Archive for March, 2010

Marketing Technology and Las Vegas Real Estate

Friday, March 19th, 2010

Realtor.com just presented the Marketing and Technology Real Estate Series: 2010 at the Rio Hotel & Casino. The Michelle Sterling Las Vegas Real Estate Team was in attendance for the obvious reason that Internet real estate is our primary business model. We were very impressed with the quality of the presentation and gathered valuable information about the best way to be effective in the newest incarnation of the Internet craze, social networking.

The MS Las Vegas Real Estate Facebook page is a natural compliment to our market leading website and we look forward to incorporating new ideas from the seminar into our social networking efforts. We also got great tips on effective ways to incorporate YouTube into our client presentations. This is especially helpful to us since a large cross section of our Las Vegas clients are either out-of-state or foreign national investors. We also learned how truly powerful Blackberrys and iPhones can be in the real estate industry as technology tools. All in all, it was a very productive four hours !!

Las Vegas Returns to Roots of Affordability

Thursday, March 11th, 2010

According to a just completed survey by travel website Hotels.com, Las Vegas now has the most popular and affordable hotel rooms in the entire country. This is great news for our Las Vegas real estate team as we work with out-of-town clients on a very regular basis. Veteran observers of this aggressively marketed city will not be surprised by our recently re-calibrated pricing structure. We have always known that the Las Vegas gaming industry will do whatever it takes to bring people to this city in large numbers. If incredibly tempting financial incentives for rooms, food, spas and air fares become a business necessity, then that is what you can expect to be put on the table. What has been the response to these killer prices? The Las Vegas Convention and Visitors Authority has just reported the fifth consecutive month of year-over-year increases in monthly visitation numbers. Hotels.com has also ranked Las Vegas as the nation’s top U.S. travel destination in the first half of 2009 and the second most popular destination for international travelers (behind New York City). I would say it’s working …

The Ongoing Challenge that is Las Vegas Real Estate Today

Sunday, March 7th, 2010

It’s an ongoing challenge to operate in a context where roughly 50% of all Las Vegas real estate buyers are aggressively paying cash. To the untrained eye, this probably sounds like a great situation to be in, but you would be wrong. Supply and demand are grossly mismatched and the available inventory of Las Vegas foreclosure homes is anorexic and to say the least. Bank of America made a big splash with an announcement at the beginning of the year that has amounted to absolutely nothing. They claimed to have a firm plan to release hundreds of additional foreclosure properties into the Las Vegas market on a steady monthly basis all through 2010. Not only has this not happened at BofA, but no other financial institution has stepped forward to offer additional repossessed Las Vegas homes for sale either. The result is a situation where aggressive cash buyers consistently move past more conventional buyers in the competitive purchase process. It is much harder than you would ever imagine for a family with solid credit, a significant down payment and a FHA loan to secure a Las Vegas home, especially a coveted foreclosure property. This is an ongoing challenge for our real estate team and our clients that shows no sign of abating anytime soon.

Property Taxes on Las Vegas Homes

Tuesday, March 2nd, 2010

Just wanted to share this great article with you regarding property taxes in Nevada. Did you know that Nevada is the only state that calculates property taxes using the taxable-value methodology? This article helps provide some context as regards property taxes on Las Vegas real estate … past, present and what may be coming in the future.

Click here for article

Also, if you disagree with your Las Vegas property tax bill you can appeal to the Clark County Board of Equalization. Here is a link to the Clark County Assessor’s page that will explain how and when you can appeal your property tax.

Click this link

Las Vegas Foreclosures and HAMP

Monday, March 1st, 2010

Do you think a government required ban on foreclosures is a good idea? How would this effect the Las Vegas real estate market? I would love to hear your feedback and reasoning. My own humble opinion is that like many of these programs, the theory behind it and the actual implementation and results will differ greatly. It could just prolong the agony … what do you think?

President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the government’s Home Affordable Modification Program (HAMP).

A Confluence of Circumstances in the Las Vegas Real Estate Market

Monday, March 1st, 2010

A positive by-product of the dramatic drop in the price of Las Vegas real estate is the new level of affordability for those wanting to call Southern Nevada home. One of the most eager and enthusiastic segments of the purchasing public are retirees looking for full or part-time residences in Las Vegas. The first wave of baby boomers turn 65 next year and Las Vegas retirement homes in Sun City communities (among others) are very popular, especially at these much cheaper prices. The U.S. Census Bureau projects that from 2010 to 2020 the State of Nevada will witness a 61% increase in residents 65 and older, and we’re expecting plenty of those folks to land right here in Clark County.

Very much related to the emerging growth trend for senior living in Las Vegas is the highly encouraging job market in our local health care industry. A top performing sector in an otherwise dismal economic profile for Southern Nevada, the Las Vegas health care industry is in a strong position to produce demographically driven jobs going forward. The Nevada Cancer Institute and the Cleveland Clinic Lou Ruvo Center for Brain Health bring additional prestige to our medical community as well as specialized research work. Consider this recent quote from John Restrepo in the Las Vegas Sun newspaper …

“The health care industry is critical to a region’s economic development because it is relatively recession resistant,” said John Restrepo, principal of Restrepo Consulting Group. “And, health care employees are generally better trained and earn above-average wages.”