Sales Statistics Brighter for Las Vegas Real Estate

Things seem to be looking up in Las Vegas according to the statistics, no matter what the national media is reporting. In July 2008, 3036 units were sold, and inventory ended the month at 22,178. At the current rate of consumption, that is 7.3 months of inventory, and many Las Vegas new homes developments are reporting waiting lists again. For those who are wondering when the bottom is going to be reached, we are getting very close to what has historically been called a “normal market”.

And for those that think they can lowball the already ridiculous foreclosure prices on Las Vegas homes, think again. There were 3036 closings in July, and here are the averages between list price and sales price:

For units that sold for under $500k, the average unit sold for $2,888 less than the asking price.

For all units selling under $1m, the average unit sold for $3,855 less than the asking price.

For ALL units selling in July, (including the multi million dollar penthouses and homes which bring the dollar amounts up) the average unit sold for $5,326 less than the asking price.

1,220 of the 3036 units that closed in July 2008 closed at a HIGHER sales price than their asking price. In other words, 40% of the homes sold, actually closed at more their advertised list price. The low prices on Las Vegas foreclosures are generating multiple offers on each property and creating mini bidding wars reminiscent of the "golden years" of 2004 and 2oo5.

Another good indicator is the percentage of listings taken vs sales over the past few years. In 2008 so far 34% of all listings taken have sold as opposed to 2007 when only 24% of all listings taken sold.

And it looks like with the anticipated population growth over the next 12 years, that things will start moving back up in price. Jeremy Aguero, a principal at Applied Analysis, was quoted in the paper saying he expects "Southern Nevada’s population by 2020 will grow to 3 million, from 2 million”. The Clark County School District is the fifth-largest school system in the country with 308,783 students, and district officials predict enrollment will grow to 473,000 students by 2018. Pointing to projects such as the CityCenter development under construction on the Strip, Aguero said, "We're not going to have all the employees to fill all the jobs we're going to create in the next 10 years."

Think about that for a minute. That means that there will have to be a roughly 50% increase in housing over what is currently built. With the scarcity of land for sale in Las Vegas, prices may just start creeping up before the analysts are predicting. This is one real estate agent who definitely thinks we are seeing the bottom of the market and is buying as much as she can.

Las Vegas Home Warranty Plans Can Be Customized!

Partnering with Las Vegas real estate agents to deliver the service and products that home buyers and sellers want, American Home Shield® developed the FlexPlan®, an innovative product that provides an unprecedented level of coverage and price options. Homeowners can customize the plan to fit their specific coverage needs and budget requirements, choosing from a wide range of packages and options. The AHS Home Warranty FlexPlan also offers coverage for items and services never before available in the industry.

Homeowners can choose coverage starting with the Core Coverage Plan®, the basic coverage that every AHS customer receives. This plan provides repair or replacement of many frequently occurring breakdowns associated with heating and air conditioning systems, duct work, plumbing and whirlpool motors and pumps, plumbing stoppages, electrical systems, water heaters, built-in microwaves, dishwashers, garbage disposals, ranges, ovens and cook tops, exhaust, vents, and attic fans and trash compactors. The Core Coverage Plan also includes new coverages such as 13 SEER, rust, corrosion or sediment and insufficiently maintained equipment.

Beyond the Core Coverage Plan, purchasers of Las Vegas homes may decide to customize their coverage with one or more of the ServicePlus Package® and CoveragePlus Package®. The ServicePlus Package was created for customers who wish to add a level of service coverage and includes repair or replacements associated with mismatched systems, undetectable pre-existing conditions, code violations, permits, removal of defective equipment, refrigerant recapture, reclaim and disposal and improper installations, repairs or modifications.

The CoveragePlus Package was designed as an option for AHS customers who desire enhanced coverage on previously uncovered items like garage door openers, doorbells, ceiling fans, telephone wiring, central vacuums, smoke detectors, food processors, and instant hot and cold water dispensers. This option also extends coverage on breakdowns associated with plumbing (faucets, showerheads and toilets) heating and air conditioning (geothermal and/or water source heat pump units, registers, grills and heat lamps), built-in microwaves (door glass and racks), ranges, ovens, and cook tops (rotisseries, racks, handles, knobs and dials) and trash compactors (removable buckets).

