Choosing Luxury Home Appliances – 586 Lairmont Pl Henderson NV 89012

While searching for appliances to use in my luxury investment home kitchen, I came across many good options. Ideally, your entire kitchen appliance set is manufactured by the same company, but this can be difficult due to the strengths and weaknesses offered by each.  Below, in my opinion are the top 5 luxury appliance brands that I considered using:

5. Viking

Viking is a US company that has been manufacturing ranges since 1987.  In the 90s and early 2000s, Viking ranges where present in most high end kitchens due to their stellar marketing.  Viking started making refrigerators in the late 90s, an area in which they do not stand out.  Their core product and strength is the range/stove, in which they continue to release new technology and a great looking product.  They are at #5 due to their bad reputation with service issues.

4.  Thermador

Thermador, another US company, has been in business since 1916.  They invented the first wall oven and cooktop in 1947, and introduced stainless steel into home appliances.  Most affordable on this list with an attractive line makes Thermador a great choice.  They have had poor reviews based on lack of customer service.

3. Gaggenau

Gaggenau is a German company founded in 1681.  They specialize in cutting edge built and designed home appliances.  Gaggenau was the first on this list to come out with the convection oven.  Style and sophistication coupled with a 7 year warranty make Gaggenau a great choice.

2. Miele

Miele, another German company founded in 1899, has many milestones in the industry including the world’s first dishwasher with a cutlery tray in 1987.  Their quality is second to none, and their sleek design is perfect for the buyer that wants a “European look”.

1.  Sub-Zero & Wolf

Leading the US market in sales, this family owned Wisconsin company set the standard in home refrigeration.   Sub-Zero & Wolf, synonymous with excellence, luxury and quality, offer some of the best ranges/stoves and refrigerators on the market.

Choices for my kitchen:

I considered Gaggenau or Miele but ultimately went with Sub-Zero & Wolf.  The price difference wasn’t much, and considering the fact this home will be on the market soon, I needed to make sure my kitchen appealed to a large audience.

• Refrigerator: Sub-Zero 72 inch combo 36/36 side by side stainless steel refrigerator and freezer.
• Rangetop: Wolf 48 inch 6 burner with griddle.
• Oven: Wolf double 30 inch wall mounted.
• Warming drawer: Wolf 30 inch.
• Cooling Drawer: Sub-Zero 24 inch double drawer.
• Dishwashers: 2 Askos built-in.
• Microwave: Wolf built-in.
• Ice maker: Sub-Zero 15 inch panel ready.

I had to post this video of the tough work one of our sub-contractors had to go through on this project. The more we looked at the exterior of this home, we hated it. MacDonald Highlands located in Henderson Nevada, just outside of Las Vegas likes to encourage the use of stone on home exteriors but this one looked as if someone just threw some tile on the sides of the house just to make the HOA happy, but the tile choice and placement was terrible and actually detracted from the appearance of the home. We bit the bullet and ordered the tile removed so we could stucco and repaint the entire exterior.

Trade persons work very hard but this work went above and beyond. Imagine running a 15 Lb power chisel above your shoulders on a vertical wall for 6 hours a day over two weeks. I know this home will look so much better once the exterior is changed but wow, what a job. Cutting the checks to pay for it is no fun either, and we sure would have preferred not to do it, but tough choices are the norm on a rehab.

If you need a real estate brokerage that offers services to landlords or property owners. If you have rehabbed your property and want to hire a company that will do its best to preserve your property while leased or it’s time to sell, please call Shelter Realty at 702-376-7379

Shelter Realty Represents Buyer in Purchase of 586 Lairmont Place, Henderson NV

Shelter Realty agent Paul Rowe acted as the buyer’s agent on the purchase of a 12,000 square foot custom home in the upscale neighborhood of MacDonald Highlands. The $1.7 million dollar sale on 586 Lairmont Pl, Henderson NV closed on November 30th, 2015.

Originally constructed in 2010, this property is set to be completely renovated and reinserted back into the Las Vegas real estate market by July 2016.

I interviewed Paul about the upcoming plans for this project and here were his comments about the sale as well as the impending renovation plans.

This was a very interesting purchase. MacDonald Highlands was hit particularly hard during the recession, but is coming back strong now. The home was originally completed in 2010 and eventually was foreclosed upon in 2013. A new owner took possession in 2013 but never occupied the property. They had a grand vision to expand the property even larger; however, they eventually decided not to pursue the renovation, but not before completely demo-ing the property down to the floor boards and studs throughout the entire property.

