Get a Loan One Day Out of Foreclosure!

A local Las Vegas lender is thinking outside the box with three brand new loan programs for Nevada home buyers! These mortgages are truly unique and no other lender is offering them.

1. Fresh Start Program - One day out of foreclosure or short sale with 20% down payment! If you've been told before that you had to wait one to seven years to purchase a home, wait no more. This program is designed for owner occupants only, and the interest rates are outstanding.
2. 5% Down Jumbo Loan Program - This program is designed for owner occupants, but vacation home buyers can also get in on it with 10% down.
3. 5% Down High Rise Loans - No other lender in Nevada has 5% down mortgages for high rise condos. The 5% down program is for owner occupants, but second home buyers can also purchase a high rise with 10% down.
4. 5% Down "Unwarrantable Condo Loans - most residential condos in Las Vegas cannot be financed because of owner occupant to renter ratios. This has put a real damper on condo sales over the past 7 years. Now owner occupants can buy a condo with as little as 5% down in any project that does not have structural litigation, opening up a whole world of possibilities instead of just a handful. And second home owners can have the same opportunity with 10% down.

For more details on each of these exciting new loans, go to New Nevada Mortgage Loan Programs. Or call 702-985-7654.

These programs are only for properties purchased inside the state of Nevada by US citizens.

Still can't qualify quite yet but want to buy a home? Try private money mortgages. The interest rate is high, but over the long term it may be much cheaper than the price increases the Las Vegas Valley has been experiencing.

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!

Allure Las Vegas Close to Selling Out!

Because of the great prices and lower association fees than most high rises, only about 50 units are left in this 41 story Las Vegas luxury condo development located on the North end of the Las Vegas Strip. Plus the developers of Allure Las Vegas have made further price reductions to move the remaining inventory quickly!

"We are excited to continue to provide great value to investors and people looking to make Allure their home," said John Tippins, president and broker of Northcap, the sales and marketing management company for Allure. "I believe that the Las Vegas community recognizes the value of the building. The fact that the building is 90 percent sold out and the outlook that there will be no new competition of this magnitude within the next few years, provides buyers with the extreme confidence that Allure is the best value in Las Vegas."

Las Vegans are not the only ones recognizing the value of the property. The Robb Report recently featured Allure in its "Where to Buy Now" section and ranked the building as the No. 1 value in the Las Vegas high rise real estate market.

With 1, 2 and 3 bedroom residences starting at only $174,900, owners at Allure Las Vegas can enjoy views from their private balconies of the surrounding mountains and Las Vegas Strip. Incorporated into these luxurious residential condominiums are 9-foot-6-inch ceilings, European-style cabinetry, granite countertops and Italian porcelain flooring. And all residents enjoy the security of a 24-hour doorman, a club room with catering kitchen, a private rooftop pool with cabanas, and on-site concierge service.

Plus Allure is one of the few new high rises offering financing to potential buyers along with buyer incentives for flooring upgrades. Allure was developed by Steven Fifield of The Fifield Companies, a Chicago-based leading real estate development firm producing luxury urban high rise condominium residences and office towers.

Cosmopolitan Class Action Heats Up in Las Vegas

The Cosmopolitan Resort Hotel and Casino first opened its Las Vegas condo sales on February 14th, 2009 and over 900 condo hotel units were reserved the very first day, making it Las Vegas' hottest selling property in history. Ultimately over 1800 units were placed under contract before the original developer, Bruce Eichner, was forced to relinquish control to the current owner, Deutsche Bank. Deutsche Bank continued construction, but placed further sales on hold pending management decisions on how to continue with the project.

Originally the development was slated for completion in late 2007 or early 2008, but delays in construction and developer financing had put it way behind. When Deutsche Bank assumed control they also decided to do some interior remodeling on the units, putting the project even further behind schedule. Currently the anticipated completion date is set for mid to late 2010.

But in the meantime with the fall of the global real estate market and the Las Vegas real estate market in particular, condo hotel financing dried up, leaving hundreds of Cosmopolitan contract owners in a panic about the value of their units and how they were going to finance their purchases at closing. Next door the MGM City Center announced in late September 2009 that they were reducing prices 30% across the board to more accurately reflect today's values, and they extended that reduction to existing contract holders.

It is unknown at this time whether Deutsche Bank will open the project as a condo hotel as originally planned, or if they will convert all or part of the condo hotel towers into regular hotel suites. Several class action suits have been filed on behalf of Cosmopolitan contract owners hit hard by the financial crisis trying to recover all or part of their deposits prior to completion. On October 21st Marquis & Aurbach got a preliminary settlement approved subject to final approval by the court sometime in December. As I understand this settlement agreement, contract holders would receive back 74.4% of their total deposits less approximately 13.5% for attorney's fees and costs. That is the equivalent of about 61%, which would be returned to contract owners in late December of 2009. Please refer to the actual settlement documents for exact details and consult with a personal attorney for a precise interpretation. Marquis & Aurbach can be contacted directly at: (702) 382-0711.

A second group is pursuing a separate class action suit to recover a greater share of the deposits held by Deutsche Bank. This group, including Robin Leach, is being represented by Girardi/Keese who can be contacted at: (213) 977-0211.

