November Real Estate News

Las Vegas Real Estate Update

Las Vegas Real Estate Update

Las Vegas Real Estate Market Stabilizes in 3rd Quarter

THE BOTTOM LINE… The housing market remains a hot topic for those who analyze the Las Vegas economy and are keeping a close eye on its pace of recovery. Nevada has gone from the fastest appreciating housing market in the United States, to the fastest depreciating market in the United States, only to come full circle in 2013 and once again post nation-leading price gains.  For some, the recent spike in pricing is merely a rebound from the market’s overcorrection that pushed the median resale down to $100,000 in January 2012. For others, the recent price gains reflect overly aggressive residential investment, gobbling up inventory, driving up prices and creating a whole new housing bubble that threatens to burst as soon as investors start looking for an exit strategy. Read More

Las Vegas Tops U.S. in Short Sales, Bank-Owned Sales

LAS VEGAS — Las Vegas led the nation’s large metropolitan areas in September in both residential short sales and sales of bank-owned homes, RealtyTrac reported Wednesday night. RealtyTrac found that 34 percent of last month’s residential transactions in Las Vegas involved short sales and 21 percent represented bank-owned sales. The real estate analytics company from Irvine, Calif., also placed Las Vegas second with 27 percent of the purchases coming from institutional investors, and tied for second with 62 percent of the sales representing all-cash transactions. Read More

Southern Highlands Homes for Sale

Las Vegas Ranks Third in Flipping

The Las Vegas metropolitan area produced the nation’s third largest volume of flipped single-family homes in the third quarter of 2013, RealtyTrac.com reported Wednesday night. There were 780 such residences in Southern Nevada that were purchased and subsequently resold within six months, fitting the definition of flipping as used by the real estate analytics company from Irvine, Calif. That volume was 15 percent below the second quarter of this year but 9 percent higher than the third quarter of 2012. The average purchase price of those homes was $144,197 and the average resale price was $190,910, contributing to average gross profits of $53,503 per residence for the flippers. Read more

In Recovering Housing Market, Cash is Still King

Money talks, but cash shouts in the real estate market. An unprecedented number of home buyers in the Twin Cities and beyond are forgoing a mortgage. Nearly half of all U.S. buyers during September paid cash, compared with 30 percent last year, according to RealtyTrac. “Cash is king,” said Dave Delgado, co-owner of a Twin Cities ­medical supply company, who recently paid cash for a couple of suburban rental houses.“It’s hard to say how the stock market will do, so we feel more confident and comfortable in the real estate market.” Delgado and other investors are spending billions on real estate, signaling a deepening confidence in the Twin Cities housing recovery and a steadfast belief that demand for rentals will remain strong. For Delgado, purchasing real estate with cash also helps to diversify his investment portfolio. Read more

Bascom Group Buys First Local Apartment Complex

A California private-equity firm has invested in its first local apartment complex. The Bascom Group of Irvine, Calif., bought Broadstone Montecito, a 336-unit, Class A community at 9745 Grand Teton Drive, for $36.6 million. “We are excited to be extending our presence into Southern Nevada,” Bascom principal Scott McClave said. “Montecito represents a great opportunity to purchase a well-built, high-quality property in the trough of a rebounding market. Market fundamentals will continue to improve dramatically in the Las Vegas market and we look forward to creating a place our residents can call home.” Read more

October Real Estate News

Home Flipping in Las Vegas

Home Flipping in Las Vegas

House flipping remains fruitful in Las Vegas, if not elsewhere

The nationwide slowdown in house flipping isn’t nearly as sluggish in Nevada. The Silver State had 1,014 single-family home flips in the third quarter, down 16 percent from the second quarter but down just 1 percent from a year ago, according to a new report from RealtyTrac. Nationally, house flipping fell 35 percent from the second quarter and 13 percent year-to-year. In the Las Vegas area, the volume of flipping dropped 15 percent from the second quarter but rose 9 percent from a year ago, to 780 transactions in the three months ending Sept. 30, the report found. Read more

Container Park brings unique design, shops downtown

If you’re looking for physical evidence of the capitalist-hipster culture that’s been imported to downtown Las Vegas, look no further than Container Park. The striking shopping center at Fremont and 7th streets is built from dozens of large, steel cubes, including nearly 40 re-purposed shipping containers. The entrance on Fremont is marked by a giant, metal, flame-spewing praying mantis and a dome-shaped theater in front of a plaza surrounded by the stacked, steel cubes and containers that will house stores, restaurants and bars. Scheduled to open as early as next month with more than 30 businesses, most of them owner-operated, Container Park is the physical manifestation of the Downtown Project’s promise to revive downtown Las Vegas through art, fashion, business and real estate development. Read more   Southern Highlands Homes