It was placed back on the market in 2015 in this unfinished condition, but being such a daunting project, the retail buyers weren’t biting and the initial pricing was too high for the investors. The new owners I represented came in and picked it up at a pretty good time.

The home really is going to be like a new home for whomever buyers it after the renovation. It was barely ever lived in and now it is being reworked from the top to bottom with new everything. The pool will be new, landscaping new. All the finishes and fixtures, new, low voltage electronics throughout as well.

I love the new floor plan. It maintains the large capacity as a high profile entertainment home but is laid out so efficiently, a family will feel right at home. It is amazing how the rooms are interconnected. When you’re in it, it feels like a grand house but you still know what is going on in other areas of the home unlike some cavernous homes I’ve been in before.

The views are phenomenal. This house has a 4000 square foot finished roof deck. I am not joking, there are clubs on The Strip that don’t have this kind of space. You can see the entire Las Vegas valley from up there.

The current developers are already proceeding on the renovation and delivery is expected in late June 2016. There are opportunities for the eventual resale buyer to come in earlier during the renovation if they wish, and to take the home in a different direction prior to its completion. This is something that would have to be negotiated but as building from dirt in MacDonald Highlands can easily take about 24 months, it is a great opportunity to have like new construction that can be ready in only 4-5 months.

Most property management companies will offer a set maintenance limit upon initiating a new contract with a landlord. The majority of Las Vegas property management companies set this limit at $300 – 500. This means that at property manager can approve any repair to your home that is less than that amount without the landlord’s prior approval. For some landlords this is fine, but for the majority of landlords this amount is more than they are comfortable pre approving and this has been our experience here at Shelter Realty.  This has prompted some property management companies to find other solutions in order to make their clients confident in their ability to provide good property management services.

At Shelter Realty we feel a good property management company should be able to maintain a property with minimal repair limits, for instance limits of $250. They should have vendors who are willing to work with these lower limits and who are willing to make additional trips back to the property without charging additional fees (trip charges).

As most people have experienced, a lot of vendors these days upsell for commissions or heavily mark up the material’s. So a vendor with a high maintenance limit and pre-approvals might just take advantage of those situations and the landlord know none the better. Having lower maintenance limits helps to control these situations and discourages over charging . A good honest vendor will make the minor repair upon the initial visit and ensure it is under the approved limit. If a repair can truly not be completed for less, the vendor is happy to leave the property and provide the management company with an estimate. These vendors look forward to obtaining approval and visiting the property again to complete the repairs.

When your property management company can find vendors to accept this challenge and these types of terms, you have a property management company that has exhausted the search for honest vendors; a management company that goes the extra mile to ensure their landlords are happy and comfortable to have them oversee their investment property.

For more information about our Las Vegas property management services, give us a call at 702.376.7379, email us at info @ shelterrealty.com or complete the form to the right.

Las Vegas Short Sale News: Senate Extends Mortgage Debt Forgiveness Act for 2014

Homeowners who sold their home as a short sale and their REALTORS® sighed in relief today as the U.S. Senate followed the U.S. House of Representatives meaning Congress finally approved an extension to the Mortgage Debt Forgiveness Act of 2007. This act has exempted sellers who sold their primary residences on a short sale to avoid being taxed on forgiven debt.

The Debt Forgiveness Act had expired at the end of 2013 leaving those residents in Las Vegas and nationally, who were planning on completing a short sale in 2014, in a position to potentially be taxed on large amounts of debt that could be treated as income.

The extension bill approved today retroactively includes eligible short sales that closed at any time during 2014. The caveat is that the bill approves short sales that closed during 2014 only. A new extension, which seems very likely to be approved, will be left to the incoming 2015 Congress. The reason another extension is likely is that Washington will want to have a new extension that allows for a reasonable and noticed end date, and not simply cutting off homeowners past 2014. A lot of potential Las Vegas sellers have been on the fence about whether to list their homes this past year because the extension was not in place. The down side to that inaction is that another year then passes and the seller never moves forward to address their debt and financial recovery.

Las Vegas Sellers who sold their home in 2014 should obtain professional tax advice to see if they qualify to get the debt exemption. I recommend either a CPA or enrolled agent level tax professional on this issue. The cost is far less expensive than you think and making sure that tens of thousands of dollars of debt are not counted against you, demands you get properly advised.

