Las vegas real estate

Las Vegas is a place to live.
Here we present some of the fun and amazing facts about Las Vegas.

On May 15, 2005, Las Vegas Celebrated its 100th birthday. On this day, 110 acres of plots were auctioned.
All this happened in the city of downtown.
In 1910, gambling was illegal in Las Vegas. Later on gambling could come up as legalized gambling. The court approved gambling as legal in 1931.

Golden gate hotel was the first hotel in Las Vegas.
The first casino in Las Vegas was opened in 1906.

Hoover dam, which was made in 1935, was made with the workforce of 21,000 men working for five years.

The famous “Welcome to Las Vegas” sign that you have seen was made in 1959.
Betty Willis takes the credit of making that sign.

More than five thousands people keep moving to Las Vegas on monthly basis.

Clark county school district, which manages 280,000 students currently, is the fifth largest school and Las Vegas is considered to be the home to this district.

The amazing thing is, that the Las Vegas Strip mostly is not situated in Las Vegas. The major part of it exists in Clark.

If you are thinking of getting a marriage license in Nevada, it is going to cost you 55 dollars.
But the best part about Nevada is that no blood test or waiting is to be undergone.

Fremont Street once was closed for a year. In 1994, it was closed due to high traffic.
It was opened again in 1995.

these were some fun facts about Las Vegas. Hope you liked them.

By: Sebanti Ghosh

Everyone is familiar with the city of Las Vegas, and the first thing that comes to mind is definitely the entertainment aspect. No wonder it is referred to as the Entertainment Capital of the World. Set in the desert region of Nevada, it is the most populated city in the state and is considered to be one of the prime holiday destinations. But apart from being a tourist destination, it is also becoming a favored destination of real estate investors as more and more families and retired individuals are seeking to establish their homes in this colorful city.

The average price of homes for sale Las Vegas for the week that ended on 17th February was $333,406. The median sales price of homes hovered around $132,000. The average price of per square feet of area is around $163. Per square feet prices have witnessed a drop of 43% in comparison to previous year’s figures. The city was one of the initial residential markets that were hit hard by the housing downturn. However, recent reports suggest that the market is on the path of recovery due to increasing buyer activity. Foreclosed homes in Las Vegas have been in the reckoning for quite a while now.

The economy of the city is primarily sustained by activities such as tourism, conventions and gaming. These in turn add to the growth of the dining and the retail industries. The population in the city is on the rise, and this has prompted the growth of the real estate industry. Be it luxury homes or apartments, real estate in Las Vegas has developed to a great extent.

Of all the neighborhoods in the city, there are some which are preferred over others by real estate buyers. The list includes names like Canyon Gate, Summerlin, Peccole Ranch, Sunrise Manor, and Summerlin South. Of the the properties in Summerlin South are priced way beyond that of others as reflected in the average listing price. Summerlin South homes had an average listing price of $955,718 and are followed by Canyon Gate, which had an average listing price of $604,152 for the week that ended on February 17. Summerlin, located in close proximity to Red Rock Canyon National Conservation Area and the Spring Mountains, is a planned community, and Summerlin homes are in great demand. Since the early 1990s, the trend of homes shifted towards the highrises, especially in the southern section of the Las Vegas strip.

If you are interested in buying a property in Las Vegas, you should immediately contact a local realtor. If you are looking for a gay realtor in Las Vegas, you can make a quick search on the Internet to find one. No matter whether you are looking for luxury homes in Las Vegas or if you are interested in buying an apartment in one of the highrises, a realtor will assist you in finding a suitable one.

By: Felipe Crook

Henderson has various national and local home builders. Given below is information of some of these builders added upon by a brief introduction and information on their new housing communities in Henderson.

Concordia Homes – Concordia is a national home builder building houses across Nevada and Arizona for the past forty years. They are famous for their solar-powered homes. In Henderson, Concordia Homes have one new homing community and also offers ready to move-in homes. To know more about Concordia Homes and their designs visit them online.

Richmond American Homes- Richmond American is a national new home builder which has built homes for $150,000 families across US. They are equipped with 3,800 professionals to cater to the demand of their customers. Richmond American Homes has two housing communities in Henderson, Nevada. Learn more about each Richmond American Homes communities online.

