Las Vegas Foreclosures

Las Vegas Short Sale Capital of the Country-Stuart Sheinfeld

2012-01-06T08:15:00.000-08:00

Las Vegas Short Sale Capital of the Country-Stuart Sheinfeld

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2012-01-03T12:50:00.000-08:00

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Las Vegas & Henderson Real Estate Seems To Be Stabilizing

2010-09-18T17:05:00.000-07:00

Home prices have increased in some zip codes in Las Vegas. This is definitely a sign of home prices starting to stabilize says Stuart Shienfeld, Las Vegas real estate agent. 15 zip codes showed double digit increases while only 7 zip codes showed double digit declines.

Existing Las Vegas home sales slid 16.9% from
last month to 4,128. That's also 19% below last year's level.

The median price for an existing home sold in July was $120,000. That price
is below both June (-2.4%) and the previous July (-1.6%). But, it is
consistent with data over the last 16 months.

But, more importantly, the median price per square foot of an existing home
sold in this market has been above 2009 levels for the last four months.
The current median price per square foot of an existing home sold in July was
$79.78.
The 1,907 foreclosures in July were somewhat higher than June figures (+28%). Yet,
that number was 19% below last July. In fact, five of the seven months in
this year have seen lower foreclosure levels than corresponding months in
2009.

The 13% rise of available listings in July to 12,772 is the first time this
year that any month has been higher than its corresponding month in 2009.
Yet, even at this figure, this inventory represents just 3.1 months of supply
at current sales rates.
Rates on 30-year fixed-rate mortgages, the most widely used loan, averaged 4.32 percent for the week.
Comparing the information for Median List Price vs. Median Sales Price for Traditional, Bank Owned and Short Sales we see that the traditional listings are selling at a very high percentage (78%) of the average list price and the average list price is much higher ($224,900) than either REO or Short Sale properties.

The REO and Short Sale average List Price are almost the same, but the average Sale Price for REO properties is lower. It is interesting that the Short Sales properties' Median List Price is the same as the Median Sale Price.
Short sale closings continue to rise due to more cooperation by the banks holding the paper. With increasing unemployment rates, short sales will continue to dominate the Las Vegas housing market says, Stuart Shienfeld.

A Few Bright Spots In The Las Vegas Housing Market

2010-08-08T13:10:00.001-07:00

The time has finally come when we realtors can question and possibly correct a low appraisal says, realtor Stuart Sheinfeld. The July 21st passage of Obama’s Consumer Protection legislation included a host of RE-Related topics, but none was more important to our immediate needs than the language regarding appraisals. It allows realtors, mortgage bankers/brokers, consumers, and “any other person with an interest” to ask an appraiser to consider additional information such as comps, details, substantiation, and/or explanations to support an appraisal. In other words – you’re allowed to offer evidence and have it considered by an appraiser.
The number of new home sales nearly doubled month over month, jumping from 515 to 983. That 983 total, incidentally, was more than double the same month one year ago (105%). It was also the highest total of any month since September 2008. The part of the market that is pushing the new home figure upward are Hi-Rise sales led by City Centre’s Vdara and Veer condos.
Las Vegas now boasts the lowest number of subdivisions in this decade at 223. Reflecting new home sales totals, new home permits hit 423, a small increase over last month but a 23% year over year increase. At the same time, MLS inventory increased slightly, from 10,126 in May to 11,234 in June. It seems like the first wave of foreclosures has passed now we wait for the second wave says realtor Stuart Sheinfeld.

Las Vegas Housing Market is Showing Signs of Recovery

2010-05-25T11:52:00.001-07:00

Cash continues to be king when it comes to buying a home in Las Vegas & Henderson says local realtor Stuart Sheinfeld. Cash buyers accounted for over 50 percent of all home purchases. In April, sales were strong, inventory fell slightly and prices remained relatively stable. Existing home sales fell slightly from last month (348 units to 4,323). However, that number is still 3.6% ahead of last April. And for the first four months of the year, existing home sales are 2.488 units or 18% ahead of last year. Strong sales are the first element in a recovery. MLS inventory continued its slow steady decline, slipping to a total of 9,400 units, the lowest total since July, 2004. At current sales rates, that represents just 2.7 months of supply for the market. Existing home prices rose to $126,000 - the highest point this year - and the highest level in 13 months. The average price per square foot jumped more than $2 to $81.61 - a 4% increase over last April. New-home sales are on the rise because buyers are getting frustrated with short sales & multiple offers on REO’s say realtor Stuart Sheinfeld. Another positive economic sign is the Tivoli Village in Summerlin, a mixed-use, retail, office, condo and dining center plans to be completed(first phase) by March 2011. With new federal programs in place to expedite short sales, HAMP & HAFA, we should see the Las Vegas housing inventory continue to decline, Sheinfeld says.

