Archive for July, 2007

A Real Life Example of why you need a Professional Home Inspection

Tuesday, July 10th, 2007

In this Real Estate Journal article, June Fletcher comments upon the recourse for buyers who find faults in their “as is” home:

“Question: I am 28 and purchased a home “as is” in May. As I was doing some upgrades, I had the city inspect a power-panel upgrade. The inspector noticed the garage conversion and a covered patio that didn’t receive city permits. These were built before I purchased the house and I was not told of the permit issues. The inspector called the power company and told it to not connect the power until the conversion and the patio were permitted and brought up to code. Contractors I’ve contacted say it will cost around $30,000. I don’t have the money. Do you have any advice?

— Daniel Rivas, Santa Fe Springs, Calif.

Daniel: Many homes, if not most, are sold “as is.” In some places, “as is” is included within the standard boilerplate in real-estate contracts. The language simply means that the seller won’t be making any improvements and is selling the house in its current physical condition. Fair enough, since most homes accumulate some wear and tear over the years.

But when sellers sell homes “as is,” that doesn’t give them the right to foist hidden problems on you, which is why the law in California, and most other states, requires sellers to give you a Real Estate Transfer Disclosure Statement. Anything wrong with a house that you couldn’t easily discover on your own, including work done without permits, must be listed on this form — so take a look at it now. If the sellers disclosed the illegal garage conversion and patio, you’re out of luck — you were properly forewarned. But if they didn’t, you may be able to sue them to recover the costs of the repairs. Check with a local real-estate attorney to discuss your options.

Unfortunately, though you quite properly had the city inspect your power-panel upgrade before you moved in, it sounds as if you didn’t hire a professional home inspector to look at the house before you purchased it. Hiring a home inspector isn’t required by law, but I strongly recommend that every buyer do so, even when buying a new home. The cost usually runs around $300 and helps protect buyers from expensive situations like yours. Any competent inspector would have noticed that parts of your house weren’t up to code and would have been able to alert you before you bought it, even if these items weren’t listed on the disclosure statement. And if the inspector wasn’t competent and simply overlooked the code violations, his or her errors and omissions insurance would cover your costs.”

When a member of The Michelle Sterling Team assists you in the purchase of one of the many Las Vegas homes for sale, we will provide you a list of different professional home inspectors for you to choose from. We will also walk you through what to look for when choosing a Las Vegas home inspector. Let our experience help guide you through every step of the home buying process!

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Count Dracula's Castle for Sale – Any takers?

Tuesday, July 10th, 2007

Bran Castle, one of Romania’s top tourist attractions and a must-see for fans of literature’s most famous vampire, is up for sale.

Those willing to brave a price tag that could exceed $100 million will get the keys to the castle that inspired settings in Bram Stoker’s “Dracula,” said Michael Gardner, chairman of Baytree Capital, the New York private-investment firm handling the sale.

The building in the Transylvanian region of Romania has become known throughout the world as Dracula’s Castle, and is currently being used as a museum, he said.

But Archduke Dominic Habsburg and family, the current owners of the property, aren’t looking for just any old investor to bite. The firm was brought on to not only sell the place, but to develop a plan for it as well, Gardner said.

Gardner said the castle and the land around it is ripe for the development of tourist amenities including hotel accommodations and spas, all while “keeping the castle as centerpiece of the resort area.” Already, 450,000 people visit the castle annually, he said.

The accession of Romania into the European Union earlier this year will likely bring more tourist activity in the future, Gardner said. New infrastructure will make it easier to get to the attraction, he said, but currently there aren’t many places for tourists to stay.

Archduke Dominic chose the New York firm to create a plan for the property because he felt it would be done so with “the utmost sensitivity towards my family, the castle’s history, and our ties to the country,” he said in a news release.

“Aside from the castle’s connection to one of the most famous novels ever written, Bran Castle is steeped in critical events of European history dating from the 14th Century to the present,” the Archduke said.

The Archduke’s grandmother, Queen Marie, lived in the castle in the early part of the 20th Century, according to the release. The communist regime seized the 700-year-old castle in 1948, and it became a museum in the 1950s. It was returned to the family in 2006.

You can read the entire article in The Real Estate Journal here.

