Almost two years ago when the Real Estate Market started its downturn we were all taken by surprise. Of course, I was upset and shocked at how fast the Market changed.
I did not have clients get sub prime loans so until this change I didn't know what they were. My understanding was that people had over extended themselves, which in many cases was true, and that was the total problem. It's amazing how one can change their views in a brief span of time.
But now, short sales are touching everyone with all types of loans.
My husband and I use to move about every 3 1/2 years due to a job transfer. We didn't think to much about it as far as changing homes. We simply put our house up for sale and moved onto the next. In most cases we had a nice bump in our appreciation. Those really were the good ol' days.
Those that are faced with job transfers now and own a home are faced with much more turmoil than we did. More than likely, if they own their home it is probably worth anywhere from $100K, 300K or more less than what they owe on it. What else can these folks do but sell by short sale. Not a lot of us can write that type of check to close escrow.
If the banks would have the same understanding that I do, maybe they would move these sales along. For the sake of our economy it is time they did.
Monday, December 28, 2009
Wednesday, October 28, 2009
CERTIFIED DISTRESSED PROPERTY EXPERT (CDPE)
I just earned my CDPE, Certified Distressed Property Expert. There are only about 8000 or so Realtors who have earned it. It was very worthwhile. I learned alot and since this is the reality of our Market I am even better prepared to help my clients.
Approximately 1 in 8 homeowners are in distress. Everyone should learn their options and have a professional to help them. There is an alternative to Foreclosure. www.cdpe.com.
Approximately 1 in 8 homeowners are in distress. Everyone should learn their options and have a professional to help them. There is an alternative to Foreclosure. www.cdpe.com.
Tuesday, October 20, 2009
Las Vegas Trivia
Question: In 1967 do you know at what Las Vegas Strip Hotel and what casino executive had an altercation with Frank Sinatra, ultimately punching Frank in the mouth, damaging his front teeth? A visit to the dentist was a must!
Answer: The Executive Vice President was Carl Cohen at the Sands Hotel. It is noted in the book Hang Tough by Grant Sawyer, Gary E. Elliott and R. T. King that Carl Cohen had a 10% ownership in the Sands before Howard Hughes purchased it. Grant Sawyer, was our governor and first elected in 1959. Everyone was surprised by this incident because Mr. Cohen was known as a mild manner fellow. Howard Hughes was now the owner of the Sands and Sinatra supposedly was not happy with their new accounting practices. They evidently were tightening the controls on obtaining casino credit. It was said that Cohen came unleashed when Sinatra threw a chair.
Answer: The Executive Vice President was Carl Cohen at the Sands Hotel. It is noted in the book Hang Tough by Grant Sawyer, Gary E. Elliott and R. T. King that Carl Cohen had a 10% ownership in the Sands before Howard Hughes purchased it. Grant Sawyer, was our governor and first elected in 1959. Everyone was surprised by this incident because Mr. Cohen was known as a mild manner fellow. Howard Hughes was now the owner of the Sands and Sinatra supposedly was not happy with their new accounting practices. They evidently were tightening the controls on obtaining casino credit. It was said that Cohen came unleashed when Sinatra threw a chair.
Saturday, October 3, 2009
Ken Burns, National Parks, The Best Idea (A True Education for Me)
This week I have been watching Ken Burns documentary on our National Parks. What an education this has been.
We take our Parks for granted. I don't know anyone who is not happy that we have them to enjoy and that some of our land is preserved.
But, you wouldn't believe the fights that took place to bring these treasures into existence. It is difficult to fathom that their were people against these landmarks. They fought hard to keep them from existing. Fortunately for us, there were formidable opponents to save this land for all Americans to enjoy. Their struggles took years and years but they never gave up.
There were the typical arguments which began in the late 1800's. Do these sound familiar to you too? The federal government is taking away our rights. The state rights are being violated as well as individual civil liberties. It would be too expensive to maintain the Parks.
I'm not sure whose civil liberties these protesters argued for. Or maybe I do. I don't think they were considering the rights of the majority with protection for the minority.
I encourage all of you to watch these programs. Ken Burns will keep you intrigued and awe inspired with his history lesson.
Beside learning all about our Parks, how difficult it was for those who wanted to establish them I felt dejavu. The reason for this is that I'm hearing all the same arguments that were against establishing our National Parks being used to fight our Health Care Reform.
I hope there are those out there as strong and willing to use their influence to speak for our quiet citizens now as the heroes of days past did.
I will never look at a National Park in the same way.
I guess sometimes right can overcome what we consider might. Some of those who fought the hardest against the National Parks were willing to come forward on Ken Burn's program and admit they were glad they hadn't won.
We take our Parks for granted. I don't know anyone who is not happy that we have them to enjoy and that some of our land is preserved.
But, you wouldn't believe the fights that took place to bring these treasures into existence. It is difficult to fathom that their were people against these landmarks. They fought hard to keep them from existing. Fortunately for us, there were formidable opponents to save this land for all Americans to enjoy. Their struggles took years and years but they never gave up.
There were the typical arguments which began in the late 1800's. Do these sound familiar to you too? The federal government is taking away our rights. The state rights are being violated as well as individual civil liberties. It would be too expensive to maintain the Parks.
I'm not sure whose civil liberties these protesters argued for. Or maybe I do. I don't think they were considering the rights of the majority with protection for the minority.
I encourage all of you to watch these programs. Ken Burns will keep you intrigued and awe inspired with his history lesson.
Beside learning all about our Parks, how difficult it was for those who wanted to establish them I felt dejavu. The reason for this is that I'm hearing all the same arguments that were against establishing our National Parks being used to fight our Health Care Reform.
I hope there are those out there as strong and willing to use their influence to speak for our quiet citizens now as the heroes of days past did.
I will never look at a National Park in the same way.
I guess sometimes right can overcome what we consider might. Some of those who fought the hardest against the National Parks were willing to come forward on Ken Burn's program and admit they were glad they hadn't won.
Monday, September 28, 2009
Las Vegas Real Estate Stats for August
In my last blog I wrote about the decline in Real Estate Home sales that occurred in August across the country. I got this information from an online article at CNN. At that time I did not have the stats for how Las Vegas fared.
On September 25, 2009 Rex Nutting in an article in the Las Vegas Review Journal noted some information from Las Vegas-based SalesTraq executive Larry Murphy. According to Mr. Murphy Las Vegas August existing home sales dropped 14.4 percent from July.
Some News From the Humane Society of the United States
They are requesting that we all help to stop the cruel and senseless act of shark finning, just so some people can have soup. Please use this link to read more on this and to take action on this brutal act. hsus.org
On September 25, 2009 Rex Nutting in an article in the Las Vegas Review Journal noted some information from Las Vegas-based SalesTraq executive Larry Murphy. According to Mr. Murphy Las Vegas August existing home sales dropped 14.4 percent from July.
Some News From the Humane Society of the United States
They are requesting that we all help to stop the cruel and senseless act of shark finning, just so some people can have soup. Please use this link to read more on this and to take action on this brutal act. hsus.org
Friday, September 25, 2009
Las Vegas Real Estate Market Changes Again
It was a hot summer, Real Estate wise that is. Even though prices didn't seem to go up the sales were happening.
Recently I have felt like things have slowed down a little. Sometimes you don't know whether your feelings are correct. I always wait for the monthly statistics to come out before I come to any conclusion.
Yesterday I read in CNNMoney.com that across the country our four month rally took a dip of 2.7%. In the previous four months sales had jumped 15.2%. I'm not sure yet how this will play out in Las Vegas. Be assured I will let you know. I guess our decline is more than what analysts had predicted.
As a Realtor I'm use to seeing the Market drop after Summer. Because I felt things might be slower I wondered if it was simply due to typical Fall/Winter Market conditions?
According to an article in the online New York Times www.nytimes.com/2009/09/25/business/economy/25econ.htm? Celia Chen, a housing economist at Moody's Economy.com the trend is still very strong.
I'm keeping the good thought that we are working our way out of the duldrums.
Some Animal News
On Sunday, October 18th 2009 Heaven Can Wait Animal Society hcws.org will be having their LOSE A POUND WITH YOUR HOUND Memory walk for the 30,000 animal euthanized in Las Vegas each year. There will be all sorts of fun and games. It is great outing for you and your dog while raising necessary funds to help HCWS's spay/neuter program. I hope I will see some of you there.
Recently I have felt like things have slowed down a little. Sometimes you don't know whether your feelings are correct. I always wait for the monthly statistics to come out before I come to any conclusion.
