Roberta LaRocca REALTOR® Las Vegas Broker Salesperson Property Management

At the northern end of the Las Vegas is where you'll find Silverstone Ranch, offering homes built around the Silverstone Golf Course. It's within the Centennial Hills community in the northwest valley. The subdivision and course are above Buffalo and Grand Teton Drive near the top of the community's boundary.

To the north are the Sheep and Las Vegas Mountain Ranges of the Desert National Wildlife Range.  Also to the north in part of the BLM designated conservation and recreation area will be the Clark County Shooting Park, one of the largest competitive and sport facilities in the country, that is scheduled to open June 2009. Just to the west is Floyd Lamb Park and Tule Springs, once famous as a dude ranch and where prehistoric mammoth remains have been uncovered.

The Master Planned Community of Centennial Hills is diagonally split by US Route 95, offering freeway access to the downtown of Las Vegas, the Strip, and McCarran International Airport. The 215 Beltway also dissects it east to west, currently as a 4 lane expressway, but is scheduled to be completed as a freeway around 2013. The 53 mile Beltway circles nearly ¾ of the Las Vegas Valley from I 15 North near the Las Vegas Motor Speedway, to the 515 / 95 / 93 Interchange in Henderson.

While still within the city limits of Las Vegas, much of Centennial Hills has a more suburban feel. Their are a wide variety of housing options found throughout the vast community, with something to fit most any taste or need. In the subdivision of Silverstone Ranch choices range from town and tract homes to luxury and guard-gated, wrapped around the 27 hole course with the fantastic mountain views.

I was out and about the area for clients this past Sunday, so here's a photo tour of Silverstone Ranch and Silverstone Golf Club to give you a little idea of what it's like. 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 events found in and around the Las Vegas Valley, CLICK HERE.

For those in golf homes in Las Vegas, Silverstone is the only course in that immediate area, and currently no others are scheduled to be built there. While a public course, there are a limited amount of private memberships, and to join you don't have to reside within Silverstone Ranch. More information is found at Silverstone200.com.

For my clients relocating to the area, there are tours available to show you the quality of their facilities. I can arrange for my home buyers to see what all Silverstone has to offer, a test drive with a round of golf, or lunch in the 34,000 square foot clubhouse dining facilities. For more details please watch my Silverstone Golf Club Video Presentation.
 

If you've been following my blog, you'll know that this trip to the north for Aliante and Silverstone on Sunday was at the opposite end of the valley from the day before. Saturday was spent at some of the southern golf communities, Seven Hills, and  McDonald Highlands. It appears there's a growing interest in many Las Vegas home communities as prices are now just too hard to resist.

If you are interested in relocating to Las Vegas 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!
 

A very busy day today, with my first showings in MacDonald Highlands, the prestigious guard gated community in Henderson, at the southern end of the Las Vegas Valley. The Master Planned Community is nestled in the foothills of the McCullough Range, often referred to as the Black Mountains, as they were formed by long dormant ancient volcanoes. It's next to the active adult community of Sun City MacDonald Ranch, and the nearby Green Valley Ranch.

The beautiful luxury homes found there are wrapped around the Dragon Ridge Country Club Golf Course, with many homes either along the course or with views of it. The elevation and terracing of the homes have many with spectacular views of the valley, including the lights of the Las Vegas Strip. These homes often have balconies to enjoy these sites, as well as interior custom amenities that bring pleasure to the eyes.

The homes were being viewed by a great couple, a doctor and his wife...who is also a doctor. Or I guess you could say a doctor and her husband...who is a doctor. My first pleasant surprise was to find out they're expecting their first baby. By strange coincidence, during our home tours we came across a very unique and meaningful custom feature at one of the homes, that none of us was expecting.

