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Category Archive : Real Estate

Oakland Raiders Will Move to New Stadium in Las Vegas

LAS VEGAS, NEVADA – For the third time in 35 years, the Oakland Raiders have decided to pack their bags and move to greener pastures; this time, calling Las Vegas, Nevada home, possibly within the next two years or less, and the arrival of the popular National Football League team – an addition to a brand-new 65,000 seat state-of-the-art stadium for them to call home – is bound to have a distinct impact upon the Southern Nevada area.

In late January 2016, billionaire Sheldon Adelson, president and CEO of the Las Vegas Sands Corporation, proposed a new domed stadium in Las Vegas to potentially house the University of Nevada, Las Vegas football team and a possible NFL team. Adelson contacted Raiders management for a potential partnership with the team in regards to the new stadium, and in April 2016, Raiders owner Mark Davis met with the Southern Nevada Tourism Infrastructure Committee.

Adelson – along with Goldman Sachs, the project’s backup investor – later pulled out of the deal, but the gap was filled by Bank of America; Nevada’s legislature also approved a $750 million public subsidy (via a 0.88 percent increase in hotel occupancy taxes) for the stadium in October 2016, and the Raiders themselves will invest $500 million of their own money in the project. Overall, the stadium has a $1.9 billion price tag, which includes a $100-million practice facility.

The Oakland Raiders were founded on January 30, 1960, as a member of the American Football League; they are currently members of the National Football League, which merged with the AFL in 1970. Over the years, the Raiders’ fortunes on the gridiron have flip-flopped regularly, going through losing streaks but becoming dominant within the league as well, culminating in an easy 1980 victory over the Philadelphia Eagles in Super Bowl XV. At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses.

The Raiders have courted much controversy over their seemingly nomadic tendencies; in 1982 the team relocated to Los Angeles (while still retaining the ‘Oakland’ moniker), and would remain there until 1995, at which time they returned to Oakland. On March 27, 2017, NFL team owners voted nearly unanimously to approve the Raiders’ application to relocate from Oakland to Las Vegas, Nevada, in a 31-to-1 vote. The Raiders will remain in Oakland through 2018 – and possibly 2019 – and relocate to Las Vegas in either 2019 or 2020.

The stadium and the prestige of having their very own NFL team on-hand is part of state government’s goal of solidifying the very backbone of Las Vegas’ lucrative tourism industry, according to a statement released by Governor Brian Sandoval.

We have before us the opportunity to invest in Nevada’s most foundational industry, tourism, by providing for the infrastructure and public safety needs of the 21st century,” he said. “We can and must usher in a new era for tourism in the Las Vegas market, while keeping our citizens and visitors safe, and ensuring our position as the global leader in entertainment and hospitality.

The stadium is anticipated to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

All of this will translate into a significant amount of fresh revenue being pumped into the Vegas economy, and in any market experiencing employment and wage prosperity, it’s attractiveness as a place to live is sure to increase as well. This is anticipated to result in an increase in home and apartment prices in the area, where quality housing options are already shrinking and are priced at a premium. More than ever – fueled by the arrival of the Oakland Raiders and a brand-new football stadium – Las Vegas will become a seller’s market within the next few years.

However, all the details have not been set in stone yet; terms for a 30-year lease with the Las Vegas Stadium Authority still to have terms ironed out, and property upon which to actually build the stadium still needs to be secured; one proposed 63-acre site is located near McCarran International Airport. However, these are considered to be minor issues with all parties committed to making Las Vegas the new home of the Oakland Raiders a reality.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Las Vegas Real Estate Market Continues Slow But Steady Climb

LAS VEGAS, NV – Local real estate continued its slow but steady climb upwards during the month of February, with prospective homeowners buying more properties – at higher prices – in a busy marketplace where fierce competition is resulting in steadily dwindling options.

The advances made in the real estate market of Las Vegas are especially apparent when you look at how far it has progressed within the context of a year ago; in Southern Nevada, single-family dwellings have gone up nearly nine percent since February 2016, with the average home currently going for approximately $240,000. 2,249 single-family homes were sold in the Southern Nevada area in February, an increase of 6.5 percent from one year ago.