As a contract holder myself, my own personal guess is that Deutsche Bank intends to turn the west tower units into hotel suites, but may keep the east tower as a condo hotel. Contract holders in the east tower were NOT included in the settlement agreement negotiated with Marquis & Aurbach. If I am correct in my guess, Deutsche Bank is now mitigating the amounts they might be forced to return by $25.6% if the west tower is not completed as a condo hotel building, a hefty chunk of change. Again, this is only speculation on my part based on the actions of the parties involved. I do NOT have any inside knowledge, and these speculations should not be relied upon to determine a personal course of action. Please consult an attorney to discuss your own options if you are a current Cosmopolitan purchaser. But it will be interesting to see what lies in the future and if my predictions are in any way accurate.

I am also predicting that local residential real estate may have hit rock bottom. Currently there is only a three month supply of Las Vegas homes for sale on the market and sales volume is up. Two weeks ago I had to place offers on 14 different homes to get an offer accepted for my own son. Almost all the properties were Las Vegas foreclosures and all had multiple offers on them!

MGM City Center Expected to Reduce Prices

MGM CityCenter, MGM Mirage’s 8.5 billion dollar showcase property in the heart of the Las Vegas Strip, announced earlier this month that it was likely they would be adjusting the prices downward on the three residential developments in the mixed use project: Veer, Vdara and The Mandarin Oriental. Reductions are being considered in the wake of the world’s economic recession and the local Las Vegas real estate market depreciation of up to 50% on residential properties.

MGM opened sales at the CityCenter in January 2007, when the Las Vegas real estate market was red hot. Original purchasers have been seeking price reductions on the condominiums and condo hotel units they purchased two years ago, during the height of the Las Vegas boom. According to Bob Hamrick, CityCenter’s Sales Manager, “CityCenter remains a unique product that can’t be touched by anything else in Las Vegas. But there are some realities we recognize, and we have to respond.” Any announced price reductions would be offered to original contract holders and to buyers purchasing between now and when the official price reductions are announced in early September of 2009. Rumors are flying that reductions could be anywhere between 20% and 40%.

MGM is also trying to find sources of private financing to help buyers close on their condos. With tighter federal guidelines and banks struggling under a glut of foreclosures, high rise and condo hotel loan programs from Las Vegas mortgage lenders have all but vanished, The few that remain are requiring 50% to 60% down payments and higher interest rates. The Mandarin Hotel is expected to start closing on luxury residential units in December of 2009. Units at Veer, the twin residential towers fronting the CityCenter complex, are expected to begin closing in January of 2010, and condo hotel units at Vdara are expected begin closing if February of 2009.

The next big question is not only how much of a reduction will be offered to MGM CityCenter buyers, but also how the reductions will affect the future of the Cosmopolitan Hotel and Casino next door. The Cosmopolitan, a condo hotel and hotel casino project, was taken over through foreclosure by Deutsche Bank last year, and sales were suspended. There are almost 2,000 current contract holders in the Cosmopolitan that are waiting to hear if the project will move forward with the proposed condo hotel program, or if the contracts will be voided and the units absorbed into the hotel room inventory. Sales in the Cosmopolitan commenced on February 14th in 2005, with over 900 units being reserved the first day in a record breaking frenzy.

Elsewhere on the Las Vegas Strip, real estate investors are snapping up units at fire sale prices in the beleaguered MGM Signature project. Owners of condo hotel units that originally sold from $400k to over $1M have become part of the Las Vegas foreclosures statistics due to high mortgage payments, declining values, and rental incomes below expectations. Current purchasers are taking advantage of prices starting in the mid $100s, or 33 cents on the dollar. Trump Tower is experiencing the same hardship, and there are some real bargains to be had on resale units. The Palms Place luxury condo hotel units, on the other hand, have fared much better due to high occupancy rates in the popular boutique venue. And in general, Las Vegas homes for sale inventories are way down from the same time last year as first time buyers and investors are drawn back into the market by affordable pricing.

Short Sales Don’t Have to Ruin Your Credit!

Like markets across the country, Las Vegas real estate has been hit hard by declining values and many homeowners are unable to sell their properties without coming out of pocket. Good news has arrived for those who have so far kept their payments current, but have been seriously considering filing for bankruptcy or letting their homes go into foreclosure. Some lenders are now allowing homeowners to go ahead and do a short sale without first falling behind on their payments.

A short sale or pre foreclosure occurs when a homeowner owes more on his property than it is currently worth and the creditor agrees to take less than the amount owed. First the homeowner has to show proof of true hardship which can be due to a variety of reasons: loss of employment or drastic cut in pay, loss of income from investments (stock market declines), illness, divorce, or death in the family. The homeowner has to write a hardship letter explaining in detail why they can no longer afford the payments on the property. They also have to provide tax returns, pay check stubs and current financials to support the hardship letter.

After the seller completes the short sale documentation, the property is put on the market. Once a bona fide buyer makes an offer that is accepted by the seller, the listing agent then submits the offer and the short sale package to the lender for approval. The bank will do their own estimate of value and decide whether to approve or possibly counter the original offer with what they are willing to accept.

Until recently the banks were not willing to look at a short sale package unless the property owner was already behind in their payments. The late payments and the short sale settlement meant the that property owner took a huge hit on their credit scores and were ineligible to buy another home for at least four years.

