Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR

Welcome Home to SW Las Vegas Communities:  Chateau Nouveau Condominiums

Chateau Nouveau Condominiums is a gated condo community in Southwest Las Vegas near the corner of Peace & Grand Canyon.  Amenities include a BBQ area, swimming pool, spa, exercise facilities (gym) and a clubhouse.

Chateau Nouveau is close (and walking distance) to many amenities - Restaurants, Shopping, Las Vegas Athletic Club (popular acronym LVAC here).  It is also close to the 215 freeway entrance at Flamingo or Tropicana ~ which provides excellent proximity to either the Summerlin Area or the south "Las Vegas Strip" employment and entertainment centers + UNLV and McCarran airport.

There are exactly 564 condominium homes in Chateau Nouveau Condos ranging from 770-1482 square feet (most have garages too!). Chateau Nouveau Condos were built in 2003.

Economic Conditions for the Las Vegas Valley September 2009

Housing Conditions:

• Foreclosure/Short Sale Listings (10/15/2009): Total Listings 10371; Short Sales: 4591, 44% of all listings; Bank Owned Listings: 2144, 21% of all listings. Short sale and REO listings consume 65% of total listings
• New Home Sales (September 2009, units sold): 422 Year Change -53.4% (excl condo conversions, highrises)
• New Home Sales (September 2009, median price): $208,240 Year Change -16.5% (excl condo conversions, highrises)
• Existing Home Sales (September 2009, units sold): 4168 Year Change +31.9%
• Existing Home Sales (September 2009, median price): $125,250 Year Change: -33.7%
• New Home Permits (September 2009): 396 Year Change -14.1%
• Rental Rate (MLS Monthly Average August 2009): $1477/month

My analysis: Distressed listings (foreclosures and short sales) are 65% of total listings. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Resale sold units and pendings remain impressive. Builders cannot compete with bank owned listing prices, thus sales remain lackluster. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand.

New Residents/Employment Conditions:

• New Residents (September 2009): 4669, Year Change -18.3%
• Total Employment (September 2009): 854,300 Year Change -6.2%
• Unemployment Rate (September 2009) 13.9%, Year Change +80.5%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve. New Resident Count will go down if no new jobs are created. Economists are hoping that City Center brings tens of thousands of new jobs. The Las Vegas Valley has lost -72600 jobs since April 2008, however there were 7400 new jobs reported since last month. I am not optimistic that City Center can pull us out of this slump. (see Tourism/Gaming conditions below!)Unemployment rate is painful.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (September 2009): 3,336,007 Year Change -3.5%
• Gaming Revenue (August 2009): $708,130,123, Year Change -6.7%
• Visitor Volume (August 2009): 3,402,171, Year Change -5.3%
• Convention Attendance (August 2009): 235,841, Year Change -58.9% (OUCH!, proving my point from what I am saying the last year!)
• Hotel/Motel Occupancy (August 2009): 81.4% Year Change -7.8%

My analysis: There is marked improvement in this sector from last month (major exception is convention business.) This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Gaming and convention business is big business and those numbers MUST increase for jobs to increase and for our entire economy to stabilize. Any convention attendance decrease of over 10% is extremely painful to this economy and all the overbuilt convention space.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion

Welcome Home to SW Las Vegas Communities:  Maravilla at Mountain's Edge

Maravilla at Mountains Edge is a subdivision in the growing Master Planned Community of Mountain's Edge tucked near the mountains in Southwest Las Vegas near the corner of Durango & Pyle. 

Miravilla at Mountain's Edge is built by Amstar homes starting in 2006 and they are still building!!  Feel free to call or email for current prices or for your free list of current homes for sale (new construction or resale!)

The home style is hard for me to describe as I believe it is a style in the Eastern end of the US.  Alleys provide access to your garages so the front of the homes have outline character and detail without the unsightly view of a garage.  All front yards are required to have desert landscaping (no grass).  Most of the private yards (not all) are courtyard or patio style so these homes may be a perfect fit for someone who is looking for a detached home without all the high maintenance of a large yard.

There are currently 417 single family detached homes in Miravilla at Mountain's Edge ranging from 1480-2471 square feet.

Welcome Home to SW Las Vegas Communities:  Yellowstone at Mountain's Edge!

Yellowstone at Mountains Edge is a master planned community tucked near the mountains in Southwest Las Vegas near the corner of Mountain's Edge Parkway & Quarterhorse.  Several subdivisions within the master plan are gated. 

Master Plan Community Amenities include a swimming pool, spa, exercise facilities (gym), basketball court, playground and a clubhouse.

Yellowstone at Mountain's Edge is built by Meritage homes starting in 2005 and they are still building.  Feel free to call or email for current prices or for your free list of current homes for sale (new construction or resale!)

There are exactly 725 single family detached homes in Yellowstone at Mountain's Edge ranging from 1256-3482 square feet. 

Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

• Active Listings (10/15/2009): 194
• Under Contract (10/15/2009): 412
• Sold September 2009: 99
• Months Inventory: 2.0

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

• Active Listings (10/15/2009): 115
• Under Contract (10/15/2009): 26
• Leased September 2009: 53
• Months Inventory: 2.2

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area: http://www.livingatrhodesranch.com/