Las Vegas Real Estate Short Sale Market

I read an interesting article from Zillow.com, an online real estate data base – about perceptions versus reality.  In a nutshell, it compared home owners perceptions of what their homes were worth versus actual  appreciation statistics.

According to Zillow.com’s Homeowner Confidence Survey for the last quarter of 2009, only 13% of Western (Oregon, Arizona, Nevada, California, Alaska, Hawaii, Idaho, Montana, New Mexico, Utah, Wyoming, Colorado and Washington State) homeowners felt their home had appreciated in value when actually 21% of the homes had increased in value, according to the Study.   Nationally, the Study indicated  homeowner confidence in home value appreciation was at its lowest on record, in 2009, and that homeowners’ perception of their home’s value was generally pretty close to reality.

Las Vegas real estate values are some of the hardest hit in the Nation with the highest foreclosure rate of any metro in the country.  We’re finding that Las Vegas mortgage holders have become more willing to accept short sales as an alternative to foreclosure. The (GLVAR) Greater Las Vegas Association of Realtors reports that 21.1 percent of all existing home sales in the Las Vegas area last month were short sales.   Closing a short sale requires an experienced Realtor and a very patient  buyer and seller.

Las Vegas short sales are up 2 percent  from the previous month (December) and the increase in short sales is generally “thought to be a promising trend” according to the GLVAR president  - if one month is a trend?  However, it was coupled with a decline in sales involving foreclosed homes which supports what we’re seeing – that Las Vegas banks are now more cooperative with short sales than before.  It makes sense – it almost always saves them money in the long run – quite a bit of money in fact.

Bank-owned homes accounted for a decreasing percentage of all Las Vegas  home sales, dropping from 60.1 percent in December to 57.4 percent of all sales in January.   That may not sound like much of a drop – but it represents a pretty good number of houses.

Overall, GLVAR’s local housing statistics show that 2010, so far, is looking very much like statistics from the end of 2009, with Las Vegas home prices staying about the same and home sales increasing from the previous year.

During January, GLVAR reported the median price of single-family homes sold in the Las Vegas Area was $134,925, down 0.8 percent from $136,000 in December. The median price for condos and townhomes increased 5.7 percent, from $65,300 in December to $69,000 in January.

According to the GLVAR, the total number of  homes in Las Vegas, condominiums, and townhomes sold in January was 3,266, down from 4,196 total sales in December 2009, but up from 2664 in January 2009.  This decline occurs nearly every year in Las Vegas during these months so that decline is pretty predictable.

Interestingly, the percentage of  cash purchases of Las Vegas homes  during January was 45.5 percent, up from 40.4 percent the previous month,  the highest  percentage ever tracked by GLVAR.

While  indicators point to improvement in our Las Vegas Real Estate market,  we still carry the label of the Country’s most foreclosure-ravaged city, and has for some time now. But with more short sales  occurring as a viable alternative for both lenders and distressed homeowners, perhaps that stat too will soon improve too.  Here’ hoping!

Sharon Durdel, ABR, CRS, GRI, SRES

Broker-Salesperson

http://www.lasvegasrealestate-homes.com

Las Vegas Realtors

Las Vegas Highways – I-215, Bruce Woodbury Beltway

I-215 Bruce Woodbury Bltwy

Being a Las Vegas Realtor, I’m  always planning the quickest and easiest route  from Point A to Point B.  It seems I’m always rushing from one appointment to the next.  All of the way around the Las Vegas Valley?  Yes – some days it happens that way.

Construction of 215 seemed a slow process at the time  but with each newly opened link of the beltway, it certainly made my travel time to the other side of the Valley much easier!   And some segments of the beltway actually were completed ahead of schedule.

A 53-mile beltway route circling about three-fourths of the Las Vegas Valley, it was originally called I-215 , but was officially named the Bruce Woodbury Beltway (a long-term County Commissioner in Las Vegas)  in 2004.   It’s also designated, in different areas, as either I-215, in another area, Clark County 215 (CC 215), however,   you’ll usually hear it referred to by “old-timers” as simply 215.

