Las Vegas Neighborhood Expert

What's new in Las Vegas according to The Las Vegas Real Estate Concierge

Beth Ellyn Rosenthal
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It’s Chilly Out There..And I’m Talkin’ About Henderson Real Estate

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Had to turn up the heat this week-end because baby, it was cold outside, to quote Dean Martin. But the thermometer is also falling on Henderson real estate. Baby, I can feel it.

As close as last October, homes that were priced fairly ($135-$160 per square foot) were always under contract in 30 days or less. But when the holidays hit, buyers went Christmas shopping instead.

The result: homes, even the fairly priced ones, are still available. Based on my listings (albeit not a scientific sample)  these homes are NOT falling in price. It’s just taking longer than usual to get under contract.

A Henderson luxury home in 89012

Zillow apparently agrees with me. It’s just-released report for 89012–where the majority of my listings are– labled the market “chilly.”

The report did predict homes in this zip code would probably rise by 4.2 percent this year.  Zillow reported prices actually went up 6.7 percent from November 2015 to November 2016. (We will take it!)

Interestingly, Zillow reported the median list price per square foot in 89012 is $162, which is higher than the Henderson average of $149.

Zillow said only 18.2 percent of listings in 89012 had a price cut. That’s good news.

Here is a link to the 89012 Zillow market report:

http://www.zillow.com//henderson-nv-89012/home-values

What does this mean to you?

Buyers: You have the negotiating power. Sellers hate the uncertainty. Use it!

Sellers: You can either wait it out if you list or just wait to list. Or, if you don’t need to max out your gain, price your house under market. For the one house that I’ve listed for $122 per square foot, I had almost a dozen offers the first week right after New Year’s. There are always buyers ready, willing and able when they find a true bargain.

If you have any questions about Henderson real estate prices, contact me:

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Map of Henderson, NV 89012

((hugs)) BETH Ellyn

THE  Las Vegas Real Estate Concierge

702.758.4318  Talk. Text. SMS. Video chat

beth.rosenthal@exprealty.com  Google Hangouts

Las Vegas Propportunities  Facebook Business Page

@yale1974  Twitter

BETH Ellyn Rosenthal

BE cookin’ up solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

When competence AND creativity matter!

 

 

 

 

 

Why Home Mortgage Rates Are Rising and What This Means to YOU

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Last Christmas we had something not to be thankful for: the home mortgage interest rate for a fixed rate loan hit 4.1 percent, according to Bankrate. This is the highest rate we’ve seen in over three years.

What does this mean to home buyers and homeowners seeking to refinance? Here is the answer, in dollars and cents. If you are borrowing $200,000 to buy a home ( the median resale here in Las Vegas last month was $233,000, so that’s about right), and put 20 percent down,  you would pay

  • $898 in principal and interest if the interest rate was 3.5 percent (the rate through early October.)

  • $954.83 in principal and interest if the rate was 4 percent

  • $1013.37 if the rate reaches4.5 percent

These numbers, of course, are not your house payment. You have to add in property taxes (about $1200 a year or another $100 per month) and your homeowner’s insurance.

Hey, 4.1 percent is not a bad rate. When I bought my first house in 1978, my mortgage rate was 18 percent….because I had perfect credit. Mortgages rates fell under 5 percent in May 2010. The last time they were below 5 percent before that was when Elvis first appeared on the Ed Sullivan Shew (as he said it) in the fall of 1956.

Why is this happening? Two reasons:

  1.  Inflation worries. President-elect Trump has said he will increase federal spending on infrastructure plus cut taxes. Both of those trigger inflation. That causes interest rates to go up.

  2.  The Trump dump.  Wall Street bundles all your individual mortgages to create mortgage-backed bonds. Bonds prices shot up after the November 8 election because foreign investors, who are big mortgage bond buyers, have read “The Art of the Deal.” In that book Trump advocates my mother’s mantra of “never pay retail.” They worry he will try to negotiate the bond price and pay less than the face value. Whether any US president can do that, since bonds are backed by the US Treasury, is an open question. But stock and bond prices are often the product of psychology notreality and I suspect that’s what’s happening here.

What dos this mean to you?

If you are a home buyer, you’d better get something under contract before rates go higher. If you don’t, you will have to buy less house for the same money.