No, it wasn't the nursery and built in children's play stage in one of the former model homes. This was in a front garden courtyard entrance. As you passed through the gate you couldn't help but notice the delicate palm in the center. Then I noticed this tiny strange 'growth' on it. You may want to click on it for a larger image, and once the page opens, use the magnifying glass on the top right for a full sized dragable view, or you can download them there if you'd like, even for use as a screen wallpaper.

I have several palms at my own home. One just like this one only triple-trunked, fan palms, and even three large canary date palms, but I've never seen anything like this on any of them. This was something that was definitely attached to the palm frond.

It looked like a little bowl, with the opening not any bigger than a silver dollar. The courtyard was shaded at the time, so we all stepped closer for a better look. That's when we noticed something fuzzy was moving inside, two tiny creatures about the size of small in-the-shell peanuts.

Yes, these were two baby hummingbirds! It wasn't long before you could hear the hum of mum returning to the nest to take care of her newborns and keep them warm. I've seen plenty of hummingbirds around Las Vegas, but this nest in a palm was a first, and right by a front entry. It was a shame the light wasn't just a little better for 'high speed' photography today, and had the wide angle for taking interior pictures and not the zoom, but it was still amazing to capture the moment of this very unique feature of the home.

Now was it just a coincidence, or mysteriously appropriate, to be running into this new little family while showing homes to this expecting couple? For them a touch of Feng Shui, the good Chi of having hummingbirds in the garden on the north side of the home, representing love, ambition, and fidelity? I can't say for sure, but it was great to share this surprise of natural beauty with this wonderful happy couple while helping them search for their own new family 'nest', in addition to enjoying this exceptional luxury home community. Some of the unexpected uplifting side benefits of being a REALTOR®, I guess.

If you are interested in relocating to Las Vegas 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!
 

Yes, that's right, Las Vegas foreclosure listings are free. You don't have to pay fees for lists or subscriptions. You can search yourself, or I'll gladly send them to your email, with your specific requirements and price range all updated as new listings are available, with no obligation. Why? Simply because I pay to have listings for my clients, and glad to share them. If you use them it will save money, and save both you and myself valuable time and a lot of aggravation.

I've written about this before, but as the Las Vegas home market continues to heat up, so does the number of calls and emails I get for homes 'listed' on the Internet, that don't exist for sale, or at the price listed. Many come from foreclosure listing searches found all over the Internet. They offer teaser information, then may want you to register for a short trial, but then you must subscribe for a fee. Even after paying the price, the information can be somewhat limited.

This is very similar to the auction lists that have been advertised for decades. Enticing prices on cars or foreclosed homes, and even when you pay for this seemingly 'privileged information', it's often sketchy at best. The Federal Trade Commission Bureau of Consumer Protection wrote an article in 2000 called "Auction Guides: Not So Hot Properties", and what is in it can be applied to these paid foreclosure lists, either online or through the mail. Here's some excerpts that apply.

• Don't Be Mis-Guided -
  
  And when auction guides arrive in the mail, chances are that they contain far less information than you expected. Actually, it's information that is readily available elsewhere for free.
  
  
• Foreclosed Homes -
  -
  The same goes for foreclosed homes. Most well-maintained homes sell for close to their appraised value. The houses that sell for significantly lower prices often are in disrepair or in unstable communities.
  
  In addition, foreclosed homes are sold "as is." They don't come with warranties, and sellers aren't required to disclose any problems. Buyers, particularly those who don't pay for a professional home inspector before closing on the deal, may find themselves mired in unanticipated repair bills.
  
  
• Not Proprietary Information -
  
  Information about foreclosure sales also is available online, through the Multiple Listing Service, a database used by real estate agents, and through newspapers and other publications.

The same is often true for online resale home listing searches, and some of those leave much to be desired. Let's face it, where do you think they get their information? Yes, it's from the local multiple listing service that your local agent has, with this information able to be passed along by agents as it's entered directly into their system. These other online sites often have lags in updating from all the local MLS databases around the country, so it's not unusual for them to have some incorrect or out of date information that can waste your time, and mine trying to find them when they don't exist for sale.

