Michael Shankman Selling Las Vegas 702-498-3383

MGM Grand Las Vegas

Condo hotel

We need to sell these MGM Grand units quickly!!

21st floor studio-strip view...only $385,000

25th floor-studio-strip view..only$415,000

Both are located in the best of the 3 towers-145 Harmon.

Use them as a vacation home and also put them into the rental program with MGM to offset some of the carrying costs.

I have many more studios available with strip views . Prices have come down quite a lot.

Now is the time to buy!!!

Michael Shankman

Liberty Realty 702-498-3383

mshankman@hotmail.com

www.lasvegashighriseagent.com

*****For all your MGM Grand condo hotel resales*****

Call 702-498-3383 for any questions about available units!!!

I saw this article in the New York Times today. I think it points out exactly the market we are in.

Dear Home Seller, Dear Home Buyer: An Exchange of Letters

By RON LIEBER

A few years ago, when multiple bidders would show up at a real estate open house, the truly desperate resorted to writing love letters to the sellers.

Their plaintive scribblings painted a picture of first-time buyers chasing the American dream or growing families hungry for more space. The letters dripped with compliments for the property and ended with a plea for mercy (and a signed contract).

Today's real estate market, however, calls for a different kind of letter, less a fuzzy valentine and more like a cold splash of water. It's what you write to accompany a bid that is so far below the listing price that it cries out for explanation.

Inspired by the success of a friend who used this tactic, I drafted a sample letter that buyers who fear overpaying might send to homeowners. Then, I crafted a reply that confident sellers could fire back.

No seller would be happy to get a letter like this. The most powerful missives stoke doubt and create fear. Sellers who get them may be tempted to write off the bidders as low ballers. But it makes little sense not to at least reply, given the number of competing properties in most places and the difficulty many buyers have had lately getting mortgages.

The sample letters below, which I wrote after conversations with representatives of the National Association of Realtors and the National Association of Exclusive Buyer Agents, don't mention local economic conditions, comparable sales or other such data. You'll want to fill in those details yourself. But the templates below should work as a starting point.

One caveat is that you'll generally be relying on real estate agents to deliver your letter. Ask them point blank whether they intend to do so.

Dear Seller:

I'm writing to let you know that I would like to make a bid on your property. I love the area and am committed to buying a house nearby. And your home fits my needs.

But given that my offer is well below your asking price, I also feel I owe you an explanation.

First, consider the big picture. Nationwide, home prices in the first quarter of 2008 fell 14.1 percent compared with the same period a year earlier, according to the Standard & Poor's/Case-Shiller U.S. National Home Price Index.

That's the biggest decline in the 20-year history of the data. And just in case you're wondering, during the housing downturn of the early 1990s, the decline was never worse than 2.8 percent.

Not only that, earlier this month, the National Association of Realtors pointed to the huge number of existing homes on the market. As of the end of April, the total number was 4.55 million. At the rate people are buying right now, that represents an 11.2 month supply.

So buyers have options right now. A lot of them. I'm no different. Your home is great, but it isn't unique. Few homes are. I know this may be hard to hear, since you've spent years creating memories here. But you may be waiting a long time if you hope to find a buyer with the same emotional connection that you have.

My mindset is hardly unique. We've all been reading the headlines. The accompanying stories appear prominently in major newspapers and sit on the Web pages where people check their e-mail every day. Everyone sees them, and the psychic impact is real.

Has your real estate agent laid any of this out for you? Maybe so, and you didn't want to believe it. But it's also possible that your agent, afraid of offending you and losing the listing, simply doesn't want to initiate that sort of discussion. It may be worth sitting down for a candid reassessment.

It will be tempting to view my low bid as an insult. Please don't make that mistake. Your home is genuinely appealing, and I wouldn't have written this note unless I was serious about buying it. Getting a firm offer in this market is an accomplishment. So congratulations!

Oh, and one more thing. You presumably need someplace to move. My guess is that you'll find these same points compelling when it's your turn to buy. You just might succeed in buying for a better price, too.

I look forward to hearing from you soon.

Yours Truly,

The Realist

•

Dear Bidder:

Thanks so much for your note. I'm truly glad that you like our home as much as we do. You're right that my family and I have many great memories of this place, and we hope someday you will, too.

And I just want you to know that I'm not insulted in any way by your offer. The fact is, none of us are very good at buying and selling homes. We don't do it often, and as much as we know we're not supposed to let emotions get in the way, it's hard not to. After all, few people buy or sell anything else as expensive as a home in their lifetimes.

That said, your offer disappointed me. You seem to believe that I'm not aware of how bad things are out there or that I'm in denial. But I do read the headlines, and I priced the house accordingly. I knew I might have to wait awhile to sell it.

