Why Fixer-Uppers Are So Popular

Although not all investors are attracted to these kinds of Las Vegas Properties, some real estate investors look for nothing else but properties in need of repair. This can be understandable, when on the surface it may appear that a motivated seller may be willing to part with his run-down parcel of land for as much as 20% to 40% under potential market value.

Of course, the inexperienced Las Vegas Investor may look only on the bright side of the picture, such as creating equity with minimum up-front cash, using government money and low interest loans to rehab eligible properties into saleable or rentable condition, or flipping a “ fixer-upper” for big profits, with a minimum outlay of funds.

All of the above speculations are not only possible, but are frequently accomplished. However, the experienced investor doesn’t only see the bright side, but will carefully evaluate possible pitfalls and cash outlay estimates after purchase before making a commitment.

As with any property purchase, and particularly with a handy-man special, a thorough building inspection by a licensed contractor is a must. Any problematical finds, such as structural damage and the extent of that damage, must be carefully evaluated before deciding to buy or walk away.

Another important consideration when dealing with this kind of investment is the outlay of funds required to repair and refurbish the property. If you are a do-it-yourself craftsman, you will probably be able to handle cosmetic repairs such as painting, cleaning, minor plumbing and electrical repairs such as leaking faucets, or replacing a light switch, etc., but, more extensive repairs would probably involve the cost of hiring a licensed contractor, especially if the building needs to be brought up to code.

All of these factors, other than just the purchase price must be carefully evaluated before making any commitments. Future use of the property, and a realistic exit strategy are other important considerations.

At this point in time, when selling prices are down and inventories are high, many investors in rehab homes would prefer to fix up and rent, rather than compete in a “buyers market.” Favorable cash flow from monthly rentals will allow the investor to bide his/her time waiting for an up cycle in the marketplace, as inventories gradually diminish and selling prices begin to rise.

Lastly, although CPA’s and real estate attorneys are valuable members of any investors team, a good Las Vegas Real Estate Agent is the key person on your team that can help you build wealth.

A good real estate agent, one that has experience in finding the kinds of properties you are looking for, and is in tune with your goals and business practices, are your eyes and ears in the marketplace.

Above all, the smart investor knows that connecting with a reliable agent will not cost you money, but actually help you to make money.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-0088.

There is no doubt that the overall quality of a school district has a definitive impact on home values. In fact, the one of the most prominent reasons for families with school-age children to choose or reject a particular Las Vegas Home is based less upon the likes and dislikes of the home, and more upon the known quality or lack thereof of the school the property is zoned.

It’s an absolute fact that the market value of residential homes located within the jurisdiction of a quality school remain consistently higher than the value of similar homes in a less desirable school zone.

Often, buyers will be willing to pay premium prices for a home within a high ranked school zone, which is a primary reason for such a home to command top dollar.

Even in a market of declining home values, such as we are experiencing today, homes within the better school zones are holding their value far better than most.

A home within a school zone recognized for its consistency in quality education is often considered more desirable than a home that is perhaps located more conveniently to shopping, entertainment and business districts, for example.

Sixth largest in the United States, the Clark County School District has a number of schools that have rated among the nation’s best. Green Valley High School has, in fact, been proudly ranked among the top ten high schools in the country.

Detailed information about schools in the Clark County School District, as well as charter schools, can be viewed by parents and guardians through required annual reports. These reports are also used by Las Vegas school teachers and administrators to help develop academic achievement programs designed to increase the learning skills of all students.

Additionally, a Magnet School Program developed by the Clark County School District provides students with the opportunity to attend schools offering unique educational programs.

Under these programs, parents and their children have the opportunity to choose which of the Magnet School’s specific offerings would best suit the child’s particular interests.

Important consideration should be given to the fact that there is always a possibility that school boundary changes could occur if, for instance, a particular school is growing rapidly and is near or over capacity.

