Terri White

In the Las Vegas real estate market, we have noticed that VA loans have made a comeback in recent months. We had not seen VA loans much during the Las Vegas real estate boom, when appreciation was strong and mortgages were readily available to most homebuyers. But, with recent mortgage problems and challenges for buyers trying to take advantate of our "buyers' market," VA loans are a great choice for qualified buyers. VA loans offer advantages for both Buyers and Sellers, and to the improvement of the real estate market. In general, eligibility is limited to active and retired military personnel, as well as those who served in the National Guard or Reserves. The loans can be used only for single family residences, multi-family properties of 104 units, condominiums and townhomes. All income must be verified by W-2 forms, or, if self-employed, with full tax returns. Employment records must be verified. The Certificate Of Eligibility and a VA assigned appraisal are the major differences between VA and other loans. The advantages to the veteran are several: no down payment is required, no mortgage insurance premiums are needed and the buyer has a right to prepay without penalties or to assume an existing mortgage. Seller concessions of up to 4$ are allowed. Loan amounts have increased to $417,000, and in higher priced areas like Hawaii and Alaska, the loan limit is up to $625,500. For disabled veterans, property taxes may be reduced, as my VA funding fees. The applicant's actual credit score is not considered, as with conventional loans. The VA looks at the last two years of payment history, judgments and tax liens and collection accounts. Bankruptcies must have been discharged for 2 years. The VA requires a funding fee of 2% of the loan amount, which can be rolled into the loans. So, for eligible buyers, this is a great way to take advantage of today's low home prices. We have a lender who specializes in VA loans, and you can talk with her with no obligation. Just call us at 1-888-876-8383 or email terrilvp@cox.net. Las Vegas Properties

Las Vegas Housing Update

The Las Vegas Review Journal has published its monthly Market Report for the Las Vegas area. It was reported that Clark County increased its population by about 5,500 residents in June, which is an increase of 18% from the previous month. The number of people relocating to Clark County has declined 16% from 2007, but Las Vegas relocation is growing again. With Las Vegas real estate prices still falling, this is a great time for homebuyers who are relocating to Las Vegas, North Las Vegas and Henderson!

According to the Center for Business and Economic Research, the number of existing home sales increased to 2,731, which is almost 5% higher than the previous month; new home sales totaled 777 for the month, which was also an increase. The number of existing homes reflects the large inventory of foreclosure properties in Las Vegas; it is great to see some of that inventory being absorbed, which will help stabalize the real estate market in Las Vegas. We do not anticipate the end of the foreclosure crisis until late 2009, or early 2010, at which time prices on resale homes will definitely begin to increase.

Business, Gaming and Tourism

The Nevada Dept of Employment, Training and Rehabilitation reported that the unemployment rate for Las Vegas increased to 4.8%, which is still lower than many other large cities. Natually, the construction industry's loss of jobs in the real estate market decline has contributed to the unemployment numbers. The Center for Business and Economic Research Clark County Business Activity Index increased by .71% last quarter. This index consists of indicators of the overall state of business in Clark County. This index includes gross gaming revenue, nonfarm employment and taxable sales. Gross gaming revenue declined due to the drop in tourism over the past quarter.

The Review Journal "FUN FACT" - The Consumer Confidence Index increased from the previous month. The Expectations Index, which measures shoppers' outlook over the next sx months increased by 2% last month. This is a great indication of the overall economy in Las Vegas; it is still true that "when the going gets tough, the tough go shopping!." We are all optomistic as to the Las Vegas economy. We expect the real estate market to continue to improve, construction to resume on large mega resort properties and luxury condominiums...and for the Las Vegas economy to thrive! For any further details from this or any other economic report for the Las Vegas area, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

National Clean Energy Summitt

Las Vegas is more than entertainment, gambling and mega-resorts! This week's National Clean Energy Summitt was an exciting and interesting event. The conference was organized by Senate Majority Leader Harry Reid, and hosted speakers including T. Boone Pickens, President Clinton, governors from several states and energy experts at the University of Nevada, Las Vegas. More than 750 people attended to learn about the challenge of reducing America's reliance on oil, gas and coal by tapping solar, wind and geothermal energy. The details of the conference can be found in the press release by the National News Service.