Yesterday I read in CNNMoney.com that across the country our four month rally took a dip of 2.7%. In the previous four months sales had jumped 15.2%. I'm not sure yet how this will play out in Las Vegas. Be assured I will let you know. I guess our decline is more than what analysts had predicted.
As a Realtor I'm use to seeing the Market drop after Summer. Because I felt things might be slower I wondered if it was simply due to typical Fall/Winter Market conditions?
According to an article in the online New York Times www.nytimes.com/2009/09/25/business/economy/25econ.htm? Celia Chen, a housing economist at Moody's Economy.com the trend is still very strong.
I'm keeping the good thought that we are working our way out of the duldrums.
Some Animal News
On Sunday, October 18th 2009 Heaven Can Wait Animal Society hcws.org will be having their LOSE A POUND WITH YOUR HOUND Memory walk for the 30,000 animal euthanized in Las Vegas each year. There will be all sorts of fun and games. It is great outing for you and your dog while raising necessary funds to help HCWS's spay/neuter program. I hope I will see some of you there.
Wednesday, September 23, 2009
UNDERSTANDING SHORT SALES
WHAT DID I DO THIS SUMMER?
What did I do this summer? I learned all I could about short sales. Most of you know that I have always felt it was my obligation to my clients to keep myself educated on the new laws and developments in our Real Estate Market.
The Real Estate world currently has different issues than any of us have known in the past. One of the new aspects now are short sales. Understanding the process is vital in obtaining a successful outcome.
Because of my extensive real estate background and tenacity it didn’t take me long to learn about this large segment of our Market.
If you know someone who might like my help please let me know. I have the knowledge and capability to lead them through the maze. I am very comfortable managing these complex transactions.
The Summer’s lighter moments were spent with the grand children, Cruz and Kendall. Lot’s of pool time. By this time next year Cruz should be swimming.
Monday, September 14, 2009
Real Estate Statistics Coming Into the Fall
For those who are paying attention to our Real Estate Market you are aware that our Market showed some strong activity this summer. I am use to seeing, over my twenty years as a Realtor, the Market slow down as Fall approaches. It seems this year may not be different.
In June we had 3,784 single family home sales, In July we had 3,783 sales and in August it went down to 3,123 sales. The majority of sales were of homes under $200,000.
Last year in August we had 2,550 single family home sales and the number went up in September to 2,787. Lets hope the same thing happens this September.
So far this year it doesn't seem prices have really increased. I will try to keep you all posted. My information is taken from the Greater Las Vegas Association of Realtors and is deemed to be correct but not guaranteed.
If you would like to know the value of your home please let me know. I will be happy to send you some information.
I have worked very hard this summer, mostly on short sales. This may be the wave of our future. I don't think we Realtors know everything that is going to happen. Sometimes we are as surprised as you are.
In June we had 3,784 single family home sales, In July we had 3,783 sales and in August it went down to 3,123 sales. The majority of sales were of homes under $200,000.
Last year in August we had 2,550 single family home sales and the number went up in September to 2,787. Lets hope the same thing happens this September.
So far this year it doesn't seem prices have really increased. I will try to keep you all posted. My information is taken from the Greater Las Vegas Association of Realtors and is deemed to be correct but not guaranteed.
If you would like to know the value of your home please let me know. I will be happy to send you some information.
I have worked very hard this summer, mostly on short sales. This may be the wave of our future. I don't think we Realtors know everything that is going to happen. Sometimes we are as surprised as you are.
Thursday, September 3, 2009
Pets & Short Sales
Adopt your next furry friend!
One in four animals in shelters are purebred. So, for those who say they want to purchase a pet because they want a specific breed are not informed or do not care that they can adopt and save a life.
Sometimes I hear people say they don't want to adopt because they feel animals in shelters come with too many behavior problems. No so. Many, many of the animals are simply victims of circumstances as many humans are right now. Possibly their owners got foreclosed upon or had to move. There are so many reasons why animals end up in a shelter. Very often the shelter staff can tell you the pet's history.
Just think, you can have the type of dog you want and keep an animal from being euthanized. Please consider adoption when you add your furry friend to your family. Believe me the rewards will come to you ten fold. http://action.humanesociety.org/site/MessageViewer?em_id=3621.0&dlv_id=7181
Short Sale Information:
Did you know that when you do a short sale, in some cases, the lender still has recourse to recover from you the funds they seemed to have forgiven?
There are recourse and non recourse loans. There is probably different terminology for these words. A recourse loan means that the lender can up to six years collect on the promissory note you signed. When you took out your loan you not only signed a deed of trust but you also signed a promissory note. The deed of trust is released but the promissory note can stand as a liability. It would be wise for you to find out what type of loan you have so that you know what you are up against.
For your short sale questions, please give me a call. (702-256-1859).
One in four animals in shelters are purebred. So, for those who say they want to purchase a pet because they want a specific breed are not informed or do not care that they can adopt and save a life.
Sometimes I hear people say they don't want to adopt because they feel animals in shelters come with too many behavior problems. No so. Many, many of the animals are simply victims of circumstances as many humans are right now. Possibly their owners got foreclosed upon or had to move. There are so many reasons why animals end up in a shelter. Very often the shelter staff can tell you the pet's history.
Just think, you can have the type of dog you want and keep an animal from being euthanized. Please consider adoption when you add your furry friend to your family. Believe me the rewards will come to you ten fold. http://action.humanesociety.org/site/MessageViewer?em_id=3621.0&dlv_id=7181
Short Sale Information:
Did you know that when you do a short sale, in some cases, the lender still has recourse to recover from you the funds they seemed to have forgiven?
There are recourse and non recourse loans. There is probably different terminology for these words. A recourse loan means that the lender can up to six years collect on the promissory note you signed. When you took out your loan you not only signed a deed of trust but you also signed a promissory note. The deed of trust is released but the promissory note can stand as a liability. It would be wise for you to find out what type of loan you have so that you know what you are up against.
For your short sale questions, please give me a call. (702-256-1859).
Sunday, August 23, 2009
SHORT SALE & TENANT IN PLACE
Soon I will be putting a home on the Market that will be a short sale. There is a tenant in place. I have done many sales of homes with tenants in the house. I understand how important it is to get the tenant's cooperation and keep everyone comfortable.
To sell a house you must be able to show it and hopefully make those showings easy for the potential Buyers. I have experienced the perfect scenario where you have a cooperative and understanding tenant and I have had tenants in properties that do not understand how necessary selling the property is to the owner, which results in a lack of cooperation. I have compassion for everyone involved. There is no doubt about it selling a house is stressful. A tenant doesn't understand why they must be disturbed and are anxious about their privacy and have the additional worry of finding a new home. The Seller is concerned about getting their house under a valid contract.
It is a pleasure to meet those who do not just think only of their situation and try to work with us while making plans for the changes they must incur. The one thing for sure in this day and age one must be flexible. Change is always coming.
With short sales the situation can be even more complex. For example, when should a Seller evict a tenant if they have a month to month rental agreement? In times past when you went into escrow you usually gave the tenant their 30 day notice. But now, with a short sale, the process can be months and months until you get to a conclusion. And, sometimes the end does not result in how you originally planned. A dilemma for everyone, for sure.
Some scenarios for short sale tenant situations are: If there is a lease in place the lease goes with the property. A good scenario for an investor. If the tenant is on a month to month situation than it can be required that the Buyer does not move in until the tenant has vacated. It can even be written so that it is the new Buyer's responsibility to remove the tenant. Since a short sale can take so long to get approval from the Bank one might want to consider on a month to month rental that the thirty day notice to vacate begin upon acceptance from the Bank. Usually after Bank approval the escrow moves along at a traditional speed.
One thing for certain, our new Real Estate World continues to have its complications.
To sell a house you must be able to show it and hopefully make those showings easy for the potential Buyers. I have experienced the perfect scenario where you have a cooperative and understanding tenant and I have had tenants in properties that do not understand how necessary selling the property is to the owner, which results in a lack of cooperation. I have compassion for everyone involved. There is no doubt about it selling a house is stressful. A tenant doesn't understand why they must be disturbed and are anxious about their privacy and have the additional worry of finding a new home. The Seller is concerned about getting their house under a valid contract.
It is a pleasure to meet those who do not just think only of their situation and try to work with us while making plans for the changes they must incur. The one thing for sure in this day and age one must be flexible. Change is always coming.
With short sales the situation can be even more complex. For example, when should a Seller evict a tenant if they have a month to month rental agreement? In times past when you went into escrow you usually gave the tenant their 30 day notice. But now, with a short sale, the process can be months and months until you get to a conclusion. And, sometimes the end does not result in how you originally planned. A dilemma for everyone, for sure.
