Tuesday, August 12, 2014

LAS VEGAS REAL ESTATE HIGHLIGHTS


The supply-demand balance in the Las Vegas housing market has remained relatively stable in recent months. Prices in the resale market have continued to move north, availability has remained at a reasonable level and sales volumes are fairly robust.



Statistics released by the GLVAR show local home prices continued to climb in June while the percentage of buyers paying cash fell to its lowest point in four years.



Five Great Reasons to Buy a Home Right Now
Here are five reasons to buy a home right now.
1. More jobs are available
2. Houses are a great hedge against inflation
3. Housing price increases are slowing
4. Mortgage interest rates are still low
5. Pent-up demand ready to release  Read article



Summerlin developer Howard Hughes Corp. has secured a nearly $312 million loan to finance its massive retail and office project under construction near Red Rock Resort. Read article



Vegas on a roll with 8,500-home development- Henderson's 2,000-acre Inspirada master plan is launching a Saturday sales blitz of pre-recession magnitude, with 16 new model homes in nine subdivisions.




 
CONTACT STUART SHEINFELD FOR MORE INFO ON THE LAS VEGAS HOUSING MARKET

Monday, January 20, 2014

Las Vegas Home Values are Recovering at one of the Fastest Rates Nationally.

Las Vegas home values are recovering at one of the fastest rates nationally.

 Las Vegas, home values climbed 33 percent over the past year, the 2nd fastest rate among major cities in the United States. While still down nearly 50% off of the highs of 2006 when new home sales peaked, new home sales are up; way up. In October, sales were up 25% over September, and up 22% from last year. Realtor Stuart Sheinfeld sees optimism for more price advances in 2014 due to lower unemployment rates &;increased commercial construction

Here are some of the major projects:

 The $550 million Linq, and at its $185 million rehab of the former Bill’s Gamblin’ Hall owned by Caesars Entertainment. The world's tallest observation wheel(the High Roller) is also located on site.

 The 20,000-seat arena that MGM Resorts plans to build with AEG.They are investing $100 million in an outdoor plaza and pedestrian mall between New York-New York and Monte Carlo

 SBE Entertainment’s is remaking the Sahara into the SLS. The $415 million remodel is underway and will finish in the fall with 1,600 rooms, 12 restaurants and clubs and a 60,000-square-foot casino.

 Juno Property Group announced plans for the $50 million, 60,000-square-foot Grand Bazaar Shops near the entrance of Bally’s.

 The Resorts World Las Vegas by the Malaysian owned Genting Group’s, which is supposed to start construction in 2014 on the site of the former Echelon. They’ll invest from $2 billion to $7 billion in the megaresort.

 The Krausz Cos. Inc. spent $20 million in June to acquire the 20-acre failed project Manhattan West and will spend about $30 million to complete The project will be renamed, The Gramercy.

 The Shops at Summerlin, a 106-acre, 1.6 million-square-foot retail mall. There will be more than 125 retailers, restaurants and entertainment venues. Some of the anchors already committed are Nordstrom Rack ,Macy’s and Dillard’s and Crate and Barrel.

 Tivoli Village is building the second phase of their stylish retail and office complex near Summerlin. They are expected to add about 199,000 square feet of retail and 68,000 square feet

 The 2,200-acre, 13,000-home project Cadence master plan in Henderson, is under construction with the first homes planned for later in 2014.

Saturday, April 14, 2012

Las Vegas Home Inventory at 6 Week Supply-Stuart Sheinfeld

The inventory of single-family homes available for sale in Las Vegas without a contingent or pending offer dropped to 5,211 in March, about a six-week supply at current sales level, the Greater Las Vegas Association of Realtors reported Monday. As of April 14, 2012 the inventory of Single Family Residences in North Las vegas, Las Vegas & Henderson sank to only 4835 Homes.


Due to the robo signing law, banks are foreclosing on homes at a snails pace. We will see some REO inventory come onto the market, but there will not be a flood, like many had predicted. The banks are doing more short sales and even renting the homes back to homeowners.



We are seeing New Home sales rise due to the lack of inventory of resale homes says Stuart Sheinfeld. We have weathered the storm, and now is the time to jump in this market with both feet.

Sunday, November 27, 2011

Nevada recently enacted a new law AB-284- Stuart Sheinfeld

Nevada recently enacted a new law regarding bank foreclosures that is bad news for REO listing agents and the banks but may be an opportunity for people considering investing in Las Vegas real estate.

AB-284 essentially makes the banks swear an affidavit that they have the deed as well accurate loan documents and appropriate signatures before they can begin the foreclosure process (a.k.a. issuing a Notice of Default or NOD). It also requires banks to list accurate payment options and debt amounts for all liens in default. Finally, it requires the bank to show proof that this information is delivered to the appropriate party, not just mail it out and assume it is received and understood.

The immediate effects of the law are that REOs processed by banks in Las Vegas has dropped to from 1500-2500/mo slightly over 50 in the last 30 days; in other words the REO (and to some unknown extent, Short Sale) pipeline feeding our supply has been cut by over 95% overnight.