But with the glut of Las Vegas foreclosures on the market and the increasing costs of maintenance on foreclosure properties, the banks are becoming a bit more lenient toward Las Vegas short sales. Some are now willing to approve a short sale even if the homeowners have kept their payments current. Most of the time the homeowner remains living in the residence and taking care of it until the sale, meaning the properties are in better shape and sell for more than they would later after foreclosure. The credit report reads “negotiated settlement,” and the homeowner may only take a minor hit on their credit score. If their scores were high enough to begin with, they may even be able to buy other lesser priced Las Vegas homes almost immediately, or as soon as they can save up the down payment money.

So if you have been feeling that you need to get out from under a huge mortgage balance, but you hate the idea of damaging your credit, there may be hope! The inventory on Las Vegas homes for sale is down dramatically from what it was a year ago, so it may not be as hard as you think. Contact one of our short sale specialists today and let us help.

Multiple Offers On Las Vegas Properties Again

Dear Readers,

Below is a letter that I sent last night to an Australian agent who has clients that want to buy Las Vegas real estate. I had sent her some "best buy" Las Vegas MLS listings two weeks prior and her clients were supposed to respond immediately. But they procrastinated and lost out on the home they wanted. I realized as I was writing my response, that it was a great lesson in timeliness and patience for any buyer that is looking to purchase in this crazy market.

Hey Jo,

Where you been, girl?! The property your clients chose already has a contract on it – actually they had multiple offers. It sold for cash above the most recent list price, and is due to close this Friday.

We are experiencing a HUGE surge in buying. You know the frustrating experiences you already had trying to put in offers? Well just in the past couple of weeks our market has gone officially insane. Everything decent under $150k is now getting multiple offers within a couple of days and averaging 3% above list price. By the end of March we had 80% more sales than last year at this time!

The listing agents won’t even present an offer now unless it is accompanied by either proof of funds for cash buyers (in the form of a current bank statement) or full loan approval for buyers getting Las Vegas mortgages. The banks don’t even care if the buyers are cash or getting loans – they are only looking at the bottom line since the mortgage buyers are fully approved anyway.

And just to make it even tougher, some of the REO listing agents are playing games with the offers and trying to sell them “in house.” Not what you wanted to hear, I know.

But we have so much pent up demand from first time home buyers: prices are affordable for the first time in years and our federal government passed a tremendous first time homebuyer tax credit. Plus the news is starting to report Las Vegas as one of the most undervalued markets again, so here come the investors once more!

I am right on the spot, and in order to get two properties in escrow for myself this week I had my offers out to the listing agents within hours of the properties going on the market, sight unseen. We actually bid on five Las Vegas homes to get two. They are both short sales, so I still have to wait for the banks to approve the shorts on the loans. (Oh, yes, I am definitely in buying mode myself. I really think we have hit bottom and will start to see a rise again by year’s end. Personal opinion, of course, but it feels right to me based on what I am seeing in the market.) One of the properties I bid on got THIRTY offers!

Anyway, long story short (too late!), first of all your buyers would have to send us their proof of funds in advance, and second they have to be ready to pounce immediately. Literally: we send you the homes, they pick at least two or three to put offers on within just a few hours and then email us back right away so we can prepare contracts. (ALL the banks have counter offer addendums, so the clients won’t ever have to worry about being on the hook for more than one property. If we got lucky enough to get a positive response from more than one, we would just pick the one we liked the best and reject the counter on the other.)

We email back the contracts along with the comparable sales info on the properties they have chosen so that your clients can feel totally confident that they are paying a reasonable price. They sign the contracts and send them back, and then we “present and pray.” We will already be working with a time zone challenge, and really only have perhaps 72 hours between the property going on the market (or having a significant price reduction to below market value) to offer presentation to be effective. And that’s because we truly are sending you the BEST listings.

The buyers should also be prepared to wire funds within one business day to the escrow company to cover the earnest deposit if they get an accepted offer. Very few properties will be completely turn-key – some handy work will probably be required, though there are enough that just require basic cosmetics. (Touch up paint, landscape maintenance, carpet cleaning, etc.) Remember, the lowest priced properties are all Las Vegas foreclosures (bank owned) or Las Vegas short sales - the banks are not making any repairs and are selling “as is, where is.” And most of the original owners were not all that happy about moving out.

If your buyers are truly serious about proceeding, we should get their current proof of funds first off. Then they need to commit to responding with a couple of properties they are willing to purchase within a short (few hours) time frame so that we can prepare contracts. And they need to know that they are probably going to have to bid over list price unless the comparable sales data indicates otherwise. Low balling worked when prices were higher and no one was buying. Now everyone is back in the game again.

Deep breath!! Did I put you to sleep with this novella? I don’t want to discourage your buyers, but unless they are prepared to be really aggressive it’s going to be hard to get them something good.

Cheers and looking forward to hearing back from you - quickly!
Diann

PS When I speak of Las Vegas real estate, that also includes Henderson real estate. It is a small valley and they run right into each other. Also, if your clients do want to go higher in pricing, there are some dynamite deals in some of our gorgeous Las Vegas golf course homes too!

Las Vegas Top Ten Luxury Homes and Condos Deals for March 2009!

Las Vegas real estate prices have not been this low since the year 2000! Now is the time to take advantage of the tremendous bargains you can find on these fabulous Las Vegas homes and condos in the most beautiful neighborhoods in our Valley.

