The increase in active homes for sale from our last report is significant.  As of today there are a total of 13,370 Las Vegas homes for sale.  In the report from 2 weeks ago there were 12,122.  We can certainly expect to see this number fluctuate but a net difference of 1,248 homes is a large increase.  Many of these are no doubt short sales but I’m guessing there are two primary factors influencing this increase in inventory.  The first influence is unsuccessful mediation.  When a home owner defaults on the loan they now have to go through a mediation process.  In this process bank and borrower try to work make arrangements for a continued relationship.  Many times this meeting is not successful resulting in the homeowner putting the house up for sale.

The second factor effecting inventory is a decrease in buyer demand.  While there are still many buyers out there I believe the demand is decreasing and will continue to due so through the end of the year.  We will probably see the supply outweigh the demand.

Seven Hills real estate has the highest priced sold home in the last 30 days. Here are the listing agent thoughts regarding this home, “exquisite Mediterranean Estate, golf frontage, full strip views, elevator, wine cellar, library, exercise room, home theater/game room, hand crafted travertine and hardwood floors, casita, auto pocket doors, pella windows, 4 car garage, gourmet kitchen, full bar, total indoor and out door living.  Attention to detail like no other and so much more.”  No doubt the new owner is enjoying the comforts this home has to offer.

Homes For Sale
SFR – 10,847
Condos – 1,646
Town Homes – 877
Highest List Price – $17,500,000 – Same 2 Summerlin Homes
Lowest List Price – $15,000 – Las Vegas Condo 15/Craig
Short Sales Listed – 6,324

Homes Under Contract
SFR – 11,154
Condo – 1,819
Town Homes – 884
Highest List Price – $3,500,000 Same Queensridge Home from last report
Lowest List Price – $10,900 Same condo from last report
Short Sales Under Contract – 9,738

Homes Sold (Last 30 days)
SFR – 2,697
Condo – 451
Town Home – 237
Highest List Price – $ 3,990,000 Seven Hills Home
Lowest List Price – $9,999 Same condo on Flamingo and Paradise
Short Sales Closed – 1049

612 Desert Passage Street, Henderson, NV 89002

With 9,676 Single Family Residences currently for sale in the Henderson Real Estate area, it can be tough to find the perfect home for you. Well, we have just that. Located in the quiet outskirts of Henderson you will find the Horizon Heights community within which you will discover 612 Desert Passage Street. Horizon Heights is conveniently located on Horizon Ridge and Paradise Hills; near shopping, dining, and schools (including the College of Southern Nevada and Nevada State College) while still maintaining the small-town feel.

This home has recently had a price reduction (the second since it went on the market) to $129,900. Having sold for $365,661 in 2006; with the original list price on June 17, 2010 at $153,650, today’s price is irresistible considering the amount of home you are receiving. This home was built in 2006 with 3 bedrooms; 2.5 baths; 2 car garage; and 2161 square feet of living space.

Just a few of the amenities you will receive from this home are a gated community; tiles floors in the kitchen, dining and baths; custom cabinets; granite countertops in the kitchen; two stories of spacious living; balcony; and cemented covered patio. Although there are many great amenities in this home, it is a diamond in the rough and is just right for the home buyer who is looking to do a little sprucing up to make this house their perfect home. There are a few repairs required, but none measure up to the benefits of creating a one of a kind home neighbor to an array of Las Vegas homes.

Believe it or not, HOAs have been around in theory since the 1800s, but began to really take shape and authority in the late 70’s with the passing of the Clean Water Act. The Clean Water Act was created to reduce water pollution. It required that all new home developers create some type of holding area to collect any runoff storm water created by construction. In doing so, it prevented an abnormal influx of water flow to the surrounding properties and streets allowing for proper draining and natural filtration of any contaminants from the runoff. The collected water could be released, but only at the normal rate of flow.

Because these collection areas typically serviced multiple home sites, instead of just setting it on one piece of property, the developers housed it in a common area and created an HOA to manage the area. And so it is for this kind of maintenance and upkeep that HOAs are still in existence today. Las Vegas Homes are no exception. HOAs are everywhere.

Many HOAs have gone to great lengths to create rule after rule and regulation after regulation, issuing fines for residents who are non-compliant. While this is usually in the homeowner’s best interest as it keeps home values steady and preserves the cosmetic appeal of the community, it can be a bit frustrating. Ridiculous rules such as obtaining HOA approval for rocks in your desert landscaping plans and abiding by time limits on how long trash cans are allowed to sit out on trash day can cause more homeowner headache than benefit.

