Las vegas real estate

A house too small; no garage; traffic noise – these are just a few reasons cited as why some people hated their homes. And, privacy in the bedrooms and living rooms; adequate space for kids to play in the backyard; Jacuzzi bathtub in the master bathroom are some reasons people love their homes. There are many concerns you will likely consider when weighing all the options of your new home design; give each one plenty of thought.Your new home design might be one that you draft yourselves; a plan you buy outright from a developer; or (a little of both), a plan that you customize to more closely match your individual and family needs. Some important criteria when designing a new home are location, climate, cost and lifestyle.

Location: the geographical area where your house will actually sit; rural, urban or suburban. Is the lot big enough for the house? Expansion?  Is there enough turning room in the driveway? Consider also the distances from your proposed home to your workplace, as well as shopping and other lifestyle amenities. Is it a new home community? Is the surrounding neighbourhoodwell developed? Growing?

Climate: the weather in the geographical area where your house will actually sit—what effects will the elements haveupon your house? Is the lot susceptible to flooding? Does it snow heavily in the area? Will the house receive adequate sunlight? Answers to questions such as these can reveal possible weak spots, and might warn of costly repairs later on down the road.

Cost: not only should the budget for your new home design factor in for building materials and labour,but also be aware of fees and taxes. Did you know that unheated areas in your house such as the garage, porch and attic are typically considered unfinished and are therefore not usually counted towards total square footage of the house plan? Insulating these areas will increase your heating costs but add to your total square footage. This is also the best time to map out all the electrical outlets you will require for every appliance and electronic component (home theatres, computers).

A current trend, due in large part to environmental sensitivities and in trying to find sustainable development practices to help save the environment, recent new home designs are more and more incorporating recycled construction materials, (example: wood timber from wall studs, and frames, joists, doorframes and window frames, paneling, stained glass, previously used plumbing taps and faucets).This can be a cost saver and a win/win for everybody.

Lifestyle: here is where you get to make your new home design your dream home. List out your own preferences, needs and wants for your household. Perhaps you need space for a home office, or even just a little room for hobbies like crafts and painting. It is all up to you, so dream big!

An overwhelming process, investing in a new home design takes time, effort and a lot of thought. However, the rewards of owning your own dream house you will find are quite satisfying. As the saying goes, “Home Sweet Home”.

As of September 2009, the nation’s supply of REO homes has begun to shrink, even in foreclosure capital Las Vegas, NV. As investors flood back into distressed markets, we are seeing multiple bid situations for most REO or bank-owned foreclosure properties coming back onto the market. With demand exceeding supply, it is becoming harder and harder for investors to purchase REO properties at discount prices. Also, with the Obama administration offering hefty incentives for banks to help homeowners avoid foreclosures, REOs are becoming more scarce. Instead, we are seeing short sales skyrocket in popularity as banks have suddenly become willing to negotiate this option.

Many of my investor clients have asked me to explain the differences between short sales and foreclosures/REOs. First, the definition of each: A short sale occurs when a buyer negotiates with the bank to purchase a home from the seller for less than what the seller owes on the mortgage. In many cases, where the equity in the property has dropped sharply, this means that the second lien holder (if any) receives next to nothing on their note (think $1000 for a $90,000 note as an example) and the first position lender very often must still except less than the amount of the first mortgage. REOs are bank owned properties that have already completed the foreclosures process. The owner of the property, upon failing to make their mortgage payments, has been notified of their delinquency, received a notice of default and then a notice of sale. Subsequently the property has been sent to auction at the trustee sale where, in absence of a successful winning bid, it has reverted back to the bank holding the mortgage. These properties are then re-listed by the banks on the open market as REOs or Real Estate Owned meaning bank owned real estate.

The major differences between the two transactions can be summed up in two categories: Differences to the Buyer and Differences to the Seller.

Differences to the Buyer

Difficulty of Transaction – Short sales are traditionally much more difficult to transact than purchasing an REO. Once a bank has taken possession of a foreclosed property and re-listed it as an REO, that REO property can then have offers placed upon it and the bank will respond to those offers just like any other seller. Short sales must go through a special evaluation and approval process at the bank. This process usually involves not only evaluating the fair market value of the property, but also evaluating the potential of the current owners to continue making their payments. Sometimes, a bank will offer to modify the existing loan if the sellers wish to stay in their property rather than negotiate the short sale. This can result in the property being pulled from the market altogether.

Time Frame for Closing – REOs can often close in a 30 day escrow just like a normal transaction. Short sales can take months to negotiate and then might not be approved at all.

Price – Because the buyer is usually not competing against other offers in a short sale situation, they can often obtain the property for less than what the same property might end up costing as an REO.

Differences to the Seller

Future Home Purchases – Homeowners who go through a foreclosure cannot apply for an FHA loan for 5 years after the date of foreclosure (7 years for investors), but homeowners who complete a short sale can apply for an FHA loan 2 years later. When homeowners apply for a loan through a mortgage company, they must state on the application if they have had a property foreclosed upon or given a deed in lieu of foreclosure within the last 7 years. There are currently no questions on standard mortgage applications asking whether or not a homeowner has ever completed a short sale.