1. Seven Hills sensation reduced over $340,000 below original sales price! Luxurious almost 4500sf home with pool in prestigious guard gated community! Owner’s loss is buyer’s gain on this amazing pre-foreclosure home upgraded to the max in a gorgeous Seven Hills guard gated neighborhood! Bright and spacious 4497 sf 6 bedroom 4.5 bath beauty with 3 car garage and resort style pool/spa on an oversized beautifully landscaped lot. Crown moldings, plantation shutters,16" tile throughout, 2 fireplaces and more priced WAY below market for a fast sale at $460,000!
   
2. Stunning custom with unobstructed Strip Views for HALF the original price!! How low will the bank go on this truly incredible estate home in guard gated Anthem Country Club?!!! Exquisite 10,000 sf 5 bedroom 6 bath luxury home with stunning Strip and golf course views! Beautiful marble flooring, superb gourmet kitchen with top of the line stainless steel appliances, phenomenal master suite with balcony, crown moldings, basement game room with 16 seat home theater, six fireplaces, elevator, spectacular pool, spa, waterfall and koi pond and just too much more to list! Las Vegas foreclosures have never been better deals - originally sold for $3.2M and now fire sale priced at only $1.6M.


3. Amazing deal in the District at Green Valley Ranch for 70% off last sales price! If you have been looking for a deal at 30 cents on the dollar in a luxury setting, look no more! Gorgeous bank owned unit on the 3rd floor of the fabulous District at Green Valley Ranch. 1256 sf 2 bedroom 2 bath luxury condominium upgraded to the max with detached two car garage, just steps from boutique shopping, casino and gourmet restaurants. Granite counters, custom cabinetry, stainless steel appliances, travertine flooring and much more with spectacular city and mountain views plus on site fitness center, theater room, concierge service and security. Sold in 2007 for $1,015,000 and now sale priced at only $299,999. First come, first served!


4. MacDonald Highlands bank owned home for 39 cents on the dollar!! Buy the least expensive home in this exclusive custom neighborhood!Beautiful 4,235 sf 4 bedroom 3.5 bath home with three car garage in spectacular MacDonald Highlands guard gated golf community! Huge open floor plan, designer tile flooring, custom cabinetry, gourmet island kitchen with granite countertops and stainless steel appliances, sinful master suite with balcony, and so much more on 10,000+ sf lot. Originally sold for $1,350,000 and now priced WAY below everything in the neighborhood at only $540,900 by the bank for a fast sale!!!


5. Steal this Lake Las Vegas luxury home with gorgeous golf and lake views for only $250k! Live the Las Vegas luxury lifestyle and be Celine Dion’s neighbor too!Absolute perfection in V at Lake Las Vegas! Mint condition 1600 sf 3br 3ba town home with separate office and two car garage upgraded to the max. Bright airy great room floor plan, custom tile floors, granite countertops, stainless steel appliances, sensational master bath with spa tub, huge balcony with spectacular views and much more. Privately gated community within Lake Las Vegas with clubhouse, fitness center and pool too. Originally sold for $870k and now priced at only $250k. Plus furniture may be sold separately to make this unit totally turn key!


6. MGM Signature fully furnished high rise condo hotel unit 60% off last sales price! Come stay and play at the MGM in this luxury high rise tower for only $175k!Fully furnished 520 sf luxury condo suite on the 6th floor overlooking the MGM Grand Lazy River and Brazilian pools with panoramic mountain views! Suite is totally turn key with plasma TVs, kitchenette, granite countertops, marble flooring, Jacuzzi tub, linens and more. Plus there is a private owner’s pool and spa, lounge, valet service, concierge and special privileges to MGM events. And you can place this unit with MGM’s rental program when you are not in residence. Last sold for $449k and price now slashed to $175k.


7. Almost half price in Trump Tower on the fabulous Las Vegas Strip! Live like the Donald in this spectacular Las Vegas high rise condominium on the 34th floor! Fabulous, elegant and fully designer furnished 34th floor NW corner 974sf 1 bedroom 2 bath luxury condo in Trump Las Vegas, just one block west of the Strip. Walk to Venetian, Encore, Wynn! Beautiful Mountain & City Views! Spectacular marble bath with View Window over Jetted Tub! On site rental program, resort style pool and spa, valet, dining and more! Originally sold for $850k and now incredibly priced at only $465k, even lower than the studio units!


8. Red Rock Country Club estate with golf and lake views – price slashed! Owner’s loss is buyers gain in this exclusive guard gated golf course community!No expense was spared on this lavish 4000+ sf 6 bedroom 6.5 bath home with all the goodies overlooking the tenth fairway on Red Rock golf course! Gorgeous pebble tech pool and spa, travertine floors, huge gourmet kitchen with granite counters and maple cabinetry, stacked stone walls and fireplaces, lavish master suite with sitting room and balcony, theater room, and more. Owner purchased for $1.375M and now giving away at only $739k!


9. Enjoy the fabulous views from the 30th floor of this spectacular condo just behind the new MGM City Center! Save over $350k on this sumptuous beauty located in the heart of Las Vegas!Sit back and enjoy the incredible views from all the rooms in this 2291 sf 2 bedroom 2.5 bath contemporary high rise unit in Panorama Towers just across from the MGM City Center. Dual master suites, large living and formal dining areas, marble entry, great kitchen with black granite counters, custom cabinetry and stainless steel appliances, and much more. Plus enjoy the convenient luxury of Panorama’s on site pool and spa, valet service, fitness facility and concierge. Originally purchased for $890k and now just reduced to $525K!


