March 4, 2019

Opportunity Zones & Opportunities Abound

How about that VGK win a few nights ago?! Took it in the shoot-out. I'm sad to say I wasn't there - we lost the shoot-out at the game I attended recently. Donuts for all for last night's shut-out, too. Sweet.

Speaking of the Vegas Golden Knights - and who isn't? - they are opening a second practice arena on Water Street in Henderson. I'm opening a restaurant just 3 short blocks from the arena, and I'm super excited. I think I'll layout some of those wire traps and try to lure Marc Andre Fleury in. Maybe use a little poutine for bait?

I'm looking into the new Opportunity Zones so I can bring you some information on these. My Water Street restaurant happens to be in an Opportunity Zone. I'm a little bummed that our upcoming downtown tavern isn't in an OZ, but that would have just been icing on the cake. What I know at this point is what everyone else knows - investors can get capital gains tax deferment by investing in businesses in these zones  through an Opportunity Fund. Beyond that, there is a lot of misinformation being passed around. I'll keep you apprised when I know more.

(Data mapped by PolicyMap, an online GIS mapping tool.)

For you fence-sitters: WTH? Mortgage rates are low, there is ample inventory, yet homes are still sitting on the market too long. Maybe it's the weather, and we'll see an uptick quickly. Stop with the "it feels like 2008" talk - your favorite restaurant server doesn't own 6 homes, and stricter lending standards have created more stability in the market.

Prices are not decreasing, if you're waiting for that. Price appreciation has slowed, and this is the market you've been waiting for. Get off the fence now so you'll look brilliant to your friends when you're paying 4.3% interest in a few years.

In other news - Downtown Las Vegas is a great area to invest as well as to live. Price appreciation for 2018 was 20% in the 89104 zip code. (2018 Las Vegas appreciation) This area includes John S. Park, Southridge, Beverly Glen and many other vintage neighborhoods. The core of downtown, 89101, saw appreciation of 18.3%. Downtown Las Vegas is largely inside the Opportunity Zone. I'm just sayin'...

( Interactive SalesTraq 2018 Las Vegas appreciation zip code map.)

As always, text or call my team if you have a real estate question or need. 702.291.8766.

Robin

 

Posted in Neighborhood, Sellers, Tips
Feb. 14, 2019

Millenial Exodus?

What’s up, California? 63% of your state’s millenials say they are considering leaving the Golden State. Could it be because they can buy a typical $630,000 LA home for $300,000 in Las Vegas? These numbers represent the median home prices for Los Angeles and Las Vegas today.

The answer is - pretty much so. Many millennials in California feel home ownership is out of their reach due to the high cost of housing, and are beginning to question whether the higher salaries are a reasonable trade-off. Of course, there are other factors than home price, such as California's state sales tax, that are putting a home for their family out of their reach. There is even more disparity in the luxury home market, where a buyer might pay 2 to 3 times as much.

(O'Bannon Estate courtesy of GLVAR MLS ; Offered for $10.5 Million according to ABC News 13 Las Vegas)

 

How's the Market? Inventory has been steady, hovering around 8000 homes for sale for the past 5 months. Home prices in Southern Nevada are up 9.2 percent year-over-year, but you can expect to see appreciation grow at a slower rate. Sales are picking up after a slow December, but buyers shouldn't see multiple offer situations any time soon.

Interest rates hit a 12-month low today. It’s a great day to buy that move-up home - plenty of inventory means less competition for your dream home, and rates are hovering around the very low 4% range. With fewer buyers out shopping, it's a good time to sell and put your money in that move-up home. And while you're at it, pick up a few rental homes. You can thank me later.

(Mortgage rates as of 2/14/2019 according to  Bankrate.com)

 

Speaking of the Market. With dozens of new marijuana licensees looking for a location before their licenses expire, there is a demand for suitable dispensary locations. I’m looking for a building in the City of Las Vegas for a client - shoot me an email or text if you have a commercial property larger than 2200 s/f that you need to sell. Dispensaries must be located at least 300 feet from the nearest school, church, park or other public facility. My colleague listed a 15,000 s/f building in the County suitable for a dispensary and a cultivation or production facility.

