Existing Homeowners Happy about Extended Tax Credits!

Las Vegas real estate agents and homeowners alike are celebrating the news! It looks like the first time home buyer tax credit will be extended through April 30th of 2010, and more buyers than ever before are now eligible to take advantage of the new credit guidelines. Income caps have been raised from $75,000 to $125,000 for individuals, and from $150,000 to $225,000 for couples. In addition, move up homeowners are going to get a piece of the pie as well. Any homeowner who has owned his home longer than five years can get up to a $6500 credit on the purchase of a new principal residence. (The credit is available for the purchase of principal homes costing less $800,000, and vacation homes do not qualify for the credit.)

So what does that mean for the local market? The inventory of Las Vegas homes for sale has already dwindled dramatically in the third quarter of 2009, with less than 8,500 single family homes on the market at the end of October, down from a high of over 25,000 in October of 2007. Price decreases of more than 50% in the market lured investors back into circulation during 2009, and first time homebuyers, squeezed out during the boom, took advantage of affordable pricing. Competition for Las Vegas foreclosures has been fierce, with multiple offers submitted on properties under $250,000. (One property received a record 75 offers in less than three days on the market!)

One of the most frustrating aspects of the market during the past year, for both buyers and agents, has been trying to get an offer accepted. With more than 80% of the properties for sale being either bank owned foreclosures or short sales, the process has been arduous to say the least. Many buyers on short sales have waited over 6 months waiting for bank approval only to have the short sale package denied or to find out that the bank had foreclosed on it, even though there was a valid contract in escrow. And in some cases the sellers have “disappeared” prior to closing since they are getting no money out of the sale. Most buyers have had to put in more than a dozen offers on properties before finally getting one accepted. Plus the banks are writing all the rules. Negotiators are requiring full preapprovals from Las Vegas mortgage lenders before they will even consider an offer. And buyers are taking homes in “as is, where is” condition with no repairs made and no warranties or recourse against the sellers.

With any luck the new tax credit for move up buyers will stimulate “real sellers” to put their existing homes on the market. They will be pleasantly surprised to find that they are able to command more money for their homes than the bank repos and short sales, as frustrated agents and buyers will be zeroing in quickly to claim a “normal” transaction without all the headaches and hoops of the repos and short sales. Higher sales prices for homes should stabilize the market as well, and may even lead to increases by the time spring buying season rolls around. So break out the champagne and the paint brushes!

Las Vegas Foreclosures and Short Sales

We get this question all the time – what is the difference between a foreclosure and a short sale? And which is the better deal?

A foreclosure or REO (which stands for Real Estate Owned) is a property that the bank has already taken back through the foreclosure process. The owner has moved out and the bank holds legal title to the property. In some states the previous owner still has a “redemption period” to get the home back from the bank. But Las Vegas foreclosures are final and the bank can turn around and sell them right away. An offer on a foreclosure property can take anywhere from one day to two weeks to be accepted by the bank and usually 30 to 45 days from acceptance to close.

A short sale or pre-foreclosure, on the other hand, is where the owner owes more money on the property than it is worth and is trying to sell it for less than the amount owed. An offer to purchase may be approved by the owner (who is not going to walk out with any cash anyway), but the contract is still subject to final approval by the bank (or banks if there is more than one mortgage on the property). The bank has to agree to take less than what they are owed. Once a bona fide offer is received, the seller is required to write a hardship letter stating why they should be eligible to do a short sale. They must also provide bank statements, paycheck stubs, and a financial statement to show that they cannot make the payments. In addition, the seller’s Las Vegas real estate agent must provide a market analysis of the most recent comparable sales to justify the selling price. The bank will also send out their own appraiser some time during the process to get an independent analysis done.

Just the approval on a short sale can take anywhere from 60 to 120 days, and sometimes even longer. Until the bank approves the sale, the buyer is in limbo, not knowing whether they will actually be able to buy the home. There is, unfortunately, no way to speed up the process. The banks won’t even talk to the real estate agents or sellers in the meantime to let them know what the status of the approval is. Often the property goes to foreclosure sale before an approval can be generated.