For a warranty specifically tailored to additional needs, customers may choose from the impressive list of additional FlexPlan options, including coverage for breakdowns associated with septic system pumping and septic sewage ejector pumps, swimming pool or spa equipment, kitchen refrigerator with ice maker and water dispenser, second refrigerator with ice maker, washer and dryer, free standing ice maker, water softener and well pump.

This gamut of options through the FlexPlan is available only through real estate transactions.
About two weeks after closing, each participating homeowner receives a contract package with contact information, wallet reference cards, specific coverages and exclusions, system and appliance maintenance tips and much more. Homeowners will also receive periodic customer relationship mailings and e-mails containing valuable home and maintenance information.

Since 1971, AHS has focused on providing the most innovative products and best customer service delivery in the business. The FlexPlan is another example of the company’s commitment of partnering with real estate professionals to serve home buyers and sellers with excellence. Designed in direct response to feedback from customers and the real estate community, the FlexPlan can help agents market properties and increase client satisfaction. And don't forget, you can also purchase warranties for Las Vegas new homes as well as resales. Many sellers offer home warranties through the Las Vegas MLS listing service.

For more information or to purchase an AHS Home Warranty FlexPlan, visit www.ahsflexplan.com, call 1-800-735-4663, or contact your local AHS Account Executive.

Luxury Las Vegas Homes Available for Vacation Rentals

What is Top Destinations, LLC?

Top Destinations is a trendsetting, high-end property management and vacation rental company located in the entertainment capital of the world: Las Vegas, Nevada. Clients of Top Destinations receive the greatest quantity and highest quality of service that the industry has to offer. Our vacationing clients find themselves staying in some of the most lavish and elegant homes in Las Vegas.

Satisfying the needs of our vacationing clients is one of our primary concerns. While Top Destinations is focused on making the vacation experience one of the most pleasurable and memorable events in the lives of our guests, we are simultaneously concerned with meeting the unique needs and high expectations of the Las Vegas investor-homeowner.

To that end, the members of our friendly staff work closely with investor-homeowners to ensure they fully understand the vacation rental process. Our experienced staff inspects each prospective home to ensure the property meets our trendsetting standards of excellence. In this way, all of our vacationing clients are assured the same once-in-a-lifetime vacation experience.

Our investor-homeowner rests comfortably knowing their property will be well-taken care of by our vacationing clients; because, Top Destinations thoroughly screens its prospective guests. In the unlikely event that something is damaged, the vacationer agrees, in advance and in writing, to have their credit card immediately charged for the cost of any damage to the homeowner-investors’ property.

With the homeowner-investors’ approval, Top Destinations arranges for the maintenance of the property. Our staff inspects the interior and exterior of the property on a weekly basis when the property is vacant. Our bonded cleaning service routinely inspects and, when necessary, changes the air-conditioning filters. When the unit is vacant, the staff sets the thermostat on vacation mode to save on energy.

Top Destinations mails monthly statements to the investor-homeowner by the tenth (10th) of each month. The statement details the monthly income received and expenses paid out. In most instances, a check is included with the statement. The investor-homeowner can go on-line at www.topdestinationsllc.com and view their property rental calendar, 24/7. Our investor-homeowners are not concerned about receiving their portion of the rental fees; because, Top Destinations has a $100,000 fidelity bond from American Family Insurance.

Top Destinations is seeking forward thinking investor-owners, who are interested in becoming apart of the $740 billion dollar tourist industry. Top Destinations would like to create synergistic relationships with investor-owners to meet the housing needs of over 232,000 internet users, who visit Las Vegas annually, who stay in accommodations other than a hotel or motel room and who do not stay with family or friends. This market segment produced over $75 million dollars in 2007 and $25 million dollars the first third of 2008. The Center for Business and Economic Research at the University of Nevada, Las Vegas predicts this market will grow at an average rate of 3% over the next five years.

Top Destinations is asking you to allow us to assess your property with an eye towards including it in our growing portfolio of fine homes. If you have any questions, please call (702) 586-2281 or (866) 544-1686; visit our website at http://www.topdestinationsllc.com/ or stop by our office at 2881 South Valley View, Suite #4, Las Vegas, NV 89102.

Next month, we will take an in-depth look at the accommodation and food services industry and focus on some of the issues that effect our industry’s growth.