Create Your Own Customized Home Search for Las Vegas

As the Internet gets more sophisticated, online consumers are getting much more focused in their search for property. But many sites don't include customized links to the features that are most important to home buyers, and only allow them to do a search by generic criteria like size, price range or city.

That's why we have created customized search links for the Las Vegas real estate market on our site for some of the most popularly requested amenities like RV/Boat parking, homes with casitas or guest houses, homes with pools, homes in specific neighborhoods and single story ranch style homes. In addition, our dynamic search engine allows visitors to search by multiple school zones, for foreclosures or short sales, in gated communities, by age, number of garages, etc.

Check out just a few of our customized searches below!

• Las Vegas homes with pools
• Las Vegas homes with casitas
• Las Vegas homes with RV parking
• Las Vegas single story homes 
• Las Vegas homes by zip codes 
• Las Vegas luxury homes

You can also define your search criteria in great detail by going to http://www.greatlasvegashomes.com/idx/. 

In addition, there are some amenities that are not available in the public online databases that can only be set up by real estate agents in the official Las Vegas MLS system. If you want a specialized search for unique needs like handicap accessibility, horse properties, downstairs master bedrooms, basements, etc., please feel free to reach out to us and we will personally look up properties for you and send them to your email with all available photos.

You can either email us at sold@greatlasvegashomes.com or call 702-985-7654. We have more than 30 years of experience in the local Las Vegas market, and are happy to assist you to find the perfect property! 

As of April 29th, Prudential Americana Group Realtors officially transitioned to Berkshire Hathaway HomeServices Nevada Properties! We are very excited about being affiliated with such a widely respected company, and this article by the president of Berkshire Hathaway HomeServices explains the core beliefs Berkshire Hathaway brings to the real estate industry.

RISMedia’s REAL ESTATE April 2014 101

Brand Power

Commentary by Stephen Phillips

Let’s begin where it all starts for us at Berkshire Hathaway HomeServices —the brand.

In an increasingly competitive business world, we are all searching for a sustainable competitive advantage, but it’s very difficult to find, especially the “sustainable” part. A competitive advantage might be identified, but how long can it be sustained, and at what cost?

The great promise of competitive advantage in the real estate industry over the past 15 years has been technology. The theory: Create a new, online capability and the buyers and sellers of the world will beat a path to your door. But what happens when your toughest competitor adopts very similar technology almost as soon as you do? The once-promising advantage becomes anything but sustainable. And the barriers to technology development, which have never been high, are lowering all the time. In a nutshell, technology is an arms race; it’s a battle that must be fought, but can’t be won.

So where do we look for the elusive sustainable competitive advantage? At Berkshire Hathaway HomeServices, the answer to that question is easy: We look to our brand. The brand is our network’s shared identity and shared image in the marketplace. It is the foremost component of our value proposition.

Like all brands, ours is a promise… a promise of strength, integrity and trust in the buying and selling of real estate. And unlike technology or patented processes, our brand can’t be copied and doesn’t expire; it’s ours and it goes on indefinitely.

The essence of any brand is consistency, or meeting the promise day after day. It’s the same with a lot of things in life. A breakfast cereal must be the same each time a buyer tastes it; a pair of jeans must fit the same way every time someone tries them on.

The experience customers have with us and our affiliates must be absolutely dependable. Their experience must always be consistent with the brand promise. We feel honored and privileged to have the Berkshire Hathaway HomeServices brand. Our brand means something very positive and powerful to consumers across the country, and with each yard sign placed, or each business card handed out, it becomes better recognized and more highly respected every day.

Visit Berkshire Hathaway real estate in Las Vegas

Is Marijuana the new “Pot of Gold” for Real Estate

Oh happy day!

Since recreational marijuana became legalized in Colorado, hordes of new residents have relocated to the Centennial State, and in Denver alone, more than 4.5 million square feet of space has been dedicated for commercial cultivation facilities, storage and distribution, and retail shops. Talk about your Mile High City - that’s over 78 football fields for you Bronco fans!

Commercial and residential purchasers in Colorado urban areas are scrambling to find new locations, something that is much easier said than done with the restrictions in place for local zoning ordinances. Prices have already zoomed for both residential and commercial real estate, and commercial real estate, in particular, is in short demand.

As a consequence of that shortage, the Las Vegas real estate market is already seeing the early stages of a new boom driven by cannabis consumers. Even though medical marijuana applications have a temporary moratorium in place, experts in the industry expect to have recreational marijuana legalized by 2016 at the latest. After seeing what happened in Colorado, investors are already staking their claim to prime locations in Las Vegas. (In order to accommodate these investors more efficiently, we are already developing our new web site for Las Vegas Marijuana Real Estate. Updates to current zoning regulations should be posted by the beginning of April.)

