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.
Friday, July 31, 2009
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.
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