News - Las Vegas Real Estate by Jacqulyn Richey

When it comes to beating the odds, the Cosmopolitan is at the top of the list. Developer Ian Bruce Eichner defaulted on its $760 million dollar construction loan and the project went into limbo. The lender Deutsche Bank began foreclosure proceedings in January of last year. Things were looking pretty grim for the future of the project.

However, the Cosmo's luck changed in September when Nevada Property One, LLC (an affiliate of Deutsche Bank) bought the property out of foreclosure for a cool one billion dollars. The original contractor Perini Corp has been retained to complete the project.

The Cosmopolitan is a condo-hotel that will feature 3,000 condos upon completion. Sources say that the project currently has 1,800 units under contract.

Yet another year has come and gone. 2008 was a year for firsts, some good, others not so good. This has been a rough year for Las Vegas. People are still vacationing here, although the number of tourists is down from prior years. The construction industry was also hit, with several projects closing down due to lack of funding. Some of those bankrupted projects have been brought back on line, like the Cosmopolitan. Vegas also had the unlucky distinction of being the foreclosure capital of the United States (at least in some news reports). But even that black cloud had a silver lining. Home sales in recent months have exceeded those from the same months in the "boom years". The huge wave of inventory also helped to reduce home prices to a more affordable level.

If you haven't been a regular reader, I've put together a list of the popular posts as determined by reader traffic for the last year:

• Monte Carlo Fire
• Auction at Lake Las Vegas I was interviewed by Peter Giles of the LA Times about the event.
• Bankrupt Lenders this video is worth watching. You won't believe what they found.
• Real Haunted Houses of Las Vegas
• Vegas gets the Largest Green Building in the World Gas prices at the time were rising fast, so green projects were of interest to a lot of readers.
• Henderson gets its First Green Community
• Greening your House
• Top Five Henderson Condo Communities Top five lists are always popular and these are my picks for 2007.
• How Gas Prices have effected the Real Estate Industry
• Top Five Real Estate Bargains with so many homes on the market and banks desperate to get rid of their foreclosure inventory, prices have been dropping all year, making it the best time in Vegas history to buy a home here.

The fate of the Falls golf course at Lake Las Vegas is in the hands of a federal bankruptcy judge. U. S. Bankruptcy Judge Linda Riegle is considering whether to let a Texas company take possession of a golf course. She took a step toward letting Carmel Land & Cattle Co. foreclose on a $15 million loan for the course, but postponed a final ruling until at least next month.

One person in particular is watching the proceedings very carefully. The previous owner of Lake Las Vegas, Ron Boeddeker, could lose millions if the course went into foreclosure because he personally guaranteed the $15 million loan (which is probably worth less than the amount of the loan).

Arguements continue about the viability of the course, whether it will make money and its impact on the community. Lake Las Vegas Joint Venture sought bankruptcy protection earlier this year in July. Despite the filing, home sales continued in the community.

However, one of the main draws of Lake Las Vegas homes are the golf courses. There are roughly 1,600 completed luxury residences, ranging from estate size luxury homes to townhomes and upscale condominiums. Lake Las Vegas also boasts two hotels, various boutique shops, restaurants and a casino.

Its no secret that there are huge bargains to be had in the foreclosure markets of the United States. New home builder in Las Vegas are practically giving their inventory away in order to compete with the massive number of foreclosure properties on the market. With over a half a million jobs lost last month, the number of foreclosures may not be going down any time soon.

These numbers haven't been lost on foreign investors. Earlier this year, I written about the influx of Canadian real estate buyers snapping up property here in Las Vegas and other foreclosure heavy markets like Phoenix. I was reading an artice in the Financial Times about a Chinese real estate company with the biggest real estate website in China, SouFun. The company has organized a trip to the US that would focus on California, particularly San Francisco and Los Angeles and possibly Nevada to invest in real estate. So far the company is concentrating on areas that have high levels of Chinese population, hopefully making the area more comfortable for their clients.

Given that criteria, certain parts of the Las Vegas valley could certainly qualify. Home buying for someone living outside of the US is a little more complicated. If you are considering buying a home in the US, I have assisted several international clients buy property here. Call me at 702-493-8033 and I will be happy to assist you. Thanks for reading the Las Vegas Real Estate News Blog.

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.

Possibly Related Posts:

• Tuscany Builder Closeouts
• Top Five Real Estate Bargains
• Top Five Vegas Golf Course Communities

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.

Buyer Beware

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.

Over 200,000 off!

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.