We have gotten numerous calls from national name brand companies that are diversifying their portfolios into what looks to be a highly lucrative new “field.” (Sorry for all the bad puns, but I can’t seem to help myself!) Quite a number have already tied up commercial warehouse space in Clark County for future cultivation facilities.

But don’t expect to see a boatload of marijuana dispensaries along Las Vegas Boulevard. Though the Strip and downtown Fremont Street would seem logical spots for retail pot shops, marijuana sales are prohibited in any of the gaming corridors, in addition to the normal zoning restrictions about being close to churches or schools.

Another more subjective concern is that local authorities do not want to bring potential crime into what are now low crime areas. That means you won’t be seeing a retail shop near Summerlin homes or close to Anthem Country Club any time soon, even once both medical marijuana and recreational marijuana are legalized. You’ll probably have to drive a bit to get to your favorite dispensary.

And individual homeowner’s associations may/will prohibit growing marijuana crops in private homes. If you want “room to grow” you may need to look for a house outside of an HOA. It actually might not be a bad idea to start looking right now for a potential grow home. We expect to see a residential population shift to the unincorporated areas of Clark County once recreational MJ is legalized, which will drive up prices in the non HOA communities. You don’t want to be priced out of that market and have your dreams go “up in smoke.”

Affordable Las Vegas Master Planned Communities

There are a wide variety of master planned communities in Las Vegas, with homes in all price ranges, from starter homes to multi million dollar estates. Below are some of the most popular and affordable communities, from one side of the Valley to the other.

 

Aliante is a beautiful master planned community in North Las Vegas, set against the back drop of the majestic Sheep Mountain Range. This huge 1905 acre community has more than 6500 homes as well as commercial centers, shopping, dining, and even a brand new casino, Aliante Station Casino.

 

There are several types of housing in Aliante, from starter homes to retirement homes in the extensive Sun City Aliante. In addition, there are more upscale luxury homes offered in the Club Aliante area.

 

Aliante includes 428 acres dedicated for use by the public and for recreation. There are three parks, a natural arroyo, and a 24 mile interconnecting trail system. The 20 acre Nature Discovery Park has huge grass fields, playgrounds, picnic areas, a large pond, and tennis and volleyball courts. Click here to view Aliante homes for sale

 

Desert Shores is lush community of scenic man-made lakes and canals on the northwest side of the Las Vegas Valley adjoining the Summerlin master plan, and it is one of the few lake communities in the entire Las Vegas Valley. Watch out for the duck and swan crossings!  Feathered inhabitants roam freely throughout the tranquil neighborhoods here.

 

Developed in 1988 by RA Builders, construction was completed in the mid 1990s. Sprawling over 682 acres, there are 22 residential neighborhoods and 3068 residences, with choices ranging from cozy condominiums to lake front luxury custom estates. Click here to view Desert Shores homes for sale

 

Green Valley Ranch is a small resident-friendly master planned community on 1300 acres in the foothills of the Black Mountains of Henderson, Nevada. Green Valley Ranch is noted for its biking trails, parks, walking paths, green belts and wonderful schools with panoramic views of the Las Vegas Valley below.

 

In the heart of Green Valley Ranch is The District, a vibrant outdoor mall of tree-lined cobblestone streets and quaint main plaza featuring more than 50 boutique shops and restaurants. There are approximately 4,000 homes and condos in Green Valley Ranch, divided up into 30 smaller neighborhoods of various sizes and price ranges including custom homes in the prestigious Estates at Green Valley Ranch. Click here to view Green Valley Ranch homes for sale

 

Summerlin is a beautiful master planned community on the western rim of Las Vegas, only 12 minutes from downtown or 20 minutes to the Las Vegas Strip. By far the largest master planned community in the city and rated #1 for growth in the entire nation, Summerlin occupies 22,500 acres and features an extensive array of parks (over 150), biking and hiking trails (more than 150 miles), shops, schools, libraries and business districts, as well as community tennis courts and pools, baseball and soccer fields, recreational facilities and an amphitheater for the performing arts.

 

Currently there are 19 distinct ”Villages” in the Summerlin area, though eventually there will be a total of 31. A “village” is a mini master planned neighborhood with its own parks, shopping, restaurants and trails. Just to give you an idea of the diversity, below are brief descriptions of some of the villages in Summerlin. Click here to view Summerlin homes for sale.

 

Mountains Edge, tucked away in a secluded desert canyon on the southwestern edge of the Las Vegas Valley, is a beautiful master planned community of approximately 12,500 residences on 3,000 acres meandering around 500 acres of community parks and trails. Ancient Indian tribes roamed this area to find water and new hunting grounds, and to this day their petroglyphs remain etched into the canyon walls of the surrounding mountains. Later, during the 19th century, frontiersmen traversed the Old Spanish Trail which passed right by the entrance to Exploration Park.