Las Vegas Solar Facility

One of the most interesting aspects of this conference was the discussion by Rhone Resch, president of the Solar Energy Industries Association. Resch predicted that the Senate Bill 3335 will pass in September; this bill would allow for tax credits for solar, wind and geothermal power. Resch pointed to the Ausra solar equipment manufacturing facility that opened in Las Vegas in June, with a 130,000 square foot robotic assembly plant and 25 workers. This is an example of an industry that should realize incentives for "paving the way to an energy revolution."

Jon Wellinghoff, Nevada's first consumer advocate and a member of the Federal Energy Regulatory Commission, offered a three-step energy plan at the conference. The plan includes the government establishing short-term less-costly solutions to consumers, such as solar penales located on customers' premises. The second step involves steps being taken to enable renewable energy development, including proposed financial incentives for building advanced transmission line systems around the country. Third, the government should, according to Wellinghoff, take steps to electrify auto and truck transportation, including plug-in hybrids and electric battery vehicles.

The federal commissioner suggested that the government require its car fleets run on electric, provide tax breaks for electric cars, establish higher fuel efficiency standards and give loan guarantees for auto makers to retool their factories for electric vehicles.

Las Vegas Bank of America

Jim Thoma, senior vice president and manager of energy services at Bank of America, says the bank is already participating. The bank arranged $2,5 million in low-interest loans for the Las Vegas Valley Water District to use in building parking shades at the Springs Preserve with solar power panels. The debt bears low interest because the bank gets tax credits from making the loans, which is a "win-win" for both companies.

Nevada could also export solar power and geothermal power, which comes from hot udnerground water, to utilities in surrounding states. Lenders and investors are becoming more interested in renewable energy projects, according to Thoma, with significant growth in the ventural capital market for the renewal energy sector. This conference is exciting for Las Vegas and Nevada, in terms of both energy conservation and potential new business growth for southern Nevada.

What Do You Think?

If you have any opinions or thoughts about the ideas presented at the Las Vegas conference, please share them with us on this blog! For any additional information about the Las Vegas Springs Preserve, or other Las Vegas news, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

Las Vegas topped 100 million square feet of industrial space, with the addition of more than 1.5 million square feet during the second quarter of this year, according to Applied Analysis, a Las Vegas business advisory company.

Great Las Vegas Industrial Spaces at Premium Prices!

Among the most recent completed developments are the Northern Beltway Industrial Center, Venture Point Speedway and North Point Business Center in North Las Vegas. With the addition of industrial space, the vacancy rate increased slightly to 7.7% in the second quarter, compared with 7.1% in the previous quarter. This is good news for companies looking for industrial space, which has been offered at premium prices until this year. There are some great incentives for businesses signing new leases in the Las Vegas area.

Las Vegas Industrial Property Demand

Las Vegas industrial property demand has decreased, due to the overall economic conditions around the country, with fewer companies expanding or relocating to the Las Vegas and southern Nevada areas. The industrial market has started to feel the effects of a declining real estate market. The number of Las Vegas industrial buildings currently under construction is down from the 6.5 million square feet in 2007, which is the result of the short term concern over more supply than demand.

Signs of a Strong Las Vegas Leasing Market

Las Vegas industrial leasing is strong, with several major tenants having signed long term leasing on large warehouse buildings. Analysts expect to see the absorption of this industrial space during the next year; the construction of new industrial buildings has stopped temporarily, due to costs and lack of available financing.

Las Vegas Commercial Real Estate Forecast is Positive

The overall forecase for Las Vegas industrial and commercial real estate is positive. Las Vegas is still a popular choice among business owners; low taxes, lower land prices, corporation benefits, Foreign Free Trade Zone and favorable incentives for new businesses continue to make Las Vegas, Henderson and North Las Vegas cities that companies select when relocating or expanding.