Elaine and James Hansen

Elaine and James Hansen
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Showing posts with label Time to Buy. Show all posts
Showing posts with label Time to Buy. Show all posts

Wednesday, March 27, 2019

The Perfect Storm... Now is the Time...

Now is the Time for some Good News.
Realtor.com researched and determined that the week of 
March 31st thru April 6th is the Best Week of the Year to List your Home.
Most Sellers quickly become Buyers as soon as their House is under contract.
For Buyers, Mortgage Rates have been dropping over the past month.
 If you have watched the News over the past 6 months,
you have seen that Home Prices in Las Vegas have been dropping.
That is changing Right Now.  Henderson Home prices are back on the Rise.
 Making Now a Great Time to Buy and Sell.

If you have been considering a move, Now might be a Good Time.
Please give me a call  -  Elaine 702-768-4556








Tuesday, February 26, 2019

Switching to more of a Buyers Market, but for how long?

I can't tell you how many times people have said to us,
"I missed  out... I should have bought a house a year ago."
Well Good News. Price are back to where they were a year ago.
Resale Home Prices are dropping and New Home Prices are on the Rise.
With this slowing of the Market, we have seen Days on Market Rise and a Growing Inventory.
Our Market is moving from a Sellers market to more of a Buyers market.
 We still anticipate the Market to Go Up with the Yearly Spring Surge in Sales.
 To those out there thinking you missed your opportunity, Now is the time to start looking.
And to those thinking about Buying New Construction, we can guide you through 
The New Home Buying process as well.