 

Mountains Edge contains over 30 separate villages by more than 20 different builders, each with its own unique flair and common amenities including: community pools, neighborhood parks, walking and biking trails, playgrounds, and athletic fields. Property types range from easy maintenance condos to large family homes and everything in between. Click here to view Mountains Edge homes for sale.

Finding Homes by Las Vegas School Zones

Choosing the right school for your children goes hand in hand with buying a home in Las Vegas for your family; Both of which are very important decisions.

You’ve found the perfect real estate agent who found you the perfect house, but what is the neighborhood school? Will my child be able to take the school bus? How many students are there per class? Add these things to the long, yet wonderful, list of "Things Parents Need To Know!" I’ll share some of my short cuts with you hoping this information will make your home buying and school search easier.  

There are specific zones within the school district that designate which schools service specific neighborhoods. This information is found on the MLS Listings (Elementary, Middle, Junior HS, and High School), but that information is not guaranteed to be accurate. When a school district changes its ‘zoning’ it does not automatically update the school information on a property that is listed for sale or rent. 

For example, when I was looking to purchase a home in Las Vegas,  I found the perfect house…. but it wasn’t in the same zone so my children would have to change schools. Not good, so I kept looking. From that point on I personally double-checked every address I was interested in so I knew exactly which schools my children would attend if we purchased that particular house.  

A little background information: The Clark County School District, as of 2012, is the fifth largest school district in the United States. It serves all of Clark County, Nevada, including the cities of Las Vegas, Henderson, North Las Vegas, and Boulder City.

I wanted to learn more about the schools in Clark County, so I did some research. I found these types of reports to be very helpful in the school choice for my children: Annual Reports of Accountability, State of Nevada and Specific Schools – Adequate Yearly Progress (AYP), Test Scores on Assessments, and many levels of Demographics. I found all this information at this website: http://www.nevadareportcard.com/   

 

You can find out what schools a property is currently zoned for by visiting the Clark County School website by going to: http://ccsd.net/schools/zoning/search/ 

 

This specific link will bring you to the School Zoning Search by Property Address. When you get to this page, simply type in the Street Number and Street Name. The school results will show you exactly which schools that particular address is zoned for and the Transportation Department’s contact information is found on that page. (Keep in mind, almost ALL school personnel are on vacation during the summer and you probably won't be able to contact them.)

What happens if you find "The Perfect House" but it’s not zoned for the school you want your child to attend? There is a process called "Open Enrollment" you can go through with the school district requesting special permission. There is no guarantee your request to change your neighborhood school will be honored and you cannot even make the request until you can show proof of residence (copy of utility bill in your name at that address, for example). 

If you don't have already have an address, but you have selected a school, you can search homes for sale located in specific school zones by going to: Vegas Homes for Sale by High School or Vegas Homes for Sale by Middle School

 

Do the research in advance and make an educated decision to avoid headaches and/or heartbreaks down the road.

by Lisa Albarian - guest blogger and mother

Bank Foreclosures Start Again in Las Vegas, but…

First, a little background:

Most large banks (Bank of America, Wells Fargo, etc.) are members of MERS, the Mortgage Electronic Registration System. This system allows a third party entity, like Recon Trust, to transfer notes between members of the system without recording the deed of trust into the new note holder’s name. So the name on the deed of trust and the name of the new note holder do not match since MERS was not required to record these documents. This made it difficult, if not impossible, for a homeowner facing foreclosure to actually find out who was foreclosing on them and try to work out an agreement. Many homeowners were foreclosed upon without ever being able to contact the existing note holder.

So in light of these national “robo signing” scandals, Nevada was among 11 states that enacted legislation to protect homeowners and regulate illegal foreclosure activity. In Nevada, Assembly Bill 284 was passed which required a bank employee to sign an affidavit stating that to the employee’s personal knowledge all previous transfers of the note were correct before the bank could start the foreclosure process.

Since there is no bank employee that could possibly attest to previous transfers of a note, AB284 effectively stopped the Las Vegas bank foreclosure process in Nevada, and foreclosure filings dropped from around 6,000 per month to less than 1,000. (Not all banks were affected by AB284 since they were not members of the MERS system.)

In October of 2012, however, the Nevada Supreme Court ruled that banks using the MERS system would be able to foreclose on properties as long as the note holder and the name on the deed of trust matched prior to the foreclosure sale.  This ruling will allow the third party entities used by MERS to record a deed of trust in the name of the current note holder and consummate the foreclosure process. Recording the deed of trust gives homeowners the opportunity to contact the note holder and work out a settlement, but doesn't allow them a "free ride" to stay in their homes indefinitely with no payment.

What this means for the Las Vegas real estate market:

The housing inventory has been at an extreme low for the past eight months, with bank owned foreclosures of Las Vegas single family homes accounting for only 10% of the active listings at any given time. Active short sales account for about 20% of the active single family listings and the rest are “real” sellers. It’s a “seller’s” market, prices have risen steadily since January, there are multiple offers on most listings within days of coming on the market, and buyers are finding it difficult to make a purchase unless they bid above appraised value.   