10. Do the math - last sold for $4.1M and now listed at only $1.4M! Exclusive luxury estate in prestigious Eagle Hills in Summerlin! Relax in over 8400 sf of elegance in this 5 bedroom 5.5 bath custom estate home on almost half an acre backing on to the private park. Spectacular pool with cabana and swim up bar, rounded glass windows, 25’ ceilings, wrap around balcony on the second floor, sumptuous master with two walk ins and steam shower, travertine floors, basement for home theater and more. This pre-foreclosure needs some TLC but the seller has priced it to go fast!!!

To view any of these sensational properties in person, please call our office at 702-985-7654. You can also view more photos at: Las Vegas Top Ten Real Estate Deals.

But hurry. These are true steals, and it won't be long before they are GONE!

Las Vegas Luxury Homes - Steal these Deals!

The Las Vegas real estate market is actually coming back - in December of 2008 there were more closed sales than in December of 2005 which was a banner year nation wide. This current wave of buying is fueled by the most affordable homes that we have seen on the market in Las Vegas since 2001. So if you are looking to purchase a luxury property in Las Vegas, there are some amazing deals on Las Vegas homes for sale right now. Las Vegas foreclosures (bank owned also known as REOs) make up the bulk of the inventory at seventy-five percent (75%) of all residential closings.

Below are ten truly amazing steals on luxury properties that are currently on the market. If you would like more detailed information and photos on any of these, just email me at diann@greatlasvegashomes.com.

Lake Las Vegas Home Under $1M With Golf Views! Watch the golfers play through play through while you lounge in the pool! Treat yourself to this over 4700 sf 4 bedroom 5.5 bath home in the heart of exclusive Lake Las Vegas. This amazing home has a dramatic open floor plan with all the bedrooms and living areas on the main floor, and the entire South living room looks out across spectacular golf course, water and mountain views. Loads of marble and granite, stainless steel appliances, pool and spa, and a basement for fun. The bank has priced this home to sell at $900k, more than $350k below the last sale!

Live the Lake Las Vegas Lifestyle at 32% of the Original Price! Not a misprint! This luxurious condo is fire sale priced at only $218,500. The bank say sell this beautiful 2021 sf 3 bedroom 2 bath today. Only 2 years new with a bright airy floorplan this fabulous Lake Las Vegas condominium has custom cabinetry, granite countertops, custom tile floors and fireplace, plus a balcony with spectacular mountain and lake views. Original owner paid over $700k – his loss is definitely your gain.

Price slashed $850,000 on exquisite Anthem Country Club estate! Overlook the golf course and the entire Las Vegas Strip from this amazing custom home. Sensational 5849 sf custom estate home on the 5th fairway in prestigious guard gated Anthem Country Club with panoramic city views. Master craftsmanship and high end finishes, huge gourmet kitchen, exercise room, observation room, media room, bonus game, room, 4 balconies, 2 covered patios, 3 wet bars, fabulous Infiniti edge pool, putting green and too much more to list. Plus community fitness center, resort style pools and spas, tennis courts, gourmet restaurant, and championship golf course. Reduced from $2,199,000 to $1,350,000 for quick sale.

Save Over $650,000 on this Prestigious Golf Course Home! Steal this sensational guard gated Red Rock Country Club home for under $1,299,000. Gorgeous Red Rock Country Club is known for its majestic views and this beauty has some of the best. Highly upgraded with travertine floors, French doors, granite countertops, stainless steel appliances, luxurious master suite with balcony and Jacuzzi tub, plus the community boasts two golf courses, tennis courts, world class fitness center and so much more. Originally sold for $1,950,000 and now priced under all the rest for a quick sale.

Almost Half Price in Guard Gated MacDonald Highlands! You’ll think the bank has gone nuts when you see this superb home on the exclusive Dragon Ridge golf course for only $712,000. High in the Southern foothills of Las Vegas you can own this amazing 4257 sf 5 bedroom 3.5 bath home with pool and spa overlooking the 8th tee of Dragon Ridge. Secluded courtyard entry, rich dark wood flooring, entertainment center, two master bedrooms, sunny kitchen with granite countertops and walk in pantry, 3 balconies and much more. Originally sold for $1,304,895 and ready for an offer.

Live with the celebrities in this amazing Panorama condominium reduced almost 200k! Location, Location, Location. Panorama Towers behind the new MGM City Center is home to an assortment of high profile celebrities. This 1582 sf 2 bedroom 2 bath end unit boasts incredible strip and mountain views, granite countertops, cherry wood cabinetry, stainless steel appliances, plus the project offers valet parking, resort style pool and spa and full size gym. Short sale status and bank says bring your offer – listed at $354,000.

Lowest Priced One Bedroom Unit in Trump Tower in Las Vegas! Wake up and greet the day with Donald Trump in this luxury suite on the 21st floor. Save more than $350,000 on this magnificent one bedroom luxury condominium with stunning views of the Las Vegas Strip and surrounding mountains. Comes complete with designer furnishings and luxurious marble bathroom with a separate shower and spa tub. Plus Trump Las Vegas offers on site gourmet restaurant, resort style pool and cabanas, 24 hour security and concierge service, valet, and rental program. Price reduced to $745,000 by motivated owner.

