GayRealEstate USA

Las Vegas Record Home Sales

Residential Real Estate

According to the Greater Las Vegas Association of Realtors, sales of single-family homes, condos, and townhouses in the Las Vegas area have set a new record in June, with 4,702 residences being sold.

The announcement was made after a home-buyer survey revealed that over 50% of eligible home-buyers, nationwide, were not willing to buy a home at present.

Single-family homes, sold, in Las Vegas during June of 2009 totaled 3,785, an increase of over 60% when compared to June of 2008. And the home inventory in the area decreased by over 11% to 20,613.

Local realtor, Sue Naumann told Journalist, Hubble Smith, of the Las Vegas Review-Journal  that the news was monumental.

"I think it's significant that we sold a record number of homes last month," Naumann said. "We've been closing in on this mark for months now."

Median home prices in the Las Vegas area for single-family homes hover around the $140,000 mark, with existing home medians remaining stable at $242,000. And condo medians rose by 1.5% when compared to May averages.

Sources: Smith, Hubble (2009) LV Area Residential Real Estate Sales Reach Record in June; available online at http://www.lvrj.com/50348097.html

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Residential Real Estate

According to the Greater Las Vegas Association of Realtors, sales of single-family homes, condos, and townhouses in the Las Vegas area have set a new record in June, with 4,702 residences being sold.

The announcement was made after a home-buyer survey revealed that over 50% of eligible home-buyers, nationwide, were not willing to buy a home at present.

Single-family homes, sold, in Las Vegas during June of 2009 totaled 3,785, an increase of over 60% when compared to June of 2008. And the home inventory in the area decreased by over 11% to 20,613.

Local realtor, Sue Naumann told Journalist, Hubble Smith, of the Las Vegas Review-Journal  that the news was monumental.

"I think it's significant that we sold a record number of homes last month," Naumann said. "We've been closing in on this mark for months now."

Median home prices in the Las Vegas area for single-family homes hover around the $140,000 mark, with existing home medians remaining stable at $242,000. And condo medians rose by 1.5% when compared to May averages.

Sources: Smith, Hubble (2009) LV Area Residential Real Estate Sales Reach Record in June; available online at http://www.lvrj.com/50348097.html

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Residential Real Estate

According to the Greater Las Vegas Association of Realtors, sales of single-family homes, condos, and townhouses in the Las Vegas area have set a new record in June, with 4,702 residences being sold.

The announcement was made after a home-buyer survey revealed that over 50% of eligible home-buyers, nationwide, were not willing to buy a home at present.

Single-family homes, sold, in Las Vegas during June of 2009 totaled 3,785, an increase of over 60% when compared to June of 2008. And the home inventory in the area decreased by over 11% to 20,613.

Local realtor, Sue Naumann told Journalist, Hubble Smith, of the Las Vegas Review-Journal  that the news was monumental.

"I think it's significant that we sold a record number of homes last month," Naumann said. "We've been closing in on this mark for months now."

Median home prices in the Las Vegas area for single-family homes hover around the $140,000 mark, with existing home medians remaining stable at $242,000. And condo medians rose by 1.5% when compared to May averages.

Sources: Smith, Hubble (2009) LV Area Residential Real Estate Sales Reach Record in June; available online at http://www.lvrj.com/50348097.html

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Residential Real Estate

According to the Greater Las Vegas Association of Realtors, sales of single-family homes, condos, and townhouses in the Las Vegas area have set a new record in June, with 4,702 residences being sold.

The announcement was made after a home-buyer survey revealed that over 50% of eligible home-buyers, nationwide, were not willing to buy a home at present.

Single-family homes, sold, in Las Vegas during June of 2009 totaled 3,785, an increase of over 60% when compared to June of 2008. And the home inventory in the area decreased by over 11% to 20,613.

Local realtor, Sue Naumann told Journalist, Hubble Smith, of the Las Vegas Review-Journal  that the news was monumental.

"I think it's significant that we sold a record number of homes last month," Naumann said. "We've been closing in on this mark for months now."

Median home prices in the Las Vegas area for single-family homes hover around the $140,000 mark, with existing home medians remaining stable at $242,000. And condo medians rose by 1.5% when compared to May averages.

Sources: Smith, Hubble (2009) LV Area Residential Real Estate Sales Reach Record in June; available online at http://www.lvrj.com/50348097.html

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Residential Real Estate

According to the Greater Las Vegas Association of Realtors, sales of single-family homes, condos, and townhouses in the Las Vegas area have set a new record in June, with 4,702 residences being sold.