If you are interested in purchasing Dracula’s castle by all means contact us so that we may put you in touch with the listing agent for this property! :)

Or if your budget is less than $100 million please contact one of our Las Vegas Real Estate Agents so that we can help find you a more, ahem, appropriate Las Vegas Home.

We promise not to bite ;)

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

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IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
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Is your Las Vegas Realtor an Accredited Buyers Representative (ABR)?

Tuesday, July 10th, 2007

A real estate buyer’s representative solely represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer’s representative.

The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

Why should you look for the ABR designation before looking for a home? These three letters after a REALTOR’s name tell you that you will be working with buyer representative who is committed to your best interests. The ABR Designation is awarded by REBAC to those REALTORS who have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER’S AGENT Council).

If buyer representation at this level is something you feel your transaction deserves by all means contact The Michelle Sterling Las Vegas Real Estate Team. ABR accredited agents are ready, available and waiting for your call.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

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Good News for Las Vegas Real Estate – Mortgage Rates are Dropping

Saturday, July 7th, 2007

MSNBC.COM reports that this week saw 30-year rates on mortgages drop.

“Rates on 30-year mortgages sank this week to a one-month low, while rates on most other mortgages also fell, good news to prospective home buyers.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.63 percent. That was down from last week’s 6.67 percent rate and was the lowest since early June, when rates stood at 6.53 percent.

The moderation is welcome for people in the market to buy a home. In mid-June, rates on 30-year mortgages climbed to 6.74 percent, an 11-month high.

Rates on many mortgages have ebbed in recent weeks as investors’ fears about an inflation have eased.”

You can read the rest of the MSNBC report here.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

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Watch out Las Vegas – Here come the High Rise Condos!

Friday, July 6th, 2007

The Las Vegas Review Journal filed the following story about how the Las Vegas High Rise Condos market is getting ready to explode:

“The housing market in Las Vegas is entering a period of extraordinary transition with the first real influx of high-rise condominium sales in May, a local researcher said Wednesday.

Larry Murphy, president of SalesTraq, said May’s housing statistics offer “intriguing clues” as to why the much ballyhooed housing bubble has not burst in Las Vegas.

While the inventory of homes for sale reached an all-time high of 20,515 in May, about double from a year ago, it’s a supply of six to seven months based on sales through the Multiple Listing Service. That’s a relatively healthy market, Murphy said.

Prices have yet to diminish, as many predicted at the beginning of the year, he said.

Median resale prices are hovering around their all-time high at $284,950, a 5.5 percent increase from May 2005, and new home prices jumped 11.8 percent to $324,757. The number of new home subdivisions in the market declined for the second consecutive month.

Forty-eight high-rise condos closed escrow in May, including 40 at SoHo Lofts in downtown Las Vegas. That compares with 64 total sales in 2005 and 11 through April of this year.”

You can read the rest of the story here.

***REMEMBER***
AS A BUYER OUR SERVICES ARE COMPLETELY FREE TO YOU
THE BUILDER/DEVELOPER OF THE
HOME YOU ARE BUYING PAYS OUR FEES

DON’T FORGET – THE SALES AGENTS AT THE NEW HOME TRACT WORK ON THE BUILDERS BEHALF NOT YOURS!

DON’T WAIT! GET PROFESSIONAL REPRESENTATION ABSOLUTELY FREE

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

click-to-call from the web

Do you want to search for every Las Vegas condo on the market? Try our Las Vegas Condos MLS Quick Search!

Las Vegas Community Blood Drive

Friday, July 6th, 2007

The Greater Las Vegas Association of Realtors (GLVAR) is sponsoring the Las Vegas Community Blood Drive on Monday, August 20, 2007 from 9:00am to 2:00pm. The blood drive will take place in the GLVAR offices at 1750 E. Sahara Avenue, Classroom B.

Please take this opportunity to give back to the community because as we all know blood donors save lives!

During your lifetime you or someone you know may be in need of blood and this is your opportunity to make a difference in your community. This is a simple procedure that will only take approximately an hour of your time.

The Michelle Sterling Team at Prudential Americana Group, REALTORS fully supports this initiative put forth by the GLVAR. We fully encourage everyone to take part in the blood drive and to pass along this important information to your friends and family!

Please mark your calendars and we’ll see you there!

Las Vegas Real Estate Prices Dropping – Are we Entering a Buyers Market?

