It is that time of year again, when everything goes on sale. Home builders are not that much different from retailers really, they concentrate on moving out statnding inventory to make room for newer models next year. Richmond American just announced it is having a three day sales event on its inventory of Las Vegas homes, from November 14 through the 16th on any quick move-in (already built) home. If you have been looking at a Richmond American home, next weekend will be the time to buy it.
Richmond American is offering up to 3% towards closing costs on new contracts for select quick move-in homes signed during the sales event that will close on or before December 31, 2008. One stipulation is that you utilize HomeAmerican Mortgage Corporation for financing in order to qualify for the closing cost assistance on the base price of the home.
If you don't fall in love with any of the standing inventory and end up buying a home that is yet to be built, Richmond American will throw in up to $10,000 toward home gallery options and upgrades for any home contracts signed during the sales event.
There are of course, certain restrictions and qualifications that apply in order to receive the promotion, which is why it is important to have your own agent representing you. If you would like to take a look at the Richmond American homes for sale, call me at 702-493-8033 or send me an email at info @lvrealty.net. I'll arrange for you to view the standing inventory available and take advantage of their special pricing.
Lennar-a-thon Tent Sales Event
The Lennar tent sale starts tomorrow. They are marking down prices on homes from 15% to 25% as well as offering special financing options. Call me at 702-493-8033 to find out how to receive an additional 1% off the purchase price. The Sale is Saturday, November 8th and Sunday November 9th.
Happy Halloween! The Las Vegas market is recovering from housing bubble. Investors and regular home buyers are snapping up property all over the city. Things are far from perfect, unless of course you are a home buyer. The market has experienced a 'perfect storm', driving down prices while raising home inventory. The result are some of the lowest home prices in the several years in the Las Vegas valley with a huge selection of homes and condos for sale.
With so many homes for sale on the market, its hard as a home seller to stand out from the crowd. The latest marketing trend is property auctions. The results have been mixed. The last major auction at the Las Vegas Country Club for some 80 Monterey condos was fairly successful, but there are still leftover condos for sale. Some companies have taken the idea further by having a strictly online auction, cashing in on the bargain atmosphere that auctions generate.
But property auctions aren't always the great bargains they are portrayed as. There are additional fees that tacked on to bid price that most first time auction goers were not aware of. These buyer's premiums can range from one to several percent of the winning bid price and can quickly wipe out any savings you might have incurred, especially on higher end properties. Properties will also have minimum bids in place that must be met or the property will not be sold.
Quite often these properties are bank owned as well, which means a longer closing time than a regular home sale. If time is of the essence in closing escrow, then you should avoid bank owned properties entirely.
There are plenty of great deals still out there. The number of Las Vegas homes for sale has been declining and the number of homes sold has surpassed last year's numbers. If you are thinking about buying a home or condo in the Las Vegas valley, feel free to contact me at 702-493-8033 or by email at info @lvrealty.net.
The gorgeous Henderson golf course community of Tuscany by Rhodes Homes is having a huge sale. Rhodes Homes has discounted several quick move in homes in three of Tuscany's beautiful neighborhoods. There are a total of 13 quick move-in Tuscany homes for sale available at this time.
There are seven Terrazzo homes available for quick move in. There are five different floor plans ranging from three to five bedrooms, 2,547 to 4,139 square feet. They also include several thousand dollars of free upgrades on a per home basis and two of the properties include casitas.
If you are looking for something on the course, there are two La Luna homes with golf course lots. They are the same floor plan offering five bedrooms, 4.5 bathrooms and a three car garage (3,431 sf). They are priced in the 400's with no options.
There is one other golf course lot in Avellino if you want a larger home. Avellino has three other homes for sale with thousands dollars of options. Call 702-493-8033 for floor plan specifics or to schedule a tour of the homes for sale.
About Tuscany
Tuscany is one of the premier master planned golf communities in Henderson and is located just a few minutes drive from Lake Las Vegas. Tuscany golf club opened in July of 2005 and is open to the public. However, residents will play t discounted rates. The club's centerpiece will be the Olde World Tuscan Village. It will feature a pub and fine dining restaurant, banquet and meeting facilities and of course, a golf retail store. The Tuscany clubhouse features a swimming and separate lap pool, cabanas, tennis, fitness center and lounge.
