Roberta LaRocca REALTOR® Las Vegas Broker Salesperson Property Management

In my last post I talked about the 78.3% increase in Las Vegas Home Sales for April 2009. It was the 13th straight month of year over increases, and Las Vegas Home Buyers and Investors have been grabbing up the bargains. For first time buyers that qualify, they have the added incentive of the $8,000 tax credit if they close on their home before Dec. 1, 2009.

I also mentioned in that post that real estate is local, even on the local level. This is where you need to have a knowledgeable agent working for you, as unfortunately there are so many generalizations in the media and elsewhere. Median price and price declines for an entire metropolitan area can be misleading.

There are homes available at median price in Las Vegas, and above and below that figure. A home buyer can be misled if they think that home prices are 'median' valley wide. While home prices have dropped valley wide and homes are offering tremendous values, much will depend on the area. While still a generalization, an article in The Las Vegas Sun about Median Home Prices in Las Vegas Zip Codes can give you an idea of what I mean.

In the article it states that 13 of 56 Las Vegas zip codes had median home prices under $100,000, well under the data source's median of $150,000 for the metropolitan area. The lowest median prices they found were $45,500 in 89101 around downtown Las Vegas and $39,000 in 89030 around downtown North Las Vegas.

On the other end of the scale you have their 1st quarter median listed for Henderson's 89052 that includes communities like Anthem and Seven Hills where they place the median at $260,000. Summerlin's 89135 and 89138 medians were at $270,083 and $285,000 respectively. You'll also notice that percentage of price declines goes across the board, and those will also vary even within a zip code, even down to various subdivisions within a particular community. Remember median is also only the middle number of all homes sold, so there will be an equal number of homes sold above and below the amount.

You easily see that price variation in the article's mention that the highest price per square foot of $320 was along the Strip. That's the highest for the entire valley during that quarter, yet the median price for the zip code area only came in at $247,500, which isn't the highest median valley wide for a given zip code.

So yes, location, location, location still plays a huge role in real estate values. Median and overall price drops only give you a wide ranging ball park figure. For you to determine pricing for your specific needs, you really need to look at comparable sales and their reported appraisal condition. Was a property sold that was appraised as a Excellent like new condition, or was it Poor and in need of rehab and additional investment? That is where having a good agent can be a tremendous asset for you to determine a home's real value.

In another article in the Las Vegas Review Journal, they say what I said in my last post, Home Buyers and Investors are gobbling up foreclosure inventory. The article states that first quarter sales are up 77%, even larger that last month's gains alone, and that inventory is being purchased at a faster pace than in other parts of the country, again why real estate is local.

Local SalesTraq tells of what most agents are experiencing locally. Banks are listing homes low to attract attention and competition and then waiting a while for highest and best offer, often at or above list. This isn't necessarily the case in other home markets, so using what may be happening elsewhere could be a mistake in home buying.

The article mentions another quote that homes under $200,000 that are very popular, are in shorter supply. This is also increasing competition for both home buyers and investors. Here you don't want to overbid and why you need to determine value, but you also need to know the reality of the market if your bid is to be successful.

Assuming you can underbid on a foreclosure because the banks are 'loaded' with them, might just have someone else getting the home. The media in general produces statistics that claim Las Vegas has one of the highest foreclosure rates in the nation. That's not the amount of homes going into foreclosure, but the rate based on population. It doesn't tell you that these homes are selling and keeping inventory down, or where the competition is found.

The article also mentions 'Phantom Listings', or homes that have been foreclosed by the banks that have yet to be listed on the MLS. They claim that only 30% have been listed nationwide. Unfortunately national foreclosure statistics aren't maintained by any government agency, and the private companies that the media often list as 'leading sources', have had their figures come into question.

I think any agent who has experienced Short-Sales can explain why some homes don't make it to market quickly. The RJ article states SalesTraq figures that the number of completed Short-Sales is around 10%, which is an improvement since when the housing crisis first began. Lender have been understaffed and slow to respond in many cases.

Another issue is that it's often difficult to figure out who exactly owns the loan, as many lenders are only loan servicers. Loans can be bundled among countless others and placed into traded securities which can make it difficult to sort through. Following homes through a foreclosure process, it's not unusual to see a property reconveyed, even multiple times, before one lender has clear title. Using raw data as the statistical site often do, it's possible that these changes in title may be inflating numbers of bank-owned properties.

There can also be further complications with property condition and even keeping up with prepping a home for sale. Demand for restoration services is often high and in severe cases of damage a determination has to be made if it would be better to invest more into the property for repairs or simply sell in it's condition. One property may be pristine with new carpets, paint and appliances, the next requiring repair. Some listings can be found as cash-only as by underwriting standards the home's condition won't permit it to be financed.

So my question is...does this statement of a 30% national figure of 'Phantom Listings' that have yet to reach the MLS apply to Las Vegas? It appears the inventory on the MLS has been moving quickly, so there has been demand. Local SalesTraq also states that while one month may only be a 'fluke', bank-owned home dispositions, or sales, have outpaced bank acquisitions through new foreclosures in March. So I'll let you decide if this nationwide overview figure necessarily applies to Las Vegas.

