The PGA Fall Expo 2007 is coming to Las Vegas on September 11 and 12.

The 2007 PGA Fall Expo will feature networking, exhibitors, special events, demo day, and a golf tournament, all at the most convenient location the Mandalay Bay Resort and Casino.

If you are going to the Expo and are interested in Las Vegas golf real estate please contact the Michelle Sterling Team at 888-349-2595. It would be our pleasure to give you a guided tour of the greatest Las Vegas golf communities that our city has to offer.

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The National Association of Realtors (NAR) reports the following:

“Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors (NAR).

NAR says that existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 in 2008, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.

NAR says existing-home prices are likely to rise 1.8% to a median of $222,700 in 2008 after a 1.4% decline this year to $218,800. The median new-home price should rise 2.2% to $245,400 next year following a 2.6% drop in 2007 to $240,100.”

For more information on this report please visit The National Association of Realtors website.

When in the market to buy a home, please visit The Michelle Sterling Las Vegas Real Estate website. Our trained and professional Las Vegas Realtors will guide you through every step of the home buying process at no cost to you! The seller or developer of the home you are buying pays our fees. So what are you waiting for? For free no obligation information on the Las Vegas real estate market please call us today!

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The Greater Las Vegas Association of Realtors (GLVAR) has released market data on the Las Vegas Real Estate market for the week of July 11, 2007.

Single Family Residence (SFR)

Available - 20,308 (Last Week - 20,152)

Under Contract - 2,254 (Last Week - 2,211)

Days of Supply - 270 (Last Week - 273)

Short Sales - 2,045 (Last Week - 1,946)

Condominiums and Town Homes (CONDO/TH)

Available - 5,592 (Last Week - 5.601)

Under Contract - 527 (Last Week - 520)

Days of Supply - 318 (Last Week - 323)

Short Sales - 248 (Last Week - 233)

Combined SFR + CONDO/TH

Available - 25,900 (Last Week - 25,753)

Under Contract - 2,781 (Last Week - 2,731)

Days of Supply - 279 (Last Week - 283)

Short Sales - 2,293 (Last Week - 2,179)

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MSNBC reports today that the National Association of Realtors expects a strong 2008 in the housing market.

“The prices of existing and new homes are expected to bounce back next year after a dreary 2007, a real estate trade group said Wednesday.

The National Association of Realtors also said it expects existing-home sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of more than 6.1 million. Nearly 6.5 million existing homes were sold in 2006, the association said.

As for new homes, sales are projected at 865,000 in 2007 and 878,000 next year, but the 2008 projection would still be down more than 20 percent compared with the nearly 1.1 million new homes sold in 2006.

More than 1.4 million housing starts, including multifamily units, are forecast this year and in 2008, but that is down from 1.8 million last year.

Existing-home prices are expected to gain 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800, the according said. The median new-home price should rise 2.2 percent to $222,700 next year after a 2.6 percent drop to $240,100 in 2007.

“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Lawrence Yun, NAR senior economist, said in a release. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets. But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.” ”

You can read the entire story here.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

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!

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

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.

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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.

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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!

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It would be hard to count the number of times we’ve emphasized the stellar economic profile of Southern Nevada in relation to the market for Las Vegas homes. All the evidence points to the fact that our local economy is relatively impervious to the normal cycles of economic activity. The “product” that is Las Vegas can truly be described as unique from virtually every point of view. This in turn explains a solid decade of economic performance statistics that have consistently lead the nation. Along these lines, we would like to draw your attention to the most recent post in one of our favorite blogs. Jan O’Brien, Director of Strategic Growth and Development at Prudential Americana Group, Realtors takes up the issue of economic strength in Southern Nevada with a story entitled Las Vegas #2 on List of America’s Best Jobs in Hottest Markets. Please enjoy her blog and don’t forget to spend time on her website!