If you would like to receive listings of Tuscany homes, please feel free to contact me by email or call me on my cell phone at 702-493-8033.
The Las Vegas property auctions keep on coming! If you are interested in attending property auctions in the Las Vegas valley, you can subscribe to our blog or call 702-493-8033. Las Vegas real estate auctions have been getting a lot of press lately, the Lake Las Vegas auction held earlier this month was even mentioned in the LA Times. This latest entry will auction off 80 condos at the Monterey condominium community located inside the Las Vegas Country Club.
Bargains at Monterey
The auction will take place on Sunday, October 26th at Palace Station. Registration starts at 10 am. There are 80 plus condominiums that are being auctioned off. The properties up for auction may be viewed prior to the event. Auction attendees must bring a cashier's check and other items to the event in order to bid on properties. Condos may be purchased for as little as 3% down and certain rules and restrictions apply.
For listings of Monterey condos or information about the condo auction including bidding requirements and rules as well as scheduling a tour of the condos up for auction, call me at 702-493-8033.
With so many properties falling into foreclosure, real estate prices have dropped significantly in the Las Vegas real estate market. Homes that sold for $600,000 just a couple of years ago are now selling for $250,000. Not every home listed is a bargain, though. Many homes that have been foreclosed on have been damaged by the former owner or have been neglected. With so many properties flooding the market, normal resales are having to compete for buyers against short sales and foreclosures, causing home prices to fall. Bad news for home sellers but great news if you are buying a home.
Below I've put together my picks for the absolute best places to buy property in the Las Vegas valley. The criteria is based on past price, location, community amenities and of course, the actual homes themselves. Here are the top five:
Palm Gardens - this little secluded community is located on E Tropicana Avenue, just minutes from Henderson. The community has been meticulously maintained, has its own park with tennis courts, a roving security patrol and a guard gate entrance. The HOA fees are only $75 a month. Home lots are large enough to put in a pool with room to spare and the average home size is about 2,000 square feet.
Encore - this is an older neighborhood located just off of E Tropicana and Sandhill. The community features single and two story homes on large lots.
Aliante - if you want a home on the golf course at rock bottom prices, this is the community for you. Great amenities and some of the best deals available in the Las Vegas valley. There are brand new homes still available.
Seven Hills - probably the most gorgeous community in Green Valley. There are gated and non-gated communities to choose from, many with views of the beautiful Rio Secco golf course. Prices are nowhere near what they were just two years ago.
Madeira Canyon - this community got caught in the housing bubble. There are several homes that have fallen out of escrow and Pulte is motivated to sell them. The community has great amenities and views of the valley.
If you are looking to buy a home in Las Vegas or would like to receive listings from any of these communities, call me at 702-493-8033. Thanks for stopping by.
If you haven't been keeping up on real estate news in the Las Vegas valley, there have been several developers that have filed bankruptcy. Most of the projects involved were nothing more than a plot of land or the shell of a building, but not all. Lake Las Vegas resort filed some time ago and is auctioning off some property.
Bargains at Lake Las Vegas
The auction will take place on Saturday, September 13th, 4 p.m. The properties to be auctioned include 11 fully furnished condominiums with five selling absolute (studios to two bedroom units), 12 luxury homes (three to five bedroom, some fully furnished) and four homes sites.
Lake Las Vegas real estate offers some of the most luxurious residences available in the Las Vegas valley. There are luxury condominium communities and several neighborhoods of semi-custom and custom luxury homes. The community has several events throughout the year, not to mention various water sports and great golfing.
This isn' t the only auction coming up at Lake Las Vegas. There is a silent bid auction going on for four Bella Fiore homes. Program registration runs until 6 pm on September 15th, after which no further registrations will be accepted. The household having the accepted bids will be notified on September 16.