Whatever part of the country, your local REALTOR® not only has these listings, chances are most of them offer their own online search where Bank Owned foreclosures are always included. There's no special or secret source. My searches for Las Vegas and the surrounding area are available at Search4LasVegasHomes.com, RobertaLarocca.com, and a zip code based search at my site hosted by the Greater Las Vegas Assn. of REALTORS®. You can browse at whatever one works best for you, and all you'd like. For FREE, it's on me!

If you want a very detailed search, with even more individual property details and all pictures available from the actual listing source, all you have to do is contact me with your specific needs. Besides a multitude of home amenity choices and price, it can be sorted to an area, a master plan, subdivision, school zoning and a number of other criteria. Once I input your requirements, the foreclosure and any other listing types you chose are sent automatically to your email.

You'll also notice the FTC mentions that foreclosures may have repair issues. That is normally true, but there are some in today's foreclosure crisis that are pristine, possibly never lived in and owned by 'investors' that were attempting to 'flip' the property. There are some that have had some restoration or cleanup performed. But yes, there are many that are in various states of distress. Every time I look at one it's a surprise, and price doesn't matter, it can be the same for homes well into the millions. Will it be immaculate, need some TLC, or is it destroyed and I hope I don't loose a shoe to the sticky carpet...if it's still in one piece? I usually don't know for sure until I walk in the door.

This is why I strongly suggest avoiding 'Foreclosure Fever' and think that they are the only deals to be found. Again, as the FTC article mentions, foreclosures are sold AS-IS, and no disclosures are provided to buyers. They may need repairs for an additional expense out of your pocket, over and above your mortgage payment. Even with a home inspection, it's quite possible that a homeowner that was unable to pay their mortgage, and aware they were losing the home, may have passed on investing more for maintenance.

Resale homes have to be very competitively priced if they are to sell in today's market. These homes offer disclosures, and the possibility to negotiate for repairs, something the banks are usually very reluctant to do. So It sure wouldn't hurt to look at all the deals that are available. It could cost you less in the long run.

Now to be fair, real estate agents don't have some of the 'Pre-Foreclosure Listings', although they may have them as short sales. Those are owners that are typically in arrears that have listed their home below the amount they owe on their mortgage. For a short sale to go through, the lender or lenders all have to approve the sale. This can often be a lengthy process, from a few to many months of waiting, and may or may not end up as a completed sale. While a much better success rate than when the foreclosure issues first surfaced, it's not always a pleasant outcome. Even lawyers can have a signed short sale agreement and the bank still foreclose, as I told in my post on a Foreclosure Seminar by National Media Legal Analyst, Las Vegas Attorney Bob Massi.

So what about the other pre-foreclosure listings? Well, those tend to add more confusion. These foreclosure sites harvest raw data from public sources, typically your local Recorder's Office where YOU can get that information. Unfortunately they may list ANY title action against a property, such as unpaid HOA fees or other title liens or transfers. That's why they often have more foreclosure actions listed than properties.

With these pre-foreclosures you have some that won't actually be foreclosed. Owners may be able to refinance during a redemption period before the sale. Some may be able to work with their lender for a loan modification or a forbearance agreement. Those aren't sorted out from these paid lists.

Now if you do find an actual pre-foreclosure, how will you handle that? You basically have 2 choices. Hunting down the property owners, that may or may not be residing in the home or wanting to chat with you, or you can follow through to the foreclosure sale, known as a Trustee Sale in Nevada. For the sale you'll also have to find the time and location it takes place, as they're published in legal notices.

