Las Vegas Real Estate- Stuart Sheinfeld

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

2011-11-27T21:45:00.000-08:00

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

Stuart Shienfeld Earns NAR Short Sales and Foreclosure Certification

2011-01-10T13:46:00.000-08:00

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

Las Vegas & Henderson Real Estate Seems To Be Stabilizing

2010-09-18T17:02:00.000-07:00

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.

A Few Bright Spots In The Las Vegas Housing Market

2010-08-08T13:08:00.000-07:00

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.

Las Vegas Housing Market is Showing Signs of Recovery

2010-05-25T11:49:00.000-07:00

Cash continues to be king when it comes to buying a home in Las Vegas & Henderson says local realtor Stuart Sheinfeld. Cash buyers accounted for over 50 percent of all home purchases. In April, sales were strong, inventory fell slightly and prices remained relatively stable. Existing home sales fell slightly from last month (348 units to 4,323). However, that number is still 3.6% ahead of last April. And for the first four months of the year, existing home sales are 2.488 units or 18% ahead of last year. Strong sales are the first element in a recovery. MLS inventory continued its slow steady decline, slipping to a total of 9,400 units, the lowest total since July, 2004. At current sales rates, that represents just 2.7 months of supply for the market. Existing home prices rose to $126,000 - the highest point this year - and the highest level in 13 months. The average price per square foot jumped more than $2 to $81.61 - a 4% increase over last April. New-home sales are on the rise because buyers are getting frustrated with short sales & multiple offers on REO’s say realtor Stuart Sheinfeld. Another positive economic sign is the Tivoli Village in Summerlin, a mixed-use, retail, office, condo and dining center plans to be completed(first phase) by March 2011. With new federal programs in place to expedite short sales, HAMP & HAFA, we should see the Las Vegas housing inventory continue to decline, Sheinfeld says.

Las Vegas The Short Sale Capital

2010-02-20T17:04:00.000-08:00

Las Vegas and the state may be changing from the nation’s foreclosure capital to the nations short sale capital say realtor Stuart Sheinfeld
Short sales averaged about 8% of total existing-home closings last year, but averaged 25% of the market by the end of the year and in early January
Short sales are becoming the trend as banks try to find ways to avoid letting homes go into foreclosure.
The most undervalued market is Las Vegas where homes sell for 41.4% below fair market.
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2.
Casino Monte Lago at Lake Las Vegas will close at midnight March 14.

SALES:
--->Resales are up BIG!
The number of existing homes sold in 2009 was 48,075, a 57% increase over 2008 and the third highest total in history. The 4,502 sales in December's made it the 3rd highest month of the year.

INVENTORY:
--->All inventory elements continue to decline.
The number of foreclosures in inventory slid to 11,248 in December. That's the lowest total since March 2008. The reason that inventory is declining is simple:
In six of the last eight months, the number of foreclosures sold was larger than the number of foreclosures created.
The 10,262 homes in resale inventory in December represents just 2.6 months of supply. December's resale inventory is the second lowest total since March, 2005.
PRICES:
--->Resale prices declined in December
Resale prices remained in their narrow range, dropping from $125,000 last month to $120,000 in December. Existing home prices have bounced between those two numbers since April.

High-rise condo stats
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.

Realtor Stuart Sheinfeld has been using his new Apple IPAD to show more listings while out with clients.

blog directory

The most undervalued market is Las Vegas, where homes sell for 41.4%

2010-02-04T13:50:00.001-08:00

America's most overvalued cities
By Les Christie, staff writerJanuary 27, 2010: 7:56 AM ET