Any homeowners who, despite the recent run up in prices and are tired of being underwater, can call Paul Rowe at Shelter Realty for a no obligation review of their situation. You may reach Paul at 702 376 7379 or email him at info @ shelterrealty dot com.

If You Can’t Sell Your Las Vegas Home, Rent it

Shelter Realty has been contacted over the last month by several Las Vegas homeowners about listing their property for rent. The message has been very similar, my home is not selling and now I just want to rent it.

The Las Vegas Real Estate Market is changing and homes are not selling as quickly as they were a year ago.  Las Vegas home prices are up over the same period from last year but homes sales are down.  With the increased real estate inventory, homes are not selling and subsequently are sitting on the market vacant for a longer period of time.  To make matters worse, we are entering the holiday season when homes sales traditionally slow down.

If you are a Las Vegas seller and your property has been on the market for sale for over 90 days, I would recommend looking into placing your home on the market for rent.  Shelter Realty manages over 600 residential properties and are vacancy rates are below 5%.  By placing a renter in your property, you can minimize out of pocket mortgage costs while you wait for the sales market to shift.

For more information about our Las Vegas property management services, give us a call at 702.376.7379 or complete the form to the right to see if renting your home makes financial sense.

Beginning August 16 2014. those who want to utilize a “conventional loan” to purchase a new home after previously selling a home on a short sale will face a longer eligibility period.  At present, buyers who sold their previous home as a short sale can purchase again after two years if they are putting down 20%. After August 16 the waiting period moves to four years when using conventional financing.

Fortunately, buyers can still purchase with FHA financing after 3 years.  This is the current guideline for FHA and no changes on the three years appear forthcoming.

Buyers who are looking to purchase quicker than three years after a short sale may have some options open to them utilizing credit repair companies but be careful who you use and try to only work with a company who has a track record. They must show you a successful track record and if they aren’t successful, offers you some reimbursement in the event they can’t deliver.

For more answers regarding short sales including your particular situation please contact Shelter Realty Inc., at 702-376- 7379 or by emailing info @ shelterrealty. com

I attended a broker event yesterday at Palms Place, the Condo-Hotel development next door to the Palms Casino. They are currently releasing about 220 units of which 180 are studio suites and 40 are 1 bedroom suites. The studios are 615 square feet and start at $195,000 and the one bedroom units are 1220 square feet and begin at $325,000. Pricing will vary depending on view and height location of the unit. There is also a 3,900 square foot hundred penthouse for 1.8 million.

The services and amenities offered by Palms Place were impressive. I won’t list everything here but a sample list includes:

* Spa Services
* Limo and Car Services
* VIP Check-in lounge
* Personal Training
* Car Care
* Discounts at the majority of Palms Casino amenities
* Complimentary access to Palms nightlife and daylife venues
* Rental Pool Program for owners to rent out their unit
* Concierge Services
* Kerry Simon’s restaurant SIMON

The Palms property consists of three towers. The first if the casino/hotel, then there is the Fantasy Tower which was the former Playboy Tower and finally, Palms Place. Between all three towers there are numerous choices to play, relax and live a true Vegas lifestyle.

One of the things I love about the Palms is that you can have every amenity and choice of a Las Vegas Strip property but don’t have the traffic and congestion issues of being on the Strip. The location is less than five minutes from the Strip and there is convenient access to Interstate 15.

Paul Rowe is an agent with Shelter Realty and has extensive experience with Las Vegas high-rise living options. He may be reached by calling Shelter Realty at 702 376 7379 or by emailing “info @ shelterrealty.com”. You are also welcomed to fill out a contact form on this webpage as well.

Experian and Transunion May Begin to Include Rental History as a Part of Credit Scores

One of the challenges many first time home buyers often face when trying to purchase a home is a lack of established credit lines. Multiple credit lines such as credit cards, lines of credit, department cards, furniture store credit help build a person’s credit score when not overused and paid on time. Sometimes, people don’t have many trade lines of credit when first starting out or recovering from a financial crisis like a bankruptcy. In a bankruptcy the debt might be gone but also gone are the lines of credit the person had.

In an article published in the Columbus Dispatch “Credit Scores Might Soon Reflect Rental Payments,” Credit bureaus Experian and Transunion have begun incorporating some rental histories into credit scores.

