.:Lakes Estates Custom near the Lake!:.

26×16 loft and 32×21 game room is just the beginning of the great space this home has to offer. Gourmet VIKING stainless steel kitchen with granite and maple glass inlay cabinets, plantation shutters, oak spiral staircase, architectural columns, glass block, french doors, 4 fireplaces, custom paint and drapes, ceiling fans, tile and berber throughout, sauna, covered patio, pool and spa, gazebo with B-In BBQ, basketball court, RV Access, professional landscape on an 18,000+ Sq. Ft. lot just a short walk from the lake!

.:June~Las Vegas Economic Report:.

Tourism
The Las Vegas Convention and Visitors Authority reported a visitor count of nearly 3.3 million in April, putting the 2008 total at more than 12.9 million.  Convention attendance increased 3.9% over April of 2007, giving the economic impact of conventions a 2.3% boost over last year.

Business and Employment
Nevada’s seasonally adjusted unemployment rate was 5.7% in April, a slight decline from 5.8% in March.  The Nevada Department of Employment, Training and Rehabilitation reported an unadjusted unemployment rate of 5.5% in Las Vegas, down from 5.6% the prior month.  The total labor force in Las Vegas is up 4.6% from last year, and total employment is up 3.4%.

A report from a state Minerals Division noted that mines in Nevada produced a record $5.4 billion worth of gold, silver and other minerals in 2007, up from $4.9 billion in 2006.  A total of 6 million ounces of gold, 8.4 million ounces of silver and 142.8 million pounds of copper were produced in Nevada in 2007.

Air Traffic
Per the Clark County Department of Aviation, McCarran International Airport processed nearly 3.8 million passengers in April.  So far in 2008, the airport has welcomed more than 15 million passengers.

J.D. Power and Associates’ North American Airport Satisfaction Study ranked McCarran International Airport second among large airports in overall customer satisfaction, tied with Orlando International Airport and second only to Philadelphia International Airport.  McCarran had the highest scores among big airports for check-in and baggage-check processes as well as airport accessibility.  McCarran took the number one spot in 2006 and ranked number five last year.

Housing and Real Estate
The most recent statistics from SalesTraq show that there were 938 new home closings in April with a median price of $291,080.  There were also 218 new mid/hi-rise condo closings, the highest monthly total so far this year.  Resales totaled 2,255 (up 1.2% over 2007) with $228,000 as the median price.  This represented the first year-over-year increase in the number of resales since September 2005.  The number of listings on the MLS dropped to 21,338, the lowest level since February of 2007.

Gaming
According to the Nevada Gaming Control Board, the state’s gaming win for April totaled just over $1 billion.  Gaming revenue for Clark County reached $850 million for the month, with $524 million won on the Strip.

Retail
Per the Nevada Department of Taxation, the state had taxable sales totaling $4.305 billion in March.  Sales in Clark County reached nearly $3.23 billion.  The county experienced increases in specialty trade contractors, rental and leasing services, administrative and support services, and accommodation.  Increases were also seen in several retail store categories, including health and personal care, clothing and clothing accessories, and general merchandise.

According to Restrepo Consulting Group LLC and Colliers International, retail developers in Las Vegas added 1.3 million square feet of retail space in the first quarter of 2008.  Approximately one million additional square feet are currently under construction and 1.9 million square feet are in the planning stages.

Population and Market Growth
Just over 4,600 new movers came to Clark County in May, per the Nevada Department of Motor Vehicles.  The year-to-date new mover count is now more than 27,000.

A recent migration study by United Van Lines ranked Nevada number two for inbound traffic in 2007.  The company said 59.4% of its Nevada-related trips were for clients moving to the state.  Nevada was second only to North Carolina, which had 61.6% inbound traffic.  U-Haul ranked Las Vegas among the top fifteen destination cities in 2007 for people moving more than fifty miles.  Las Vegas ranked number thirteen, while Atlanta was at the top of the list.

.:Market Condition Update: Las Vegas, NV:.

In an article by RealtyTimes.com earlier this week, they are exposing what agents, buyers/sellers and investors who work the Vegas market already know…

Our market has picked up!!! Finally, the good news is being reported… How many different ways can the media continue to spin the same story? The economy is a reality, so are gas prices, loss of jobs, foreclosures and everything else that comes along with it. Believe it or not though, there is light at the end of the tunnel, and what is happening in Las Vegas bow, although on a small scale, is a VERY good sign of things to come.

