October 31, 2011

Las Vegas Housing Market -2011

October 12, 2010
The smart meter project will create 200 new jobs in Nevada. "What we want to do is provide that information so that at any given time during the month, they can say, 'I need to do something. Maybe I need to turn my thermostat a little bit higher. Maybe I need to pull the plug on my plasma TV rather than have the radiator run at any time,' and that will translate into instantaneous savings and the bill will be lower," said NV Energy CEO Michael Yackira.  Starting in February, you will be able to log on to your NV Energy account or call customer service and find out exactly how much power you've used that day that month and how much it costs.

 By the end of 2012, there will be 1.4 million in the state. Those $100 meters were paid for partially by stimulus money through the Department of Energy and partially by NV Energy. The smart meters are designed to give residents more options and more control over their personal power usage.

Every residence will get a letter 30 days prior to the meter's installation, and then a phone call five days before. Even if you're not home, the new meter will be installed and you will be given a kit showing what was done. You don't have to take advantage of the meter's features, but every residence and building will get them.

October 5, 2010
By Buck Wargo
The commercial real estate market showed some signs of life in the third quarter.

The office vacancy rate in Las Vegas decreased for the first time in seven quarters and the retail vacancy rate has fallen more than two percentage points in the past year as leasing activity has increased, according to CB Richard Ellis.

Analysts said, however, that movement in the quarterly numbers shouldn't be viewed that the market has recovered. That will only happen when more jobs are created, additional office space is needed, consumer confidence improves and spending increases to warrant more retail space.

The Las Vegas brokerage's report shows the free-fall in the commercial sector may be at an end and comes as developers of one of Las Vegas's few major commercial projects under construction during the recession are doubling down on Southern Nevada's recovery.

RA Southeast Land Co., an entity formed by the current owners and developers of Tivoli Village, has acquired 23 acres adjacent to its mixed-use development.

The vacant site is on the south side of Alta Drive at Rampart Boulevard, across the street from Tivoli Village, a project of Israeli-based IBD Development Corp. and EHB Cos.

"While many developments and construction projects have been significantly slowed or halted in Las Vegas, we remain confident in the city's future and steadfast in our vision for this dynamic mixed-use corridor," said Frank Pankratz, president of the EHB Companies in a statement.

In its third quarter report CB Richard Ellis reported that the retail vacancy rate has improved over the past year and that increased leasing and taxable sales are an encouraging sign about the long-term outlook of the Las Vegas retail market.

The valley-wide vacancy rate was 11.1 percent in the third quarter, down from 11.3 percent in the third quarter. The vacancy rate was 13.2 percent in the third quarter of 2009.

For three of the past four quarters, more space has been occupied than has been vacated. Leasing activity has averaged more than a half million square feet per quarter for the first nine months of the year. The 1.6 million square feet leased in 2010 is 33 percent higher than the first three quarters of 2009.

The office market also showed positive signs in the third quarter with vacancy rate falling to 24.1 percent, down from 25.4 percent in the third quarter, the first decrease in seven quarters.

The third quarter marked the first time this year when more businesses occupied space than vacated it, CB Richard Ellis report.

September 2, 2010
The Appliance Rebate Program Gets New Life
 The Nevada Office of Energy took about 15,000 reservations for appliance rebate claims, but about 7500 of those claims were not redeemed and that leaves more than a million dollars on the table for you!

If you would still like to replace an old appliance with a new Energy Star model, you might like to get a little cash back for it.  Qualifying frig models can get you $200 cash back.  The lowest rebate amount is $100 and that's for a dishwasher.  The rebates are only good on qualifying models of refriderators, dishwashers, clothes washers and freezers.  Stores have the list of those models or you can get them on line before you go shopping.

The federally-funded program has about 1.2 million dollars left to hand out.  This time around, you can check on-line to see how much money is in the state fund before you decide to buy an appliance.  Right now there is no deadline for the program; it will continue until the money runs out.  And you must now purchase your appliance FIRST, then apply on-line, and then send in your proof of purchase and paperwork.  That's changed from the original program because so many people made reservations to purchase, then never followed through.  Rebates should be mailed out within 60 to 90 days.

Learn more about Green Living here

June 29, 2010 - Home Prices on the Rise
Home prices increased in the Las Vegas real estate market from March to April by 0.2%. This is about average for the nation. If you are considering buying, now is the time. Prices at this point may really start to go up. Consider owning your perfect Las Vegas home now.

June 23, 2010 -  Thinking about Renting a High Rise?
Continued.... Not only does this allow those that may not be able to afford to buy or choose not to at the time to gain access to amazing condos while the developer wait for the market to regain more profit.  Regardless of the reason, there are still many Las Vegas condos for sale at phenomenal prices or if renting is better your taste find some great deals in Luxury condos. Please contact us today for the latest in Las Vegas homes listings.

June 15, 2010 -  Nevada Real Estate Market Picking Up
Continued...  Applications for residential and commercial construction permits are up and rates are still low. These permits should increase at least 1.5 percent in 2011.  The addition of the 6,000-room CityCenter complex in December has meant an even more competitive environment for the hotel gaming industry and therefore new jobs which bring about more need for housing. Contact BHG for the latest in new homes in Las Vegas.

June 3, 2010 - Henderson Offers Free Forclosure Prevention
A free event was hosted by the city of Henderson for foreclosure prevention. The event will be at the Henderson Convention Center from 4-8pm and people will get to speak with government representatives, HUD- certified counselors, mediators and real estate agents.
This is a great opportunity to learn more about how to save your home from foreclosure and get your questions answered by top professionals in the business.

If you are interested it might be best to bring along some mortgage statements, Tax returns and bank statements for a better understanding of your position. Give us a call for more information.