Credit Score – A foreclosure will typically lower a homeowner’s credit score by somewhere between 250-300 points and this decrease will last approximately 3 years. Short sales can often affect an owner’s credit by only 50 points and that decrease may sometimes be remedied in as little as 12-18 months.

As the supply of REO properties continues to be tight across the country, short sales are presenting a good buying opportunity for would-be investors looking to re-enter the market. They can also provide a win-win situation for home owners looking to escape a negative equity position with less of a hit to their future purchasing potential and credit score.

By: Glenn Plantone

Over the past several months there has been a noticeable trend by the local Home Builders in the Las Vegas area. Although not even near the level of development activity in 2007, several Home Builders are cautiously processing new residential developments through the cities and county Development Services offices. This is good news. Since the beginning of 2008, new residential projects have nearly ceased to exist in the area.

Engineering firms hired to process these designs begin with their first exposure to the government’s scrutiny of the design by submitting a Tentative Map. By the time the Tentative Map is heard by the Planning Commission, the engineering firm has already been working on the project for about 3 months. In most cases the Tentative Map is ultimately approved or not at the Planning Commission public meeting. After the Tentative Map has been approved the engineering firm moves on to the Technical Reports and the Off-site Improvement Plans or Development Plans with the goal being that the government entities signing off on the final drawings, and the developer to pull construction permits. The period of time from the Tentative Map approval to pulling permits is about 6 to 9 months. This is why Tentative Maps on the Planning Commission agenda is a good indicator for future development in the area.

With several of the Home Builders processing engineering plans now is a clear indicator that they are planning to cut the ground in late 2011, and continue building through 2012. But again this maybe just in preparation for a possible up tick in housing demand. If there is no increase in demand for new homes next year the developers can shelve the projects for another year or two.

The major Home Builders that appear to be taking the plunge are Richmond American Homes, The Howard Hughes Corporation, Lennar Communities Nevada, KB Homes, and William Lyons Homes. These developers have submitted projects at Clark County, City of Las Vegas, and City of North Las Vegas Development Services Offices. Other Home Builders which are also making a move are Pardee Homes, Ryland Homes, DR Horton, and Harmony Homes.

For the first six months of the year only seven residential development Tentative Maps were submitted with a total of 730 residential lots and 178 condominium units. There has only been one Condominium project submitted to any agency in the Las Vegas valley this year.

For the months of July, August, and September, ten Tentative Maps for residential developments have been on the North Las Vegas, City of Las Vegas, City of Henderson, and Clark County Planning Commissions agendas combined. The total number of new residential lots represented by these maps is 1,653. Most of the lots are located in the Mountain’s Edge Master Planned Community, Summerlin Master Planned Community and on the north side of the Las Vegas valley.

* Richmond American Homes is processing the Monterey Ranch plan which includes 543 cluster home lots within the Mountain Edge Master Planned Community development.
* The Howard Hughes Corporation is also processing two projects; 34 lots and 267 lots, which are located on the west side of the Las Vegas valley within the Summerlin Master Plan Community.
* Lennar Communities Nevada is also process plans for Jasmine at Mountain Edge. The project will consist of 238 compact residential lots.
* KB Homes has submitted plans for 52 Single Family residential lots in Cliff Edge and another 111 residential lots in the City of Henderson.
* William Lyons Homes has submitted plans for 2 projects. These projects include 24 residential lots at Rhapsody South in North Las Vegas, and 90 single family residential lots at Serenity Brook Estates, II in Clark County.
* Pardee Homes of Nevada has submitted plans for a 106 single family residential development in Providence, a community in the City of Las Vegas.
* Ryland Homes has submitted plans for a 99 residential lots in the City of Henderson.

We asked a representative of one of the Home Builders why they are submitting plans now? According to him they marketing research indicates that there will be demand for new home next year, and in order to meet that demand they need to start processing plans the now.

Does this mean that the construction companies and engineering design firms are about to be see a rebound. Not necessarily. But it does mean that the demand for engineering may have reached a turning point. If the national Home Builders are willing to make the investment in Las Vegas now, then other smaller developers may also want to test the waters. If the home buyers demand are as they anticipate next year, then there will be a demand for engineers.

In this article we have discussed that the residential development in the Las Vegas valley may be seeing some glimmer of hope for 2011. The national Home Builders have significantly begun to process numerous new developments through the local Planning Commissions. Although they maybe doing this in case of an increase in demand, but this sudden spike do indicate that they in fact expect the new home buying trend to increase in 2011.

By: Joe Haun

Many times realtors will show you several properties and then leave you to think about which one to buy. In fact realtors find themselves leaving their realtor business cards many times to close the deal. As a result these realtor business cards need to be designed really well to help potential clients make the right decision to go with you!

