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.
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