Nevada

Through October of 2009, there have been a total of 8,805 homes sold in southwest Las Vegas. This area is roughly everything west of the I-15 freeway and south of Charleston Boulevard. The median sale was a 3-bedroom, 1743 square foot home with a selling price of $154,000.

Here's a quick look at price, volume and financing trends in the southwest Las Vegas real estate market.

To find out more about buying or selling real estate in southwest Las Vegas, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 501-505.)

Through October of 2009, there have been a total of 4,896 homes sold in Henderson Nevada. The median sale was a 3-bedroom, 1800 square foot home with a selling price of $185,000. The median selling price for a single-family home continued to slide, falling to $188,000.

Here's a quick look at price, volume and financing trends in the Henderson real estate market.

To find out more about buying or selling real estate in Henderson Nevada, just give me a call at (702) 339-9700, or email me at JohnNovak@kw.com.

(GLVAR deems information reliable but not guaranteed. Data is for MLS areas 601-606.)

Southern Nevada - with communities of Henderson, Anthem, Summerlin, Green Valley, Silverado Ranch and Mountains Edge - is in the very eye of the tornado when it comes to real estate markets sucked into its furious spin. Home loan foreclosures here are now as commonly talked about as the weather. Many homeowners have given up on trying to hang on to their properties while some are tenaciously seeking solutions to stay on. The latter have several avenues to explore, either directly through their mortgage lenders or then with assistance from a legal counsel.

Now they have a new weapon to deploy. It's called the retro appraisal.

It simply is an appraisal that is based on a past date. It could be three years ago, or five years ago. Normally appraisals are done for the present to be part of a mortgage application, vouching for the collateral's value.

Lawyers representing Las Vegas homeowners in mortgage foreclosure cases, foreclosure mediations and home loan modifications can now rely on these retro appraisals. The basic argument is that lenders were approving loans back in the day using inflated appraisals, largely ignoring any risk management protocols they may have had in place. As the infamous bubble was gathering steam the goal generally was to close mortgage loans as soon as possible for maximum profit and then sell them off to investors. The housing market was piping hot and everybody wanted to make the most of it.

A rather high number, put at 70%, of appraisals for mortgages were plenty overstated between 2005 and 2007, says Retro Appraisals, a firm that has created the back-looking valuation method. "The historical revised real estate appraisal is extremely helpful to a borrower or his or her counsel when seeking to modify a mortgage, defend against a foreclosure or take part in a court-ordered mediation," explains the company's co-founder.

This instrument can be truly effective in the more severely affected housing markets like Las Vegas and much of Arizona, California and Florida. The bubble really galloped out of control in them, artificially pushing up prices that then in many cases became the official appraisals for mortgages. If employed properly, it can be a useful bargaining tool.

For those of you interested in understanding some of the supply and demand issues around Water Rights in Nevada and the Colorado River Basin, as well as geo political wrangling, here are some links. If you would like own some Nevada Ground Water Rights, you need to call me, I have some very nice farm and ranch land listed with water rights.

California Recruits Water-Saving ‘Heroes' as Drought Drags On

Experts offer grim water outlook for NV, CA

Climate change to strain Colorado River

Lake Mead, Key Water Source For Southwestern US, Could Be Dry By 2021

Historic Colorado River Streamflows Reconstructed Back To 1490

Welcome to "The New Normal"

The Water Information Program

Colorado River Interim Guidelines for
Lower Basin Shortages and Coordinated Operations
for Lakes Powell and Mead

Current Colo. River Basin dry spell could be worst in 500 years

Basin

STUDY SHOWS CURRENT DROUGHT BAD BUT NOT THE WORST UNLV 2004

Future Of Western U.S. Water Supply Threatened By Climate Change

Climate Change Means Shortfalls In Colorado River Water Deliveries

American West Heating Nearly Twice As Fast As Rest Of World, New Analysis Shows

Colo. River pact updated

PIPELINE PLANS: Judge kills water ruling

‘Owens Valley is the model of what to expect'

Great Basin Water Network

Vegas water agency vows fight for groundwater plan
Judge denies SNWA motion to block more comment

Nevada ruling could burst Las Vegas pumping plan

As you can tell there is plenty of science and opinion involved in these discussions. One thing seems clear to me, we are using or soon will be using more water than we have available. The opportunity to purchase irrigated farm and ranch land is today. The chances this land with water rights is going to get any less expense in the seems very slim. One day you will not be able to buy it any price.

Today's Investors are buying water rights. Who is buying these Water Rights?

Water Rights laws and use are complicated, yet many parcels with water rights are available today, some at very reasonable prices.

Chris W. Miller is a Nevada Farm and Ranch with Water Rights Specialist
at ERA Brokers Consolidated Mesquite, Nevada

702-346-7200 or 435-862-5951
ERA Brokers Consolidated
Mesquite NV 89027

Mesquite Market

chris@mesquitemarket.com

Lincoln County Land Market

Nevada Ranch Properties

The only difference between me and a drug dealer...

“The only difference between me and a drug dealer is that my product is luxury real estate and helping high-profile figures hide their identity when partying in Vegas. Sin City and I are just another fix.”

– Aaron Auxier - "Hollywood's Connection to Vegas".

Celebrity Real Estate Agent Aaron Auxier

Aaron Auxier is responsible for selling many of Las Vegas' most incredible custom homes and high-rise condo penthouse properties (including setting the highest price-per-foot record in the history of Nevada). Aaron has been featured on CNBC, ABC, CBS, FOX, NBC, EXTRA, and more.