The very first residents began arriving in their new Sun City Anthem homes back in 1998 and it’s there where our story begins. At MS Las Vegas Real Estate, we honestly had no idea what was about to happen, and it’s very likely that no one else did either. By the end of this year, Sun City Anthem real estate will take the final step on an incredible journey and close the last 300 Henderson homes in the master-plan. To date, Sun City Anthem has completed and closed over 6,500 homes, and in so doing, has become the most successful residential master-planned community in Southern Nevada history. What did Sun City Anthem have to offer that was so appealing? For starters, buyers could choose from 12 single-story homes in floor-plans ranging from 1,496 to 3,175 square feet. Without question, Del Webb quality and a concerted effort from Day 1 to create a true sense of community added to the allure of Sun City Anthem as well. It certainly didn’t hurt that the Anthem community boasted some of the finest golf courses in the Las Vegas valley either. The Michelle Sterling Team at Prudential Americana has sincerely enjoyed doing business on behalf of both buyers and sellers in the Sun City Anthem community for almost eight years now. We currently feature a highly attractive home at a highly attractive price in the Solera active-adult community at Anthem. Feel free to give us a call at 888-349-2595 for more information.

The Summerlin homes community is nationally recognized as one of the most beautiful and functional residential master-plans you could possibly choose to live in. The wealth of amenities and services to be found within Summerlin itself create a quality of life that many find incomparable. A very important component of the Summerlin residential experience is the Summerlin Hospital. Approaching its tenth anniversary, this outstanding medical facility has grown from a 147-bed community hospital into a full-scale 281-bed medical center that offers comprehensive services ranging from pediatric intensive care to open heart surgery. Ever in touch with the needs of Summerlin and Southern Nevada, Summerlin Hospital is about to embark on a $100 million expansion that will include a third patient tower in addition to a larger, more spacious Emergency Room. The new tower will stand six stories high and provide 170 additional beds. Expanded emergency room facilities will mean that patients receive care in the timeliest possible manner. Another positive development associated with the expansion process is job creation! It’s estimated that the additional capacity will generate employment opportunities for over 100 medical professionals and support staff. The Michelle Sterling Team at Prudential Americana enjoys an extensive level of experience in the Summerlin real estate community. Our services are at your disposal.

I can’t help but wonder as to why politicians and the news media are so intent on blaming subprime lenders for changing conditions in the mortgage market. Why can’t people take more responsibility for their own personal financial decisions?

The sub-prime mortgage market has taken a real beating in the last few weeks. More and more investors are pulling away from the market. Wall Street is cutting-off lines of credit left and right. But ask yourself, is this the whole picture, the totality of the situation? I honestly don’t think so. Let’s face it, many borrowers were less than prudent in terms of over-extending themselves financially. Unfortunately, some real estate investors and borrowers have been doing and saying amazing things to get their hands on a property and a corresponding loan. Purchasers who jumped on the red-hot Las Vegas real estate bandwagon without the proper education, guidance and financial discipline are the ones who are now in trouble. It’s a safe bet that you know (or have heard of) someone who cannot make their current mortgage payments. Put simply, they have not managed their credit potential in a prudent fashion.

A typical non-prime loan is fixed with a hard prepayment penalty for a period of two or three years. This gives the borrower that two or three year window to work on their credit and financial profile. If handled correctly, the two to three years would be used to improve credit scores and debt ratios. After this “opportunity window”, borrowers should ideally be in a position to refinance into a prime rate loan. Sadly, I have noticed that for some borrowers, the prudent advice provided by true lending professionals (such as myself) ends up forgotten immediately after the close of their new Las Vegas home loan. Consequently, the two to three year “opportunity window” flies-by……but the client’s financial profile has not improved. Clients need to be continually reminded that their future depends on making prudent and productive financial choices after the closing of their loan.

Subprime mortgage lenders serve a great purpose in a dynamic economy. But the moral of this story is simple; mortgage products should be utilized prudently and in the way in which they were intended and designed. This is the type of advice and guidance all my clients receive. I hope your mortgage professional does the same. If not, maybe it’s time we had a chat.

