Las Vegas Properties Blog

Las Vegas’ best “gamble” is for real estate investors looking at the Las Vegas market!  At no time in the last 20 years have investors controlled our real estate market as they do today.  More than 45% of all real estate sales this year have been cash investor transactions.  Cash is King in this market!  Investors can negotiate great deals, some more than 30% under the already discounted prices.  In the past yeaar, I have had 300+ REO listings, and investors have purchased more than 200 of those.  Asset Managers and Banks choose cash deals over any others; those transactions close faster and easier, which is the goal.  With the stock market declining every week, banks paying less than 1%, investors need to consider other options for their money.  So, if you are looking at Las Vegas as the “gambling mecca” of the country, think about real estate as your “casino.”

Finding the right Broker to represent you is key to success!  Brokers who specialize in REO properties have the experience and knowledge to find the most suitable properties — wither that be single family, condominium, land or commercial property.   Not all REO properties are good investments.  The price might be right, but the price is only part of the equation.  Your Broker will provide you with an in depth analysis of the market values for that area,  general comparable statistics that will affect future value, and a market analysis of rents and future profitability of your real estate investment.  Your Broker will know how to structure and present your offer so that you are considered by the Bank or Asset Manager, who probably has multiple offers on every property.   Presenting offers on REO properties is quite different from negotiating on traditional properties.   Your REO Broker will be instrumental in seeing this tranaction through the escrow/closing process, ensuring that the Seller and Escrow Officer fulfill their responsibilities in the escrow process.  To search for REO properties in Las Vegas, call Terri White, Las Vegas Properties, at 702-379-6627 or email terrilvp@cox.net.

Summerlin Beauty $120K Under Value!

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Beautiful Short Sale in Summerlin!  This home features a beautiful Pool, Spa, and custom features thoughout.  It is situated on a large corner lot in the popular community of Summerlin….close to schools, shopping, houses of worship, Red Rock Canyon and all of Summerlin’s community activities.

SHORT SALE!

The Seller is offering this beautiful 4 bedroom home for less than what he paid!  This is a “Short Sale” transaction.  If you are interested in learning how a Short Sale works, and how you can purchase beautiful home in Las Vegas for much less than market value, call us today at 1-888-876-8383 or 702-379-6627.  Or, email Las Vegas Properties at terrilvp@cox.net.

Palms Place Luxury Condo For Sale!        

Palms Place is the success story of the Las Vegas luxury condominium market.  If you would like to become part of the “lifestyes of the rich and famous” in Las Vegas, you can purchase this beautiful 1,200 square foot Palms Place condo that is listed at $775,000.  Many residents are celebrities, while some are local and international buyers who were looking for a Las Vegas vacation home or Las Vegas investment property.

Maloof Brothers Succeed at Palms Place!

Several Las Vegas luxury condo projects have been postponed or have cancelled, but the Maloof brothers seem to have what the luxury condo market requires — a celebrity audience, upscale amenities, name recognition and the financial ability to have built this beautiful property and opened on time.  The 47-story luxury high rise features 599 suites, and is attached to the famous Palms Casino by an enclosed, elevated “SkyTube” that moves residents to and from their condos on moving walkways. Read the rest of this entry

North Las Vegas Welcomes Aliante Station

North Las Vegas is one of the fastest growing cities in the country.  The popular master planned community, Aliante, is home to the brand new Aliante Station Casino and Resort.  Residents of North Las Vegas are really excited about this new addition to the community.  This “destination resort” is a $662 million development that will offer 202 rooms, 14,000 square feet of convention space, beautiful casino, sports book, a 16-screen movie theatre and 650-seat multipurpose showroom.

Station Casinos Premier Properties

The owners of Aliante Station opened Red Rock Resort two years ago, and Aliante Station was designed to give patrons the same upscale feeling in a more family-oriented setting.  The property will have a TGI Friday’s, Dunkin Donuts, Johnny Rockets and a unique lounge that is a combination of a nightclub and video poker bar.  Among the guest rooms are 9 larger suites offering living rooms with marble countertops and 65-inch flat-screen TVs.  The Access Showroom will offer tabletop searing and deep-booth seating, reminiscent of the “old” Las Vegas showrooms. Read the rest of this entry

TPC PGA Tour Summerlin

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 Last weekend Summerlin and Las Vegas hosted the Justin Timberlake Shriners Hospital for Children Open, formerly knows as the Las Vegas Invitational.  We are all proud of the community’s contribution to this great organization. 

Summerlin’s first golf course, TPC Summerlin, is the first PGA TOUR Tournament Players Club stadium golf course in Nevada.  Opened in 1991, this 18-hole, private championship course was designed by golf course architect Bobby Weed, with play consultant Fuzzy Zoeller.   Tiger Woods had his first professional win at the Las Vegas Invitational in 1996.