The announcement was made after a home-buyer survey revealed that over 50% of eligible home-buyers, nationwide, were not willing to buy a home at present.

Single-family homes, sold, in Las Vegas during June of 2009 totaled 3,785, an increase of over 60% when compared to June of 2008. And the home inventory in the area decreased by over 11% to 20,613.

Local realtor, Sue Naumann told Journalist, Hubble Smith, of the Las Vegas Review-Journal  that the news was monumental.

"I think it's significant that we sold a record number of homes last month," Naumann said. "We've been closing in on this mark for months now."

Median home prices in the Las Vegas area for single-family homes hover around the $140,000 mark, with existing home medians remaining stable at $242,000. And condo medians rose by 1.5% when compared to May averages.

Sources: Smith, Hubble (2009) LV Area Residential Real Estate Sales Reach Record in June; available online at http://www.lvrj.com/50348097.html

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New Housing Trends

By Jeff Adolf

Residential Housing Trends

A new trend in housing is emerging in Nevada, says the Encino, a real estate investment services business based in California.

According to the Encino, a steady flow of new residents into the area and residents who are experiencing financial difficulties are contributing to the increased activity of self-storage.

"People moving between cities often store their belongings in self-storage," said Alan Schlottmann, executive director of the Theodore Roosevelt Institute.

Schlottmann also feels that many people are electing to downsize their existing residence. "Also, the new trend in housing is smaller with less clutter," he said.

Often when searching for a new home many people will reduce their existing clutter, by packing up and storing their belongings.The increase in storage use is therefore attributed to individuals taking longer to find a suitable home and then obtaining the finance for it.

Storage rental evidentially increased by 6.1% last year, reports Marcus & Millichap, a market research company.

Source:Illia, Tony (2008) Housing Downturn Brings Self-storage Boom; available online at http://www.lvbusinesspress.com

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Rentals Increase

By Jeff Adolph

Home Price Rises

The current real estate market in places like Southern California, Florida, and Las Vegas is representing a favorable opportunity for those that are renting.

With so many homes on the market and many of these being vacant, and not selling as quickly as anticipated many home owners are electing to rent to cover their mortgage. and, this is presenting a win-win situation for those who are renting.

Firstly, with so many rentals on offer existing landlords are finding it difficult to raise rents. Secondly, rental prices are becoming more competitive with renters getting excellent deals and value leases. Thirdly, renters are also getting incentives in their leases so that they are encouraged to rent certain apartments over others.

Hessann Nadji, director of a real estate investment service in new York said, "What's different now is the degree of excess homes and condos being put on the rental market. The sheer volume is creating more competition for traditional rental markets. According to research data approximately 3.3 million homes and condos have come up for rent, and estimated increase of 6.1%, and this is attributed to a rise in condo developments, which developers are now finding hard to sell. For example - the number of homes for rent in Fort Lauderdale, Florida has risen by more than 11% to 10,000 units.

Ron Suffield, president of a Miami real estate firm said, "Our rental activity is about three times what it was three years ago. Today, for the first time ever for the firm, we're renting more properties than we are selling."

Main Story Source: CNN.com (2008) Renters Profit from Owner's Pain; available online at www.cnn.com

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By Jeff Adolph

Home Price Rises

The current real estate market in places like Southern California, Florida, and Las Vegas is representing a favorable opportunity for those that are renting.

With so many homes on the market and many of these being vacant, and not selling as quickly as anticipated many home owners are electing to rent to cover their mortgage. and, this is presenting a win-win situation for those who are renting.

Firstly, with so many rentals on offer existing landlords are finding it difficult to raise rents. Secondly, rental prices are becoming more competitive with renters getting excellent deals and value leases. Thirdly, renters are also getting incentives in their leases so that they are encouraged to rent certain apartments over others.

Hessann Nadji, director of a real estate investment service in new York said, "What's different now is the degree of excess homes and condos being put on the rental market. The sheer volume is creating more competition for traditional rental markets. According to research data approximately 3.3 million homes and condos have come up for rent, and estimated increase of 6.1%, and this is attributed to a rise in condo developments, which developers are now finding hard to sell. For example - the number of homes for rent in Fort Lauderdale, Florida has risen by more than 11% to 10,000 units.

Ron Suffield, president of a Miami real estate firm said, "Our rental activity is about three times what it was three years ago. Today, for the first time ever for the firm, we're renting more properties than we are selling."