Banks have started the foreclosure process again, and we do expect new inventory to begin hitting the market after the first of the year, probably in or March or April. However, the banks do still have very stringent hoops to jump through, and there is no huge wave expected all at one time. Still, there should be more listings on the market, allowing frustrated homebuyers the opportunity to finally get an offer accepted. Hopefully we will get back to a more balanced market that remains steady for the next few years. A balanced market is better for both buyers and sellers and the local economy.

Search our site for foreclosures by zip code.

Las Vegas - the Gourmet Capital of the World?

Back in the day, the all-you-can-eat buffet for $2.99 is what everyone talked about when they came to visit Las Vegas. After a night of carousing on Fremont Street, we would pile into the Golden Nugget for the late night steak and lobster special for only $5.99 or the 50 cent shrimp cocktail. But our tastes and expectations have changed a bit.

 

It all started back in 1992 when Wolfgang Puck opened Spago at Caesars Palace. Now he has seven restaurants in Vegas, including one at McCarren Airport.

 

Eight years later in 2000, there were still only two more adventurers: Emeril Lagasse and Bobby Flay. Today there are many more famous chefs opening signature restaurants and trying their luck at new culinary ideas. I’m thankful so many wonderful chefs have decided to use Las Vegas as a “tasting ground” for their innovative ideas. The service quality is usually remarkable along with the unique food combinations. (It's one of the things that makes living in Las Vegas so amazing. We have more five star gourmet restaurants and chefs per capita than any other city in the world.)

“What’s THAT!?!?!” has become a key phrase based on Kitchen Nightmares, and many people watched Chef Gordon Ramsey choose his executive chef on Hell's Kitchen for his recently opened Steak House at the Paris Hotel. There’s a sign on a wall at Caesars Palace touting a new restaurant coming soon (Love the pig silouette covered in a UK flag design). We all wonder how Gordon Ramsey finds the time to do it all (and many of us now fear searing scallops).

 

Also at Caesars is Mesa Bar and Grill owned by Bobby Flay. The outer wall is made of glass so you can see across the tables into the kitchen. One word: Tapas! 

 

Turn to the right and down the hallway you’ll see another sign on a wall stating only one word: NOBU. Hard Rock Hotel hosts one of Nobu’s Japanese fusion restaurants which offers zen-like décor with excellent customer attentiveness, but what’s in the works at Caesars is nothing short of spectacular! Nobu is opening an exclusive restaurant AND his first ever Nobu Hotel. It’s so beyond words, I can only share the link: https://www.totalrewards.com/nobu/ 

BAR, BOOK and BAM? Check out Emeril Lagasse’s Stadium at the Palazzo or Emeril’s New Orleans Fish House at the MGM Grand. The list goes on and on, so if you’re a Food Network fan, Wanna Be Chef, Foodie, or just want a glimpse of a Famous Chef – be sure to make reservations and expect to pay a high price for a high quality dining experience in the “tasting ground” of Las Vegas.

 

by Guest Blogger and Food Junkie
Lisa Albarian
Writer for the Las Vegas Real Estate Market News Blog

 

What Foreign Buyers Need to Know

We have received several requests lately from overseas buyers about what the requirements are for foreign nationals who want to purchase property in Las Vegas. Actually the process is pretty simple - we have listed the guidelines below:

1.       Except for Canadian citizens buying second homes in the States, most foreign nationals will need to purchase with cash because the financing for foreign nationals has really dried up. They will need to bring proof of funds, a current bank statement or a bank letter of credit, in order to submit an offer.

2.      They will need to have a US bank account with cleared funds. So all money for the purchase should be placed in a US bank with enough time for the funds to clear. If they wire in the money, it will only take a couple of days for the funds to clear.

3.       There are no special taxes or fees for foreign homebuyers using the property as a primary or secondary residence. Rental properties would be subject to US federal income taxes annually.

4.       When they go to sell the home, the escrow company will withhold a percentage of the sales price for US federal taxes until the foreign buyer has filed and paid the US taxes in total. I can’t give you a specific percentage, because it depends on the sales price, if there has been a gain on the home, and what laws are in place at that time. Right now most escrow companies are withholding 10%.

And that's about it. There are a few countries whose citizens are not eligible to purchase homes in the States (usually terrorist related), but that is a very small number. And currently with the great rate of exchange against the US dollar and record breaking low prices on Las Vegas housing, it makes all the sense in the world for foreign buyers to take advantage of our real estate market.

 

 

 

Shocking Facts About Appraisals!

Last month we had a guest speaker at our team meeting who has been doing appraisals in the Las Vegas Valley for more than 20 years. She has a stellar reputation in the industry, and usually comes to speak to us at least once a year to update us on appraisal formulas, how adjustments are made, the value of specific improvements to real estate in Las Vegas and trends in appraisal values.

