Archive for the ‘Las Vegas Real Estate’ Category

About Assembly Bill 284 (AB 284 NV)

Friday, November 18th, 2011

Real estate agents in Las Vegas are in tuned to the recently passed AB 284 that went into effect October 1, 2011 but those outside of the Las Vegas real estate market aren’t too up to date.

To sum it all up, AB 284 will delay the foreclosure process. How? By increasing the requirements necessary for lenders to foreclose. In light of all the robo-signing and the increased investigations of 14 major lenders for foreclosure fraud, this Bill is meant to be one of the solutions to this ridiculous problem.

While this most likely will expose fraud and give homeowners the ability now to obtain information on who is holding their mortgage, increasing paperwork and having it recorded through the county clerk is simply going to create a huge back up in the system. With various budget cuts, it’s unlikely that the clerk’s office is going on a hiring frenzy to keep up with all the work.

The number of foreclosure filings for Clark County have already significantly dropped in the past month since the bill went into effect, literally from once were thousands of filings a month now down to hundreds.

Again, this will reduce fraud and expose fraud allowing those involved to be prosecuted and/or fined accordingly which overall is in the best interest of all homeowners, however, the back up in the system is going to be disastrous. The market is already slow, it’s only going to slow down further.

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Las Vegas Foreclosures and Robo-Signing

Friday, November 4th, 2011

In most recent news, it has been announced that an independent group of consultants along with federal bank regulators will be looking into homes that were foreclosed upon by 14 major lenders between January 1, 2009 and December 31, 2010. Anyone keeping up with the real estate market knows that Las Vegas foreclosures were numerous during that specific timeframe.

After various complaints and suspicions, further investigations decided to be conducted to uncover any foul play by the lenders and their employees. Many of these corporations are being accused of “robo-signing,” the illegal processing and obtaining of signatures on foreclosure documents quickly without going through the proper procedures.

If, after thorough review of these foreclosures, the lender is found to have repossessed a home without going through the proper channels, former homeowners may be entitled to compensation.

Homeowners who lost their homes between the dates of January 1, 2009 and December 31, 2010 with 1 of the 14 listed lenders being investigated who believe that their primary residence was unfairly foreclosed upon can call 1-888-952-9105 and request a form to fill out and return no later than April 30, 2012. If the complain meets the requirements, more action will be taken to determine compensation.

For additional information such as the list of lenders and call center hours head to

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Las Vegas Homes: Spooky Housing Superstitions

Friday, October 28th, 2011

Over the years I have always been intrigued at just how much of a role superstitions play in Las Vegas. Lucky charms, lucky hats, lucky coins, lucky numbers even lucky rooms, visitors and locals alike go to great lengths to ensure that Lady Luck is on their side. Even casinos such as The Wynn have omitted floors ending in the number four as the number four brings with it bad luck.

These same kinds of superstitions have spilled over into the Las Vegas real estate market as well. Buyers have been known to avoid closing on a home on a day ending in the number four and they most certainly would not buy a home with an address ending in the number four. Why? The number four in Chinese sounds eerily similar to the word death. They are much more attracted to the number eight which is associated with riches or wealth.

Set aside bad feng shui and unlucky numbers and there are a slew of other spooky housing superstitions. St. Joseph sells houses. Did you know that a statute of the patron saint of selling homes is commonly buried in the front yard of homes with the hopes that it will speed the selling process?

No faith in St. Joseph? Protect your home from witches this weekend by putting fennel seed in the keyholes of your doors or in the door jams. Whatever the superstition, if buyers, sellers and homeowners believe in them they’ll continue to put them into practice no matter how silly it may seem.

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Another Look at the Las Vegas Real Estate Market

Wednesday, September 21st, 2011

It’s hard to always talk about the bright side of things when all the over arching themes seem to be continually gloomy. As a real estate agent, broker and investor, I too have to evaluate the market and be honest about what seems to be happening in the Las Vegas real estate market.

Here are the facts:

  • Resale home prices are at an all time low.
  • Las Vegas continues to be number one in the country for foreclosures.
  • Foreclosure numbers are declining slowly but because default notices continue to increase, the actual foreclosure count will remain grim.
  • The national average household income level has dropped to under $50,000.
  • While interest rates are extremely low, lending guidelines are much more strict.
  • The real estate strain includes not only residential but commercial properties as well.

So where’s the good news? Again, when all the surrounding statistics are ugly it’s hard to see much beyond that but HOMES ARE SELLING! Not only are they selling in about 90 days after being on the market, but Las Vegas homes are selling an average of 10-15 days faster than the national average!

Slow and steady wins the race friends. The market will one day return. I’m not sure we’ll see it rise to those glory days of early 2000, but it will return. We’re all in this one for the long haul.

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Las Vegas Real Estate Market Review

Wednesday, July 20th, 2011

We are getting straight to the point today, taking a snapshot of what has been happening in the Las Vegas real estate market since January 2011. We will be specifically addressing single-family residences.

Take a look at the graph below displaying data from January to May of 2011.

According to Clark County data from January to May there have been 15,749 single-family residences sold. Note that this is only SFR obviously the numbers are higher when you add all of the other property types. The up-down-up-down dips from month to month are just another indicator the market while not stagnant is still sporadic and the slightest economic change can altar sales numbers.

What Zip Code(s) to Watch:

Of all the zip codes in Clark County, 89031 consistently ranks the highest with the most monthly sales. This area in North Las Vegas is largely made up of the expansive master plan of Aliante. Aliante is currently selling at less per square foot than any other master plan in the Las Vegas Valley. This is most likely the reason 89031 is averaging the sale of 145 single-family units a month. Two other areas with sales in the hundreds every month are 89148 – Rhodes Ranch area, 89052 – Anthem/Henderson area.

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