Las Vegas real estate market report

It appears the the Pinnacle will never peak.  The dual tower condo project 1 mile west of the Strip on Tropicana has been called off.  Look for this zoned high-rise ground to be looked at by casino developers.  It is located across from the Orleans and is just down the street from the Wild Wild West which is slated for Major redevelopment by Stations Group.  Once Stations starts its new facility this real estate will catch the eye of other gaming developers.

Vantage Lofts in Henderson, an upscale mid-rise project with wonderful views of the valley has temporarily suspended construction while the deal with their uncooperative mezzanine lender.  This project is in various phases of development but will definitely finish as the first phase of its 3 phases is 90% completed now.

The Cosmopolitan has found it cash infusion with needed new partners.  This project located between the MGM’s giant City Center and Bellagio never missed a beat in its construction schedule but found itself in a financial crisis as have many high-rise builders in Las Vegas with softer markets and tougher financing.

Speaking of financing and high rises.  It appears that it may be a lot tougher to get that condo you put your money on 2 years ago closed if you need to in the next 6 months or so as many major lenders have instigated much more stringent financing guide lines to invest in Las Vegas high rises.  A few have quit lending on this product altogether.  Get started early if your contract will require you to close soon.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

The New Frontier was imploded a few months ago making way for a new class of Mega resort.  This project will be the most opulent yet.  The developers are designing this to cater to the wealthy client, not your average Joe.

The 15 million square foot facility will include: 348,000 square feet of shopping, 134,500 square feet of restaurants, 175,900 square feet of casino space, 4,100 hotel rooms, 2,100 condos in its 7 towers on the 34 acre site.

It has an estimated opening in 2012. This could add as an additional 24,000 jobs to the local economy in 2012.

Fashioned after the famous Plaza Hotel in New York the architecture should bring a new twist to the Las Vegas “Strip” with its French Renaissance influence.

The combination of the Wynn Projects, the Echelon project, the Venetian projects surrounding this site will make this area of the strip a major draw for tourists.

The north Strip is up for more development both currently with the Fontainebleau under construction and two more in on the drawing board.  There are a few properties still up for grabs such as the Riviera and next door the La Concha property.  Their is also the Maxim site just north of Circus Circus and some empty land still owned by MGM-Mirage on the southwest corner of Shara and Las Vegas Blvd.  Look for these to announce development very shortly.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

According to Mayor Oscar Goodman: “This will be an important part of Union Park, along with the Lou Ruvo Brain Institute, the Smith Center for the Performing Arts, the Charlie Palmer Hotel, and the Access Medical-Kimpton Hotel projects, that together will create an exciting experience for everyone who visits or does business there…”

This project will create thousands of new jobs outside the gaming industry thereby further diversifying the Las Vegas economy. 

This massive 50 story, million square foot tower will include public retail space, class A office condominiums and ultra-luxury residential condominiums will top the structure.

Other projects in the area include the massive World Market Center which is expanding rapidly since its ultra-successful opening 3 years ago.  The Luxury Outlet Mall which is the most successful facility of its type in the United States. 

The Union Park area (aka “the 61 acres”) is located directly west of Fremont Street and is being developed into a high density planned city of the future and cultural center for Las Vegas.  This development is augmented by other rapid development currently taking place in the City and along the Las Vegas “Strip.”

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

With the gaming industry posting record profits, record visitors and record construction it looks like there is no end to the possibilities and opportunities for this world class city.  For 2007 will go down in history as the year that Las Vegas hit the 2 million residents mark, the year that saw the implosions of the famous Stardust and New Frontier Casinos.  It was also the year that a record number of historic business and land deals took place that will forever impact and change this city in the future. 

Private equity firms

Several public gaming companies were bought out by private equity Companies this year including Harrah’s and Stations Casinos.  This allows these companies to ditch the need to report profits on a quarterly basis to their stock holders in favor of larger investments in the properties with short term losses in favor of much larger and longer term profits in the long term.  This will result in a better long term investment decisions in these properties resulting ultimately in more business and better income over the long haul.  This is good for Las Vegas and its future.