In either case, don’t expect to have repairs made or receive a lot in buyer concessions (closing costs paid by the seller). Most short sales and foreclosures are sold “as is, where is.” Banks will only be willing to do the minimum repairs to a property that will allow it to be financed. (Missing flooring, missing stove or A/C, etc.) On a short sale the seller does not have the money to make repairs at all.

In the past six months we have seen many short sales on Las Vegas homes and condos that have been foreclosed upon even though there was a good offer on the table. The kicker is, after the foreclosure is complete the bank often turns around and lists the property for LESS than the offer that was tendered!

Though this doesn’t seem to make any sense, there is actually a good rationale behind the bank’s actions. If a bank approves a short sale, they cannot write off the loss (the difference between the mortgage owed and the actual sales price). With a drop of more than 30% in the Las Vegas real estate market over the past two years, a home that was worth $300k might now only be worth $200k. If the buyer got in with no money down originally, the bank is facing a principal loss of $100k plus expenses and past due interest payments.

But if the bank forecloses on the property, they can write off 100% of the loss. Now they can afford to sell that $200k home for $170k and still come out ahead of the short sale scenario by taking the $100k+ write off on their taxes.

Generally speaking, we can get our clients better deals on Las Vegas condos and homes by targeting foreclosure listings. Foreclosure buyers need to keep in mind that EVERYONE is looking for those deals right now. Sales volume in Las Vegas in August and July was back up to 2005 levels, and most well priced foreclosures have multiple offers submitted. Most foreclosures are actually selling above the listed price, not below.

Buyers need to keep in mind that these foreclosures are steals to begin with. Then they need to have a savvy agent that can provide comparables to judge a home’s true worth. It’s not how much you can “get off” the sales price that counts – it is how much the winning bid is in relation to the home’s value. Buyers need to be patient and realize it might take anywhere from two to six offers to acquire the home of their dreams at the price they want to pay. But IT CAN BE DONE!

Financing Canadians for Las Vegas Real Estate

We have discovered a great lender for Canadians wanting to buy Las Vegas homes or condos, either as a second home or as an investment! This lender charges no loan discount points or origination fees, and the rates are the same as what a US citizen can obtain.

Lately all our blog posts have been about finding Las Vegas mortgages for our clients. With the high rate of national foreclosures, many traditional venues and programs have been discontinued, leaving buyers, even those with substantial down payments, in limbo. It has truly been a challenge for us to find mortgage lenders with reasonable down payment and rate structures.

In our never ending quest for foreign national financing for Las Vegas real estate purchases, we have literally stumbled across a lender who is able to loan money at competitive rates to Canadian citizens. This lender is able to use Canadian credit scores and income to provide mortgage loans for the thousands who are trying to flee a harsh winter climate for a few months each year.

General program guidelines for this lender are as follows:

The program is available for both second homes and Las Vegas investment properties. The minimum down payment is 20%, although the best financing on investment properties would be with a 25% down payment.

The programs that are offered are full qualifying loans. Available are the 3/1, 5/1, 7/1, and 10/1 Adjustable Rate Mortgages. Each is a 30 year loan with a 30 year amortization locking in the loan rate for the short term of the loan. For example, if you got a 3/1 ARM, your start rate would be locked in for three years. (Rates are typically lower for shorter loan locks.)

The typical documentation list is as follows. Based on your own individual circumstances, more documentation may be required:

2 years personal tax returns including all pages and schedules
2 years T4s
2 years corporate tax returns including all pages and schedules (if self employed)
Most recent 2 months bank statements reflecting name, account number, and 2 month transaction history
Most recent 1 month retirement / investment account statement reflecting name, account number, and current balance.
Mortgage statement on any property owned in borrowers personal name reflecting name, property address, current balance, current interest rate, and current payment.
Line of credit statement on any property owned in the borrowers personal name reflecting: name, property address, current balance, current interest rate, current payment, and available balance.
Lease agreement for any rental properties.
Clear copy of passport to include the signature page and picture page.
Two unique benefits of this lender are their rate renegotiation prior to closing and their loan modification process.