Main Story Source: CNN.com (2008) Renters Profit from Owner's Pain; available online at www.cnn.com

Picture Source: Microsoft Clipart Online

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Around the Nation -- Residential Real Estate Update - Nevada

By Jeff Adolph

State-by-state

Situated in the Western region of America, Nevada's population is approximately 2,495,529, and while its capital is Carson City, the largest city in the state is Las Vegas.

This states economy relies heavily on agriculture with outputs including cattle, hay, onions, potatoes and dairy products. Tourism, mining, publishing and the manufacturing of food processing and electrical equipment are also major economic producers.

There is no income tax deducted from wages in this state, however sales tax hovers around the 6.5% mark. Property tax is assessed at a local level by a county assessor and these rates are governed by the legislation in each jurisdiction.

Reno

There are currently more buyers than sellers in this region with homes typically sitting on the market for more than 120 days. The market trend in this area is decreasing and there is a good supply of homes within all price ranges.

The median price for homes in Reno hovers around the $300,000 range and buyers are getting 90-95% of their asking price. The reason for buying and selling is attributed to the good economic news and the situation that this region is currently in, with first time buyers representing the area of greatest activity. At present Cold Springs, Stead, and Double Diamond represent the hottest housing spots with the most market activity.

Las Vegas

The median price for homes in Las Vegas hovers around the $300,000 mark with there currently being more sellers than buyers in this region. The prices for this area are down by 15-20% compared to this time last year and buyers are getting 95-100% of their asking price, with homes sitting on the market for 60-90 days.

LGBT Real Estate Facts: There are approximately 4,973 same-sex couples residing in Nevada making this region the 31st gayest state in America. The gayest zip codes in this locality are 89121 East Las Vegas; 89014 Henderson; 89108 Bonanza - Las Vegas; 89502 Reno. -- gaydemographics.com

Main Story Source: House Hunt (2008) Real Estate Market Trends; available online at http://www.househunt.com

Picture Source: wikipedia.org

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Memories of a Realtor

By Jeff Adolph

Special Interest

Lee Cuningham, a long-since retired Realtor recalls a portion of her life as a real estate agent, as she sits outside her Crystal Bay Cove condominium surrounded by the beautiful cats that she now breeds.

'I bought a little apartment building and 25 years later sold it for several times what we paid for it', said Cunningham.

Reflecting on the value of this property now, Cunningham's advice is simple, 'don't sell'.

Cunningham has also sold six of the eight homes she built on Harold Drive and Wendy Way in Incline Village. She remembers being extremely fortunate with finance in a very poor economy.

'I did get financing because the bank who backed the contractors had to collect from them before auditors arrived. So they gave me the mortgages so I could pay the contractors. That's the only reason we all came out OK.'

Cunningham sold properties in Incline Village for many years and sold condominiums in Crystal Bay Cove (pictured left), where she purchased one of her own in the early 70s.

'I only sold one of these for $100,000', she notes, 'now they are worth about $2 million each.'

Cunningham also recalls turning down an offer to invest in Championship Golf Course, with an allotment costing only $20,000 at the time.

'Hindsight is 20/20', she said.

Cunningham's advice after a long life as a successful Realtor is simply, 'don't sell'.

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Have Your Say On the LGBT Political Front - August 19th 2007

By Jeff Adolph

LGBT Politics

In a national first, the Democrats are challenging the Republicans by staging a debate that is dedicated to the LGBT community and will answer many of the issues facing Lesbians, Gays, Bi-sexual's and the Transgendered across the nation.

The leading candidates for the Democratic  nomination for presidency will actively involve themselves in this debate on August the 9th, which is being telecast by LOGO, a gay cable network. Alternatively, you may view proceedings on http://www.logoonline.com/ if you are unable to access the network.

Participants in the debate will include Hilary Clinton, Barack Obama and John Edwards (pictured above), with the moderators being singer Melissa Etheridge and Joe Solmonese, Human Rights Campaign's president.

If you would like to actively participate by lodging questions for the candidates to answer you may do so by logging on to LOGOonline.com as well as on HRC.org.

Source: Demorcrats to Hold Gay Debate (2007) available online at www.wweek.com

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The Nations Highest Foreclosure States are Colorado and Nevada!

By Jeff Adolph

Smart Investment

A word that some homeowners dread, 'foreclosure', and yet for others it spells out opportunity, especially in this declining market. Hudson and Marshall real estate auctioneers of national foreclosure will put over 100 homes under the hammer in the 'foreclosure battered states' of Nevada and Colorado.

The homes who now belong to asset management companies and lending institutions nationwide range in price from $25,000 to $430,000 and the sellers are offering clean titles on the properties without any back taxes or liens.

