Las Vegas Market Watch Archive - Mary Kennedy, Realtor

Archive for the ‘Las Vegas Market Watch’ Category

Las Vegas – More Light Than Tunnel

Posted on: May 19th, 2012 by Mary Kennedy No Comments

THE LAS VEGAS STRIP

Moving Northward - What lies ahead for the famous “Las Vegas Strip”? Looks like action to the North. The Sahara closed one year ago May 16^th. It was one of last large resorts on the North portion of the Strip before the Downtown area begins.

SBE Entertainment of Los Angeles and a private equity group are funding $300,000,000 for the rebirth of the old and torn Sahara built in 1952 at a cost of $5 Million.

The new resort will be the SLS Las Vegas. It will be a boutique hotel designed by Philippe Starch who has the magic design touch of transforming coal into diamonds.

2012 SLS LAS VEGAS BOUTIQUE HOTEL AND CASINO

SLS Las Vegas will open in 2014 with 1,600 rooms. The rooms will be priced between $100 and $200. The overall resort will have a much smaller footprint than the other megaresorts giving the resort a warm boutique ambience. SLS is a hotel brand with one of the most luxurious hotels in Beverly Hills. Rob Oseland is going to bring a Beverly Hills experience at Las Vegas prices. Slide show of SLS Las Vegas.

Between SLS Las Vegas and Caesars Entertainment building the Linq retail and entertainment district, there is close to $1 Billion of construction of new projects currently being developed.

On Wednesday the Governor stated that “Today’s news will make an immediate and positive impact in Las Vegas, infusing hundreds of millions of dollars into our economy and creating thousands of jobs.”

“Las Vegas is the epicenter of the national brands”. According to Rob Oseland, president and chief operating officer of SLS Las Vegas. This project could be the start of the development of the North end of the Strip. Other signs of movement include the Holy Cow Brewery and Casino and the nearby Riviera is planning on $20,000,000 in renovations. Who knows, the North end of the Strip could explode in the next two years. The North end of the Strip has empty buildings and stalled construction sites of new projects that could take off too.

50,000 cars pass the Sahara and Strip intersection every day. The northwest corner is anchored by the World’s Largest Gift Shop. With the awakening of this intersection, Carl Icahn might think again about the restarting the Fontainebleau site or selling it to someone who will restart it. Las Vegas has had numbers on the plus side for the last six quarters.

Las Vegas may be in the middle of a robust recovery by 2014!

Have You Backed Up Your Home?

Posted on: May 3rd, 2012 by Mary Kennedy No Comments

Personal computers have been around long enough that everyone has experienced or knows someone who has lost their data due to a hard drive crash, accident or burglary. If they had a backup, the loss was inconvenient but not critical.

So you have a backup for your personal belongings? Not that you need duplicates of all the items but do you have a journal listing of all the items with a description and their approximate values? That record becomes the backup that supports the claim for your insurance.

If a building sustains a total loss, the insurance company will usually pay the face amount of the policy. When it comes to personal property which might be 40% to 50% of the insured value of the dwelling, the insurance company is going to expect an accounting with receipts or at least, a relatively recent inventory.

The better your inventory, the less likely you’ll have difficulty with the claim. Almost everyone has a digital camera that can take stills and probably even videos. The combination of the images as well as a written description will help you replace the belongings and serve as proof to the insurance company.

Once you’ve made the inventory, store it off site for safe keeping. Online storage in the “cloud” might be the best place to insure you’ll always know where it is. Contact me for a free Home Inventory form; it’s my way of helping you be a better homeowner.

We have had a Wild Couple of Weeks out here & it Doesn’t seem to be Slowing Down

Posted on: April 2nd, 2012 by Mary Kennedy No Comments

After years of instability in the wake of the housing market collapse, the Las Vegas Valley Real Estate market could finally be seeing things turn around.

According to a recent report from DataQuick, there were a greater number of homes sold in Las Vegas in February on both an annual and month-over-month basis. A report indicated that there were 4,240 transactions of both single-family homes and condominiums. This is a 5 percent increase from the previous month, and an 8.9 percent rise from a year earlier.

The Las Vegas marketplace has been flooded with foreclosures and distressed properties during recent years. As a result, a majority of home sale transactions are occurring in the low-end of the market. The report noted that the sales rate of homes less than $100,000 surged 18.9 percent in February on an annual basis and accounted for 42.8 percent of all transactions. In contrast, the rate of home sales for more than $300,000 edged just 1.1 percent higher.

