Las Vegas Real Estate News Blog

VA loans have made a comeback in recent months.  We have not seen VA loans much during the Las Vegas real estate boom.  But, with recent mortgage problems and challenges for buyers trying to take advantate of our “buyers’ market,” VA loans are a great choice for qualified buyers.  In general, eligibility is limited to active and retired military personnel, as well as those who served in the National Guard or Reserves.  The loans can be used only for single family residences, multi-family properties of 104 units, condominiums and townhomes.  All income must be verified by W-2 forms, or, if self-employed, with full tax returns.  Employment records must be verified.  The Certificate Of Eligibility and a VA assigned appraisal are the major differences between VA and other loans.  The advantages to the veteran are several:  no down payment is required, no mortgage insurance premiums are needed and the buyer has a right to prepay without penalties or to assume an existing mortgage.  Seller concessions of up to 4$ are allowed.  Loan amounts have increased to $417,000, and in higher priced areas like Hawaii and Alaska, the loan limit is up to $625,500.  For disabled veterans, property taxes may be reduced, as my VA funding fees.  The applicant’s actual credit score is not considered, as with conventional loans.  The VA looks at the last two years of payment history, judgments and tax liens and collection accounts.  Bankruptcies must have been discharged for 2 years.  The VA requires a funding fee of 2% of the loan amount, which can be rolled into the loans.  So, for eligible buyers, this is a great way to take advantage of today’s low home prices.  We have a lender who specializes in VA loans, and you can talk with her with no obligation.  Just call us at 1-888-876-8383 or email terrilvp@cox.net.  Las Vegas Properties

 C2 Lofts in Summerlin is an exciting new Loft development by Christopher Homes of Las Vegas. These unique one and two story lofts target residents looking for a more urban lifestyle than traditional condominiums. The developer is currently selling lofts in the second phase of development, with some great incentives and discounts offered for the few remaining lofts in the first building. The floor-to-ceiling windows, views of Red Rock Canyon, beautiful roof garden with fire pit, fireplace, barbecues and lounging areas are among the many amenities. Located in the heart of Summerlin, with access to Summerlin’s popular trail system and the new Summerlin Center, residents will enjoy the best of shopping, dining, recreational activities and upscale lifestyle. Lofts range in size from 2,300 square feet to 3,300 square feet, with Penthouse Lofts still available for sale. This is definitely one of the more unique developments in the Las Vegas valley. If you are interested in floor plans and pricing, call Las Vegas Properties today.

There are several real estate auctions on the calendar for the Las Vegas area!  Brand new homes offered by developers, as well as homes owned by banks and other lenders.  Terri White, Las Vegas Properties, is also the Broker for Real Estate Disposition Corporation, who is conducting many of these auctions.  You can get some great buys, with excellent and easy financing on many of these properties.  So, if you are a buyer looking for a home, or an investor looking for a great “deal” in this market, call me and I’ll send you my report, “Pro’s and Con’s Of Buying Real Estate At Auction.”  And I can provide you with a list of upcoming auction dates and details of the properties being offered.  Call today at 1-888-876-8383 or email terrilvp@cox.net.

 The developer of CITY CROSSING has broken ground on its new mixed-use development, which is a 126-acre project located near the Henderson Executive Airport.  The plans include 1 million square feet of retail and restaurants, two boutique hotels and 2,500 luxury residential units.  The project is targeting surrounding communities such as Inspirada, Seven Hills, Anthem, Sun City, Green Valley and other residential developments.  For initial pricing and floor plans, call Las Vegas Homes and Condos at 1-888-876-8383.

Buyers often ask about the difference between a Foreclosure and a Short Sale.  A short sale implies a late payment status;  the lender(s) accept a price that is less than the outstanding loan(s) and the shortage is forgiven.  A foreclosure is a situation in which the lender has actually taken the property from the owner; the deficiency is not forgiven and, in some cases, the owner is still responsible for repayment of that shortage.  In a foreclosure, the lien is not satisfied.  Although a short sale does have an impact on an owner’s credit rating, it is, in most cases, preferable to a foreclosure.  Short sales require the sale of the property with the permission of the lender(s).  An advisor, acting on behalf of the lender, will review the individual circumstances and negotiate the final sales price.  Circumstances that are considered include job loss, transfer, divorce, medical problems and other unusual situations.  Each case is evaluated on its own merit, with no guarantee that the lender(s) will accept the sales price that an owner has set.  In both short sales and foreclosures, the negotiation and closing process generally takes longer than a traditional purchase.  Buyers considering these types of purchases are best served by dealing with a real estate professional.  Call Las Vegas Properties at 1-888-876-8383 with specific questions about short sales and foreclosures in the

Las Vegas area.

