Your Las Vegas real estate information source. The latest news, new construction, scandals, additions to the strip and other Las Vegas and related information.
The state of the Las Vegas real estate market has been great if you thinking of buying a home and living in that home for several years. Foreclosures over the last 2 years had pushed prices down to levels not seen here since the mid 1990's. Despite government intervention, foreclosures are still happening, mostly due to job loss. While unemployment is still high, the unemployment rate has stopped going up both here in Nevada and nationally.
The extension of the First Time Home Buyer Tax Credit has also impacted the market in a positive way. Home buyers now have the opportunity to take advantage of the credit for another three months. So it begs the question, will 2010 be the year of recovery for the Las Vegas real estate market?
Please feel free to comment and leave your thoughts.
For whatever reason, a lot more comments are being posted on this blog. Did I say comments? I meant pathetically disguised spam. I would love to hear your comments and have you contribute to the conversation here.
I do not wish to hear about your latest products, services nor have spammy links posted in the comments. Trying to post for links here does no good, I moderate all comments on all of my blogs and simply delete the spam.
If you are going to comment, please use your name or if you wish to remain anonymous, that's okay to. Please refrain from using vulgar language and from attacking others. This is an open forum, but adult behavior is expected. Other than that, thanks for stopping by.
Just over a year ago, I experienced a life altering event. One morning I woke with a slight tingling sensation in the tips of my fingers and what felt like a pulled muscle in the back of both of my legs. Thinking that I must have slept wrong, I went about my business that day and didn't think too much about it. The next morning when I woke up I was much worse and by that evening had trouble walking. I went to the ER at UMC and was admitted. I ended up staying 10 days in the hospital for Guilliam Barre syndrome. I am happy to say that I have no long term effects from being temporarily paralyzed, other than I've managed to keep off some of the weight I lost.
During my time in the hospital I found out just how lucky I was. My good friend, Matt Pellerin, a Paradise Valley Realtor along with my friend Max Chirkov, set up a fund raiser to help pay my bills while I recovered. Specifically I'd like to thank my friends Jeff Manson in Hawaii, Ken Smith in Arlington Heights, Glenn Ginsburg in Naples and Toby Barnett in Marysville for their generousity, support and continued encouragement. So many people offered help is so many ways, it was truly humbling. My good friend and neighbor Vera Mischke and her family probably mobilized half of Omaha to pray for my recovery. I am truly lucky to have such a neighbor and good friend. And a special thank to you Anna Bourland and Kristina Davis at Advanced Access.
The internet is probably the greatest commerce vehicle ever invented, but it also has allowed me to make friends all over the country as you can see. So many people helped I couldn't possibly mention them all. Friends of my brother and sister also sent their support, which speaks very highly of my siblings and their friends. I would also like to thank the following people for their generousity and prayers for my recovery:
Jonathan Yudin Grant Freer Deborah McCreath-Akbar Joseph Ferrara Jay Thompson Wasabi Design, Inc. Jason Farris Dan Connolly Kristi Berg Sherry Baker MediaQuake, LLC James Duncan Mike Farmer Erich Caparas Margaret Woda Melissa Caulk Kevin Kling PA Larry Jensen Barber Virtual Assisting Solutions LLC Caleb Mardini Susan Withington Laurinda Frederick Lisa Martin Anna Hackman Drew Hartanov Dena Davis Lynda Eisenmann Paul Davis Courtney Miller Eileen Pettengill Erin Cristall Kellee Davis Steve St John Taeyoung Lee Tenchi Hamaki John Palmer Art Derailed Vlad Zablotskyy Glenn Timme Martin Barringer Ray Lancon Lesley Reppeteaux Maureen Francis Stephen Toms Martin Barringer Kristal Kraft Elton Blair Steven Haffner-Stearns Karen Hurst
This is of course, an imcomplete list. There are many, many more people that made a difference. Thank you all.
I had wanted to include a poll for everyone to cast their own vote, but I couldn't find one that I liked that worked with blogger. So instead I thought I'd list my own top five real estate industry blogs (one that I read). There are a LOT of real estate blogs out there to choose from. Some are super niche concentrated, others offer a wider view of the real estate market in general.