Here’s the article:

Las Vegas is now the fastest selling community in the United States, Hughes says, and it’s no wonder why this is, with all the great deals in short sales and foreclosures.

The inventory of homes has also dropped from a 13-month supply to 9 months in the last 60 days, he says.

And Las Vegas has posted a remarkable 68 percent increase in re-sale closings from December to April with a median price stabilized at $230K.

Hughes also reports that the latest insight from National City — an Ohio based lender — and research firm Global Insight now say Las Vegas is undervalued, something that hasn’t been seen here for quite awhile.

There’s another positive sign for the future of this market: Pre-foreclosure filings have dipped 28 percent in one month in April this year.

That signals that now is the time to buy as Las Vegas continues to shine.

A market like this creates a lot of urgency, we have so many unbelievable opportunities right now that homes are receiving multiple offers in very high numbers. In most cases the properties are selling for more than list.

Now i know what you’re thinking… oh no, not again!!! No worries, what we went through before with the frenzy of buyers and short inventory while prices sky rocketed only to watch them plunge 24 months later will not happen again.

The reason we are seeing this recent surge is due to the value of properties versus the price point they are being listed at. You can literally buy a home in Las Vegas in 2008 for 2003-2004 prices. That is an enormous advantage. I can’t remember the last time I sold an approximately 3000 Sq. Ft. home in Las Vegas in a very desirable neighborhood (Southern Highlands) less than 2 years old for $270,000 until I closed one last month…

The deals are here, but don’t expect to negotiate much. If you want to buy in this market, you have to understand coming into it that the prices are already as good as they are going to get.

.:May~Las Vegas Economic Report:.

Tourism
According to the Las Vegas Convention and Visitors Authority, more than 3.4 million visitors came to town in March, putting the year-to-date count at nearly 9.7 million.  This represents a 0.4% increase over the first quarter of 2007.  Total room nights occupied by tourists increased 8.7% for the month, and average daily auto traffic was also up.
Restaurants & Institutions magazine named Tao Las Vegas Restaurant and Nightclub at the Venetian the top moneymaking restaurant in the U.S. for the second straight year with revenue of nearly $67 million in 2007.  SW Steakhouse at Wynn Las Vegas also ranked in the top ten with $20.5 million in revenue.  Las Vegas had 24 restaurants in the top 100, second only to New York with 32.

Business and Employment
The state’s seasonally adjusted unemployment rate was 5.8% in March, per the Nevada Department of Employment, Training and Rehabilitation.  The Las Vegas area had an unadjusted unemployment rate of 5.6% for the month.  Total Las Vegas employment is up 3% over last year to 932,400, and the total labor force is up 4.4% to 987,800.
The Solar Energy Industry Association ranked Nevada second only to California in solar power development in 2007.  Two new projects, the 64-megawatt Nevada Solar One system in Boulder City and the 14-megawatt solar panel system at Nellis Air Force Base, added 78.6 megawatts of capacity for the state.  A total of 245 megawatts of solar power were added nationally last year.

Air Traffic
The Clark County Department of Aviation reported a passenger count of 4.1 million at McCarran International Airport in March, bringing the year-to-date total to nearly 11.3 million.

Housing and Real Estate
According to SalesTraq, there were 1,076 new home closings in March at a median price of $276,292.  New mid/hi-rise condo closings totaled 178 for the month, more than double last year’s count.  There were also 980 resale closings at a median price of $247,000.  Resale homes on the MLS are at their lowest level in thirteen months, with 22,181 available listings.
A quarterly report from RealFacts indicated that apartment rents in the Las Vegas market have increased 1.9% from last year, with the average rent now at $886.  The average rent in Reno also increased nearly 1%, with the average rent at $862.  Rents increased in all nineteen major Western markets surveyed by the research firm.

Gaming
Per the Nevada Gaming Control Board, statewide gaming win totaled $1.039 billion in March.  Clark County gaming revenues reached $871.9 million for the month.  Downtown revenues were up 2.5% and Boulder Strip revenues were up 11.4%.

