Nevada merchants sold $28.1 billion in goods in the first eight months of fiscal 2005, for a 14.3 percent increase. State tax revenues based on the sales are now $27 million ahead of projections, according to a report from the Nevada Department of Taxation. Statewide, sales tax receipts rose 10.9 percent in February to $3.2 billion, according to the same report. Nevada Gov. Kenny Guinn expressed similar optimism. “With the release of the February sales tax statistics, Nevada once again continues to make positive gains in its economy,” Guinn said in a statement. “These latest figures affirm Nevada’s economic stability, strong consumer confidence and our attractive business climate.” MS Las Vegas Real Estate has been highlighting the strength of the Southern Nevada economy in this blog for most of the last year. The tremendously positive effect this has on the market for Las Vegas homes is truly hard to overstate.
Archive for April, 2005
Sales of existing homes and condominiums rose by 1% in March to the third-highest sales pace on record as low mortgage rates continued energize the residential real estate market. The National Association of Realtors said that existing home sales advanced nationally to a seasonally adjusted annual rate of 6.89 million units last month, up from a revised February sales pace of 6.82 million units. Sales advanced in all parts of the country except the Northeast, and the gains pushed the median price of an existing home to $195,000, up 11.4% from a year ago. That marked the biggest one-year percentage increase in the median sales price in more than two decades. Las Vegas real estate continues to make an impressive showing in 2005. Resale Las Vegas homes carried a median asking price of $251,000 in January of this year….and here it is, the end of April, and we’re approaching $265,000. Call MS Las Vegas Real Estate to get in on the action at 888-349-2595.
Pulte Homes offers buyers of Las Vegas homes two guard-gated neighborhoods within its Silverstone Ranch golf community in the northwestern Las Vegas valley. Both neighborhoods offer Las Vegas home sites that align themselves with the 27-hole Silverstone Golf Course. The golf course is central to the Silverstone Ranch community. It offers three sets of nines that are suitable for players of all levels. Special memberships are available, offering benefits such as unlimited golf, preferred tee times and use of the practice facility. If golf is your game, there are a wide variety of Las Vegas Golf Communities to choose from. MS Las Vegas Real Estate is fully prepared to present every available option for Las Vegas golf real estate.
The national residential real estate market has been on a multi-year tear and Las Vegas real estate has lead the way. Everyone from housing experts to economists to home owners have been holding their breath this year as the national media has trumpeted the notion of a real estate “bubble” due to burst any day. In a revised forecast, the National Association of Realtors now says it expects sales of existing single-family homes to fall 2.4% to 6.62 million for the full year, which still would be the second-highest level on record (hardly a bursting bubble). That is better than the 5% slide the Realtors group predicted at the start of the year. One of the main reasons? Interest rates, pure and simple. Many were fearing rates approaching 7% as the year rolled on, but after making a brief move just above 6% recently, rates have fallen below 6% again. In Las Vegas, economic conditions really couldn’t get much better and prices for Las Vegas homes are rising modestly after stellar gains in 2004. No bubble bursting out here in the desert….that’s for sure.
A major overhaul of the nation’s bankruptcy laws will wipe out a long-standing Florida exemption that protects homes from being sold to pay off debts faster than a surfer can fall off his board on Coco beach. The legislation, which was passed by Congress last Thursday, is considered the biggest rewrite of the bankruptcy code in a quarter-century. President Bush can’t wait to sign the bill into law. The new law will obviously make Florida less appealing to wealthy debtors seeking to dodge creditors by buying big mansions. Florida is one of five states with an unlimited “homestead exemption” that had allowed residents who declare bankruptcy to keep their homes, no matter how much they owe. The new cap on homestead protection in Florida will be $125,000. The new limitation on the homestead exemption means creditors could seize every dollar above the $125,000 threshold should a debtor be forced to sell. Las Vegas luxury real estate looks better and better all the time. MS Las Vegas Real Estate is a serious player in the market for Las Vegas luxury homes. Give us a call at 888-349-2595.
McCarran International Airport will host the first Las Vegas World Aviation Forum, an industry-only event that will bring together airport, government and business leaders to discuss topics such as changing airport strategies and the prospects of discounted international air service. “It gives us a chance to showcase what we have and get people to think about the advantages we can offer,” said Randall Walker, who was inspired to bring an aviation forum to town after he attended China’s Shanghai International Aviation Symposium last spring. Regular readers of this blog know that Las Vegas McCarran International Airport is the nation’s sixth-busiest airport and plays a critical role in the economic success of our great city. MS Las Vegas Real Estate continues the series entitled…Las Vegas is a real city. This aviation forum is global in significance, has absolutely nothing to do with gaming and is being held in Las Vegas based on our stature and importance in this vital facet of the national economy. Las Vegas homes continue to be a sound investment because Las Vegas continues to be one of the most important cities of the 21st century.
The Community Housing Resource Board’s “Fair Housing Day” event will be held on Tuesday, April 26 and will include two classes. Both sessions will be held at the Stardust Hotel. “Practical Fair Housing” will be presented by Bill Thorne from 8:30 a.m. to noon. Topics will include requirements of housing for older persons and group homes; predatory lending; occupancy standards in rental properties; and rights of those with disabilities to modify their housing. “ABCs of Fair Housing” will be presented by the Silver State Fair Housing Council from 1:30 to 5 p.m. The basics of fair housing and how it applies to advertising will be addressed. The cost for each class is $25, which includes light refreshments. Registration begins one-half hour before each course. MS Las Vegas Real Estate urges you to consider attending this important housing event.
More good news for owners of Las Vegas homes! The Southern Nevada Index of Leading Economic Indicators moved forward in March to 130.02, up from 129.92 the previous month, the Center for Business and Economic Research reported Friday. Tourism indicators generally posted expansion over the previous month and from the same month a year ago. Airline passengers traveling through McCarran International Airport jumped 9.8 percent in January and 3.1 percent in February. MS Las Vegas Real Estate continues to encourage people to look closely at the relationship between solid economic performance and solid residential real estate prices.
Only six custom Las Vegas home sites with golf course frontage remain at the MacDonald Highlands community in Henderson. Buyers can choose sites ranging from one-half acre to three-fourths of an acre. A golf membership to the community’s DragonRidge Country Club is included with each purchase. Contact MS Las Vegas Real Estate for more information on this outstanding luxury golf residential opportunity.
The Las Vegas Valley’s largest Earth Day celebration this year will take place in the Summerlin community on Saturday, April 23. The event is free and open to the public. The festivities will run from 10 a.m. to 3 p.m. in Summerlin Centre Community Park. The outdoor festival will include musical entertainment, environmental exhibits, environmental art and learning activities for children and master gardeners sharing tips for planting in the desert. Earthfaire is co-sponsored by Summerlin and its Las Vegas home builders and other supporters. Summerlin is home to parks, trails, houses of worship, shopping and business centers, medical facilities, cultural facilities, and nearly 100 model Summerlin homes. MS Las Vegas Real Estate is based in Summerlin and we have been doing business in the community for over a decade. Put our experience to work for you.