Las Vegas The Short Sale Capital

2010-02-20T17:05:00.001-08:00

Las Vegas and the state may be changing from the nation’s foreclosure capital to the nations short sale capital say realtor Stuart Sheinfeld
Short sales averaged about 8% of total existing-home closings last year, but averaged 25% of the market by the end of the year and in early January
Short sales are becoming the trend as banks try to find ways to avoid letting homes go into foreclosure.
The most undervalued market is Las Vegas where homes sell for 41.4% below fair market.
The Ritz-Carlton Lake Las Vegas in Henderson will close its doors May 2.
Casino Monte Lago at Lake Las Vegas will close at midnight March 14.

SALES:
--->Resales are up BIG!
The number of existing homes sold in 2009 was 48,075, a 57% increase over 2008 and the third highest total in history. The 4,502 sales in December's made it the 3rd highest month of the year.

INVENTORY:
--->All inventory elements continue to decline.
The number of foreclosures in inventory slid to 11,248 in December. That's the lowest total since March 2008. The reason that inventory is declining is simple:
In six of the last eight months, the number of foreclosures sold was larger than the number of foreclosures created.
The 10,262 homes in resale inventory in December represents just 2.6 months of supply. December's resale inventory is the second lowest total since March, 2005.
PRICES:
--->Resale prices declined in December
Resale prices remained in their narrow range, dropping from $125,000 last month to $120,000 in December. Existing home prices have bounced between those two numbers since April.

High-rise condo stats
• Allure — 190 of 427 units unsold; 40 in default; 10 bank owned.
• Juhl — 309 of 344 unsold.
• Newport Lofts — 23 of 168 unsold; 51 in default, 12 bank owned.
• One Queensridge Place — 85 of 219 unsold; 8 in default.
• Panorama Tower 3 — 334 of 372 unsold.
• Sky Las Vegas — 79 of 405 unsold; 50 in default; 5 bank owned.
• Streamline Tower — 248 of 275 unsold.
• Turnberry Towers West — 255 of 318 unsold.
• MGM Signature 3 — 84 of 576 unsold; 105 in default; 17 bank owned.
• Palms Place — 204 of 599 unsold.
• Trump International — 977 of 1,282 unsold.

Realtor Stuart Sheinfeld has been using his new Apple IPAD to show more listings while out with clients.

City Center & Las Vegas Home Sales Are Up

2009-12-12T10:15:00.001-08:00

Las Vegas housing inventory is declining. Investors in Las Vegas & Henderson don’t seem to be going away. Some buyers are facing a daunting task of 40 offers on bank owned properties, says a local real estate agent Stuart Sheinfeld. That is why we are seeing the increased success of short sales.
Foreclosure homes aren't properly maintained and lose value when they sit empty, he said. Banks also incur longer holding costs when they complete the foreclosure process.
Short sales have become better option to foreclosure; they have to be approved by the bank for hardship reasons and usually takes a long time to complete. The bank's red tape can take four to five months for an approval of a short sale.
The $8,000 homebuyer tax credit and the extension of that have boosted the market to record sales for this time of the year. A tax credit of up to $6,500 for current home owners has created a great investment opportunity for most people. Mortgage delinquency rates were highest in Nevada 14% and Florida 12% & the Clark County population hitting the 2 million mark are 2 factors keeping the Las Vegas real estate market hot.
The foreclosure Mecca, Las Vegas has experienced home prices at a 50 percent decline from their peak in 2006. The median price of a home there is $138,000, the inventory is down to a 2.5 month supply.
City Center had its grand opening and is creating a big stir. The Strip project will open in phases this month after more than five years of development and construction. The 500,000-square-foot Crystals opened on 12/10, and the 392-room Mandarin Oriental opens to customers 10/12. Aria, City Center's centerpiece 4,004-room hotel-casino, opens Dec. 16.
Aria will employ 10,000 of the 12,000 employees this should boost the Las Vegas housing market even more, says Stuart Sheinfeld

1. SUPPLY: There are 2.5 months of supply of active listings at current sales rates, the best this figure has been in 5 years
2. DEMAND: Both new and existing home sales totals are near year-long highs.
3. PRICES: Remained relatively stable.
4. Homebuilders are beginning to seek land again.
5. A stalled major commercial project (Tivoli Village) restarted construction.

