Las Vegas Real Estate Weekly Update for October

October 24, 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.

Lake Las Vegas Rises from the Ashes

Like the mythical Phoenix, Lake Las Vegas is rising from the ashes of the real estate melt down. Still the most unique and beautiful of any of the Las Vegas master planned communities, Lake Las Vegas stands like a Tuscan mirage in the middle of the desert, and once again new home builders are taking the plunge to put it back on the map as one of the most desirable projects in the country.

Set on 320 lush acres with its own private lake, three hotels, a casino, the Lake Las Vegas Marina and home to the prestigious South Shore Golf Club, Lake Las Vegas is an elegant European themed resort destination with 1400 luxury homes and condos surrounding the Montelago Village, a boutique collection of shops and restaurants. Each year over 20 events are featured in the community with wine walks, Shakespeare in the Park, beer fests, dragon boat festivals and more.

Like the rest of the city, Lake Las Vegas was hit hard by the real estate crash. Several of the surrounding golf courses closed, the Ritz Carlton shut its doors and even the casino went dark. But over the past few months, a renaissance has arrived along with international buyers looking for second homes. The “buzz” is back. The Ritz Carlton became the Ravella, the Montelago Casino opened, and The Golf Club at South Shore is offering incredible membership options to homeowners.

Harmony Homes and Woodside Homes are on the band wagon and offering some amazing incentives for Las Vegas home buyers. Harmony Homes has two lovely developments in Lake Las Vegas, and through the end of December is offering to pay two full years of homeowner’s association dues for all buyers that go into contract before December 31st in addition to some upgrade incentives. Homes sizes run from 2300 sf to over 4600 sf starting in the low $300s. Woodside Homes, starting in the low $200s, has standing inventory from 1779 sf to 2361 sf with golf course lot premiums included in the base price. In addition, Toll Brothers is closing out the last few units in their exclusive townhome development with lake and golf course frontage from 1600 sf to 2181 sf.

So if you’d like to be neighbors with Celine Dion, now is the time to take a look at fabulous Lake Las Vegas and take advantage of the great home prices and discounted golf and marina memberships. There are even some great foreclosures in Lake Las Vegas too. You only live once - and what a way to live!

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.