The most undervalued market is Las Vegas, where homes sell for 41.4% below fair market.
NEW YORK (CNNMoney.com) -- Don't say we didn't warn you.
In January 2006, CNNMoney published a ranking of 299 U.S. housing markets, showing where home prices were most overvalued. Little was undervalued: Real estate was white-hot and prices were at or near what later proved to be their tops.
A total of 213 cities were overpriced, and Naples, Fla., was deemed the most insane, with 84% of homes valued over a fair market price, according to statistics compiled by National City Corp. and IHS Global Insight.
That finding so rankled the Naples Chamber of Commerce and area real estate agents that they hired economists to dispute the evaluation, according to Richard DeKaser, the real estate consultant who engineered the report for National City.
What a difference four years makes.
Today, Naples real estate sells at a 29% discount and the median home price is just $165,500, down from more than $390,000, according to the newly released 2010 report compiled by IHS Global Insight and PNC Financial Services (PNC, Fortune 500) (which bought National City).
Nationwide, just 87 markets are considered overvalued, and Naples is now the 15th most undervalued area. Nearly all markets -- 242 of 330 -- are considered priced below fair market.
Atlantic City, N.J., is now the most overvalued metro area in the nation. At 30.2% over fair market, it is the only city in the dangerous 30%-plus category. Almost at that cutoff is Wenachee, Wash., at 28.9%. The third most overpriced area is Ocean City, N.J.
The most undervalued market is Las Vegas, where homes sell for 41.4% below fair market, followed by Vero Beach, Fla. (-39.8%), Merced, Calif. (-37.7%), and Cape Coral, Fla. (-36.8%).
These judgments are determined by comparing median home prices, local interest rates, population densities and income, plus historical premiums or discounts that areas have exhibited over time.
San Diego, for example, with its great weather and outdoor lifestyle, usually carries a premium, while prices in cold Rust Belt cities such as Detroit generally sell for less than its income stats would suggest.
"At the risk of immodesty, I must say the whole model has performed too well to believe," said DeKaser.
"I've done some research that shows when you get a bubble, you don't just return to normalcy," he added. "You go past normalcy for a long period of undervaluation."
There are psychological reasons for that, of course. In frothy run-ups, builders make big profits and tend to over-produce, resulting in inventory overhangs that dampen price appreciation after the bubble bursts. Plus, people lose confidence.
And lenders, who were pushing out mortgages hand-over-fist four years ago are tight-fisted today, making it harder to get a mortgage and so reducing demand for homes.
The bottom line, at least for a few years, is that the average buyer should forget about home purchases as investments. The good news is that, long-term, their home values should appreciate.
Metro area Median home price Percent overvalued 2010 Percent overvalued 2006
Atlantic City, N.J. $232,100 30.2% 59%
Wenatchee, Wash. $240,900 28.9% 13%
Ocean City, N.J. $294,800 26.6% 47%
Longview, Wash. $184,700 22.3% 24%
Honolulu, Hawaii $605,300 21.9% 31%
Asheville, N.C. $172,900 21.8% 24%
Portland, Ore. $267,600 20.8% 35%
Bellingham, Wash. $280,200 20.0% 43%
Corvallis, Ore. $266,400 18.9% 14%
Salem, Ore. $201,000 18.2% 25%
Source: PNC Financial Services and IHS Global Insight
Metro area Median home price Percent undervalued 2010 Percent undervalued 2006
Las Vegas, Nev. $129,700 -41.4% 38%
Vero Beach, Fla. $123,300 -39.8% 54%
Merced, Calif. $102,300 -37.7% 77%
Cape Coral, Fla. $118,700 -36.8% 52%
Houma, La. $116,200 -34.6% -1%
Port St. Lucie, Fla. $115,600 -33.3% 72%
Warren, Mich. $117,500 -32.3% 15%
Vallejo, Calif. $196,900 -31.9% 53%
Modesto, Calif. $138,700 -31.8% 67%
Stockton, Calif. $145,100 -31.8% 72%