Likewise, the demand for home loans and mortgages have seen an uptick in activity recently as well; last year in the Las Vegas area, 36,130 home-purchase loans were taken out, which is an 8.5 percent increase over 2015. In fact, the home lending market in the Southern Nevada area has seen continued growth for the past three years and running.

Of course, with the increasing demand also comes increasing prices; that rings true for just about any commerce field, of course. In February of 2012, the average price of a single-family home in the Las Vegas area was about $121,000; fast-forward to 2017, and that same home will set back a buyer $240,000 – a whopping 100% increase. Home prices have consistently increased year-by-year in the area, with the same home in 2015 costing $205,000, $220,350 in 2016, and so on. After enduring a series of peaks and valleys, the real estate marketplace has stabilized and has begun to rise once again.

Furthermore, and comparatively speaking, home prices in Las Vegas are among those that are rising more than elsewhere throughout much of the United States. Whereas the national median single-family home price in February 2017 was $195,300 – a 7.2 percent bump from the same time one year ago – the same home in Las Vegas was fetching $216,400; this represents an increase of 9.8 percent, 2.6 percent higher than the national average.

The reason why more buyers are taking the plunge and committing to buying homes in recent years is simple; a steady population increase in the region, coupled with a slowly-but-surely growing economy and a job market that has boasted regular improvement, has given consumers – many who have been putting off starting families until they were in a position to be able to afford a home – the confidence to finally plunk down the dough on a dwelling of their very own. In addition, the price of the average home in the state of Nevada is still lower overall than many other neighboring states, including cities in California.

However, while the steadily-growing demand for real estate in the region is clearly there, the options to satisfy that demand are starting to shrink; by the end of February, 10,725 single-family homes were on the market, up slightly from the month before but representing a 17.5 decrease from the year-to-year average. Clearly, the rise in demand has caused the available housing resources to decrease in size, and this should go hand-in-hand with continued price increases going forward into the near future.

As you can see, after a long period of dormancy nationwide, the real estate market is slowly transforming back into a seller’s market rather than a buyer’s market, and there’s nowhere this is more readily apparent than in Las Vegas. If you are considering purchasing a home in the Southern Nevada region, it’s best to start weighing your options sooner than later – and if you need help, that’s exactly what we’re here for; contact us today.

Considering Southern Nevada as a potential for investment? Las Vegas real estate is one of the most common targets for real estate investors as of late. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas High Rise Real Estate: Palms Place Offers Good Value on Their Condo Units

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.

Out on the Penthouse Terrace!

Out on the Penthouse Terrace!

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.

Las Vegas Mortgage Credit Info: Experian and Transunion May Begin to Include Rental History as a Part of Credit Scores

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.

The Importance of Renter’s Insurance

Shelter Realty, per our lease agreements, requires all tenants to purchase renter’s insurance.  Many tenant’s inquire as to why we require them to purchase rental insurance.  Laurie Yakubik with Farmer’s Insurance has provided the following information about the importance of having renter’s insurance.

HOW RENTERS INSURANCE HELPS COVER YOUR VALUABLES

Imagine a moment you’ve just returned home from a long day at work to find there’s been a fire. Everything you owned has been destroyed: your flat-screen TV, computer, furniture, books, game consoles, CDs, jewelry, collectibles and clothing. Where will you stay until your home is renovated? Who will pay to replace all your belongings? Not your landlord.

A Farmers renters policy can be the answer. It provides coverage to help you to replace your lost or damage items. If you suffer a covered loss, we’ll reimburse you for your lost or damaged items. And if the loss makes your home uninhabitable, we’ll also pay for the additional living costs for hotel, meals and related expenses.

Renters policies are very affordable, generally ranging from $12-$20 each month. For less then a dollar a day, you can have valuable insurance coverage!

BENEFITS

  • Personal property coverage
  • Personal liability coverage
  • Additional living expenses

OPTIONAL COVERAGES

  • Personal articles floater
  • Jewelry, furs, fine arts

For more information on renters insurance, feel free to give Laurie Yakubik a call at 702-456-8119 or visit her website at http://www.farmersagent.com/lyakubik

What Are Your Investment Goals? Helping Investors Choose Las Vegas Properties and Manage Them

What Are Your Investment Goals?