Call, text, email or send a note by carrier pigeon if you want to start shopping….

((hugs)) BETH Ellyn

THE Las Vegas Real Estate Concierge

State Managing Broker, Nevada

702.758.4318  Talk. Text. SMS. Video chat

beth.rosenthal@exprealty.com  Google Hangouts

Las Vegas Propportunities  Facebook business page

@yale1974  Twitter

Beth Ellyn, Cookin’ up solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

When competence AND creativity matter!

What is THE No. 1 Seller Marketing Tool in Henderson?

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What is the No. 1 marketing tool if you want your house to sell fast?

Facebook ads? Zillow? Craigslist? Great photos? Drone shots?

Answer: All are good but wrong answer.

Correct answer: Price! I have sold houses in six hours (yes, I said six hours) when the house was priced at market or a scooch under based on my seasoned view of the market. And I have spent thousands of dollars advertising houses that didn’t sell because the seller was dreaming. (Past tense. I grew up and got smarter. You have to dream on your own dime….)

Kids, today’s buyers are savvy. They have many of the same tools we Realtors have.  They have a fairly good idea what a house is worth. And only they know what it’s worth to them.

I want my sellers to get the most money out of their homes. However, you have to add the cost of carrying the house to the equation. I had a seller who insisted his house was worth $495,000. I told him the price was closer to $465,000. He was certain and hey, I am not omniscient, so I listed the house at $495,000. Two months of no offers made him not so certain. He then let me price the house. It went under contract the next week for guess how much? $465,000 on the dot! He wasted two mortgage payments being “certain.”

I am not omniscient, but I am a good listener. I am not emotionally involved so I can listen to the market is saying. And the market will tell you the price that will get you to the closing table. Every time.

So, you decide. If you want to sell your house fast, price it right. If you want to test the market and can afford it, let’s try…and then listen. In real estate, wishful thinking will cost you.

My kitchen!

Call, text, email, PM or send a carrier pigeon if you need some help buying or selling your home. I am here for you!

((hugs)) BETH Ellyn

THE Las Vegas Real Estate Concierge

State Managing Broker, Nevada

702.758.4318  Talk. Text. SMS. Video chat

beth.rosenthal@exprealty.com  Google Hangouts

Las Vegas Propportunities  Facebook Business Page

@yale 1974  Twitter

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

When competence AND creativity matter!

Want to meet your friendly neighborhood cops at Starbucks?

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Photo from Michelle French

I have found the best time to talk to a police person is when YOU initiate the conversation. And you can do that tomorrow because it’s another installment of Talk Shop with Cops. Tomorrow even Henderson Chief Patrick Moers will be at Starbucks to teach us all how to keep our community safe.

The officers will speak with you one-on-one, so bring your questions and concerns.

You’ll have to be an early bird though. The talk is from 7-9 am. The meeting place is the Starbucks at 690 East Horizon Drive at College in Henderson.

So, Henderson, what are you going to ask the cops?

((hugs)) BETH Ellyn

The Las Vegas Real Estate Concierge

State Managing Broker, Nevada

702.758.4318  Talk. Text. SMS. Video chat

beth.rosenthal@exprealty.com  Google Hangouts

@yale1974  Twitter

Las Vegas Propportunties  Facebook Business Page

BETH Ellyn Rosenthal

BE cookin’ up solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous!

When competence AND creativity matter!

 

BE’s 2015 Las Vegas Home Buyers’ Guide Is Here!!!!

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If you haven’t purchased a home since 2011, you will be surprised how much the process has changed in Las Vegas.

Here is the link to my new 2015 Las Vegas Home Buyers’ Guide. It lists the six things buyers need to know to before you even start looking for a home in today’s post-Apocalypse Las Vegas real estate market.

BE’s Las Vegas Home Buyers’ Guide

Las Vegas home

A colorful Las Vegas home

P.S. If you would like me to email a PDF to you, let me know. It will arrive in your inbox pronto!

((hugs)) BETH Ellyn

The Las Vegas Real Estate Concierge

State Managing Broker, Nevada

702.492.0531  Office

702.324.6911 Talk/Text

702.758.4318  Talk/Text/SMS/Video chat

beth.rosenthal@exprealty.com  Google Hangouts

facebook.com/berosenthal  Facebook

@yale1974  Twitter

OLYMPUS DIGITAL CAMERA

BE cookin’ up real estate solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous.

