocks are undervalued but this shows that with recent price declines, real estate is once again attractive to astute investors! 

The supply of homes on the market in Las Vegas is falling and the median home price has declined to $280,000- so home prices and supply have dropped!  Remember this and the new jobs and residents moving to the Valley in the next two to five years and you can see why Entrepreneur.com has named Las Vegas as one of the “Top Places to Buy a House”!  Consider also with the reduction of the Fed Funds rate, mortgage interest rates have dropped effectively lowering real estate prices even more! 

So what are you waiting for, the Vegas weather and the real estate market will be warming up soon!  Check out Vegasdreamsellers.com for local information and to search for Las Vegas real estate and let me know what you think about my blog and my posts! 

I want to give a shout to a couple of my favorite Las Vegas haunts!

Just a short distance east from Summerlin is Rosemary’s.  Located in a non-descript but upscale shopping center, Rosemary’s offers a fabulous dining experience, (I think it serves among the best food in Las Vegas!) expertly prepared by husband and wife chef/owners Wendy and Michael Jordan.  Chef Michael trained with Emeril Lagasse in New Orleans and the cuisine reflects his creole influence with dishes like hoppin’ john and cheddar grits.  Rosemary’s caters to the local crowd and has a great happy hour in the bar, half price bottles of wine on Sundays and lady’s night Wednesday  half price entrees for ladies!    I really love dining at Rosemary’s and am glad it is in the neighborhood! 

El Sombrero is a very small Mexican restaurant located in the Arts District in Downtown Las Vegas.  Housed in a VERY understated building, the El Sombrero was opened here in 1950 by the family of the current owners- 1950!  Teresa and Humberto own it now and he is the master chef and Teresa handles the often crowded dining room with a friendly manner.  I am a big fan of the tamales but the enchiladas, tacos and chile verde are on my favorite list as well.  Come early for the huevos rancheros and the chorizo and eggs as well!  The El Sombrero is a part of Las Vegas history that I hope is around for a long time to come! 

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