The rate renegotiation is available to a client in the event that they lock their rate in but before closing rates drop. The borrower has the ability to renegotiate the rate to that day’s pricing with a modest premium paid.

The loan modification process would come in to play should rates drop after the borrower has closed the loan. There is a one time modification available to the borrower. It allows them to simply lower the rate with no documentation, appraisals or closing fees that a refinance would incur. It is one page that the client signs and it gets recorded behind the deed of trust. Again, a modest fee is paid for this privilege should the borrower elect to take advantage of it.

Like all loan programs, there is no guarantee on how long this one will last. So if you are a Canadian citizen who has been thinking about purchasing property in the States, call us right away so we can put you in touch with this lender. 702-985-7654 Once your financing is in place, we can find you a phenomenal STEAL on Las Vegas foreclosures! Las Vegas Nevada real estate hasn’t been priced this low in almost ten years.

Financing for Foreign Nationals Discontinued – Easy Come, Easy Go

Once again the mortgage lending guidelines have changed with the wind. For a brief period there was a window for foreign nationals to obtain mortgage financing on investment and second homes in the United States with down payments as low as 25%, but now that window has been slammed shut along with a host of other “make sense” loan programs. (Don’t even get me started on condo hotels that can’t be financed by anyone with even 50% down!) 

Many of the foreign nationals who contacted us in recent weeks were willing to put down as much as 30% to 40% or even 50% on Las Vegas foreclosures. With the current housing market crunch, what are the big banks thinking? Here are people with real money, good credit and big down payments that would love to take advantage of lower prices and they can’t get financed?!!! Some of these investors were already under contract on projects in development, and they may have to walk away from substantial deposits unless alternative financing is brought online. (Just as a side note, permanent resident aliens are still able to obtain financing on the same terms as US citizens. If you are a permanent resident alien and need a Las Vegas mortgage, please contact us at 702-985-7654 so we can put you in touch with the right lender.) 

On top of all this, with the stock market dives globally, even those foreign investors who didn’t need financing and were planning on paying all cash are now stepping back as they watch the value of their portfolios diminish. The Euro is back down to 2005 levels and the British pound has plummeted even below that level. 

Canadians, who saw their dollar rise to all an all time high against US currency at $1.10, have watched it tumble in just the past few days to 79 cents versus the US dollar. Literally thousands of Canadians were looking for winter getaways in the US, but have had to put their plans on hold. Again, many of these were all cash buyers looking for modest Las Vegas condos under $100k, but with the devaluation of their dollar they have once again been priced out of the market without financing. 

And even US citizens are being crunched/punished in the mortgage marketplace. The latest is that anyone who has three or more properties with any kind of mortgage on them cannot get financing for a fourth property. Again, even if they are willing to put 50% down and have low loan to value ratios on their existing properties and excellent credit and income, they still can’t get a fourth loan. Not even if you’re Donald Trump. 

With all the resale Las Vegas homes and condos for sale, not to mention the hundreds of thousands nationwide, and all the opportunities to pick up great deals on foreclosures, our banks are not willing to lend to these impeccable buyers who want to buy and have money. Certainly I am not suggesting we should go back to no or low money down programs with no income or asset verifications. But why not create some solid loan programs to entice these good buyers, whether or not they are citizens of the US? The banks would be able to lower their inventories of properties substantially, which would in turn stimulate the economy and gradually raise prices again in a controlled manner.  

All I know is that in the months to come, those with cash who are willing to take a chance on the market now are probably going to come up looking like geniuses in couple of years. My other prediction is that while Las Vegas real estate was one of the first to fall, it will also be one of the first to recover, and I am personally putting my money where my mouth is.