 SUMMERLIN GOLF COURSES

The popular master planned community of Summerlin is home to nine golf courses, including Nevada’s only two PGa Tour Tournament Players Club (TPC) courses.  Six of Summerlin’s villages are designed around golf courses, including The Hills South, The Canyons, The Ridges, Sun City, Red Rock Country and Siena.  The golf courses were part of the design of Summerlin to add recreational interest and picturesque settings for its residents.  I have sold many homes to buyers in Summerlin who love golf, or who enjoy the unobstructed views of surrounding mountain ranges and the Las Vegas “strip.” 

The second and only other Nevada TPC stadium golf course is TPC Las Vegas, formerly TPC Canyons, also located in Summerlin.  This daily-fee course opened in 1996 and was designed by Bobby Weed, with consultant Raymond Floyd.

Summerlin’s other popular golf courses are Bear’s Best, located in The Ridges, high above the Las Vegas valley, designed by Jack Nicklaus.   Red Rock Country Club, a private country club in Summerlin, was designed by Arnold Palmer.  Both courses are surrounded by beautiful semi-custom and custom homes priced from the high $600,000’s to several millions. 

Sun City Summerlin offers its residents a choice of 3 public golf courses, while Siena features one very popular public golf course Sun City Summerlin and Siena are age-qualified communities in Summerlin.

Whether you are an avid golfer, or a looking for a home with beautiful views and open spaces, Summerlin is one of the top choices in Las Vegas.  Las Vegas Homes and Condos can provide you with current inventory, pricing and details of amenities offered at every golf course and country club community.  Please call us today at 1-888-876-8383 or email terrilvp@cox.net.

Las Vegas Loves Summerlin!

For those of us who have been involved in the real estate industry in Las Vegas, we have appreciated the continuous success of the master planned community of Summerlin.  Summerlin was the concept of the Howard Hughes Corp, with development that began 20 years ago.  Summerlin’s master planned community model is one of the most successful in the country, for many good reasons.   Summerlin has won the award of “best selling master planned community in the country” for several years, and for good reason.

Summerlin’s Success

Summerlin has always emphasized recreational activities and outdoor facilities, having taken resident surveys to find out what is most important to its residents.  Of the 22,500 acres, Summerlin has 18 paks, several ball fields, tennis courts, swimming pools, community centers, miles of biking and hiking trails and other outdoor facilities.  These facilities fall under the oversight of the Summerlin Council, which serves as an umbrella over the 3 dependent associations that comprise the Summerlin villages.  There are also 3 independent associations that include Sun City Summerlin, Red Rock Country Club and Siena.  Sun City Summerlin and Siena are age-qualified communities, with golf courses and recreational activities for active adults. 

Summerlin Community Events

Annual art fairs, holiday celebrations, golf tournaments, cultural events and sporting events all contribute to the Summerlin lifestyle.  Summerlin is expected to be home to approximately 200,000 residents when the community is fully developed.  Home prices range from the $200,000’s to several millions.  There are new homes, resale homes, townhomes, condominiums and custom homesites within Summerlin.  If you would like more information about the fastest growing master planned community in the country, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.

 Las Vegas will be home to the new Jack Nicklaus Academy of Golf.  DragonRidge Country at MacDonald Highlands is the site for this exciting new golf academy.  Scheduled to open in spring 2009, the Nicklaus Academy is the leading golf instruction academy in the world.  This is really exciting news for the both residents and visitors!

MacDonald Highlands has recently opened its newest custom homesite community for sales.  This beautiful community overlooks the McCullough mountain range, high above the valley in Henderson, Nevada.  Just minutes from McCarran International Airport,  the community is close to the nightlife and excitement of Las Vegas.  These beautiful homesites provide a secluded lifestyle surrounding the DragonRidge Country Club, with beautiful views of the Las Vegas strip.  The club offers a spectacular golf course, two dining rooms, cocktail lounge, grand ballroom and luxurious spa and fitness center.  Residents will also enjoy ten acres of parks that include tennis, volleyball and basketball counrts, as well as beautiful hiking trails.   Homesites start in the $700,000’s. 

Las Vegas and Henderson Golf Course Homes

Las Vegas is home to some of the most beautiful golf courses in the southwest.  Whether you are looking for a Country Club home, golf course home or home near a public golf course, there are several choices in Las Vegas, Henderson and North Las Vegas.  Among the golf course communities are Summerlin, Southern Highlands, Anthem, Aliante, Lake Las Vegas, to name just a few.

 If you would like to learn of availability, current pricing and the details of amenities and community features, call us at Las Vegas Properties - 1-888-876-8383 or email terrilvp@cox.net.

In the Las Vegas real estate market, we have noticed that VA loans have made a comeback in recent months.  We had not seen VA loans much during the Las Vegas real estate boom, when appreciation was strong and mortgages were readily available to most homebuyers. But, with recent mortgage problems and challenges for buyers trying to take advantate of our “buyers’ market,” VA loans are a great choice for qualified buyers.  VA loans offer advantages for both Buyers and Sellers, and to the improvement of the real estate market.  In today’s real estate market, with the inventory of resale homes to choose from, many Las Vegas home sellers are considering paying buyers’ closing costs; this has not been the case in the past several years, as the market was so strong that sellers did not have to consider these types of incentives.  Las Vegas new home builders are also accepting buyers with VA loans in today’s market, as they realize that so many home buyers who qualify for VA loans are looking at the builders’ standing inventory.  Especially during the last quarter of the year, Las Vegas home builders want to liquidate their standing inventory before the end of 2008. Read the rest of this entry

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Cosmopolitan Resort On Schedule!