Appeal to the Client

When deciding what type of business cards to go with you will want to consider your clients. Do you show/sell properties of very well off clients who are accustomed to luxury? Or, are your clients middle class individuals who want a realtor that reflects a similar background? No matter what type of realty you show and sell you want to appeal to your clients. So, if you sell million dollar homes consider having your realtor business cards printed on fine linen with an elegant font including your name, phone number, email address, and website. A stylish icon could also be included ranging from a large home in the background to a large letter that represents your initial. Real estate agents appealing to a more middle class crowd might want normal card stock in white or bright colors with a cartoonish house printed on it and the realtor’s information. Knowing who you are selling to can really affect the realtor business cards and the color business cards chosen.

Choose a Stylish Design

Remember that a good design is important. Your business card will likely be competing with several other realtors’ business cards as well so you want yours to stand out. If there is any design that would reflect the neighborhoods or locations you sell in consider using that design on your business card. If you sell Las Vegas condos then brightly colored business cards with high rise buildings would be a good business card design. And, if you sell at the beach a light blue card with a beach scene would send a better message. Consider your real estate business and what type of business card would be able to make a sale for you when the client goes home with just your business card.

There are many things you can do with business cards. So, sit down and have a brainstorming session to come up with several ideas and then go with the one that best reflects your real estate business.

By: Natalie Aranda

How is the foreclosure market fairing in Nevada?

With the country hit with recession in the last year, Nevada has the highest rate of foreclosure. Is there any reason why we are seeing the foreclosure market rising.

Las Vegas is the entertainment capital of the world and it has a big job market. What happened here that made many people go into foreclosure?

The answer lies in that the residents are losing their jobs. With the amount of lay-offs and big companies headed for disaster, the whole job market has a decline and people just aren’t able to pay their mortgages. What do the experts say? Is the job market going to be stable anytime this year or the next? Lets have a look..

Tourism here is still doing well, there are not much drops in the level of people coming to see Vegas but the tourists are spending less. The whole nation has been affected and so these tourists want to have a good time but are not blowing money on the casinos and the entertainment as they used to before.

So it is evident that the job market has had this huge impact as expected on the lives of the residents. Foreclosure is one of the effects that we are seeing right now. So the next question that appears in our minds is how can this thing be reversed. Can the job market go back to usual.

According to Las Vegas Foreclosure, people are still hopeful and optimistic that things will turn around and there could be a chance that they can save their homes. Steven Horsford, from the Nevada State Senate said that one of the reasons that it got as bad as it did in because the city was a growing enormously in the last two decades, when the financial crisis hit, it hit very disproportionately causing the delicate balance to shatter.

Condos, single family homes and even Las Vegas Luxury Homes are going to short sales or foreclosure but still the people here are praying and looking for the good old days to come back.

By: Roger A. Cantrell

Las Vegas is one of the favorite American cities. Inevitably, once visitors spend a few days here, they’re ready to start planning their next trip. There’s always the designer shop they never had a chance to set foot in or the show they couldn’t get tickets for. Our children flew my husband and I out to Las Vegas in August. We rocked halfway through the nights but missed seeing the old downtown and the Hoover Dam. Even worse, we arrived too late to see the aquarium at Mandalay Bay. And while we were mesmerized by Cirque du Soleil’s O, we didn’t have enough time to see another Cirque performance.

This fall when we return for round 2, we’re driving out in our fifth wheeler. We’re going to book an RV park that has wireless internet service, an amenity lacking at our LV Hotel. With my over-fondness for casinos, we need more structure and a few breaks from the zoo-like atmosphere of the hotels. Two more advantage to staying at an RV park includes having our car available, and our dog Sparky can join us. With transportation, we can visit other area attractions, including city spas, and outlet stores. In August, we noticed a number of Las Vegas RV Parks for Sale. Talking it over when we returned home, we realized that this would be a perfect business opportunity for people like us who like to travel and have retired from our jobs with the exception of some editing we can complete online. We feel as though investing in a Las Vegas RV Park is a dream comes true.

There are many reasons that RV Parks are successful in Las Vegas. Since our first trip there a decade ago, I discovered that Las Vegas has been transformed into a popular family vacation hub. Movie theatres, cyber cafes, kids’ game rooms, swimming, and miniature golf are just a few o the activities available for children and teenagers. The expense of staying in a hotel for the family’s week-long vacation is often prohibitive. That’s why RV parks are the perfect solution. When we begin looking at the Las Vegas RV Parks for Sale, we’ll be looking at nearby activities for kids, types of public transportation such as the Deuce Bus, and the possibility of having several RVs available to rent.

The Las Vegas RV Parks for Sale offer perfect business opportunities for us. With more organizations, schools, women’s groups and families desiring to travel and take courses or work with Cirque du Soleil, RV parks are a skyrocketing business. Our son has already asked if he and his entourage can use our camper for a weekend in Las Vegas complete with a home basketball game at UNLV.

Performers in the many shows often prefer to live in an RV park. A solid investment opportunity, Las Vegas RV Parks for Sale offer some very attractive opportunities for those of us retiring from our career jobs and wanting to live in Las Vegas.

By: Edward Dean