 

When competence and creativity matter!

 

 

 

 

Vegas IS Back: Welcome Appreciation!

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Las Vegas: 2014 was a pretty good year when it comes to year-over-year home appreciation. NO zip code in Las Vegas fell in median price from 2013 to 2014. And all but one increased in value. The misfit: 89146.

The top five zip codes for 2014 appreciation were:

  1. 89015  28.5 percent
  2. 89104  23.6 percent
  3. 89120  22.9 percent
  4. 89002  22.8 percent
  5. 89086: 22.3 percent

Note however that the more affluent zip codes in Summerlin and Henderson lagged in price gains (mathematically it’s hard to grow 2 than 50) but retained a much higher median price point. Red Rock Country Club (89138) only had a 10.7 percent annual appreciation while the median price was $315,000. The highest median price in the hot zip codes was $205,000 (89002).

What does this mean? Vegas’s roller-coaster real estate market is finally stabilizing. Yeah!

P.S. All the 411 came from SalesTraq, a Las Vegas analyst firm.

P.P.S. Median price means half the homes are pricier and half are cheaper. It’s not the average home price….

((hugs)) BETH Ellyn

THE Las Vegas Real Estate Concierge

702.492.0531  Office

702.758.4318  Talk. Text. SMS. Video chat

beth.rosenthal@exprealty.com (Google Hangouts)

facebook.com/berosenthal  Facebook

@yale1974  Twitter

Beth Ellyn, Cookin' up solutions

Beth Ellyn, Cookin’ up solutions

 

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

 

Heart-Shaped Pizzas for Valentine’s Day

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Valentine’s Day is just three days away. Las Vegas restaurants will be packed. Wouldn’t it be wonderful to have a heavenly, home-cooked meal at home?

In the spirit of the day, Sammy’s Wood-Fired Pizza and Grill  is selling heart-shaped pizza kits. They contain:

  • Dough: traditional, whole wheat and gluten-free options
  • Sauce
  • Shredded parmesan cheese
  • Fresh basil
  • You can pay more for fresh pepperoni

Of course, you can jazz ’em up any way you’d like for your sweetheart. Add a good Chiani and some fava beans (just kidding!) and there’s one delicious, romantic meal.

The kits are available through Sunday and cost $7 for traditional dough, more for the options.

Even better: Sammy’s is donating $1 for each kit it sells to the American Heart Association. A win-win for everyone in Las Vegas!

If you don’t want to fuss with baking your own, Papa John’s is selling heart-shaped cheese pizzas for $15.

Happy Valentine’s Day, Las Vegas!

Sammy’s has five locations in Henderson and Las Vegas.

 

((hugs)) BETH Ellyn

The Las Vegas Real Estate Concierge

Managing Broker, Nevada

702.492.0531  Office

702.758.4318 Talk. Text. SMS. Video Chats

beth.rosenthal@exprealty.com  (Google Hangouts)

facebook.com/berosenthal  Facebook

@yale1974  Twitter

 

BETH Ellyn Rosenthal

BE cookin’ up solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

Want to Buy a Las Vegas Lot for $925,000?

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Yep, that’s pretty pricey Las Vegas dirt. But this week a Las Vegas resident paid that much money for a 0.46 acre-lot in Ascaya,  a luxury  community carved into the mountains of Henderson.

This lot is at the base of the development. There’s a waiting list for lots higher up! Which means they will cost more.

2014-08-02_002

Ascaya in Henderson

Ascaya sits almost 1,000 feet above the Las Vegas valley floor on the terraced ridges of the McCollough montain range. That means these homes will be the highest allowed on the mountain by law. (Because the Bureau of Land Management owned all of Nevada, it will literally take an act of Congress to change the building laws. Good luck with that!)

Why is this important? Because it’s history tells the tale of boom and bust.

Hong Kong businessman Henry Cheng started developing the site 10 years ago, spending $200 million terracing the mountain. The builders had to cut 140 feet deep into solid rock to create the terraces.

Then the Las Vegas real estate bust occurred. Cheng tabled the project in 2009, reopening it this August.