Housing instability in Las Vegas could be seen as negative by a number of people, especially current homeowners. However, falling home prices has made the prospect of purchasing a home for sale in Las Vegas much more affordable for entry-level home-buyers.

Now you may ask! What can I get for $100,000 in the Las Vegas Valley today? You’re going to find this hard to believe, but
click here to take a look—> Single Family Homes from $95 to $120K

Now as you look through these homes, ask yourself: When National housing prices begin to turn in 2013 (as the geniuses predict), wouldn’t you be happy camper in 3 to 5 years knowing that you purchased a home in the Las Vegas Valley at the absolute bottom of the market back in 2012?

Think about it and give me a call because the time to buy low is now.

Kindest Regards,

Mary Kennedy
RE/MAX Central
Las Vegas, NV.

The Mary Kennedy Team Named One of Constant Contact’s 2011 All Stars

Posted on: March 17th, 2012 by Mary Kennedy No Comments

FOR IMMEDIATE RELEASE

LAS VEGAS, NV. – March 17, 2012- The Mary Kennedy Team at RE/MAX Central Las Vegas, a business that provides Real Estate Services, in the Las Vegas Valley has received the 2011 All Star Award from Constant Contact^®, Inc., the trusted marketing adviser to more than half a million small organizations worldwide. Each year, a select group of Constant Contact customers are honored with the All Star Award for their exemplary marketing results. Mary Kennedys E-mail/Internet Marketing results ranked among the top 10% of Constant Contact’s customer base.

The Mary Kennedy Team is dedicated and knowledgeable Las Vegas Valley Real Estate Professionals who provide highly specialized information that will help home Buyers & Sellers make the right Real Estate decisions. Their unique market-knowledge and excellent negotiating skills enable help home buyers and sellers get the optimal price for any property they plan to sell or buy.

“We’re happy to be recognized by Constant Contact for achieving our strong Email and Social Marketing results. Their tools have helped us to better manage client relationships and engagement at a very reasonable cost. In the Real Estate Business, you’re Reputation and Integrity is your whole Marketing Strategy. We will continue to use Constant Contact tools to organize and send information that reader’s value and respond to” commented John Kennedy, the Teams Marketing Representative.

Constant Contact customers using any combination of the company’s Email Marketing, Event Marketing, and Online Survey tools are eligible for this award. Constant Contact looked at the following criteria to select this year’s All Stars:

Frequency of campaigns, events, and surveys
Open, bounce, and click-through rates
Event registration rates
Survey completion rates
Use of social features
Use of mailing list sign-up tools

“There is nothing we like more than to see our customers finding success. It’s the reason Constant Contact was founded, and it’s a thrill to see the fantastic results that our All Stars are achieving,” said Gail Goodman, CEO of Constant Contact. “This group is really leading the charge when it comes to delivering relevant, engaging content that drives real business results. We salute this year’s All Stars for their success, and are honored to have played a part in their achievements.”

About The Mary Kennedy Team- RE/MAX Central, Las Vegas
As real estate experts in the Las Vegas Valley, we will provide you with helpful insights about this beautiful area, and can show you why Las Vegas living is truly something to be desired. With a professional yet friendly approach, we help clients feel comfortable about what can be a stressful decision. In today’s Las Vegas Valley Real Estate Market, there is simply no substitute for a good REALTOR®. Whether you’re aiming to buy or sell property, The Mary Kennedy Team can spell the difference between a smooth transaction and an unsuccessful one.

About Constant Contact, Inc.

Constant Contact is revolutionizing the success formula for small organizations through affordable, easy-to-use Engagement Marketing^TM tools that help create and grow customer relationships. More than half a million small businesses, nonprofits, and associations worldwide rely on Constant Contact to drive ongoing customer dialogs through email marketing, social media marketing, event marketing, and online surveys. All Constant Contact products come with unrivaled KnowHow, education, and free coaching with a personal touch, including award-winning customer support.

Constant Contact and the Constant Contact Logo are registered trademarks of Constant Contact, Inc. All Constant Contact product names and other brand names mentioned herein are trademarks or registered trademarks of Constant Contact, Inc. All other company and product names may be trademarks or service marks of their respective owners.