So here is my picks for the top five real estate industry blogs:
Bloodhound Blog - Owned and operated by Greg Swann, it started off with humble beginnings and has evolved into one of the most influential industry blogs out there. Greg has championed several causes on his blog and has thousands of fans across the US. If you haven't stopped by there yet, what are you waiting for?
Real Estate Industry Watch - A relatively new blog, REIW looks at issues not only affecting the market in the US, but all over the world. A great section is the "Franchise Watch" which lists what the big real estate franchises are up to.
Rain City Guide - Based in Seattle, RCG covers a wide range of industry topics. RCG set the standard for collaboration blogs in the industry.
Sellsius - Joe had a RV tour across the US that hit 24 cities in 2007. Very original and generated a lot of buzz and a loyal following.
Matrix - Jonathan Miller's blog focuses on the more economic issues of real estate, current trends, analysis and trends. A must read.
There are of course several more great blogs that I didn't list (after all I did say the top five). Thanks for stopping by.
With so much attention given to people losing their homes, often the animals they leave behind are overlooked. Today my wife and I drove over to the West side of Vegas to pickup a dog that had been left behind. His owners lost their home to foreclosure and weren't able to take the dog with them. Unlike most people, the owner did show back up and help us get him into our van.
The dog whose name is Oso (Bear in Spanish) is now resting comfortably at the the Green Valley vet's office until tomorrow when he will be neutered. After that he'll go to German Shepard rescue in Pahrump for some training and socialization. Then he'll go up for adoption. So if you are looking to help a dog that has had a hard luck story, visit http://germanshepherdrescuelasvegas.com/.
Chester Stiles whom I've dubbed Chester the Molester, was convicted earlier this year on several counts of child molestation. In a rare instance of true justice, Chester was sentenced to 21 LIFE sentences. That's right, he is NEVER going to harm another child again.
Mr. Stiles appeared before the court and gave a statement, whining that the tape wasn't properly inspected or some such garbage and that he was being treated unfairly because of the media attention. Perhaps he has a point. Perhaps no one gives a **** because he was without a doubt guilty as charged and had gotten away with it for years. I know he handed a life sentence to his victims. I'm sure parents here in the Las Vegas valley will rest a little easier knowing that a child predator is behind bars permanently.
Also a tip of the hat for a job well done to the city of Henderson police department for nabbing Stiles originally.
I'm sure Mr. Stiles will appeal and appeal. But in the mean time, his victims and their families can rest easy knowing justice was served.
Today the city held a "tourism" rally to promote (and reaffirm) our tourist trade. Tourism has been down the last year and has hurt the local economy, but if you're a visitor it has worked out well for you (room prices are unbelievably cheap at the moment). A friend of mine was in town for a few days checking out the real estate market here after visiting some relatives in nearby St. George.
Larry is a Denver Realtor so naturally we ended up talking about the First Time Home Buyer tax credit and how it would effect the market once it expired. He was of the opinion that the market would suffer once its was no longer available. His daughter Liz Hotz has had only first time buyers as clients this year (and has closed more deals than Dad as a result) and most of them were motivated by the credit to buy a home now.
With the economy the way it is, steady home sales and a reduction in foreclosures is a necessity to getting things back on track. The April foreclosure numbers were released today and sadly, once again Nevada is leading the nation.
So my question to everyone out there is this: Do you think home sales will decline significantly once the First Time Home Buyer tax credit expires?
One of the great things about this country is freedom of assembly...even the freedom to make an idiot out of yourself in public. But please leave your kids at home. As I was driving home from Green Valley I made the mistake of driving down Eastern past Sunset Park.
There is a small group of people protesting a bill, Senator Reid and President Obama. As I was stopped, waiting for them to get out of the street and let traffic move, I asked an older lady exactly what she was protesting. She really couldn't give me a straight answer strangely enough. She felt President Obama with the help of Senator Reid was leading us into socialism. The banks should all fail. So I asked her why wasn't she protesting when President Bush gave out the tarp funds without any oversight or restrictions. She didn't have a reply to that and walked off in a huff.
Another thing too and this one lends to credibility. If you're going to protest, at least have the intelligence to make sure your the statements on your signs are spelled correctly. Have some verifiable facts to back up your statements. Don't try to cloak hate mongering in legitimate protesting either.
This is a clip from the Daily Show with Jon Stewart. He is talking to Jim Cramer of Mad Money. Definitely worth watching as Jon pulls up examples of Jim Cramer giving advice on how to pull what he calls "shenanigans" that AIG, Bear-Stearns and others basically used to make money and get us into this financial mess.