I should point out that your data draws on what has already happened in the housing market. Instead, I'd ask you to consider what's about to happen.

One big reason for the falling prices is that it's harder to get mortgages. Lenders went from giving money to anyone with a pulse to demanding higher credit scores and larger down payments. All sorts of buyers simply couldn't make the numbers work anymore.

That may now change. Starting June 1, Fannie Mae and Freddie Mac, which buy mortgages from lenders and help make it possible for them to lend more money, are loosening restrictions on the sorts of loans they'll buy in many markets. That is supposed to make it easier for people to buy a home with a down payment of 5 percent, or even less. Many more qualified buyers should mean more bids, and I'm willing to wait to see if it turns out that way.

I know you talked about having choices, but presumably we wouldn't be engaging in this correspondence unless you liked my home best. Given that, I'd ask you to think about something: How often do you find a place that you can actually imagine living in? Sure, there's a lot of other properties out there. But an increasing number are in foreclosure and probably have problems lurking within the walls. So don't let fear of a falling market keep you out of a home that you truly want.

It's probably obvious by now that I'm not going to counter with a particular number. This doesn't mean that I do not want to negotiate. I'd just like you to consider what I've said and see if you find it convincing. In the meantime, other shoppers who are interested in my home now have a price to beat. So thanks for helping me out with that.

Just one more thing. Please take another look at whatever mortgage calculator you're using and see how your monthly payment will change if you brought your price up a bit. It almost certainly is not going to be enough to break you. But it may be enough to get us to a deal.

I look forward to your reply.

Yours,

The Undaunted

If you are thinking about selling or buying real esate in Las Vegas, please give me a call. I will always be honest with you.

Michael Shankman

Liberty Realty

702-498-3383

www.michaelsellsvegasrealestate.com

All the Las Vegas High Rises

Condo Hotels

Palms Place, Trump Tower, MGM Grand

Strictly residential high rises

Sky Las Vegas, Turnberry Place, Turnberry Towers, Allure, Panorama, Regency Towers, One Queensridge

Prices have come down..

Now is a great time to consider a purchase.

Michael Shankman

Liberty Realty 702-498-3383

www.lasvegashighriseagent.com

*****Las Vegas High Rise Condos*****

Call 702-498-3383 for answers to your questions!!!

Las Vegas is still growing- a new hotel, Fountainbleau, will open in 2009. I coped this article in today's paper.

The reopening this fall of the historic Fontainebleau Hotel in Miami Beach may set the stage for the late 2009 unveiling of the $2.9 billion Fontainebleau Las Vegas.

Fontainebleau officials are focused on opening the South Florida resort, which has undergone a $1 billion remodeling and expansion. Now, executives are starting to unveil some of their plans for the north Strip hotel-casino, which is expected to top out at 63 floors by October. The property will have 3,800 rooms, including more than 1,000 condominiums.

Howard Karawan, the chief operating officer for Fontainebleau Resorts, said he expects the Fontainebleau Las Vegas to be one of the most technologically advanced resorts on the Strip. An announcement is planned in a few weeks about a deal with a well-known technology provider that could enhance in-room offerings.

Karawan said the Fontainebleau's 150,000-square-foot casino will be fully outfitted for server-based slot machine technology. Even the pool deck will welcome technology. Fontainebleau has commissioned the design of new pool lounges that have pockets to keep wireless telephones and iPods dry but accessible.

"Our whole environment, from lobby on, is being designed to create something spectacular that will become an experience that makes the Fontainebleau a must-see resort," Karawan said.

Karawan said the Las Vegas project will get a boost from the reopening of the Fontainebleau Miami, home to legendary entertainers during the 1960s and a setting for the James Bond film "Goldfinger." The resort will be center stage later this year as host of the 2008 Victoria's Secret Fashion Show, which will be televised on CBS.

Las Vegas is a great place to live. The weather is fantastic compared to other parts of the country. Prices of homes have come down. There are some great deals on high rise condos and single family homes. Now is the time to buy!! Don't be one of the people who say, "I should have bought property back in 2008"

I will always be honest with you.

Michael Shankman

Liberty Realty 702-498-3383

www.michaelsellsvegasrealestate.com

Las Vegas is booming!!! New hotels are being built bigger than ever. Up and down the strip-new hotels are being built.

This article was in today's paper. ReviewJournal.com - Business - DEVELOPMENT: M Resort reveals big retail plans

More shopping is coming for the community at the south end of the strip. This should help the housing values in this area.

There are great deals right now on single family housing. Bank repos are priced really low. Buy now and wait 3-5 years for appreciation.

For all your real estate needs,

Michael Shankman

Liberty Realty 702-498-3383

www.michaelsellsvegasrealestate.com