Some scenarios for short sale tenant situations are: If there is a lease in place the lease goes with the property. A good scenario for an investor. If the tenant is on a month to month situation than it can be required that the Buyer does not move in until the tenant has vacated. It can even be written so that it is the new Buyer's responsibility to remove the tenant. Since a short sale can take so long to get approval from the Bank one might want to consider on a month to month rental that the thirty day notice to vacate begin upon acceptance from the Bank. Usually after Bank approval the escrow moves along at a traditional speed.
One thing for certain, our new Real Estate World continues to have its complications.
Monday, August 17, 2009
Thank You Wayne Pacelle and All Your Staff at The Humane Society of the United States
Last Thursday my family and I got the opportunity to hear Wayne Pacelle speak. He is the President/CEO of the Humane Society of the United States(HSUS). He spent Thursday evening with the animal friendly folks of Las Vegas. After that he visited our zoo which is creating quite a controversy right now. As it should. Maybe now there will be hope for the animals who are housed there. Then on Monday he met with our Mayor, Oscar Goodman. I hope some headway was made, although I have my doubts. I am sad to say Nevada has not shown much kindness toward our critters.
I have a great deal of respect for Mr. Pacelle and was so glad I got to hear him speak. He has been able to accomplish so much for our animal friends, an overwhelming task, for sure.
I care about all animals not just dogs or cats and feel they all deserve to be treated with respect and kindness. How difficult can that be? Well by the way many of them are treated it is obvious not everyone feels the same.
Orrin and I have three rescued dogs. Up until last month the count was four. Our little Missy passed onto the great kennel in the sky.
For those of us who care so much we can rescue animals until we are blue in the face. To really provide protection it is absolutely necessary to pass legislation that provides safeguards. The Humane Society is starting to enjoy some success in this arena. They are hard won fights that take tenacity and determination.
Animals feel love, pain, humiliation, the heat and cold just as we humans do. It boggles my mind that people don't understand this. All you have to do is look into their eyes.
As a Realtor I go to houses where family pets (why they are called that I'm not sure) are not allowed in the house. Everyone knows the extraordinary hot weather we have. But, many of our winter nights are extremely cold too.
Every year the Canadians have been violently killing white baby seals to sell their pelts. It is a brutal and obviously painful death. The HSUS (Human Society International) has been working with the European Union to limit or ban the sale of these pelts just about driving these slaughterers out of business. All I can say is it is about time and thank goodness. We have waited so long for this. Thank you Wayne Pacelle & all the HSUS staff.
I continue to marvel at the laws that You and your staff have been able to finally get passed. I know it is just the tip of the iceberg. I feel much better knowing that You and the HSUS never cease to work for the animal kingdom. http://www.hsus.org/
I have a great deal of respect for Mr. Pacelle and was so glad I got to hear him speak. He has been able to accomplish so much for our animal friends, an overwhelming task, for sure.
I care about all animals not just dogs or cats and feel they all deserve to be treated with respect and kindness. How difficult can that be? Well by the way many of them are treated it is obvious not everyone feels the same.
Orrin and I have three rescued dogs. Up until last month the count was four. Our little Missy passed onto the great kennel in the sky.
For those of us who care so much we can rescue animals until we are blue in the face. To really provide protection it is absolutely necessary to pass legislation that provides safeguards. The Humane Society is starting to enjoy some success in this arena. They are hard won fights that take tenacity and determination.
Animals feel love, pain, humiliation, the heat and cold just as we humans do. It boggles my mind that people don't understand this. All you have to do is look into their eyes.
As a Realtor I go to houses where family pets (why they are called that I'm not sure) are not allowed in the house. Everyone knows the extraordinary hot weather we have. But, many of our winter nights are extremely cold too.
Every year the Canadians have been violently killing white baby seals to sell their pelts. It is a brutal and obviously painful death. The HSUS (Human Society International) has been working with the European Union to limit or ban the sale of these pelts just about driving these slaughterers out of business. All I can say is it is about time and thank goodness. We have waited so long for this. Thank you Wayne Pacelle & all the HSUS staff.
I continue to marvel at the laws that You and your staff have been able to finally get passed. I know it is just the tip of the iceberg. I feel much better knowing that You and the HSUS never cease to work for the animal kingdom. http://www.hsus.org/
Thursday, August 13, 2009
Out With The Old, In With the New
When the Cash for Clunkers was offered Orrin and I thought it was a good idea. However, we didn't give it much thought on how it could affect us. Then, when they renewed it we realized we had a clunker and we should be thinking about getting rid of it.
So, out we went on the treacherous journey of looking for new cars. Since I have a Camry we started out at Desert Toyota where I purchased my car. My experience purchasing the Camry was a positive one.
Orrin was in the world of wanting a Pick Up. We quickly realized this wouldn't work for our price range and that the program would not benefit us to much for this type of purchase. Fortunately, as I was puzzling over this out loud the salesman was listening. He suggested we look at a Scion. I didn't even know what they were.
Jackpot. They had two models to choose from. The pricing with all the features was amazing to us. For those of you familiar with these cars we got the XB. It gives you the benefit of a car as well as an SUV. It came standard with everything that was important to us.
My daughter Michelle called this morning to see if we had Buyer's remorse. She commented right away that she could tell we didn't have any. No, we don't. This car really fit the bill to a T.
I can assure you, even though it was a faithful old car, we will not miss our 1996 Chrysler Concorde with over 140,000 miles on it. Here is some other good news. We were concerned about how much our insurance would go up. Because of all the safety features it barely changed.
Good bye old clunker.
Some Real Estate Tidbits
A few days ago I was talking to an appraiser. I was curious as to how much our prices were starting to go up because of all the multiple offers on properties. That is what happened before. To my surprise she told me they were not going up at all. Even though offers were coming in higher or that the Banks were countering higher and getting acceptances, the appraisals were not coming in. So, here we stay for right now.
So, out we went on the treacherous journey of looking for new cars. Since I have a Camry we started out at Desert Toyota where I purchased my car. My experience purchasing the Camry was a positive one.
Orrin was in the world of wanting a Pick Up. We quickly realized this wouldn't work for our price range and that the program would not benefit us to much for this type of purchase. Fortunately, as I was puzzling over this out loud the salesman was listening. He suggested we look at a Scion. I didn't even know what they were.
Jackpot. They had two models to choose from. The pricing with all the features was amazing to us. For those of you familiar with these cars we got the XB. It gives you the benefit of a car as well as an SUV. It came standard with everything that was important to us.
My daughter Michelle called this morning to see if we had Buyer's remorse. She commented right away that she could tell we didn't have any. No, we don't. This car really fit the bill to a T.
I can assure you, even though it was a faithful old car, we will not miss our 1996 Chrysler Concorde with over 140,000 miles on it. Here is some other good news. We were concerned about how much our insurance would go up. Because of all the safety features it barely changed.
Good bye old clunker.
Some Real Estate Tidbits
A few days ago I was talking to an appraiser. I was curious as to how much our prices were starting to go up because of all the multiple offers on properties. That is what happened before. To my surprise she told me they were not going up at all. Even though offers were coming in higher or that the Banks were countering higher and getting acceptances, the appraisals were not coming in. So, here we stay for right now.
Friday, August 7, 2009
A Simple Thing Called Love
I am always writing about Real Estate or some Las Vegas Trivia. Today, I'm going to write about my family and how lucky I am.
It all started this morning when I got an email from my brother Phil after he read my daughter Sharon's blog. I have always encouraged her to write. She so beautifully puts her thoughts on paper so to speak. I'm giving away my age. My daughter Michelle is just as creative and has brought so much joy to me as well.
Phil read a blog that Sharon wrote about me. He emailed me and told me I should be very proud. I went back and reread this blog. I must admit it brought tears to my eyes. Both by the caring things Sharon said about me and the happiness I got by having my brother read her blog.
I will admit family is the most and I do mean the most important part of my life. And in this department I hit the jackpot. After the years of raising my children and the trials, tribulations & joy my 39 year marriage to Orrin has brought me I am reaping the benefits of hard work and time. My children are successful and happy in their lives. That is what a parent strives for. Orrin and I cared for them, supported them and never hesitated to give them advice. We are now fortunate to have two wise daughters to go to when we need a bit of counsel.
You never stop being a Mom but now I am also a friend to them. I'm sure there is a limit to what they will share with me. That's as it should be.
Michelle my oldest daughter and Sharon are sometimes my advisors. Michelle has given us a wonderful son-in-law Edgar and two fabulous grandchildren. Two year old Cruz and 3 month old Kendall. The joy and exercise they bring into our lives is endless. Sharon's husband Brian and his son Austin have been a most wonderful addition too.
