Ivana Trump Las Vegas real estate sold to Arizona man for $47 million. The old Holy Cow Casino, Cafe and Brewery two acre site on the Las Vegas Strip has been sold.
The very expensive land is located across the multibillion dollar mega resort by MGM Mirage, Dubai World, Kerzner International Holdings Ltd and north of the Sahara casino. A casino license is possible at this location.
The 58 year old Arizona businessman and Las Vegas land owner is Steven Johnson. He is from Desert Mountain Renegade Golf Course community and doesn’t have a definite plan for the site.
The purchase has been place through Aspen Highlands Holdings LLC. This company is owned by Johnson and has made large purchases in Las Vegas for over two decades.
Sunday, October 28, 2007
Thursday, October 25, 2007
Dick Chaney takes a nap
Cheney takes a nap.“Vice President Dick Cheney gets caught napping yesterday as Defense secretary Donald Rumsfeld and other White House aides leave a press briefing by President Bush and Chinese leader Hu Jintao. The veep’s people later insisted he was reading his notes.”
Thursday, October 18, 2007
Its Time to Buy Into Vegas
Selection, selection, selection. There are about 28,000 resale homes on the market in Las Vegas. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 3,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
No Bidding Wars. In 2004 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2004 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2004 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers and police officers are back in business. It's a great time to buy real estate!
No Bidding Wars. In 2004 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2004 many buyers waived these contingencies in order gain an advantage with multiple offers.
There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines.
Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
Few, if any investors. It is estimated that one third of all sales in 2004 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers and police officers are back in business. It's a great time to buy real estate!
Saturday, October 13, 2007
First Time Home Buyers
When you set out to buy your first house, you certainly want to buy a piece of real estate you can consider to be "home" and not just an investment. At the same time, the best real estate purchase is one that can fill both of these roles. Therefore, when you begin the search for your home, there are a few things you should keep in mind in order to make the best purchase possible. These include:
• location,
• house size and
• lot specifications.
By carefully considering these three areas, you will be more likely be happy with your real estate purchase for years to come.
Considering the Location
Everyone has heard that location is the most important aspect of real estate – and for good reason. After all, if the real estate you buy is in a poor location, you are not likely to be happy living there and you will have a difficult time selling the property later.
When considering a piece of real estate, you will want to look into the area's crime statistics. Just looking up the numbers for the area is not enough, however, as this does not paint a clear picture of the specific neighborhood you are considering. Find out as much as you can about your neighbors before moving in, as living next door to the wrong people can make your life miserable and can significantly decrease your property value.
You can learn more about your neighbors by driving through the neighborhood at night on a couple of different occasions. You can also ask your local police station to provide you with a list the calls they received within a one mile radius of the home over the past two years. This list will tell you when the calls where made, where the police were dispatched and why they were called in the first place.
Considering the Size of the Home
The size of the house you are looking to buy is another important consideration. Obviously, the houses in the neighborhood will vary somewhat is size, but most should be pretty similar. When it comes to resell value, you don't want to buy the largest home in the neighborhood. Because, if the homes around the one you are looking to buy are smaller than yours your home most likely will not appreciate in value as quickly. At the same time, purchasing a home that is smaller than the other properties in the neighborhood will help to increase its value faster. Of course, you need to purchase a home large enough for you and your family. Therefore, when making your decision, you will have to weigh your needs against the potential resale value of the home.
Considering the Lot
Although most of the value of your real estate purchase will be tied up in the actual home, you certainly want to consider the lot as well. Don't worry too much if the lot does not have a great deal of landscaping done to it. You can add your own landscaping later, which will give the value of the home a nice boost. More importantly, you want to select a lot that is not overly crowded, oddly shaped or situated in a strange position. All of these factors can make it more difficult for you to sell the home later.
When you buy a house, you definitely want to get a place you can call "home." At the same time, you want to shop smart and purchase a piece of real estate that will increase in value and serve as a wise investment.
• location,
• house size and
• lot specifications.