While foreclosures appear to still be with us and for some time into the future, don't let broad media statistics influence your buying decisions. You need to examine and understand the local market very closely, and determine what applies to your specific situation.

It's also unknown what condition or pricing may be if this demand continues, so at least shopping now will keep you in touch with what is happening. Median price or general reduction of values doesn't give you guidance, if it's not the specific area, community, access, or lifestyle where you want to be. Again, that's where the personal services of a knowledgeable REALTOR® can help you along the way.

If you are interested in relocating to the Las Vegas area or would like more information or have questions about Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

This according to the Greater Las Vegas Association of REALTORS® figures as reported here in the Las Vegas Sun. It's a 78.3% increase above April 2008 sales, and up 7.3% over the previous month's gains.

The article also noted a whopping 40% 'price drop', April 2008 to April 2009. Las Vegas foreclosed homes continue to dominate sales, driving down median price. Many first time home buyers are taking advantage of the $8,000 tax credit, all buyers the much more affordable pricing and low interest rates, while investors see opportunity in potential income producing rental properties.

There is a little more to this story that isn't discussed in the article. I think it's important for buyers to have a better understanding of these figures and what it means to them personally.

Remember that these reports are actually from sales that have taken place as much as 30 - 60 - 90 days prior. The figures represent the homes that have closed during the month and lag real time. The same will be true when you see increases in prices. They will have taken place previous to them being reported.

Of course prices have fallen and Las Vegas homes are very affordable today, but median prices aren't necessarily an accurate barometer or the entire Las Vegas home market. There are several reasons why this is true.

One of the issues is that investors are buying homes, sometimes in multiple numbers, and often the distressed foreclosure properties that require additional investment. Some of these homes may require extensive repairs that the average home buyer wouldn't be interested in dealing with. In some cases they are cash only as the damage makes them unable to be financed with a mortgage.

The credit crunch itself has been another issue. While it has eased considerably since the freeze of last fall, non-conventional or Jumbo Loans, which are those above $417,000, have been more difficult to obtain. This combined with the weak economy has caused a reduction in the number of sales in the higher tier properties that would typically offset the increased sales on the lower end of the scale. Easy to understand why the median prices can get skewed downward, as median is the middle number of all homes sold.

One last mention to understand Las Vegas home values, is location. The old saying "Real Estate is local" is true even on the local level. So is the saying "Location, location, location." While prices have dropped market-wide, there will be fluctuations in pricing in various neighborhoods. What you will find at 'median price' in one neighborhood can be totally different or not exist at all in another. Desirability still plays an important role in home pricing. That is why you'll typically find increased completion and multiple offers for the best properties in every price range or neighborhood.

While these reports do give an indication of the strong interest, don't be mislead by these very general statistics. You also need to pass on the hype of the sometimes ridiculous pricing that may be found on some internet home search sites, or late night infomercials with some extreme claims. Las Vegas home pricing has reduced significantlly, but those too good to be true prices usually are.

This often has many chasing foreclosure lists, usually with short free trials and paid subscriptions afterward. Often these sites have some unrealistic or unavailable properties. For Free Las Vegas Foreclosure Lists, every local REALTOR® with multilist access has them. They are among all listed homes from real estate brokers, as it's against federal law for the banks to sell their foreclosed properties themselves. This is true not only in Las Vegas, but across the country. They are also the most up-to-date, being the source database for the local area.

There are incredible bargains to be found in the Las Vegas home market and many are taking advantage of this unique situation of pricing, rates, and first time buyer incentives for those that qualify. Having a solid understanding of what is actually happening, and how it affects your personal home buying situation, can make your search and purchase a much more pleasant experience. That's why it's your best bet to have a knowledgeable agent working for you, to help guide you to find your best home value.

If you are interested in relocating to the Las Vegas area or would like more information or have questions about Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

With a nearly year round growing season, Las Vegas has some incredible plants and flowers. Coming from the colder climates of the east, it was such a pleasure to see so much color and life throughout the year. No more cabin fever from the dreary days of waiting for spring to arrive.

Of course there are many familiar plants and flowers that grow very well here and last so long. That wasn't much of a surprise, although visiting well stocked nurseries and garden centers in late fall, and what are considered winter months in most places, was a very different experience.

Then in spring, and many in our 'second spring' of the fall months, you have another surprise. The beautiful and unique blooms of the desert are added to the pallet. Even from plants and cactus you could hardly imagine, come these colorful and delicate flowers.

My in-house photographer took a number of shots from the yard, around the neighborhood, the trail, and the Cactus Gardens at Ethel M Chocolates. If you follow my blog you may recall the Holiday Lights Display at Ethel M, and it's one of many demonstration gardens available here in Las Vegas. Others are at Springs Preserve, that also has a Winter Festival of Lights, and a number of other gardens around the Las Vegas Valley for those that don't care to hike the trails or ride the rails to see all the desert in bloom. It gives you an idea of what landscaping you can use at your own Las Vegas home.