Short sales soar while foreclosure sales slacken - Las Vegas Sun

2010-02-01T08:45:00.000-08:00

Short sales soar while foreclosure sales slacken - Las Vegas Sun

City Center & Las Vegas Home Sales Are Up

2009-12-12T10:16:00.000-08:00

Las Vegas housing inventory is declining. Investors in Las Vegas & Henderson don’t seem to be going away. Some buyers are facing a daunting task of 40 offers on bank owned properties, says a local real estate agent Stuart Sheinfeld. That is why we are seeing the increased success of short sales.
Foreclosure homes aren't properly maintained and lose value when they sit empty, he said. Banks also incur longer holding costs when they complete the foreclosure process.
Short sales have become better option to foreclosure; they have to be approved by the bank for hardship reasons and usually takes a long time to complete. The bank's red tape can take four to five months for an approval of a short sale.
The $8,000 homebuyer tax credit and the extension of that have boosted the market to record sales for this time of the year. A tax credit of up to $6,500 for current home owners has created a great investment opportunity for most people. Mortgage delinquency rates were highest in Nevada 14% and Florida 12% & the Clark County population hitting the 2 million mark are 2 factors keeping the Las Vegas real estate market hot, says Stuart Shienfeld
The foreclosure Mecca, Las Vegas has experienced home prices at a 50 percent decline from their peak in 2006. The median price of a home there is $138,000, the inventory is down to a 2.5 month supply.
City Center had its grand opening and is creating a big stir. The Strip project will open in phases this month after more than five years of development and construction. The 500,000-square-foot Crystals opened on 12/10, and the 392-room Mandarin Oriental opens to customers 10/12. Aria, City Center's centerpiece 4,004-room hotel-casino, opens Dec. 16.
Aria will employ 10,000 of the 12,000 employees this should boost the Las Vegas housing market even more, says Stuart Sheinfeld

1. SUPPLY: There are 2.5 months of supply of active listings at current sales rates, the best this figure has been in 5 years
2. DEMAND: Both new and existing home sales totals are near year-long highs.
3. PRICES: Remained relatively stable.
4. Homebuilders are beginning to seek land again.
5. A stalled major commercial project (Tivoli Village) restarted construction.

Las Vegas & Henderson Housing Inventory is Declining

2009-10-05T14:55:00.000-07:00

Las Vegas housing inventory is declining. Investors in Las Vegas & Henderson don’t seem to be going away. Some buyers are facing a daunting task of 30, 50 even 100 offers on bank owned properties, says a local real estate agent Stuart Shienfeld. The public property records show that 45 percent of the Las Vegas buyers in August purchased homes with cash. This has forced most buyers to start putting offers on short sales which can take up to 6 months to close. Short sales in Las Vegas are making up more than 50% of homes on the market; nearly 7,800 short-sale units are under contract, either contingent or pending lending approval.
With so much competition for Las Vegas real estate, new homes are becoming a viable option again. For home buyers that qualify for the $8000 tax credit new homes could be the only option. If a buyer wants to take advantage they need to be under contract within the next 30 days. The tax credit is set to expire on November 31,2009. A $8,000 tax credit is huge when the median existing home price is less than $130,000. The Realtors association has lobbied Sens. Harry Reid, D-Nev., and John Ensign, R-Nev., and U.S. Rep. Shelley Berkley, D-Nev., and they have lobbied for an extension of the tax credit in to 2010.
• Current Supply stays at 2.9 months
• REO inventory is DOWN
• Interest rates are averaging 5%-5.50%
• 2 months left to take advantage of the $8000.00 tax credit. Needs to close by 11/31/09
• 5 straight months of 4000+ home sales
• Over 55% of ALL NEW LISTINGS last less than a month on the market
The lack of foreclosure inventory, which is declining in Las Vegas could keep sales low & competition high. People buying in this market could look like geniuses in the next couple years.

Las Vegas Home Buying Frenzy

2009-07-05T13:04:00.001-07:00

May Las Vegas housing data suggests that we possibly reached the bottom of the residential recession in the 2nd quarter of this year. I haven’t seen a home buying frenzy like this since 2004, says Las Vegas real estate agent Stuart Shienfeld.
Foreclosures have dominated the housing market with more than 60 percent of the sales each month being bank-owned properties.
With sales at their highest level since June 2006 the first-time homebuyers and investors snatching up Las Vegas inventory, say realtor Stuart Shienfeld.
There were 5,276 bank-owned single-family homes listed for sale in the valley and of those 2,623 had contingent offers, Smith says. That leaves an inventory of 2,653. About half of those homes don’t have offers.
The downturn in the stock market combined with the growing affordability of purchasing a home has prompted increased interest in using IRAs and 401K’s to help fund the purchase.
The number of resale homes on the market as listed by real estate agents continues to decline. During the past year, the number has dipped 36.7 percent or 8,109 units, lowering the inventory to less than 19,000 homes. The inventory has dropped for 13 consecutive weeks with 6,700 fewer properties listed during that time. The number of vacant homes is just under 7,500, a drop of 49 percent.
The number of foreclosures in May was 1,769, a 26% decrease from last year. This was the third month that foreclosure purchases surpassed the number of new foreclosures coming on the market.
New listings are down 18.1% from April 2009 and the number of units sold, are up 1.8% from last month. The average days on the market for homes are hovering for less than 60 days. That is an average of almost 65%.
There are very few REO homes that are currently available without offers to buy. You really need to move quickly to get your offer in. When you do you should offer you’re highest & best offer, says Stuart Sheinfeld. Some banks will do a multiple offer sheet and some don’t, so I wouldn’t take the chance of losing the property.

