LAS VEGAS HOUSING TRENDS AND TIPS E-ZINE - #4

The One Stop Las Vegas Housing Trends and Tips' E-zine - Edition #4
Thank you for requesting to receive 'The One Stop Las Vegas Homes Trends and Tips' E-zine to keep informed about what's happening to real estate values in the Las Vegas Valley, as well as other tidbits of interest to homebuyers, home sellers, and property investors.This e-zine is sent to subscribers as soon as news of interest becomes available!
Home and Condo Sales Report - May 1 - June 30, 2005
(Source:  Southern Nevada Realtor® magazine, July and August 2005)

Existing Single Family Home Sales
Total Units Sold: 3,096 (May) / 3,318 (June)
Median Price:  $300,000 (May) /  $300,000 (June)
Average Price:  $352,234 (May) / $356,637 (June)

Existing Condo Home Sales
Total Units Sold:  751 (May) / 761 (June)
Median Price:  $186,000 (May) / $195,000 (June)
Average Price:  $202,872 (May) / $217,673 (June)

Average Price Comparison
Single Family:  $321,769 (2004) / $344,650 (2005, thru June '05)
Condominium: $187,470 (2004) / $200,166 (2005, thru June '05)

For detailed statistical information regarding specific neighborhoods and geographic areas of Las Vegas, contact Bill Hall at bill@onestoplasvegashomes.com or call 702-419-2728.

----
Open House - Sunday, August 14 / 1:00 - 4:00 p.m.
Northwest Las Vegas - Zip Code: 89131
Click this link for more details: http://www.onestoplasvegashomes.com/specialevents.html

To view the more than 13,000 Las Vegas Valley properties currently available, please visit www.onestoplasvegashomes.com and select 'Home Search.'

----
'What's Happening'- Residential
New Resources for the Changing Housing Market
Las Vegas continues to see an influx of more than 6,000 new residents every month.  The result is rising home prices that make it a challenge for low-and moderate-income individuals and families to become homeowners.  With the average single-family home now costing $344,650 (see 'Home and Condo Sales Report' above), the average Las Vegas family of four, with a median income of $56,550 is being priced out of the market.  

The housing industry is working hard to bring new products and resources to the marketplace to meet the ever-growing needs of first-time home buyers, especially civil servants like teachers, police officers and firefighters.  For example, in July, Fannie Mae made enhancements to its MyCommunityMortgage™ product to enable lenders to offer more flexible options. These enhancement include reducing the mortgage insurance requirement by about 1/3; traditional subordinate financing in addition to the existing allowance for subsidized second mortgages; and cash on-hand for down payment and closing costs.  Fannie Mae also has new condo guidelines, which include less restrictive presale and occupancy requirements; reduced documentation requirements; and substantially reduced legal and budget review requirements.

For more details about these mortgage products, send an email to Bill@onestoplasvegashomes.com or call the Fannie Mae Nevada Partnership Office at 702-765-7600 or visit www.eFannieMae.com .
(Southern Nevada Realtor® magazine, August 2005)

'What's Happening' - Commercial
According to Brian Gordon, principle of Applied Analysis, "Stable demand and rising land values have placed upward pressure on pricing, resulting in a 14.4 percent increase in average asking rates in only six months.  With robust sales activity and mom-and-pop operators seeking expansion opportunities, we believe there is room for additional increases in newly constructed retail centers."  Land pricing and construction costs are being reflected in rental rates, which reached $1.67-per-square-foot in the second quarter, a $.09-per-square-foot gain over a year ago

There was 1.45 million square feet of new retail projects under construction in the second quarter, including American Nevada's 20-acre second phase of The District at Green Valley Ranch, consisting of 155,800 square feet of retail/entertainment space at I-215 and Green Valley Parkway in Henderson, and Territory's $40 million, 430,000-square-foot Centennial Gateway at U.S. 95 and Ann Road in Las Vegas.  There are also 5.5 million square feet worth of new retail projects planned for future development, with the Montecito Co.'s $60 million, 250,000-square-foot Grand Canyon Marketplace, located at Horse and Grand Canyon drives, scheduled to break ground in late 2006; and Triple Five Nevada's planned 2,000,000-square-foot regional mall, situated on 65 acres between U.S. 95 and Grand Montecito Parkway.
(Business Press, August 1, 2005)

----
'Places in the Sun'
Bonnie Springs & Old Nevada - Red Rock Canyon
This 1880's mining town reproduction offers horseback riding, stables, petting zoo, historic exhibits and Western shows.  Open daily 10:30 a.m. - 6:00 p.m. $7 weekdays; $10 weekends for a carload of six people, $1 for each additional person. www.bonniesprings.com , 702-875-4191.
(What's On magazine, August 2-15, 2005)

----
'Fast Facts'
Here are some abbreviations and their meanings that you will often find in real estate ads:

Assume.fin. = assumable financing
Dk - deck
Gar - garage
Expansion pot'l - may be extra space on the lot, or possibly vertical potential for a top floor or room addition.
Fab pentrm - fabulous pentroom, a room on top, underneath the roof, that sometimes has views
FDR - formal dining room
Frplc, fplc, FP - fireplace
HDW, HWF, Hdwd - hardwood floors
In-law potential - potential for a separate apartment
Upr - upper floor
Vw, vu, vws, vus - view(s)

('Real Estate's Ambiguous Language You Oughtta Understand,' Glennon H. Neubauer, Ethos Group Publishing, Diamond Bar, CA; 1993)
For more real estate Fast Facts, please visit www.onestoplasvegashomes.com

----
'Quotable Quote"
What is Home?
A roof to keep out the rain. Four walls to keep out the wind. Floors to keep out the cold. Yes, but home is more than that. It is the laugh of a baby, the song of a mother, the strength of a father. Warmth of living hearts, light from happy eyes, kindness, loyalty, comradeship. Home is first school and first church for young ones, where they learn what is right, what is good and what is kind. Where they go for comfort when they are hurt or sick. Where joy is shared and sorrow eased. Where fathers and mothers are respected and loved. Where children are wanted. Where the simplest food is good enough for kings because it is earned. Where money is not so important as loving-kindness. Where even the teakettle sings from happiness. That is home. God bless it.
Ernestine Schumann-Heink

Don't Keep Us A Secret
Please spread the word about 'The One Stop Las Vegas Housing and Trends and Tips' e-zine.  Your friends and family can subscribe for free at http://www.onestoplasvegashomes.com/newsletter.html .  

If you wish to unsubscribe to this e-zine, please send an email to info@onestoplasvegashomes.com with 'unsubscribe' in the Subject line.
------------