To my brother, Phil, yes I am extremely proud. I'm very glad my daughters have such a good Uncle. Please know you are important to them. I am thankful to say that Michelle and Sharon have the same value for family as their Mom and Dad.
It all started this morning when I got an email from my brother Phil after he read my daughter Sharon's blog. I have always encouraged her to write. She so beautifully puts her thoughts on paper so to speak. I'm giving away my age. My daughter Michelle is just as creative and has brought so much joy to me as well.
Phil read a blog that Sharon wrote about me. He emailed me and told me I should be very proud. I went back and reread this blog. I must admit it brought tears to my eyes. Both by the caring things Sharon said about me and the happiness I got by having my brother read her blog.
I will admit family is the most and I do mean the most important part of my life. And in this department I hit the jackpot. After the years of raising my children and the trials, tribulations & joy my 39 year marriage to Orrin has brought me I am reaping the benefits of hard work and time. My children are successful and happy in their lives. That is what a parent strives for. Orrin and I cared for them, supported them and never hesitated to give them advice. We are now fortunate to have two wise daughters to go to when we need a bit of counsel.
You never stop being a Mom but now I am also a friend to them. I'm sure there is a limit to what they will share with me. That's as it should be.
Michelle my oldest daughter and Sharon are sometimes my advisors. Michelle has given us a wonderful son-in-law Edgar and two fabulous grandchildren. Two year old Cruz and 3 month old Kendall. The joy and exercise they bring into our lives is endless. Sharon's husband Brian and his son Austin have been a most wonderful addition too.
To my brother, Phil, yes I am extremely proud. I'm very glad my daughters have such a good Uncle. Please know you are important to them. I am thankful to say that Michelle and Sharon have the same value for family as their Mom and Dad.
Thursday, August 6, 2009
Is There a Blizzard In Las Vegas
Today Las Vegas is in the 90's with a little wind.
I love to swim so I went over to the Summerlin Trail's Swimming Pool. It is so nice, lots of shade trees and very well cared for.
When I got there and found I was almost the only person there besides the Life Guard crew.
Could a little wind wimp everyone out from this glorious activity? Where were all the kids that are usually there? I must tell you, I was puzzled.
I hate to be on of those that say "When I was a kid" but it is true when I was a kid a little wind would not have kept us home. Can this day be compared to a blizzard. By the absence of everyone at the pool, you would think so.
Oh well, I had this Olympic size pool almost all to myself. There were a few others that braved the elements. I got a great swim in and now I have energy to spare. Swimming really does invigorate me. I highly suggest swimming for one of your exercise routines..
I love to swim so I went over to the Summerlin Trail's Swimming Pool. It is so nice, lots of shade trees and very well cared for.
When I got there and found I was almost the only person there besides the Life Guard crew.
Could a little wind wimp everyone out from this glorious activity? Where were all the kids that are usually there? I must tell you, I was puzzled.
I hate to be on of those that say "When I was a kid" but it is true when I was a kid a little wind would not have kept us home. Can this day be compared to a blizzard. By the absence of everyone at the pool, you would think so.
Oh well, I had this Olympic size pool almost all to myself. There were a few others that braved the elements. I got a great swim in and now I have energy to spare. Swimming really does invigorate me. I highly suggest swimming for one of your exercise routines..
Tuesday, August 4, 2009
The Winds of Change
When I first started selling Real Estate about twenty years ago the Las Vegas Market was rather boring. Oh, to have those days back. Property only appreciated about 1% to 2% a year and there was usually only one Buyer for a house.
Then, kaboom, about five years ago the Market starting appreciating by leaps and bounds. We all were shocked. The investors came in droves to purchase. They did not buy to rent as in the past but to flip it. After all, flipping was the big thing on the home improvement TV stations. I think those days could be compared to when there was gold in them thar hills.
I don't know if the gold dried out as quickly and as much as our Market, what a roller coaster. When the decline started short sales began popping up. But when the Banks never closed the sales the foreclosures began to take over. At first the Bank's resisted going to low on their prices and poo pooed offers that they felt were not sufficient. For example, I wrote an offer for a Buyer on a property and we were practically laughed at. Well, the joke was on the Bank, because by the time they got it sold to someone else it was for about $20k less than we offered.
Most of you know that we are the foreclosure capital of the U.S. In order to get these properties sold and I add usually they are in terrible condition, the Banks finally had to get realistic. And, now most houses are down by about a $100K and many down about $200K. It doesn't seem possible, but that is what has happened in Las Vegas.
Then, this last month we have seen many multiple offers on properties under $300K causing an upsurge in prices. However, how much is not clear yet. By the numbers I just gave you, you can see we have a very long way to go.
The investors are back. In June, 2004 investors made up 39.4% of our Buyers and this last June they made up 37.5% for the second highest June this decade. There is a change however, The investors are now purchasing to rent instead of to flip. Source: In Business Las Vegas, Brian Wargo, week of July 31-Aug. 6, 2009.
After reading this cheerful blog you may feel like you need an outlet for stress. Well, here is one. I just watched a movie called For Your Consideration. It is done by the same folks that did Best In Show. All I can say is that these people have terrific senses of humor. It is about a low budget film being made in Hollywood called Home For Purim. If you want a laugh, rent it. You will find yourself chuckling at the silly satire.
Then, kaboom, about five years ago the Market starting appreciating by leaps and bounds. We all were shocked. The investors came in droves to purchase. They did not buy to rent as in the past but to flip it. After all, flipping was the big thing on the home improvement TV stations. I think those days could be compared to when there was gold in them thar hills.
I don't know if the gold dried out as quickly and as much as our Market, what a roller coaster. When the decline started short sales began popping up. But when the Banks never closed the sales the foreclosures began to take over. At first the Bank's resisted going to low on their prices and poo pooed offers that they felt were not sufficient. For example, I wrote an offer for a Buyer on a property and we were practically laughed at. Well, the joke was on the Bank, because by the time they got it sold to someone else it was for about $20k less than we offered.
Most of you know that we are the foreclosure capital of the U.S. In order to get these properties sold and I add usually they are in terrible condition, the Banks finally had to get realistic. And, now most houses are down by about a $100K and many down about $200K. It doesn't seem possible, but that is what has happened in Las Vegas.
Then, this last month we have seen many multiple offers on properties under $300K causing an upsurge in prices. However, how much is not clear yet. By the numbers I just gave you, you can see we have a very long way to go.
The investors are back. In June, 2004 investors made up 39.4% of our Buyers and this last June they made up 37.5% for the second highest June this decade. There is a change however, The investors are now purchasing to rent instead of to flip. Source: In Business Las Vegas, Brian Wargo, week of July 31-Aug. 6, 2009.
After reading this cheerful blog you may feel like you need an outlet for stress. Well, here is one. I just watched a movie called For Your Consideration. It is done by the same folks that did Best In Show. All I can say is that these people have terrific senses of humor. It is about a low budget film being made in Hollywood called Home For Purim. If you want a laugh, rent it. You will find yourself chuckling at the silly satire.
Friday, July 31, 2009
Hot & Hotter
There is no denying that Las Vegas is hot. Weather wise that is. We will probably be between 105 to 110 degrees today depending on where you are in town.
How can that be you ask? For example, my house on the west side of town sits at 2650 ft. elevation (near Rampart & Lake Mead) and the Silver Bowl (near Tropicana & Flamingo east of Boulder Highway) sits at 1600 ft. elevation. So, on any given day there can be about a 3 degree to 10 degree difference.
Since I travel all over the city I experience it all and call tell the differences. Once again, I can say there is no place like home.
This information was obtained from Andrew Trelease from Clark County Regional Flood Control.
Thank you Andrew. You were most helpful.
http://www.ccrfcd.org/
r those of you that don't know, the Silver Bowl is on the east side of town and is primarily used as a football stadium. It is where UNLV games are held.
How can that be you ask? For example, my house on the west side of town sits at 2650 ft. elevation (near Rampart & Lake Mead) and the Silver Bowl (near Tropicana & Flamingo east of Boulder Highway) sits at 1600 ft. elevation. So, on any given day there can be about a 3 degree to 10 degree difference.
Since I travel all over the city I experience it all and call tell the differences. Once again, I can say there is no place like home.
This information was obtained from Andrew Trelease from Clark County Regional Flood Control.
Thank you Andrew. You were most helpful.
http://www.ccrfcd.org/
r those of you that don't know, the Silver Bowl is on the east side of town and is primarily used as a football stadium. It is where UNLV games are held.