Foreign Investors Scramble for Financing on Las Vegas Real Estate

With the dollar expected to rise against foreign currencies later this year (that trend has already started), foreign investors are hurrying to purchase real estate in the US while their dollar goes further. Most of these investors are targeting the Las Vegas real estate market in particular, where the sharp decline in prices (due to the high amount of Las Vegas foreclosures) and the world class amenities have made it an attractive get-away destination. In particular, Canadian buyers are looking to Las Vegas homes as a vacation retreat from their harsh winter climate.

Most banks will not loan on real estate outside of their own country. With all the recent shifts in the credit markets, the qualifying criteria has changed for mortgage loans in the United States across the board, including those to foreign purchasers. Prior to this year, a foreign national could obtain financing from US banks as long as they had 35% to put down with no or limited documentation. Now US mortgage lenders are requiring full documentation of income and assets on all mortgage loans without exception, though the down payment requirements have dropped.

A citizen of a country other than the US can obtain a loan for property in the US based on what classification they fall under. A permanent resident alien is a foreign national who has been granted the right to work in the US permanently and who has been given a US social security number. A permanent resident alien can purchase property under the same guidelines as a US citizen. They can get a loan with as little as 5% down payment for a primary residence, either on a fixed rate or adjustable rate mortgage at the current interest rates available to US citizens.

All other foreign nationals, including those with temporary work visas, are required to put down a minimum of 25% for properties under $650,000 or 35% for properties over $650,000, whether the property is a primary residence or a rental property. Lenders will also require the equivalent of a US TRW rating as well as full documentation of their employment income and assets. In addition, the down payment money must be “seasoned” in a US bank for at least 60 days prior to the close of escrow.

These loans to foreign nationals are only currently available as adjustable rate mortgages or ARMS. The fixed rate terms can be for 3, 5, 7 or 10 years and interest rates are currently running between 7.5% and 8.5% with approximately 5 loan discount points prepaid for the amount of the loan (points can vary on a day to day basis just like interest rates). Each point is the equivalent of 1% of the loan amount, so on a $100,000 loan 5 points would be $5,000.

Another alternative is for the foreign national to obtain an equity credit line on their property in their home country and come to the US with cash in hand. Cash offers are very strong, and enable the buyer’s agent to negotiate the best possible price on behalf of their client.

For more information on getting qualified for a Las Vegas mortgage and to receive the latest listings on great deals in Las Vegas new homes, high rise condos or MLS listings, please contact our office at 702-985-7654 or email us at sold@greatlasvegashomes.com.

Las Vegas Home Inspectors

I really must begin by thanking Diann Tonnesen for offering to allow me to blog on her site. In case you’re not aware Diann is somewhat of an icon in the Las Vegas real estate community. To be offered to provide input for her web site is truly an honor. Thank you, Diann.

Diann told me that I could write about anything I wanted to write so I chose something that has been needling me for quite some time now; the way people shop for a Las Vegas home inspector. Do you realize how most people shop for a home inspector? They gain a list of inspectors, usually from their real estate agent, and call three or four inspectors asking what they charge for the inspection. They generally do this without knowing what they are buying. Especially with all the Las Vegas foreclosures on the market being sold “as is, where is” this truly boggles the mind.

Can you imagine people shopping for a car they same way they shop for a home inspector? It would look something like this:

Ring, ring.
“Hello, Lamborghini, Mazarati, Rolls Royce, Bentley dealership, can I help you?”
“Yeah, hi. You guys sell cars, right?”
“Yes ma’am, we do.”
“What do you charge for them?”
“Excuse me?
“Yeah, you know, how much do they cost?”
“Well are you aware of what kind of cars we sell?”
“Naw, I’m really not interested in hearing about that, I’m just calling around getting prices.”
“Well we have a beautifully reconditioned Bentley on sale this week that is valued at $35,000 that we are selling as a lost leader for $22,000.
“That’s great. Twenty-two thousand hunh? Okay, I may call you back. Thanks for your time.”
Ring, ring.
“Yeah, Arties Autos. What do you want?”
“Yeah, hi. You guys sell cars, right?”
“Why sure we do. What cha lookin for toots?”
“How much do you charge?”
“Well I can put you in this sweet little Yugo that was towed in, I mean, that came in last night for say… $15,000.”
“Fifteen thousand hunh? Okay. Sweet. I’ll take it.”

