Clark County’s Department of Air Quality & Environmental Management has a fantastic program in place for those that care about the quality of our environment in Southern Nevada and are willing to do something about it. Now in its third year, the Lawn Mower exchange program gives Las Vegas real estate yard aficionados the opportunity to swap their gas powered lawn mowers for a clean-air electric mower that emits zero pollution. The program operates on a first come first serve basis so don’t hesitate if you would like to jump on board this year. In case you’re wondering how many Las Vegas home owners actually make this effort, we are happy to report that over 2,800 gas lawn mowers have been turned in since 2008. Can you believe it? This program is so eco-friendly that your old gas powered mower is even recycled for scrap metal when it’s destroyed! Las Vegas, Nevada is focusing more and more on green technologies and practices in both the public and private sector, and we are a cleaner and healthier community for it !!
Archive for July, 2010
The Michelle Sterling Las Vegas real estate team is absolutely ecstatic that local performer Michael Grimm has become a semi-finalist on America’s Got Talent. Michael and his band perform at a variety of venues around town on a regular basis including House of Blues in Mandalay Bay, Green Valley Ranch Resort, The Palms Hotel and Blue Martini at Town Square. Michael Grimm is originally from Mississippi and his moving interpretations of deeply soulful rhythm and blues classics are the best you will ever experience. Simply search for his name on You Tube to get a taste of his remarkable talents. Please support Michael in the semi-finals and vote him all the way to the top !!
A significant portion of the destruction wrought on the Las Vegas real estate market during the housing bubble was facilitated, or should we say enabled, by Countrywide Financial, since absorbed by Bank of America. Maybe you have read about the infamous “friends of Angelo” program they had running under the table in the heyday of the real estate boom. I know it’s shocking to think that corporations and their regulators get cozy and sexy sometimes, but BP didn’t invent the practice, that’s for sure. In this case, a federal investigation has revealed that 27 key people at Fannie Mae received especially special treatment when it came to their own personal mortgage needs. Was Countrywide trying to win friends and influence people in government and quasi-government positions important to their fraudulent cash cow machine? Well of course!
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Is it a great time to buy a Las Vegas home? If you had purchased a $200,000 property here in 1986 when interest rates were 9.5%, your P & I payment would have been $1681.00. Today your payment on that same home would be $1043.00. That’s $638.00 LESS than in 1986 !! YES … it’s a great time to buy Las Vegas real estate. This comparison is based on today’s record breaking 30-year fixed rate of 4.75%, which is an absolutely stunning number. Speaking of stunning numbers, prices for many houses in Las Vegas have dropped back to ball-park 1990 levels, so the 1986 purchase comparison is more apt than you might imagine. The truth of the matter is, when you combine both pricing and interest rate factors, the cost of residential ownership in Southern Nevada is incredibly attractive to say the least. What is one of the best ways to tell this is true? Take a sample Las Vegas home that you would consider purchasing and then compare that hypothetical mortgage payment to the monthly cost to rent that same type of home in the same neighborhood. Be prepared to be surprised …
After two long and difficult years, the bankruptcy reorganization of the Lake Las Vegas development has actually been completed. A huge cloud of uncertainty has finally been lifted from the luxury golf resort and many are hopeful that better times lay ahead. It is encouraging news that the largest creditor in the proceedings (Credit Suisse) has agreed to swap past debt for a new equity stake in the community. One can only hope that this ownership connection to the future success of Lake Las Vegas will motivate not only Credit Suisse but other players as well to make their best effort in supporting the turn-around effort. It seems clear that everyone’s best efforts will be exactly what is needed if Lake Las Vegas is to have any chance of restoring it’s previous luster and prestige. I just cannot imagine what will be done with the former Ritz Carlton, or who would step-up in this economy to attempt to operate a facility that large and elaborate. More immediate (and potentially more realistic) will be the need to secure new funders and operators for the two golf courses that once made the community the luxury golf mecca it was originally designed to be. Another aspect of the development that took a tremendous beating over the past two years is Lake Las Vegas real estate. Prices have taken a harrowing plunge, even by the standards of the Las Vegas residential market overall. However, we have noticed an upsurge of interest in Lake Las Vegas homes just this week on our website, which clearly reflects the fact that the community still has a high profile in many minds and may be up for a new round of bargain hunting. The future is still very uncertain, but at least there is finally some good news to report about Lake Las Vegas, the first in a very long time.