Elegant Turnberry Place Condominium Residence for Almost Half Off. Just a few blocks off the famed Las Vegas Strip is a secluded enclave of luxurious Las Vegas high rise condos to call home. Originally sold for $1,220,000, you can now own this sensational 2805 sf 3 bedroom 3 bath condominium residence in the prestigious guard gated Turnberry Place for only $679,000. Take the private elevator up to your own piece of heaven with terrific views and gorgeous upgrades including granite countertops, rich designer cabinetry, custom flooring, stunning marble baths and more. Plus on site spa, tennis courts and the renowned Stirling Club.

You Can’t Buy Palms Place for Less! Hang out with the “in” crowd in your fully furnished condo at the ultra chic Palms Place next to the Palms Hotel.This stunning unit is priced below all others at $470,000 for a fast sale and features ultra smart design with top of the line furnishings. Enjoy the serenity of spectacular Las Vegas sunsets from the balcony, chill out in the master spa tub, and take advantage of all the owner perks like first choice for event/concert tickets, invitation only parties and immediate access to the ultra lounges and nightclubs. Rental program available too when you’re not in town.

Incredible ¾ Acre Gated Custom Estate High in the Southern Foothills Overlooking Las Vegas! Sold just last year for $3.6M and just reduced to only $1.8M – so hurry. This magnificent Las Vegas luxury home in the exclusive guard gated Terracina subdivision of Seven Hills on ¾ of an acre will take your breath away. Almost 8300 sf of elegance with five bedrooms seven bathrooms and office, stunning foyer with sweeping bridal staircase, pool and spa, home theater, private bar with 500 bottle wine cellar, casita with separate entrance and summer kitchen with BBQ, hardwoods, marble, granite, 4 car garage, porte cochere and so much more. Could be THE best priced home in all of Las Vegas!

Financing for Foreign Investors Discontinued

Once again the mortgage lending guidelines have changed with the wind. For a brief period there was a window for foreign nationals to obtain mortgage financing on investment and second homes in the United States with down payments as low as 25%, but now that window has been slammed shut along with a host of other “make sense” loan programs. (Don’t even get me started on condo hotels that can’t be financed by anyone with even 50% down!)

Many of the foreign nationals who contacted us in recent weeks were willing to put down as much as 30% to 40% or even 50% on Las Vegas foreclosures. With the current housing market crunch, what are the big banks thinking? Here are people with real money, good credit and big down payments that would love to take advantage of lower prices and they can’t get financed?!!! Some of these investors were already under contract on projects in development, and they may have to walk away from substantial deposits unless alternative financing is brought online. (Just as a side note, permanent resident aliens are still able to obtain financing on the same terms as US citizens. If you are a permanent resident alien and need a Las Vegas mortgage, please contact us at 702-985-7654 so we can put you in touch with the right lender.)

On top of all this, with the stock market dives globally, even those foreign investors who didn’t need financing and were planning on paying all cash are now stepping back as they watch the value of their portfolios diminish. The Euro is back down to 2005 levels and the British pound has plummeted even below that level.

Canadians, who saw their dollar rise to all an all time high against US currency at $1.10, have watched it tumble in just the past few days to 79 cents versus the US dollar. Literally thousands of Canadians were looking for winter getaways in the US, but have had to put their plans on hold. Again, many of these were all cash buyers looking for modest Las Vegas condos under $100k, but with the devaluation of their dollar they have once again been priced out of the market without financing.

And even US citizens are being crunched/punished in the mortgage marketplace. The latest is that anyone who has three or more properties with any kind of mortgage on them cannot get financing for a fourth property. Again, even if they are willing to put 50% down and have low loan to value ratios on their existing properties and excellent credit and income, they still can’t get a fourth loan. Not even if you’re Donald Trump.

With all the resale Las Vegas homes and condos for sale, not to mention the hundreds of thousands nationwide, and all the opportunities to pick up great deals on foreclosures, our banks are not willing to lend to these impeccable buyers who want to buy and have money. Certainly I am not suggesting we should go back to no or low money down programs with no income or asset verifications. But why not create some solid loan programs to entice these good buyers, whether or not they are citizens of the US? The banks would be able to lower their inventories of properties substantially, which would in turn stimulate the economy and gradually raise prices again in a controlled manner.

All I know is that in the months to come, those with cash who are willing to take a chance on the market now are probably going to come up looking like geniuses in couple of years. My other prediction is that while Las Vegas real estate was one of the first to fall, it will also be one of the first to recover, and I am personally putting my money where my mouth is.

Financing Las Vegas Real Estate for Foreign Nationals

With the dollar expected to rise against foreign currencies later this year (that trend has already started), foreign investors are hurrying to purchase real estate in the US while their dollar goes further. Most of these investors are targeting the Las Vegas real estate market in particular, where the sharp decline in prices (due to the high amount of Las Vegas foreclosures) and the world class amenities have made it an attractive get-away destination. In particular, Canadian buyers are looking to Las Vegas homes as a vacation retreat from their harsh winter climate.