Retail
The Nevada Department of Taxation reported $3.62 billion in taxable sales for the state in February.  Clark County sales totaled nearly $2.76 billion for the month, with increases in construction of buildings, specialty trade contractors, telecommunications, rental and leasing services, and administrative and support services.

Population and Market Growth
More than 6,000 people moved to Clark County in April, according to the Nevada Department of Motor Vehicles.  So far this year, more than 22,400 out-of-state licenses have been surrendered at the DMV.

.:Safe Harbor for Exchanges of Vacation Homes and Conversions to or from Personal Residences:.

This revenue procedure, which will be effective for exchanges occurring on or after March 10, 2008, establishes a safe harbor regarding when a vacation home can be considered investment property and traded in a §1031 exchange.  The ruling states that a vacation home qualifies for a §1031 exchange if the investor owns the home for at least 24 months, rents it for at least 14 days for each 12-month period, and uses it no more than the greater of 14 days per year or 10 percent of the number of days during the year that the home is rented.   These requirements apply to both the relinquished and replacement properties.

For purposes of this revenue procedure, a vacation home, also called a “dwelling unit” in the Revenue Procedure, is real property improved with a house, apartment, condominium, or similar improvement that provides basic living accommodations including sleeping space, bathroom and cooking facilities.

For a link to the ruling, click here!

.:April~Las Vegas Economic Report:.

Tourism
Las Vegas welcomed just over 3.1 million visitors in February, up 3.1% from last year, according to the Las Vegas Convention and Visitors Authority.  The year-to-date visitor count is at more than 6.2 million, a 1.2% increase over the same period last year.  Convention attendance increased 15.8% for the month. The LVCVA recently released its 2007 Visitor Profile Study, which noted that 81% of last year’s visitors were repeat visitors to Las Vegas.  The average number of nights stayed was 3.5, and 84% of visitors gambled while in town.  The average trip gambling budget was nearly $556.  54% of last year’s visitors traveled here via ground transportation and 46% traveled by air.

Business and Employment
Nevada’s seasonally adjusted unemployment rate held steady at 5.5% in February.  According to the Nevada Department of Employment, Training and Rehabilitation, the Las Vegas area experienced an unadjusted unemployment rate of 5.4% for the month, down from 5.7% in January.  Current statistics show the national rate at 4.8% and California’s rate at 5.9% (January), both seasonally adjusted. The Nevada Film Office reported $103.3 million in revenue from film production in 2007, marking the eighth consecutive year the state has exceeded $100 million in film-production revenue.  Revenue from feature films increased from $14.3 million in 2006 to $25 million in 2007.  Television was responsible for more than half of the revenue, including series, reality programs and specials.

Air Traffic
Nearly 3.6 million passengers came through McCarran International Airport in February, a 3.4% increase over last year.  According to the Clark County Department of Aviation, more than 7.1 million passengers have been processed through McCarran so far this year.

Housing and Real Estate
The latest numbers from SalesTraq show 867 new home closings for February, bringing the year-to-date total to 1,709.  The median price of a new home was $283,315, more than $10,000 higher than January.  There were 901 existing home closings in February, for a total of 1,874 for the year.  The median price of a resale home was $250,000, also $10,000 higher than last month.  Total listings on the MLS continued to decline in February to 22,837, the lowest level in twelve months. According to Robert Charles Lesser & Co., an independent real estate advisory firm, Las Vegas is home to three of the top ten best-selling master-planned communities in the country.  Last year Mountain’s Edge, a 3,500-acre development in the southwestern part of the valley, sold 1,740 new homes, enough for a number one ranking.  Providence, located in the Lone Mountain area, came in at number five with 726 homes sold.  Summerlin ranked number eight with 583 net units sold.

Gaming
The Nevada Gaming Control Board reported a state gaming win of nearly $1.015 billion in February.  Gaming taxes collected by the state on casino revenues reached more than $53 million, up about 3% from last year.  Clark County gaming revenues reached $866 million for the month.