Commercial properties seeing some better times

Revival of Southern Nevada’s commercial market is a work in progress, although 2013 has brought a spate of big deals. Plus, projects under construction should give the market an assist in 2014. That’s according to commercial brokerage Avison Young’s Fall 2013 Commercial Real Estate Investment Review. Investment volume in Las Vegas remains well below pre-recession levels, when prices were considerably higher. Investors dropped just under $1 billion on commercial properties in the first six months of 2013, with more than half of those dollars going to multifamily residential properties. For now, the market is on track to at least match 2012’s total of a little less than $2 billion in buys. But it won’t come close to the $5 billion in deals in 2007. Read more

New-home sales in Las Vegas slowing, but still up from last year

The Las Vegas home construction market softened last month compared to August, but overall, things remain stronger than last year. Southern Nevada builders sold 626 new homes in September, down 18 percent from August but up 6 percent from September 2012, according to a new report from Las Vegas-based Home Builders Research. August’s tally of 763 sales was the highest one-month total of the year. The median price of September’s transactions was $269,474, up 1 percent from August but up 35 percent from last September. Read more

Report says housing bust has silver lining: affordability

A new report points to a silver lining in Southern Nevada’s housing bust. The study, released on Thursday from real estate website Trulia, shows the vast majority of local homes for sale in Las Vegas are affordable to the typical household, thanks to the city’s recession-era price crash. And that housing accessibility could prove important to the city’s economic future. “Housing affordability affects economic competitiveness. Housing costs are an important part of doing business,” said Jed Kolko, Trulia’s chief economist. “Taxes get a lot of attention, but often, the difference in housing costs matters a lot more to whether businesses and people move, and to where.”  Las Vegas has a pretty big pricing difference to exploit these days. Based on a median local income of $49,546, 72 percent of local homes listed for sale are within reach of the typical household. A family earning the median could afford as much as $241,000 worth of house and still keep its payment below 31 percent of income, Trulia’s report said. Read more

Real Estate News for August 2013

Liberace Mansion Las Vegas

Liberace Mansion Las Vegas

British Businessman Vows to Restore Liberace Mansion

Posted by Diann Tonnesen on Friday, August 30th, 2013 at 10:45am.

An historical remnant of Las Vegas’ colorful heyday made the news this week: the 15,000 square foot Liberace Mansion. Built in 1962, Liberace purchased the mansion in 1974 and made it uniquely his own. Containing only two bedrooms but a whopping 10 bathrooms, the mansion still exhibits evidence of Liberace’s original decor, including large piano key decorations, ancient Greek pillars and a bedroom ceiling adorned with a $1.6 million reproduction of Michelangelo’s painting from the Sistine Chapel. Read More

 

Rising prices lift half of Las Vegas homes above water

By JENNIFER ROBISON

LAS VEGAS REVIEW-JOURNAL

Rising home prices have thrown a life preserver to thousands of locals who are underwater on their home loans.

Thanks to double-digit price gains over the past year, the number of Las Vegans with negative equity — owing more on their mortgage than their home is worth — fell below the 50 percent watermark in the quarter that ended in June, according to real estate website Zillow.  Homes for Sale in Southern Highlands

That means most of the market is above water for the first time since Zillow began tracking equity in early 2011, and housing inventories and consumer spending could benefit, experts said.   Read More

 

Carpenter 1 wildfire may devalue homes in Spring Mountains

By BEN BOTKIN

LAS VEGAS REVIEW-JOURNAL

Edward Underhill and his dogs Ziggy and Foxy Lady returned to his Kyle Canyon cabin on Wednesday morning, after he had watched the fire roar from his home in Pahrump.

He and his neighbors have good reason to be thankful. Their homes escaped the flames of a forest fire that charred the mountains and forced the evacuation of Kyle Canyon.

But that doesn’t mean property owners will come out completely unscathed from the massive Carpenter 1 Fire that devastated about 28,000 acres of forest in the Spring Mountains.

Analyses of other wildfire-hit mountain communities in the West suggests he and his Mount Charleston neighbors might lose… Read More

 

Las Vegas leads all cities with 24.9 percent home-price gain

By CHRISTOPHER S. RUGABER THE ASSOCIATED PRESS

WASHINGTON — U.S. home prices rose 12.1 percent in June from a year earlier with Las Vegas leading all cities with a 24.9 percent gain.

But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery.

The Standard &Poor’s/Case-Shiller 20-city home price index slowed only marginally from May’s year-over-year gain of 12.2 percent, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago, according to the report released Tuesday. Read More