Most banks will not loan on real estate outside of their own country. With all the recent shifts in the credit markets, the qualifying criteria has changed for mortgage loans in the United States across the board, including those to foreign purchasers. Prior to this year, a foreign national could obtain financing from US banks as long as they had 35% to put down with no or limited documentation. Now US mortgage lenders are requiring full documentation of income and assets on all mortgage loans without exception, though the down payment requirements have dropped.

A citizen of a country other than the US can obtain a loan for property in the US based on what classification they fall under. A permanent resident alien is a foreign national who has been granted the right to work in the US permanently and who has been given a US social security number. A permanent resident alien can purchase property under the same guidelines as a US citizen. They can get a loan with as little as 5% down payment for a primary residence, either on a fixed rate or adjustable rate mortgage at the current interest rates available to US citizens.

All other foreign nationals, including those with temporary work visas, are required to put down a minimum of 25% for properties under $650,000 or 35% for properties over $650,000, whether the property is a primary residence or a rental property. Lenders will also require the equivalent of a US TRW rating as well as full documentation of their employment income and assets. In addition, the down payment money must be “seasoned” in a US bank for at least 60 days prior to the close of escrow.

These loans to foreign nationals are only currently available as adjustable rate mortgages or ARMS. The fixed rate terms can be for 3, 5, 7 or 10 years and interest rates are currently running between 7.5% and 8.5% with approximately 5 loan discount points prepaid for the amount of the loan (points can vary on a day to day basis just like interest rates). Each point is the equivalent of 1% of the loan amount, so on a $100,000 loan 5 points would be $5,000.

Another alternative is for the foreign national to obtain an equity credit line on their property in their home country and come to the US with cash in hand. Cash offers are very strong, and enable the buyer’s agent to negotiate the best possible price on behalf of their client.

For more information on getting qualified for a Las Vegas mortgage and to receive the latest listings on great deals in Las Vegas new homes, high rise condos or MLS listings, please contact our office at 702-985-7654 or email us at sold@greatlasvegashomes.com.

Las Vegas Home Inspectors

I really must begin by thanking Diann Tonnesen for offering to allow me to blog on her site. In case you’re not aware Diann is somewhat of an icon in the Las Vegas real estate community. To be offered to provide input for her web site is truly an honor. Thank you, Diann.

Diann told me that I could write about anything I wanted to write so I chose something that has been needling me for quite some time now; the way people shop for a Las Vegas home inspector. Do you realize how most people shop for a home inspector? They gain a list of inspectors, usually from their real estate agent, and call three or four inspectors asking what they charge for the inspection. They generally do this without knowing what they are buying. Especially with all the Las Vegas foreclosures on the market being sold "as is, where is" this truly boggles the mind.

Can you imagine people shopping for a car they same way they shop for a home inspector? It would look something like this:

Ring, ring.
“Hello, Lamborghini, Mazarati, Rolls Royce, Bentley dealership, can I help you?”
“Yeah, hi. You guys sell cars, right?”
“Yes ma’am, we do.”
“What do you charge for them?”
“Excuse me?
“Yeah, you know, how much do they cost?”
“Well are you aware of what kind of cars we sell?”
“Naw, I’m really not interested in hearing about that, I’m just calling around getting prices.”
“Well we have a beautifully reconditioned Bentley on sale this week that is valued at $35,000 that we are selling as a lost leader for $22,000.
“That’s great. Twenty-two thousand hunh? Okay, I may call you back. Thanks for your time.”
Ring, ring.
“Yeah, Arties Autos. What do you want?”
“Yeah, hi. You guys sell cars, right?”
“Why sure we do. What cha lookin for toots?”
“How much do you charge?”
“Well I can put you in this sweet little Yugo that was towed in, I mean, that came in last night for say… $15,000.”
“Fifteen thousand hunh? Okay. Sweet. I’ll take it.”

Sound absurd? Well sure it does. But many, many people who are about to make what is often the single largest purchase they’ll make in their entire life shop for their home inspector and their Las Vegas mortgage loans the same exact way.

So here is where I am coming from: I retired from the Navy in 1998 after spending nearly my entire adult life as an engineering inspector. I wasn’t just an “engineering inspector,” I was an engineering inspector and instructor where I was one of eight members of an elite team that earned the distinction as the most successful engineering inspection team in the history of the United States Navy. The distinction still stands today where our success record has never been matched.

When I retired from the Navy I transitioned into the civilian world as a Las Vegas real estate agent. After several years as a modestly successful real estate agent I became very frustrated with the quality and depth of home inspections available for my clients. There simply weren’t any good inspections available. The inspectors were more interested in protecting their own liability through the use of complicated and legalistic inspection agreements than they were in protecting my clients. I couldn’t even find an inspector who would walk on a concrete tile roof. They mostly used binoculars to review the roofing.

I thought the public deserved better. I thought people wouldn’t mind paying a little more for a true quality inspection where the inspector spent hours really investigating the home rather than hiring an inspector that spent several minutes walking through the home filling out a worthless checklist that contained no actual useful information.

I set out to create such a service. Now, after nearly eleven years performing thousands of home inspections, continually refining our procedures, attending thousands of hours of training, holding hundreds of training seminars, and developing an organization that is truly unique and first class I can truly state that there is no better inspection service available in the entire Las Vegas Valley, regardless of the price. It is not an opinion; it is a fact. We have inspecting Las Vegas homes down to an art. We don’t do cheap inspections, and our service is nothing like the inspections that the cheap guys perform.