Population and Market Growth
Nearly 5,400 new movers came to Clark County in March, according to the Nevada Department of Motor Vehicles.  The year-to-date count is now at more than 16,300. As a result of our continued influx of newcomers, 97% of our estimated 2 million Southern Nevada residents were not born here, according to the 2008 Las Vegas Perspective.  The retiree population increased 5.2% in the past year to more than 300,000.  Hispanics and Latinos now represent 26% of Clark County’s population and 40% of the School District’s total enrollment.  The report also mentioned that the median household income for the area now stands at $53,704, with 69% of households owning their home.

Retail
According to the Nevada Department of Taxation, the state’s taxable sales reached $3.52 billion in January, with collections from sales and use taxes at $264 million.  Sales in Clark County totaled $2.67 billion for the month.  Clark County posted increases in rental and leasing services, telecommunications, health and personal care stores, and eating and drinking places.

.:March~Las Vegas Economic Report:.

Tourism

Visitors to Las Vegas in January totaled nearly 3.14 million, per the Las Vegas Convention and Visitors Authority.  Total room nights occupied by tourists increased 18% for the month, while the non-gaming economic impact of conventions surpassed $986 million. The Las Vegas Convention and Visitors Authority is accelerating its summer marketing and advertising program and will spend $11-$12 million on its “Vegas Right Now” campaign.  This new campaign will run in conjunction with previously announced campaigns “What happens here, stays here” and “Your Vegas is showing.”

Alongside the Authority’s campaigns, VEGAS.com, owned by the Greenspun family, will also spend $20 million on a national cable television ad campaign called “The Vegas Experts.”  The VEGAS.com ads will feature Palms executive George Maloof, along with local entertainers such as Louie Anderson, Carrot Top and Blue Man Group.  “We’re reinforcing our local expertise, contacts and ability to create an experience that only the true Vegas experts can deliver,” said VEGAS.com President Howard Lefkowitz.

Business and Employment

The seasonally adjusted unemployment rate for the state of Nevada dropped to 5.5% in January, down from 5.8% in December.  The Nevada Department of Employment, Training and Rehabilitation reported an unadjusted unemployment rate of 5.7% for Las Vegas during January.  The national rate is currently at 4.9%, and the rate in California is at 5.9% (both seasonally adjusted). 

The Department is projecting increased job growth in the coming years.  A growth rate of 3.2% is expected in 2009, increasing to 5.1% by the third quarter of 2010.  New construction projects in Las Vegas, such as CityCenter and Fontainebleau, will add another 40,000 hotel rooms and 100,000 jobs over the next five years.

Air Traffic

Approximately 3.6 million enplaned and deplaned passengers were processed through McCarran International Airport in January, according to the Clark County Department of Aviation.  Terminal 2, which handles most international flights, saw an 11% increase in scheduled service for the month.

Housing and Real Estate

SalesTraq reported 901 new home closings in January at a median price of $275,000.  Existing home closings totaled 1,061 for the month, with a median price of $247,000.  Resale listings on the MLS decreased for the fifth consecutive month, and home prices are showing signs of stabilizing.

According to Applied Analysis, land prices in Las Vegas rose 21.8% in the fourth quarter of 2007 to $1.51 million per acre.  Off-Strip prices reached $939,400 per acre, up 20.1% from the fourth quarter of 2006.

Gaming

Nevada’s gaming win totaled $1.064 billion in January, according the Gaming Control Board.  The state’s gaming win is up nearly 1% for the fiscal year.  Revenues in Clark County reached $928.6 million for the month.  The county’s gaming win is up 1.4% for the fiscal year.

Retail

Per the Nevada Department of Taxation, Nevada’s taxable sales totaled just over $4.68 billion in December.  Clark County sales totaled $3.49 billion for the month, up 1.3% from the prior year.  Clark County experienced increases in specialty trade contractors, computer and electronic product manufacturing, electronics and appliance stores, telecommunications, administrative and support services, and accommodation.

Applied Analysis reported a record 4.3 million square feet of retail construction space completed in Las Vegas in 2007.  Expansion in the fourth quarter totaled 1.6 million square feet, bringing the total market inventory to 48.7 million square feet.  The vacancy rate remained stable at 3.2%, down from 3.3% in the third quarter.  Colliers International and Restrepo Consulting Group reported 2 million square feet of retail space under construction at the end of 2007 and another 1.2 million square feet planned.