By carefully considering these three areas, you will be more likely be happy with your real estate purchase for years to come.
Considering the Location
Everyone has heard that location is the most important aspect of real estate – and for good reason. After all, if the real estate you buy is in a poor location, you are not likely to be happy living there and you will have a difficult time selling the property later.
When considering a piece of real estate, you will want to look into the area's crime statistics. Just looking up the numbers for the area is not enough, however, as this does not paint a clear picture of the specific neighborhood you are considering. Find out as much as you can about your neighbors before moving in, as living next door to the wrong people can make your life miserable and can significantly decrease your property value.
You can learn more about your neighbors by driving through the neighborhood at night on a couple of different occasions. You can also ask your local police station to provide you with a list the calls they received within a one mile radius of the home over the past two years. This list will tell you when the calls where made, where the police were dispatched and why they were called in the first place.
Considering the Size of the Home
The size of the house you are looking to buy is another important consideration. Obviously, the houses in the neighborhood will vary somewhat is size, but most should be pretty similar. When it comes to resell value, you don't want to buy the largest home in the neighborhood. Because, if the homes around the one you are looking to buy are smaller than yours your home most likely will not appreciate in value as quickly. At the same time, purchasing a home that is smaller than the other properties in the neighborhood will help to increase its value faster. Of course, you need to purchase a home large enough for you and your family. Therefore, when making your decision, you will have to weigh your needs against the potential resale value of the home.
Considering the Lot
Although most of the value of your real estate purchase will be tied up in the actual home, you certainly want to consider the lot as well. Don't worry too much if the lot does not have a great deal of landscaping done to it. You can add your own landscaping later, which will give the value of the home a nice boost. More importantly, you want to select a lot that is not overly crowded, oddly shaped or situated in a strange position. All of these factors can make it more difficult for you to sell the home later.
When you buy a house, you definitely want to get a place you can call "home." At the same time, you want to shop smart and purchase a piece of real estate that will increase in value and serve as a wise investment.
Wednesday, October 10, 2007
Las Vegas Facts
Las Vegas ranks #1 of the world’s most dynamic cities. (Newsweek International Magazine)
· Las Vegas ranks 4th in the State Business Tax Climate Index 2007. (Tax Foundation)
· Las Vegas ranks #1 as “Where the jobs are going ... hottest job growth for this decade 2003-2013.” (Business 2.0)
· Boomtowns ‘06: Hottest Large Cities, Growing Your Business Ranks Las Vegas #1. (INC.com)
· Nevada ranks #2 for Policy Environment for Entrepreneurship Across the Nation. (Small Business Survival Index 2006)
· Nevada ranks as the state with the lowest risk of natural disaster. (USA Today)
· 8,000 people per month move to Las Vegas but some of the biggest industries in the world like technology and biotech are coming as well.
· Las Vegas ranks 4th in the State Business Tax Climate Index 2007. (Tax Foundation)
· Las Vegas ranks #1 as “Where the jobs are going ... hottest job growth for this decade 2003-2013.” (Business 2.0)
· Boomtowns ‘06: Hottest Large Cities, Growing Your Business Ranks Las Vegas #1. (INC.com)
· Nevada ranks #2 for Policy Environment for Entrepreneurship Across the Nation. (Small Business Survival Index 2006)
· Nevada ranks as the state with the lowest risk of natural disaster. (USA Today)
· 8,000 people per month move to Las Vegas but some of the biggest industries in the world like technology and biotech are coming as well.
Friday, October 5, 2007
Time to Buy in Southern Nevada
Time to Buy in Southern Nevada
The Greater Las Vegas Association of REALTORS® offers the following position paper on why its members believe it is an ideal time to buy a home in Southern Nevada.
Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future.