Centex Homes – Centex is national home builder building quality homes across US. They do not have any homing communities. In Henderson, Centex Homes offer a large number of homes build in prime locations. Most of these homes are moderately priced but have some of the unparalleled features. To know more about the pricing and facilities offered by visiting them online.

Gillard Construction, Inc. – Gillard Construction, Inc. is a local home builder building homes across Nevada. They are famous for their cost efficient homes. They also have one upcoming community in Henderson. You can visit Gillard Construction, Inc. online, for more information about the location, and pricing of this community.

D.R Horton – D.R Horton is a national home builder building quality homes across US. In Henderson, D.R Horton Homes provides premium homes from sale from a range of $10,000-$500,000. They also have two new homing communities in Henderson. The pricing of these community homes lie in the range of $100,000-$500,000. To get an insight into these communities and their pricing by visiting them online

KB Homes – KB is a national home builder building homes across US for the past fifty years. They are known for their dedicated designing. In Henderson, KB Homes have two new homing communities. The pricing of this community start from $250,000. Visit KB online for more information about their floor plans, home pricing, new home designs and new home subdivisions in Henderson.

By: Paul Escobedo

The Las Vegas foreclosure statistics has the highest rate in the nation with 80 percent of homeowners are underwater on their mortgage, half of homes with 25 percent or more negative equity, 13.8 percent of job loss and 16 percent of delinquent homeowners on their mortgage. There is also a prediction that we might only see 15,000 Las Vegas foreclosures before the end of this year.

According to a Las Vegas- based housing research firm, there is a few reasons to trust the foreclosure number will go down this year, including short sale alternatives, rent-for-deed programs, loan modifications and state- required mediation.

The banks are unwilling to carry through on the foreclosure procedure which can be time consuming and expensive. They would much quite keep the homes off their books and have someone making a payment. There were 1,809 real estate-owned or bank owned homes sold at median price of $124,000, 425 auction sales at $95,000, 899 short sales at a median price of $120,000 and 1,538 non- distressed sales at $123,000.

The real estate owned price is higher this year because the homes are bigger on average and more expensive. At the same time as earlier foreclosures were entry- level homes caught in the subprime mortgage catastrophe, they now have a tendency to be higher- priced and not necessarily from a subprime borrower.

The new home sales totaled 499 in March and up 5.1 percent from last year. The median price declined 5.3 percent to $ 208,178.

By: Patrick Chan

If you’re thinking of moving to Las Vegas, you have to know about the suburbs that are available. This article gives a short description of the communities in Las Vegas.

The Lakes

The Lakes features a man-made lake, extensive greenbelts, and many ponds and streams. Most of the homes are arranged around the Lake, which provides a beautiful view of nature. Prices at the Lakes range from $300,000 to over $1 million, depending on where you want to build.

Peccole Ranch

Peccole is a master planned community made up of twelve separate communities. Peccole boasts of far-reaching greenbelts, a clubhouse, and basketball courts. The Red Rock Mountains are visible to some of the homes as you drive through the community. Expect to pay anywhere from $300,000 to $750,000 for a place here.

Desert Shores

Desert Shores has four man made lakes, as well as a man-made beach. Boating, fishing, and swimming are common activities here. Prices range from $350,000 to $650,000 here.

Summerlin

A multi-awarded master planned community, Summerlin is still in the midst of expansion. For the senior citizens, there is a community called Sun City. Although quire expensive, it has two golf courses and multiple community facilities. The prices for Summerlin vary widely, depending on where you are.

With some basic knowledge of Las Vegas real estate suburbs, you should be able to make a more informed decision.

By: Shirley Simmons

Imagine if you had the foresight 7 years ago to invest heavily in Las Vegas, Phoenix, Miami and Honolulu, and to get out 2 years ago. Each of those markets appreciated over 100% in a 5 year period. Many savvy investors made enough money in those markets in just 5 years that they never have to work again. Now, instead of waking up with that 7 am alarm clock, many of them softly awaken by the warm breeze off the ocean blowing through their open window.