There are two important lessons here, since people are voting with their deep pocketbooks. First, people believe plunking down money in Las Vegas is a good investment.

Second, a local thought so. It’s easy to think Las Vegas is undervalued when you live in New York City and the median price per square foot is over $5,000 compared to $135 here. But if you’ve lived in Las Vegas awhile, you are well aware of what Las Vegas real estate really costs.

Las Vegas, we are back!

((hugs)) BETH Ellyn

The Las Vegas Real Estate Concierge

Managing Broker, Nevada

702.492.0531  Office

702.324.6911  Talk. Text. Viber (SMS)

beth.rosenthal@exprealty.com (Google Hangouts)

facebook.com/berosenthal  Facebook

@yale1974  Twitter

BETH Ellyn Rosenthal

BE cookin’ up solutions

 

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

 

 

 

Does Your Las Vegas Pet Need a Blessing?

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In this land of casinos, Las Vegans take their blessings seriously.  Tomorrow Las Vegas’s animals are the ones to receive the blessing.

Reverend Jim Robinson of the First Henderson United Methodist Church will bless the animals in the church courtyard on Horizon Drive. The service starts at 9:30 am.

I wonder if any of the PBR stock contractors are bringing their bucking bulls. With a $1 million prize at stake, why not? Prayer works!

 

((hugs)) BETH Ellyn

THE Las Vegas Real Estate Concierge

Managing Broker, Nevada

702.492.0531  Office

702.324.6911  Talk. Text. Viber (SMS)

beth.rosenthal@exprealty.com (Google Hangouts)

facebook.com/berosenthal  Facebook

@yale1974  Twitter

BETH Ellyn Rosenthal

BE cookin’ up solutions

 

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous.

IRS Liens and You

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Ah, the all-powerful IRS. They can make your real estate transaction a misery….so be careful.

If you don’t pay the IRS the money they believe you owe them, they can put you in jail or simply put a lien on any property you own. In real estate in America, IRS liens “run with the land.” That means if you didn’t pay the IRS lien and you sell your house to someone who didn’t know enough to check the title before purchasing, the new owner owes the IRS not you!

irs-logo

Real estate’s public enemy No. 1

People involved in a real estate transaction often use the lien as leverage. Here is a true story that happened to me in 2003:

I sold a house in Dallas to my long-term tenants. The wife was in a car accident and was receiving a significant cash sum for her injuries. The couple was using this money as the down payment.

Her lender checked out all the details and verified their veracity. So I find a great house in Henderson, put $10,000 down in earnest money and plan to use the proceeds from the Dallas transaction to put 20 percent down on my new dream house.

Three days before  closing the wife’s money hits her checking account. However, she somehow forgot to tell everyone that she had an IRS lien for 50 percent of the sum. The minute the money hit her account, the IRS snatched it. Their solution: insist I take $50,000 off the purchase price so they can buy the house.

This was actually their purchase strategy; they figured I was stuck.

I, however, refused to renegotiate. I did, however, have to scramble to figure out how to buy the new house without those funds. Trust me, I had a few sleepless nights. And thank goodness I was 1,300 miles away because I was murderously mad!

Fast forward to today. I have a buyer who invited her 82-year-old father to live with her family. The father offered to pay the down payment on a new house custom-built for the three generations. He tries to transfer the money and discovers another daughter, who legally has access to the account, has an IRS lien on 75 percent of the sum. No one knew until they tried to touch the money.

Right now they are having the sleepless nights and are murderously mad. Fortunately they are 2,300 miles away! I will help them find a way to make this happen because I’ve been there.

How can you prevent this heartache? Buyers can read the title preliminary report because all liens will jump from the page.

As for these two situations, you tell me. Just know this happens more often than you can imagine.

((hugs)) BETH Ellyn

The Las Vegas Real Estate Concierge

702.492.0531  Office

702.324.6911  Talk. Text. Viber (SMS)

beth.ellyn  Skype

beth.rosenthal@exprealty.com (Google Hang out)

facebook.com/berosenthal  Facebook

@yale1974  Twitter

BETH Ellyn Rosenthal

BE cookin’ up solutions

BA: Yale

MS: Columbia

MBA: L’ecole du Hard Knocks

Licensed in Nevada since 1996: I have previous

 

 

 

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