Posts Tagged ‘News’

The Great Las Vegas Real Estate Struggle

Wednesday, July 6th, 2011

Let’s just state the obvious: Real estate in Las Vegas is a little messy. We read forum after forum where homeowners are posing this question, “I can’t refinance my home, I can’t sell my home and my mortgage will be too high for me to pay this year what should I do?” Therein lies the great Las Vegas Real Estate Struggle.

We know that a large percentage of homeowners are upside down in their homes. Many of them greedily took out large equity lines that made the situation worse. Let’s not forget there were those who did in fact make wise purchases who too are in a dilemma. As housing prices continue to fall and are now lower than nearly any other city, the home values are not there and there is no room to refinance. The lending guidelines have become strict again and even if they weren’t THERE’S STILL NO VALUE! Many homes are worth less than half of what they were purchased for.

In most of these forums, the comments read “suck it up” “get a job” “you signed the papers” “short sale it” “rent it.” A short sale? Don’t think that just because one sells short that they are out of the clear. The remaining balance doesn’t just disappear. Many cannot pay on the remainder. Rent you say? That may be a valid option IF you can find a renter because everyone is doing this and the rent rates are highly competitive. Ugh. It’s a mess.

Even in the midst of a big mess, mortgage companies do want to work with the homeowners whether with forbearance agreements or setting up a payment plan that will work until something better can be arranged. A recent article by Yahoo! talked about banks cutting the principal balance on mortgages that were high risk such as the deadly Pay Option Arm. Who knows? Maybe yours will be cut or maybe they’ll just work with you through the mess. Regardless, the struggle is real and the struggle exists for the wise and the foolish, the rich and the poor. No one seems to be exempt from this one.



Welcome Home Nevada on LinkedIn

The Las Vegas Real Estate Market: What is really going on?

Friday, January 21st, 2011

In order to truly answer the question, so many other issues have to be settled. First and foremost, what is going on with the US housing market? Statistics are being posted hourly by real estate, financial and economical analysts and opinions and theories are being communicated by anyone and everyone every minute on Twitter. It’s a headache to sort through.

Here are a few things that we know about the US housing market:

  1. Foreclosures are at an all-time high (1 million in 2010 alone).
  2. Unemployment continues to rise.
  3. New home construction has been in a steady decline since 2005.
  4. Lending guidelines are more stringent and closing costs have increased in some states up to 50%.
  5. The ratio of homes available versus the number of buyers is unsettling.

Here are a few things we know about the Las Vegas real estate market:

  1. It had the highest foreclosure rate in the country for 2010.
  2. It had the highest unemployment rate in the country for 2010.
  3. Home prices are at a 14-year low.
  4. Population growth for 2010 was zero. ZERO!!!
  5. Building permit applications are at their lowest in five years.

The honest answer: If we are going by the statistics only, the Las Vegas real estate market seems dismal, but we can’t just go by the statistics.

Here are a few things we see that are HOPEFUL:

  1. Because statistics are so low, we’ve only got one way to go, UP.
  2. Because prices are so low, Las Vegas homes are affordable.
  3. Because the cost of living in Las Vegas is low and there is NO STATE INCOME TAX, businesses are relocating to the area.
  4. People are still buying homes, both owner-occupied and investment alike.
  5. Banks owning property (such as Fannie Mae) are accepting offers from owner-occupied buyers for the first 30 days before entertaining offers from an investor. They want Las Vegas residents!

Anyone buying a piece of real estate today must take into account all of their options. Make sure to talk to an experienced real estate agent to see if buying in Las Vegas falls in line with your goals.



Welcome Home Nevada on LinkedIn

The International Consumer Electronics Show in Las Vegas

Wednesday, January 5th, 2011

It’s official. The International Consumer Electronics Show (CES) is in town and with it nearly 2,500 vendors from the small shop to the monstrous corporation as well as an anticipated 130,000 attendees from all over the world.