A renter would have to pay through an authorized rent processing company contracted to work with the credit bureau. I recently spoke to a local Las Vegas mortgage broker, Leslie McGarry with CMG Financial. She said another alternative is to work with a good mortgage broker that can document your rental history and either have your rental history verified through another data collection agency and then added to your credit file as “supplemental info” or they can have the data added and request a rapid re-score with the credit bureau and obtain an updated credit score. This can be done in as quickly as one week.

Buyers should not assume they do not have the credit necessary when considering a home purchase. The best thing to do is find a real estate agent and consult an experienced loan officer. Not only are people’s credit sometimes better than they thought, but often the credit can be built and improved into the level of a qualified buyer.

Immediate opening for full time Las Vegas Residential Property Manager/Field Coordinator.

This is a field position consisting of move-ins, move-outs, make readies and inspections. You must have reliable transportation and drivers license.

You must possess a Real Estate License and Property Manager Permit.  If you do not possess a real estate license and permit, please do not submit your resume!

We are looking for a self-motivated team player with superior customer service skills, able to multi-task, well organized and does not require constant supervision.

Requirements:

• Minimum 4 years residential property management experience
• Ability to tactfully address, negotiate and resolve issues with owners, tenants, and vendors
• Good communication skills (verbal and written)
• Competent computer skills
• Attention to detail

Compensation:

• $16 – $18 an hour depending on experience
• Mileage

Benefits:

• Medical/Dental/Vision

If you are interested in this position, please email your resume to info(@)shelterrealty.com.

Shelter Realty, Inc. is an Equal Opportunity Employer.

National home values have risen and your investment properties probably gained values too. The Internal Revenue Code Section 1031 gives investors the ability to defer capital gain tax when you exchange business-use or investment property for another business-use or investment property.

There are many ways of exchange. For example, sell a vacation rental home in Hawaii and buy three investment properties in Las Vegas to generate more stable and higher income, sell an old apartment building which always needs repairs and buy a Triple Net Leased commercial property, sell a farm land in California and buy a hotel-condo in Florida. It can be exchanged for personal properties too.

Flipped properties don’t qualify, but if a property listed for rent for a few months without finding a tenant then changed it for sale, can qualify, as well as vacant land which didn’t generate any income. (Per Certified Exchange Specialist, Carmine at First American Exchange)

There are two deadlines for successful 1031 Exchange;

1. Replacement properties must be identified within 45 day.
2. The exchange must be completed by the earlier of 180 days from the date of the first relinquished property closing.

For fully deferred exchange, replacement properties must be greater or equal value of the relinquished properties, and all proceeds from the sale of the relinquished properties must be reinvested.

It’s important to select a Qualified Intermediary with financial backing of $1,000,000 Fidelity Bond and $250,000 Errors & Omissions Bond. Nevada is one of nine states which enacted the QI law.

I receive calls from Yelp at least once or twice a month to sign up for their ad program for Business Owners but I have yet to sign up and for very good reason. As many property managers know, managing rental properties is a thankless job. It’s very rare you receive phone calls from landlords or tenants stating how happy they are with your services. It’s usually a tenant calling to notify you of some type of repair that is necessary or a repair that wasn’t completed to their satisfaction.  Many tenants believe property managers are at their beck and call and if a repair isn’t handled quickly enough or to their satisfaction, they won’t hesitate to place a negative review of your company on Yelp or threaten to place a negative review.

Am I worried about the negative reviews we have received? Not at all, as I know almost all the negative reviews are inaccurate.

Shelter Realty currently manages over 600 rental properties and have rented to thousands of tenants over the years and only have a few negative comments. There are just some tenants that no matter what you do, you will never make them happy.

The problem I have with Yelp reviews is that almost all our positive reviews aren’t displayed. You have to click on the link that states “other reviews that are not currently recommended” to view all our positive reviews from landlords who have shared their experience with Shelter Realty as their property manager. I asked the representative from Yelp why these positive reviews don’t display and the only answer I received is that it has to do with the algorithm. So my response to Yelp is:

Why would I pay to use your ad program and have my target clients (landlords) only see negative comments from tenants but none of  the positive reviews from my landlords?

I will continue to ask my clients who have advised us of their happiness with our services to take the time and share on Yelp but I would not recommend to any colleagues to pay for Yelp’s ad program until they fix their algorithm issues.