For listings of Lake Las Vegas homes or information about either of the upcoming auctions including bidding requirements and rules, call me at 702-493-8033.
With energy prices continuing to rise, many homeowners are looking for more ways to cut their expenses and make their home more 'green'. For Las Vegas residents, one of the biggest bills in the summer time is your electric bill. With temperatures still over 100 degrees, your air conditioner is running almost non-stop, especially if you live in an older home. That combined with your water bill can be substantial about five months every year. There are lots of things you can do to cut your utility bills and save money. Some are low or no cost, others will require a substantial investment. You’ve probably read articles or saw something on television listing things you can do to save on your utilities. Here are some things that you may not have heard about yet:
Solar screens: This is one of the cheapest ways to reduce your electric bills during the summer, especially if you own an older home. The sun’s rays not only heat up your home, but fade fabrics and carpet as well. The screens will block out about 85% of the sun’s rays, helping to cool your house down by several degrees, which translates into lower a/c bills. These screens still let in plenty of natural light, but block the UV rays. If you are handy with tools, you can make and install these screens yourself for a few hundred dollars or so, depending on how many windows you have to cover. There are also several companies in Las Vegas that will install these screens or you. Feel free to contact me for a referral at 702-493-8033.
Window Tinting: Basically the same concept as solar screens, tinting your windows can reduce the amount of UV rays that enter your home, causing heat and wear and tear on your furnishing.
Reflecting Roof Coating: Do you have a concrete roof like Spanish Tile or even a galvanized roof, you can apply this thin reflective coating over your current roof to reduce your power bills. Sound a little too good to be true? The roof at the Nevada Power service center in Henderson saved an average of 18% in their power usage in a 24 hour period and 37% in their peak usage time after having their roof done. The same principle applies to the walls of your home. There is a wall coating product that creates a radiant heat barrier all year round, helping to keep the heat out in the summer and in during the winter. You can apply it like paint over your home. The coating is also a fire retardent and will make your outside paint last longer. A study conducted by the University of Nevada Las Vegas (UNLV) in conjunction with Nevada Power, established that the Cerama-Tech coating reduced energy bills by upwards of 30% for cooling.
There are plenty of low cost things you can do. Proper maintenance on your air conditioner, including replacing your filters on a monthly basis, can trim your electric bill. Here are some other blog posts and articles from the web about reducing your utility bills. Will energy efficiency effect home buying? Vote here.
The Las Vegas valley has been going vertical for the last several years. Las Vegas high rise condos aren't just confined to the strip area or downtown, although most of the projects are located in the city core. I've put together my top five picks for the high rise condo market listing only completed communities (at least one tower fully built). My choices were based on location, community amenities, and price plus consumer feedback. If you are a high rise resident, I'd love to hear your thoughts, so feel free to comment even if your building isn't on the list. Here are the top five:
Sky Las Vegas - This was the first (and only so far) fully residential high rise located on the famed Las Vegas strip. Sky Las Vegas offers breath taking views of the strip and the surrounding mountains. The community offers a wide range of luxury amenities and is pet friendly.
One Queensridge Place - Located in the master planned community of Peccole Ranch next Summerlin, this community redefines luxury condo living. The community overlooks the Badlands golf course and is minutes away from two other courses. Penthouses start in the millions.
Palms Place - This is quite possibly the hippest address in Las Vegas. Palms Place offers more than just a place to live, it offers a lifestyle. Home to several celebrities and located on the Palms property, life at Palms Place is never dull. This is not just another high rise!
Park Towers - This community was built during the early stages of the high rise boom and sold out very quickly. Built in the Hughes center, the community is close to the strip and the airport but far enough away to escape the hustle and bustle of both. The community offers high end amenities, great security and privacy for its residents.
Trump Towers - Rounding out the list is the Trump International Hotel and Tower. Originally slated for a single tower, the Don added plans for a second tower to be built. Like other Trump luxury projects, no expense was spared. Italian marble flooring, Sub-Zero, Wolfe and Bosch appliances, plasma flat panel TVs and more in each fully furnished room. This is only condo hotel to make the list.