 

Feb. 1, 2019

Is it Time to Buy?

Will the news coming out of the Fed yesterday spur more activity in the real estate market? With the Fed surprising nearly everyone by holding steady on the interest rate, this could go one of two ways. It could be the catalyst that gets buyers off the fence and out shopping for homes, or it could result in buyers thinking they have all the time in the world to buy.

Las Vegas area home sales were down roughly 5% for December while both buyers and sellers sat scratching their heads, uncertain as to their next move. While sales have slowed and many sellers have dropped their prices, that doesn’t equate to prices falling - prices are increasing, but at a slower pace than 2018.

Prices are still up 9% year over year for December. According to SalesTraq, inventory  over the past 4 months is still at 3.3% in Vegas. The healthier inventory is helping to curb the rapid price increases.

(Credit SalesTraq)

Prices are expected to rise 4.9% across the country in 2019. That’s a national projection; as I always say, real estate is local. Las Vegas area prices are projected to rise 7.9% in 2019. I tossed out my crystal ball in 2008 - but I’m still certain if the pace of sales pick up enough, we could see prices rise even higher than many experts predict today. After all, sellers generally react to what buyers are doing.  It's that supply and demand thing.

So is it a good time to buy, or is it wise to wait? If interest rates remain relatively steady, buyers sitting on the fence are still going to pay more for the same house if they wait to buy. And those buyers will lose out on building that equity in their home that increases their net worth. At 7.9%, Joe Buyer spending $500,000 on a home today would pick up $39,500 in the first year if the 7.9% holds true. That's a chunk of change, and a good return on investment on a 20% down payment.

The good news is no increase in the interest rates this month. The great news is that future increases in 2019 are no longer a certainty; the Fed has decided to exercise patience.

For December, the average sales price of residential properties including vacant land rose from $305,283 to $307,042 per the MLS. Real estate always appreciates over time. Buy low, sell high. Or just buy low and brag to your friends as your net worth increases from your real estate. I LOVE real estate.

Coming in 2020

According to the Las Vegas Review Journal the World Market Center will add 315,000 s/f of additional downtown convention space. This convention space will accommodate community events and trade shows that no longer use Cashman Center for their events.

(The first day of the Las Vegas Market at the World Market Center in Las Vegas. Sunday. Jan 27. 2019 Rachel Aston/Las Vegas Review-Journal)

The new convention center will be more than 3 times the size of Cashman Center. More events near Symphony Park will equate to more customers for local hotels, restaurants and businesses in DTLV. Best of all, those godawful big white tents you see from the highway are going away!

Jan. 24, 2019

We're Going to need a Bigger Boat

My jaw just hit the floor.

How is Wednesday’s discovery of a huge breach of sensitive personal information not front page news today? I think we’re all becoming desensitized when it comes to a new data breach. It seems like a major corporation is spilling our candy all over the lobby every day.


This isn’t AshleyMadison.com airing your naughty behavior. Well, okay, bad example. Things might have been very uncomfortable around the house for a few days if you were a victim of that one. This was information that could very easily lead to identity theft and the ensuing mess that can create.


TechCrunch revealed that this breach, sourced back to Ascension, contained “highly sensitive personal information, including people’s names, addresses, dates of birth, Social Security numbers, and other sensitive information typically found on mortgage documents." If you got a mortgage with such firms as Wells Fargo, Citigroup, Capital One and others— even HUD documents were exposed—you need to keep an eye on this one.


In other less-devastating news, homeowners are staying in their homes longer. Just a few years ago the average American stayed in their home for 3 to 5 years. By 2017, Americans were sitting put for 7 years. Just in the past year, that’s up another 10% and at the highest level in 18 years. Could this be a contributing factor to the unusually high decrease in home sales recently?