But this time, a random question about how appraisers are chosen by the banks led to some shocking discoveries!

First: a little background. Because of the “mortgage meltdown,” the federal government passed specific laws requiring mortgage lenders to order appraisals through a “neutral” third party. Appraisal management companies were formed. These companies receive the appraisal order from the mortgage lender and then assign an appraiser from their “approved” list. The mortgage lender cannot ever speak to the assigned appraiser, and all communications must go through an online portal to the appraisal management company.

The general population, Las Vegas Realtors included, have been under the assumption that these appraisals were assigned in rotation to the next appraiser in line to preserve the integrity of the process. Not so!

The appraisal management company charges a fixed fee to the mortgage lender for each appraisal. When the management company receives an appraisal work order, they send out a “first come, first served” type email to all the appraisers on their list. From the responses, the management company then selects the appraiser that is willing to complete the appraisal in the shortest possible time for the lowest possible price!

So if ten appraisers respond with the same general timeline, the management company will then select the CHEAPEST appraiser. Say the appraisal fee the management company is charging the lender is $450. If one of the appraisers that responds is willing to charge only $200 and the rest are charging more, the management company gives the order to the least expensive appraiser and pockets the difference.

This means that every appraisal that is being done is being awarded to the appraiser that is willing to charge the least. YOU GET WHAT YOU PAY FOR. In most instances (though not all), these are the less experienced appraisers. (Well established appraisers like our guest speaker will not even sign up to be on the list with appraisal management companies!) In addition, because these appraisers are earning less per appraisal, they have to make up in volume for charging less, which means that they are less likely to spend the extra time to truly evaluate each subject property. They are also less likely to “reconsider” the value of an appraisal that is contested.

So it is no wonder that over the past couple of years homebuyers, sellers and Las Vegas lenders are more consistently experiencing “bad” appraisals that do not truly reflect current market value.

Two Sides to the Story - Las Vegas MMA

By Glen Tonnesen

This is off the topic of real estate, but the same principle holds true. There are usually always two sides to every story.

You know how you read an article in the newspaper and make up your mind right away based on the writer's perceptions?  I have read "The 7 Habits of Highly Effective People" by Stephen R. Covey, so I should remember the perspective of viewing both sides of the story.

 

I ran into this scenario when I read Adam Hill's article in the Las Vegas Review Journal on Friday morning.  His story told more of Dana White's side rather than Greg Jackson's side.  For those of you who do not know either of these gentlemen, Dana White is the President of UFC (Ultimate Fighting Championship) and Greg Jackson is the trainer of Jon Jones ,the light heavyweight champion.

 

Jon Jones was supposed to fight past champion Dan Henderson in what could have been the fight of the year, but Mr. Henderson suffered a knee injury and had to pull out.  No one wanted to fight Jones except for Chael Sonnen, a trash talking, tough and very dangerous foe.  Greg Jackson strongly advised Jones to pass on fighting Sonnen at this particular time, which he did.  It resulted in the first ever cancellation of an upcoming major card.  Dana White became incensed, and felt that the champion should rise to the occassion and fight whoever he puts in front of him. 

After reading that first article, I agreed with Dana White, Jones was letting everyone down.  It is a blow to our economy here in Vegas when something of this magnitude is shelved. All the other fighters on the card along with their camps and the tens of thousands of workers who would cater the event are out of luck. It brings alot of money to our great city, provides employment and (dear to my heart) allows locals to purchase homes in Las Vegas. 

 

But then I read Ed Graney's commentary in which he gives Jackson's side.  If you haven't seen an MMA fight, you are missing the best sports action today.  MMA brings us back to the Romans / Lions battles, except that no one dies, and the respect the fighters have for each other is evident at the end of the war.

But you have to be tough, fast, strong, smart and PREPARED to win in this game with so much at stake.  A bad loss can literally end a career both as an athlete and a contender who is offered the big fights.  Greg Jackson prepares his fighters for the opponents they will be facing next, and it takes a whole camp to do it, not just a couple of weeks.  They did not prepare for Sonnen, they prepared for Henderson.  Football coaches prepare  for the next team they will play and plan accordingly. Jackson did NOT want his fighter hurt because he was not properly prepared.

I along with Mr. Henderson am VERY disappointed that this card did not happen.  I love LasVegas and want to see it thrive, but sometimes s--t happens.  Just remember to look and listen at both sides before making up your mind, and please come and vist Las Vegas for all it has to offer.  

Short Sale Process Actually Becomes Shorter!

RealtyTraq, which measures real estate activity across the country, just released a very interesting article with the latest statistics on the time it takes banks to process a short sale, and which banks have the fastest response time. Not surprisingly, Freddie Mac, Fannie Mae and FHA had the shortest timelines from the beginning of the process to the final closing, posting an average of 193 days in January 2012, down from 248 days on average a year ago. View the complete article here

But the most interesting part of the article was the fact that Bank of America has announced that it's new policy is to provide a decision within 20 days of a short sale offer with a completed seller package. In Las Vegas, almost 60% of short sales are serviced by Bank of America, so this is GREAT news for Las Vegas homebuyers that can't wait five or six months to find out if they can actually buy the home of their dreams.