Wednesday, July 29, 2009
More Appraisal Adjustment to Requirements & Some Las Vegas Stats
The National Association of Realtors (NAR) felt that the new HVCC rules (discussed in an earlier post) were to limiting to get timely and accurate appraisals. They approached Fannie Mae and Freddie Mac and raised two serious issues. The first was that appraisers should have experience in the geographic areas of their work and they should be allowed to talk to Real Estate Agents. As with many new rules adjustments need to be made and fortunately in this situation everyone is willing to work together. These two changes have been made making for a smoother appraisal process. NAR continues to look at other concerns.
At the end of July for the first time in a very long time the Greater Las Vegas Association of Realtors (GLVAR) is showing that we have more contingent and pending sales than active, available listings. Understanding that many of these are short sales, I only hope these sales actually close escrow. It the tide changing?
At the end of July for the first time in a very long time the Greater Las Vegas Association of Realtors (GLVAR) is showing that we have more contingent and pending sales than active, available listings. Understanding that many of these are short sales, I only hope these sales actually close escrow. It the tide changing?
Monday, July 27, 2009
My Pesonal Comments and Some Las Vegas Trivia
Here we go again. Multiple offers abound. I showed property two weeks ago to three different Buyers. There were already many offers on every property of interest. On top of that these houses were either short sales or bank foreclosures which means a bank was involved in the acceptance. Two of my offers were rejected right away. Two were accepted but are short sales so there is no telling when and if they may actually close escrow. And, two offers are still presented with no response. That was two weeks ago. I can only imagine how many more offers have come in on these properties.
OK, I've told you the negative part of this but the upside is that with any luck our prices will stop declining. It is my hope that we will only go through this for awhile and then the Market will begin to stabilize. I have sold Real Estate for twenty years and I long for the good old days when a Seller wanted to sell their home and a buyer wanted to purchase it. They came to their agreement and proceeded to go through escrow and the closing. Usually at the end everyone was happy.
Maybe we are on our way back to those times.
Las Vegas Trivia Question:
In 1967 do you know at what Las Vegas Strip Hotel and what casino executive had an altercation with Frank Sinatra, ultimately punching Frank in the mouth damaging his front teeth? A visit to the dentist was a must.
Answer:
That man was Carl Cohen, one of Las Vegas's influential and early hotel/casino operators. It is noted in the book Hang Tough by Grant Sawyer, Gary E. Elliott and R. T. King that Carl Cohen had a 10% ownership in the Sands before Howard Hughes purchased it. Grant Sawyer, our governor, was elected in 1959.
Everyone was surprised by this incident because Mr. Cohen was known as a mild manner fellow. Howard Hughes was now the owner of the Sands and Sinatra supposedly was not happy with their new accounting practices which evidently had tightened the ability to get casino credit. It was said that Cohen became unleashed when Sinatra threw a chair.
OK, I've told you the negative part of this but the upside is that with any luck our prices will stop declining. It is my hope that we will only go through this for awhile and then the Market will begin to stabilize. I have sold Real Estate for twenty years and I long for the good old days when a Seller wanted to sell their home and a buyer wanted to purchase it. They came to their agreement and proceeded to go through escrow and the closing. Usually at the end everyone was happy.
Maybe we are on our way back to those times.
Las Vegas Trivia Question:
In 1967 do you know at what Las Vegas Strip Hotel and what casino executive had an altercation with Frank Sinatra, ultimately punching Frank in the mouth damaging his front teeth? A visit to the dentist was a must.
Answer:
That man was Carl Cohen, one of Las Vegas's influential and early hotel/casino operators. It is noted in the book Hang Tough by Grant Sawyer, Gary E. Elliott and R. T. King that Carl Cohen had a 10% ownership in the Sands before Howard Hughes purchased it. Grant Sawyer, our governor, was elected in 1959.
Everyone was surprised by this incident because Mr. Cohen was known as a mild manner fellow. Howard Hughes was now the owner of the Sands and Sinatra supposedly was not happy with their new accounting practices which evidently had tightened the ability to get casino credit. It was said that Cohen became unleashed when Sinatra threw a chair.
Saturday, July 25, 2009
APPRAISAL PROTECTION
In 2008 the Home Valuation Code of Conduct (HVCC) was adopted by Fannie Mae & Freddie Mac. This code was enacted to enhance the overall integrity of the valuation process mainly done by appraisers. In 2009 more rules were added to strengthen the HVCC.
These rules require that lenders (the actual funder of the loan) order the appraisal instead of the mortgage broker. The purpose for this is to keep appraisers from talking to Realtors and Mortgage Brokers while evaluating the worth of a property.
Of course there are differing opinions on how this will affect the Real Estate Market. Some Realtors feel that this method will keep the prices down. Especially with so many deflated short sales and foreclosures used for comparison. A situation that is prevalent in Las Vegas.
I'm one that feels we should give this a chance to see if this method can balance out our Market. If it doesn't though, then I hope we won't wait to long for a correction to the rules.
These rules require that lenders (the actual funder of the loan) order the appraisal instead of the mortgage broker. The purpose for this is to keep appraisers from talking to Realtors and Mortgage Brokers while evaluating the worth of a property.
Of course there are differing opinions on how this will affect the Real Estate Market. Some Realtors feel that this method will keep the prices down. Especially with so many deflated short sales and foreclosures used for comparison. A situation that is prevalent in Las Vegas.
I'm one that feels we should give this a chance to see if this method can balance out our Market. If it doesn't though, then I hope we won't wait to long for a correction to the rules.
Thursday, July 9, 2009
AN OPPORTUNITY TO REDUCE YOUR MO. PAYMENT
Some good news for those who are current on their monthly payments but are finding it difficult to stay afloat. In the past Fannie Mae or Freddie Mac required a loan to value (LTV) of no more than 105%. With the Real Estate Market continuing to deteriorate it has been impossible for homeowners to refinance to a more equitable loan. Now they have raised the LTV ratio from 105% to 125%. For example if your loan is for $300,000 but your house's worth declined to $240,000 you could not have refinanced. Now you can. In this scenario the LTV is 300/240 = 125%. Of course, I'm sure there will be other guidelines required to be met.
Hopefully, this will reduce the number of foreclosures and short sales. I would love for us to get this Market to a more balanced state.
http://www.fhfa.gov/webfiles/13495/125_LTV_release_and_fact_sheet_7_01_09.pdf
http://www.lvhms.com/
Las Vegas Tidbits
Do you know when Lorenzi Park was developed? I thought it was sometime in the past 10 to 15 years. No, no. D. G. Lorenzi developed it in 1922. It was meant to be for agriculture but when he discovered water underground he changed the site to a recreation area. How smart he was. Las Vegas has always needed more recreation areas. I'll bet it was quite a gathering area for the locals.
The reason for my confusion is that when I was a child (the 50's & 60's) we went to Lorenzi Park but I didn't know it because back then it was called Twin Lakes. That is where I learned to swim, fish and just have a good ol' time.
For more interesting stuff about old Las Vegas check out Young Las Vegas by Joan Burkhart Whitely.
Hopefully, this will reduce the number of foreclosures and short sales. I would love for us to get this Market to a more balanced state.
http://www.fhfa.gov/webfiles/13495/125_LTV_release_and_fact_sheet_7_01_09.pdf
http://www.lvhms.com/
Las Vegas Tidbits
Do you know when Lorenzi Park was developed? I thought it was sometime in the past 10 to 15 years. No, no. D. G. Lorenzi developed it in 1922. It was meant to be for agriculture but when he discovered water underground he changed the site to a recreation area. How smart he was. Las Vegas has always needed more recreation areas. I'll bet it was quite a gathering area for the locals.
The reason for my confusion is that when I was a child (the 50's & 60's) we went to Lorenzi Park but I didn't know it because back then it was called Twin Lakes. That is where I learned to swim, fish and just have a good ol' time.
For more interesting stuff about old Las Vegas check out Young Las Vegas by Joan Burkhart Whitely.
Tuesday, July 7, 2009
Some Real Estate Statistics for Las Vegas, Henderson, No. Las Vegas, basically all of Clark County
The Greater Las Vegas Association of Realtors have put out some statistics for the month of June 2009 that I thought you might find interesting.
The average price of a single family residence in May was $172,000 & in June it was $167,000.
The average price of a townhouse in May was $90,000 & in June $91,000.
The average price of a condo in May was $81,000 & in June $84,000.
Yea, at least there were not any major fluctuations and single family homes only went down slightly. By these statistics it looks like Buyers are purchasing the less expensive townhouses and condos.
Real Estate is definately different now than any other time in my almost twenty year career. Each transaction is far more complicated because of short sales and foreclosures. The paper work is becoming phenominal. We are all hoping that normalcy returns soon.