Southern Nevada’s economy remains stronger than most metropolitan areas, with steady job and population growth. According to Las Vegas Perspective, Clark County added more than 96,000 new residents in 2006. This bodes well for the long-term strength of the local housing market. The Las Vegas valley continues to be a leader in job creation and has one of the lowest unemployment rates in the nation. Over the next three years nearly 20,000 hotel rooms will be added to our city, representing approximately 41 billion dollars worth of new construction. Of course, these economic factors fuel demand for housing and offer more opportunities for newcomers and existing residents to own their own home. For every hotel room added, the Las Vegas Convention and Visitors Authority estimates 1.8-1.9 new employees will be needed.
Recent increases in foreclosures present opportunities for buyers as well. When lenders are forced to foreclose on a property, they typically are motivated to sell that property as quickly as possible to recoup their investment. This presents bargains for buyers.
The unprecedented housing boom of a few years ago may never be duplicated, but Southern Nevada still offers attractive real estate investment opportunities. Examples include high-profile residential properties being built as part of MGM MIRAGE’s CityCenter and similar billion-dollar developments on and near the Las Vegas Strip.
The history of the local housing market suggests long-term growth. More than most markets, the history of steady housing and real estate appreciation in Southern Nevada suggests the value of property will rise as long as the nation’s boomtown continues to grow. All markets are cyclical. But with privately owned land being scarce in the rapidly growing Las Vegas area, history and the laws of supply and demand suggest that prices will appreciate in the coming years.
Americans have never been more informed about the housing market than they are today. However, one byproduct of the well-publicized national real estate boom is the temptation to view real estate as a short-term investment, similar to the stock market. This perception has had unhealthy impacts on the housing market. The GLVAR believes buying a home is a long-term investment and should be thought of that way
The Greater Las Vegas Association of REALTORS® offers the following position paper on why its members believe it is an ideal time to buy a home in Southern Nevada.
Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future.
Southern Nevada’s economy remains stronger than most metropolitan areas, with steady job and population growth. According to Las Vegas Perspective, Clark County added more than 96,000 new residents in 2006. This bodes well for the long-term strength of the local housing market. The Las Vegas valley continues to be a leader in job creation and has one of the lowest unemployment rates in the nation. Over the next three years nearly 20,000 hotel rooms will be added to our city, representing approximately 41 billion dollars worth of new construction. Of course, these economic factors fuel demand for housing and offer more opportunities for newcomers and existing residents to own their own home. For every hotel room added, the Las Vegas Convention and Visitors Authority estimates 1.8-1.9 new employees will be needed.
Recent increases in foreclosures present opportunities for buyers as well. When lenders are forced to foreclose on a property, they typically are motivated to sell that property as quickly as possible to recoup their investment. This presents bargains for buyers.
The unprecedented housing boom of a few years ago may never be duplicated, but Southern Nevada still offers attractive real estate investment opportunities. Examples include high-profile residential properties being built as part of MGM MIRAGE’s CityCenter and similar billion-dollar developments on and near the Las Vegas Strip.
The history of the local housing market suggests long-term growth. More than most markets, the history of steady housing and real estate appreciation in Southern Nevada suggests the value of property will rise as long as the nation’s boomtown continues to grow. All markets are cyclical. But with privately owned land being scarce in the rapidly growing Las Vegas area, history and the laws of supply and demand suggest that prices will appreciate in the coming years.
Americans have never been more informed about the housing market than they are today. However, one byproduct of the well-publicized national real estate boom is the temptation to view real estate as a short-term investment, similar to the stock market. This perception has had unhealthy impacts on the housing market. The GLVAR believes buying a home is a long-term investment and should be thought of that way
Wednesday, October 3, 2007
FHA steps into help
As millions of homeowners lie bleeding in the Subprime Corral, the feds ride in on an old mare to rescue a few borrowers suffering from scratches.
The bailout plan, called FHA Secure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate mortgages. About 60,000 "delinquent-yet-creditworthy" mortgage borrowers will be able to refinance into FHA-insured home loans in the next year or so, an official with the Federal Housing Administration says.
It's a triage operation, with the FHA aiding the delinquent borrowers who are easiest to patch up. The rescued borrowers will be dwarfed by the number of struggling homeowners who won't qualify for FHA refinances. "Unfortunately, we think there will be some families that we won't be able to help," the FHA official says.