In fact, as a matter of course, many prospective owner occupants have been instructing their real estate agents to exclude short sales from their home search because they can't wait and/or don't want the typical hassles associated with a short sale even if they could get a better price on a short sale home. This means they are not even looking at half the market inventory they could possibly buy. And especially now, with Las Vegas real estate inventory levels so low and Las Vegas back to being a seller's market, this will give buyers more choices and potentially a better bang for their buck.

For sellers too, this means less hassle and stress waiting to see if their short sale will be approved and if they will be able to take advantage of the tax benefits on deficiencies currently in place until the end of 2012. Hopefully other banks will soon follow B of A's example and set a strict policy on response time.

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Las Vegas Shadow Inventory - Foreclosure Fact or Fiction?

"Where have all the homes gone?!" In the Las Vegas real estate market it's like the clock has suddenly been turned back to the year 2004. Within hours there are multiple offers on everything listed under $250k, often sight unseen, and most accepted contracts are going above list price. New home builders are warning real estate agents about imminent price increases.

At the beginning of November there were approximately 11,500 single family homes actively on the market that were not yet under contract. Today, less than 6 months later, there are only 5,074 active single family listings in the Las Vegas MLS. That's about a six week supply at the current rate of absorption.

This is a direct result of Assembly Bill 284, which effectively stopped the non judicial foreclosure process in Nevada. Before AB 284 became law, lenders were filing around 5,000 Notices of Default per month. Now that figure is down to about 300 a month. Actual foreclosures are down to about 800 per month, and even that figure is dwindling rapidly. REO teams are downsizing staff and services, as there doesn't seem to be an end to the drought any time in the near future.

So where is the "shadow inventory" we keep seeing in the news? Since Nevada lien holders can no longer foreclose on properties non-judically, they have gotten much more aggressive about encouraging and approving short sales. Many owner occupants with true hardships that don't qualify for loan modifications are receiving cash incentives from $3k up to a whopping $30k for cooperating in a short sale.

Lienholders are also modifying many borderline loans, often unsolicited. I had a call from one of my clients last week. He had been trying to refinance his home through a new lender. (He was just barely upside down and had excellent credit.) Out of nowhere, he got a call from his existing mortgage lender, Bank of America, offering an interest rate reduction that saved him more than the refinance would have, at no cost, and without extending the life of the loan!

So in the foreseeable future, the "shadow inventory" in Nevada is a myth. And with the Las Vegas economy recovering, by the time AB 284 expires, many Nevada homeowners will be able to achieve a work out solution with their lien holders.

For more news on Nevada's improving economic situation and rapidly shrinking inventory, check out this week's recent news articles:
Single Family Homes Down to Six Week Supply
Las Vegas is a Seller's Market Again

And don't forget, legalized medical marijuana is also coming to Las Vegas. That will mean quite a few people moving to the state (especially the ones that don't like the cold in Colorado!) to take advantage of the new laws shrinking inventory even further. For the latest on the marijuana situation, go to our new site at Las Vegas Marijuana Real Estate today.

Beware Home Owners - Judicial Foreclosures Coming to Las Vegas!

Nevada has always been a non-judicial foreclosure state. If a borrower was past due, all the mortgage holder had to do was produce copies of the appropriate documents and file foreclosure notices, and within approximately 5 months the foreclosure sale took place at the county steps. There was no right of redemption for the borrower, and the new purchaser took possession immediately.

But in the wake of the robo signing scandals, the Nevada legislature passed a new amendment, AB 284, which included the requirement that an authorized representative of the current lien holder had to complete and sign an affidavit indicating they had “personal knowledge” of all previous transfers of interest in the note. Most notes are sold by the originating lender within weeks of the initial closing, and often they are sold several times during the life of the loan.

Since there is absolutely no way any authorized representative of the current lien holder would ever be able to affirm personal knowledge that each previous lien transfer was done correctly, no lien holder would ever be willing to sign the new affidavit. Because of this, foreclosure filings have almost ground to a complete halt in Nevada, active inventory on the real estate market has shrunk to less than a two month’s supply, and properties priced at less than $200k are receiving multiple offers in droves.

Past due borrowers, many of whom have been sitting comfortably in their homes for up to two years while not making any payments, celebrated the new amendment. No more new foreclosure filings meant they might be able to stay another couple of years “rent free,” right?

Well, that celebration is about to come to a screaming halt. Banks, sitting on large inventories of non-income producing assets, have started to “wise up,” and they are pursuing the judicial foreclosure process instead. A judicial foreclosure does not require signing off on the AB 284 affidavit.