There are several other great projects around the valley that I didn't get list. If you have questions about the high rise market or are thinking about purchasing a condo in Las Vegas, feel free to contact me at 702-493-8033 or by email. I'd be happy to answer your questions or send you listings of current condos for sale. Thanks for visiting my blog.
Just a few years ago the thought of seeing gas prices hitting over $4 per gallon was unthinkable. Today, its a reality and the odds are prices will continue to climb and hit over $5 per gallon before the end of the year. Fuel prices affect everything, since the majority of goods in the U.S. are moved by truck.
Real Estate Industry
The effect rising gas prices have had on the real estate industry is two fold. Consumers are more concerned with commute time than they were a few years ago, making communities on the outskirts of the city less desirable (its still about location!). In response, developers have switched to mixed use developments, marketing them as live/work areas. Business owners can live right above their place of work, virtually eliminating the need to commute. The monetary savings in fuel costs is a large incentive. Other communities take it a step further by providing free transportation to other areas of town, like the airport and the strip (two of the largest employment areas in the city). As fuel prices continue to go up, I'm sure we'll see more communities offer these type of amenities. Redevelopment of older neighborhoods closer to the city core will also increase.
Energy Star
Almost all of the new homes built in the Las Vegas valley meet the minimum requirements for the Energy Star rating. Currently, a few builders exceed those requirements and build homes that are very energy efficient. To stay competitive with an increased consumer demand, developers are going to have to build even more energy efficient homes. Green buildings may become the standard in the next five years due to energy costs. But its likely that location will still play a huge part in the buying decision. It may effect resales of older, less energy efficient homes in the coming years. Those home sellers will be competing against more energy efficient homes for buyers. A rise in the number of "green" remodelers is a definite possibility and such remodeling may become a necessity to get top dollar for a resale home in the future, since it is doubful that energy costs will be going down any time soon.
Another high rise condo project has stalled, this time its the green project Sullivan Square. As with other projects, lack of funding is behind the project's collapse. However, unlike other projects, interest in owning a piece of it were high and the developer had enough funds contractually to complete the mixed use project.
Locally based Glen, Smith & Glen Development is now suing its equity partner in the deal, Harcourt Developments, a private company from Dublin, Ireland, which had agreed to finance up to $800 million for the Sullivan Square project. The lawsuit alleges breach of contract and breach of fiduciary responsibility by Harcourt Nevada for failure and refusal to fulfill its funding responsibilities according to the contract.
According to the contract filed with the lawsuit, Harcourt Nevada and its principal, Patrick Doherty, received a 60% interest in Sullivan Square in return for providing all funds for the development and construction. Oversight of the development and construction was the responsibility of Glen, Smith Glen, who also owned the land and had obtained the entitlements.
Glen, Smith Glen has charged in the suit that Harcourt never provided the necessary funds despite repeated attempts to collect them. It also alleges that Harcourt was trying to force out the Plaintffs so that they could assume control of the project. Harcourt repeatedly stated that funding was imminent and their principal personally met with them in February of this year.
This isn't Europe
Unlike European countries, punitive damages can be assessed should the lawsuit be won. In Irish courts the worst that happens is you pay what you owe (seems like there is no consequences for bad behavior). It makes you wonder if Harcourt is just gambling a little to see if they could bankrupt Glen, Smith & Glen and take over the project, thinking that there is minimal risk. They might be in for a big shock after the trial.
So Sullivan Square is now officially in limbo. I'm pretty sure the project will go forward, but as to who will be officially developing it is anyone's guess at this time. One thing is for certain, because of the amount of money involved it is going to be at least a year or two before anything is settled. As to the impact this will have on the Las Vegas high rise condos market, it will probably be minimal.
UPDATE:
A Clark County District court dismissed five of the seven claims against Harcourt by Glen, Smith & Glen. Judge Mark Denton dismissed the bulk of the claims due the lack of protections under the law to members of limited liability corporations, which is how the Sullivan Square development partnership was structured.
News - Las Vegas Real Estate by Jacqulyn Richey
