Mesquite, NV

Hello again everyone. The Mesquite Real Estate Association of which I am vice President of, met Tuesday with Bryan Dangerfield the Director of Economic Development for the City of Mesquite and Josh Olmsted one of the owners for the Desert Falls International Sports Resort. As I have told you in previous blogs, Desert Falls is really a huge complex and quite a large undertaking. Mr. Olmsted, who I believe is very serious about getting this project completed, went into to great detail on what the resort was going to be like.

There has been a lot of skepticism as to whether or not the DFISR would ever be started let alone completed. However, according to Olmsted they intend to break ground just after the first of the year and the goal is to be playing on the new softball fields in 2010. When asked about funding for the company, Olmsted said that the developers are working with a trust and that Phase one of the project is fully funded. The complex, in case you weren't aware, is of course going to have the different sports facilities but also dining, shopping and housing. It looks to be a fantastic resort and is being compared to Disney World type resort rather than another sports complex.

Will it ever happen? Well as you know the developers have put a down payment of $316,000, and I don't think they will want to loose that. However, we will have to wait and see. If they break ground after the first of the year I will feel a little better. It has been delayed as most construction projects do but I can tell your that Mr. Olmsted and others seemed to be very determined to complete the resort and also to make sure that it is engineered correctly from the beginning. Remember folks this is a 500 million dollar project to be built over 5 years. It's gong to take a while but with the increase of tourist and jobs I believe that it will be a great asset for a town.

Torres Ramey

Broker / Salesman

702-371-2785

E Mail: tramey@rconnects.com

550 W. Pioneer Blvd. Ste 100

Mesquite, Nv 89027

Sun City Mesquite by Del Webb in Mesquite, Nevada is pleased to offer this JOSHUA STUNNER!!

This is by far one of the best layouts of any home on the market today! Featuring 3,075 spacious sq.ft., DUAL MASTER SUITES with a 3rd Bedroom & private bath + seperate Powder Room, Bonus Room (great for a game room, library or pool table), 3-Car Garage, with beautiful interior selections which include granite kitchen countertops, stainless steel appliances, upgraded 18"x18" tile thruout, along with an elevated homesite!!

All for only $363,215 (the price has been discounted by $50,000)!! Plus, if you purchase before the end of the year, you will have a choice of a FREE Golf Cart or a FREE Annnual Golf Pass for 2 at the new Conestoga Golf Course!!

For more information, please contact:

Lila Williams, Sun City Mesquite Sales Team

Office: 702.345.3992 Cell: 702.357.6056

Days Off: Mon./Tues. Office Hours: 9am - 5pm

email: lila.williams@delwebb.com

website: www.suncitymesquite.com Conestoga Golf Course: http://www.conestogagolf.com/index.php Sun City Mesquite Video: http://www.youtube.com/watch?v=Xo_YcdGUdFM

Just a quick entry to let everyone intereseted in the Desert Fall Sports Resort that is possibly coming to Mesquite, NV., I will be meeting with the Economic Development Director and the Owner of the Project on Tuesday the 27th or October. I will be sure to update you on the resort shortly after.

Torres Ramey

Broker / Salesman

702-371-2785

E Mail: tramey@rconnects.com

Mesquite Market Quarterly

Third Quarter 2009

By Chris W. Miller ABR, CRS, GRI

Sales are up and prices are down and falling!

Beware of pending home sales numbers, the conversion rate from pending to actually closed transactions is falling daily as deals blow up. Pending short sales in general are not closing. When you hear pending home sales, it is a misleading indicator.

In Mesquite we actually closed:

Median Price $ Per Square foot

39 Resale Homes $192,400 $113

13 New Homes $208,984 $125

15 Condos $87,500 $77

29 Town Homes $130,000 $88

Total 93 closed sales $150,900 $99

43 of the total 93 were distressed properties.

229 listings went out of the active inventory as failed. Active available listed residential property remained stable at around 400 with over 60% vacant.

221 new listings were added to active and 85 of those were distressed properties, either short sales or bank owned (REO) foreclosures. "Notice of defaults" continue to increase. Between Spet. 1 and Oct. 12 there were 54 NOD's filed in Mesquite, that is 9 per week!

2 vacant lots sold in Calais and averaged $125,000.

No commercial transactions closed. Vacancy remains at historic high rate in all catagories.

The market is averaging around twenty active resale listings at Sun City, but you would never know it since they do not allow signs, period, even inside your own window.

Over 50% of the current pending transactions are distressed properties. The banks are holding more and more real estate as defaults rise and individuals realize they are stuck as well. Unrealized bank losses are mounting as wealth evaporates.

The amount of shadow inventory is impossible to calculate. Based on unlisted bank owned property, defaults and failed listings, the number is far larger than the 400 active listings, maybe double.

Given the future uncertainty in taxation, health care costs, income, asset value growth, cost of living inflation, and home values retiring buyers have become increasingly cautious. The market is mainly being supported by high loan to value government backed FHA loans, and interest rate risk appears far greater than home price increases. Prices continue to fall.

There are seemingly good values available.......Buyer Beware!

Chris W. Miller

ERA Brokers Consolidated

Mesquite NV 89027

702- 346-7200

435-862-5951

Mesquite Market

chris@mesquitemarket.com

Lincoln County Land Market

Nevada Ranch Properties