The “Sky Crane” has become the Las Vegas bird of choice recently.  At one point this year there were 45 cranes planted in the Las Vegas Tera fir-ma.  These cranes are mostly concentrate along the “Strip” and are flying construction materials to an estimated $33 billion dollars of improvements on the Las Vegas Strip.  If you added up every dollar EVER spent on construction on the Las Vegas Strip it would not add up to  the $33 billion dollars in construction that is currently transforming this playground. Las Vegas is being transformed from cheap hotels, trough buffets and tacky shows to the culinary capital of the world, one of the worlds best shopping stops, the new Broadway and center of world class entertainment, a world luxury getaway including posh hotel rooms, spas and retreats.  From the worlds finest night spots, its outstanding outdoor recreational opportunities Las Vegas is DOING what most cities only dream and talk about Las Vegas is transforming itself into the city of the future. The massive expansion on the Las Vegas Strip has caused some projects in the Valley to be placed on hold because of the lack of available commercial contractors and their work force.  Some areas of the valley are in desperate need of better shopping and professional business space but these will have to wait until possibly as late as 2010 while some of these massive Strip properties are completed. But their are approximately 5 more properties to start construction and others still to announce their development plans an the Strip.

If you haven’t been to Las Vegas in the past 5 years you might have trouble recognizing it and it will continue to change even more dramatically over the next 5 years.  There are currently 2 majors sports (20,000 to 22,000 seats) arena in the works for Las Vegas, the last major development project to expand the airport is underway which includes plans to extend the monorail to the terminals.  A new international airport to the south will have all approvals by that time and will start construction.  New water resources have been acquired under the Colorado River water pact and further resources are in the works to bring the needed water into the valley to support the needed growth.  Downtown their is a new gaslight district taking shape and of course the worlds biggest furniture mart construction continues. Right next door the Lou Rowe Brain Institute is under construction and this year will see a new Symphony and Preform Arts Center and the start of construction of the World Diamond Center. The first High Speed mag-lev train is under its EPA environmental study currently and will whisk passengers initially from Victor-ville California to Las Vegas at speed around 125 miles per hour.  A new high-speed transportation system will take residents from the far reaches of the valley to its core.  Close in desirable locations will continue to be redeveloped into high density medium and high rise communities with shopping and community amenities making them desirable places for local residents as well as second home owners to live, work and play.

The GREEN Las Vegas

Most of the world views Las Vegas as a city of excess and hardly the model city for conservation.  If you think this perhaps your right but consider the following.  Las Vegas this year opened the worlds 2 biggest electric solar generation facilities.  The State of Nevada has dictated that 5% of its total energy generation must come from solar in the next 5 years. It also saw the opening of the largest manufacturing facility for commercial thermal electric generation equipment in the United States. 

The Las Vegas Valley used less water last year than it did in 2000 even though it increased the total number of homes by more than 20% in the same period.  All those fountains and lakes down on the Strip use recycled and filtered water from their respective hotels.  And Las Vegas continues to forge ahead with smaller lot sizes for single family homes and a building requirement for no front yard grass on new homes as well as water saving plumbing fixtures to continue to conserve fresh water. The water district has the most successful “Cash for grass” programs in the country which pays residents to remove their grass and replace it with water tolerant plants.  Las Vegas is also zoning higher density projects which optimizes water use with less landscaping per residential unit further cutting water usage.

Project City Center under construction right now will be the largest “Certified Green Building Complex” in the world.  This project must not only be Green when completed but must use Green construction practices with recycling and material specifications. This project has required an investment by MGM-Mirage with local contractors to create Green contractor services and suppliers that previously did not exist in Las Vegas.

Getting guests out of their cars and on public transportation is a major effort to help the visitor enjoy themselves here in Las Vegas and to that end both the monorail and the new double deck-er buses have been operation on the Strip.  This means a fun novel ride with views and a clean safe faster experience for these riders.  The local transit authority has plans to expand the monorail on both sides of Las Vegas Blvd. and extend it from the Airport to Downtown Fremont Street.  Also in the works is a new ground based transit corridor system which is essentially a private road for a hybrid city bus/train (Max) system. This would allow the Max units to travel at speeds up to 60 miles per hour in gridlocked areas and pull up to platforms where passengers have already purchased their tickets allowing for much shorter stops and faster transit times.  This Max system is under planning development all over the Las Vegas Valley including the Strip and Downtown.

The Bad Stuff, or is it?