The average price of a single family residence in May was $172,000 & in June it was $167,000.
The average price of a townhouse in May was $90,000 & in June $91,000.
The average price of a condo in May was $81,000 & in June $84,000.
Yea, at least there were not any major fluctuations and single family homes only went down slightly. By these statistics it looks like Buyers are purchasing the less expensive townhouses and condos.
Real Estate is definately different now than any other time in my almost twenty year career. Each transaction is far more complicated because of short sales and foreclosures. The paper work is becoming phenominal. We are all hoping that normalcy returns soon.
Wednesday, July 1, 2009
Foreclosure Relief
Yesterday the Nevada Legislature initiated AB 149 which provides an opportunity to Homeowners who have been served with a foreclosure notice to have the right to mediation with their lender. This can be a win, win for both Lender and homeowner. The goal will be to see if an agreement can be reached so that the homeowner can stay in their house which also eliminates the lender having one more loss on their records. Mediation will cost about $200.00 for each side.
As a Realtor I hope this will help many of the people who are having difficulty while stabilizing our city's housing. It is sad to see so many vacant houses with dying landscaping. Surely each home has a story. Time will tell whether this will be a good program or whether there will be so many loopholes very few will qualify.
I know everyone hopes that the many consequences from foreclosure and shorts sales will be reduced. One of which is the reduction of payers of their home owner association dues. While putting the burden on fewer people associations have definitely had problems trying to operate on much less.
Nevada tidbits:
There are photos from around 1917 that show Fremont Street a center of activity. Small structures lined the dirt roads. Only thirty years later what is known as glitter gulch began.
In 1953 when I was about six years old we moved to Las Vegas. I remember glitter gulch. In high school we use to cruise Fremont Street honking at all the cute boys coming our way. It seemed so exciting even though we never met the faces staring at us through our car windows. Fremont Street had a character and place for everyone. Even though it is known as progress I was sad to see it changed with the now wonderfully lit canopy known as the Fremont Street Experience. I am fortunate to be able to say I was witness to the real Fremont Street Experience. For those of us from those days fond memories will always be ours.
For more tidbits check out Las Vegas Then and Now by Su Kim Chung.
As a Realtor I hope this will help many of the people who are having difficulty while stabilizing our city's housing. It is sad to see so many vacant houses with dying landscaping. Surely each home has a story. Time will tell whether this will be a good program or whether there will be so many loopholes very few will qualify.
I know everyone hopes that the many consequences from foreclosure and shorts sales will be reduced. One of which is the reduction of payers of their home owner association dues. While putting the burden on fewer people associations have definitely had problems trying to operate on much less.
Nevada tidbits:
There are photos from around 1917 that show Fremont Street a center of activity. Small structures lined the dirt roads. Only thirty years later what is known as glitter gulch began.
In 1953 when I was about six years old we moved to Las Vegas. I remember glitter gulch. In high school we use to cruise Fremont Street honking at all the cute boys coming our way. It seemed so exciting even though we never met the faces staring at us through our car windows. Fremont Street had a character and place for everyone. Even though it is known as progress I was sad to see it changed with the now wonderfully lit canopy known as the Fremont Street Experience. I am fortunate to be able to say I was witness to the real Fremont Street Experience. For those of us from those days fond memories will always be ours.
For more tidbits check out Las Vegas Then and Now by Su Kim Chung.
Friday, June 26, 2009
CIRCLES
With the amazing growth Las Vegas experienced in the last fifteen years or so one problem that was ever present was the capability to keep up with the school system. We were constantly suffering from overcrowded classrooms, budget shortfalls to build new schools and not having enough teachers.
While reading a book called "Young Las Vegas" by Joan Burkhart Whitley, I came across a chapter called School Days. De Ja Vus. She talks about the problems when Las Vegas began in 1905 and the residents had to start what is now the Clark County School District. Nothing has changed about the fact that parents care about their children's education. The first school began in a tent for about twenty children. The city then found they needed this structurefor a courtroom.
Money was sparse, even then, to provide a meeting place for their children. A three person school board was organized (our first).
The second school was at a vacated hotel (The Salt Lake Hotel) which was a four room building. The townspeople spent $700.00 to move into it and renovate it. Enrollment was about 50 to sixty students with two teachers. And, then, as usual over crowding occurred when the enrollment grew to about 81 students. You see, nothing ever changes.
It is estimated that there are about 10,000 puppy mills in the United States. http://www.aspca.org/news/national/06-26-09.html. The animals live in deplorable conditions . Unfortunately this is how some choose to make a living. You would think since the owners are making money off of these animals they would at least take care of them. How much of a problem could it be to feed them properly, have clean cages without wire bottoms so they can't get injured and let them out of their cages once in awhile? Unfortunately this has been to much to expect for our poor puppy mill animals. So, please consider adoption instead of purchasing an animal. You will spare a great deal of misery, probably way beyond what I have described here.
While reading a book called "Young Las Vegas" by Joan Burkhart Whitley, I came across a chapter called School Days. De Ja Vus. She talks about the problems when Las Vegas began in 1905 and the residents had to start what is now the Clark County School District. Nothing has changed about the fact that parents care about their children's education. The first school began in a tent for about twenty children. The city then found they needed this structurefor a courtroom.
Money was sparse, even then, to provide a meeting place for their children. A three person school board was organized (our first).
The second school was at a vacated hotel (The Salt Lake Hotel) which was a four room building. The townspeople spent $700.00 to move into it and renovate it. Enrollment was about 50 to sixty students with two teachers. And, then, as usual over crowding occurred when the enrollment grew to about 81 students. You see, nothing ever changes.
It is estimated that there are about 10,000 puppy mills in the United States. http://www.aspca.org/news/national/06-26-09.html. The animals live in deplorable conditions . Unfortunately this is how some choose to make a living. You would think since the owners are making money off of these animals they would at least take care of them. How much of a problem could it be to feed them properly, have clean cages without wire bottoms so they can't get injured and let them out of their cages once in awhile? Unfortunately this has been to much to expect for our poor puppy mill animals. So, please consider adoption instead of purchasing an animal. You will spare a great deal of misery, probably way beyond what I have described here.
Wednesday, June 24, 2009
CLUE Reports
People have become so nervous about the condition of a house they are thinking of purchasing that they sometimes feel overwhelmed. I think this seriously started when mold became such a big issue.
With so many Foreclosed homes (REO's) that have to be purchased in as is condition Buyers can rest more easily knowing they have a due diligence period when they can have inspections, approve association documents, etc. And now, with a CLUE report they can check to see if there were any homeowner insurance claims paid in the previous years.
CLUE is a national database where insurance companies report their loss payouts on homeowners insurance for about the last five years.
It is a little more tricky for a Buyer to get the information on an REO property but with a little effort they can probably obtain it from their own insurance agent or at least they can advise you on how to get it.
For more information you might like to visit http://www.choicetrust.com/
With so many Foreclosed homes (REO's) that have to be purchased in as is condition Buyers can rest more easily knowing they have a due diligence period when they can have inspections, approve association documents, etc. And now, with a CLUE report they can check to see if there were any homeowner insurance claims paid in the previous years.
CLUE is a national database where insurance companies report their loss payouts on homeowners insurance for about the last five years.
It is a little more tricky for a Buyer to get the information on an REO property but with a little effort they can probably obtain it from their own insurance agent or at least they can advise you on how to get it.
For more information you might like to visit http://www.choicetrust.com/
Sunday, June 21, 2009
Condo Dilemma
As if Las Vegas didn't have enough problems reducing our real estate property inventory and falling prices there are now new restrictions for condo financing.
According to an article written by Chris Kissell from Bankrate.com in the reviewjournal.com (newspaper) on May 2, 2009 Fannie Mae stopped guaranteeing loans for new or newly converted condo developments if less than 70 percent of units have been sold. This is quite a change from their previous rules where the cutoff was 51 percent
I personally have seen that existing communities are not immune to these problems either. Fannie Mae guidelines seem to be putting a crimp on resale condos too.
I was showing property this week in a complex that was built in approximately 1996 The listing agent made it clear that cash buyers only need apply. I sold some units in this project when it was new, prices were higher & FHA gave the A OK for this community.
In a condo community if 15% or more owners are delinquent on their HOA dues then Fannie Mae will not guarantee a new loan either.
In July Freddie Mac will be following Fannie Mae's rules.