Chester Stiles is in court today, facing the charges of child molestation leveled against him in late 2007. Stiles who I dubbed Chester the Molester is facing 22 counts of sexual assault of a minor and lewdness with a minor. Stiles videotaped himself having sex with a 2 year old girl that testified today. The courage this young girl has is amazing.
Thankfully, it looks like Chester will be spending more time in prison. Deptuy District Attorney Mary Kay Holthus produced letters from Stiles stating he is a pedophile. The letters were written to his ex-girlfriends and son.
During opening statements, Deputy District Attorney Mary Kay Holthus quoted extensively from letters Stiles had written to his son and ex-girlfriends where he freely admitted that he’s a pedophile. Those letters plus the video tape should guarantee that this predator is locked up.
Stiles was caught in a routine traffic stop in Henderson. Way to go HPD!
A friend of mine posted about a twit about this post on Craigslist. I'm sure the post won't be up for too long, but you just have to read it. It was titled: "To the woman who crapped her pants in my car". I wonder if she was the one on Flava of Love....
Here is an excerpt:
At some point in life, everyone has gambled on a fart and lost. It just happened to be on a first date in the passenger seat of my car
Double click the link to read it (link opens up a screenshot I took).
It seems that America is a giant yard sale for foreign investment. The flood started with our good neighbors to the north, buying up vacation and second homes in depressed markets like Scottsdale and Las Vegas. European also jumped on the bandwagon with similar purchases. Dubai had already started years ago, purchasing an interest in the massive MGM CityCenter project (which recently scaled back of its condos in the Harmon building) and the list continues. Of course, these investors are bringing some much needed capital to our economy so we shouldn't be too upset, should we?
I think we should be a little wary. After all, there is no such thing as a free ride. Then again, America businesses track record of late leaves a lot to be desired.
Another group of casinos may be bought up by overseas investors. This time its the Cannery Casino Resorts. The Cannery has two locations, a brand new casino resort on Boulder Highway on the site of the former Nevada Palace and another on Craig Road. Last week the state Gaming Control Board okayed the $1.8 billion acquisition of Cannery Casino Resorts by Crown Ltd, based in Melbourne, Australia. Of course, the deal still has to be approved by the state Gaming Commission but usually its just a formality.
It's early January and that means that the giant Consumer Electronics Shows is back in town. Years ago I used to faithfully attend CES and the now defunct COMDEX. CES usually brings over 100,000 visitors to the Las Vegas valley. CES runs from Thurday through the weekend and will showcase the latest electronic gadgets and doodads.
Thankfully a massive influx of visitors is a welcome jolt to the local economy, especially the strip section. Tourism is down again last year and unemployment is at a historic high. On the plus side however, Encore opened and provided several thousand jobs, according to the latest study, the Las Vegas homes market is as much as 14% undervalued and interest rates have never been lower in recent history. Financial guru are advocating investing in real estate again, especially in our market. As the housing market recovers, we'll see improvement in other areas as well.
Another year has come to an end. 2008 was pretty rough for businesses and consumers alike. Massive foreclosures, unprecedented fraud, huge bailouts and one crisis after another and yet we survived. Las Vegas has been pretty hard hit since tourism and construction are the main engines of our economy. The news isn't all bad though. The massive foreclosure glut has driven down home prices, making them affordable again for the average homebuyer. Steve Wynn decided to not stop development of the Encore resort and it opened on time and has done well. The following list of posts are based on traffic over the past year in no particular order. Thanks for visiting my blog and I hope you have a terrific new year.
The Monte Carlo Fire The start of the new year news cycle started with this fire.
Barack Obama Town Meeting This meeting was a harbringer of the effect Obama would have on Nevada voters. The venue was woefully undersized and staffed for the massive crowds that turned out.
Spaceship House for Sale A short video about a spaceship home for sale as well as examples of other spaceship homes around the United States. Check out the Futuro, home of the future circa the 1960's.
OJ Verdict America's fascination/disgust with Orenthal has died down a bit since his first criminal trial, but plenty of people were interested in the final verdict.
Spammed by a former "Apprentice" The repeated spamming by a former apprentice of the "Don". I doubt he advocated that technique. No wonder she was fired.