A new subdivision located near an established neighborhood could possibly stress the capacity of the adjacent schools and cause a school boundary shift, and although homes in a good school zone can often command selling prices of twenty to thirty percent higher than similar homes in a lesser school zone, a school boundary shift which would put the home in a less desirable school zone would most certainly negatively affect market values.

What can you do? Evaluate all of the factors involved, and just try to make the most intelligent choice possible. Remember, in the real estate marketplace, as in life, nothing is guaranteed, and change is inevitable..

If you are looking to purchase a Las Vegas Home within a particular school zone and have any questions, feel free to give us a call at 702.376.0088.

As soon as a Las Vegas Real Estate Property is listed in public records as being in default, the vultures begin to circle the dying carcass. Vultures, meaning the not so legitimate companies that prey upon these unfortunate people in difficult circumstances, and are opportunists of the worst kind.

Unlike the honorable investor in Las Vegas distressed properties, who truly attempts to put together a win-win situation for everyone, the scam artists, posing as lawful business people, use scare tactics and confusing language to pressure the panicked  homeowner into making hurried and thoughtless decisions, decisions that will result in the immediate loss of their home, and the scam artists acquiring the property at a below bargain-basement price.

Many homeowners facing the loss of their property are vulnerable to any suggestions that might help their situation, and are too distressed and anxious to check out the credentials of these crooks, whose tactics are designed to keep the homeowner confused, worried, and pressured to sell quickly.

The scam artist depends upon the harried homeowner’s state of mind preventing logical thought. He/she knows that if a homeowner was able to think rationally, he/she would be checking with the state government attorney’s office and the Better Business Bureau, for any complaints lodged against these firms, before concluding any business with them.

There are countless scams out there, with one purpose in mind, to steal the home out from under the home owner and resell for a fat profit. It is not within the scope of this article to detail all the many ways these thieves operate, but just as an alert to the Las Vegas Homeowner who is suffering financial difficulties and a possible loss of their home and is looking for a solution.

Above all don’t panic. Logical thought will enable you to find the answers. Definitely avoid all the come-on ads in the newspapers and online that offer themselves as mortgage consultants, “save your home specialists,” or using the words “debt elimination,” and the like.

Contact your lender as soon as you see a problem in meeting your mortgage obligations, and see if you can work with them to resolve the dilemma you are in. Remember, lenders don’t really want to be in the real estate business. Foreclosing and selling properties in default are practically always a losing proposition for them. Foreclosures are “loans gone bad,” as far as the lender is concerned.

In fact, many lenders complain that homeowners often call too late to be helped, and that there are cases in which a person suffered a home loss that might have been avoided had they contacted the lender sooner.

If it is feasible to do so, hire an attorney who specializes in real estate laws and regulations, and can evaluate your situation, and perhaps find some logical solutions to your problem.

If you decide you want to sell your Las Vegas Home and you owe more than the home is worth, feel free to give us a call to discuss doing a short sale.  We can be reached at 702.376.0088.

Which Would Be The Best Choice

If you are planning to buy a Las Vegas Home, and are not sure of whether you are interested in a new home, a somewhat older resale, or a truly “older” home, it would be best to avoid confusion by researching what the differences are in older and newer homes, and how these differences would or would not be to you and your family’s liking and adaptability.

Be sure to have a family consultation after you have carefully examined these differences, in order to reach a consensus as to what kind of home would best suit everyone’s lifestyle.

Above all, try to reach some conclusions before you bring your appointed Las Vegas Real Estate Agent into the picture. Once you are focused on the kind of homes you have decided you are interested in, and in what price range, your agent can go to work and locate properties of interest.

Differences in newer and older homes are many.  For example, older homes –in particular, homes  built in the 1950s thru the  1970s -  may offer less interior living space then a newer home ( a typical two or three bedroom home in those days might be about 900 to 1600 square feet, with one or one-and-one half bathrooms)  but may have been built on a larger lot since land was not quite at such a premium then.