Media Contact:

John Kennedy
Marketing Projects Leader
The Mary Kennedy Team
RE/MAX Central
8400 West Sahara Ave.
Las Vegas NV. 89117
Phone 702-324-1334
KennedyRemaxFiles@Yahoo.com

Quarterly Economic Business and Activity Report from the Nevada Secretary of State

Posted on: February 28th, 2012 by Mary Kennedy No Comments

Please see the the Quarterly Economic & Business Activity Report put together byApplied Analysis here in Las V egas, NV.

It says that the new business entity growth figures posted throughout the majority of 2011 suggest increased employment is likely to prevail in the coming quarters. Find all of the latest statistics sourced to the Nevada Secretary of State’s office by downloading the full report.

Although these numbers pertain to our economy, there is no doubt that our Real Estate Market is directly affected by our Economy and Business Activity.

One point that I would like to make to anyone who reads this, is that the Economy and Business Activity are slowly getting better.

Your comments and feedback on this report are invited and will be greatly appreciated. If I can help, please let me know.

Mary Kennedy

National Association Of Home Builders Predict Recovery

Posted on: February 27th, 2012 by Mary Kennedy No Comments

Chief economist, David Crowe, of the National Association of Home Builders, stated recently that the US housing market will begin a recovery turnaround in 2012. This forecast predicts that we will have a solid housing recovery by 2013. The sales of NEW single family homes are predicted to increase 19% this year; in numbers that equates to 360,000 NEW home sales this year up from 306,000 in 2011. The prediction for 2013 is NEW home sales of 505,000! That is an increase of 40%. Other economist are not so optimistic but only time will tell.

The NEW home building industry in Las Vegas

Home builders in the Las Vegas valley have been purchasing residential land at bargain prices over the past 3 years. The cash rich builders have been purchasing land from the financially drained builders. What this means is that NEW home prices will be affordable since the cost of the land is reasonable. NEW home prices were soaring prior to 2008 due to the rising cost of the land which became outrageously high and the high cost of labor and materials.

Las Vegas will be ready for the NEW home buyers.

The IDEAL Investment

Posted on: February 21st, 2012 by Mary Kennedy No Comments

Rental homes can be the IDEAL investment in today’s real estate market because they offer a much higher rate of return than alternatives without the volatility of ups and downs that you see in the stock market.

IDEAL serves as an acronym to identify the advantages of rental properties:

Income from the monthly rent contributes to paying the expenses and a return on the investment.
Depreciation is a non-cash deduction that contributes a tax shelter.
Equity grows monthly as the mortgage amortizes due to some of each payment being applied to the principal.
Appreciation is achieved as the value of the property goes up.
Leverage can increase the return on investment by using borrowed funds to control a larger asset.

The combination of these characteristics working together makes rental real estate a very good investment for today’s economy and years to come. Increased rents, high rental demand, good values and low non-owner-occupied mortgage rates contribute to positive cash flows and very favorable rates of return.

Contact me for more information about actual opportunities in the Las Vegas Valley Real Estate market.

Borrower Risk Determines Interest Rate

Posted on: February 13th, 2012 by Mary Kennedy No Comments

Regardless of what a lender quotes on mortgage rates, the actual rate paid by a borrower is based on a number of variables. Lenders determine whether to loan money and at what rate based on the risk involved with the transaction.

Factors that increase the risk that the loan will be repaid will proportionately increase the interest rate charged to the borrower. If the risk becomes too high, the loan will not be approved.

Loan amounts – conventional loans for more than the conforming limits set by Fannie Mae are considered jumbo loans and generally have a higher interest rate.
FICO score – the lowest interest rate is reserved for the highest credit scores; the lower the score, the higher the rate borrower will pay.
Occupancy – borrowers occupying a home as their principal residence are considered a better loan risk than second homes and investment properties.
Loan purpose – purchase transactions generally have the lowest interest rate while refinancing a home is generally higher.
Debt-to-Income ratio – a borrower’s monthly liabilities divided by their gross monthly income develops a ratio that helps lenders to assess the borrower’s ability to repay the mortgage.
Loan-to-Value ratio – the lower the percentage of the loan to the appraised value of the property will generally lower the interest rate.

Any combination of these factors could limit a borrower’s ability to secure a mortgage at the rate initially quoted. Being pre-approved by a trusted mortgage professional is the best way to know what rate you can expect to pay. For more information, contact me! I can get you in touch with one of my Preferred Service Providers in the Las Vegas Valley

11 Signs of Good News for Las Vegas Real Estate in 2012

Posted on: February 11th, 2012 by Mary Kennedy No Comments

The Economy is Growing in 2012

While the country has experienced the worst recession in our recent history, the real estate market shows signs of rebounding in certain areas of the country. Las Vegas is definitely one of those areas. Driving the steady rebound are the low interest rates and historic low home prices. Investors and first time home buyers are fueling the sales numbers.

