Vegas Real Estate Pros

Hope on the Horizon for Las Vegas Housing Market

2008-02-24T10:17:00.000-08:00

The state of the housing market has been in the news constantly for the last year, with very little, if any, news providing some hope. However, the data over the past six weeks indicates that there is some hope on the horizon. As shown in the following graph, the inventory of resale single family residences has dropped considerably from its peak at the end of July 2007 while the demand (measured in contracts being written; status of pending or contingent in MLS) has surpassed its value the same time of last year. This convergence is what we have been waiting for allowing Buyers to be more confident going into the market.

This situation is supported by the fact that the new home permits drawn remain extremely low; almost 90% down from the same time last year while a good portion of the standing new home inventories have been reduced. Another key factor has been that the banks are now reducing the pricing on their bank owned properties in earnest. In some cases the reductions are greater than 30% at a time. It is now commonplace for multiple offers on these properties.

The majority of the gains made in the housing run have now been “given back” and much of the pricing seen in the market today could be equated to the first part of 2003 or earlier in some areas. From a Buyer’s standpoint this is a great opportunity to take advantage of the situation. We have had a great response to our “hot deal” sheets providing lists of properties, by area, that are the best value as measured by $/Sq. Ft. as well as our other popular subscription, “The REPO List” of bank owned properties. Both are available at info@vegasrealestatepros.com.

Las Vegas, Springs Preserve Grand Opening

2007-04-30T16:23:00.001-07:00

The historic Springs Preserve will be a different sort of Las Vegas attraction. The $250 million project will be unveiled and its gates opened on June 8^th. A 180-acre non-gaming cultural and historical attraction, the Springs Preserve is designed to commemorate Las Vegas' dynamic history. The Preserve features a 2,000-seat amphitheater, a mile of hiking trails with interactive museums, desert wetlands and eight acres of botanical gardens.

The site of ancient artesian springs serving as the area's water source before drying up in 1962 will be restored to prominence. Known as the birthplace of Las Vegas, the site of the Preserve was once home to bubbling springs which provided a water source for Native Americans who lived there thousands of years ago. It also sustained travelers of the Old Spanish Trail and Mormons who came to settle the West.

The Springs Preserve experience will include colorful desert botanical gardens, museum galleries, outdoor concerts and events, a historic photo gallery and a series of walking trails that meander through a scenic wetland habitat. Discover the cultural history of the Springs Preserve and water's pivotal role in the development of Las Vegas and the diverse groups of people who relied on the Las Vegas Springs for survival.

Visit a Native American dwelling and experience what life was like hundreds of years ago. See a historic railroad car and experience the dramatic beginning of Las Vegas through a re-enactment of the famous 1905 Las Vegas land auction.

Listed on the National Register of Historic Places since 1978, the Preserve is located approximately three miles west of downtown Las Vegas and represents one of the richest and most unique cultural and biological resources in Southern Nevada.

Explore the live animal exhibits and see a variety of native mammals, reptiles and invertebrates. Learn how desert animals have adapted to survive the extreme temperatures and dry climate of the Mojave.

Pop your head into the desert cottontail exhibit and view the animals through domed windows. View desert tortoises, kangaroo rats, pocket gophers and others as they beat the heat in their underground burrows. Enter a bat cave and discover the intriguing world of these nocturnal desert dwellers.

This exciting attraction offers a unique cultural experience for people of all ages. Young people will get the chance to engage in games, activities and interactive multimedia in this exciting hands-on experience.

Last Week in the News

2007-03-30T16:26:00.001-07:00

Nationally, the sales of existing homes unexpectedly rose by 3.9% in February, the largest monthly gain in three years according to a National Association of Realtors report dated March 23. The price of a median home sold last month dropped to $212,800, down by 1.3% from the same month in 2006. This decline represents a record seven straight months that the median home price has fallen.

Construction of new homes and apartments rose 9% in February to a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported March 20. Construction had fallen by 14.3% in January. Even with the better-than-expected rebound, construction activity remained 28.5% below last year's level.

Builders' applications for new permits, considered a reliable gauge of future activity, continued falling in February, dropping by 2.5% to an annual rate of 1.53 million units. That marked the 12th decline in the past 13 months in building permits.

Federal Reserve policymakers announced on March 21 that they would leave the central bank's key federal funds rate ~ the rate that banks charge one another for overnight loans ~ at 5.25%, where it has remained since June 2006.

The Las Vegas real estate marketplace saw the supply of existing homes rising faster than the demand. The ratio of listings (supply) to pending-contingents (short term demand) for March was 3.4 with rising prices. This means there were 3.4 listings for each property designated as pending or contingent. Currently, the ratio is 6.6 and rising with negative price tendencies. The median price for single family residences is currently at $310K

Las Vegas Market Update

2007-02-13T16:17:00.000-08:00

2006 real estate closings represent the third highest volume of homes sold on record. A few key indicators used to forecast the direction of our local market include, number of new business opportunities and major project developments, as well as changes in new home building permits and interest sensitivity.

We expect interest rates to remain steady for the first six months of the year. The World Market Center, along with the Lou Ruvo Alzheimer’s Center represents only a few examples of the diversity of businesses coming into the Las Vegas market place.
A noticeable decrease in new home building permits, down 30.3% from last year, appears to signal a slow down in production from new home builders. This decline represents an effort by new home builders in reducing their new home inventories presently available. According to Larry Murphy, Salestraq “Sometime in the second quarter, the lack of supply in the new home market should bode well for the resale market.”

WHAT THE DATA MEANS TO YOU

Buyers:
• Favorable rates with little changes expected
• Housing inventories (New and Resale) provide considerable selection
• Opportunities available ~ High-Rise & Master Planned Communities
• Ability to negotiate favorable price & terms

Sellers
• Price homes competitively for maximum exposure
• Trade-up opportunities exist under current conditions
• Differentiation is essential

Welcome to VegasRealEstatePros.com Blog!

2007-02-13T16:16:00.000-08:00

Welcome to the VegasRealEstatePros.com Blog. Here you will find current information and discussion on the residential real estate market here in the Las Vegas Valley.