BluefoxToday blog : Renee Burrows - Las Vegas NV Valley - Homes For Sale - Real Estate Market News (The Force Realty -Realtor>Estate>Probate>REO>Short Sale)

Rhodes Ranch Area Resale Market Report (homes for sale, pending and sold):

• Active Listings (2/15/2010):183
• Under Contract (2/15/2010): 464
• Sold January 2010: 93
• Months Inventory: 2.0

Rhodes Ranch Area Rental Market Report (homes for rent, contingent, leased)

• Active Listings (2/15/2010): 126
• Under Contract (2/15/2010):25
• Leased January 2010:  57
• Months Inventory:  2.2

How to read my market reports (definitions and terms!)

Last Month's Market Report

Includes: Apache Hills, Apache Springs (The Falls), Astoria Homes at Rhodes Ranch
(Independence), Canyon Trail, Huntington, Liberty @ Warm Springs, Maplewood, Rhodes
Ranch, Richmond@ Rhodes Ranch, Sierra Madre, Venezia, Vistana.

For More information & most current market report on the Rhodes Ranch Area:  http://www.livingatrhodesranch.com/

Here is what buyers received in seller paid concessions on November 2009 Las Vegas Area (Henderson - N Las Vegas - Las Vegas) Closes:

• Less than $500:  64% ($500 only buys you a home warranty or (no and) an appraisal)
• Between $501-4000:  19%
• Over $4001:  17%

This pretty much means that sellers aren't giving up much of anything since Las Vegas is a Seller's Market and in dire need of sellable inventory!  Inventory levels are rising just slightly and we are seeing some movement/improvement in this sector which is good news, especially for buyers who want/need closing costs!

Last Month's Concession Stand

Southern Highlands January 2010 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):

• Listings (2/15/2010): 202
• Under Contract (2/15/2010):  229
• Sold January 2010:  38
• Month's Inventory: 5.3

Since Last Month:  Listings are UP +4, Pendings are DOWN -9, Sold Units DOWN -38.  I do plenty of community market reports and I must say that Southern Highlands saw one of the biggest changes in the last several months of any of the communities I watch!!

Last Month's Report

For More Las Vegas Communities and Reports Click Here

Economic Conditions for the Las Vegas Valley December 2009

Housing Conditions:

• Foreclosure/Short Sale Listings (2/15/2010): Total Listings 10211; Short Sales: 4834, 47% of all listings; Bank Owned Listings: 1738, 17% of all listings. Short sale and REO listings consume 64% of total listings
• New Home Sales (Juanary 2010, units sold): 240 Year Change -15.5% (excl condo conversions, highrises)
• New Home Sales (January 2010, median price): $200,716 Year Change -14.6% (excl condo conversions, highrises)
• Existing Home Sales (January 2010, units sold): 3774 Year Change +22.7%
• Existing Home Sales (January 2010, median price): $125,000 Year Change: -19.4%
• New Home Permits (January 2010): 380 Year Change +112.3%
• Rental Rate (MLS Monthly Average January 2010): $1582/month 

My analysis:  Distressed listings (foreclosures and short sales) are 64% of total listings.  Credit markets must be watched as underwriting guidelines continue to tighten.  Condos are barely financeable.  Resale sold units and pendings remain impressive.  Builders cannot compete with bank owned listing prices, thus sales remain lackluster. The rental market is softening due to all the investor/first time buyer combination of activity.  This adds more supply and creates less demand.

New Residents/Employment Conditions:

• New Residents (December 2009): 4311, Year Change -7.4%
• Total Employment (December 2009): 833,000 Year Change -7.4%
• Unemployment Rate (December  2009) 13.1%, Year Change +50.6%

My analysis: The tourism, gaming and convention numbers need to improve before these numbers improve.  New Resident Count will continue to plummet if no new jobs are created.  Economists are hoping that City Center brings tens of thousands of new jobs.  The Las Vegas Valley has lost -93900 jobs since April 2008.  I am not optimistic that City Center can pull us out of this slump.  (see Tourism/Gaming conditions below!)  City Center is expected to draw in anywhere from 10,000-15,000 new jobs.  Unfortunately around 8500 construction workers from the project will be unemployed so that really boils down to only 2500-7500 new jobs.  Unemployment rate is painful yet again.

Tourism/Gaming Conditions:

• McCarran Airport Total Passengers (December 2009): 3,097,382 Year Change -2.1%
• Gaming Revenue (December 2009): $753,169,630, Year Change -2.4%
• Visitor Volume (December 2009): 3,000,539, Year Change +0.1%
• Convention Attendance (December 2009): 137,959, Year Change  +11.6% 
• Hotel/Motel Occupancy (NDecember 2009): 71.3% Year Change -2.7%

My analysis:   After rising in double digits for one month, Convention attendance is in the black again. This sector (tourism) needs to see some serious price corrections before we see a comeback.  Corporate credit is not coming back any time soon.  It will be hard to get convention attendance back up without corporate credit.  Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers.  Gaming and convention business is big business and those numbers MUST increase for jobs to increase and for our entire economy to stabilize.  Any convention attendance decrease of over 10% is extremely painful to this economy and all the overbuilt convention space.  It will be interesting to see what hotel/motel occupancy boils down to after city center opens with almost 6,000 new rooms online.  Anyone else seeing price corrections in store for the Las Vegas Strip?