Mobile, Alabama (pronounced ‘moe beel’) is a city located in southwest Alabama at the mouth of the Mobile River. Spanning about 38 miles on the north shore of Mobile Bay, it was the city held by the French, British, and Spanish until it was seized by U.S. forces in 1813.

Today, Mobile, Alabama is one of the country’s hottest growth markets. Any real estate investor looking for a market with a solid economic foundation and strong appreciation potential will find it here.

According to a new research forecast by Moody’s Economy.com, Mobile County will have the fastest growing economy over the next five years among all 363 American metropolitan areas, growing over 34% from 2007 through 2012.

Three major contributors to this massive growth are the $3.7 billion ThyssenKrupp AG steel mill, Austal USA’s continued growth in shipbuilding, and the recently announced Northrop Grumman/EADS airplane assembly plants. Additionally, the State’s docks are undergoing the largest expansion in its history by expanding its container processing and storage facility and increasing container storage at the docks by over 1,000%.

Alabama currently ranks 2nd in the nation behind Detroit in automobile output, but with recent expansions the state will surpass Detroit in early 2009 and become the largest builder of automobiles in North America.

Don Epley, a business professor from the University of South Alabama, who projects local economic growth as part of his focus on real estate markets, has projected that Mobile County will grow between 5.5% and 6% in 2008. He cautions that it’s difficult to see too far into the future with external factors like energy prices dragging down local economies. However, he said that sustained growth of 6% a year is possible with the industrial expansions in the area.

HOUSING MARKET

The residential real estate market is booming. In 2007, Mobile was ranked by CNN.com as the “Seventh Fastest-Growing Housing Marketing in the Country.” Homes in the Mobile Bay area have appreciated between 5% and 8% annually over the last 5 years.

Mobile appreciated at an average of 6.6% over the past three years, except for the period after Hurricane Katrina in August 2005 when the appreciation rate hit 18% to 20%, according to Don Epley.

In the first quarter of 2008 Mobile had a 1.63% increase in home values. House prices are up over 6.7% over the last year, making the city one of the nation’s top 10 metropolitan areas in terms of price appreciation according to the Office of Federal Housing Enterprise Oversight (OFHEO).

As of April 2008 the housing inventory in Mobile was 8.5 months worth of homes — a healthy supply for a growing market. The housing inventory represents the number of months it would take to deplete the homes for sale given the current sales activity. Additionally, the average days-on-market (DOM) for existing homes sales in April was 82 days, a 17% increase over the same month last year.

As a point of interest, foreclosure filings across Alabama fell nearly 20% in March over the previous year, bucking the national trend and suggesting more borrowers are paying their mortgages on time.

EMPLOYMENT

Employment is a critical factor to the short and long term stability and growth of any real estate market. According to Business 2.0 and CNN’s Money Magazine, “Mobile is emerging as the South’s next boomtown and a magnet for megaprojects”.

Mobile’s total non-farm employment has increased steadily over the last three years. 2005 recorded a 3.2% increase followed by another 2.2% and 2.0% increase each year thereafter. Job growth in 2008 is expected to reach 2.57% with an additional 27% growth predicted over the next ten years. Nationally, job growth is expected to reach 1.4% this year and 11.9% over the next decade.

The total labor force increased steadily from 176,275 in 2004 to 184,696 in 2007 — an increase of 8,421 workers (or 4.6%). This trend appears to have the momentum to continue for several more years — a good economic signal when looking for a market to invest in.

Tourism is set to skyrocket with a $600 million NASCAR race track and entertainment complex (www.AlabamaMotorSportsPark.com) breaking ground this year. The “Dale Earnhardt Jr. Speedway” will be fully operational by 2010 and will also increase employment and spin-off jobs.

Mobile’s unemployment rate as of April 2008 was a mere 3.5%, similar to its 2007 unemployment rate of 3.58% and 3.64% in 2006. Alabama tied Kansas for the 17th lowest unemployment rate in the nation. Nationally, the average unemployment rate was 4.8% as of April 2008.