Furthermore, there is currently no estimated timeline for how long it will take banks to implement systems that can effectively get all the proper documentation together and pick up where they left off in processing Notice Of Defaults (NODs).

We know that the so-called “shadow inventory” reserve of REOs that banks hold in LV currently sits at approximately 15,000 homes, so it’s not as if there won’t be any homes for sale in the immediate term. To the contrary, the selection of homes and the prices might actually be better now than they will be in any point in the short-to-medium term given what looks to follow in the coming months.

Here’s why:

Our current inventory of REOs on-the-market sits today at about 2500 homes. Given the current consumption rate of 4000 homes purchased/month by buyers in LV, and that the supply of forthcoming REO and Short Sale homes available has been stalled or altogether stopped in the last 30 days, there will be an impact – perhaps a drastic impact – on supply.

If the supply of homes available decreased (banks decide not to release shadow inventory to meet demand) and the market’s demand for purchasing 4000 homes/mo stays constant, pricing pressure on available homes would be inevitable. Given that the banks would make more if prices went up, this outcome seems possible.

If that occurred, current buyers might actually see equity appreciation in homes bought in the near-term. October was the first month in recent memory Las Vegas actually saw prices go up. We have no way of knowing what will happen with any certainty with prices, but we do know right now that the supply of bank-owned properties being processed and available for the marketplace has been immediately diminished and the timeline for returning to business as usual is indeterminate.
Find out how to take advantage of this great buying opportunity contact Stuart Sheinfeld

Monday, January 10, 2011

Stuart Shienfeld Earns NAR Short Sales and Foreclosure Certification

Stuart Shienfeld Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales



Las Vegas, NV 12/05/2010 — Stuart Shienfeld with Easy Street Realty has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.



According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.



“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”



The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves.

Stuart Shienfeld

Easy Street Realty

702-406-2382

realestateinvegas@gmail.com

www.stuartshienfeld.com

Saturday, September 18, 2010

Las Vegas & Henderson Real Estate Seems To Be Stabilizing

Home prices have increased in some zip codes in Las Vegas. This is definitely a sign of home prices starting to stabilize says Stuart Shienfeld, Las Vegas real estate agent. 15 zip codes showed double digit increases while only 7 zip codes showed double digit declines.

Existing Las Vegas home sales slid 16.9% from
last month to 4,128. That's also 19% below last year's level.

The median price for an existing home sold in July was $120,000. That price
is below both June (-2.4%) and the previous July (-1.6%). But, it is
consistent with data over the last 16 months.

But, more importantly, the median price per square foot of an existing home
sold in this market has been above 2009 levels for the last four months.
The current median price per square foot of an existing home sold in July was
$79.78.
The 1,907 foreclosures in July were somewhat higher than June figures (+28%). Yet,
that number was 19% below last July. In fact, five of the seven months in
this year have seen lower foreclosure levels than corresponding months in
2009.

The 13% rise of available listings in July to 12,772 is the first time this
year that any month has been higher than its corresponding month in 2009.
Yet, even at this figure, this inventory represents just 3.1 months of supply
at current sales rates.
Rates on 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week.
Comparing the information for Median List Price vs. Median Sales Price for Traditional, Bank Owned and Short Sales we see that the traditional listings are selling at a very high percentage (78%) of the average list price and the average list price is much higher ($224,900) than either REO or Short Sale properties.

The REO and Short Sale average List Price are almost the same, but the average Sale Price for REO properties is lower. It is interesting that the Short Sales properties' Median List Price is the same as the Median Sale Price.
Short sale closings continue to rise due to more cooperation by the banks holding the paper. With increasing unemployment rates, short sales will continue to dominate the Las Vegas housing market says, Stuart Shienfeld.

Sunday, August 8, 2010

A Few Bright Spots In The Las Vegas Housing Market

The time has finally come when we realtors can question and possibly correct a low appraisal says, realtor Stuart Sheinfeld. The July 21st passage of Obama’s Consumer Protection legislation included a host of RE-Related topics, but none was more important to our immediate needs than the language regarding appraisals. It allows realtors, mortgage bankers/brokers, consumers, and “any other person with an interest” to ask an appraiser to consider additional information such as comps, details, substantiation, and/or explanations to support an appraisal. In other words – you’re allowed to offer evidence and have it considered by an appraiser.
The number of new home sales nearly doubled month over month, jumping from 515 to 983. That 983 total, incidentally, was more than double the same month one year ago (105%). It was also the highest total of any month since September 2008. The part of the market that is pushing the new home figure upward are Hi-Rise sales led by City Centre’s Vdara and Veer condos.
Las Vegas now boasts the lowest number of subdivisions in this decade at 223. Reflecting new home sales totals, new home permits hit 423, a small increase over last month but a 23% year over year increase. At the same time, MLS inventory increased slightly, from 10,126 in May to 11,234 in June. It seems like the first wave of foreclosures has passed now we wait for the second wave says realtor Stuart Sheinfeld.