According to an article written by Chris Kissell from Bankrate.com in the reviewjournal.com (newspaper) on May 2, 2009 Fannie Mae stopped guaranteeing loans for new or newly converted condo developments if less than 70 percent of units have been sold. This is quite a change from their previous rules where the cutoff was 51 percent
I personally have seen that existing communities are not immune to these problems either. Fannie Mae guidelines seem to be putting a crimp on resale condos too.
I was showing property this week in a complex that was built in approximately 1996 The listing agent made it clear that cash buyers only need apply. I sold some units in this project when it was new, prices were higher & FHA gave the A OK for this community.
In a condo community if 15% or more owners are delinquent on their HOA dues then Fannie Mae will not guarantee a new loan either.
In July Freddie Mac will be following Fannie Mae's rules.
To see Mr. Kissell's article go to http://www.lvrj.com/real_estate/44222017.html
So, now we have all these condos for sale at amazingly low prices but are there going to be enough cash buyers out there to bring these communities back into balance?
Well, I just wrote an offer for a Buyer on a condo that is listed at $49,900 which is about 1/3 to 1/2 less the value when it was new. They are only taking cash offers. At this time they have 40 offers. It doesn't seem like there is any problem here except for the forty people competing for the same place. Of course the low price and the excellent condition of this unit is bringing people out of the woodwork. Unfortunately Buyers requiring loans to purchase are eliminated. It begs the question, that if loans were still available for these places would prices have dropped so much?
What do you think?
Please visit my website at http://www.lvhms.com/
Thursday, June 18, 2009
Some Greater Las Vegas Association of Realtors Stats
- Average Prices in Las Vegas, May, 2009:
- A single-family house - $241,208
- Townhouse - $116,588
- Condo - $149,867
The average price of condos being higher than town homes is probably because of our many new high rise condos. However, even those prices have severely declined. (GLVAR Summary Reports)
Real Estate Trivia:
On April 9, 1917 The Milwaukee Real Estate Association held one of the first home shows. It turned out to be a great success. It showed the Real Estate Community what could be done and how the public would respond. Everyone was eager and glad to have the opportunity to learn about home planning & building. I guess this proved to be one of the early stages of the importance of conventions. National Real Estate Journal vol. 15, No. 5 (May 1917) Source NAR archives. http://www.realtor.org/library
Sunday, June 14, 2009
The Resale Packet (a must)
In a previous blog I talked about the resale packet that a Buyer is suppose to receive when they are purchasing in an association (Common Interest Community, CIC). The question is, who pays for it? The Buyer or Seller? According to NRS 116.4109 the Seller is mandated to provide this packet and they are to pay for it. The cost is usually around $200.00. http://www.leg.state.nv.us/NRS/NRS-116.html
I've noticed recently on some listings in the MLS (Multiple Listing Service) in the agent to agent remarks that the Seller(usually when there is a bank involved) is requiring the Buyer to pay for the Resale Packet. Is that OK?
Unless the Buyer agrees contractually to pay for it, the Seller cannot relinquish their obligation. If the Buyer refuses to pay and there is an accepted contract without this change then it is required that the Seller give the paid for Resale Packet to the Buyer.
Everyone should know their rights. Especially about such an important matter.
I've noticed recently on some listings in the MLS (Multiple Listing Service) in the agent to agent remarks that the Seller(usually when there is a bank involved) is requiring the Buyer to pay for the Resale Packet. Is that OK?
Unless the Buyer agrees contractually to pay for it, the Seller cannot relinquish their obligation. If the Buyer refuses to pay and there is an accepted contract without this change then it is required that the Seller give the paid for Resale Packet to the Buyer.
Everyone should know their rights. Especially about such an important matter.
Some Las Vegas Trivia:
Do you know what the first Hotel on the Strip was? Most people think it was the Flamingo(Bugsy Siegel). But it was the ElRancho Vegas. It opened April 3, 1941. Rooms started at $4.00 a day. (Fabulous Las Vegas in the 50's, Fred E.Basten & Charles Phoenix). It closed after a fire June 17, 1960. Thomas Hull, the original owner wanted a hotel/motel that was more than just an old western hangout so he built a one stop place to relax right at the corner of what is now Sahara & Las Vegas Blvd.
For more information you might try this web site http://www.onlinenevada.org/el_rancho_vegas or http://gaming.unlv.edu/ElRanchoVegas/story.html
Thursday, June 11, 2009
Foreclosure Issues
We are always hearing talk about how we can & should eliminate the number of foreclosures in Nevada. After all, we are the worst state in the country for this unsolicited honor. So what is being done to accelerate this process?
Nevada Association of Realtors has put out a booklet called "The Face of Foreclosure - Nevada" There is a great deal of information in this writing. One I will discuss today are the Obama Administration's plan.
What they are saying it will do:
Nevada Association of Realtors has put out a booklet called "The Face of Foreclosure - Nevada" There is a great deal of information in this writing. One I will discuss today are the Obama Administration's plan.
What they are saying it will do:
- Release 75$ billion from the bank bailout fund to help lenders and homeowners reach new terms on their mortgages.
- Help nearly 4 million homeowners who are currently behind on their mortgage payments or are in serious danger of losing their homes.
- help nearly 5 million homeowners who are not yet facing foreclosure but are struggling to make payments and need help.
- Will reduce a borrower's monthly payments to as little as 31% of their current income and these payments can last up to 5 years.
- Give first-time home buyers and $8,000 tax credit for purchasing a home.
Also from The Face of Foreclosure, Nevada published by NVAR we are made aware of a bill passed (AB164) in the assembly on March 11th that 1% of Nevada's revenue is to be put into a stabilization fund that will be used for future economic crisis.
(A.B. 165) is suppose to go into law July 1st which is meant to insure that lenders during loan modification hearings conducted during court-mediated hearings put forth a "good faith effort". Speaker Barbara Buckley estimates that this bill will keep nearly 17,000 homeowners from going into foreclosure.
This is a great time to purchase a home in Las Vegas. To do a property search please go to my web site www.lvhms.com. The prices are way down bringing a great deal of affordability into the picture. Don't forget the first time home buyer's tax credit.
I would love to hear from you on how this economy is affecting your home ownership and how you feel about our lawmakers efforts.
Monday, June 8, 2009
Finally, finally Nevada has passed some laws to protect our animal population. It has been a long time coming and hopefully more will be considered.
According to the Humane Society of the United States Nevada ranked the worst in the country for dog fighting. Our state did not have any laws prohibiting ownership of dogs for the purpose of dog fighting. Now, I am happy to say that Gov. Gibbons signed into law (A.B. 199) a law that prohibits dog ownership for fighting _laws/state_legislation/nevada/animal_fighting.html. Yea, it's about time.
For so long animal advocates have been fighting to get a law passed that would protect a dog from being tethered 24/7. This has been another long, arduous journey.
To their credit, our lawmakers listened to our phone calls & emails and have now passed (S.B 132) http://www.hsus.org/legislation_laws/state_legislation/nevada/restrictions_on_tethering.html
To do a property search, please visit my website at www.lvhms.com
According to the Humane Society of the United States Nevada ranked the worst in the country for dog fighting. Our state did not have any laws prohibiting ownership of dogs for the purpose of dog fighting. Now, I am happy to say that Gov. Gibbons signed into law (A.B. 199) a law that prohibits dog ownership for fighting _laws/state_legislation/nevada/animal_fighting.html. Yea, it's about time.
For so long animal advocates have been fighting to get a law passed that would protect a dog from being tethered 24/7. This has been another long, arduous journey.
To their credit, our lawmakers listened to our phone calls & emails and have now passed (S.B 132) http://www.hsus.org/legislation_laws/state_legislation/nevada/restrictions_on_tethering.html
To do a property search, please visit my website at www.lvhms.com
Wednesday, June 3, 2009
PURCHASING A HOME WITHIN AN ASSOCIATION IN LAS VEGAS
Someone expressed their concern to me about association fees. She was asking if their was a cap on how much they can be raised.
Each association controls these fees, therefore it is going to depend on their CC&R's and Rules and Regulations.
The good news is that our lawmakers have taken steps to protect the public before purchasing in a community that has an association which for their puposes is known as Common Interest Communities (CIC).
One of our laws for Common Interest Communities (home owner's associations) provides that a Buyer has to be provided with association information which is known as a resale packet, within the first days of an accepted offer and usually has about five days to accept or decline the material. This data includes financial statements, CC&R's, Rules and Regulations, whether there is any legal action being pursued and more. The Buyer is given enough information to make a decision as to whether the community will be right for them.
I think our lawmakers did the right thing in passing these laws. It brings accountability, checks and balances that protect us all.http://www.leg.state.nv.us/NRS/NRS-116.html
For a home search and other important links, please visit my web site at http://www.lvhms.com/
Each association controls these fees, therefore it is going to depend on their CC&R's and Rules and Regulations.