Population and Market Growth

Nearly 5,700 people surrendered out-of-state driver’s licenses at the DMV in February, bringing the 2008 new mover total to more than 11,000, per the Nevada Department of Motor Vehicles.

.:4,173 Sq., Guard Gated, ajacent to a National Preserve:.

 5 Bedroom, 3.5 Baths (Optional Bath 4) Family Room, Living and Dining Room, Game Room (Optional Loft and Bedroom 6) & 3 Car Garage.

Highest elevation community in the city with mountain and city views. Guard gated with a multi-million dollar clubhouse, Olympic size pool, basketball and tennis courts, day spa, fitness center, men’s and women’s locker rooms, conference rooms, party rooms and planned summer camps for community kids. $144 per Sq. Ft., offered at $604,990 with incentive packages available.

.:Ignore the Headlines! a Feb. 25th Time Magazine Article:.

IGNORE THE HEADLINES! Except this one. Sure, housing’s in a hole, but there’s a potent case for buying now, whether it’s real estate or stocks.

FAMED MONEY MANAGER PETER LYNCH is perhaps best known for his timeless wisdom that you can beat the pros by focusing on stocks of companies where you either work or shop or have some other edge. But a more relevant Lynchism today is this gem: Ignore the headlines.

That’s no easy thing. How do you tune out all the chatter and ink on recession, housing, sub-prime woes, the credit crunch, rogue traders, insolvent bond insurers, $100 oil and nukes in Iran? It’s enough to make you sit on your thumbs and wait before making any big moves. But what, exactly, are you waiting for?

There has rarely been a moment in history when you couldn’t scare yourself into doing nothing, And yet, as Lynch observed nearly 20 years ago, “in spite of all the great and minor calamities that have occurred… all the thousands of reasons that the world might be coming to an end-owning stocks has continued to be twice as rewarding as owning bonds.”

A top reason to not buy stocks, in Lynch’s view, is if you don’t already own a home-in which case, that should be your first investment, since an owner-occupied home is nearly always profitable. Through a spokesman, Lynch reaffirmed these views to me-housing debacle and all.

When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger excel in the long run. As John D. Rockefeller famously said, “The way to make money is to buy when blood is running in the streets.” And the streets are stained crimson. Start with stocks. They have been pummeled this year. GDP braked sharply last quarter, and there has been plenty of panic about a recession. The Federal Reserve is slashing short-term interest rates at the fastest clip in decades. But if you stick to your steady, diversified plan while everyone else is retreating, you will be happy years from now. For one thing, Fed rate cuts always lift the economy eventually, and the stock market typically starts responding just as headlines get gloomiest. Sure, the market could fall again before recovering, But the recession may be half over already-or we may avoid one altogether. You just never know. As for housing, certainly some skepticism is in order. Formerly sizzling markets in Florida, Nevada, Arizona and California probably haven’t seen the worst headlines just yet, though they may well be close. And “jumbo” mortgages, those more than $417,000, are likely to remain artificially high for a few more months while banks work through their credit issues.

But let’s say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It’s time to get serious-before an inevitable rise in interest rates wipes out your advantage. “The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher,” says Jim Svinth, chiefe conomist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.

Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 5.5%. Monthly principal and interest come to $994.31. Let’s say 12 months from now the same house goes for 10% less or $197,010. But by then the recession is history and the fed is jacking up rates to stem inflation. If mortgage costs rise just half a point to 6%, your monthly payment would be $994.94 and you’ll have saved nothing.

Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you’d rather not be. It’s more complicated if you must sell before you can buy, but that logjam won’t persist forever, and if it appears that you will be trapped for a few years, try to refinance at today’s lower rates. Risks always seem most acute when the headlines give you ulcers. But that’s exactly when you should think long term-and get off your thumbs.

.:FHA Mortgage Limit State Calculator:.

As it has been advertised, the FHA loan limits have been adjusted to help more home-buyers achieve the goal of home-ownership.

Here’s a really cool tool directly from the FHA website that will help you determine the FHA limit in your State, County and Metropolitan Statistical area. FHA loans offer home-ownership with a low down-payment requirement of 3%.

In Las Vegas, our FHA limit has risen to $400,000. Click here to check your area!

*The link seems to be temperamental, you may experience connection issues, just keep trying if you do.