For those of you who requested those tips for selling your home for top dollar—I haven’t forgotten you. I’ve been wearing my other hat all week and will get this information to you today.


Text or call my team if you have a real estate need. 702.291.8766.

Robin

Posted in Tips
Jan. 11, 2019

By the Numbers: Fall Market Update 2018

We've pulled the numbers for last fall's market outlook in downtown Las Vegas and Sunrise Manor and we'd like to share them with you today!

Remember, while numbers are fun, they aren't a replacement for the insight and expertise of an experienced agent so if you have any questions, we're always here to add context.

Downtown Las Vegas Fall 2018 Market Update

Single Family Homes Average Sales Price: $259K
Selling at 98.5% of List Price
26.3% Increase Year-Over-Year
Average 16 Days on the Market
More than 635 Homes Sold

Sunrise Manor Las Vegas Fall 2018 Market Update

Single Family Homes Average Sales Price: $361K
Selling at 98.6% of List Price
3.2% Increase Year-Over-Year
Average 20 Days on the Market
More than 230 Homes Sold

1,000+ Homes Sold By Neighborhood Realty. Data Provided by MLS.

Posted in Neighborhood
Dec. 26, 2018

2019 Housing Forecast: The Rise of the Millennial?

According to a recent Forbes article, in spite of the Federal Reserve's recent rate hike, the largest number of Millennials turn 29 next year, "entering peak household formation and home-buying age." What's more, they'll account for a whopping 45% of mortgages, compared to 17% of Baby Boomers and 35% of Gen-Xers. In honor of the Millennial, we're bringing back our 5 Home Buying Tips for Millennials Infographic. Feel free to share it with a Millennial friend who is looking at become a first time home buyer in the coming years and let us know on Facebook what tips you have for first time buyers.

 

5 HOME BUYING TIPS FOR MILLENNIALS

1. GET CLEAR

Home buying is a big commitment, so being clear about the future is important before you start the process. What size home will fit your needs now and in the future? Are you buying as an investment or to support a family later on? These are all important questions to ask before you start your search to be sure you narrow in on the right type of home for you.

2. BREAK DOWN COSTS

The cost of a buying a home isn't only in the mortgage. Home repairs, insurance, taxes, maintenance, and more need to be factored into your budget to give you a true picture of overall cost.

3. START EARLY

If you've run the costs and can afford the commitment, it's best to buy early as an investment when you can begin to reap the benefits of building equity, mortgage interest, and more.

4. PAY ATTENTION TO YOUR INSPECTION

You may be a fan of DIY and eager to make back some money by doing a lot of the improvements your future home needs on your own, but don't bypass your inspection. Save yourself the headache of the dreaded moneypit.

5. WORK WITH A QUALIFIED AGENT

Buying is a complicated, nuanced process and a qualified agent is your best tool for navigating it successfully. A good agent will be an information resource and advocate to save you money, time and worry.

Posted in Tips
Dec. 21, 2018

Happy Holidays

 

Posted in Tips
Dec. 17, 2018

The Good, the Bad and the Interesting: the Market in Las Vegas

From the slowing market to Las Vegas' perennial popularity with flippers, today we're sharing the Good the Bad and the Interesting in Las Vegas Real Estate this winter. As always, our decades of experience make us great resources for market information, from highs to lows, and we're always here to answer questions and help you make the best decisions when it comes to buying or selling in the valley. Don't hesitate to get in touch!

The Bad & The Good

Fox 5 KVVU-TV recently reported that of the 10,000 homes on the market in November, 7,000 had failed to receive offers, numbers gathered by the Greater Las Vegas Association of Realtors (GLVAR). But the slowdown has a silver lining, according to newly-elected Nevada Realtors president Keith Lynam, who notes that the pace of the market before November was unsustainable and its new rate puts it back in a more "normal" range. Further, he "predicts Las Vegas homes will average four to six months on the mark," but, "'At the end of the day it is going to sell....It's going to sell quick and quicker than most parts of the nation.'"