Tuesday, April 10, 2018

Las Vegas Projects Strengthen Our Economy

Below is a List of some of the Major Projects happening in the Las Vegas Valley.
All Net Resort-Arena Clark County commissioners approved in October 2017 the next phase of the arena, which would be located between The Drew and SLS on the Las Vegas Strip.  This is a project of businessman and former basketball player Jackie Robinson.  The complex would encompass a resort hotel, a retail and restaurant streetscape, and a multi-purpose indoor arena with a retractable roof.  The arena first broke ground in 2014 but a completion date is unknown.
 AREA 15 In January 2018, a new development called AREA 15 was announced. It will be located on 40 acres near Sirius Avenue and Rancho Drive. The space offers up to 126,000 square feet of customized tenant space for a specialty collection of experiential and retail businesses, 68,000 square feet of leasable ground floor space, 58,000 square feet of mezzanine space and a 40,000-square-foot indoor and outdoor event space. The space will include multiple areas, one of which is likened to comic books, another to science fiction film “Blade Runner” and a third to the apocalyptic “Mad Max” film series.  The project is expected to be complete by the end of 2019.
The Bend This is a retail, dining, and office project with a movie theater and is planned across the street from IKEA – near Sunset Road and Durango Drive. The southwest Las Vegas project, called The Bend.   Anchored by a 73,000 square-foot, 13-screen Galaxy Theaters, an early leasing brochure lists SkinnyFats joining Johnny Rockets as a casual dining options. Talks are currently underway with VegeNation, Pizza Rock, wine bar Bin 702, coffee roaster Vesta, and Henderson’s Great Greek Mediterranean.  There is also negotiations fort beer favorite Aces & Ales to build a full brewery and Lotus of Siam could also open at the complex. An opening date has not been announced.
 The Drew In February 2018, the unfinished Fontainebleau hotel got a new name -- The Drew. The hotel, which will be located at 2755 S. Las Vegas Blvd., is scheduled to open in 2020.  The Drew Las Vegas is located on the Las Vegas Strip on the 24.5-acre site previously occupied by the El Rancho Hotel and Casino and the Algiers Hotel.  It was intended to be a sister property to the well-known 1950s-era Fontainebleau Miami Beach hotel. Excluding the nearby Stratosphere observation tower, the Drew's 68-floor hotel building is the tallest building in Las Vegas and in the state.
 Extreme Sports Hotel/Casino The Clark County Commission has approved a land use permit for the construction of an extreme sports-themed hotel, casino, and amusement park. Slated to go on a plot of land on Las Vegas Boulevard just south of Mandalay Bay (next to the airport), the facility would include a 15-story hotel, a casino, indoor skydiving, a BMX style track, rock climbing towers, a bungee jump, ziplines, wakeboarding, surfing, and more. This was first proposed way back in 2013 but seems to have gained a least a little momentum recently.
 Fremont Street Experience renovation LVCVA approved a large-scale renovation to downtown Las Vegas. The $30 million project will completely renovate the Fremont Street Experience.  Approximately $9.5 million of that money will go into renovating the 1,500foot long video canopy attraction. This is the first time it'll be renovated in 14 years.  The city plans to add four-times the number of LED screens on the canopy, making it seven times brighter so that the video display can run 24-7.  The $30 million project will be split three ways between the LVCVA, the city, and the Fremont Street Experience.  The renovations will take place over 14 months.
 Kind Heaven at The LINQ Promenade will offer Southeast Asian culture, music, food, danger, fashion, exoticism, exploration, mystery and spiritual enlightenment. Featuring a soundscape curated by Perry Farrell (front man for Jane’s Addiction and creator of Lollapalooza), Kind Heaven will provide a variety of experiences, from dark and mysterious back alleys to a Forest Temple and Sanctuary. Ferrell describes Kind Heaven as an immersive entertainment complex. It doesn’t have chairs like a traditional theater. It will have stages within the complex for music and other types of entertainment, but you’re basically walking through a 90-minute show routed in mythology. When you’re within the complex, you’re free to roam around and discover hidden alleyways, visit nightclubs and eat from Hong Kong-style street food vendors. There will be improvisational actors, musicians, acrobats and comedians, combining elements of sensuality and espionage into an experience that will be a first of its kind.  Kind Heaven will be family friendly by day and adult at night. It is scheduled to open in 2019.
 Las Vegas Ballpark The Las Vegas 51s are finally getting a long-discussed 10,000-fan capacity stadium next to Downtown Summerlin. They broke ground on February 23rd.  The project, which will cost about $150 million — an estimated $90 million for the stadium itself — is expected to be ready for the start of the 2019 season.  The park sits next to City National Arena, the Golden Knights’ practice facility, and adjacent to Downtown Summerlin.
 Las Vegas Convention Center Expansion The Riviera implosion in 2016 led the way for the expansion of the Las Vegas Convention Center. The $860 million addition, and after renovations, the exhibition hall will be North America’s second-largest (top honors go to Chicago’s McCormick Place). This megaproject will proceed in phases. The first phase, the LVCC District Expansion, is expected to be finished by the end of 2020, while a subsequent renovation of the existing 3.2-millionsquare-foot convention center will wrap in 2023.
 MGM Convention Center Expansion A $130 Million may not sound like much money, but it’s what this expansion represents. Las Vegas is currently rated #1 in the USA for convention destinations and despite the mass amounts of current space available Las Vegas demands more. The number of convention delegates visiting Las Vegas has risen 41 percent since 2010 to top 6 million last year.  The expansion will be an extra 250,000 square feet, bringing this destination to a total of 850,000 square feet. To create a mental picture that would be like combining 6 large Costco buildings.
