I have the highest regard for most of my fellow Realtors. They are some of the hardest working (and most under-appreciated) people I know. But I have a real problem when a Realtor’s greed gets in the way of the client’s best interest. Those are the agents that give the rest of us a bad name.

I got a call a couple of days ago from a Michael in Miami. His client had seen a listing on my site, and he asked Michael to check into it for him as Michael had been his agent in Miami on other transactions. But Michael wanted the selling agent’s complete commission, not just a referral fee. He said he had an agent that worked with him who was also licensed in Nevada. I asked Michael if the agent was part of our Las Vegas MLS – no, the agent was just a Nevada licensee, had no MLS access and was not even in Nevada. He would not be able to show property, write up a contract, negotiate or perform normal duties as the buyer’s agent.

I explained to Michael that in order to get the best deal for the client we looked at ALL real estate listings in our MLS, not just our own. We could not pay him the entire selling agent’s commission, but would be delighted to pay him the usual 25% referral fee. But Michael was not interested in that – he was only interested in getting a full 3% on anything his client bought and couldn’t understand why we wouldn’t just show his client only our own listings so he could get paid more.

How sad is it that this client has put his entire trust in Michael and Michael is only interested in his own bottom line? We regularly refer our Las Vegas clients to out of state agents, and we go the extra mile to personally interview the agents first before making the referral. I don’t care what company the agent works for – I just want to know that my client gets THE best agent I can find.

I just referred a client last week to an agent in Big Bear – this client had tried to find an agent on her own and was NOT happy with her selection. So my client contacted me and I called around until I found someone I felt comfortable with. And my client absolutely ADORED the agent I found for her – thanks, Maureen at RE/MAX Big Bear! The client is elated because she got a great agent who found her a dynamite deal on a bank foreclosure, Maureen is happy because she got a great client, and I am thrilled that my loyal client is so satisfied.

This is a true win/win situation and the way every transaction should be. I hope Michael is reading this – it’s not just about the money, Michael.

The Ultimate Golf Course Estate

Ultimate one of a kind Santa Barbara style estate spread across four golf course frontage lot compound in prestigious guard gated Spanish Trail community inside a private separately gated enclave. Spectacular resort style grounds & living! Total living space between Main, Garden & Guest house is approx 24,000 SF with 11 bedrooms & 21 bathrooms all on over 1.5 acres. An abundance of room, extensive fine woodwork, chandeliers, custom ceiling treatments, Spanish tile, inlaid wood floors, butler’s pantry, wine cellar & living room with built-ins. Multiple terraces & outdoor areas maximize entertainment. Multiple pools, grotto spa, BBQ area, double waterfall, gazebo bar and 2nd floor party area. This is a one of a kind opportunity to own a premier entertainment home in Las Vegas near the Sultan of Brunei’s compound for WAY below today’s market value at only $3.999M!

Read more about it and view more pictures at: 1.5 Acre Spanish Trails Golf Course Estate

Be Wayne Newton’s Neighbor!

This unique custom estate in a secluded fourteen home enclave is located in the historic district of south Las Vegas. This is the area that has been home to celebrities like Wayne Newton, Clark Gable, Carole Lombard, Robert Goulet, the Sultan of Brunei and Mike Tyson. The area contains several of Nevada’s most expensive properties, including estates ranging to more than 40 acres, but it is just minutes from the Las Vegas Strip and Downtown. These distinctive homes can best be described as “desert contemporary,” with an abundance of water features, waterfalls, rooftop gardens, meditation areas and secluded courtyards that soothe and refresh. The exquisite 8,800 square foot model home won the National Homebuilder’s Home of the Year Award for 2009, and integrates such an astounding array of luxury features with smart home technology and solar power, that even the most sophisticated buyers are blown away. Pictures are of the model and builder will make changes to suit your lifestyle. Have it all, including resort style pool and landscape for only $2.64M finished.

Read more about it and view more pictures at: Custom Home next to Wayne Newton’s Estate

“We are excited to continue to provide great value to investors and people looking to make Allure their home,” said John Tippins, president and broker of Northcap, the sales and marketing management company for Allure. “I believe that the Las Vegas community recognizes the value of the building. The fact that the building is 90 percent sold out and the outlook that there will be no new competition of this magnitude within the next few years, provides buyers with the extreme confidence that Allure is the best value in Las Vegas.”

