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3304 Southridge

                                   2705 Cheshire Court

 2017 Winwood (4-Plex)

Las Vegas, NV: Update

Posted at 4:41 PM, Aug. 18, 2007

According to the Greater Las Vegas Association of Realtors® (GLVAR) MLS on Saturday, August 18, 2007, there are:

• Active Listings: 41,432 
• Sing Family Residences: 22,070
• Condos: 4,118
• Townhouses: 1,681
• Vacant residential Listings: 12,922    

Residential Listing Total: 28,520; leaving the remainder to be land, commercial, multi-dwellings, etc

Of these according to the GLVAR MLS:

Active Residential Listings:

• Foreclosures:    1,374
• Short Sale:        2,646

Pending residential listings:

• Foreclosures:    191
• Short Sales:       263

 

Ice Cream: Sneaky, Sneaky!

Posted at 6:50 PM, Aug. 17, 2007

Ice Cream: Sneaky, Sneaky!

As kids we all use to 'chant'....'I scream, you scream, we all scream for Ice Cream'....we use to be able to go to the corner drug store and buy an ice cream cone (1 scoop) for a nickle and a double scoop for 10cents! 

Then there was the 'Good Humor' truck....are those even still around?  For those too young to remember these were trucks LOADED with ice cream in all different assortments and sizes.  What fun to listen for the music and stop whatever we were doing to get to the curb before the truck went past.  The man would jump out of his truck and meet us at the back and open the door to a HUGE assortment of goodies to choose from!  It was always mid-to-late afternoon when the truck would arrive and mom would stand at the door and tell us 'now only one so you don't ruin your supper!' 

Have you noticed how much ice cream has gone down lately?  No, not in price but in size?  Well, price is affected.  I bought the Dreyers 'half gallon' in the grocery store the other day for $5.69.  Only to get home and discover it's no longer a half gallon....it's 1.75 quarts!  I'm game for paying $5 a half-gallon...I know that today $5 is worth the same amount as a 5cents was in the 'old days'.  I feel though that the 'downsizing' of packaging is just a way of trying to pull the wool over the consumer's eyes.  This was done with coffee several years ago when it went from a full pound (16 oz.) to 12 oz. with barely a peep, I had not noticed it since...until I noticed this on the ice cream packaging.  (The Anderson ice cream is one I had in the freezer and says 2 gallons, I'm curious to see if they 'downsized' also.)

Las Vegas, NV: What is Happening with the Mortgage Business?

Posted at 9:50 AM, Aug. 10, 2007

Clients are calling asking what is happening with the Mortgage business and how will it affect my home value?  Here is a brief outline of what is happening:     

We are in an unprecedented mortgage market equivalent to a category 5 hurricane if it were a storm.  For those that are "pre-approved" with a Lender, the loan program they are "pre-approved" on may no longer be available an hour later.  Many programs that were available two weeks ago are gone today, second mortgages are extremely hard to find, "Stated Income" loans are being priced so high it does not make sense, Jumbo loans (loans over $417k) are raising rates daily, & mortgage companies are struggling to keep their doors open.  The whole reason for this is really complicated but the bottom line is, the loans people received a year ago are not performing (the borrowers are not making their payments on time) so the Lenders are taking it in the shorts.

The good news is regular "conforming loans" (up to $417k) that are "Full Documentation" are still good and still have 100% financing options available as well.  The rates are on these loans are just 1.5% ish over the record lowest rates recorded in 2003.  The point I want to make is that the market is changing daily.

Here is the real question: What is this doing for my house value?  The answer is: Time will tell, and here is why...

With a record number (25k+) of homes on the MLS (Multiple Listing Service for Realtors) many people are scared & think their home value is going down every month.  The reality is, the buyers have so many homes to choose from they are not in a hurry to "pin the tail on the home".  Statistics say a normal MLS inventory should be about 1% of the population which would make it about 18k ish here in the valley.  That being said, there are just not as many people buying homes now & there are lot of people trying to sell right now.  So you ask "with so many people still moving here every month, where are the homebuyers"?  The answer to that question is: Some are looking for a deal, some don't have income to qualify, & some do not qualify since the loan guidelines have changed so much.  Fast forward that to what is getting ready to happen soon...jobs.  There is a LOT of construction & a lot of jobs going to be created by the end of next year.  With that will come more homebuyers.  My take is, give it some time, they will come.  The Lenders will loosen the guidelines after the short sale/foreclosure mess is dealt with (next 6-12 months), the people with ARM's that are adjusting will figure it out by refinancing or selling, & the renters will find out their rent is going up after their lease runs out so they will turn into a homebuyer.

I really feel the pendulum is starting to swing back.  We just need time.  The old saying is: "What goes up...Must come down".  We are down now, but the up is on its way again.  Please make sure that all of your friends & co-workers are working with a reputable Lender more than ever before.  The risk of shopping for the best rate will kill the deal in today's market.  When they find the "best deal" the loan program might just be gone.

Thanks again for being a client of ours.  I do not take your business or your trust lightly and will never take it for granted. 

Reposted here with permission from Mark Baker, of The Mark A. Baker Team also known as "The Mortgage Experts" of Meridas Capital.  Please fee freel to e-mail by clicking on his name or phone him direct @ 702-451-1040 with any of your questions.  Or, contact me and I will be happy to put you in touch with him!

www.MaryW.com  or  www.MaryWarren.com

Rates & Programs are subject to change without notice prior to locking.  Locks are eligible upon underwriting approval and are valid for 30 days.

Las Vegas, NV: Bits and Pieces Around Town

Posted at 9:19 PM, Aug. 7, 2007

School starts three weeks from yesterday (August 27, 2007)...there is still a need for 482 teachers.  There will also be a need for bus drivers and crossing guards, as well as other support staff.  If interested please visit www.ccsd.net/jobs.

Tonight, August 7, 2007 is the 24th Annual National Night Out 2007 - Communities are encouraged to get out and meet your neighbors in an effort to help prevent crime.  To read more on this visit the National Night Out Web Site

UNLV's Running Rebels Coach, Lon Kruger, is back at home after a successful sextuple heart bypass surgery last week.  He plans to be back to work within 4-6 weeks!  GO LON!

Las Vegas' NASCAR weekend will be a week earlier next year...the races are set for March 1 and 2, 2008.  Ticket sales began yesterday for the races at the Las Vegas Motor Speedway.  Visit www.Nascar.com  for futher information,

An ominous stat is that Nevada is number one in foreclosures.  Sunday, August 6, dozens of LV homes were sold at auction, some at half price. Properties in Anthem, Seven Hills, Aliante were among the 86 homes that sold.  Watch my blog for information on the next auction.

Las Vegas, NV: Trump Towers

Posted at 9:54 PM, Jul. 31, 2007

  Day by day last week the letters went on the building...one letter a day.  Yes, the T-R-U-M-P is finally on the TRUMP tower.  With just a few more months before the grand opening of tower 1 (January 2008) Donald Trump's latest venture is in its final stages.

The Trump Tower will be a 64 story hotel-condominum.  It is being built across the street from Wynn Las Vegas.  It will feature both non-residential hotel condominiums and residential condominiums.  Due to the overwhelming sellers response from the first tower, a second, identical tower will be built next to the first tower.

When completed, it will be Las Vegas' tallest residential building at 620 feet.

                                                                                                     
                                                                                     

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All information is deemed to be correct but not guaranteed