Many real estate investors are finding the Las Vegas area, including Henderson and North Las Vegas, a great place to meet their investment goals. Investors from out of state or out of the country are flooding the market with cash and snatching up homes. Especially these days, you often find news articles talking about how much real estate has gained in value; investors feel pressure to purchase as quickly as possible, since the appreciation rate is going up faster than expected.

Buyers who were waiting for so called “Shadow Inventory” missed their chances to purchase at the bottom. Now we see bank owned homes listed at higher than traditional sales, banks are not flooding the market with low-priced homes at present.

For investment, not only purchase price and location, there are many other factors that have to be considered. Many home owner associations restrict renting homes, and some communities have too many available rentals on the market. To help you acquire the best investment property for your needs, we provide rental comparatives of the same subdivision which include the number of available and leased homes or units. We also research the history of each property and check the prices in the same communities at the peak of the real estate boom.

Home owner association fees, master plan fees and SID/LID will add up your monthly expenses. Repair costs, landscaping, window blinds and appliances also have to be considered.

Atsuko Winston and Sachi Reeske together hold a property manager permit, short sale designation CDPE, bank owned BPO/REO designation and single family CFAC/SFR certification.  We assist investors daily in purchasing properties and placing good tenants in them.

Reprieve for Las Vegas Home Owners: Mortgage Debt Forgiveness Act Extended until Jan 1, 2014

Reprieve for Las Vegas Home Owners: Mortgage Debt Forgiveness Act Extended until Jan 1, 2014

Las Vegas home owners of primary residences who were facing foreclosure in 2013 would have faced serious tax consequences without this extension. The original Debt Forgiveness Act of 2007 signed by President Bush allowed for owners of principle residences who either were foreclosed upon or who short sold their home to avoid significant capital gain taxes. Owners were exempted from the heavy taxes as long as their home was considered a principle residence during the preceding five years and the debt forgiven was used to purchase the home or were used as documentable improvements to the residence.

Congress has now extended the Act through 2013 which will help both types of owners, those who get foreclosed and those who want to do a short sale. Owners who know they cannot get a loan modification and are considering a short sale have a clearer path to selling their home and debt relief.

Any persons with questions may call Shelter Realty for a personal assessment if a short sale is a good option for them. He may be reached at 702-376-7379.

Pictures of New Home Construction Process in Henderson

Las Vegas area resale inventory is still showing a shortage of available homes for sale. Whether more foreclosed homes will come out on the market or not, you currently hardly see any bank owned homes available here in Henderson.

Responding to current market conditions, new home builders are confident and raising prices aggressively. I was told that we had to win a lottery to get a parcel of land we wanted to purchase. It reminded me of the bubble boom time.

A young couple from overseas signed a contract in July for a new home, since then the builder raised prices a couple of times totaling over 20 thousand dollars.

KB Home sales person Barry Goodman sent us pictures of the afore mentioned home construction every week.

Here are some pictures of the home (Inspirada, Henderson)

Aug 5, 2012 Trenching

Aug 11, 2012   Post Tension Slab

Aug 18, 2012   Framing

Aug 24, 2012   First floor completed

Sep 2, 2012     Second floor is done

Sep 8, 2012     Windows put in place

Pictures provided by: Barry Goodman / KB Home

For more information on new homes, please contact Atsuko Winston at 702-461-5694 or Sachi Reeske at 702-324-8678.

Seven Hills: Tuscan Getaway Minutes from the Vegas Strip

Tired of the hustle and bustle of Las Vegas?

While it is true Las Vegas is considered Sin City, even the most ardent of Sinners must eventually repent. And what better place then in the rolling hills of the Tuscan inspired community of Seven Hills. This is truly one of those magical places that can whisk you away from where you are and take you far away to the romance of the Italian countryside and yet still give you breathtaking views of the Las Vegas Strip.