SUMMARY

Unlike the stock market, local real estate markets usually move in slow, predictable cycles. Appreciation is not luck or magic, it correlates closely with economic development and population growth in a local area.

So, if you missed out on Las Vegas, Phoenix, and Miami (or if you rode those waves and know what it’s all about), you have another opportunity to invest in Mobile, Alabama, ranked by Moody’s and Forbes as the #1 market in the country for economic growth between 2008-2012.

(See an example of an investment opportunity in Mobile, Alabama on the Norada Real Estate Investments website )

By: Marco Santarelli

Currently, there are about 15 million employed Americans living below the poverty line. One of the major reasons for this is the everlasting effect of bankruptcy. In such situations, a good bankruptcy lawyer is imperative. Services provided by a high-quality, experienced Las Vegas bankruptcy lawyer can help a person to overcome his mountains of debts.

The guidance of a good lawyer can be very helpful, as the Chapter 7 and Chapter 13 bankruptcy law, which prevail in Las Vegas, are difficult to comprehend and follow. Hence, it is advised to hire an attorney who specializes in bankruptcy as his practice area.

The bankruptcy laws were shaped by the Congress in order to provide help to those who have been victimized by job loss, divorce, identity theft, and disability.

Las Vegas bankruptcy attorneys come to the aid of the victim who falls in the provisions of the current bankruptcy laws. First, a strict and complex means test is conducted, which might restrict the victim’s ability to qualify for the bankruptcy protection. Then, a certification from a debt counselor is required, stating that the victim has made efforts to lessen his debt outside of bankruptcy. This leads to an increase in the work and cost connected with getting hold of a discharge.

A Las Vegas bankruptcy lawyer will help the victim fight for exemptions, which are laws that will allow the victim to protect certain types of property from creditors when he files for bankruptcy. These include assets such as home, car or other motor vehicles, clothing, tools, pensions and IRAs.

To conclude, a Las Vegas bankruptcy lawyer will analyze an individual’s situation and provide a comprehensive solution to the financial problems faced, and quote an accurate estimate of the charges, with no obligation.

By: Kevin Stith

With 3,563 real estate owned properties in Las Vegas taken back by lenders in just September alone (and over 22,500 in all of 2008), Las Vegas has certainly seen its share of condo foreclosures. Contrast that to 7,704 total in the same period a year ago, and it’s clear the “foreclosure flu” has hit Vegas hard.

For those looking for Las Vegas condo bargains, the short-term condo foreclosure inventory is staggering. In fact, pre-foreclosures in ClarkCounty in September amounted to 6,565 – compared to 5,360 in August – and totaling 49,364 for the year which has already shattered last year’s pre-foreclosure total of 33,953. Combine that with 9% of all homes in Las Vegas being in foreclosure, you can draw a positive conclusion that excellent real estate bargains can be had in this market.

So while Nevada’s pre-foreclosure rate is up to 77.8 filings per 1000 households, an increase of 115 percent from last year, some are seeing opportunity rather than doom and gloom, mostly foreign investors, who are flocking to the Las Vegas condo market for great deals and bargains.

While obviously not good news to those losing their homes, Canadian investors – who are seeing much more purchasing power from the Canadian dollar versus the American dollar – are the ones who are turning this scenario into opportunity by entering into the Las Vegas condo foreclosure marketplace by storm.

Since Canadian banks never issued sub-prime mortgages, the Canadian real estate market has been capable of absorbing the cost of unsold units and has not suffered mass foreclosures. Toronto is the center of economic power in Canada, and is one of the more dense cities on the continent with a highly effective public transport system. Couple these with the fact that Canada is expected to profit the most from the advent of global warming, and you have a vibrant city whose real estate market and home values have nowhere to go but up. And now they are looking at Vegas as their suburb!

Could it be coincidence that Southwest Airlines are adding more Las Vegas flights to and from Canada to accommodate a new agreement with Canada’s WestJet Airlines?

As the nation’s financial markets struggle to regroup in the wake of the credit melt-down, those investors (whether they be from Canada, Dubai, or just high net worth individuals living in the States looking for foreclosure bargains) need to do their homework now by finding a knowledgeable Las Vegas based foreclosure specialist and pounce on these great Las Vegas condo foreclosure bargains before the marketplace corrects itself – which may happen sooner than expected in the Vegas market.