Rooms and windows are generally smaller in these older homes, and each of the rooms are pretty much closed off from one another. The open floor plan of modern construction allows for lighter, airier surroundings, and larger windows will let in more daylight.

Rewiring might be a distinct necessity for some older homes, which may not be able to accommodate all of the high end kitchen appliances and electronic equipment that are in every day use today.

Additionally, the cost of a code upgrade or remodeling of an older home should be taken into consideration as well. On the other hand, an older homes mature landscaping, with towering trees and abundant shrubbery, are a definite plus factor, since landscaping today can be an expensive proposition, and trees and shrubs can take years to reach full size and maturity.

Due to lesser square footage, the older home lacks the equivalent storage space available in newer construction.

However, the quality construction found in many older homes is often better than on many comparable newer Las Vegas Homes. These homes were built to last, with sturdy 2×6 redwood framing and solid plaster walls in place of sheetrock.

Many vintage homes, such as those built in the 1920s and 30s, have architectural features that give these homes a “character” that is appealing to many people. Many of these vintage homes are located closer to downtown areas, which can make them quite expensive to own.

So, the conclusion seems to be that whether to buy a new or older home is pretty much a judgment call, and your decision should be based on many factors, and especially how well a particular home, old or new, fits in with your expectations of what an ideal place to call home should be.

If you are interested in purchasing a “resale”  or new home in Las Vegas and have any questions about the Las Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Although there are many reasons why some Las Vegas Homes are harder to sell than others, some obvious and some not so obvious, basically, most any home should be saleable. Even if the home is in bad shape, there are always buyers out there looking for fixer-uppers. What then could be the problems that are keeping a particular home sitting unwanted in the For Sale columns for many long months?

Let’s look at the obvious:

• The asking price is too high. If the house is overpriced, then the primary reason the house has not been sold is either the fault of a homeowner who insists on a set selling price and won’t budge, or the Las Vegas Listing Agent, who is either not familiar enough with the neighborhood, and has not bothered to do a comprehensive neighborhood market study, or is hampered by inexperience and is not capable of convincing his/her client that they are being unrealistic.
• The house lacks “curb appeal.” The homeowner has neglected to spruce up the yards, front and back and the exterior may have that uncared for look; peeling or dull looking paint, a shoddy front door, screens that need repairing, cars and trash cans in plain view in the driveway, etc.
• The interior of the home has not been “staged.” That is to say, a fresh coat of paint in a neutral color, carpets vacuumed, home thoroughly cleaned top to bottom, appliances shined, furniture attractively arranged and clutter removed. Rooms should look bright and cheery, and most personal items removed to make it easier for a prospective buyer to imagine him or herself occupying the premises. A messy home is understandably a big turnoff to buyers.
• The Las Vegas Property has not been professionally marketed. If the homeowner is trying to sell on his/her own, they will not be able to access the resources or depend on the marketing skills of a real estate agent, and as a result will not get the badly needed exposure the home needs in order to attract a buyer in this very competitive “buyer’s market.” Furthermore, many buyers are uncomfortable dealing with an owner directly, and would rather negotiate through their real estate agent.

What can be done to make the house saleable, besides all of the above corrective actions? Adjust the asking price to coincide with current prevailing market conditions in the area, and for the listing agent to ensure that the property gets maximum marketplace exposure.

Additionally, the listing agent’s negotiating skills, or lack thereof, as well as a buyer’s and/or seller’s unwillingness to compromise, are often key reasons as to why a home can be difficult to sell.

If you are interested in selling your Las Vegas Home and have any questions about the process or the need to do a short sale, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

The knowledgeable Las Vegas Real Estate Investor can be differentiated from the less astute investor by the fact that the overeager investor often looks to purchase any property or properties he or she can find based almost entirely on price: if the price is right, the property is purchased!

However, the really successful investor will only purchase properties that fit within particular financial parameters as well as pre-established goals and guidelines that are not strictly based on price. These are the investors whose real estate deals are consistently profitable.