Las Vegas Existing Homes Sales Surpass Boom Levels

2009-05-11T19:01:00.000-07:00

With super low interest rates, an $8000 tax credit & affordable home prices, existing sales soar.
April 2009 Change from March 2009 Change from April 2008
#units sold 3,198 +7.3% +78.3%

First time home buyers are taking advantage of these factors & realizing that their new home payments are cheaper than rent. FHA financing which allows buyers to only put down 3.5% on their 1st home accounted for a whopping 49% of the March sales.
Investors & 2nd home buyers were responsible for 36% of the sales in March. The big attraction for investors is that the mortgage, taxes & insurance is less than what the potential rental income for the property may be.

We are seeing more & more multiple offers on homes, sometimes as many as 10-15 offers. Stuart Shienfeld, a local realtor says, “The homes that have very little repair or upgrade work are flying off the shelves”
Time on Market April 09 March 09 April 08
0-30 Days 43.7% 37.8% 36.1%
31-60 Days 16.4% 17.9% 16.9%
61-90 Days 11.3% 14.9% 14.4%

Contact me today to find out how to take advantage of this Booming Market

Las Vegas Home Prices Plummet to Lowest Level Since Fall 2001

2009-04-26T14:22:00.000-07:00

The good news is that demand for Las Vegas homes jumped in March, but the bad news is that prices dropped to the lowest level since fall 2001. Bad news for sellers.

In March, 2,980 homes sold, a 30 percent increase over February and 102 percent jump over March 2008, according to the group. Bank sales accounted for three out of every four sales.

In March, $515 million worth of homes sold, a 22 percent increase over February and 14 percent increase over March 2008.

Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.

With the high number of foreclosures plus the dropping cost of homes has created a buyer's market with bidding wars especially in homes priced between $100,000 and $250,000. It is not uncommon to see 10,15 or even 20 offers on a single bank owned home.

What this chart shows is that the banks are listing homes at prices to sell. With an $8000.00 tax credit for first time home buyers & interest rates between 4.59%-5.00% just adds rocket fuel the home buying fire.

If the house is upgraded with wood floors, granite counters, new carpet & paint, pool, large lot or gated community, it is receiving multiple offers and off the market in less than 30 DAYS!!!

Contact Stuart Shienfeld to discuss how you can take advantage of this GREAT BUYERS MARKET!!!

Las Vegas Bank Owned Homes

2009-04-26T14:18:00.000-07:00

The government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. This will help pave the way for the housing market recovery in Las Vegas says, realtor Stuart Shienfeld.

President Barack Obama’s plan calls for $75 billion to help up to 4 million at-risk homeowners. Companies that collect mortgages will be paid $1,000 for every interest rate cut to make the payment no more than 38 percent of the borrower’s income. The government will split the cost of lowering payments to 31 percent and both lenders and borrowers will be paid $1,000 a year for keeping loans current.

Mortgage Rates Drop Below 5%
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.98 percent during the week ended March 19 from 5.03 percent the prior year, marking the lowest rate since 4.96 percent in mid-January.

Experts say rates could fall further in response to the Federal Reserve’s announcement that it will add $1.2 trillion to the economy to alleviate the credit crisis.

A total of 6,388 new movers came to Nevada in January. Existing home sales experienced a 72% increase in January over the prior year with 2,737 resales, while new home closings were off 66% at 284. Resale inventory hit its lowest level since September with 20,673 properties listed, or an 8.6 month supply.

