Author: anthonylasvegas

According to the National Association of Realtors (NAR), existing-home sales continued to improve in November with low inventory supply pressuring home prices.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011.  Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million.

via U.S. Existing Home Sales Beat Analysts Expectations in November; Prices Maintain Upward Trend – WORLD PROPERTY CHANNEL Global News Center.

The number of improving housing markets grew by 76 in December to a total of 201, according to the National Association of Home Builders/First American Improving Market Index. The index identifies U.S. metro areas that have shown improvement in home sales, employment, and housing values for at least the past six months.Some of the new markets added to this month’s improving list include Atlanta; Bloomington, Ill.; Ann Arbor, Mich.; Seattle; and Green Bay, Wis.”The big gain in improving markets this December indicates that key measures of housing and economic strength have now been holding steady or improving in metros across the country for six months or more, which is an important signal of stability amidst the slowly emerging recovery,” says NAHB Chairman Barry Rutenberg. “The main thing thats limiting the progress were seeing right now is the difficulty that potential buyers continue to experience with regard to overly tight mortgage qualifying standards.”

via Number of Improving Housing Markets Soars | Realtor Magazine.

Each year, 12 million people will make the trek from Southern Californias metropolitan area to Las Vegas on the I-15 highway.Thats a whole lot of people on the road who want to gamble and drink. So why not skip the drive and start the party 5 hours earlier?The brainchild of Nevada entrepreneur Michael Barron, the Las Vegas Railway Express X Train is expected to be “essentially a nightclub on wheels.” Its tricked out with flat screen TVs, two lounges, a fully-stocked bar, and plush recliners.

via X Train From Los Angeles To Las Vegas – Business Insider.

If Las Vegas and Southern Nevada can limp through the next two years, the region could see long-term economic growth rivaling the days before the Great Recession.The valley isn’t alone: the entire West could see steady and sustained economic growth after 2015, economists told local business leaders today during a meeting sponsored by UNLV at the M Resort in Henderson.“We’re still a long ways away from where we were in 2007, but we’re improving,” said Stephen Brown, director of UNLV’s Center for Business and Economic Research. “Our growth is slower than the rest of the nation but, of course, we’re recovering from a lot steeper losses.”Economists are basing forecasts on analysis of trends regionally and across the nation.

via Economists: Las Vegas poised for steady, sustainable growth – Las Vegas Sun News.

Upwards of $1.5 billion will be invested in the Las Vegas gaming market over the next two years.That’s Mike Mixer’s prediction.Mixer is the head of a new national gaming group established last summer by commercial real estate brokerage Colliers International. The firm already is known as a major player in the hotel, industrial, office and retail sectors. Now, it is adding gaming to that list.Mixer’s Las Vegas-based team includes longtime industry executives Josh Smith and Gabe Telles, who both most recently worked for Colliers’ competitor CBRE.The investments Mixer and his team anticipate include new casino sales and updates, including the renovation of the Sahara into SLS Las Vegas, the transformation of Imperial Palace into the Quad, construction by Caesars Entertainment of the Linq entertainment promenade behind the Flamingo and the Quad, the redevelopment of Bill’s Gamblin’ Hall, the development of a Nobu Hotel at Caesars Palace and the redevelopment of the Lady Luck into the Downtown Grand.

via Colliers Gaming Group expects Strip revenue to grow in coming years – VEGAS INC.

October visitor volume in Southern Nevada increased by 2.9 percent over the same month last year to 3.52 million, the second-highest monthly total for tourists this year, officials said.The average daily room rate for the month, $117.70 a night, was the highest since May 2008.The Las Vegas Convention and Visitors Authority credited the strong numbers to robust convention attendance, spurred by a favorable show rotation schedule.

via Southern Nevada visitor volume up to 3.52 million in October – Las Vegas Sun News.

Prices for foreclosed homes in Nevada jumped this year as sales volume plummeted, underscoring the states high demand and slim inventory.A total of 5,560 homes that were bank-owned or in some stage of foreclosure were sold in Nevada in the quarter ending Sept. 30. Thats down 51 percent from the same period last year, according to a report out today from Irvine, Calif., research firm RealtyTrac. The majority of the sales, 4,650, were in the Las Vegas Valley.The average sales price was $139,301, up 12.5 percent from a year earlier. However, buyers of distressed homes received an average discount of 17.8 percent compared to buyers of non-distressed homes.

via Shrinking volume, rising prices for foreclosed homes in Nevada – VEGAS INC.

Here are some tips for finding and managing quality contractors and creating rewarding relationships with them:

Get Multiple Quotes from Different Contractors: It may seem obvious but so many people don’t do it. The disparities between quotes for the exact same job is sometimes mind numbing. If you are only getting one or two quotes you are potentially wasting money and marring your return on investment. On our very first rehab we had to deal with a fairly major foundation problem. The first quote was almost eight thousand dollars, which we initially thought was reasonable until we received additional quotes. The repairs were completed by a reputable company for half that, saving us money and boosting our returns.

Be Specific when Seeking Bids: Just like other professions, there are contractors looking to take advantage of vulnerable people; don’t be vulnerable. To provide defense from predatory contractors be as specific as possible and leave no room for interpretation. Specificity will also demonstrate confidence, awareness, and knowledge, compelling shady contractors to look elsewhere.

Ink It – Get a Detailed, Written Scope of Work: In a perfect world a handshake is all you need to ensure an agreement is upheld, but a handshake is not enough today. Once you have selected a contractor and agreed on a price, use a scope of work agreement to put EVERYTHING in writing. The scope of work should describe in detail the work to be performed and should be signed by both parties. This document will come in handy should any disagreements arise.

via Nine Tips for Choosing and Managing Contractors.

Home builder confidence for the new, single-family home market posted its seventh consecutive month gain, reaching its highest level since May of 2006, according to the November index by the National Association of Home Builders and Wells Fargo.

“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” says NAHB Chair Barry Rutenberg. “In view of the tightening supply and other improving conditions, many potential buyers who were on the fence are now motivated to …

move forward with a purchase in order to take advantage of today’s favorable prices and interest rates.”

NAHB Chief Economist David Crowe says, “At this point, difficult appraisals and tight lending conditions for builders and buyers remain limiting factors for the burgeoning housing recovery, along with shortages of buildable lots that have begun popping up in certain markets.”

via Home Builders Feeling Better About Market Conditions.