Carl Christensen is a Home Loan Consultant with MJM Home Loans powered by Countrywide. He can be contacted at Carl_Christensen@MJMHomeLoans.com

Prudential Americana Group Branch Manager Kathryn Bovard attended the single largest gathering of the Greater Las Vegas real estate industry on February 21st and provides this report on market conditions and market realities.

This years Southern Nevada Housing Day (sponsored by the Southern Nevada Home Builders Association) “told it like it is” by providing insightful information to the nearly 1,300 attendees about the market for new Las Vegas homes. We’ve all heard about the “housing bubble” that the media has been hyping relentlessly over the last 12 months. I can’t tell you how refreshing it was to hear the positive facts about the true and realistic market picture for Southern Nevada. It’s worth noting that we shouldn’t be overly optimistic about the small decrease in (year to year) median resale pricing to $280,000. All indications are that this “flattening out” of the Las Vegas real estate market reflects a trend that will continue until well into the third quarter of 2007. However, it’s worth considering the one true thing about land…..they’re not making any more of it in our valley! Based on the current rate of building permits, the only economically viable option in 5 to 6 years will be to go vertical residentially. These last few months have shown strong mid/high rise closings, although this is based on sales figures stretching back over the last 24 months. Panorama Towers Condos leads the pack with 242 closings in January, but this is by no means reflective of our current overall sales activity. Nevada Governor Jim Gibbons (one of the distinguished keynote speakers) addressed some of the current issues and challenges facing the Las Vegas housing market. Among the topics highlighted by the Governor; the pressing issue of affordable housing, future water supplies and resources and the possibility of acquiring more BLM land for residential and commercial development.

What a ride! The loan market is tightening in the Las Vegas real estate arena, as it is all across the country. Southern Nevada has recently experienced a major local lender closing its doors. Sub-prime lenders nationwide are shrinking at an incredible rate, with some leaving the market altogether. Foreclosures and REO’s are up across the board. Quite necessarily, lending guidelines are being tightened. What we could finance last year we would be hard pressed to do today. IE: 80-20 combo loan with a 620 credit score in yesterday’s environment now requires a credit score of 660 and up. The subprime market would do 100% financing with a 580 at the higher rates, but are now asking for 620+ to perform the same magic (maybe this is why there are so many foreclosures?).

Today’s surviving lenders are leaner and smarter as a result of the challenging conditions. The lending business is still very exciting and I’m happy to be a part of this dynamic profession. More than ever, it’s important for clients to work with a quality lender who will be there in the long-run to provide for their needs. At MJM Home Loans I am privileged to work with a team of dedicated mortgage professionals that are committed to making the loan process as fast and smooth as possible. My name is Carl Christensen and I am available to answer your questions at your convenience at 702-349-6321 or toll-free at 866-551-7388. It would be my pleasure to assist you!

Las Vegas golf real estate at the Tuscany Residential Village has rapidly become one of the most sought-after communities of Henderson homes for those seeking a relaxing Italian-inspired residential experience. Tuscany real estate features seven model home communities that offer a total of 22 individual models and 33 floor-plans. Pricing begins in the mid $300’s and includes unique and exciting three-story models. The complete build-out of Tuscany homes will number almost 2,000 residences within a framework of 18 inviting neighborhoods. The heart of the community is the Ted Robinson designed golf course and the meeting place for food and fun will be the Botticelli Market Place. The Tuscany Residential Village tops this all off with a spacious recreation center (35,000 square feet) that provides basketball, racquetball, tennis, swimming and multiple playgrounds. MS Las Vegas Real Estate is very excited about the Tuscany Las Vegas golf community and we’re ready to take you on a tour at your convenience.