The Las Vegas Valley is running out of land.  I know it looks like the desert goes on for ever but this valley is surrounded by federally protected wild life preserves, Indian reservations, military and nuclear ranges, national monuments and parks.  The experts vary in their time tables from 7 to 12 years but they all agree that Las Vegas is going to run out of land and when it does any new development will require at least a 45 minute commute by car into the Valley.  For this reason land in Las Vegas has gone for premium prices over the last 5 years and the pressure will continue to build on this limited precious asset.  This is also the reason that the better locations in the valley will continue to tear out their older sections and redevelop into much more desirable areas. 

Las Vegas was the foreclosure capital of the U.S. this last year and will probably be again in 2008. In an investigative report delivered to the Senate Banking Committee it is estimated that more Sub-prime loans will reset in 2008 than reset in 2007 resulting in a higher number of foreclosures if the mortgage industry does nothing to curb the trend.  Since the announcement of the “HOPE NOW” program, a voluntary program by the mortgage industry it has reported that it has resulted in a resolution of 1% of the total number of applications it has received.  Further more with the tightening of lending requirements and the drop in property values here in the Valley (approx. 15%) it does not look like many of the people who need to refinance are going to be able too.  Add to this the passing of the Mortgage Relief Act which would absolve borrowers of any tax consequences of allowing their home to be repossessed. All this may result in even more foreclosures in this market.  We all need to keep in mind that much of the repossessed real estate available in the Las Vegas market today is a direct result of real estate speculation.  This speculation was fueled by a short term FLIP,  not a buy and hold investment strategy.  These speculators were not prepared for a market reversal that could have been foreseen in what was happening with the mortgage industry and watching the job growth projections for Las Vegas.  These what I call SHEEP flippers, because they follow the masses, and got fleeced (pun intended). They now owe more than their property is worth and have loans resetting that are raising their payments by as much as 60%.  Therefore we will continue to see allot of property being foreclosed and then sold at the new lower prices.

In 2007 employment growth here in Las Vegas was slightly lower than the national average.  Because of the loss in residential construction and closing of so many old casino properties unemployment was slightly higher than the national average.  In 2008 things will only change slightly, look for most everything on the employment front to only change slightly as the Palazzo Casino opens along with several other smaller properties and expansions. But hold on because in 2009 and 2010 things will really heat up in the employment growth sector as many new major properties open their doors.  It is estimated that conservatively this will require over 100,000 new employees to support these new facilities once again drying up available housing stocks and causing appreciation in the market place.

Right now we have approximately 28,000 homes for sale on the MLS (down from a 30,000 unit high). In a normal balanced market we should have approximately 15,000 units. On average over the  last 20 years Las Vegas real estate has averaged a 5% increase year over year.  If residential property drops in value a total of 18% from its high in 2006 it would normally take it 42 months to regain that value from the lowest value point.  If 2008 ends up being the lowest value (trough) and 2009 and 2010 bring the market back because of the huge need for housing (employment growth) we could easily see a 9% per year valuation gain for holding the property (leasing it out) for 24 months.  And this is just what the government requires as a minimum time period for long term capital gains or 1031 exchange.

This is a Soft Sellers Market

When the residential real estate market goes soft, people get interesting. Even though there is an abundance of opportunity most people won’t take action. Because by nature, most people follow the ‘herd’ mentality. They believe that for almost anything to be the ‘right’ thing to do, a great many people need to be doing it. This reasoning could not be further from the truth.   The secret that Savvy investors don’t want you to know is, when the markets are soft the playing field is being ‘reset.’ Short-term opportunities are removed for people such as the Flippers and an great opportunity gets created for the seasoned investors who know how things really work.

In my last article I urged my readers to start buying while the market was still favorable to the Buyer.  If you look in the right places you will find the deal NOW that you thought you would have to wait for.

This last week I received an email from one of my readers that I would like to share with you.  We will call him T.S. to respect his privacy.

“Max, You are right on.

We moved to Las Vegas at the end of 2006 and decided to rent and wait to see what the market would do.   We are currently in escrow on a 3,400 sf home the was originally purchased for $720,000 in 2006, foreclosed in June 2007 for $590,000.  Our Price is $420,000.  So your right, if you look around, deals are out there.  We have been looking for 12 months for the right home and the right price, I think we found it.”

The problem with waiting for the ‘herd.’

If you are the only Buyer making an offer, do you think you can negotiate a better price than if their are others making an offer on the same property?  Do you think you are the only person waiting for the Las Vegas market to bottom out?  What do you think will occur when the Greater Las Vegas Board of Realtors start reporting that sales are starting to jump way up? Do you think that all the other Buyers waiting in the wings will stay their waiting for you to find your perfect home or investment?  If you think that the Sellers attitudes will not immediately change then you are being naive.  Sellers want every dime they can get from the sale of their property and if they see the market is changing their attitudes will change just as fast.

