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Market Pulse Median Price of Vegas Houses nearly $307,000 After a brief lull, the Las Vegas housing market reached a new milestone in July with a median sales price of $306,950. Monthly statistics released by the Greater Las Vegas Association of Realtors showed that the median price of all homes sold in the month jumped 2.3 percent from the $300,000 mark where prices sat throughout May and June. In July, 3,240 homes were sold, down 2.4 percent from the 3,318 units sold in June based on GLVAR’s Multiple Listing Service. The percentage of homes selling in 30 days or less increased to 52.3 percent in July, up from 51.6 percent in June. The rate is still down, however, from the 82 percent recorded in May 2004.
Apartment Vacancy Rates Rise CB Richard Ellis reported that apartment vacancies in the Las Vegas Valley increased in June to 4.67 percent, up from 4.65 percent in May. ZIP code 89141 in the southwest Las Vegas Valley had the lowest vacancy at less than 1 percent, while ZIP code 89134 in the west Las Vegas Valley had the highest vacancy at 15.21 percent.
Condo-Conversion Becoming The Buzz Word Industry insiders said they believe the valley’s growth is far from climaxing thanks to the popular movement to convert rental properties into condominiums. GLVAR statistics show more than 10,000 applications for valley condo condo-conversions. The average closing prices of condo-conversions was $100,000 in January 2004. Research firm SalesTraq reports through the second quarter of 2005 the average price was up 50% to $150,000. Larry Murphy, president of SalesTraq, noted 50% of all condo closings in the second quarter of 2005 were conversions.
Regional Mall Developers Plan NLV Projects Two developers are proposing malls within 3.5 miles of one another in North Las Vegas, a city without a regional mall despite a population of nearly 180,000 people. According to John Restreop, a principal at the research firm Restrepo Consulting Group, the two regional mall projects will face competition from the proposed The Great Mall of Las Vegas in northwest Las Vegas near the southwest corner of U.S. 95 and the Las Vegas Beltway. The Great Mall of Las Vegas will be 2 million square feet and is being developed by Triple Five Nevada Development Corporation whose parent company developed the Mall of America in Minneapolis. However, George Garcia, the planning consultant representing the North 5th street Project (one of the North Las Vegas mall projects) said the competition won’t have any impact on the project, which is ready to go once North Las Vegas approves a zoning change and other entitlements to build. Garcia’s project is being developed by Detroit-based Celebration Center of America. Garcia said his project could open in two years at the earliest or start construction in two years at the latest. (In Business Las Vegas, August 12, 2005 – all ‘Market Watch’ articles above.)
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---- 'Numbers With Interest' “Interest rates on 30-year, fixed-rate mortgages dipped lower in the second quarter, spurring refinance activity higher, “said Frank Northaft, Freddie Mac vice president and chief economist. “Mortgage borrowers took advantage of these low rates by cashing out some home equity before rates go up as they are expected to in coming quarters.” Freddie Mac expects 30-year fixed mortgage rates to rise through the end of the year, ending with a fourth quarter average near 6.0 percent, approximately a quarter of a percentage point higher than the second quarter average. (Chris Bearden, Fidelity National Title, chris.bearden@fnf.com)
---- Tips For Creating Greater 'Curb Appeal' Of course, we all know that first impressions are lasting impressions. So, when selling your home, it's most important to remember that a potential buyer will take one look at the front of your home and determine whether they are interested in taking a closer look at the whole house. Here are a few tips from Star Nursery (www.starnursery.com) for how to prepare your front and back lawns and make them more attractive for Fall in the desert: ** Thunderstorms are more numerous in August than any other month. Heavy nighttime rains can cause lawn diseases in turf. When there has been lots of rain, be sure to turn off sprinkler clocks to conserve water. ** Late August is a good time to plant seeds for pansies, violas, celosia, kale and more. ** Kill unwanted Bermuda grass with Round-up for effective control. Don't wait too long. Once cooler nights arrive, Bermuda starts to go dormant and herbicides won't work properly.
---- 'Fast Facts' Energy Audits Can Yield Big Savings A home energy audit is a way for home owners to effectively measure their annual energy usage and expenditures in their homes. The audit can identify areas of your home which use the most energy as well as check the efficiency of your home’s heating and cooling system. Check with your local utility company to see if they provide this audit service and at what cost if any. You can also call an independent energy auditor for a comprehensive analysis. If your home is not using energy at its optimal effectiveness, they may recommend inexpensive ways to cut down on energy costs, as well as home improvement products that will help you save. (www.reamark.com) For more real estate Fast Facts, visit www.onestoplasvegashomes.com ---- 'Quotable Quote" ”We make a living by what we get. We make a life by what we give.” Sir Winston Churchill ----
"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 are also welcome to receive a free subscription by visiting www.onestoplasvegashomes.com. And, if you know of anyone who is currently interested in buying and/or selling residential or commercial real estate in the Las Vegas Valley, we would love to assist them in fulfilling their dreams. Please ask them to call the 'One Stop For Las Vegas Homes' Team at 702-419-2728 or send an email to Bill Hall at bill@onestoplasvegashomes.com ----- 'The One Stop Las Vegas Housing and Trends and Tips' e-zine is published by the 'One Stop For Las Vegas Homes' Team - Dreams Fulfilled! - of Liberty Realty, www.onestoplasvegashomes.com, 702-419-2728.
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