Las Vegas Housing Inventory is Down

2009-10-05T14:53:00.000-07:00

Las Vegas housing inventory is declining. Investors in Las Vegas & Henderson don’t seem to be going away. Some buyers are facing a daunting task of 30, 50 even 100 offers on bank owned properties, says a local real estate agent Stuart Shienfeld. The public property records show that 45 percent of the Las Vegas buyers in August purchased homes with cash. This has forced most buyers to start putting offers on short sales which can take up to 6 months to close. Short sales in Las Vegas are making up more than 50% of homes on the market; nearly 7,800 short-sale units are under contract, either contingent or pending lending approval.
With so much competition for Las Vegas real estate, new homes are becoming a viable option again. For home buyers that qualify for the $8000 tax credit new homes could be the only option. If a buyer wants to take advantage they need to be under contract within the next 30 days. The tax credit is set to expire on November 31,2009. A $8,000 tax credit is huge when the median existing home price is less than $130,000. The Realtors association has lobbied Sens. Harry Reid, D-Nev., and John Ensign, R-Nev., and U.S. Rep. Shelley Berkley, D-Nev., and they have lobbied for an extension of the tax credit in to 2010.
• Current Supply stays at 2.9 months
• REO inventory is DOWN
• Interest rates are averaging 5%-5.50%
• 2 months left to take advantage of the $8000.00 tax credit. Needs to close by 11/31/09
• 5 straight months of 4000+ home sales
• Over 55% of ALL NEW LISTINGS last less than a month on the market
The lack of foreclosure inventory, which is declining in Las Vegas could keep sales low & competition high. People buying in this market could look like geniuses in the next couple years.

Las Vegas Home Buying Frenzy

2009-07-05T13:02:00.000-07:00

May Las Vegas housing data suggests that we possibly reached the bottom of the residential recession in the 2nd quarter of this year. I haven’t seen a home buying frenzy like this since 2004, says Las Vegas real estate agent Stuart Shienfeld.
Foreclosures have dominated the housing market with more than 60 percent of the sales each month being bank-owned properties.
With sales at their highest level since June 2006 the first-time homebuyers and investors snatching up Las Vegas inventory, say realtor Stuart Shienfeld.
There were 5,276 bank-owned single-family homes listed for sale in the valley and of those 2,623 had contingent offers, Smith says. That leaves an inventory of 2,653. About half of those homes don’t have offers.
The downturn in the stock market combined with the growing affordability of purchasing a home has prompted increased interest in using IRAs and 401K’s to help fund the purchase.
The number of resale homes on the market as listed by real estate agents continues to decline. During the past year, the number has dipped 36.7 percent or 8,109 units, lowering the inventory to less than 19,000 homes. The inventory has dropped for 13 consecutive weeks with 6,700 fewer properties listed during that time. The number of vacant homes is just under 7,500, a drop of 49 percent.
The number of foreclosures in May was 1,769, a 26% decrease from last year. This was the third month that foreclosure purchases surpassed the number of new foreclosures coming on the market.
New listings are down 18.1% from April 2009 and the number of units sold, are up 1.8% from last month. The average days on the market for homes are hovering for less than 60 days. That is an average of almost 65%.
There are very few REO homes that are currently available without offers to buy. You really need to move quickly to get your offer in. When you do you should offer you’re highest & best offer, says Stuart Sheinfeld. Some banks will do a multiple offer sheet and some don’t, so I wouldn’t take the chance of losing the property.

No Las Vegas Bubble

2006-12-09T16:32:00.001-08:00

Ever famous for its Tourist appeal, LAS VEGAS is a 'booming' real estate development 'hot spot', both residentially and commercially. Las Vegas, Nevada is one of the fastest growing cities in the world. As a result, the real estate and home market is nothing short of extraordinary.

Las Vegas, home to 1,825,000 people, welcomed 38,772,166 visitors in 2005, was ranked number one in the U.S. in real estate appreciation with a 36% average appreciation rate and a five-year average appreciation greater than 84%. As far as strength and growth, Nevada continues to outpace every other state in the nation in job creation, with nearly 76,000 jobs added over the past year, a 6.8% job growth, highest in the country. Due to the state attractive business climate, economic stability and strong consumer confidence, experts predict that the percentage of job growth will continue. Compared to most highly desirable areas in the country you can purchase a home in a wonderful area for a reasonable price. Las Vegas is a great place to call home. With over 325 days of sunshine a year and low humidity you will enjoy entertaining outdoors and the lifestyle Las Vegas has to offer.

For years, Las Vegas has been the fastest growing city in history of the U.S, keeping real estate demand constant. The Nevada State Demographer's Office released its projections for the period through 2026. Clark County can expect another 1.5 million people, according to the latest numbers. Overall, Nevada is projected to grow by more than 1.8 million or 74 percent during the same period.

With approximately 42,000 acres of BLM land available in Las Vegas (and 6,000 acres a year being developed); Las Vegas only has 7 to 8 years left of developing land. We're already starting to see a change in new housing with the typical lot size for new homes at 4,000 sq. ft. However, keep in mind that land has begun to be scarcer, thus, the reason you see more two story newer homes built closely together. Great for 1st time home buyers who are looking for a 'tax advantage' along with pride in ownership.

For the future real estate market, I'm still very bullish about Las Vegas. If you're looking to buy in Las Vegas and plan on being here for 3-5 years, I would say that it is a very good time for you to get into the market. I believe the 5-7 year outlook, the timing it will take to build on all currently available land; we'll see a return to a more normal 5-15% annual appreciation

For more information on the booming Las Vegas real estate market visit me at: http://www.elitevegasrealestate.com