In recent times in the midst of the recession, HOAs are taking serious hits as Las Vegas foreclosures are on the rise. Homeowners are losing their homes and without residents, monthly HOA fees cannot be collected which creates a loss of income which results in less upkeep in the common areas. An unkempt neighborhood keeps homebuyer prospects at bay. They will simply go elsewhere.

One successful HOA worth mentioning is located in the Henderson Real Estate area. In March of 2010, the Pepper Tree HOA was recognized by the Henderson Commemorative Beautification Commission for their outstanding work in their community. Over the past year, Pepper Tree has been working on an extreme cosmetic makeover, painting, resealing, repaving, weeding, planting and mulching. As a result, they were awarded. Those living in Pepper Tree are enjoying the new landscaped scenery and you can bet their home values reaped the reward as well.

As we report on the Trustee Sale every month you can either go back to view the previous months blog for the Clark County Trustee Sale or just follow the graph below.  Commentary on the market events is included in each blog.  For convenience sake we will track trustee sale action within our targeted zip codes on this graph for each month going forward.  Readers will be able to compare data from month to month in one report.

Silverado Ranch Homes led all other master plans with 452 homes slated for auction at the trustee sale last month.  This is up from 407 homes the month prior.  The number of homes scheduled for auction depends on so many factors: whether homes are in the foreclosure process, whether homeowners are able to make alternative arrangements with the bank or if they file bankruptcy and then sometimes the bank makes decisions that will affect the auction.  There are several possible results at the auction.   For the Silverado Ranch area the results were that 94 sales were canceled, 236 sales were postponed, 26 homes were sold to a 3^rd party, and 97 were sold back to the bank.

The numbers I am about to discuss for Henderson Homes at the Trustee Sale actually do not include all parts of Henderson.  I like to identify the master plans of Green Valley Ranch and Anthem separately as shown on the graph.  Zip Codes 89011, 89012, 89014 and 89015 are the areas designated as Henderson.  The total number of homes scheduled for sale was 716.  Of those 124 sales were canceled, 403 sales were postponed, 41 sales were completed with a 3^rd party buyer and 148 homes were repossessed by the bank.

On a side note the total number for all of Las Vegas Real Estate are quite astounding.  For June 2010 a total of 10, 325 homes were supposed to be auctioned at the Trustee Sale.  Of those sales 2001 were canceled, 5692 sales were postponed, 593 homes were sold to a 3^rd party and 2039 homes were sold back to the bank. The pipeline is backing up substantially.

Active inventory had a huge increase over the last 2 weeks.  The amount of single-family homes rose by 426 units.  Short Sales for this category rose by 389 units.  Given the distressed nature of the market it is not surprising to see that most of the inventory jump is because of Las Vegas Foreclosures needing to be sold.

For the homes under contract, all of the inventory categories dropped from the last report.  Single-family homes dropped by 642 units, condos dropped by 75 units, and town homes dropped by 71 units and finally the number of short sales remaining under contract dropped by 694 units.  The changing of these numbers is important.  It means these homes were either sold (we can only hope), withdrawn from the MLS or could have gone to auction at the trustee sale.  If they went to auction and were purchased by the bank we will eventually see them on the market again when the bank is ready to sell them.

For the homes that sold in the last 30 days there are significant changes. The number of single-family residential homes that actually sold in the last 30 days changed dramatically, the drop was 2556 units.  Here is the good and the bad.  The good thing here is that this represents the sold category, not withdraws or expired listings.  All these homes actually sold.  The bad is that it would seem the amount of volume moving has slowed.  This is certainly worth watching in the near future.

Las Vegas Homes For Sale
SFR – 9348
Condos – 1478
Town Homes – 813
Highest List Price – $17,500,000 – same two Summerlin Homes
Lowest List Price – $14,900 – Bank Owned condo, 700 Square Feet.
Short Sales Listed – 5190
Las Vegas Homes Under Contract
SFR – 11747
Condo – 1942
Town Homes – 928
Highest List Price – $7,650,000 Same Equestrian Estate as last reported
Lowest List Price – $15,000 Little 1 bedroom condo at Flamingo and Paradise
Short Sales Under Contract – 10484
Las Vegas Homes Closed (Last 30 days)
SFR – 305
Condo – 467
Town Home – 291
Highest List Price – $6,000,000 an Estate Home in Southern Highlands
Lowest List Price – $15,000 same condo as previous report
Short Sales Closed – 1326