The Estates at Southern Highlands homes introduces it’s newest neighborhood of custom home lots, Augusta Canyon. The Estates at Southern Highlands is a truly unique enclave of Las Vegas luxury golf homes wrapped around the private members-only Southern Highlands Golf and Country Club. Augusta Canyon is comprised of 100 estate lots that are priced from the $600’s to well past one million dollars. Augusta Canyon lots range in size from one half acre to more than two acres and provide stunning views of city lights, rolling fairways and spectacular mountains. Southern Highlands real estate has always been one of the most sought after master-planned communities in Southern Nevada. The residential expansion of the southwestern portion of the Las Vegas Valley was initiated by the creation of Southern Highlands and continues forth with neighboring communities such as Mountain’s Edge real estate. The Michelle Sterling Team at Prudential Americana enjoys extensive experience in the Southern Highlands community. Our services are always at your disposal.

One of the most exciting residential developments in the southwestern portion of the Las Vegas Valley is Mountain’s Edge real estate. Rapidly becoming the most popular new master-planned community in Southern Nevada, Mountain’s Edge homes offer lucky residents beautiful floor-plans and outstanding amenities. For example, KB Homes is now featuring the Silver Hills neighborhood at Mountain’s Edge, a collection of four one-story Las Vegas homes ranging in size from 1,713 to 2,157 square feet. Pricing begins in the low $200’s. The crown jewel of the Mountain’s Edge community is Exploration Park, a western-themed recreational facility that includes picnic areas, walking trails and playgrounds. MS Las Vegas Real Estate enjoys an extensive level of experience in the Mountain’s Edge master-plan. Our services are at your disposal.

What in the world are we talking about? There is a stretch of Paradise Road right between the Sahara Hotel and the Las Vegas Hilton that you could plausibly rename Turnberry Lane. Why so? Turnberry, Ltd. has built two spectacular Las Vegas high rise condo developments (within two blocks of each other) right on that small section of Paradise Road. Turnberry Place condos (a total of four structures) have the distinction of creating the market for Las Vegas high rise condos. Until this project went skyward and sold like crazy, no one imagined such tremendous demand in the Las Vegas real estate market for this type of luxury product. Right up the street is the new sister property aptly named Turnberry Towers Las Vegas. Stretching skyward at the corner of Paradise Road and Karen Avenue, Turnberry Towers condos will be comprised of two 45-story buildings. The east tower is scheduled for completion in June of this year and the west tower is slated for occupancy in the spring of 2008. The Michelle Sterling Team at Prudential Americana is ready to take you on a tour of Turnberry Lane! Give us a call at 888-349-2595.

Las Vegas Luxury Golf Real Estate takes the final “step up” to world-class status at One Shadow Creek. This is nothing less than 12,041 square feet of breathtaking residential splendor sitting peacefully on the 18th fairway of the prestigious Shadow Creek Golf Course. Shadow Creek is quite honestly one of the most elaborate and luxurious golf experiences to be found anywhere in the world. It’s only fitting that the most prestigious Las Vegas luxury real estate constructed to date should be found on the final hole of this exquisite masterpiece. I know what you’re thinking….8 bedrooms, 10 bathrooms, 8 car garage….right? Not a chance. This Las Vegas luxury golf home is as cozy and intimate as 12,000 square feet can get! Perfect for entertaining, with a spacious kitchen, sweeping patio and shimmering infinity pool, One Shadow Creek provides the perfect setting for impressing Kings, Queens and Countrymen. Aren’t you dying to take a look at it? It only takes one call to arrange a private tour. MS Las Vegas Real Estate is at your service. 888-349-2595

Summerlin Village number nineteen is starting to take shape! Summerlin Real Estate at The Mesa is being developed by three fantastic home builders; Engle Homes, KB Home and Richmond American. The first neighborhood of Summerlin homes at The Mesa is called Ladera and features a total of 20 floor-plans that range in size from 1,642 to 2,804 square feet. The Mesa Village is a 490 acre desert-contemporary village in the southernmost section of the Summerlin master-plan. Residents of The Mesa can expect a bright future that will include two new schools and a 19-acre community park. The Mesa is also conveniently located within minutes of the I-215 beltway, which provides freeway-style access to the airport, the Strip and the rest of the Las Vegas Valley. MS Las Vegas Real Estate has spent extensive amounts of time working in the Summerlin homes community over the past decade. Our knowledge and experience is an asset you’ll want to avail yourself of! We’re standing-by at 888-349-2595.