People who refinance under the FHA Secure program will end up with fixed-rate mortgages, which are quite popular nowadays among people who were burned by rising rates on ARMs. The FHA doesn't lend money; it insures mortgages made by lenders. The agency's Web site has a search engine to find FHA-approved lenders.
Key factors of the FHA bailout plan:
• FHA Secure is geared toward the homeowner with an ARM who was paying on time until the rate was reset and the monthly payment went up.
• There are loan-size limits that make these mortgages unworkable for high-cost markets, such as most of California.
• Borrowers will need at least 3 percent equity, the FHA won't help people who owe more than their houses are worth.
• The application deadline is the end of 2008.
Is it déjà vu all over again?
The FHA is a 73-year-old packhorse that was foaled during the Great Depression. In 1934, foreclosures were skyrocketing, house values were plummeting, and house sales and construction were at a standstill. In those days, people got balloon mortgages that lasted for five years, and then they were expected to refinance at a new rate. In that respect, those home loans were somewhat similar to today's adjustable-rate mortgages. Like today, many homeowners back then had trouble making their payments and they couldn't find refinancing.
"The housing industry was still flat on its face with mortgage money frozen, 2 million men unemployed in the construction industry and properties falling apart for lack of money to pay for repairs," says the FHA's self-published history of its first 25 years. The FHA was created to insure mortgages, reducing the risk to lenders and making them more likely to lend. The agency carried a lot of cargo during the decades after the Depression. But after the 1980s, the FHA grew feeble. As recently as the mid-'90s, more than one-tenth of mortgages were FHA-insured; this year, its share is around one-fiftieth. As the FHA shed its burden, piggyback loans and uninsured subprime mortgages took it up.
The bailout plan, called FHA Secure, is designed to prevent foreclosures among homeowners who fell behind because the rates went up on their adjustable-rate mortgages. About 60,000 "delinquent-yet-creditworthy" mortgage borrowers will be able to refinance into FHA-insured home loans in the next year or so, an official with the Federal Housing Administration says.
It's a triage operation, with the FHA aiding the delinquent borrowers who are easiest to patch up. The rescued borrowers will be dwarfed by the number of struggling homeowners who won't qualify for FHA refinances. "Unfortunately, we think there will be some families that we won't be able to help," the FHA official says.
People who refinance under the FHA Secure program will end up with fixed-rate mortgages, which are quite popular nowadays among people who were burned by rising rates on ARMs. The FHA doesn't lend money; it insures mortgages made by lenders. The agency's Web site has a search engine to find FHA-approved lenders.
Key factors of the FHA bailout plan:
• FHA Secure is geared toward the homeowner with an ARM who was paying on time until the rate was reset and the monthly payment went up.
• There are loan-size limits that make these mortgages unworkable for high-cost markets, such as most of California.
• Borrowers will need at least 3 percent equity, the FHA won't help people who owe more than their houses are worth.
• The application deadline is the end of 2008.
Is it déjà vu all over again?
The FHA is a 73-year-old packhorse that was foaled during the Great Depression. In 1934, foreclosures were skyrocketing, house values were plummeting, and house sales and construction were at a standstill. In those days, people got balloon mortgages that lasted for five years, and then they were expected to refinance at a new rate. In that respect, those home loans were somewhat similar to today's adjustable-rate mortgages. Like today, many homeowners back then had trouble making their payments and they couldn't find refinancing.
"The housing industry was still flat on its face with mortgage money frozen, 2 million men unemployed in the construction industry and properties falling apart for lack of money to pay for repairs," says the FHA's self-published history of its first 25 years. The FHA was created to insure mortgages, reducing the risk to lenders and making them more likely to lend. The agency carried a lot of cargo during the decades after the Depression. But after the 1980s, the FHA grew feeble. As recently as the mid-'90s, more than one-tenth of mortgages were FHA-insured; this year, its share is around one-fiftieth. As the FHA shed its burden, piggyback loans and uninsured subprime mortgages took it up.
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