Las Vegas Real Estate Blog

Las Vegas is a great place to live, especially for NASCAR fans. Feb 29-Mar 2 Las Vegas will host the racing events at the speedway. Fans are already gearing up and getting ready to attend. The Blue Man Group plans to perform and other great entertainment will be available.

Las Vegas has some of the best recreational and entertainment in the world. From races at the speedway to great dining and shows residents and visitors alike can find anything they're looking for.

Inflation risks caused mortgage interest rates to rise. Home buyers may have witnessed a 41 basis point increase. Reportedly, the average on 30-yr rates rose to 6.37. Bernanke and crew are concerned about the economy and the effect inflation has. He is committed to helping out the economy as well as the housing sector.

"For now though, the No. 1 battle is shoring up the economy. And Bernanke pledged anew to slice a key interest rate to steady the wobbly economy, which many fear is on the verge of a recession - or possibly has already toppled into one."

The history of Las Vegas is fascinating and somewhat unique. The city of Las Vegas began to develop as an important stop along the Old Spanish Trail between Santa Fe, New Mexico and southern California for much of the 19th century. The oasis enabled Spanish traders to shorten their route to Los Angeles by cutting directly across the desert. In 1829, descriptions of the lush valley were circulated, generating a lot of interest. In 1844, John C. Fremont, an explorer, camped in the Las Vegas Valley and described the fertile landscape in his journals. Missionaries from the Church of Jesus Christ of Latter-day Saints (the Mormon Church) began an intermittent settlement of the Las Vegas Valley in 1855. This settlement linked to California and the Pacific Ocean. More on Las Vegas History...

The Mountain's Edge master-planned community in the southwest valley recently completed the installation of four commemorative plaques located at the top of the community's 3,500-acre Exploration Peak. Reportedly, the plaques are located on 4 points of a patio with a great view of the valley. They detail local history adding rich value to the residential community. Homes have sold by the thousands in the south west end of Vegas. Communities add to the living experience in many unique ways. Parks, trails, pools, club houses, etc. attract many to the area.

The National Association of Realtors (NAR) reports both the number of homes and the median prices of those homes dropped last month. That's no surprise to many who are growing used to the trend spoken of consistently in the press.

"The National Association of Realtors said Monday that sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.

The median price of a home sold in January slid to $201,100, a drop of 4.6 percent from a year ago."

An article in the RJ suggests that the demographics of people purchasing homes in Las Vegas has not changed. However, the number of overall buyers has. Whether they are first-time-home buyers, couples, families, bachelors or bachelorettes, retirees, etc. they are still making purchases.

Buyers realize they can be very selective and are touring homes before making a purchase. The article provides some interesting stats on who is buying what and it suggests that groups that had not purchased as much in the past are now.

As the residential landscape continues to change in Las Vegas it will be interesting to see how the demographics of home buyers shifts. While Realtors are not allowed to discriminate based on many of these factors, they do recognize shifts in demand and they need to tailor their professional interactions to cater to many backgrounds and people.

Recent interest rates cuts have motivated many to attempt to refinance their property. However, many may be unable to do it successfully. Mortgage lenders are looking for considerable qualifications. The house must have equity, the borrower must have good credit and work history, and the house needs to appraise well in the real estate market they live in.

Many have tried to lock in better rates and a better term for their home but are unable to because of the previous loan they acquired. To find out if you qualify contact your lender or your real estate agent who can refer you.

Las Vegas has seen amazing economic growth in this decade. It has invited huge development projects and investments. Many of the economic factors contributing to the index have seen positive increases while others are flat or slightly lower.

"Still, the six-month forecast remains flat, (with) no clear sign of an overall recession in the data, despite the veil of pessimism coming from the media," economist Keith Schwer said.

It's amazing the economy has remained as resilient as it is in light of the recent softening of the real estate market in the valley. If the Las Vegas continues strong and the large projects are completed, there will be considerable growth in many industries as real estate recouperates.

Many experts and analysts who know the valley suggest commercial projects will taper off some. Las Vegas commercial real estate has been hot because previous residential growth outran the important commercial infrastructure.

Las Vegas real estate agents are anxious to see what happens over the next year or so. Some believe another small boom will occur due to housing needed to support the jobs to be filled by some of these large-scale development projects. Some estimate jobs requiring 60,000-100,000 residents will need to be filled. 60,000 is more people than there are existing residences including rentals and listed homes. Some expect even more positions through 2009 which will shorten supply further and increase demand. The next year should be flat in southern Nevada economy and housing. However, subsequent years could see considerable growth.

The Fed's lower rates have sparked greater interest in mortgage products in the Las Vegas area. Applications are up considerably as people see a great time to purchase a Las Vegas home.

"Refinance applications are up 92 percent since the beginning of November, while purchase applications are up 7 percent," said Jay Brinkmann, vice president of the Mortgage Bankers Association. "With tighter credit conditions we don't know how many of these applications will become loans, but it is clear that borrowers are responding to the recent drop in interest rates." - RJ

Opening day in the highly touted Las Vegas community is approaching. The Las Vegas Trump Towers are luxurious.

"No one does the luxury lifestyle better than Trump," Schaeffer said. "The dining and spa experiences at Trump Las Vegas will be unsurpassed by any other high-rise project in town." - LV RJ

I had a recent discussion with the President of one of the home builders here in Las Vegas. I asked if they had their operations on hold for build out Las Vegas communities or if they were pressing forward despite economic issues revolving around housing. He responded that they had slowed down but they were planning for the near future as major business projects are likely to attract many thousands to the valley. He talked about the changes in focus in their products as well as their marketing programs. In some places you can pay a low monthly payment every month that compares equally to rentals. They are developing products that work for 1st time home buyers as well as others for the upscale community. They are poised with land and resources to build homes quickly once economic factors indicate the timing is right.