Certainly, an investor whose buying strategy is based strictly on buying low, may not always be able to sell high. The reason for this is that little or no attention has been given to so many other factors that could, and probably will often negatively impact the resale value of these properties.

Differentiating between a desirable and a not so desirable property takes experience, and a backup team of realty, legal and taxation professionals.

The successful investor will make no offer to purchase any property unless the residence meets the investor’s established guidelines and the long or short term profitability of the purchase is confirmed, and only after consultation with the investor’s team of experts.

Part of the evaluation process –aside from price – that is used by the successful investor to determine the worthiness of a property include the following:

• The neighborhood:  Property located in a stable, established, well-kept neighborhood may pose a better opportunity for a profitable resale than a newer neighborhood which may or may not develop into as desirable a location. Certainly, property in newer developments have often appreciated nicely, but an established neighborhood with a history of consistent value appreciation is the safer goal.
• The Location: Houses located on Cul- de- Sacs or corner lots may be more desirable and appreciate a bit more than the surrounding properties. The property’s current and future value is additionally dependent upon a neighborhood location that would be most desirable to families.
• The physical condition of the property is another important consideration. If the home is in less than perfect condition, are the defects merely cosmetic, or would it take an expensive rehab job to get the property into saleable condition?
• Will this home be suitable for purchase as a rental property in order to generate long-term cash flow, or purchased for a quick resale?

Of course, we’re just scratching the surface here, within the limited scope of this article but the bottom line is that the key to real estate investing success is to understand the market and which way it is headed. No easy task, unless you have the experience and the back up of a knowledgeable investment team to guide you.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-0088.

The Las Vegas Investor as Landlord

Many investors who, in the recent past, have concentrated primarily on the buying and selling of Las Vegas single family home properties, have been forced –due to current market conditions- to reevaluate their investment strategies in order to protect their investments and maximize the profit potential of homes now in their possession.

Investors who have purchased single family homes intended for immediate resale are confronting a marketplace glutted with homes now selling at “bargain basement” prices. Why compete at this time?

Many persons who have been forced to relocate for one reason or another, particularly families, need a place to live and would prefer the roominess of a single family home as compared to an apartment.

Investors with Las Vegas single family homes who rather not expose their properties to the present “buyer’s market” now have the opportunity to rent these homes to eager tenants looking for a new place to call home.

Unless the investor/home owner has had hands on experience as a landlord – and particularly if several or more properties are involved- it’s best to contact a Las Vegas Property Management Company to take care of both the important and mundane details of renting and managing these properties.

If the investor has not already done so, the property management company will have the property or properties inspected for problems, and arrange to have the homes cosmetically upgraded before marketing these properties to prospective tenants.

Working with a property manager can prove not only cost effective, but beneficial in many other ways as well. Property owners working with a competent Las Vegas real estate management company, particularly those investors who live far from their investments, even in another state, will have the peace of mind of knowing that their investments are being well looked after, and that the management company will be handling the tenant screenings, rent collections, evictions, emergencies, etc., that would normally be nightmarishly difficult for the investor to handle on his/her own.

The rental market is undoubtedly increasing, unquestionably due to the fact that many people have been, and are being displaced due to foreclosure. Other renters have the means to purchase a home, but the tightening credit market has made it difficult for many buyers, even those with good, but less than perfect credit, to either be approved by a lender, or were quoted loans at an uncomfortably high rate of interest.

Certainly, that would be the reason many investors have decided to ride out the present market without jeopardizing cash flow by choosing to rent their properties for the time being, and when the market finally rebounds, over time the properties will have built positive equity.

North American Realty of Nevada is a property management company with a proven track record of success. We manage many properties, and we have the know-how, reliability and expertise you want in a property management team.  Why not contact us today for a no-obligation consultation? We can be reached at 702-376-7379 or visit our website at www.PropertyManagementLasVegas.com for more information about our services.