This has serious ramifications for past due homeowners. A judicial foreclosure entails an actual lawsuit filed against the borrower. The filings include the entire amount of the past due note, all past due interest, and the lien holder’s attorney fees. In addition, the borrower will have to hire their own attorney to represent them in court.

Best case scenario: the borrower files bankruptcy to wipe out the debt, keeping in mind that any assets they have accrued will be used to reimburse the bankruptcy creditors. And they will still have to pay attorney fees for the both the court case and the bankruptcy out of pocket. And with both a foreclosure and a bankruptcy on their credit, it will be a long number of years before they will be able to qualify for home ownership again.

A much better alternative for the homeowner AND the bank is a short sale. Benefits for the borrower: in almost 99% of short sales any loan deficiencies are “forgiven” and in a few years the borrower can re-establish their credit and purchase another home. (In some cases owner occupants can even receive a credit from the short sale proceeds for moving expenses.) Benefits for the banks: a judicial foreclosure means the borrower has a one year right of redemption. So the banks would have to rent out and maintain the property for at least a year before putting it up for sale to recoup some of their losses. A short sale is less costly and gets the asset off their books much more quickly.

So, Las Vegas homeowners, unless the sheriff is already at the door changing the locks, call us immediately to find out about listing your home as a short sale. The banks WANT to accommodate short sales now. They will still make you jump through paperwork hoops to get an approval, but their ultimate goal is to make it happen. As long as you have a little bit of patience for the process, you will soon be able to put this house behind you and start fresh again.

Condo on the Las Vegas Strip - Only $125k!

Didn’t think you could afford prime Las Vegas real estate? Now you can own a condo right on Las Vegas Boulevard for only $125k!  

Sneak preview - own your piece of the fabulous Las Vegas Strip for a fraction of the usual cost. Located right between the between the beautiful Bellagio and the vibrant MGM City Center in the heart of all the action, this rare Jockey Club condo is just right for the perfect vacation getaway.  

Just listed - lovely 9^th floor unit with one bedroom one bath unit and full kitchen is fully furnished with everything you need in a holiday home. As an owner, you can take advantage of the Jockey Club’s fitness center, pool, sauna or business center, and then stroll casually out the front door to the finest restaurants, shops and shows in the city.  

Want to know how great of a deal this is for Strip front property? Next door the MGM City Center condos start at $400k plus. The Jockey Club was actually built as a timeshare project, but a few of the units are privately owned, and this is one of them. They don’t often come on the market, and this will truly go fast once the photos and description are posted in our MLS. 

So call us fast at 702-985-7654 – first come, first served!

Las Vegas Real Estate Weekly Market Report - October 31st

October 31, 2011 - Want to know where the Las Vegas Real Estate Market is headed? Here are your weekly market statistics from Prudential Americana Group, REALTORS®.

•Your Market Report for Single Family homes in Las Vegas. Homes in Las Vegas.

• Your Market Report for Condos in Las Vegas. Condos in Las Vegas.

•Your Market Report for Single Family homes in Henderson. Homes in Henderson.

•Your Market Report for Condos in Henderson. Condos in Henderson.

•Your Market Report for Single Family homes in North Las Vegas. Homes in North Las Vegas.

•Your Market Report for Condos in North Las Vegas. Condos in North Las Vegas.

Las Vegas HUD Auction – Only $100 Total Down Payment for Owner Occupants!

Christmas is coming early to residents of Las Vegas, Henderson, and North Las Vegas this year. Get in on a special Las Vegas HUD auction - only $100 total down payment for owner occupants! This is a spectacular opportunity to buy a Las Vegas real estate with a very nominal investment.

Hudson and Marshall will be conducting two auctions of over 100 HUD properties around the Las Vegas Valley on Saturday November 5th, 2011 at the JW Marriott. Registration for Auction 1 will open at 9 am. Auction 1, starting at 11 am, is open to owner/occupants ONLY. Successful owner occupant bidders will be eligible for special FHA financing with only $100 total down payment (instead of the typical 3.5% down payment). Plus they can ask the seller to pay 3% in closing costs.

Registration for Auction 2 will open at 2pm. Auction 2, starting at 3 pm, will be open to both investors and owner occupants, but investors will not be eligible for special financing.

Open houses of all auction properties will be held prior to the auction sale date. Open house dates are October 22, 23, 29 and 30th from 11 am to 3 pm. They may also be viewed on other days by special appointment with your Las Vegas real estate agent.

Members of the Tonnesen Team are registered buyer’s representatives with Hudson and Marshall. We will walk you through the auction process, provide sales history and comparable sales for any properties you are interested in bidding on, get you totally pre-approved with a lender, and accompany you to the auction. To receive a complete list of the properties being offered for sale, please email us at: sold@greatlasvegashomes.com and put “Hudson and Marshall Auction” in the subject line.