Las Vegans are not the only ones recognizing the value of the property. The Robb Report recently featured Allure in its “Where to Buy Now” section and ranked the building as the No. 1 value in the Las Vegas high rise real estate market.

With 1, 2 and 3 bedroom residences starting at only $174,900, owners at Allure Las Vegas can enjoy views from their private balconies of the surrounding mountains and Las Vegas Strip. Incorporated into these luxurious residential condominiums are 9-foot-6-inch ceilings, European-style cabinetry, granite countertops and Italian porcelain flooring. And all residents enjoy the security of a 24-hour doorman, a club room with catering kitchen, a private rooftop pool with cabanas, and on-site concierge service.

Plus Allure is one of the few new high rises offering financing to potential buyers along with buyer incentives for flooring upgrades. Allure was developed by Steven Fifield of The Fifield Companies, a Chicago-based leading real estate development firm producing luxury urban high rise condominium residences and office towers.

As per the WSJ: “The clouds hanging over upscale vacation-home markets are starting to lift. While prices are still falling in most regions, the luxury segment is picking up, and brokers are reporting more inquiries than they have had in years.

The upshot: If you have the money and plan on staying put for the long term, now may be a good time to buy.”

Luxury real estate in Las Vegas is no exception. Prices are at an all time low – 40% to 60% less than what they were a mere 5 years ago. But demand is up as affluent buyers are in the market again, and the bargains are priced for every budget.   

Excuse #1 

Enjoy true luxury living in the gorgeous guard gated Southern Highlands estates at an amazing price! 5064 sf 6br 5.5ba with fabulous amenities including granite, stainless steel appliances, dramatic wrought iron staircase, 3 fireplaces, spa tub and separate 700 sf guest casita.  The backyard has a resort style pool and spa, covered patio, and lush mature landscaping! Guard gated private country club – memberships available. Appraised for over $1.2M in 2006 and now bargain basement priced at only $440k.

Excuse #2

Las Vegas golf course homes don’t get any better than this incredible former model home on a spectacular elevated lot in Anthem Country Club with phenomenal views! Gorgeous 3571 sf 1 story with four bedrooms (fourth bedroom built out as office with private bath), black granite island kitchen, custom tile floors, 2 fireplaces, skylights, family room with built in entertainment center and TV, 2 wine fridges and more. And then there’s the yard – a lush 1/3 acre lot high above the 7th fairway with pool, spa, swim up bar and barbecue with a beer tap. True perfection! Seller’s loss is truly buyer’s gain on this one. Owners paid over $1.275M, but have priced it lower than the bank repos at only $775,000!

Excuse #3

Or how about a fabulous Las Vegas penthouse condominium with panoramic 360 degree views of the entire Vegas Valley? All three top floor penthouses of Panorama Tower II were combined to make this remarkable 14,000+ sf 6 bedroom 8.5 bath one-of-a-kind Mega Penthouse! Spectacular finishes and magnificent décor through-out, designed for the entertainer with a 14 seat dining room, 22 seat theater, multiple master bedrooms, Zen garden, and over 2800 sf of terraced balconies and patios. Not to mention the superb location adjacent to the MGM City Center and Las Vegas Strip.  Bargain basement priced at $6.5M! Priced as low as other Las Vegas penthouses with less than half the square footage, and the only other available penthouse of comparable size is listed at $20M+!

Again, according to the Wall Street Journal report, “… many second-home buyers are wealthy enough to pay in cash, sidestepping the restrictive and time-consuming mortgage process. Last year, 36% of vacation-home transactions were all-cash deals, up from 29% in 2009, according to the National Association of Realtors. “If you have cash right now, you are in unique position,” says Paul Dales, senior U.S economist with research firm Capital Economics.”

So if you have a bit of extra money lying around, bring the checkbook and cash in on these amazing Las Vegas homes for sale!

Panorama was originally slated to be a four building high rise development directly behind the MGM City Center project. Hallier completed two of the buildings, and in April of 2006 Pamela Anderson hosted the ground breaking for the third tower, previously known as Panorama North. But a collapse of the U.S. economy and the local Las Vegas housing market left Hallier and his business partners short of funds. The building was sold to pay off debt and Panorama North became “The Martin” which recently launched its new brand.