Sound absurd? Well sure it does. But many, many people who are about to make what is often the single largest purchase they’ll make in their entire life shop for their home inspector and their Las Vegas mortgage loans the same exact way.

So here is where I am coming from: I retired from the Navy in 1998 after spending nearly my entire adult life as an engineering inspector. I wasn’t just an “engineering inspector,” I was an engineering inspector and instructor where I was one of eight members of an elite team that earned the distinction as the most successful engineering inspection team in the history of the United States Navy. The distinction still stands today where our success record has never been matched.

When I retired from the Navy I transitioned into the civilian world as a Las Vegas real estate agent. After several years as a modestly successful real estate agent I became very frustrated with the quality and depth of home inspections available for my clients. There simply weren’t any good inspections available. The inspectors were more interested in protecting their own liability through the use of complicated and legalistic inspection agreements than they were in protecting my clients. I couldn’t even find an inspector who would walk on a concrete tile roof. They mostly used binoculars to review the roofing.

I thought the public deserved better. I thought people wouldn’t mind paying a little more for a true quality inspection where the inspector spent hours really investigating the home rather than hiring an inspector that spent several minutes walking through the home filling out a worthless checklist that contained no actual useful information.

I set out to create such a service. Now, after nearly eleven years performing thousands of home inspections, continually refining our procedures, attending thousands of hours of training, holding hundreds of training seminars, and developing an organization that is truly unique and first class I can truly state that there is no better inspection service available in the entire Las Vegas Valley, regardless of the price. It is not an opinion; it is a fact. We have inspecting Las Vegas homes down to an art. We don’t do cheap inspections, and our service is nothing like the inspections that the cheap guys perform.

Nowadays, the most common comment I hear is that we don’t charge enough for our inspections (compared to what we provide). I once had a home buyer say that he didn’t think we charged half of what we should charge for our service. I promptly quipped, “That’s not a problem. You’re more than welcome to pay double.” To my astonishment he did exactly that.

It is a statistical fact that the average home inspector ends up in litigation an average of three times each year because of issues the inspector did not discover and disclose in the course of his inspection. In eleven years that my company has been in existence neither I nor any of the inspectors who work for me has ever been named in any litigation in conjunction with a home we inspected. We have never gone to arbitration; we have never gone to mediation; and we were recently named on the Honor Roll for the Better Business Bureau of Southern Nevada, once again, for maintaining a complaint-free status.

For the consumer who swallows the paradigm that all home inspections are pretty much the same and selects their home inspector based solely upon the price of the inspection, they often get exactly what they are looking for: a cheap inspection. But for the consumer who shops for their home inspector based upon the quality of the service provided and who is able to discount the paradigm that all home inspections are the same: these are people who draw outside the lines and when they stumble across our firm we reward them with a Picasso every time. I can only hope that when it is time for you to get a home inspection you are able to discern the difference between “Art” and “Artie.” Have a great day!

Paul J. Donohue, RHI, RREI, CREI
President / Senior InspectorSpectrum Inspection Group Inc.
8345 Coyado Street
Las Vegas, NV 89123

Email: pdonohue@INSPECTLV.com
Web: http://www.inspectlv.com/
Scheduling: (702) 269-6716

Good news for Las Vegas Cosmopolitan project

To the right, the Las Vegas Cosmopolitan Condos and the
Bellagio Hotel and Casino, to the left the MGM CityCenter project.
Photo taken September 5th, 2008.