In either case you'll first have to find a home that has a value higher than what is owed to the lender. That can often be difficult today with the decline in home prices. Homes that have a fair amount of equity can often sell at a competitive market price and avoid foreclosure. You'll have to know valuations to determine if the price you'll pay is comparable to others in the market. You'd have to complete your due diligence on the property, including home inspections, which can be pretty difficult if the owner is absent. Otherwise you'll most likely have to bid without knowing the property's true condition. You'll also have to be prepared to satisfy any other title actions up until the last moment of the sale. Even banks have had the occasional IRS lien crop up after they've taken possession, so that becomes your risk if you win the bid.

The complexities of pre-foreclosure buying is overwhelming for most, and why so many end up listed. I think you'll find that the majority of foreclosed home buyers purchase the Bank Owned REO's (Real Estate Owned) that you do find on the multilist. Contrary to what you may see on late-night infomercials offering foreclosure get rich quick 'systems', if it was easy and risk free everyone would be doing it.

The other benefit with an REO in today's foreclosure heavy market, is the MLS listing price is often less than the amount of the Trustee Sale. The banks take the loss, writing the property down with mortgage insurance amounts when applicable, and sellable market value based on a real estate Broker Price Opinion (BPO) that will normally reflect any damage done to the property. In some cases the property may have also been cleaned, painted, new flooring, appliances replaced, and other repairs done. This can range from the home being anywhere from near to move-in ready, minimising additional cash-on-hand needed above the mortgage, closing, and moving expenses.

Let me add a few other reasons why you should contact your local real estate agent. Even if you pay for a foreclosure list or subscription, you're still going to have to contact an agent to view or buy a bank owned foreclosure. By contacting one early on, you can possibly get some community insight, see their level of knowledge and customer service, and if they'll be right for you. That's much better than trying to track one down at the last minute to view and put in an offer.

REALTORS® can also assist you with getting pre-qualified for a mortgage, so that you aren't wasting time looking too high or low. I often get calls asking to look in a range for the price of a home, but not what monthly payment price range they want to stay in. Until you know the amount and interest rate that you will qualify for, and allow for any additional expenses such as HOA or Master Plan fees and special assessments if they apply, it's nothing more than a guess. The reason we have today's foreclosure crisis is because thinking about affordability wasn't a priority, and I really prefer my clients don't have their new home end up on any foreclosure lists. I'm sure they appreciate my concern for them. I think these foreclosure listings are only concerned that you pay.

If you are interested in relocating to Las Vegas 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!

The 'Help Me I'm Drowning Seminar' on foreclosures was presented by National and Local Media Legal Analyst, Las Vegas Attorney Robert Massi. This free and informative seminar was held at the Paseo Verde Library in the Green Valley Ranch community in Henderson.

Las Vegas locals will know Bob from his radio show, "Your Legal Hour with Bob Massi," that airs every Wednesday from noon to 1 PM on KDOX 1280 AM, or his news interview appearances and "Inside the Law" on Fox 5 Las Vegas Mondays at 4:45 PM and Wednesdays at 7:45 AM. He has been a national media legal analyst for 20 years, and has been with FOX since 1995.

Bob has been a practicing Attorney in Las Vegas for over 25 years. In addition to Real Estate, his areas of specialty include Business Law, Personal Injury, Wills, Trusts, and Probate, and Legal Consultation. He currently plans to have continuing legal seminars on a variety of topics, including one for real estate agents, at locations throughout the valley. In addition to tonight's community service seminar on foreclosures, he also provided everyone with a printed copy of the information presented, along with a CD of some other legal tips.

While you need to personally consult with an Attorney for specific legal advise, Bob wanted to give a general overview of the rights, options, and issues of homeowners facing foreclosures. He started with an explanation of the Nevada foreclosure process, it's general timeline, and the effects of 2nd or junior lienholders and other title actions. He not only gave his 'real world' observations of what is actually taking place, he included video interviews with other experts in industry related fields. Some of them were also on hand to answer questions.

Other topics included Forbearance Agreements, Loan Modifications, Bankruptcy, Short Sales, Deed in Lieu of Foreclosure, and selling on Assumption. Both he and his panelists offered their explanation and opinions of each subject, when they might be appropriate, and the down and upside of using them.