The new sections opened gradually, inching around the Valley.  I remember the opening of the first section that exited at I-15 and ended at Warm Springs Road.  That included the airport tunnel and linked McCarran International Airport to South Las Vegas without having to use Tropicana AV or Russell Rd – both could become pretty heavily congested with normal Las Vegas traffic.  It gradually opened all the way to Henderson, Boulder Hwy for easier access to Boulder City.  It was also heading north and finally completed in 2002 as full freeway, frontage roads, expressway and County highway.  With the growth of the Las Vegas area and its accompanying traffic issues, 215 seemed a miracle to me when I was rushing to a listing or showing appointment in Summerlin and even further north.

I understand that traveling The Strip can be a pain in the neck.  But, overall, the Las Vegas Valley has a pretty well thought out and efficient road and freeway system.  And it’s relatively easy to learn your way around Las Vegas streets – for the most part at least.  Coming from someone who might be need to be in Summerlin and Henderson on the same day, I can do it.  With the help of  215 and just a little luck.

Sharon Durdel, ABR, CRS, GRI, SRES

Broker-Salesperson

Las Vegas Realtors

http://www.lasvegasrealestate-homes.com

Search for Las Vegas Homes For Sale

What is My Home Worth?

Las Vegas Real Estate – Landscaping Your Home in Las Vegas

Las Vegas Patio

And who says I can’t have “lush” in Las Vegas?  In my yard in Las Vegas, I have a pomegranate tree, a gorgeous, lush fig tree with the best figs – yummy!  I have an apricot tree – should say I had an apricot tree (it was “overproductive” and killed itself).  There are vivid  hibiscus, trumpet flowers (I’m not good with plant names), a couple of rose bushes, lots of palm trees, several varieties, many shrubs and ground covers – it’s a lush and gorgeous yard and still very water-efficient.  I have a drip system and rock pathways.  A huge stamped concrete patio area that is an extension of the interior of my home.  I live inside and out.  That’s possible here in Las Vegas!

It killed itself in it's 4th year!

But yes, creating a lush, yet water-efficient landscape can be a challenge in the Mojave Desert.  It takes some planning and learning what works and doesn’t.  A great way is to use some native plants in your yard and The Southern Nevada Water Authority (SNWA) offers a variety of resources to help you save water and still maintain a beautiful landscape.  Incorporating native plants into your landscape  provides a beautiful, hardy, drought resistant, low maintenance area to your landscape, that benefits the environment as well.  Once established, they save time and money by eliminating or significantly reducing the need for fertilizers, pesticides, water, and lawnmowers.

If you need help designing your yard, SNWA offers free, professionally-designed landscape plans for both front and back yards and include plant palettes to help you create your own “Oasis”.    You can also find out which plants and trees attract butterflies and birds.  SNWA offers a  lot of interesting information.  Las Vegas SNWA Water Smart Landscapes program provides a rebate for every square foot of grass removed and replaced with water-efficient landscaping.

Go to my Website for more information and links to SNWA and some useful and interesting native plant info.

Sharon Durdel, ABR, GRI, CRS, SRES

Broker-Salesperson

Las Vegas Realtors

Search for Homes in Las Vegas

Moving to Las Vegas

In 1994, never having been to Las Vegas in my life, I moved here.   Of course I had a preconceived idea about what it would be – and found myself  very surprised.

Many times over the years when I have met new clients at their hotel to introduce them to our City, I chuckle, hearing their questions and thoughts, reminding me of exactly how I felt when I arrived.  Statistics seem to be correct that the general perception is that all of  Las Vegas is represented by  ”The Strip”.   Of course.  I think the percentage of visitors to Las Vegas who never leave The Strip is in the 90′s. So of course we’re all surprised when we see the wonderful – and “normal” (smile) neighborhoods just minutes from the hotels.

When I first drove around the Valley, the energy was palpable.  It was exhilarating and I felt like I had come home.  Even out in Henderson.  In fact, everywhere that I ventured, I felt that energy.    In 1994, and really up until the downturn in 2007, our growth was amazing – huge numbers of people moving in to town.

One thing that’s really important to me about being an agent, especially in Las Vegas,  is sharing  excitement of newness, the opportunity,  the possibilities for people  I meet – many of whom have become dear friends;   many are retiring and moving here, others who are here to start over.  Because of the nature of a city that is growing so fast, people tend to be friendly, open to making a new circle of friends, reaching out.