North Las Vegas Airport was developed to keep smaller, private jets from clogging runways at

McCarran International Airport, one of the nation’s busiest airports.  Managed by Clark County Dept of Aviation,

North Las Vegas Airport was a conduit for more than 230,000 takeoffs and landings in 2006, making it the second busiest airport in the state.  Among the amenities offered at North Las Vegas Airport is the 15,600 square-foot terminal, pilot lounge and weather station, discount jet fuel and great location with easy access to I-215 and US 95.  In addition to transient flyers, North Las Vegas Airport has 685 airplanes based in 259 hangars, 66 of which were built through public private partnerships in the past two years.  Tenants or developers typically build the hangars, leasing the land from the county for $.90 per square foot per annum.  The Aviation Dept also shares from 1-5% of the revenue of the 25 commercial operations, which include rental car companies, aircraft maintenance shops and flight instruction schools.  Las Vegas Metro Police and Bureau of Land Management both operate onsite flight support facilities.  Metro is planning to add a 38,000s square-foot facility at the airport within the next 2 years.  The airport employs 29 county workers and is responsible for more than 1,700 private sector jobs in Clark County.

The Village At Queensridge is the newest $850 million mixed-use development in the growing southwest corridor of

Las Vegas.  This is a 29-acre development which will feature more than 700,000 square feet of upscale retail, restaurant, entertainment and office space.  There will also be 340 “world class” condominium homes.  This property is currently under construction and is being built by Executive Home Builders, who developed

One Queensridge Place

.  The theme of The Village at Queensridge replicates a real European village square, with residential units above the commercial area, posh boutiques, and several unique restaurants.  The developers envision a “city built in stone” in their architectural style.  At the epicenter of the retail complex will be The Village Park, a plaza with fountains, benches and rich landscaping.  Private sanctuaries, gardens, loggia, terraces and piazzas are part of the park.  The elegant condominium towers, situated on the northern edge of The Village, will consist of two 5-story buildings and a 10-story building.  Views of

Red Rock Canyon, The Strip and Badlands Golf Course are among the most attractive features of these luxury condos.  Call Las Vegas Properties for pricing and floor-plans for

One Queensridge Place

at 1-888-876-8383!  Or, visit us at www.lasvegasproperties.com.

 

TICs are institutional-grade commercial real estate properties that are designed to be cash-flow investments.  The transactions are pre-packaged for investors, with all of the due diligence completed and ready for buyers’ review.  Professional property managers are in place, tenants are in place and the properties have the beneficial non-recourse loans already negotiated and in place.  Each investor will have a deed and all rights of ownership, but he/she will be one of several owners of the specific property.  Each investor will own a percentage interest and the investors will gain their percentage interest of the monthly cash flow, the tax benefits and, when the property is resold, they will also gain their percentage interest share of the proceeds of sale, in addition to return of their initial capital investment.  The benefits of TIC ownership are no management or day-to-day involvement with the property and tenants.  TIC properties also qualify for the IRS 1031 tax-deferred exchange as “like-kind” property, which is beneficial to investors who have sold another income property in order to acquire a position in a TIC property.  Las Vegas Properties can help you find the most profitable and current TIC properties offered in Las Vegas and other cities.  Call us today at 1-888-876-8383!

The

Las Vegas economy is growing strong!  Las Vegas welcomed more than 33 million visitors in 2007, while average daily room rates increased by 12%. 

McCarran International Airport processed a record number of 40.2 million passengers.  The Nevada Gaming Control Board reported statewide gaming revenue for

Clark County as a 4% increase.  More than 68,000 new residents moved to

Clark County in 2007.  The Retail, Commercial and Industrial Real Estate segments have increased throughout 2007, with more than 7 million square feet of new retail space currently under construction.  The

Las Vegas Strip has seen the addition of new resorts, casinos and luxury high-rise condominiums, with several new properties set to open in 2008.  And

Clark County welcomed its 2 millionth resident this year!  The Real Estate market is recovering from the recent “slump” with an increase last month in new home sales, new home building permits and an increase in existing home sales. Downtown Las Vegas is experiencing re-growth and renovation, with the development of “Districts” that will completely change downtown

Las Vegas.  The vision of involved developers includes the 61 acre Union Park’s The World Market Center, Lou Ruvo Alzheimer’s Institute and

Performing Arts Center.  The Entertainment District includes Fitzgeralds, Golden Nugget, Lady Luck and The Plaza casinos.  The Downtown Connector MAX Line is the Las Vegas Monorail’s expansion from Las Vegas Strip to Downtown

Las Vegas.

In today’s challenging real estate market, Sellers and their Brokers need to find creative and unique ways to help market their properties.  You’ll love this new book, “450 WAYS TO SELL YOUR HOME FASTER” – for your FREE copy of this great book, email terrilvp@cox.net or call Las Vegas Properties at 1-888-876-8383.  Call today!