Nowadays, the most common comment I hear is that we don’t charge enough for our inspections (compared to what we provide). I once had a home buyer say that he didn’t think we charged half of what we should charge for our service. I promptly quipped, “That’s not a problem. You’re more than welcome to pay double.” To my astonishment he did exactly that.

It is a statistical fact that the average home inspector ends up in litigation an average of three times each year because of issues the inspector did not discover and disclose in the course of his inspection. In eleven years that my company has been in existence neither I nor any of the inspectors who work for me has ever been named in any litigation in conjunction with a home we inspected. We have never gone to arbitration; we have never gone to mediation; and we were recently named on the Honor Roll for the Better Business Bureau of Southern Nevada, once again, for maintaining a complaint-free status.

For the consumer who swallows the paradigm that all home inspections are pretty much the same and selects their home inspector based solely upon the price of the inspection, they often get exactly what they are looking for: a cheap inspection. But for the consumer who shops for their home inspector based upon the quality of the service provided and who is able to discount the paradigm that all home inspections are the same: these are people who draw outside the lines and when they stumble across our firm we reward them with a Picasso every time. I can only hope that when it is time for you to get a home inspection you are able to discern the difference between “Art” and “Artie.” Have a great day!


Paul J. Donohue, RHI, RREI, CREI
President / Senior InspectorSpectrum Inspection Group Inc.
8345 Coyado Street
Las Vegas, NV 89123

Email: pdonohue@INSPECTLV.com
Web: http://www.inspectlv.com/
Scheduling: (702) 269-6716

Good News for Cosmopolitan Condo Owners

To the right, the Las Vegas Cosmopolitan Condos and the
Bellagio Hotel and Casino, to the left the MGM CityCenter project.
Phot0 taken September 5th, 2008.

Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners have been holding their breath, wondering if the development would be completed. Or if they would get their money back in full if the development was canceled.

There were many "interested parties" making bids to purchase the project, but as of this week Deutsche Bank has taken over full ownership of the Cosmopolitan under an affiliate, Nevada Property I. Deutsche Bank was the high bidder, paying $1 billion at a recent foreclosure sale to acquire ownership of the project.

And Deutsche Bank isn't letting any grass grow under its feet to make sure the project goes forward. It has already inked contracts with Related Companies to take over as the resort's new developer. In addition Perini Corp. signed a new contract to complete construction work on the project. Perini has been working on the project from the beginning, and was being paid under an interim agreement since March when Deutsche Bank began foreclosing after the original developer, Bruce Eichner, failed to complete a deal to secure more financing. Increased construction costs helped drive the Cosmopolitan's construction budget from its original $2 billion price in early 2006 to its current $3.9 billion price, and Eichner was unable to find a new partner with enough capital to infuse into the project.

A letter has already been drafted to contract owners by the resort's new developer, Related Companies, letting them know of the management changes and informing them of progress to date. This letter will go out on Monday to almost 1825 contract holders, assuring them of the project's completion. To date over 50% of the Cosmopolitan's exterior construction has been completed, and it is anticipated that by December of 2008 owners will be celebrating the "topping off" of both towers, including the penthouse units. The new proposed completion date for the entire project is estimated for the second quarter of 2010.

Along with a rebounding resale housing market, this is great news for the local Las Vegas real estate market. For four months straight statistics have shown a significant rise in Las Vegas homes sales, with multiple offers on lower end properties, especially Las Vegas foreclosures. The buyers are back!

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.

Amazing Deals on Units Available Pre Closing at the Palms

Even at the Palms Place, where most buyers were the young and the wealthy with cash to burn, there were some buyers that knew a good investment when they saw it. They took the plunge and plunked down a 20% deposit on one of the elegant Palms Place condo hotel units hoping to make a bundle by the time the property was built.

Unfortunately in the meantime the national economy stalled and the Las Vegas real estate market dropped. Now, almost four years later, many of these same buyers are unable to obtain financing in the aftermath of the subprime market debacle. They are desperate to find a buyer just to recoup part of their deposit.

The units below are all available on the pre closing market. The original purchasers of these units want to assign thier contracts prior to closing with the Palms, and these prices are far lower than the units that have closed and are already listed for resale! Check out the one bedroom unit for only $700k! Now THAT is MOTIVATED!!

1 Bed
Strip View
1.199,000

1 Bed View
Mountain
1.088,000

1 Bed View
Mountain
1.088,000

Studio
Strip View
651,900

Studio
Strip View
615,000

Studio
Mountain View
537,000

Studio
Mountain View
525,000

Studio
Strip View
548,000

Deal of the Day - 1 Bedroom - Strip View - $700,000 - Deal of the Day!

* All units are fully furnished
* Closing March 2008
* Studio (approx) 620 Sq. ft.
* 1 Bedroom (approx) 1,220 Sq. ft.
**Please note, the units are all on the upper level floors. Residential units start on the 8th floor. Floors 13, 14 and all of the 40's have been skipped due to superstition.

If you would like to find out the details on the assignments, please give me a call at 702-985-7654 right away!

If you can't quite afford the Palms Place but really want to buy Las Vegas high rise condos, there are also some GREAT deals to be had in the Residences at MGM starting in the high $300s.