Dave Webb, principal of Hudson and Marshall stated of the sales that, 'the auction method is a win-win for lenders and asset management companies who are able to swiftly move large volumes of foreclosed properties and avoid carrying high costs on those assets.'

Colorado earned the No.1 spot for the highest rate of foreclosure in the third quarter of 2006 with 2.9 times the national average, being 1 foreclosure for every 127 households. Nevada followed closely behind with 1 in every 156 households foreclosing, this equated to 2.3 times the national average.

The reasoning behind the staggering increase is higher interest rates forcing repayments above the means of many.

Hudson and Marshall have evidentially foreclosed over 40,000 homes since 1999 and predicts many more in the near future. Their auctions have no negotiations or contingencies, as other real estate may, basically the highest bidder becomes the proud owner of the property.

If you're considering investing in any of these states you may also like to visit the Hudson and Marshall website at http://www.hudsonandmarshall.com/ where you can view property auctions prior and can even buy online through their 'Bid Now' program making your purchase simple and effective.

However, if you're a couple or single investor/owner who is battling with the interest rate rises you may want to consider re-financing your mortgage to help ease the burden or possibly renting out a room or two within your home to raise the additional capital.

There are ways and means around everything if you're creative and consider all possibilities before the inevitable happens. It is usually the wise who become wealthy not necessarily those with money to burn.

Sources: Hudson and Marshall (2006) Nation's Largest Foreclosed Real Estate Auction Company Auctions Over 100 Homes in Colorado and Nevada, Country's Top Foreclosure States: available online at http://www.earthtimes.org/articles/show/news_press_release,15261.shtml

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© 2006 Jeff Adolph GayRealEstate USA

By Jeff Adolph

Smart Investment

A word that some homeowners dread, 'foreclosure', and yet for others it spells out opportunity, especially in this declining market. Hudson and Marshall real estate auctioneers of national foreclosure will put over 100 homes under the hammer in the 'foreclosure battered states' of Nevada and Colorado.

The homes who now belong to asset management companies and lending institutions nationwide range in price from $25,000 to $430,000 and the sellers are offering clean titles on the properties without any back taxes or liens.

Dave Webb, principal of Hudson and Marshall stated of the sales that, 'the auction method is a win-win for lenders and asset management companies who are able to swiftly move large volumes of foreclosed properties and avoid carrying high costs on those assets.'

Colorado earned the No.1 spot for the highest rate of foreclosure in the third quarter of 2006 with 2.9 times the national average, being 1 foreclosure for every 127 households. Nevada followed closely behind with 1 in every 156 households foreclosing, this equated to 2.3 times the national average.

The reasoning behind the staggering increase is higher interest rates forcing repayments above the means of many.

Hudson and Marshall have evidentially foreclosed over 40,000 homes since 1999 and predicts many more in the near future. Their auctions have no negotiations or contingencies, as other real estate may, basically the highest bidder becomes the proud owner of the property.

If you're considering investing in any of these states you may also like to visit the Hudson and Marshall website at http://www.hudsonandmarshall.com/ where you can view property auctions prior and can even buy online through their 'Bid Now' program making your purchase simple and effective.

However, if you're a couple or single investor/owner who is battling with the interest rate rises you may want to consider re-financing your mortgage to help ease the burden or possibly renting out a room or two within your home to raise the additional capital.

There are ways and means around everything if you're creative and consider all possibilities before the inevitable happens. It is usually the wise who become wealthy not necessarily those with money to burn.

Sources: Hudson and Marshall (2006) Nation's Largest Foreclosed Real Estate Auction Company Auctions Over 100 Homes in Colorado and Nevada, Country's Top Foreclosure States: available online at http://www.earthtimes.org/articles/show/news_press_release,15261.shtml

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*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

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Sources: Hudson and Marshall (2006) Nation's Largest Foreclosed Real Estate Auction Company Auctions Over 100 Homes in Colorado and Nevada, Country's Top Foreclosure States: available online at http://www.earthtimes.org/articles/show/news_press_release,15261.shtml

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

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© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

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© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

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© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

-----------------------------------------------------------------

© 2006 Jeff Adolph GayRealEstate USA

---------------------------------------------------------

*Real Questions Real Answers*

Have you experienced foreclosure, as either a buyer or seller?

Click on Comments below and share your view…

And, remember leaving your personal details is voluntary, these are not a requirement of posting comments!

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© 2006 Jeff Adolph GayRealEstate USA