BUYING A LAS VEGAS HOME

Before you even begin to search for your new Las Vegas Home, you and your family should prepare a checklist of wants and needs, a list that will analyze exactly what those absolute needs are, as opposed to your wants, such as a spare bedroom or home office, which would be nice but not absolutely necessary.

A list that is realistic, in accord with market conditions, and leaves room for compromise will help you to focus on the specifics of what your needs really are in a home, neighborhood, etc., and is helpful to your agent, who will know what to focus on as well.

A helpful list of needs and wants, emphasizing the importance of needs first, would consider the following, arranging individual needs and choices in order of most importance to you. For example:

• Where in town do you prefer to live?
• Older home (over five years) newer, or new construction?
• How much house can you afford? What price range?
• Have you been pre-approved by a lender?
• Convenience of location: short commute, or close to public transportation, nearby to shopping, schools, etc. Which of those choices are the most important?
• Neighborhood demographics: nicely kept homes on a quiet street, property located on a cul de sac, or corner lot, crime stats, quality of school district. Good schools add quality to a neighborhood and should be an important consideration.
• Number of bedrooms, baths required
• Single or two story construction. If anyone has a problem with climbing stairs, a one story is obviously the best choice.
• Consider a short sale or foreclosure property if it is only one of very few in the neighborhood?
• Have a professional home inspector check for problems and evaluate cost of repair.
• Would you prefer to pay a little more for a house in perfect condition, or would you rather buy a house that is in need of some repair in order to pay less for the home?
• How much renovation are you willing to do? Are you handy with tools and will be doing much of the repairs yourself, or would you need a contactor? Contactor fees would add to the costs which would impact your home buying budgetary expenses.
• Before making a commitment on a particular piece of property, Investigate the noise factor and other aspects of the neighborhood for conditions that may or may not be a source of discomfort or annoyance by driving through the area at different times of the day and evening, during the week and on a weekend.
• Large yard for the weekend gardener, romping room for the family dog, etc., or smaller yard for less maintenance.
• Pool
• Patio Deck
• Two or three car garage
• View
• If the community is governed by a Home Owners Association (HOA) find out if the rules and regulations are compatible with your lifestyle and freedom of choice
• Gated community with entry password security system, or gated with 24/7 on duty security guards

Let your Las Vegas Real Estate Agent know of any other special features or needs that your family may require.

If you are interested in purchasing a home in Las Vegas and have any questions about theLas Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Sun City Summerlin (Part 2)

Shopping in Sun City Summerlin is convenient for residents since there are two shopping centers located within the community– Plaza North and Plaza South.  In addition, a short drive by golf cart takes residents to Smith’s Shopping Center or the Rampart Center.  The Rampart Hotel and Casino is close by for those seeking to gamble, bowl or dine at one of several restaurants.

Among the many benefits at this age restricted community:

• There are no guard gated areas in Sun City Summerlin.  However, there is a Security Patrol that volunteers their time driving through the community 24/7 to report suspicious activities or persons to the central dispatch office.
• All homes in this senior community have an interior emergency 911 switch that causes an exterior light to blink which indicates to the Security Patrol and neighbors that the homeowner needs help.
• One of the community services will regularly call any resident age 60 or older who lives alone to check that he or she is well and safe.

Size of homes range from villas/attached patio homes, with 1 model featuring 2 bedrooms and 1 bath and 13 models offering 2 bedrooms and 2 baths from 1,003 to 1,757 sq. ft.  Free standing homes (16 models) with 2 bedrooms and 2 baths range in size from 1.086 to 1,996 sq. ft.  and free standing (9 models) 3 bedrooms and 2 baths and 3 bedrooms, 3 bath homes that range in size from 2,105 to 2,895 sq. ft.

Some attached patio homes offer kitchen nooks and space in the two car garage for a golf cart.  Free standing homes offer an extra room which was referred to as a Nevada room, kitchen nook, covered court yard or patio and golf cart parking space in the two car garage.