While these are available potential remedies, you need to determine which will be the best course of action in any given personal situation. Bob also mentioned that even though these helps are available, homeowners have to be realistic. If they only provide a temporary reprieve, it may be better to accept the foreclosure and prepare to move on.

One strong suggestion was, with the exception of REALTOR® commissions for a short sale, homeowners shouldn't pay for help with negotiating with lenders, and should be very cautious of the scams offering help or purchases. Those facing foreclosure can contact their bank themselves, but there is assistance and guidance available from non-profits at no cost. One that I've known, Consumer Credit Counseling Service of Nevada, was not only recommended, but represented in the expert panel interviews. More free help and foreclosure information, both in Nevada and nationwide, is available at HUD Guide to Avoiding Foreclosure.

Bob was very honest and addressed the reality of all these available remedies with lenders or the legal system. While often worth pursuing, the truth is they may not always work. It may depend on the individual's situation, and the particular lender they're dealing with. There is no cut-and-dried sure-fire fix, and talking with one person then another within the same lender can bring a different result. Speaking with Bob after the seminar, he told me he's experienced what has happened with many real estate agents. He had a client's signed short sale agreement, and the bank foreclosed anyway. That's just how ridiculous the situation has sometimes been, frustrating for all parties involved.

The news wasn't all bad, and the other side of the coin was discussed. Several lenders have recently become more willing to negotiate with distressed homeowners, and the current administration's plans potentially could bring even more on line. Here in Nevada, there may be additional help coming on the state level. A.B. 149, proposed by Assembly Speaker Barbara Buckley, would provide homeowners the right to request mediation for loan modification and delay any foreclosure Trustee Sale until it has been completed. Help for tenants living in a foreclosed property has also been proposed in A.B. 189, an issue I touched upon in my post on Las Vegas Relocation.

Another positive was the general consensus that the Las Vegas housing market has the potential to be one of the first to recover and rebound. This seemed to echo the expectations of National Association of REALTORS® Chief Economist Lawrence Yun. He made his comments while addressing the Rocky Mountain Regional Conference the day before at Green Valley Ranch Resort, which is coincidentally just across the street from this seminar's location.

Besides appreciating him as a fellow former Pittsburgher like myself, it's easy to admire Bob Massi's service to the community of Las Vegas, as it goes well beyond it. It's his passion to bring the law back to serve the people. His book, "People Get Screwed All The Time", offers real stories of the victims caught up in our legal system, and knowledge of how you can prevent these things from happening to you. You can get an idea of Bob's devotion to making change happen, here at his Windows Media Video.

I'd be lacking if I didn't acknowledge another service to the community. Winchell's Pub & Grill provided the complimentary appetizers for the seminar, and gave everyone a Buy One - Get One Free Entree coupon. Just more examples of the sense of community found here with neighbors helping neighbors, and why the Las Vegas Valley is such a great place to call home.

If you are interested in relocating to Las Vegas 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!
 

MGM Mirage City Center hotels began taking reservations for 2 of the $9.2 billion project's hotels. It appears Vdara will open first, as it is taking reservations for October 1, 2009. Aria Resort and Casino is currently taking reservations beginning December 17, 2009. This seems to follow what I had heard, that they will stagger the openings.

You can get a little preview of what each property has to offer in the way of rooms and amenities. Vdara website is at www.vdara.com. Aria Resort's website address is www.arialasvegas.com. While I've only had a moment to look at both sites, with what I've seen so far they appear to be quite stunning.

These openings are some good news in this economic downturn. It means the estimated 12,000 City Center hires will be heading to work in the near future. Many positions are typically filled before these opening dates, as staff training and facilities testing begins before the public arrives. So just this quick note for those that are looking forward to this project coming on line.

If you are interested in relocating to Las Vegas 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!