The good news is that our lawmakers have taken steps to protect the public before purchasing in a community that has an association which for their puposes is known as Common Interest Communities (CIC).
One of our laws for Common Interest Communities (home owner's associations) provides that a Buyer has to be provided with association information which is known as a resale packet, within the first days of an accepted offer and usually has about five days to accept or decline the material. This data includes financial statements, CC&R's, Rules and Regulations, whether there is any legal action being pursued and more. The Buyer is given enough information to make a decision as to whether the community will be right for them.
I think our lawmakers did the right thing in passing these laws. It brings accountability, checks and balances that protect us all.http://www.leg.state.nv.us/NRS/NRS-116.html
For a home search and other important links, please visit my web site at http://www.lvhms.com/
Tuesday, June 2, 2009
Foreclosure & Tenant Rights
When all these foreclosures began it was devastating to the tenants occupying many of these properties. In most cases they were given only days to vacate.
Now the "Protecting Tenants at Foreclosure Act of 2009" prevents this punitive action against those who had no guilt for the situation they found themselves in.
With this new law, month to month tenants are given 90 days before they have to move and those with leases are allowed to stay until a one year lease expires. For more information visit http://www.govtrack.us/congress/bill.xpd?bill=h111-1247&tab=summary
Prices are incredible right now so for those thinking about buying please visit my web site at www.lvhms.com
Now the "Protecting Tenants at Foreclosure Act of 2009" prevents this punitive action against those who had no guilt for the situation they found themselves in.
With this new law, month to month tenants are given 90 days before they have to move and those with leases are allowed to stay until a one year lease expires. For more information visit http://www.govtrack.us/congress/bill.xpd?bill=h111-1247&tab=summary
Prices are incredible right now so for those thinking about buying please visit my web site at www.lvhms.com
Monday, June 1, 2009
Capturing Las Vegas & Its Beginnings
Yesterday our family went to the Springs Preserve which is right in the heart of our city. In fact, it is less than a mile from where I went to high school
The Springs Preserve actually sits where Las Vegas geologically began in prehistoric times. We were once under the ocean. As the ocean began to diminish aquifers began to form. From these aquifers the water began to percolate to the surface and VOILA, Las Vegas.
They have done such a wonderful job at this preserve to bring history to life. I hope some of our tourists will go and visit this treasure.
If they do they will see botanical gardens, a wild life habitat and much more. The short story movies that have been created clearly summarize the transformation of this lush territory until it became a desert.
The Springs Preserve actually sits where Las Vegas geologically began in prehistoric times. We were once under the ocean. As the ocean began to diminish aquifers began to form. From these aquifers the water began to percolate to the surface and VOILA, Las Vegas.
They have done such a wonderful job at this preserve to bring history to life. I hope some of our tourists will go and visit this treasure.
If they do they will see botanical gardens, a wild life habitat and much more. The short story movies that have been created clearly summarize the transformation of this lush territory until it became a desert.
Thursday, May 28, 2009
The dilemma of short sales!
Two thirds of homes in Las Vegas have negative equity. That means if someone wants to avoid foreclosure, but needs to sell their house, they need to consider a short sale. A short sale is where the house is worth less than what is owed on it.
Logic would say that it may be better for a bank to negotiate a short sale rather than let a home go to foreclosure. One big advantage to this from my experience is that short sale homes are usually in much better condition than foreclosures.
When I reflect back to when short sales began increasing I was not prepared that the banks would not get them closed and foreclosure was the outcome. It makes me wonder if the banks had sold these homes would we now see as much reduction in our home values.
Only about ten percent of short sale homes actually close escrow. You never hear any discussion about this on the news. We only hear about foreclosures. I wish they would talk more about the failure of the short sale process. Then, maybe then we could see a reduction in foreclosures thus helping our Real Estate Market stabilize.
The buzz now is that those sinking in debt should just let their houses go. The bank will ultimately take a loss so why not do it sooner than later?
Does anyone disagree with me?
Logic would say that it may be better for a bank to negotiate a short sale rather than let a home go to foreclosure. One big advantage to this from my experience is that short sale homes are usually in much better condition than foreclosures.
When I reflect back to when short sales began increasing I was not prepared that the banks would not get them closed and foreclosure was the outcome. It makes me wonder if the banks had sold these homes would we now see as much reduction in our home values.
Only about ten percent of short sale homes actually close escrow. You never hear any discussion about this on the news. We only hear about foreclosures. I wish they would talk more about the failure of the short sale process. Then, maybe then we could see a reduction in foreclosures thus helping our Real Estate Market stabilize.
The buzz now is that those sinking in debt should just let their houses go. The bank will ultimately take a loss so why not do it sooner than later?
Does anyone disagree with me?
Wednesday, May 27, 2009
Great Deals for Qualified Home Buyers
Prices in Las Vegas are down to approximately what they were in 2002. Amazing! Even though this is hard to imagine and creating great difficulty for practically everyone, it can also be an opportunity for Buyers to get into this Market.
Be sure if you are interested in purchasing you qualify yourself to make sure you are an able buyer. Many before did not. How would you respond to the list below?
Can you support your mortgage?
Do you understand the risks and responsibilities in owning a home?
Are you prepared for life events that can make making your mortgage payment difficult?
Do you understand it is important that you meet your full mortgage payment on time?
Are you prepared for the additional costs and fees of home ownership?
Do you understand your mortgage terms and know who you can contact for questions?
Are you realistic in your price range?
If you can answer these questions in a positive way than maybe you are ready to purchase. Done correctly, there is nothing as great as home ownership. For those who are prepared there is nothing as sweet as home ownership.
Be sure if you are interested in purchasing you qualify yourself to make sure you are an able buyer. Many before did not. How would you respond to the list below?
Can you support your mortgage?
Do you understand the risks and responsibilities in owning a home?
Are you prepared for life events that can make making your mortgage payment difficult?
Do you understand it is important that you meet your full mortgage payment on time?
Are you prepared for the additional costs and fees of home ownership?
Do you understand your mortgage terms and know who you can contact for questions?
Are you realistic in your price range?
If you can answer these questions in a positive way than maybe you are ready to purchase. Done correctly, there is nothing as great as home ownership. For those who are prepared there is nothing as sweet as home ownership.
Tuesday, May 26, 2009
The $8,000 tax credit for first time home buyers provides a dollar for dollar reduction. That means you would actually get an $8,000 deduction.
Another reason it is a great time for first tiime home buyers to step into this Real Estate Market.
The local television news this week-end reminded us that two-thirds of local home owners have negative equity in their property.
Another reason it is a great time for first tiime home buyers to step into this Real Estate Market.
The local television news this week-end reminded us that two-thirds of local home owners have negative equity in their property.
Monday, May 25, 2009
It is Monday evening. What a nice Memorial Day weekend we have had at the Shearer House.
People who do not live here, when they thinkg of Las Vegas, usually think of the Strip and downtown. We are so much more than that. And, one of our treasures is the Red Rock Canyon National Forest. It is one of the most beautiful and interesting places to see. Because of oxidation much of the rock actually has turned red.
It had been awhile since we had been there so this weekend we took a ride to see it once again. You can hike or just take the 13 mile scenic drive to enjoy this wonder. Hikers & climbers love this geological wonder.
It was a good day for me and a reminder of the great place I live.
People who do not live here, when they thinkg of Las Vegas, usually think of the Strip and downtown. We are so much more than that. And, one of our treasures is the Red Rock Canyon National Forest. It is one of the most beautiful and interesting places to see. Because of oxidation much of the rock actually has turned red.
It had been awhile since we had been there so this weekend we took a ride to see it once again. You can hike or just take the 13 mile scenic drive to enjoy this wonder. Hikers & climbers love this geological wonder.
It was a good day for me and a reminder of the great place I live.
Friday, May 22, 2009
In Las Vegas in April the average sales price for a single family home was $166,000.00. http://www.lvhms.com
Don't forget to spay/neuter your pets. http://hsus.com
Don't forget to spay/neuter your pets. http://hsus.com
Thursday, May 21, 2009
My first post - Let me introduce myself
The reason I have decided to do this blog is because I want to communicate with all of you. I do believe I have worthwhile things to say.
I am a Real Estate Agent in Las Vegas. Across the country there are only about 10% of Realtors blogging. So I figured, that still has me ahead of the game.
I am passionate about my career and feel the information I share will be very useful.
Besides being a Realtor I am a Mom of two daughters, a wife and a grandma. I will try to discuss topics that we all can relate to.
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