You can see these flowers in a Full Window Slideshow Here, or check out all the individual Las Vegas stills in my Picasa Web Albums, where they are available for download up to 1600 pixels wide for non-commercial use. So if you'd like a new Las Vegas screen wallpaper it might be worth a look.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

If you follow my Active Rain Blog, you probably know there are pilots in my household. So for us, being around airports large and small isn't an unusual experience. My better half is a former Public Affairs Officer, that among other things, was involved in organising and participating in a number of air shows over the years. They were always very well attended and that goes to show how much interest there is in aviation. With an estimate that less than 2% of the US population are pilots, he helped a lot of people get on the other side of the airport fence and he hopes he helped inspire a few careers along the way.

It's easy to see that level of interest here in Las Vegas. Day or night there's never been a time we've passed the parking lot on Sunset Rd., the runway side of McCarran, when there weren't people there watching the planes.

Attendance at the Nellis AFB Aviation Nation, featuring our hometown Las Vegas Thunderbirds USAF Demonstration Team is another indicator. Hundreds of thousands attend the annual 2 day air show on the base and thousands more watch from around it.

Aviation really starts at the smaller airports that are called General Aviation, suited for corporate, charter, and private aircraft, and often flight instruction. Henderson Executive Airport is a fine one with it's modern terminal building and flight school from Cactus Aviation currently scheduled to open in mid 2009. Maverick Airlines, a sister company of Las Vegas tour operator Maverick Helicopters, has also opened at Henderson Executive in the corporate office park that's springing up around the airport. Maverick offers tours and charter on their fleet of 18 passenger Beechcraft 1900D aircraft.

Also opened on the 2nd floor of the terminal building is Landings Restaurant. They are open for breakfast and lunch and are currently offering fine dining dinner on weekends. Of course they have the '$100 Hamburger', pilot speak for flying off to have lunch. They also have upgrades like their $200 Hamburger, and their house specialty The Million Dollar Burger that's topped with their popular secret ingredient....peanut butter! Of course they offer a wide variety of sandwiches and sides as well as a typical breakfast menu, but don't let those big dollar burger names fool you, it's reasonable priced.

Then there's the view at no extra charge. A variety of arriving and departing aircraft, fixed and rotary wing, along with some celebrities from time to time can be seen from the bird's eye view of the second floor. There's also an outdoor patio that not only has views of the runway, but of the Las Vegas Strip to the north. As you can see, the interior is decorated with all things aircraft, from pictures on the walls to models hanging from the ceiling.

Henderson Executive is conveniently located just off St. Rose Parkway with access to Interstate 15. It's also convenient to the executive homes found in nearby Seven Hills, Anthem and Madeira Canyon, and Toll Brothers Inspirada. Green Valley Ranch and MacDonald Highlands are just a short drive, as is Southern Highlands that is just across the I 15 from the new M Resort. It's no surprise Henderson Executive recently hosted 'Aircraft Experience', a show for corporate aircraft and luxury cars from Porsche.

Even if you're not into aircraft, it may be worth a business stop. Landings has plentiful natural lighting, and there's free WI-FI service throughout the terminal building. If you're in that part of town it could be a good place to stop for a bite or a beverage, review with clients or check your email.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!

This past weekend I posted about my trip on the Southern Nevada Railway train ride. Afterwards we headed over to the 24th Annual Boulder City Fine Arts Festival to enjoy the art and the food. The 2 day event was held in Bicentennial Park in the downtown area of the city.

I've also posted about Boulder City before, with it's quaint small town charm that is a sharp contrast to the big city lights and expansion of Las Vegas. While it has the largest land area of any city in Nevada, it's growth is limited by restrictions on building permits and the city itself owning most of the vast open land in the Eldorado Valley. If you checked out the pictures from the train you'll catch a glimpse of how large it is, and also the contrast between the desert valley and the neatly manicured downtown that almost appears to be caught in time.

As you can see, it's a well attended event, and just like it's busy main street with antique stores and outdoor cafes that you can see in the pictures in my Boulder City post. Yes, it's a popular place for locals and tourists, alike. Just over the hill from downtown there are homes with amazing views of Lake Mead. Parks and recreation abound with fishing ponds, RC car and boat areas, BMX tracks and trails, and much more. Boulder City also remains one of the places in Nevada where gambling is still illegal to this day, something you might not expect in Nevada.

Here's a few pictures from the Boulder City Fine Arts Festival, Bicentennial Park and it's surroundings. To watch full screen, instead of using PLAY, click the HD or Full Screen button on the bottom of the player below, and when finished click it again or use the ESC key to return.

The XML Flash player NOT embedded in your current posting location? Click here to view these pictures , or for all my Las Vegas Photoshows that include some of the interesting neighborhoods and other community activities found in and around the Las Vegas Valley, CLICK HERE.

These pictures are also available as higher quality large images that are downloadable in my Picasa Photo Album. Or you can view them there in this full window slideshow that's compatible with the Google Chrome Browser.

Boulder City's arts festival and it's many charming shops adds to the Arts and Culture and Community Events found in and around the Las Vegas Valley. The city itself adds another lifestyle choice among the many that are found here, making Las Vegas such a great place to call home.

If you are interested in relocating to the Las Vegas area or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!