By: Ron Costa

In 2005 and 2006, Las Vegas high rises began a real estate boom that would have far-reaching consequences. Some of those projects, such as Veer Towers at CityCenter or One Queensridge Place, were well managed and are now part of a niche market. But many others failed and exist only in the minds of architects and on outdated web pages.

Because of these abandoned web sites and misplaced press releases, investors who don’t live in Las Vegas have expressed frustration in their attempts to sort out which projects have been completed or abandoned.

While the following list isn’t complete, it should be a good starting point for investors who need to refocus their energies.

A List of Canceled or Delayed Las Vegas High Rises

Club Renaissance was scheduled for downtown Las Vegas and its developers hoped that it would be able to compete with the elegance of the Soho Lofts or the Newport Lofts. However, funding fell through and construction never began.

Initial sales for Vegas 888 were impressive and within its first preview over $120 million dollars were made through contracts. At $750,000 for a mere 800 square feet residence, investors complained that units were overpriced. This, and rising construction costs, made sure the project never got off the ground.

The Residences at Harmon Hotel & Spa was not canceled because of financing. Instead, it was canceled because of serious problems encountered during construction. The Harmon Hotel & Spa is scheduled to open at CityCenter in late 2010.

Construction began on the Spanish View Towers & Homes in 2006. However, the project fell behind and rising costs and financial difficulties led to foreclosure.
TheSt. Regis Residences, part of the Venetian and Palazzo complex on the Las Vegas Strip, was scheduled for completion in 2010. Construction on St. Regis began before The Palazzo, yet the Palazzo is already open. The developer of the project, Sands Corporation, halted construction so that it could focus on raising more money.

And according to a 2009 article in the New York Times (03/05/2009), other notable but never-realized condos include Las Ramblas, a project once backed by the iconic George Clooney; Ivana, a 74-story tower by Ivana Trump; and a downtown condo hotel by chef Charlie Palmer.

Luxury Condominiums that Rekindle the Fire of The Strip

With the cancellation or delay of the above projects, there are far less Las Vegas high rises than originally planned. In addition, the Vegas condominiums that survived did so by creatively occupying a niche market.

Veer Towers, Vdara, Newport Lofts, and several others represent the best of the high rise market. However, there is a dearth of experienced realtors who are prepared to guide their clients to the correct decisions. Performing a single Internet search on high rise condos reveals web pages that haven’t been updated in years.

Organizations like Thompson National Properties, and their residential subsidiary LVHighRise.com, will help investors stay up to date with current and planned Las Vegas high rise condos. Their trained team, which is connected through a myriad of sources, works to stay abreast of trends in the local market to continually provide their clients with relevant investment material.

By: Kim Barry

Closing a real estate transaction is an emotional affair, where the buyer is filled with a sense of owning a property of his choice while the seller is jubilant to get a handsome return for his property in monetary terms. However, apart from emotions, there is lot more involved while closing a real estate transaction. The process involves a legal transfer of ownership of the property requiring a lot of legal paperwork.

Real estate closing could be described as involving two individual deals:

o The agreement between the buyer and the seller regarding the transfer of ownership of the property

o The agreement between the buyer and the lender regarding the terms and conditions of the mortgage.

The people involved in a real estate closing include the seller of the property, buyer, mortgage lender, a closing agent, an attorney, legal representatives of both the parties. While making the transaction, both the buyer and the seller are required to sign several documents including the mortgage note, mortgage or deed of trust, HUD-1 settlement statement, final TILA statement and the certificate of occupancy. Before signing these documents, one should always read and review them carefully in presence of a legal consultant.

There are certain documents that must be attached at the time of closing. These include the home appraisal and inspection report, homeowner’s insurance and mortgage insurance, good-faith estimate, contract, proof of title search and insurance, and even the flood certificate.

Apart from the cost of the home, there are several other expenses involved during a real estate closing. All these expenses are collectively termed as closing costs for which the buyer should always be prepared.

By: Pauline Go