Las Vegas home sales more than doubled in February from the same month a year ago, although median home prices continue to sink as foreclosures dominate the market

With bank-owned properties accounting for about 75% of sales, foreclosures are still forcing home prices to fall, Stuart Shienfeld says

Buyers Gobble up Las Vegas REO’s

2008-10-01T18:12:00.000-07:00

The Las Vegas housing market is chewing through excess inventory of foreclosures, which now account for about 80 percent of resale homes.
The inventory of single-family home listings dropped sharply from 23,803 in January to 20,623 in August. The average Days on the Market went from 93 to 62 days during the same time frame.
The population of Clark County is still growing at a furious pace. In 2007, the population was at a cool 2,000,000, now it is estimated at 2,075,000 that is an increase of 6,250 people a month moving to the valley. Stuart Sheinfeld, Realtor in Las Vegas noted “With bank owned homes going for as little as $50/sq ft this makes a great time for 1st time homeowners and investors to get back in the market.” Especially when there is so much lending uncertainty on the horizon
The estimated current housing supply is at 7.3 months
When buying a REO or bank owned home here are a few things to know:
1. Property is being conveyed “AS IS/WHERE IS” condition. There will be no warranties, expressed or implied as to the condition of the property. Seller’s limits of liability to make any repairs to the property will be zero ($0). Seller will most likely not complete or compensate for any repairs.
2. Since Seller(s) do not have the means to provide HOA Association documentation, Buyer(s) are responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.
3. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the Seller’s Lender(s) and adding the Lenders acceptable costs to that bottom line.
4. The Lenders provided closing date is firm. There will be a monetary increase placed on the Buyers to compensate for additional interest or fees incurred by the Lender(s) for closing after the required date. REO’s are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments.
5. The Lender(s) may decide not to pay for Buyer’s Appraisal, Home Warranty or other “Buyers Closing Costs.”
6. Any required upfront payments will be paid for by the Buyer(s).
Most of all the list price is not always the price the bank is willing to accept. If the home is turn-key then you can bet there will be multiple offers and most likely be bought for as much as 120% of list price.
More info go to http://www.elitevegasrealestate.com

Short Sale Frustration

2008-08-11T14:50:00.000-07:00

Purchasing a short sale property which requires the seller’s lender approval is very complex situation. Even if you are working with the seller, however, the lender must approve the final numbers. We are asking them to accept less than what may be currently owed to them on the property.

If you submit an offer on a short sale property they usually should be submitted to the bank as they come in. This is not always the case since some real estate agents wait to submit groups of offers at once. This can delay an offer for at least a week to 10 days. Once it is submitted, it will take at a minimum 30-90 days to get a response, all depending on the institution that holds the note. Hopefully the seller has received approval for the short sale. If not, this process will take at least 45 days longer. You will need patience with this process!!!

Short sales, may change in the negotiation process in getting a final approval for the sale. The buyer will most likely have to pay for any reports, inspections &/or repair items. The buyer may be responsible for ordering & paying for the HOA documents; should a fee exist, to satisfy any and all due diligences per the CCR’s requirements to purchase a property in an association.

The lenders provided closing date is firm. The actual selling price of this transaction will be determined upon getting an acceptable “net proceeds” required notification from the seller’s lender and adding the lenders acceptable costs to that bottom line.

Short sales are time sensitive and agents must understand that extensions are usually not honored by loss mitigation departments; especially if there is a bank sale date scheduled.

Short sales can be a very frustrating transaction for most buyers. You may fall in love with a property and submit a generous offer on it compared to the comps in the area and still not get it. The worst part is not knowing for months if your offer was accepted or not and not even getting a chance to submit a counter-offer.

I always explain this scenario to my clients. With the numbers showing that foreclosures have doubled in Las Vegas from a year ago and the next wave of adjustable-rate mortgage resets could deepen the misery for an already severely depressed housing market. Almost 1.5 million loans, representing more than 40% of the outstanding loans of subprime ARMs, are scheduled to reset this year, according to the Federal Reserve.

For more information on short sales, foreclosures, reo’s, & Las Vegas real estate contact Stuart Sheinfeld at www.elitevegasrealestate.com

Las Vegas Housing Market. Bottom Yet?

2008-07-27T14:49:00.000-07:00

I am Stuart Sheinfeld a realtor in Las Vegas. With the increase of short sales, foreclosures, oil prices, unemployment and the decreasing of the US dollar; when will we start to see a turn in this slumping economy?

New-home sales in Las Vegas have been consistently low over the past six months and appear to have possibly reached the bottom of this dreaded bear market.

There were 922 recorded escrow closings for new homes in June, bringing the total for the first half of the year to 5,747, a 45.1 percent decrease from a year ago.