Monorail Extension The Las Vegas Monorail will extend the line from MGM Grand to Mandalay Bay. The plan is to have the track go over Tropicana Blvd., turn west and go over The Strip, go above the exiting tram line from Mandalay Bay to Excalibur and end at a station behind the Shoppes at Mandalay. There is no timetable set for the completion at this time.
 MSG Sphere (Madison Square Garden) This futuristic venue is scheduled to open in late 2020 on Sands Avenue between Manhattan Street and Koval Lane. The plans are to build a 360foot-tall, 500-foot-wide, 18,000-seat spherical arena.  A pedestrian bridge will connect the new venue to The Venetian and The Palazzo complex. A groundbreaking is set for June 2018. Clark County commissioners approved zoning and land use permits on Feb. 21. The arena will feature a programmable exterior with more than 36 miles of LED lights and a 250million-pixel interior screen with a 19,000 by 13,500 resolution, making it the largest, highest-definition screen on Earth, according to MSG. The venue will be able to host events ranging from immersive shows and esports to some live professional sports events.
 NFL Football Raiders Stadium This 62-acre stadium site that is the future home of the Raiders and the UNLV football team broke ground at its location near Russell Road and Dean Martin Drive in November 2017. It is projected to open in the summer of 2020.  The site cost $77.5 million to acquire. The Raiders will continue to play at in Oakland stadium through the 2019 season and are expected to move into their new stadium in Las Vegas for the 2020 NFL season. This Massive 65,000-seat stadium will be located adjacent to Interstate-15 and will be connected to the city’s expanding monorail system once it is built out to Mandalay Bay in the coming years.  The monorail will not only make it easy for Visitors to simply arrive at the stadium from the southern strip hotels. Las Vegas residents who own some of the Las Vegas high rise condos such as VEER, Mandarin, Panorama, Martin or MGM Signature condos already have the monorail outside their door.
 Project Neon Nearly two decades in the making, Project Neon is the largest public works project in Nevada history. Project NEON will widen 3.7 miles of Interstate 15 between Sahara Avenue and the “Spaghetti Bowl” interchange in downtown Las Vegas. It’s currently the busiest stretch of highway in Nevada with 300,000 vehicles daily, or one-tenth of the state population, seeing 25,000 lane changes an hour. Traffic through the corridor is expected to double by 2035.  It is projected to be complete in 2019
Resorts World was set to open in 2016 but had its opening date pushed back to 2020. The resort, which would cater to Chinese tourism, would be located at 3000 S. Las Vegas Boulevard. $7 Billion dollars, give or take a billion is the projected spend on this project.  This may be the largest and most massive resort casino to be constructed in Las Vegas history.  The completed 21,847,314-square-foot project will include 4 towers totaling 6,583 rooms with 175,000-square-foot casino. That’s a total of 15 mega Costco buildings all stuck together. This will include a 4,000-seat theater, retail, dining and convention space. The “extras” which can change during the development include a rooftop sky park and observation deck, Aquarium, Ice skating rink, Indoor water park and a Panda exhibit.
Symphony Park Las Vegas sold a five-acre parcel in the city-owned downtown Symphony Park for $4.25 million to SLC Development, Inc.  The Nashville-based company wants to build more than 300 residential apartments and 20,000square-feet of retail space across from the Smith Center for the Performing Arts.  Background:  Marked by two iconic anchors — a $550 million performing arts center campus and an $82.5 million private medical and research facility. This 61acre infill parcel in the heart of the city first came to life in 2009 with the opening of the Cleveland Clinic Lou Ruvo Center for Brain Health and the 2012 opening of The Smith Center for the Performing Arts.  Symphony Park is surrounded by the valley’s second largest employment center comprised of multiple downtown hotelcasinos; major entertainment attractions and museums that make up downtown’s vibrant tourist economy; Las Vegas Premium Outlets North, one of the country’s most successful outlet shopping malls; World Market Center Las Vegas, a five million-square-foot showcase for the home and hospitality contract furnishings industry; headquarters of Zappos.com; federal courthouses and multiple legal offices; office towers and more.
West Henderson Land Use The area referred to as West Henderson is mostly vacant land and is generally bound by Las Vegas Blvd. to the west, St. Rose Pkwy to the north, the master-planned communities of Seven Hills and Anthem to the east and Sloan Canyon to south.  The West Henderson project will facilitate diverse economic opportunities, generating a strong economic hub and increasing the city’s overall job-to-housing balance.  It will supply a range of highquality housing, a well-connected transportation and infrastructure, and a safe inter-connected system of parks, trails, and open spaces for education and recreation.
Wynn's Paradise Park was first announced in 2016. Construction is scheduled to ramp up in the spring 2018 and is expected to open in about three years. When complete, Paradise Park would have a lagoon, boardwalk, new convention space and food services. Wynn Resorts is considering $1.5 Billion investment to include a 1,000-room expansion at its Strip property centered around a 38-acre lagoon that would host water skiing, paddle boarding and parasailing by day and fireworks displays at night. This amazing dream is scheduled to be completed by 2020 at the same time as the Raiders stadium and Resorts World.