At a glance, here are the top 11 reasons for buyers, sellers and real estate agents to be optimistic about Las Vegas real estate in 2012:

Interest rates continue to be low
Home prices are stabilizing and/or starting to rise.
Home sales are increasing.
Distressed properties continue to be the majority of sales.
The short sale processes have improved and will help reduce foreclosures.
Investors will continue to purchase Las Vegas homes and provide housing for the displaced homeowners.
New home builders continue to provide huge incentives for buyers of new homes.
Many cities around the country are experiencing a steady rebound, which is good for Las Vegas.
Las Vegas continues to be a desirable place to live with a lifestyle unlike any other city.
People from other climates and lifestyles move here when their homes sell in other parts of the country.
The U.S. Housing economists are predicting recovery, too.

Las Vegas is poised to grow. Has the past 3 years set the stage for future dynamic growth? It appears so!

Las Vegas Housing Market

Posted on: January 16th, 2012 by Mary Kennedy No Comments

In our report last year we believed that consumer confidence was improving in Las Vegas and therefore the retail and real estate would improve in 2011. Our beliefs were correct. Las Vegas is moving up in many areas like employment, McCarren Airport traffic, visitor count, hotel occupancy, hotel revenues, new businesses, and real estate sales. Let’s take a look at the real estate market for 2011.

SALES

48,822 single family homes and condos were sold in 2011 according to the Greater Las Vegas Association of Realtors. These are fantastic numbers. December 2011 sales for single family homes were up 10.9 % from December 2010. Single family homes out performed the condo market. The condo sales decreased 5.6% from a year ago.

Previous years of record sales:

64,168 sales in 2004
58,522 sales in 2005
49,792 sales in 2003
46,879 sales in 2009

The investors found lower prices in 2011 as appraisers were extremely cautious and used foreclosures to calculate value. This practice kept home prices down. The median price of the recorded sales in December was $110,000 which is 7.6% less than December 2010.

The regular sellers were hit hard as their home values were lowered by the uncared for foreclosure property values that were used for comparable properties. The foreclosure properties were the lowest comparables. The process did not compare apples to apples.

BUYERS

Many buyers were willing to pay more for properties but the banks would not loan more than appraised value which is the standard banking practice. When the market returns to a “normal” market, the impact of the appraisal process could cause values to increase faster than in a historical normal market – due to the values being held down by the foreclosures.

There really is a shadow inventory but we do not know when that inventory will be released as the banks get their act together. The demand for homes is from investors and owner occupants.

INVENTORY – Who turned off the “Inventory Spigot”?

The inventory of single family homes was 19,230 in December 2011 of which 8,831 do not have a contingent or pending offer. Much of the 8,831 units of inventory is what buyers continue to pass over as they search for better deals or properties in better condition. Most of the foreclosures in December 2011 were a result of Home Owner Association liens not the lenders. 923 notices of default were filed in December. The month to month decline is 12%. Who turned off the spigot? The answer is a new Nevada law AB284.

AB284 requires the lenders to prove that the signatures were not “robo-signed” before they can foreclosure. In addition, the law will not allow the beneficiary of the foreclosure proceeding to be a trustee. This law is targeting Banks like Bank of America who used their subsidiary, Recon Trust, in many of their foreclosures. Bank of America will have to use a different trustee. It will take a few months before the notices of default begin to flow out of the spigot. The Review Journal reported that there are 21,340 pre-foreclosure home owners. These homes have not been foreclosed and many sit empty. In the meantime, prices should increase slowly as inventories continue to decline creating a back log of home buyers and investors. It will be interesting to watch how the market reacts to all of this movement and mess. Government officials are getting into the mix and looking at bulk sales to investors as a strategy to maintain home values. We continue to monitor and report the activity in the housing market.

Our prediction for 2012 is that the median home price will hover around $120,000. The buyers will continue to get real estate bargains of a lifetime.

Las Vegas Home Price Comparison

Home Builders Research reported:

2010: Median Existing Home Price $120,000
2009: Median Existing Home Price $126,000
2006: Median Existing Home Price $200,000
Existing Home Prices have dropped 60% since 2006.

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