Taking out 114 high-rise and mid-rise condos and 31 apartment conversions, sales of traditional single-family detached homes totaled 777, the sixth straight month under 1,000. The high mark of 3,233 came in June 2006.

Is this flat trend in new-home closing going to continue through 2009?

The median price of all new-home products sold in June was $269,900, a decline of $54,000, or 16.7 percent, from the same month a year ago. ".

New-home permits increased for the fourth straight month to 884 in June, but the year-to-date total is down 61 percent to 5,653.

Resale activity is picking up, topping 2,000 for the third consecutive month and increasing for the sixth straight month to 2,731 in June. The 12,500 existing-home sales through the first six months is down 15.9 percent from a year ago.

About 65 percent of resale closings in June were real estate-owned or bank-owned homes, according to data from the Multiple Listing Service.

About 26 percent of available inventory in Las Vegas, or 5,800 units, are listed as short sales. Short sales must be approved by the bank; they can take up to six months to close escrow. Sellers must prove financial hardship from unforeseen circumstances such as divorce, illness or loss of employment.

The median resale price in June was $218,000, a decline of $62,000, or 22.2 percent, from a year ago.

With 15 stalled or canceled commercial projects littering the Vegas valley, this takes a lot of unnecessary inventory off the market. Can this help our slumping market?

For more information on the Las Vegas real estate mark please contact Stuart Sheinfeld at www.elitevegasrealestate.com

SLOW CLOSINGS ON HI-RISES IN LAS VEGAS

2008-07-14T11:40:00.000-07:00

Selling high-rise condominiums in Las Vegas and closing escrow on them are separate challenges in today’s economy.

Of 2,558 units that opened escrow this year in projects of 50 or more units, 77 percent are still in escrow. Of 3,095 units in this category that opened escrow in 2007, a third are still in escrow.

Trump International has effectively sold out because almost all units are held with deposits by prospective owners, brokers say. There are fewer than 20 percent closed of the 1,282 units since the escrow process began in February

Turnberry Towers, which began closing units in July 2007, has closed escrow on roughly 84 percent of units. The second tower, where closings began in April, has closed on about 17 percent of units. 100 of the 599 condo-hotel units at Palms Place were purchased outright with cash.

Mortgage lenders nationwide are requiring larger down payments, which could mean forking over an extra $50,000 or $100,000. And nervous banks are attempting to reconcile appraisals lower than what the properties were worth earlier appraisals, when the buyers signed their pre-slump sales contracts.

The slowdown in real estate sales has been magnified in Las Vegas, where condo-building hype and official reports suggested a far greater boom than what occurred.

As the condo-building craze started when 90,000 condo units were announced — and most never moved beyond news releases and Web sites. Some developers opened sales offices and sold units to try to secure financing. Most that received financing were canceled when banks tightened credit requirements.

The Las Vegas Valley has roughly 10,000 condo and condo-hotel units in projects with more than 50 units. An additional 8,100 are under construction or nearly complete, with more than 6,200 of those units destined for the Strip.

There will be a decline in new high-rise construction on or near the Strip because land, labor and construction prices continue to rise during this slump. Of the 15 existing and under-construction high-rise residential towers on the Strip in the next few years, Turnberry will have built nine.

For more information on the Las Vegas condo market contact Stuart Sheinfeld www.elitevegasrealestate.com

Its a Buyers Market in Las Vegas

2007-04-05T17:06:00.000-07:00

It is nearly impossible to have a real estate bust in a city of 1.8 million people and in which 60,000 jobs will be created this year.

Don't expect Las Vegas to be hit hard by the real estate downturn, especially with 7,000 new arrivals a month.

Las Vegas has the fifth-largest school district in the country and the most active new-business industry in the nation. For the thousands of people who arrive here every month, it's a place to start or to start over. And they'll all need a roof over their heads.

Las Vegas offers great job opportunities, affordable housing from single family residential to luxury highrise condos, investment opportunities, the finest five-star restaurants and great schools.

Las Vegas is one of those places that always seem to be expanding — and usually with plenty of fanfare. In the last couple of years a number of high-rise condominium projects have been announced for the Strip and up and a revitalized Downtown

Home Size in Las Vegas has increased in the last six years.

