Las Vegas Real Estate Blog

One of the Maloof brothers has reportedly decided to buy a home in the south end of Las Vegas. The Maloofs, having significant interests in Coors and Miller distributing, Wells Fargo, NBA Sacramento Kings and The Palms hotel-casino in Las Vegas, found a house in Southern Highlands that seemed to suit perfectly.

The list of celebrity and/or household names who buy in Vegas continues to grow...

A Las Vegas high rise condo just set a new high. One week after a Summerlin property sold for more than $1000 per square foot, a luxury Sky Las Vegas condo sold "gray-shell" for more than $900 per foot. Gray-shell means it didn't have flooring or any other cosmetics.

Supposedly the view is incredible. The Las Vegas RJ stated,

"Why the high price for the penthouse? The view, which Ezra said is "arguably one of the best" on the Strip. The unit looks south down Las Vegas Boulevard, past Mandalay Bay to McCarran International Airport, and its view spans east toward Nellis Air Force Base. The home's owner will be able to see the planes landing at both sites, Ezra said."

There has been considerable buzz suggesting that web sites, resumes, and other forms of marketing are going toward video and leaving behind basic static content. Don't be fooled by this claim. It's cool and some people can pull it off but video presentations have to be extremely professional to be effective. Actors and news anchors are a good example of how important a professional image must be. Either a lot of personality or a good deal of good looks will help some be successful but a visual image can create a lot of opportunity for discrimination even before a personal meeting.

There have been discussions on whether or not a Realtor should even have a picture on their agent website. Imagine how damaging a poorly done video could be to a professional's image. Even a well done video can be distracting and cost a user time in finding what they came looking for. For now, stick to professional, static content for web design and resumes.

Lenders lend. Realtors market and sell houses. So, is a Realtor responsible for the lending program a buyer chooses? Indirectly they may be.

As agents we often refer buyers to lenders we know will close the deal. Buyers trust our judgement when forming relationships with other industry professionals. Though a lender can charge what they want, recommend the programs they want, and close a deal how they must, we can look out for our clients to stave off potential foreclosures.

NAR President, Pat Combs, suggests we can reduce the chance of foreclosure for future buyers by doing the following:

• Advocating for smart lending practices
• Talking to lenders we work with to understand how they handle delilnquent mortgages
• Learning what our state and local governments and local nonprofits are doing to help borrowers in trouble on their mortgage loan
• Reaching out to consumvers in our communities to let them know what resources are available
• Making sure buyers we're working with understand how to eveluate the mortgage terms they're being offered. It's no longer enought to send buyers off to become prequalified before they start the home search.

Home buyers depend on us as Realtors to look after them during their transaction. Though we are not ultimately responsible for their decisions, we can ensure they are informed.

The deficit of school teachers for this fall is getting smaller in Las Vegas. Clark County has been working diligently to make up ground and fill the spots needed for many of the district's schools. New schools added because of the city growth have added strain to the staff.

Also, increases in the cost of living, including housing prices, has made it more difficult for teachers to reside in the valley. The district has had to recruit from many parts of the country to fill the spots needed. They get closer and closer to filling the voids before the school year begins.

It seems the housing market is at odds with itself. While housing starts are up, building permits are down.

"Building permits fell 7.5 percent in June to a pace of 1.406 million units. That's just above the 1.402 million unit rate seen in June 1997 and below the 1.48 million unit rate that economists had expected.

Wednesday's data comes a day after a report indicating that home-builder confidence is sinking as mortgages become more difficult to obtain, with banks tightening their lending standards." - MSNBC

I love my movies. Friday night, a successful week's work accomplished, the kids off to bed and it's time to relax. Pop some corn, pour a cold drink and sit back from the 109 inch front projected screen and enjoy any preferred movie.

For anywhere between $800 and $10,000 a homeowner can take advantage of amazing home theators these days. Some prefer a large flat panel TV with surround sound and some prefer the front projector hanging from the ceiling with rich surround sound.

I went to the movie theator with my wife for the first time in 3 years the other night. It was fun but I didn't experience anything much different than what we have in the house. We are patient and await all of the big movies. They arrive in the mail and we watch them as we please. Our theator is of high enough quality that we can't justify the trip to the cinema and $20 for tickets and rediculous prices for treats. We just dim the lights, pop off the shoes, and lean back in the recliners to view our favorite flicks.

As projectors, TVs, and sound equipment are more and more affordable we'll see and increased number of homes for sale with theators included. I, for one, plan to have a theator set up in all of our future homes.

It is believed a new record has been set in Las Vegas real estate. A home in Summerlin at the Promontory at The Ridges subdivision recently sold for nearly $7.9 million. The price is considerable but not a jaw dropping factor. The home that closed escrow sometime last week was 7,519 square feet. My calculator popped out $1,050 or so per foot. That's amazing for just about anywhere in the country and is supposedly a new high for the Las Vegas valley.

Home prices generally average around $180-220 per square foot as a whole throughout the valley. Amazing homes in amazing neighborhoods demand amazing premiums.

Casino after casino gets a new facelift. In several cases the whole building is replaced with more modern and larger scale resorts. The Luxor will keep its pyramid shape but the interior will be changed entirely.

The owners, MGM Mirage, are looking to update the image to draw more adults. Reportedly, the arcade and egyptian designs will be replaced with more hip and adult-focused clubs, bars, and entertainment.

The hotel portion of the building will also be remodeled.

Las Vegas attracts millions of visitors annually. Each casino attempts to maximize foot traffic and slot play. It often requires a remake in image to accomplish better numbers. It will be interesting to see how the Luxor is modified.

I'm excited that Las Vegas is being considered for an NBA basketball team. There are many benefits to the city and its residents, not to mention we won't have to travel to CA or UT to catch a game.

Recent league scandal has placed some strain on the possibilities but government officials have reassured Stern and others that the valley will be able to support a team. REI has plans to build a stadium near main and Charleston and recent NBA events in town have gone off very well.

We'll keep a weather eye to the horizon awaiting as the story unfolds...