Thursday, July 5th, 2007

In Business Las Vegas reports in their June 25 – July 29 issue that resale Las Vegas Home prices are decreasing sharply. Their data stronly suggests that Las Vegas Real Estate is turning into a buyers market:

“The price of resale homes fell sharply in May, but a Las Vegas-based analyst said the price drops are needed to reduce the glut of homes on the market.

Dennis Smith of Las Vegas-based HomeBuilders Research reported that the median price of resale homes in May dropped $7,000 from April or 2.5 percent to $278,000.

That’s $11,000 lower than the price in May 2006, Smith reported.”

You can read the rest of the In Business Las Vegas report here.

The Michelle Sterling Team at Prudential Americana Group, REALTORS is commited to providing outstanding service to our clients. We are constantly on the look out for the best deals on homes in the Las Vegas market. There are outstanding prices on many homes in the Las Vegas area RIGHT NOW – take advantage of this fantastic opportunity and give us a call today!

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

click-to-call from the web

It's Time Again – The World Series of Poker Championship!

Thursday, July 5th, 2007

This Friday, June 6 the 38th World Series of Poker championship event begins at the Rio.

This years no-limit Texas Hold’em tournament has a $10,000 buy-in with play being scheduled over the course of four days. There will be up to 3,000 players per day at the event. Last year’s winner, Jamie Gold, emerged from a pack of 8,773 players to take home the grand prize of $12 million.

The world championship’s last nine players will sit at the final table on July 17.

Summerlin Fireworks and the Las Vegas Philharmonic!

Wednesday, July 4th, 2007

Are you looking for something to do tonight on the 4th of July?

For those of you who are owners of Summerlin real estate, or live close by, consider heading over to Hills Park at 8pm this evening for fireworks and a concert featuring the 75-piece Las Vegas Philharmonic.

The fireworks show set to music has long been one the most popular traditions in Las Vegas. This year, the fireworks grand finale will be accompanied by the Las Vegas Philharmonics rousing edition of Tchaikovsky’s classic masterpiece “1812 Overture.”

The gates to the park open at 4:30pm today. Advance tickets may be purchased by adults for $25 and $20 for children under 12 through the UNLV Performing Arts Box Office, or the Galleria at Sunset Mall.

Tickets can also be purchased at the gate today. Adult tickets are $30 and for children ages 6 to 12 are $25. The VIP Pavilion, featuring a full buffet, wine and soft drinks, are $100 per person. There is no children’s pricing for the VIP pavillioni. Please call 895-ARTS for more information on these tickets.

Las Vegas Condos – Starting in the $100's!!!!

Wednesday, July 4th, 2007

The Michelle Sterling Team has done it again!

That’s right, we have just uncovered another hidden gem for those interested in a centrally located Las Vegas Condo.

How does this sound?

  • Condos starting in the low $100,000’s
  • 2% buyer incentive towards your closing costs!
  • Centrally located with easy access to UNLV, McCarran Airport,the Strip and major retail outlets.
  • Granite Slab in the kitchen and bathrooms
  • 2-Toned Paint
  • Maple Cabinets
  • Upgraded ceramic tile in entry, bathrooms and the kitchen
  • Refrigerator included!
  • So what’s the catch right? How can you possibly get a centrally located Las Vegas Condominium in the low $100,000 range?

    If you want in on these fantastically priced condos right in the heart of Las Vegas you must act fast! The 2% builder incentive towards closing costs is only good for the next 2 weeks!

    ***REMEMBER***
    AS A BUYER OUR SERVICES ARE COMPLETELY FREE TO YOU
    THE BUILDER/DEVELOPER OF THE
    HOME YOU ARE BUYING PAYS OUR FEES

    DON’T FORGET – THE SALES AGENTS AT THE NEW HOME TRACT WORK ON THE BUILDERS BEHALF NOT YOURS!

    DON’T WAIT! GET PROFESSIONAL REPRESENTATION ABSOLUTELY FREE

    If you are intersted in floorplans, available units or a private showing call the Michelle Sterling Team today at 888-349-2595. It would be our pleasure to help you.

    A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

    CALL NOW FOR
    IMMEDIATE ANSWERS TO YOUR QUESTIONS
    888-349-2595
    FREE INFORMATION – NO OBLIGATION

    click-to-call from the web

    Do you want to search for every Las Vegas condo on the market? Try our Las Vegas Condos MLS Quick Search!