The Interesting

In spite of the slowing market in Las Vegas, the city remains one of the most popular places to flip a home, according to the Las Vegas Review-Journal. Close to 8% of home sales in the third quarter were flips. And with the average flip selling at "$57,363 above their purchase price, producing a 28.4 percent return on investment," it's easy to see why flippers continue to buy in Sin City.

Posted in Neighborhood
Nov. 26, 2018

Neighborhood News: Real Estate in November 2018

TLC's Sister Wives Put Las Vegas Homes on the Market

According to the Las Vegas Review-Journal, two of the semi-custom Pinnacle Homes built by the Brown family in 2012 are on the market for $649,000 and $639,000 as the Browns enjoy life in Arizona. Janelle Brown's home is 4,238 sq. ft. with six bedrooms and 4 1/2 baths. Christine Brown's home is also 4,238 sq. ft. with five bedrooms and 3 1/2 baths. Both homes features a three-car garage, two laundry rooms, remote camera systems, a fireplace, and more.

Source: Las Vegas Review-Journal.

Boxed Up: Floyd Mayweather Buys $10M Las Vegas Estate  

Renowned boxing champ Floyd Mayweather's new home, a $10M estate located on the west side of the Las Vegas valley, spans a staggering 24,000 sq. ft. of living space, which includes a main house and two guesthouses situated on a 1.41 acre lot. The estate also boasts a poolhouse, a vineyard, and a 20-car underground garage

Source: Realtor.

Las Vegas' Highest Priced Home Sales in 2018

While Floyd Mayweather's impressive home is one of the valley's highest priced homes sold in Las Vegas this year, it isn't the only flashy purchase made in the market in 2018. Other high-priced sales on the Las Vegas Review-Journal's top 10 include the most expensive 2018 purchase: casino magnate Steve Wynn's $13 million dollar purchase on Enclave Court. Other high priced sales include the sale of 45 Painted Feather Way for $8.9M, 9900 W. Patrick Lane, which went for $8.5M, on down to the list's least expensive home: 3 Cloud Chaser Boulevard, which sold for $5.2M.

Source: Las Vegas Review-Journal.

Posted in Neighborhood
Nov. 16, 2018

Broker Spotlight: Jordan Camacho

With his gift for embracing the new technologies that are revolutionizing the real estate industry, Jordan Camacho is an expert broker focused on communication.

A Nevada native, Jordan Camacho has had the pleasure of living all over the Silver State, with time spent in both Northern as well as Southern Nevada. His love of the Southern Nevada area comes down to the mixing of cultures and the diverse population.

Jordan is an expert in residential real estate and has extensive investment experience, though he works with commercial properties on occasion and works with the Neighborhood Realty team to aid in selling vacant land, as well.

With a focus on hospitality, Jordan sets himself apart with his focus on a hands-on, white glove approach with every client, but it is his devotion to innovative marketing and his skills with new media that mean Jordan is able to deliver an exceptional real estate experience tailored to each of his clients’ unique needs. A former chef, Jordan is passionate about helping clients who love to cook find their dream "chef's kitchen."

Away from the office, Jordan enjoys using his skills as a former chef to cook for friends and family as well as sampling the gastronomic feats of new restaurants around the valley. A fan of the do-it-yourself movement, Jordan also spends much of his free time working on projects around his historic home, which was built in 1942 and sits in one of the only Historic Neighborhood Districts in Nevada.

Read on for some of Jordan's reviews and then reach out to schedule a chat.

"I had an absolutely wonderful experience with Jordan and Brandon. They were responsive and understanding and helped me every step of the way. I highly recommend them and would definitely use them again!" ⭐⭐⭐⭐⭐

Posted in Neighborhood