Buy Las Vegas Real Estate Before FHA Loan Limits Decrease!

Prospective owner occupants need to hurry up and buy Las Vegas real estate before FHA loan limits decrease! The Department of Housing and Urban Development has revised its FHA loan limits for counties across the United States based on the most recent average sales prices, and as of October 1, 2011, Clark County Nevada limits will be lowered substantially.

Currently, owner occupant Las Vegas home buyers are able to purchase a single family residence up to $400k using FHA financing in Clark County with a 3.5% down payment. Or they can buy an owner occupied four plex up to $769,250, again with a 3.5% down payment. But for loans closed after October 1, 2011 the new limits will be CONSIDERABLY lower, decreasing to $287,500 for a single family residence or $552,900 for an owner occupied four plex.

So if you have been considering the purchase of a primary residence and you want to buy something above $287,500 with only a 3.5% down payment, you will need to get cracking to beat the October 1st deadline! Otherwise you will have to pay any difference between the new loan limits and the sales price in cash, or get a conventional mortgage and come up with a 10% or 20% down payment.

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.

The Las Vegas Real Estate Agent Who Went Too Far

As Realtors we are programmed to go the extra mile for our customers. It’s all about providing superior service, right? And Las Vegas real estate is super competitive, so you really have to step up your game. Over the years I have scrubbed toilets, cleaned ovens, babysat for pets, helped clients find jobs, and in a couple of instances even let them move into my own home for up to a month when an escrow was delayed.

But sometimes you just have to say “no” to a client, as one Realtor found out the hard way. Below is a true story of the Las Vegas real estate agent who went too far trying to please a client.

“Poindexter” had cash buyers in town that were on a mission to purchase several Las Vegas investment properties. They had already predefined a certain neighborhood they wanted to purchase in – one where the crime index was a bit high - but the prices were cheap and the return on investment was exceptionally good.

“Poindexter” had done his research on the MLS, and had a list of eleven homes for sale in Las Vegas with good cash flow potential ready to show. He and his clients headed out late in the afternoon just as the sun was beginning to set.

About halfway through the list, “Poindexter” and his clients came to a property with no lock box, though the MLS listing indicated that one should be there. This was a brand new listing and the sign wasn’t even in the front yard yet. But the house was supposed to be vacant and the clients were REALLY insistent about seeing it RIGHT NOW, so “Poindexter” circled the home looking for a door that had been left unlocked. (This happens more times than we like to think!) “Poindexter” didn’t find an open door, but he did find a window that was unlocked, so he proceeded to climb through the window and let his clients in through the front door.

Unfortunately for “Poindexter,” one of the neighbors saw his unorthodox method of entry and called the police, who responded quickly. Faster than you can say “commission check,” “Poindexter” and his client were sitting on the curb in front of the home, hands shackled behind their backs while the police tried to contact the listing agent, who, of course, was nowhere to be found.

Overzealous “Poindexter” and his clients were then treated to a tour of local police headquarters. In the meantime, his lovely almost new Lexus was left in front of the home. A few hours later the misunderstanding was cleared up (though “Poindexter” was ultimately charged with illegal entry). Upon returning to the neighborhood via cab, “Poindexter” discovered much to his dismay that not only had the car been broken into and all his “stuff” stolen, but it had also been professionally been redecorated by a graffiti artist. (The all-too-observant neighbor lived behind the subject property where the entry window was located, but couldn’t see the front of the house.)

Needless to say, even though “Poindexter” was trying to please his clients by acceding to their request to view the house NOW, the clients weren’t too pleased with the unplanned field trip to police headquarters. So the ungrateful clients took off in a cloud of dust, never to be heard from again, and “Poindexter” was left with no sale, no car and a police record. There does come a time in every agent’s life when going the extra mile is just going too far, and poor “Poindexter” crossed that line.