The Bottom Line

Buy before the third quarter of this year or before the press starts announcing the heavy demand for employees at the new resorts and their opening dates.  This employment growth will make national news as it is projected at as high as 14% growth in job creation which is VERY unusual. If you haven’t secured your investment or home by then, your going to be paying more than you could have.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

The current batch of wanna be investors are allowing their investment homes to be foreclosed here in Las Vegas driving up inventory and lowering the price of resale and new housing.  It might surprise you that due to this unloading of uneducated and un-savvy investors that the SAVY INVESTORS ARE BUYING! 

People who know how to make money in real estate know that the profit is made when you buy and because of all the Bank owned real estate here in the valley these investors know they can buy at an excellent price and hold until the market changes within the next 24 months.  So while the opportunist fails and looses his shirt on investing in Las Vegas real estate because they simply purchased when the market was too high.  The savvy investor is buying up the bank owned homes (REO’S) and going to make a mint when the market changes in the next 24 months.

This is something I have known and written about for the past year but finally some of the main stream investigative reporters are starting to break the news.  NuWireInvestor wrote an article on this yesterday.

How long do you think the opportunity will be here as new bigger newspapers start picking up the news of the growth about to happen in Las Vegas?  NOT LONG!

If your a home owner this is great news as the price of your home should rise back to a realistic level.  If you don’t have to sell right now, DON’T.  Yes, we will still see some more declining prices in our market for the next 6 months but then things will stabilize and by the end of 2008 prices will be on the rise and inventory will be around 15,000 which is a balanced market in Las Vegas.

I have been reading newspaper articles from all over the world the last few months talking about how (name your country) can buy U.S. real estate right now at fantastic prices because their currency is so much stronger against the U.S. dollar and because of the mortgage melt down prices have fallen below value.  They are flying into Vegas every day and buying second homes and investment property. 

You have to ask yourself why potential Buyers here in Las Vegas are waiting to purchase?  The most often answer to this question I get is that they think prices are going to fall further.  Unfortunately these Buyers may simply wait to long.  Real estate is not like the auto industry where a dealership announces that there is a clearance sale on all their inventory.  Sellers WILL NEVER all band together on a certain day and declare that they listed their properties to high and therefor they are going to cut their prices 5% on all homes in Las Vegas.  That is simply not physically possible or reasonable. 

So when will the market be low enough?  When the press announces that prices are heading back up?  I have a thought for all you Buyers concerning this.  Do you think that Sellers won’t read the same article and start raising their prices and being more firm on counter offers when the press announce the market is changing?  Do you really think a Seller is going to continue to discount when they know their values are headed back up?

The reality is NOW is a great time to buy.  Not because I say so but, because the deals are currently out there and because of what is happening with foreign Buyers,  Savvy investors and the 12% job increase we are about to start experiencing the market is going to change and when it does it will do so in a very short time.

Buyers, remember that the price on a resale home is the ASKING PRICE which requires that you make an offer.  Right now the SELLING PRICE is lower than the asking price which means you can negotiate a discount.  You can also by bank owned properties and short sale properties as well as discounted vacant retail seller homes at very attractive negotiable prices. 

Then Bottom Line: The market is at the bottom if you correctly negotiate right now.  The bottom of the market is NOT when the press says so as they will only report the bottom when things are going up and you will miss the best time to buy.  The savvy investors are in Las Vegas right now BUYING, shouldn’t you be buying too?

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

If you purchased your home in the years 2004 through 2007 and you live in Las Vegas you may be in an unfortunate group of people that now find themselves in the position of having more invested in their homes than they can currently sell it for.

Many of you may be in a position where your mortgage interest rates and payments are rising further putting the squeeze on your living expenses.  This cash crunch creates much real financial pain and may push you to the point of just giving the house up to the bank. Before you make such a life changing decision, that will affect your credit and financial security for many years to come, you may want to take a look at a little history.

BAD NEWS 

Edward Glaeser a professor of economics at Harvard University and a Manhattan Institute senior fellow has a different view on this housing adjustment when he wrote in an article for the The New York Sun.