Many of you may wonder what the significance of Seven Hills is. It’s said that it was named after the Seven Hills that Rome was built on. Though it is more of Tuscan design than Roman, the feeling of Italy is still here. You can see it’s impression on every stone. I doubt either Roman courtesans or the Emperor himself would find fault with this beautiful community.

Seven Hills is located only about 20 minutes from the strip in the Henderson area and is literally minutes form the heart of Henderson, so shopping and entertainment are never far away. The community is broken up into around 25 different communities, each with it’s own Italian name, lest you remember you are still in Vegas. There are gated communities within gated communities giving an even greater air of exclusivity. Within these communities the properties vary immensely from beautiful town homes to incredible Tuscan villas.

Are you looking for a nice evening out with the family, but don’t want to go too far from home? Shared amongst the residences are 4 large parks with tennis, volleyball, basketball, and even soccer fields. Maybe you’ve had a hard day at work and are looking for something a little more serene? How about a picturesque walk through one of the many winding paths or perhaps a relaxing bike ride on one of the bike ways. Or possibly, you would rather just sit and relax, and gaze at the surrounding mountain views above, or the Las Vegas strip lit up at night, down below.

Are you looking to live in the luxury the emperor himself might have lived in? There is a place for you here as well. The Estates at Seven Hills is one of the most exclusive communities in Henderson. And for those of you that love golf it’s the perfect place to reside. Within the Estates lies what Golf Digest named one of the top 10 new golf courses in America. The Rio Secco Golf Club. It was designed and constructed by none other that Rees Jones. The course itself has some of the most breathtaking views around and the homes that border the course offer some incredible views of the course itself as well as the Las Vegas Strip. If you find the course too challenging, don’t feel bad, it’s even given some professionals a run for there money. Luckily for you however, the Butch Harmon School of Golf is also located here so you should be able to improve your game in no time.

So whether you are a courtesan or an Emperor, or just a loving family looking for a magical place to live, Seven Hills is waiting for you. Come home to the Tuscan countryside, come home to Seven Hills. For more information on homes in the Seven Hills area, please call Len Musurichan @ 702.308.1003.

The Martin in Las Vegas

Thinking of buying or renting a condo at The Martin in Las Vegas? Three words location, location, location!

Cross over the hardly used Harmon bridge making use of amenities, such as Range Rover car service along with concierge service providing any tickets to shows or sporting events, ensuring an effortless night on the town.  Or simply get away from the Las Vegas hustle and bustle by using the main road the martin is located on and hit the freeway off Tropicana.  Planning a visit to your home away from home? Call ahead and have the concierge stock your condo with food before you come into town for a weekend stay.

Once you pull up to The Martin allow white glove valet attendants to take care of parking your car and even give it a detail if you wish.   Why go out when you can stay in? The health and wellness programs, fitness center and yoga studio, spa, steam rooms, and cabanas poolside will ensure a full day of relaxation, while the house cleaning service takes care of the to do list in your residence.

After a long hard day of relaxation why not take advantage of the beautiful Las Vegas Strip views and entertain some friends or simply catch up on your favorite tv shows via direct tv satellite which is included in the your low HOA fees.  The Martin takes care of you , your pocket book and well being!

For more information about about buying, selling or renting at The Martin, give Len Musurichan a call at 702.308.1003 or send him an email at len @ shelterrealty.com

Avoiding the pitfalls that come with older rental property and finding profit the aging housing stock.

One of the realities of real estate is that it needs maintenance and upkeep. The older a property the more issues tend to arise that will cost investors, landlords and homeowners more and more money. The trend in Las Vegas is to invest in newer property that will have less maintenance issues and in turn less tenant phone calls. The idea is to keep the management costs to a minimum. Many companies will manage older property because of the additional time and expenses that tend to come with older property. However, you may be missing out on some great deals and fantastic opportunities to make money or find a home if you set your sites on only newer property.

There are ways to limit the future issues that will come up with an older property and they often do not cost as much when done in advance. The major expenses come in when you find out a water line running through the attic springs a leak which can lead to the replacement of the ceiling, insulation and light fixtures. Another major headache can if the water heater is located inside the property and not in the garage. If the water heater leaks or rusts enough to leak out the bottom you could have a repair bill out of this world.