Selling prices for the last three months at the time of this writing ranged from $105,000 to $220,000 for attached patio homes.  Price range for the same time period for free standing homes was from $137,000 to $198,000.  Median sales price for free standing homes was approximately $198,000.

Promenade at the Meadows

This age restricted community is located close to the Meadows Mall and within walking distance of a Target, bank and several restaurants as well as Arizona Charlie’s which is a popular locals casino.

This 24/7 guard gated community consists of 188 homes built in the late 1980’s.  Some units are villas ranging in size from 1,258 to 1,695 sq. ft. while others are free standing homes which range in size from 1,809 to 2,286 sq. ft.  All homes have 2 car garages and most feature 2 bedrooms and 2 baths with a few of the free standing (Estate Homes) featuring 3 bedrooms and 2 baths.

Amenities include a club house, pool and spa.  Social activities are held several times each week.  Currently, the monthly homeowner association maintenance fee is $198 month which covers lawn services, exterior painting of each  unit and roof repair or replacement as well as other miscellaneous expenses to keep this community looking attractive.

As of this writing, villas are selling for $90,000 to $115,000 and Estate Homes for $130,000 to $140,000 which prices are significantly lower than the value of these homes.

For more information about these age restricted communities, call North American Realty at 702.376.0088.

There are a number of age restricted communities in the Las Vegas Valley which have obtained this status as housing for persons age 55 and older based on the following Federal guidelines, specifically Department of Housing and Urban Development (HUD) (24 CFR 100.304, 305, 306, 307.)

“The Fair Housing Act (Title VIII of the Civil Rights Act) exempts “housing for older persons” from the Act’s prohibition against discrimination because of familial status. “

There are 4 main factors required for a housing facility or community to claim the 55 and older exemption:

(1)       the housing must be intended and operated for persons age 55 and older.

(2)       at least 80% of the occupied units must be occupied by at least one person who is 55 years of age or older.

(3)       the  housing facility or community must publish and adhere to policies and procedures that demonstrate its intent to operate as housing for persons 55 years of age or older.

(4)       the housing facility or community must also comply with rules issued by HUD for the verification of occupancy.”

Sun City Summerlin

Construction began on this Del Webb 2,400 acre age restricted community in 1988 and was completed in 1998.  Located in the northwest, Sun City Summerlin houses over 14,000 residents in  7,779 homes.

This popular senior community offers residents a number of social amenities including three 18 hole golf courses designed by Billy Casper and Greg Nash.  Residents own an undivided ownership interest in these courses (Palm Valley, Highland Falls and Eagle Crest par 60 executive course).  Yearly golf membership is available to residents at substantially reduced rates.  A number of homes are located on a golf course with spectacular views of the Valley.

There are four community centers in Sun City Summerlin:  Sun Shadows, Mt. Shadows, The Pinnacle and Desert Vista. These facilities offer a number of options for physical activities for residents such as 14 tennis courts, 5 Olympic size swimming pools, spas, 3 state of the art exercise rooms, 2 paddle ball courts, racquet ball, bocce ball, horseshoes, miniature golf, shuffleboard and a softball field.

This age restricted community has much to offer active seniors.  Strip quality shows are featured in the performing arts theatre at the Pinnacle which seats 325.  There are a number of clubs for residents which focus on hobbies, interests and physical activities.

Sun City Summerlin also features restaurants within the community centers such as:

• Tavern at the Falls located on the lake and golf course, open 7 days for breakfast and lunch from 7 am to 3 pm.
• Vista Grille open for lunch and dinner 7 days from 6 am to 11 pm.
• Chef’s Pantry Café at the Summit open Monday thru Friday for lunch and dinner, Saturday and Sunday for catered events only.

For more information about age restricted communities, call North American Realty at 702.376.0088 and speak to one of our knowledgeable and friendly Las Vegas Real Estate Agents.