Health Crisis The legal battle with this clinic is still ongoing. My father actually went there, thankfully he didn't contract Hep C.
Renters Protect Yourself Earlier this year many renters were finding themselves thrown out due to foreclosure. Thankfully, many banks are realizing having a tenant in a property isn't a bad thing.
How I spent my Summer This past summer I was diagnosed with a rare, progressive syndrome that led to full paralysis. Thankfully it was treatable and I am fully recovered.
Rental Scam on Craigslist These scams are still going on, despite plenty of coverage warning people.
Today, OJ Simpson was back in court, this time for his sentencing hearing. OJ was convicted of several felony courts earlier this year. Judge Jackie Glass sentenced Mr. Simpson to 15 years in prison, with the possibility of parole in nine years. That means OJ will be in jail until he is at least 70 years old before he could even have the possibility of being released on parole.
Why is it when celebrities come to Las Vegas, they inevitably end up in trouble with Metro? The big news of course has been the conviction of O J Simpson by a Nevada jury on 12 felony counts.
But he isn't the only celebrity (well, former in his case) that was wanted by Metro. Apparently rapper/actor Dante Smith aka "Mos Def" has an arrest warrant issued for malicious destruction of property and felony robbery. It all started in earlier this year in August, he threw a man's camera on the ground and then took it. Allegedly Mos Def mistook the camera's owner as a paparazzi. It turned ouf that the owner of the camera, Volker Corell, was a staff photographer for the Men's Apparel and Garment Industy Convention that was in town during that time.
If you wondering why its taken several months for charges to appear for such a serious issue, that's where it gets a little lame. According to Cornell, he cites an injury to his hand and private property...okay. Some how I thihk they will some kind of "settlement" coming around for the replacement of the camera.
Coincidentally, Mos Def has a new movie called Cadillac Records where he plays Chuck Berry on December 5th. There is no such thing as bad publicity...
For the last several months, more and more Canadians are buying up Las Vegas property. With housing prices dropping to new lows and the strong Canadian dollar, it makes perfect sense. While this is good news for agents in Las Vegas, its bad news for Canadian agents. I was reading a post about real estate in Parry Sound, Ontario Canada that states the Canadian resort property market is slowing down and part of the reason is property sales in US. You can read the post here.
The big question is whether the recent financial meltdown and subsequent bailout will continue to draw in foreign investors or will it scare them off. Several overseas property markets are feeling similar pinches as are their major banking institutions. At the beginning of the year, CTV was talking about the US recession (what recession?!) and whether it would affect the Canadian housing market. They theorized that a slowdown here could actually boost the Canadian housing market. Apparently they were right and wrong.
Canadians are still coming to buy Las Vegas vacation homes and condos. With the fed lowering interest rates again, I don't think they'll stop buying any time soon.
OJ's luck has finally run out. Yesterday the jury came back with a verdict of guilty on 12 felony counts. OJ is in custody awaiting sentencing on December 5th of this year. Simpson is facing life in prison for kidnapping, armed robbery and 10 other charges stemming from the incident at Palace Station back in September of 2007.
The Las Vegas trial was televised but lacked the media circus of the Nicole Simpson murder trial for the murder of his ex-wife Nicole Brown Simpson and her friend Ron Goldman in Los Angeles. I'm sure we can expect an appeal.
There was a time not that long ago, if you were a renter the biggest worry you had aside from paying your rent on time was to make sure you also had renter's insurance. Sadly, those times are over. Now you have to worry about if the place you have rented actually is for rent and not some kind of rental scam. Not to mention given the current state of the Las Vegas housing market, the home you are renting might be going into foreclosure.
However, there is something you can do about that. The Clark County Assessor's office has public records accessible online. You can look up your current address to see if it is in foreclosure here. Copy the parcel number and then go to the recorder's page do an advanced search. Enter the parcel number and click detail data. You are looking for a BREACH or NOTICE OF DEFAULT in the document type field. If the property is going into foreclosure, it will usually be within 120 days of the date posted. If it lists Notice of Sale or Notice of Trustee Sale, than foreclosure is imminent, usually within the next 30 to 60 days. If the property has already been foreclosed on, there will be a TRUSTEE DEED recorded, which means the bank has taken ownership of the property.