Many proposed high rise condo projects around the country have had the plug pulled in the past two years due to cost overruns and tightening credit. Since Deutsche Bank announced they were beginning foreclosure proceedings on the Las Vegas Cosmopolitan condo hotel project at the beginning of 2008 on their $760 million dollar loan, over 1800 contract owners have been holding their breath, wondering if the development would be completed. Or if they would get their money back in full if the development was canceled.

There were many “interested parties” making bids to purchase the project, but as of this week Deutsche Bank has taken over full ownership of the Cosmopolitan under an affiliate, Nevada Property I. Deutsche Bank was the high bidder, paying $1 billion at a recent foreclosure sale to acquire ownership of the project. Those still hoping to own a piece of the Las Vegas real estate market on the Strip breathed a bit easier.

And Deutsche Bank isn’t letting any grass grow under its feet to make sure the project goes forward. It has already inked contracts with Related Companies to take over as the resort’s new developer. In addition Perini Corp. signed a new contract to complete construction work on the project. Perini has been working on the project from the beginning, and was being paid under an interim agreement since March when Deutsche Bank began foreclosing after the original developer, Bruce Eichner, failed to complete a deal to secure more financing. Increased construction costs helped drive the Cosmopolitan’s construction budget from its original $2 billion price in early 2006 to its current $3.9 billion price, and Eichner was unable to find a new partner with enough capital to infuse into the project.

A letter has already been drafted to contract owners by the resort’s new developer, Related Companies, letting them know of the management changes and informing them of progress to date. This letter will go out on Monday to almost 1825 contract holders, assuring them of the project’s completion. To date over 50% of the Cosmopolitan’s exterior construction has been completed, and it is anticipated that by December of 2008 owners will be celebrating the “topping off” of both towers, including the penthouse units. The new proposed completion date for the entire project is estimated for the second quarter of 2010.

Along with a rebounding resale housing market, this is great news for the local Las Vegas real estate market. For four months straight statistics have shown a significant rise in Las Vegas homes sales, with multiple offers on lower end properties, especially Las Vegas foreclosures. The buyers are back!

Amazing Deals on Units Available Pre Closing at the Palms

Even at the Palms Place, where most buyers were the young and the wealthy with cash to burn, there were some buyers that knew a good investment when they saw it. They took the plunge and plunked down a 20% deposit on one of the elegant Palms Place condo hotel units hoping to make a bundle by the time the property was built.

Unfortunately in the meantime the national economy stalled and the Las Vegas real estate market dropped. Now, almost four years later, many of these same buyers are unable to obtain financing in the aftermath of the subprime market debacle. They are desperate to find a buyer just to recoup part of their deposit.

The units below are all available on the pre closing market. The original purchasers of these units want to assign thier contracts prior to closing with the Palms, and these prices are far lower than the units that have closed and are already listed for resale! Check out the one bedroom unit for only $700k! Now THAT is MOTIVATED!!

	1 Bed	Strip	1.199,000
	1 Bed	Mountain	1.088,000
	1 Bed	Mountain	1.088,000
	Studio	Strip	651,900
	Studio	Strip	615,000
	Studio	Mountain	537,000
	Studio	Mountain	525,000
	Studio	Strip	548,000

                         1 Bed          Strip            700,000   -  Deal of the Day!

* All units are fully furnished
* Closing March 2008
* Studio (approx) 620 Sq. ft.
* 1 Bedroom (approx) 1,220 Sq. ft.

**Please note, the units are all on the upper level floors.  Residential units start on the 8^th floor. Floors 13, 14 and all of the 40’s have been skipped due to superstition.

If you would like to find out the details on the assignments, please give me a call at 702-985-7654 right away!

If you can’t quite afford the Palms Place but really want to buy Las Vegas high rise condos, there are also some GREAT deals to be had in the Residences at MGM starting in the high $300s.

http://www.prweb.com/releases/2008/03/prweb791764.htm

Las Vegas housing market update

Today’s blog is bits and pieces of things that are currently going on in the Las Vegas real estate market.