Anderson’s claim: She had agreed to give public appearances to promote the Panorama high rise development in exchange for a penthouse suite of her own. Part of the deal was that if the condo was not finished on time, she would receive $1M in cash for her efforts. She filed suit against Hallier claiming that she never received the condo or the agreed upon fee of $1 million. (Leonardo di Caprio did receive a condo in exchange for his sales efforts.)

Hallier’s counter claim: Anderson reneged on promotional appearances which led to him losing $22M in condo sales.

As one who has never been more than a 5 on her best day, just on general principal I have to hate a perfect 10 like Pamela Anderson who sets the bar way too high for most mortal women. (Please don’t take this personally, Pamela. I also hate Sophia Loren, Raquel Welch, Farah Fawcett, Claudia Schiffer, Heidi Klum and Jennifer Lopez among others, not to mention Virginia Saunders from 8th grade who stole my childhood sweetheart with her blond cover girl looks.) But to hold Anderson responsible for losing $22M in condo sales?

I have no idea whether or not Anderson’s claim for $1M in lieu of a condo is valid, as I am not privy to the contracts she signed with Hallier. Obviously Anderson did perform at least some of her promotional duties. But my personal experience in the local Las Vegas housing market does lead me to believe that Anderson should not be held accountable for a loss in sales. Celebrities may be able to attract star struck fans to promotional functions and generate initial interest in a new development, but a real estate project stands on its own merits as to whether or not those fans will buy.

Over the past 28 years we have had countless buyer requests for homes “near Celine Dion” or “close to Wayne Newton’s ranch,” or “within walking distance of Andre Agassy.” (And yes, I hate Celine too.) None of these buyers actually purchased Las Vegas homes. Most just wanted the chance to get close to the star of their dreams for a brief instant. (We have learned the hard way to ask for financials before putting these marginal prospectives in the car.)

So in my opinion Hallier’s countersuit for $22M in lost revenue is frivolous and should be dismissed. As for Pamela’s suit, who knows? And maybe she really needs the money to pay for the renovations to her Malibu home. After all, she and her kids are currently living in a trailer park waiting for the work to be done.

The first big change is their new Bank of America Cooperative Short Sale program, similar to the government’s HAFA program (but hopefully much more effective!) B of A is now allowing sellers to apply for a pre-approved short sale prior to listing their home with a real estate agent and without a purchase contract. The seller must complete all the short sale documents including their hardship letter, and must submit all their current financials to the Bank. Once the bank reviews the seller’s package, it is submitted to the investor holding the loan for final approval. If the seller is approved, they are given a guaranteed approved sales price AND they may also receive up to $2500 as a moving incentive, kind of a cash for keys.

Our first two attempts at this process have been resoundingly successful: both sellers were fully approved within three to four weeks of submitting their packages, and the prices were realistic. Both Las Vegas homes were placed on the market and both sold within a couple of weeks. One has already closed and the other is due to close next week.

This is a HUGE win for sellers, buyers, agents, lenders and title companies. As long as the sales contract follows the terms of the bank’s approval, there is no more wondering for months on end if you even have a sale! Having guaranteed approvals on short sale will also reduce the number of homes for sale in Las Vegas in the near future. And it’s smart on B of A’s part, because a pre-approved short sale will garner a higher list price and improve their bottom line.

The second big change is that now Bank of America will allow back up offers to be submitted, so that if the first buyer walks or fails to qualify during the escrow, the second buyer’s contract may be substituted without starting the approval process all over again. The listing agent can continue with the original transaction in Equator and still work with the same short sale specialist. This change will save several weeks of time by not having to repeat a number of the short sale process steps.

Since over half of Las Vegas short sales are being processed by Bank of America, this is GREAT news. Hopefully some of the other big banks will follow B of A’s lead since the current government has already proven hopelessly inadequate for the task. Kudos to B of A for thinking outside of the box and keep it up.

Unfortunately we cannot give predictions for the future. (If we could, we would be playing the international money markets!) But we can share statistics on current listing inventory vs. previous years to give buyers an idea of how balanced the market may or may not be.

Today’s inventory – As of March 4th, 2011 there were 12,238 single family homes and 2,658 residential condos listed as active (with no contracts pending or contingent) in the Las Vegas MLS system. As of January 2011 (the most recently published report supplied by the Greater Las Vegas Association of Realtors) the average sales price of a single family home was $157,081, and the average sales price of a condo was $83,828.