I worked very very hard to learn everything about Las Vegas that I could, as quickly as I could, so that I could pass it on and be on of the best Las Vegas Realtors!  I  had a lot of empathy for newcomers who knew nothing at all about Las Vegas.  That was my experience.   It was amazing how quickly I was accepted in every sense of the word by my new home town.  And I’ve seen that happen with my clients for the most part.   I appreciate the diversity of  cultures here, the colorful personalities, the characters, the entrepreneurs – new ideas are applauded! I’ve found this to be the spirit of our area.    I am from the Pacific Northwest which has a distinct personality, as do most communities.   It has attributes as well, but  the atmosphere here was amazing to me. Even with the growth and size of the area, it’s a very small town in many respects.

Another thing – there is no “going to the City” to shop here in Las Vegas.  There are some great malls, a lot of strip malls with great shopping in developed areas.  I’ve watched them grow.  I’ve seen the freeways spread around the City.  Actually almost completely surrounding the Valley Floor.  It’s been so much fun meeting friends who have lived here all of their lives.  The changes they have seen!

I’ve eaten at so many wonderful restaurants –  no way could I ever choose a “favorite”.  I have a long long list of those.  The entertainment, concerts, shows, hiking, rodeo, Nascar, proximity to skiing in Utah, fun places to travel in every direction by car or a great international airport.  One of my favorite things is Art In the Park in Boulder City the first weekend of October.  Making friends and memories.  Fun stuff!

To say nothing of the weather.  And no mosquitoes!  Well, rarely.  Of course, as soon as I said that to a friend, he got a bite.  Oh no!  But coming from a wet, cold climate, and now being able to sit outside, having a home where the outside is an extension of our living area most of the year.  That’s delicious!

I know, I know.  No place is perfect.  But can you tell I love this place?  I could go on…….

Sharon Durdel, ABR, CRS, GRI,SRES

Broker-Salesperson

http://www.lasvegasrealestate-homes.com

Search for Homes in Las Vegas

Las Vegas Realtors

Average sales price versus median sales price – Las Vegas Real Estate

What is the difference between Average  Price (AP) and Median Price (MP)?  I’m ask that quite often and the use of these terms can be confusing.

AVERAGE PRICE:  Many Las Vegas Realtors – me included,  use the dollar total of – let’s say 6  comparable homes, and then divide that total dollar amount by 6 to get an average price.  We can then  estimate a  pretty accurate listing price range for our client who wants to sell a house.   This can include Las Vegas  homes that are presently listed on the market (average listing price), or homes that have recently sold (average sales price).   It’s the mathematical result of adding the total price of  the comparable houses divided by the number of comparable houses.   The figure is most useful if used for the exact floor plan in the same subdivision or a very defined area within a very defined time period.     Otherwise, the  use of “Average Sales Price” to describe a general market, for instance the entire United States ASP,  may be interpreted and influenced in many ways on timing, and can vary and fluctuate making it quite inaccurate relative to a specific area.  But you get the idea….

MEDIAN PRICE:  A statistic that is described as a “measure of central tendency”.  It is a half point in a list of homes between the highest and the lowest – so it can move up or down depending on conditions.  It is not the average or mean value.  It can represent many underlying values in a data set.  It is the most common measure of central tendency used in real estate practice – for large areas like a city, zip code and specific areas.

The median price of Las Vegas homes at the end of January, 2010, for instance, is variably listed as around $135,000, is soft and is continuing to drop – slowly.  However, the overall average sales price of homes over the entire Las Vegas Valley, the same single family homes, has stabilized and is even increasing marginally presently.   This will, or can influence the median price range eventually.  They simply show two different methods of measurement.

Hope this helps you.  Visit my website at http://www.lasvegasrealestate-homes.com to find available homes in Las Vegas, Las Vegas foreclosures and bank-owned properties and a lot of interesting  information about the Las Vegas Valley

Sharon Durdel, ABR, CRS, GRI, SRES

Broker-Salesperson

My Website

Search for Homes in Las Vegas

Las Vegas Realtors