The Cosmopolitan Resort and Luxury Condominium developent will be completed!  The development has encountered several challenges during the past several months, with its future uncertain.  But construction has continued to progress and the property will open, while several other Las Vegas strip condo projects have postponed or cancelled.  The $3.9 billion property was being developed by Bruce Eichner, who recently defaulted on his construction loans.  At that time, the future of the development was uncertain.  Hyatt Corp invested substantial money into the project, and the Global Hyatt brand of hotels will manage the Cosmo’s hotel rooms.

New Owner

Deutsche Bank took over the property and has hired The Related Cos., New York, as owner’s representative.  The original general contractor is still involved, and the property is scheduled to open in December, 2009.  Plans for the complex are much like the original scheme for two 600-foot towers with 2,998 hotel and condo-hotel units atop a four-level retail, casino and entertainment podium.  Approximately 80% of the 1,825 condos have been sold, with sales totaling more than $1.35 billion.

Deutsche Bank will most likely sell the property upon its completion.  The completion of The Cosmopolitan is great news for the Las Vegas economy, with so many of the Las Vegas Strip projects like Echelon Place and The Plaza being postponed or cancelled.   The Cosmopolitan is a great addition to the luxury high-rise resort and condominium market in Las Vegas.  If you would like floor plans, pricing and current availability, contact Las Vegas Homes and Condos at 1-888-876-8383 or email terrilvp@cox.net.

Las Vegas Buyers’ Real Estate Market!

The daily “doom and gloom” of the national economy and real estate markets continue to bring us negative news.  But, there is one “bright light” that does not seem to warrant much media attention.  It is the Buyers’ Market in Las Vegas!  Having been involved in Las Vegas real estate for 18 years, I have never seen such great opportunities for home buyers and investors as I see now.  Investment advisors tell us to “buy low and sell high” and this is the time in Las Vegas to do just that!

Las Vegas Real Estate Auctions

I have experienced first hand the great buying opportunities offered at real estate auctions.  In addition to my traditional brokerage, Las Vegas Properties, I am the Nevada Corporate Broker for Real Estate Disposition Corporation (REDC).  REDC auctions foreclosed properties for lenders throughout the country.  In Las Vegas, REDC has sold several hundred Las Vegas, North Las Vegas and Henderson this year.  This weekend, more than 200 properties were sold to the highest bidder, and the buyers were really excited with the properties prices.  Most properties had financing available, while some were cash transactions with rehab loans available for renovation.  Some Las Vegas buyers who might have been unable to purchase a home until now had great success with auction properties.

Foreclosures and REO’s

Those of us in the Las Vegas real estate industry are hoping for a market turnaround in the near future, but, in the meantime, we recognize the value in finding and negotiating on Las Vegas foreclosures and REO (bank owned) properties for our buyers.  In many cases, the properties are in good condition; not all of them are “trashed.”  Last month I closed escrow on a beautiful home in a new community that was priced at least $100,000 less than the normal market value.  The house was in “move-in” condition and was a great buy for my clients.  There is more research and due diligence involved in foreclosures, but there are some properties that warrant the extra time and effort needed to complete a purchase.  The lenders and banks have become more realistic over the past 30 days, allowing some properties to sell at really low prices so that their inventory is reduced.

Motivated Sellers

During the past 18 months, we have all seen listings sit on the market for months with no offers because they were overpriced for these market conditions.  As the market has stabalized with the newly reduced market values, sellers who do not have a good reason to sell usually withdraw their properties from the market, waiting for prices to increase again.  The inventory still remaining among sellers is now priced correctly, sometimes less than what the seller originally paid.  These homes offer great opportunities to Las Vegas home buyers looking for particular communities or school districts.  Many of these homes have pools, upgrades and options that would have cost thousands more in a better market.  Sellers are offering incentives by way of buyers’ closing cost contributions, or reduced sales prices.

Las Vegas New Homes

I can remember buyers camping outside of sales offices to buy new homes, just a few years ago.  Now, new home builders are trying to liquidate their standing inventory and close out the phases in their developments before the end of this year.  I have not seen such great price reductions and buyers’ incentives in more than 8 years in the new home market!  New home buyers should always engage their own real estate broker to represent them in a new home purchase, as there are some developers who are might not be financially able to complete the development.    A broker is also able to do the necessary due diligence to check on future zoning, building codes and other factors that might affect the future value of a new home development.  The sales agent who works for the developer represents only the developer.  Having your own real estate broker does not cost you, as a buyer, anything, as the builder pays the broker’s fees.  There are some great new homes available in Las Vegas, North Las Vegas and Henderson.  If you would like a list of inventory, special incentives and availability, contact Las Vegas Properties today at 1-888-876-8383 or email terrilvp@cox.net.