Year	Single-family home average square feet	Town home-condominium average square feet
2000	2,079	1,247
2001	2,151	1,275
2002	2,171	1,313
2003	2,158	1,321
2004	2,131	1,228
2005	2,143	1,243
2006	2,249	1,328

Las Vegas struggled a bit in 2006 after a couple years of 40 percent and 50 percent appreciation. The national median home price is $221,000, and Las Vegas is at $328,000

If you think Las Vegas' housing construction is in the dumps you need to look around, there are approximately 550 active subdivisions in the valley.

TOP 10-SELLING SUBDIVISIONS Subdivision Sales Average price

MGM Grand Residences 979 $593,192 Sun City Anthem 856 $401,224 Solera 492 $277,208 Bella Vita 474 $167,156 Sun City Aliante 407 $292,045 Residences at Canyon Gate 388 $195,086 Manhattan 295 $333,189 Flamingo Palms Villas 294 $337,604 Solera at Stallion Mountain 289 $264,874 Meridian 279 $522,776 SOURCE: SalesTraq

In my opinion we saw the market shift into a healthier and more stable market. The market is yielding more consistent home values. Since the growth fundamentals have not shifted and population growth continues in Las Vegas, I am still very bullish on the future outlook of the Las Vegas real estate market.

Although several projects have been canceled or delayed, the high-rise market remains strong with units ranging from $400 - $1200 a sqft.

This is a great time to purchase a home in Las Vegas. Sellers are adjusting to our market conditions and prices are adjusting in the buyers favor. For buyers that want a new home, the builders are offering great incentives. Such as 20K-50K in designer upgrades, no HOA dues for 1-2 yrs, and amazingly no mortgage payments for up to 2 yrs.

Las Vegas has strong growth and a great job market. Compared to most highly desirable areas in the country you can purchase a home in a wonderful area for a reasonable price.

We can assure you that if you're a buyer, it's a fantastic opportunity to buy at a low price. And, the Las Vegas economy is still booming.

If you are a long term investor, Las Vegas has more homes in foreclosure than any other market in the US. There are 2,100 homes in a phase of foreclosure at any given time.

For more updated information on the Las Vegas Real Estate Market go to: www.elitevegasrealestate.com

Las Vegas Bubble?

2006-12-12T09:50:00.000-08:00

Ever famous for its Tourist appeal, LAS VEGAS is a 'booming' real estate development 'hot spot', both residentially and commercially. Las Vegas, Nevada is one of the fastest growing cities in the world. As a result, the real estate and home market is nothing short of extraordinary.

Las Vegas, home to 1,825,000 people, welcomed 38,772,166 visitors in 2005, was ranked number one in the U.S. in real estate appreciation with a 36% average appreciation rate and a five-year average appreciation greater than 84%. As far as strength and growth, Nevada continues to outpace every other state in the nation in job creation, with nearly 76,000 jobs added over the past year, a 6.8% job growth, highest in the country. Due to the state attractive business climate, economic stability and strong consumer confidence, experts predict that the percentage of job growth will continue. Compared to most highly desirable areas in the country you can purchase a home in a wonderful area for a reasonable price. Las Vegas is a great place to call home. With over 325 days of sunshine a year and low humidity you will enjoy entertaining outdoors and the lifestyle Las Vegas has to offer.

For years, Las Vegas has been the fastest growing city in history of the U.S, keeping real estate demand constant. The Nevada State Demographer's Office released its projections for the period through 2026. Clark County can expect another 1.5 million people, according to the latest numbers. Overall, Nevada is projected to grow by more than 1.8 million or 74 percent during the same period.

With approximately 42,000 acres of BLM land available in Las Vegas (and 6,000 acres a year being developed); Las Vegas only has 7 to 8 years left of developing land. We're already starting to see a change in new housing with the typical lot size for new homes at 4,000 sq. ft. However, keep in mind that land has begun to be scarcer, thus, the reason you see more two story newer homes built closely together. Great for 1st time home buyers who are looking for a 'tax advantage' along with pride in ownership.

For the future real estate market, I'm still very bullish about Las Vegas. If you're looking to buy in Las Vegas and plan on being here for 3-5 years, I would say that it is a very good time for you to get into the market. I believe the 5-7 year outlook, the timing it will take to build on all currently available land; we'll see a return to a more normal 5-15% annual appreciation

For more information on the booming Las Vegas real estate market visit me at: http://www.elitevegasrealestate.com