Inventory in 2008 – In February of 2008, there were 22,497 active single family home listings and 5,388 active condo listings. The average sales price of single family homes was $297,597 and the average condo sales price was $276,222.

Inventory in 2005 – In February of 2005, there were 14,041 active single family home listings and 2,593 active condo listings. The average sales price of single family homes was $334,732 and the average condo sales price was $189,462.

What do these statistics tell us? They show that currently there are fewer active Las Vegas homes for sale now than there were in the height of the “boom” years, but that the sales prices are less than half of what they were at that time. We are seeing cash investors buying up the “bottom of the market” because rental yields are so good at today’s low prices. (Over 51% of the housing sales in January 2011 were cash.) Sales prices are less than the cost to build new. Most Las Vegas foreclosure listings are actually selling for over the initial list price. And some zip codes in Las Vegas even experienced appreciation during the past year.

Again, no one can predict with any accuracy what prices will be in the future – there are too many global factors that could impact sales. But indications seem to be good for those that are willing to buy and hold for the long term.

via Las Vegas Real Estate Blog: Las Vegas Real Estate Agents Fire Buyers!.

My friend, Jamie, recently purchased a property in San Diego, California. This house is 80 years old and was originally the home of a sea captain’s widow. The home is only about 700 square feet and will need almost $150,000 in rehab work. But the location is great – only 5 blocks from the beach – and in a lovely residential neighborhood. (San Diego is pretty pricey – there are homes for sale in Las Vegas that are cheaper than the rehab! Luxury Las Vegas golf course homes with more than 4,000 sf are cheaper than Jamie’s 700 sf fixer upper.)

Among the items that needed attention:

1.Shore up foundation
2.Exterminate termites, fleas and rats
3.Replace all interior sheet rock
4.Replace plumbing
5.Get all new cabinetry and appliances

I’ve never seen a foreclosure in Las Vegas that needed this much work! Not only that, but the floor plan needed to be redesigned within the existing footprint to make it more practical (no easy matter when you are only working with 700 square feet!)

After more than six months of trying to get permits (the City of San Diego does NOT make it easy!), finally the last blue print was signed off on, and work began last week. One of the first items on the agenda was removing the sheet rock and re-doing the foundation.

Unfortunately, the foundation was even worse than anticipated, and the home had to be raised to allow them to pour an all new foundation. In the process a Bobcat forklift was being used and the entire front of the house almost collapsed. (Thankfully they were able to save it!)

During this time, Jamie was emailing our friend Lisa about the progress being made and how fragile the whole structure was. Then she sent Lisa this message “Unbelievably busy with work, and then today my new-old house was almost knocked down by a bobcat doing foundation work. It’s been a time alright.”

Lisa took this statement literally, and was hysterical thinking a wild bobcat had wandered up the road in downtown San Diego, brushing against the home and almost knocking it into oblivion. The following conversation ensued via email:

Lisa: “Are you kidding me?? A real bobcat..that’s incredible!”

Jamie: “I should have been more specific about this- actually it was a Bobcat forklift. Today they had to remove the foundation and lift the house in the air. Stressful wondering if the whole place was going to fall apart.”

Lisa: “OMG… I’m so stupid that I almost wet my pants in a fit of uncontrollable laughter thinking you meant a real animal. Promise me you won’t tell Diann!”

But of course this was one miscommunication that was just too good not to share. So Jamie, in an email to both of us, asks Lisa if it is all right to tell me about the “cat” with no other explanation. Keeping in mind I had not seen the previous correspondence, I immediately responded “What cat?” and Lisa, not realizing that I have NO idea what is going on, responds to me:

“The cute adorable kitten I left at Jamie’s doorstep was killed by the orange bob cat that strolled in her yard. Can you believe it?”

And now I am freaking out because I lost my cat a couple of years ago to wild coyotes in our back yard. I figured since Jamie knew how upset I was about losing my kitty she purposely didn’t tell me what had happened. I write Lisa back a LONG note about how devastating the experience was when my cat was killed and how sad Jamie must be. Fortunately I cc’d Jamie who finally clued me in on what had happened. But only after I had had a bit of a cry over my poor cat.

This is a perfect example of how one simple sentence misinterpreted in the wrong way can set off a totally unintended chain of events. That is why Las Vegas real estate contracts must be clear, concise and NOT open to interpretation.