The Providence Las Vegas real estate master-planned community is progressing and expanding at an impressive rate! Lennar Homes is making a significant contribution to the Providence Las Vegas master-plan by providing beautiful and functional “Everything’s Included” Las Vegas homes in four exciting new neighborhoods; Barrington, Westminster, Arbor Ridge and Hampton Glen. Lennar just recently celebrated the grand-opening of the Barrington and Westminster neighborhoods of one and two-story floor plans. Located in close proximity to future elementary and middle schools, these outstanding Providence homes range in size from 1,505 to 4,481 square feet. Lennar’s “everything’s included” package of upgrades includes appliances such as a refrigerator, microwave, washer and dryer, as well as window coverings, front yard landscaping, and granite kitchen countertops. The northwest section of the Las Vegas Valley is experiencing exciting new growth and includes the future Great Mall of Las Vegas! Residents of Providence real estate are perfectly situated to share in the growth and development of this exciting section of our burgeoning metropolis! The Michelle Sterling Team at Prudential Americana is at your service as you explore your options in the Greater Las Vegas residential market. Give us a call at 888-349-2595.

There’s plenty more coming, but SKY Las Vegas is the first! SKY is the first Las Vegas high-rise condo to accept residents for move-in right on the Las Vegas Strip! SKY Las Vegas condos come in floor-plans that range from 800 to 5,000 square feet with a total of 409 units in a magnificent blue-glass 44 story building. Pricing begins around $600k and extends to over $4 million. With over 85% of the units already sold, you really shouldn’t wait to check it out. MS Las Vegas Real Estate has already completed transactions in SKY and our experience and knowledge is a big plus for you! Give us a call at 888-349-2595.

Pacific Southwest Development presents The New Millennium Custom Home program, which allows purchasers to create a custom-designed Las Vegas luxury home without all the hassles and time consumption normally associated with the residential customization process. Where in the Las Vegas real estate market did Pacific Southwest Development choose to debut this exceptional luxury product? None other than the master-planned community of Southern Highlands homes. Well-known for being as exclusive as it is elegant, Southern Highlands luxury real estate welcomes Tuscan Cliffs as a guard-gated, mountainside neighborhood with exceptional views and incomparable amenities. Flexible floor-plans that allow for maximum customization begin at 4,328 square feet and range upwards of 5,400 square feet. Pricing begins at one million dollars. On-site design consultants are at your service as you create your own personal residential masterpiece. Ready for more details? Contact The Michelle Sterling Team at Prudential Americana for more information at 888-349-2595.

Madeira Canyon real estate takes another step forward as The Club at Madeira Canyon introduces it’s newly completed 11,200 square foot community center. Located on the outer edge of Madeira Canyon, the new center features custom wood trusses, natural stone flooring, a rock fireplace and “after dark” views of the Las Vegas Strip that you have to see to believe. The new clubhouse and community center is private and reserved exclusively to residents of The Club at Madeira Canyon homes. Active-lifestyle features include a heated resort-style pool and spa, fitness center, massage rooms, three tennis courts and a basketball court. Spacious meeting rooms may also be reserved by residents of the The Club at Madeira Canyon for private parties and social events. Interested in learning more about Madeira Canyon homes? MS Las Vegas Real Estate is already working extensively in this exciting new Henderson real estate community. We’re ready to provide a tour at your convenience!

The Summerlin master-planned community has been around for the better part of 15 years….and the best may very well be yet to come! Currently home to approximately 93,000 residents living in almost 40,000 Summerlin homes, the growth over the last 15 years has been truly exponential. And yet, would you believe that fully one third of the total Summerlin real estate master-plan is yet to be developed? Expansion is slated both further south and further west and complete build-out is not scheduled until 2020!