Wednesday, November 29, 2017

New Homes are Helping Ease Rising Home Prices

 The last time I posted these graphs they were all rocketing upward.
Now they seem to be leveling off.  The Economy and Real Estate Market are still Hot.
So what happened? 
The New Home Builders are back.
Currently there are more than 24 Builders developing 246 different Home Tracks 
featuring around 1,572 different Model Homes.
If you are interested in shopping for New Construction,
You can search Our New Home Website HERE.
We would be Happy to Help You.


http://www.showingnew.com/elainehansen/homes/nevada/las-vegas






Thursday, December 8, 2016

'Tis the Season to Buy a House - before the next Price Jump

 According to The Las Vegas Review Journal
The Median Home Price for the Las Vegas Metropolitan Area is $240,000
Which is 7.9% higher than a year ago.
 Below is a breakdown by City.
What stands out to me is the obvious Seasonal Trends.
A majority of the 7.9% annual growth happens between Feb - July
Anybody considering Buying soon should do it now.
Before the Seasonal Price Jump.


Wednesday, August 24, 2016

Greenspan says, "Rates Will 'Surprise' US" - I hate surprises...

I have been accused of only presenting "Good News"
Well, Not this time...
This week, Alan Greenspan the former Federal Reserve Chairman said.
"I cannot perceive that we can maintain these levels of interest rates 
for very much longer.They have to start to move up and when they do they 
could move up and surprise us with the degree of rapidity which may occur."
If this is true, it would not have a positive affect on our Real Estate Market.


Wednesday, August 3, 2016

Is it a Good Time to Buy? Maybe the Best Time Ever...

 People always ask us - Is it a good time to Buy?
It's kind of a tricky question...
I don't know most of the deciding factors that are going on in their life.
And it's stereotypical for a salesperson to always be selling.
But according to Bloomberg News,
US Interest Rates are at an All Time Low.
 So, Maybe the Best Time Ever...






Friday, May 27, 2016

Home Ownership Dropping - Now is the Time to Buy...

 US Census Data shows a Drop in Home Ownership 
in All Age Groups over the past 3 years.
These are National numbers and not what we are experiencing  
here in the Las Vegas Housing Market.
With Interest Rates as Low as they currently are...
Now is the Time to get back into Home Ownership.








Tuesday, October 7, 2014

Las Vegas Market Update


Every Month, Mr Forrest Barbee and Equity Title
put out a Monthly Market Update.
Below are the main points, and my comments.

We have seen this Price Graph before.
Just to reiterate, these recent rises in price are a recovery, not a bubble.

 

 Just 2 years ago, only 37% of all transactions were Traditional Sales (Classic)
As a Realtor, It's nice to work with People again, and not banks.


Again, only 2 years ago 53% of all transaction were CASH (usually investors)



 This gives a good visual of how the Market has changed;
- Moving away from Foreclosure 
- The rise and fall of Short Sales
and Traditional Sales returning  us to a "Normal Market".


 This might be the most thought provoking graph of them all.
Sales (solds) have stayed steady at around 3,000 a month.
When Inventory dropped, Prices started Rising.
When Prices rose, Home Owners once again had Equity.
Many people have been waiting a long time to have equity.
Now that they do, they can finally make the move they have been putting off.

We are now seeing a rise in the number of Listings.
Days on Market has been rising as well.

Now is the best time to Sell in the past 5+ years. ( for Sales Price)
But it needs to be priced right.

Still a great time to Buy.
Interest Rates are LOW.
And now Buyers have several houses to choose from.




Tuesday, June 24, 2014

Home Values Compared to One Year Ago...

This is always fun to look at.
But please take these numbers with a grain of salt...
For Example... 89134 and 89144 are both in the heart of Summerlin,
And both are excellent neighborhoods. But you can see a 13% difference in change.
89074 and 89014 are both Green Valley and have a 27% difference.
It only takes a couple of Million dollar homes to skew these numbers.
But you can definitely see a lot of positive growth throughout the town.