Clark County commissioners have given final approval to plans for the $6 billion Las Vegas Plaza Hotel and Casino Resort (modeled after The Plaza Hotel in New York) to be built on the site of the former Frontier Hotel and Casino. Despite earlier rumors that the project was stalling due to a shaky credit market, Elad chief Miki Naftali said the project was “forging ahead as planned.” Elad also owns The Plaza in New York and a Las Vegas spokesman for the group says groundbreaking could take place later this year on the 3,500-room Las Vegas Strip project which is slated to open in 2011.

Deutsche Bank announced that it was going to be commencing foreclosure proceedings on the Cosmopolitan Resort Hotel and Casino on the Las Vegas Strip. According to Deutsche Bank, they have made arrangements with the contractor to continue with construction. And sales are still being made out of the sales center in anticipation that developer Bruce Eichner will either find additional financing or will be bought out of the project. The Las Vegas luxury condos are already more than 80% sold out and the Cosmopolitan’s location is the best on the Strip, making it desirable to potential purchasers or partners, and Eichner expects to reach an agreement before long.

Two major Las Vegas residential projects, Inspirada and Kyle Canyon Gateway, are having difficulties meeting their mortgage obligations. Inspirada, a 2,000-acre project, was supposed to give rise to as many as 13,500 homes. There have been about only about 162 homes sold so far, according to Focus Group, master developer. And some of the smaller partners that are joint venturing in the project are unable to meet their commitments, leaving the larger partners to either take on their portion of the debt and put more money in, or decide to walk away entirely. With existing Las Vegas new homes builders getting low on inventory, putting these two large projects on indefinite hold would certainly help stabilize prices.

The FBI is currently carrying out a number of investigations in the Las Vegas area, uncovering fraudulent schemes involving 14 financial institutions. Some of the schemes under scrutiny include artificially inflating home values and placing low income buyers and/or beginner investors into adjustable rate mortgages that they can’t afford when the rates reset and forcing them into foreclosure.

Currently Las Vegas foreclosures are among the highest in the nation and foreclosed inventory on the market has driven down prices in the city substantially from all time highs in 2005. Investment buyers are returning to the city to pick up great buys and benefit from the strong local rental market, while first time buyers are taking advantage of affordable housing. Lower priced single family homes under $250k are even receiving multiple offers, lending strength to the belief that the price decline may have bottomed out.

Hello world!

Hello, everyone, and welcome to my our new real estate blog! Our goal is to keep you updated on the Las Vegas real estate market and real estate conditions in general around the world.

The Tonnesen Team of Prudential Americana Group Realtors has been selling real estate in the Las Vegas Valley since 1983.  Prior to joining Prudential Americana in January of 2005, the team was at Century 21 and was ranked #1 in the state of Nevada and the Southwest Region for sales, as well as placing in the top 20 of all agents nationally.  The team decided to make the move to Prudential because of Prudential’s advanced technology in the Las Vegas marketplace and the company’s commitment to quality service. After being with Prudential less than a year, the team was ranked in the top 10 in the US for total homes sold out of more than 63,000 agents nationwide.

The Tonnesen Team maintains four award winning web sites in addition to numerous neighborhood sites which generate over 800 new buyers every month in the Las Vegas market. Many of these buyers are international, as the Internet is now the chosen medium for over 83% of consumers looking to purchase real estate. Because of the extensive advertising exposure they are able to offer, Tonnesen Team members are recognized as the premiere Internet specialists in Las Vegas and as top sales leaders in many of the booming new high-rise projects going up around the Las Vegas Valley as well as traditional single family homes. 

Please feel free to email us with any questions and to visit our site at www.greatlasvegashomes.com . Or if you are interested in Las Vegas condos please visit our high rise condominium site at www.greatlasvegascondos.com.