In order to register of Auction 1 or Auction 2, each bidder will be required to submit a prequalification letter or a certification of cash funds which must include:

1. Bidder’s name(s)
2. Amount of prequalification and type of financing (FHA, conventional, etc.) or total amount of cash funds available - you MUST be preapproved for a loan if financing
3. Verification of income (for financed purchases only)
4. Verification of credit check (for financed purchases only)
5. Bank or lender’s letterhead and contact information

Bidders registering as owner occupants will also be required to certify that they have not purchased a HUD-owned property within the past 24 months, and that they will occupy the property as their primary residence for at least 12 months after the closing. Other registration requirements must include presentation of a valid photo ID as well as a $500 cashier’s check or money order payable to HUD. (For buyers taking advantage of the $100 down payment FHA financing, the balance would be refunded at close of escrow.) The check is not collected unless you are the highest bidder on the property.

Please note that Las Vegas auction properties are sold “as is where is.” You must view the property prior to the auction date to determine its condition, as the sellers will not make any repairs and sales are NOT contingent on inspections or obtaining financing. You are agreeing to close on the property when you successfully bid on it. If you are not certain you want the property or that you can obtain financing, do not bid! The $500 earnest deposit is non-refundable should you not close as agreed in the sales contract.

**All Las Vegas foreclosures offered in the auction will have a reserve. This means the seller must approve the high bid, and the seller has the right to accept, reject or counter the highest bid on a property.

Tired of Losing out to Cash Buyers?

Tired of losing out to cash buyers on the Las Vegas homes of your dreams? You must get completely pre-approved for a loan before submitting an offer, and you must be able to close quickly once that offer has been submitted. So we found a mortgage lender who could help our clients compete in multiple offer situations.

Southern Fidelity Mortgage, one of the Tonnesen Team Preferred Lenders, wants to earn your business and help you compete with all cash offers. They will guarantee:

1. They will be ready to fund and close any loan within 15 days. Just submit your completed loan application with required documentation and then go house hunting with one of our experienced real estate agents. When you can close as fast as a cash offer, you have a much better chance to get your contract accepted in multiple offer situations. Banks consider preapproved financed purchase offers with two week closes to be as strong as cash offers. 
2. Lowest rates and fees in town! Southern Fidelity guarantees to meet or beat any legitimate loan quote, so you can save money AND qualify for a higher loan amount. 
3. The best customer service around. After your loan closes, you will be asked to complete a short survey on your customer experience. Your lending team only gets a bonus if YOU are a happy customer!

Just go to: Las Vegas Mortgage Loan Application and fill out a short pre-application form, and one of Southern Fidelity’s loan officers will get back to you within 24 hours to put together your mortgage game plan.

Toll Brothers Giving Away Up to $14,200 in Incentives!

Through October 9th Toll Brothers is giving away up to $14,200 in incentives to buyers that purchase new homes in Las Vegas during their national sales event. Toll Brothers is one of America’s highest quality home builders, with outstanding upgrades included as standard options.


Buy a new home from Toll Brothers during their national sales event (sign a contract through October 9th) and receive your choice of $4700 worth of options from their sales brochure, PLUS a $3,000 carpet allowance AND another $6,500 that can be used for more design center upgrades or closing costs. This is more than double their every day incentive package. With interest rates still historically low, this is the perfect time to buy Las Vegas real estate, and Toll Brothers is a Realtor preferred home builder.

Toll Brothers currently has three gorgeous communities in the Las Vegas Valley to select from. Two of the communities, Barcelona and Traccia, are located in the prestigious Summerlin master planned community which has over 50 miles of community trails, nine world-class golf courses, convenience stores, parks, trails and Red Rock Canyon Conservation Area

Barcelona is an intimate gated enclave of homes with spacious two-story home designs featuring up to 3,600 square feet of living space. Homes come with large pool-sized home sites, slab granite countertops, expansive second floor decks, 3 car garages and are Energy Star efficient.

Traccia is a collection of low-maintenance Mediterranean-inspired home designs, featuring up to 1,685 square feet of living space in a gated community with private clubhouse, two sparkling pools, lighted tennis courts, and fitness center. Choose from two spacious 3 bedroom floor plans with slab granite countertops, 2 car garages and Energy Star ratings.

The third community, Toll Brothers at Inspirada, is located high in the southern foothills of the Las Vegas Valley. These residences include access to miles of community trails, Sloan Canyon Conservation Area, two pools, recreation center, outdoor amphitheater, bocce ball courts, play ground, picnic and BBQ areas.

Toll Brothers at Inspirada offers a variety of upscale residences without the upscale price tag! This community includes both townhomes (1700 sf to 1900 sf) and single family homes (2100 sf to 2464 sf). All residences come with 2 car garages and are Energy Star rated.

To view the pricing and floor plans on these fine residences, please go to: Toll Brothers in Las Vegas

Then give us a call at 702-985-7654 to set up your private tour!