 

These next two images show a transition in the market 
from Cash Buyers buying Foreclosures and Short Sales,
to a more Traditional Market with far less Cash Investors.

Why the change?
The Local Economy has got better.
Property Values have gone up.
Most of the people who are going to lose their home, have.
Investors are not getting the rate of return they were last year.






Thursday, September 19, 2013

AB 300 vs NV Homeowner's Bill of Rights...

 
Back in June we talked about what affect Assembly Bill 300 would have on our local Real Estate Market.
We have all heard about the increasing number of homes out there just sitting vacant.
Would the banks flood the Market with these listings or would they trickle on the market.
Last week the LVRJ had an article,
 Notice of Defaults went up from 340 in June to 1,125 in July a 226% jump.
In the big scheme of things, really not that big of a deal. 
We knew they were coming. 
But what is next?

Well, in the meantime, NV has passed the NV Homeowner's Bill of Rights.
What's that?  Good Question.
In my opinion, a couple of years too late. 

Purpose of the Nevada Homeowner’s Bill of Rights
The purpose of the Homeowner’s Bill of Rights is to provide homeowners in the state of Nevada with better consumer protections, as well as fair and honest treatment in the servicing of mortgage loans in default, especially when it comes to the loss mitigation process.


Many are speculating that the Intentions of AB300 was to allow the banks to Foreclose on the Shadow Inventory, but now the NV B of R's is going to draw that process out even longer.

NV Homeowner's Bill of Rights takes affect Oct 1st.
In the meantime, we will probably see the banks rush to Foreclose on as many properties as they can 
before the new Law takes affect and slows the whole process down again.



Friday, September 6, 2013

Interest Rates are on the Rise... What affect does that have?

When Calculating your Monthly Mortgage Payment, 
there are two primary numbers to look at.
The Cost of the Home, and the Mortgage Interest Rate.

Using an Example of a 30 year loan, Calculating only Payment and Interest.
(but do not forget about Taxes, Insurance, Association Fees and MIP)

If you Financed a $250,000 Home Loan in May 2013,
when Interest Rates were at 3.5
Your monthly Payment would have been $1,122.61

Purchase the same home today at the same price,
with Interest Rates at 4.5
Your monthly Payment will be $1,266.71


That's a difference of $144.10 per month



Reproduced with the permission of Mortgage-X.com

 So in a Market when Prices and Interest Rates are going up.
People want to Buy Now before Rate or Prices get any Higher.


Tuesday, July 16, 2013

National Real Estate Market has Affect on Las Vegas

Las Vegas, more so than probably any other city in the US,
is directly affected by the National Economy.

As a Vacation destination, the better the rest of the country does, the better we will do.


People across the country are buying houses again because
Housing is considered to be more affordable than in the past.
Cash Buyers are more confident that if they put their money in a Home,
it wont lose its value like it has over the past several years.

When people buy homes, they usually put money into them.
New appliances, paint and carpet.
This spurs the economy.


Home owners seeing home values rise again are more likely to
"buckle down" and make that mortgage payment.


Nationally thing seem to be moving in the right direction.
This should have a positive affect on Las Vegas and our Housing Market.

Wednesday, May 29, 2013

S&P / Case-Shiller Home Price Indices - First Quarter 2013

This can be a confusing graph...

Keep in mind there is a 10-city line and a 20-city line.
Las Vegas is part of the 20-city composite.

Also, the graph is charting the percentage of change over the previous year.
You can see from 2005 to 2009 we had a huge swing from
15% in growth to a 17% decline.
For many home owners, depending on when they purchased,
that was over 50% of their homes value.

The good news is that many people are getting some of that equity back.

Tuesday, May 21, 2013

Las Vegas Homes Price Spike... #1 in Nation


Prices are racing upward again.
Does that mean we are blowing up another bubble?
We shall see. . .

You can see from previous Blog Posts and the graph below,
we are still way below what "True Values" should be.