Glaeser wrote that for every 10% rise in a boom cycle prices fell 5% historically. If we look at Las Vegas we had approximately a 50% increase in our last 4 year boom cycle.  But also if you take an average normal appreciation curve for Las Vegas you find that home prices over the last 20 years have averaged 5% appreciation in our market.  We refer to this 5% appreciation as a baseline. So if the boom increased prices 50% and the baseline would have normally increased prices by 20% (5 yrs. X 5%) our market is over inflated by 30%.

Using Professor Glaesers estimates of price adjustment we should see a drop in real estate prices of 15% but we have one more problem to throw into this mix.  One of the main reasons home prices boomed in Las Vegas was that we had investors from all over the planet buying on speculation, hoping to make some fast cash by buying homes and then reselling them almost immediately. This created a false market which caused more homes to be built than there were people to buy and live in them.  We find these homes now on the MLS as vacant homes.  For this example let’s use the current December 2007 figures when approximately 28,000 homes are listed on the Las Vegas MLS and approximately 40% were vacant.  The vacant homes indicate excess supply and that number is 11,200 now throw in New home inventory and repossession or REO inventory and you have about 15,000 homes that are unoccupied in the market place.  What you also need to know is that the repossession will continue to climb through the 4th quarter of 2008.  The number of vacant homes will probably not change very much as people give back their homes and then rent in Las Vegas.  People are not loosing their jobs so they must find housing even though they give back their home.

Now you need to know that the valley has about 740,000 homes in it right now according to the Clark County Assessor and that nationally a healthy real estate market has 2% of its housing stock for sale at any time.  This would mean that Las Vegas if it were healthy would have 14,800 homes for sale.  If we currently have 28,000 homes listed on the MLS and we have more new, REO and for sale by owner homes on the market it is safe to say we have twice as much inventory on the market as we should in a normal market.  That is why some economic forecaster are saying that the Las Vegas Market could loose as much as 30% of value before the market bottoms out and starts to climb once again.

Let’s use the worst case of a 30% drop in Las Vegas real estate values and take a look at what is ahead in the near future in Las Vegas.

 GOOD NEWS

Every economist in the United State understands that job growth (employment) is the biggest major factor in driving housing and its affordability.  If housing is tight then prices rise.

In Las Vegas employment experts can calculate the increase in employment by the number of hotel rooms added to the area.  Historically the ration is 6 new jobs per room in Las Vegas.

The good news is that we only have about 15,000 homes that are excess inventory and we are about to have major job growth in the Valley due to $36 Billion dollars of development on the “Strip.” Las Vegas is projected to bring on line approximately 12,000 rooms from December 2007 through December 2008. That will translate to 70,000 new jobs here in the Valley.  If we use the lowest housing to job ratios of 33.8% in 1995 when interest rates were 9.25% we find that this surge in employment will cause a conservative demand for over 23,000 homes.  So at the end of 2008 we should be short 8,000 homes that will need to be built to accommodate our new work force.  In 2009 an additional 16,000 hotel rooms will come on line creating another 96,000 jobs and the need for a conservative 32,000 more homes.

The builders in the valley have the available lots to build on to meet this demand but they developed these lots at 2005 prices and have to carry interest on them for an additional 2 to 3 years increasing their price.  This will mean the new homes will be built on lots that cost more than in 2005 and even if construction costs are lower will still require 2006 pricing in order to strengthen the week home builders after being plundered by this latest price adjustment.  Don’t look for the 2007 prices builders used to liquidate excess inventories in late 2008, they will have vanished.

Bottom Line 

Bottom line is that the surge in growth that we are about to get over the next 2 years should not only bring us back to within 5% of the high point in 2006 prices but might increase the cost of a single family home 5 to 10% over those highs.  This will not be a real estate boom but simply a recovery of values.

It is also projected by local economists that we will actually have a shortage of employable workers by 2010. This leads to more competition for experienced workers and results in higher paying jobs.  This should help ease that tight budget and give you a little more cash to enjoy life.

So if you can meet your mortgage payments for the next 12 months, do it.  Short of a national catastrophe it looks like you may be looking back in 2009 and saying “Wow, am I glad I kept my home.”

The two worst things you can have on your credit is a repossession or a bankruptcy.

Hang on things are going to get better.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

This mourning I was reading an article on the Southern Nevada Water Authorities plan to build a pipeline from the interior of the State to Clark County and deliver as many as 400,000 additional homes water. This project would cost an estimated $3.5 billion dollars.

