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You can find great local Nevada real estate information on Localism.com Mary Warren is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. Visit My Listings on the Internet at:Posted at ,
1031 ExchangesPosted at 8:32 PM, Jul. 16, 2007When Governor Gibbons signed Senate Bill 476 into law on June 14, 2007, new safeguards were put into place to help protect consumers when doing a 1031 Tax-Deferred Exchange. As a reminder, a 1031 Exchange is when a property owner defers their capital gain taxes when the sell a piece of investment property and purchased new investment property. Some of the key elements of the new law are as follows: o Increased bonding requirements o Licensing requirements for Qualified Intermediaries in o The use of Qualified Escrow accounts Another important requirement to the new law is that per Section 14 of the new law, “Exchange Funds cannot be withdrawn from the account without written approval of BOTH the licensee and the Exchangor.” Also, Section 13 of the new law states “Each licensee shall invest money related to a tax-deferred exchange of property in investments which meet the reasonable standards that are applicable to persons acting as fiduciaries in this State.” First American Exchange Company is in compliance in all aspects of the new law. Our company has always believed that security of funds and knowledgeable employees are what make First American Exchange Company the best bet in Licensing requirements have also been established which will be monitored by the Division of Financial Institutions. To be licensed as a Q.I. in the state of 1) An attorney or certified public accountant admitted to practice in any state or territory of the 2) A Certified Exchange Specialist, certified by Federation of Exchange Accommodators; or 3) A person who has been actively conducting the business of an exchange facilitator or who has equivalent experience, as determined by the Division, for the 3 years immediately preceding his designation as an exchange facilitator. Our office here in When using First American Exchange Company, clients have the protection and guarantees of First American Title Company, the nation’s leader in real estate information. That will give you the peace of mind necessary when doing a 1031 Tax-Deferred Exchange. For more information on 1031 Exchanges or on the new law for Qualified Intermediaries, feel free to call our office at 702-458-1357. Carmine DiFulvio, CES® Certified Exchange Specialist Senior Market Representative Las Vegas Nevada WeatherPosted at 8:33 PM, Jul. 9, 2007
The time was 5:30 P.M. Sunday evening...the temperature in Las Vegas as you can see from the sign was a sizzling 116°. According to "The Weather Channel" thing on my website the current temperature is 104° and it's 8:30 P.M....ya gotta LOVE it! It's DRY heat...enough to shrivel one's bones! Although it's warm in Las Vegas for a few short months out of the year, you can't beat the rest of the year! Cool nights, sunny days are the norm 8-9 full months a year. It is not uncommon to see many a tourist in our 'winter months' wearing shorts and tank tops and right behind them seeing a 'local' bundled up as if they were in snow country! Frankly, I would rather deal with the warm weather in Las Vegas during the summers than to deal with shoveling snow in the east in the winter! This picture was taken at the corner of Desert Inn and Boulder Highway, in east Las Vegas, on 7/8/07. Las Vegas Market StatsPosted at 10:52 AM, Jul. 2, 2007Las Vegas just keeps on growing! The statistics, as mentioned in the Las Vegas Review Journal and on the 3 major TV stations local news, say that 6,000 people are moving to Las Vegas and Clark County NV every month. We grow and grow and grow. Yet Clark County is at the top when it comes to foreclosures. Unofficial word is (from local news) that there are between 9,000 and 10,000 homes in Clark County currently in some stage of the foreclosure process (I am assuming they mean short sales, foreclosures, bank owned properties).Although sales have slowed down some there is MUCH to choose from if you're interesting in purchasing. In doing the stats from the Greater Las Vegas Association of Realtors MLS (Multiple Listing Service) there are currently over 26,000 residential properties for sale (as of 7/2/07). These stats do not include For Sale By Owners or New Home Developmments.The 'sold' shown below are closing since the first of January 2007.
Yes, there are A LOT of listings, we have to give some consideration to the amount of houses that have been built over the last few years...yes we have more listings than ever before but we also have seen immense growth through out Clark County.{ 0 comments } { add comment } { Permanent Link }
View more entries tagged with: Las Vegas Market Stats Las Vegas-New Slogan?Posted at 9:10 PM, Jun. 25, 2007Las Vegas is working on a new slogan...the current one is "What happens is Vegas stays in Vegas" and came to being because of an advertising campaign. I guess is getting a little old or stale or overused, or something. I think whoever came up with that slogan was brilliant and probably made mint on it. Anyway, according to the news the other day tourism officials have applied for to trademark "Your Vegas is Showing." In my opinion certainly not as catchy as the other one. The two are suppose to 'compliment each other.' Before deciding to use it though they want to get other's opinions on it. It was mentioned that surveys would be done to see how it is liked by everyone. I'd like to give them my opinion on it. They did not mention where these surveys would take place though, So how do you vote? Good slogan or not? Back to the drawing board? An awesome slogan? Do you have a better one? Nevada and Real Property Transfer TaxPosted at 7:19 PM, Jun. 24, 2007The Real Property Transfer Tax is a tax collected when a home is sold in the state of Nevada. The County Recorder collects it at the time of recording and is part of the seller's closing costs. In Clark County NV (Las Vegas, Henderson, etc) the rate is $5.10 per $1000 of value. This is approximately 1/2 % of the sale price of a home. If a typical home sells for $250,000 the transfer tax would then be $1300. This cost is typically a seller cost but can be negotiated.The basis for the tax is the actual selling price or the estimated market value of the property.Who is Affected: All parties who participate in transactions involving the transfer of real property. All of Nevada pays this tax...it varies as to the amount from county to county.{ 0 comments } { add comment } { Permanent Link }
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