If you have determined that the property you are paying rent on is in foreclosure, I would recommend consulting an attorney before doing anything else. Don't confront your landlord without seeking legal advice and verifying the status of the property.
The media has actually been reporting some good news about the real estate market, at least in Las Vegas. The Las Vegas real estate market has been quietly making a comeback over the last six months. Even though homes are still sliding into foreclosure, home sales are up and gainning ground. Here is a short video report by Jane Wells on the Las Vegas homes market.
If you have been watching TV at all, odds are you have probably watched at least a small portion of the new OJ trial. Like all sequels, it is showing elements of the first show. Thankfully this trial hasn't turned into a huge circus like the first one. However, like the first trial, the defendant's attorney is focusing on some of the police's comments. Will this influence the jury as it did in the first trial? Maybe.
I wonder if we'll see the same reactions in Las Vegas as they had in California. Of course, this being Las Vegas, there is betting going on about the outcome of the trial. Anyone know the odds on a conviction?
This Wednesday Barack Obama will be appearing at Cashmanfield. It will be a town hall type meeting, where voters can discuss issues with the Democratic nominee for president. Admission is free to the public, but campaign organizers recommend that you rsvp here.
For security reasons, bags, signs and banners are not permitted. Please limit your personal items.
To say this coming election is probably the most exciting one in recent history is an understatement. Cashman field seats about 9,000 people so you might want to come early.
These types of scams are hardly new. Scammers will 'rent' vacant homes to unsuspecting victims. Earlier this year, an alert was sent out to local Realtors to beware of rental scams.
Metro has arrested two individuals who allegedly rented a vacant home to an unsuspecting woman. One of the scammers claimed to be a real estate broker. The scam came to light when an absentee owner from California found his Las Vegas home occupied by a woman and her two kids. The woman had answered an ad placed on Craig's list several months ago. She met a woman named Melinda Hertz, signed a rental contract and paid the rent in cash.
The police set up a sting operation to catch the criminals. On Monday, the woman arranged to meet at a restaurant to pay rent. Afterwards, police investigators swooped in and arrested 26 year old Melissa Cowan and Emilio Gonzales, 53. Both individuals are facing criminal charges of conspiracy, burglary and obtaining money under false pretenses.
Attention oenophiles, there is a wine tasting event to benefit Opportunity Village, this Saturday, August 23 at the World Market center. The event starts at 3 pm and runs until 7 pm at World View on floor 16. Tickets are $50 in advance or $75 at the door.
There will be hundreds of wines to sample, great food, entertainment and a silent auction. Tickets can be purchased in advance at Opportunity Village at 6300 W. Oakey Blvd and at all Lee’s Discount Liquor locations.
Last month I came down with a nasty head cold that had been going around the valley. After about a week, I started feeling a lot better and thought I was over it. I woke up one morning feeling like a slept wrong or pinched a nerve in my back. My legs felt like I had worked out too hard and my finger tips were a little numb---like pins and needles. By the next day it got progressively worse. I had trouble walking, standing for any length of time and my dexterity in my hands decreased. My wife called her doctor for an appointment the next day. By the evening we decided that I needed to go to the hospital. I went to UMC and by midnight couldn't stand or move my legs more than a few inches.
My symptoms matched some very unpleasant and fatal diseases and for the first 2 days my diagnosis wasn't set in stone. After a spinal tap, two MRIs, two cat scans and several x-rays, they were able to rule out a lesion, tumor, ALS (known as Lou Gehrig's disease) or MS. I had Guillain-Barre Syndrome, something I had never heard of until I had it. Initially the doctors told me I would probably be hospitalized for at least two weeks and would need several months to recover. The treatment is a five day course of medicine given through an IV. The paralysis finally stopped when it reached my left lung (thankfully I didn't need to be put on a ventilator) on day 4. I was finally able to stand again four days after that and was released on day 10. Currently I'm in out patient rehab for the next several weeks.
To make matters worse, like most Americans I don't have health insurance. My good friends in Arizona set up a fund to help pay my medical bills. (You can get the widget there as well)
Donate to the Charles Richey Fund
Friend, husband and fellow real estate blogger was unexpectedly hospitalized read more
Gary Schmitz of the US real estate directory fame has generously donated all proceeds of his new start up directory Affordable real estate solution for new signups for the month of July. There are so many people to thank that I will be revisiting this topic over the next several months. Thank you all for your support.