While Las Vegas real estate residents often frown on this chaotic week of traffic, no parking spaces, long lines at restaurants, closures due to private corporate parties, booked flights, crowded hotels as well as all means of transportation completely overloaded, residents cannot disagree that CES brings a boost in the economy. Any local business owner or employee who works on or within a few miles of the Strip may find themselves exhausted by the end of the week but with a little extra money in their pockets.

This time last year Apple revealed the iPad. Nobody knows what new trend will be unveiled this week. From Tablets to e-readers, futuristic appliances, mobile phones, televisions and even something from Reece’s Pieces (really?) electronic junkies will be lining up.

If you live in Las Vegas and if you work on or around the Strip….

Take the week off. Seriously, take a look at the days and times when the hottest and biggest names in electronics will be presenting. Because they will likely draw the most numbers, travel during their presentations instead of before or after. If you can, avoid the craziness altogether.

The CES website has all the information available plus phone apps to stay in the loop as well as links to other resources such as the social media team which will be posting updates left and right on what was unveiled and by whom.

Good Luck & Welcome CES Visitors!


A Whole Lotta Blogging Going On

Friday, December 31st, 2010

2010 has been quite busy for us at WHN. We have found ourselves smack dab in the middle of many a Las Vegas real estate transaction, for which we are grateful. As we’ve been planning for the year ahead we took a look at our work and realized that there was a whole lotta blogging going on. With nearly 150 blog posts, we are proud of this little triumph and we will continue to develop it as our vision is ever increasing for Welcome Home Nevada.

Based on the research, reader interest (number of visits) and our enjoyment in writing about the topic(s), here’s our top ten favorite Las Vegas Real Estate blog posts.

  1. A Las Vegas Resident Favorite : The San Gennaro Feast
  2. Las Vegas Real Estate is Cleaning Up: Tamarisk Removal
  3. Finally! The Hoover Dam Bypass Bridge Reaches Completion!
  4. Pets and Thanksgiving Dinner
  5. Fremont Street in Las Vegas, Nevada: A Little History
  6. Vdara Hotel: A literal HOT SPOT on the Las Vegas Strip
  7. Water Quality in the Henderson Real Estate Area
  8. HOAs: Homeowners’ Associations and Henderson Real Estate
  9. Three Square Helps Fight Hunger in Las Vegas
  10. No Speed Bumps in Henderson, Nevada

Thank you for patronage. We appreciate you taking a little time to stop and read what is being written here. We raise our glasses to you toasting to a very fruitful new year to come.

Happy New Year!


Unclaimed Property Auction in Las Vegas

Thursday, December 2nd, 2010

Throughout the year, the Nevada Unclaimed Property Division (NUPD) accumulates property from abandoned safety deposit boxes. Because NUPD’s desire is to release the personal property to it’s rightful owner, they make numerous attempts to connect with them. If after a period of time they are still unable to make contact with the owner, the safety deposit box is then considered abandoned and the contents is added to the surplus of unclaimed goods held by the Nevada Unclaimed Property Division.

According to the NUPD, they currently are holding over $400 million dollars worth of unclaimed property. I would imagine that the attempts to connect with the owner can take months if not years and therefore, the items begin to add up. In order to reduce the surplus, the division auctions off the goods around the state at various dates and times throughout the year.

This Saturday, December 4 beginning promptly at noon, over 300 pieces of unclaimed property from Clark County residents will be auctioned off at the Grant Sawyer Building downtown at 555 E. Washington Avenue. The NUPD has provided a comprehensive list of all the items that will be auctioned on their website here. Simply look for the bright red “What’s New” box on the right side of the home page. Click on the .pdf announcement to view information in regards to registration and what is needed to purchase an item. Click on the .pdf catalog list for a detailed description of the items.

Ideally the NUPD hopes that the items will be reclaimed by their rightful owners at the auction this Saturday. However if not, this is an excellent opportunity for coin and jewelry collectors and auction enthusiasts to bid on some unique and valuable items.