The question is whether you can do things to limit major issues and expenses to make it worth while to consider an older property as a home or investment. You may be able to find what you want in investment property in Las Vegas today that is only a few years old but this will not always be the case. The housing stock will get older and older. If you are not willing to consider properties more than 10 years old you will be limiting your opportunity to find great deal.

How can you avoid some of the headaches and costs of owning older property in Las Vegas? The number one answer is better preparation and planning. You will have to account for somewhat higher maintenance costs that are completely normal in older homes. In order to cover the higher costs you will have to look for property that will get slightly higher cash on cash return than newer units. This is simple enough to by just looking for slightly undervalued property in rental areas that have monthly rental pricing that has remained strong. There are many of these areas in town and there often is far less difference in rental pricing then there is in home price variation. Rental rates seem to fluctuate less over large areas of town where home prices can be much more inconsistent.

Once you find the property you like you can evaluate any issues that may lead to more management complications. Nearly everything can be fixed in older homes but there is always a price to pay. Some things are just not worth fixing if it will mean you will spend 10 years trying to recoup the cost. However, most property can be put in perfectly good rental condition by spending a reasonable amount of time and money before you find a tenant.

I will go into more detail about the minor and major things you can do to make owning an older rental property another profit center for you portfolio.

Has your nest egg become your anchor? Just about everyone is in the same position. We can help get your head above water again and allow you to take control of your future. Call me today and find out your best options to get out from under your monster mortgage. Don’t let the housing crash control your future. You have options.

Increase Your Real Estate Returns Using Leverage

Leverage is the number one reason you can get such great returns on real estate. Most people don’t understand leverage or understand the principals that make leverage such a fantastic tool in your real estate investing arsenal.

First let me define leverage in the way it applies to real estate. You use leverage when you buy a $200,000 property with a 20% down payment and borrow the rest of the money from the seller or the bank. If you paid cash for the property you would need to come up with 200,000 and change at closing to take over a piece of real estate. You would be using no leverage and you would be looking for a return on your capital that would be similar to what you would get in other investments. If you made $2400 in rent per month and after expenses put $1500 cash in your pocket each month you would make $18000. This $18,000 would be your yearly return on capital invested. It is a good return and it is possible to make a good living buying property for cash. You can calculate your cash on cash return by taking your $18,000 profit divided by your $200,000 investment.

The number is given as a percentage. You would end up with a return of about 9% for the year. This is a good return on capital but not nearly what you can get if you use leverage to make your purchase.

Let me give you the same example but with a 20% down payment. You would have to bring $40,000 to the closing for your down payment and you would be financing $160,000 from the seller or the bank. Rates are relatively low now but they tend to be higher on investment property but I will use 6% rate of interest on the $160,000 financed. We can calculate what it will cost you in interest the first year by taking 6 % of $160,000. The amount of interest on your loan will be $9600. You are paying $9600 the first year of your loan in interest to use leverage. If you fully amortized the loan you will pay $959.28 a month principal and interest.  This also leaves you the 160,000 in cash that you would have been investing in one property available in your bank account for other purchases so you are keeping your options open to buy more real estate.

Let’s take a look further at my example and see if you can actually make more money by using leverage.

You will still receive the same 2400 payment for rents per month except now we need to add in the interest cost into the calculation. You will still be taking in the 18000 a year but you have to pay your mortgage or at least the cost of interest out of cash flow.  You will pay principal and interest of $11,511.36 out of your gross rents and your free cash flow at the end of the year will be only $6489 in our example. It looks like a lot less but let’s pencil out what return you can actually get by using leverage and not paying all cash.

We take the $6489 net gain for the year and divide it by the amount of capital invested which is 40,000 this time. So what looks like smaller gain in income becomes a much greater return as a percentage of your capital because the new calculation comes out to over 16% return on your investment.

Leverage is the key to profiting from real estate. It is possible to double or triple your return on capital invested by financing a portion of the deal. The lower your down payment the greater your return on your money.

If you have any questions about investing in Las Vegas Real Estate, give us a call at 702.376.7379!