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation.  Information deemed reliable but not guaranteed.  My analysis is my humble opinion

The Lakes January 2010 Real Estate Resale Market Report:

• Listings (2/15/2010):  58
• Under Contract (2/10/2010):  71
• Sold January 2010:  18
• Month's Inventory:  3.2

Since Last Month's Report:  Listings DOWN -4, Pendings UP +10, Sold NO CHANGE

Why Las Vegas Pendings Aren't Selling

View Last Month's The Lakes Market Report Right Here!

For More Las Vegas Communities and Reports Click Here

Coronado Ranch January 2010 Real Estate Resale Market Report (Homes For Sale/Pending/Sold):

• Listings (2/15/2010):  34
• Under Contract (2/15/2010):  50
• Sold January 2010:  18
• Month's Inventory:  1.9

Since Last Month:  Listings are UP +6, Pendings are DOWN -10, Solds Units are UP +6.

Last Month's Coronado Ranch Market Update

To View Other Las Vegas Communities Click Here!

Silverado Ranch January 2010 Real Estate Resale Market Report (Homes For Sale, Pending, Sold):

• Listings (2/15/2010):  159
• Under Contract (2/15/2010):  231
• Sold January 2010:  41
• Month's Inventory:  3.8

Since last month:  Listings are UP +6, Under Contract DOWN -5, Sales are DOWN -41

Read Last Month's Report Here

While we all understand that the "Trustee Sale Flip" is not "new", I have taken note through some simple observations that the Trustee Sale Flip has gained ground over REO.  As I mentioned in my last market trend post, I saw it gaining ground through my extensive work with BPOs (Broker Price Opinions.) 

I now have it validated through several different sources:  My referal partners and I have not written any REO offers in the last week to two weeks for any buyers (all short sale and trustee flips) + looking back at some of my past market reports.

Compare June 2009 Sales to January 2010 Sales (By percentage:)

Just look at how much ground REO closings have lost and short sales have gained.  "Other" has gone up a bit but I expect it to jump up in the spring months as investors are snatching up properties in Trustee Sales.

Unfortunately there is no way to filter out standard sales vs trustee flips.  Some list agents even label them as "REO" in the MLS but not bad enough to skew the numbers.  I would say a very large number of the "other" or standard sales are trustee flips.

At any rate, it is much easier to submit offers for agents working for the "investors" than it is REO.  There aren't as many gatekeepers to bypass, overlays or rules in the game even though the process should be all "net".  (swoosh)

Las Vegas Area February 14, 2010 Active Listings by Type

• REO:  1738 (17%)
• Short Sale:  4834 (42%)
• All Other:  3639 (36%)

January 2010 Sales by Type:

• REO:  1896 (60%)
• Short Sale:  685 (22%)
• Other:  567 (18%)

This is just a guide for consumers to see what types of properties are closing vs what is listed.  Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.

Click here to see last month's Listing and Sales Type Report

Click here to view the most recent stats (scroll to bottom)

I wear blue jeans and casual shoes that are made of cloth and can go in the washer.  To some people, they may think I lack professionalism but if they could encounter what I encounter, as we never know what treasure we will find when we open a door, it will all be forgiven.  Walk a mile in my shoes and learn what to wear (and what you will may encounter) while shopping what is termed "Distressed Property" (REO, Foreclosures, Short Sales.)

From tip toe-ing through pigeon turds & cockroach carcasses and breathing in mold in between (let's not forget elements too) here is a guide on what to wear when searching for an REO or short sale:

Don't bring children if you don't have to!  It would mortify me if brown bear or blannie touched the floor in some of these homes - and I am not the best housekeeper in the world.

Dress for the Elements!  Make sure you are dressing appropriate for the weather.  Distressed property may lack heating or air conditioning.  I would say it is socially acceptable to wear shorts and tank tops in the summer for now while searching for homes.  Bring water in your car to stay hydrated.  In the winter, even though we don't see severely cold winters, make sure you layer up with sweaters and extra pairs of socks.

Be aware of potentially hazardous situations (while this isn't "the norm":)

Squatters:  This does not happen as frequently as it used to.  For the most part, with the market being extremely hot and homes receiving multiple offers + list agent checks and weekly preservation checks, odds of running into a squatter are a little less what they were even a year ago!  Active listings are generally getting multiple visits per day. 

Smells:  Sometimes smells in vacant homes can be overwhelming.  Many times it is due to the fact that someone used the toilet when the water is off.

Mold:  Persons highly allergic to mold should bring face masks when looking at homes to avoid breathing in mold spores. 

Pests:  If cockroaches bug you, you shouldn't be living in Las Vegas!  Many times pest control has been called in after the foreclosure so usually there are just dead bugs everywhere.

Water Damage:  Wear non-skid comfortable shoes. 

Lights Out:  It isn't safe to look by flashlight in homes that do not have electricity.  It is important to schedule appointments during daylight hours.

Trash:  I see it a lot pre-list but now agents are doing a better job at cleaning out their properties but it is still possible (although more rare) to find personal belongings in REO properties.  You will run into trash if you are looking at short sales.  Sometimes the property hasn't been cleaned in years.  There are some that I wonder if they were ever cleaned since they were built.

Green Pools:  Stagnant water sources breed diseases and most notably become a great breeding ground for mosquitos that could bring a concern for West Nile Virus.

More than ever, it is important to work with real estate professionals who know this market to help spot potential hazards because you never know what is hiding behind that closed door!