(See the article here)

If the source of funding of this project were purely water connection fee’s for new connections then Las Vegas residents could see connection fee’s increase an additional $8,750 each for the 400,000 new residents (based on 200,000 acre feet).

SNWA needs to be working with other states and their ranchers to get more water from the Colorado. No pipeline cost is incurred by using this resource.

The Feds need to re-examine State rights and water distribution and consider its ramifications on the food supply, the environment and human needs rather than just State boarders. The old water and natural resource rules need to be carefully examined and changed as they no longer work for the best interests of the entire country and our environment.

Clark County does not have to suck the balance of this arid State dry.  Nevada has enough dust bowls thanks to Mother Nature.

The State of Nevada should be negotiating on behalf and in the best interest of Clark County to find additional shares of Colorado River Water. It should be lobbying for change at the federal level and be striking deals with other States.

What about building desalinization plants in Southern California along the coast. Desalination it is credited with making Dubai possible, why wouldn’t it work in Southern California  This would reduce the need for Colorado River water freeing further resources for Clark County.  Should SNWA be subsidizing desalinization plants along the shores of Southern California in exchange for additional Colorado River water rights? Would it be cheaper and make more sense to add additional water to the arid West or to just drill holes and suck it dry?

If global warming is in our future we need to look at redistributing our resources and not just on a State basis or a National basis but on a World scale.

Perhaps we could even expand our conservation right down to your personal homes. A few changes by Congress could put this Nation well on its way to a better environment.  If Congress would pass legislation that would mandate Appraisers to increase the value of homes by the reasonable cost of renewable energy and energy conservation systems installed in the home as well as provide that mortgage companies calculate the energy savings and allow for the difference to be added to the mortgage payment. This sort of effort would immediately spur the average homeowner and the whole contractor industry to start retro fitting homes with solar voltaic panels, on demand water heating units, water conservation systems, energy efficient appliances, energy efficient lighting systems, better insulation, attic fans, upgraded efficient window systems, energy efficient air-conditioning systems.

The bottom line is that we need to make conservation not only cool and responsible but we also need to provide ways that the average citizen can afford to conserve.  What better way than to take the dollars from Joe Citizens energy bill savings and put it dollar for dollar into his mortgage payment in a direct dollar for dollar exchange.  This would allow Joe Citizen to make his contribution to the environment and conserve our resources without shelling out $40,000 from his pocket with no guarantee he will get it back when he sells his home.

Senator Reid, please get off your soap box and start doing something about developing Nevada’s renewable energy resources. Nevada needs your help, not just your rhetoric. Nevada needs a leader as does this Nation to do something about energy conservation and development. We need to become energy self sufficient so that we can quit dictating foreign policy for oil, which has resulted in us sending our wonderful youth to die so that we can fill our tanks. Much of the world hates the United States because of our strong handed tactics in manipulating foreign governments. Aren’t we smart enough to change when we see things aren’t working?

We need to change our Country and quit trying to change the world to fit our needs.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

I have finished and uploaded the latest market study report for the third quarter of 2007.  This statistical analysis of the Las Vegas real estate markets should give you a good idea of not only what has happened but where things are going in this volatile market.

With is market currently in a state of flux, you will want to pay special attention to the trends and projections made by the experts. 

We will see much more change in the residential real estate markets here in Las Vegas over the next six months.  These changes offer some unique opportunities for Buyers that may not come available again for a very long time.

We all wish we would have purchased in the last real estate down cycle as those who did made a great deal of money.  This is not the time to wait for everyone else to start buying.  If you do wait prices will start to rise and you will have missed the trough in the down cycle.

You can find this video presentation by clicking on the Las Vegas real estate report video picture above.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

It appears that the foreclosure rates on sub-prime mortgages have continued to restrain the ability of qualified Buyers to obtain financing when purchasing a home.

   This has resulted in many fewer home purchases nationally.  As lenders try to determine how to estimate their portfolio losses and project further losses in the financial markets.

The Fed has reacted with short term interest rate cuts but this has not curbed volatility in the mortgage markets.

The losses in the mortgage sector could reach an estimated $2 Trillion dollars.  But in relation the dot com stock market bubble resulted in a $7 Trillion dollar loss.

The National real estate markets report some areas are still falling in pricing and volume while some areas of the country are actually appreciating.

See more by clicking on the picture above or this link to see this U.S. Real Estate Report video.

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.