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Las Vegas Homes BlogLas Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Saturday, November 25, 2006The Appraisal Foundation Holds Its First Symposium In Washington D.C.
This past October the Appraisal Foundation initiated dialogue on valuation fraud. The Appraisal Foundation was created and authorized by Congress to set appraisal standards and qualifications to try decrease the amount of fraud problems plaguing both the appraisal and mortgage industries.
They also build awareness and educate consumers on valuation fraud and provide a platform for discussion for possible solutions. This past October the Appraisal Foundation held its first symposium in Washington D.C. According to the chairman of the Board of The Appraisal Foundation, Lee Hackett, "The Foundation wants to do everything that it can to limit the impact of mortgage fraud on public trust in valuation". The FBI released statistics that indicate that valuation fraud is an ever-increasing problem. The report shows that there have been losses that total more than $1 billion in 2005. The FBI report goes on to say that this year's numbers are predicted to exceed those from last year. John D. Arterberry, executive deputy chief at the United States Department of Justice, delivered the keynote address. The program centered on three panels which were Valuation Fraud and the Lender, Valuation Fraud and the Appraiser, and Valuation Fraud and the Regulatory Community. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Friday, November 24, 2006Richmond American's Elsinore Neighborhood
Buyer's who are interested in Richmond American's Elsinore neighborhood will be glad to know that for a limited time buyers are able to select as many as 10 package options at no additional cost.
The Elsinore neighborhood has announced that they are featuring a Buyer's Advantage that they will offer for a limited time. According to sales agent Amy Galbraith, the Elsinore's southwest location has proven to be a strong draw. Amy Galbraith said about the community, "This community has a great location with convenient access to a number of shopping and dining opportunities, as well as southern Highlands' many parks and trails. The neighborhood offers a charming atmosphere and a nice sense of peace and privacy that is appealing to a lot of residents". According to Galbraith they offer three models open with well-designed floor plans with square footage that is laid out nicely. Elsinore also offers four designs from Richmond American's Stonegate Collection, which are highlighted by stone exteriors and wrought iron dealing. Galbraith says that the homes are really striking, with beautiful stonework and architectural designs. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Sunday, November 19, 2006No Closing Costs At Sullivan Square
Sullivan Square is offering to pay closing costs at their new 16.5 acre mixed use community in Las Vegas. This offer is for a limited time only.
According to Dale Rowse, "This exclusive, limited-time offer will reward buyers who make the decision to purchase at Sullivan Square". Dale Rowse is principle of Viridian Vertical, a division of Viridian Group, the development's sale representative. Recently Sullivan Square opened its sales and center and the 6,000 sq. ft. building which showcases their six design options for urban living. Upon completion, the complex will include as many as 1,300 residences within terraced condos, Chicago-style lofts, towers and more. There will be many perks for residents including fiber optics with voice, data and video connectivity. The complex will also meet the standards of LEED (Leadership in Energy and Environmental Design) which helps promote healthier environment and cost savings to residents. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Saturday, November 18, 2006Stats Show A Decline In New Home Permits
Marketing Solutions has recently released reports that show that Las Vegas consumers have a lot to be happy about despite numerous reports saying the opposite.
Some analysts still say that Las Vegas is going to suffer a decline before the end of the year. Some analysts are also saying that the housing bubble will burst. According to real estate consultant Steve Bottfield, this will not happen. Stats released by Marketing Solutions shows that there has been a 21.5% decline in new home building permits for the year. Local home builders have not pulled a high number of new permits for the month of September, in fact new home permits are at there lowest numbers in 56 months. Bottfield was noted as saying that when builders are not building new homes, the inventory must be adjusted downward. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Thursday, November 16, 2006Some Say That The Increase In Foreclosures Is Due To Massive Layoff's In The Automobile Industry
Analysts are weighing in and there is no shortage of opinions on the reasoning of why the number of foreclosures is up in the Las Vegas area.
Some analyst's say the increase is of foreclosures is due to the economy. However stats seem to disagree. The economy is doing well and unemployment is down. According to Jason Adams analyst for Bargain Network, this is not so. Adams feels that massive layoffs in the American automobile industry have been the catalysts for the increase. According to Bargain Network's measure of foreclosure activity, which was 7.1 percent in August, Michigan ranks No. 3. Adam's states the obvious when he says that when people lose their jobs they can't pay their mortgage. Even though home prices have decreased in the Las Vegas area, prices are still considered high. Those higher prices mean home buyer hopefuls have needed a few assists from mortgage banks. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Wednesday, November 15, 2006Las Vegas Developers Take Heat On Not Building Green
Focus groups have pointed out that Las Vegas commercial developers and home builders are behind the curve on green building. Developers are accused of being focused on selling prices rather than cost savings for future years.
According to many design experts, many developers think that it is more expensive to build green. Analysts say that there are more important factors to consider. Like analyzing both the initial cost and operating cost for the next three decades. Analysts also say that while there would be an increase of 3-5 percent on construction cost, that money could be made up in three years or less. The hike in cost would be seen once construction costs for a building is processed through the Leadership in Energy and Environmental Design certification. According to architectural consultant Lynn Simon of California based Simon & Associates there are many features that would benefit new green homes. Some featured systems are designed to reclaim "blackwater," wastewater from kitchen sinks and toilets. There are also improvements such as photovoltaic panels which convert sunlight to electricity. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Sunday, November 12, 2006Las Vegas Real Estate Developments
The president of the Nevada Commission of Appraisers, Debbie Huber, says that she has seen many changes in the local market, good and bad.
According to Huber "We have been fortunate here that we've never experienced a downturn ever". Not only is Debbie Huber the president of the Nevada Commission of Appraisers, she is also owner of Huber Appraisal Inc. along with her husband, Dan Huber of Home Pride Inspections. The Huber's say that one of the reasons for the healthy housing market over the years has been the area's economy and job growth. Huber began tracking seven houses throughout the Las Vegas Valley since the beginning of 2004. Huber assesses the properties every quarter to see how the value of each house has changed and how that reflects market trends. Las Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Wednesday, November 08, 2006Will Las Vegas Continue To Set Records?
Many analysts are reiterating that there is no housing bubble. There are many predictions that the Las Vegas market is going to take a big hit this year. However there reports that disspell these rumors.
According to the National Association of Realtors real estate sells in Las Vegas are set to break records. Analysts who say that the numbers aren't going to be as high as anticipated base it on the number of new home permits that were issued in September. New home permits were at the lowest amount issued in the last 56 months. This has led many to believe Las Vegas is now considered a soft market because the housing invenory is checking itself. The end of the year is right around the corner and many consumers are waiting to see what kind of year Las Vegas had.
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