Saturday, November 13, 2010

Las Vegas Real Estate - Master Planned Community - Aliante

Brought  to you by Team  Maxwell   

A master planned community in the North part of the valley, Aliante offers over 1100 acres of residential development with an additional 428 acres (22%) of land set aside for recreation and public use. One of the main attractions has been the Aliante golf course, a 6900 yard, par 72 course. In November, 2008, Station Casinos will bring new entertainment to the area when they open the Aliante Station Casino. Hosting a variety of games and machines for entertainment, it will also include new restaurants and theatres.

Aliante is about half an hour from the Strip/McCarran International airport. From the location in the Northern part of the valley, it is especially convenient for NASCAR enthusiasts and those who like to head into Southern Utah for skiing and other outdoor activities.

New homes are currently being built in Aliante. Autumn Ridge by Pardee is a gated community with one and two story homes ranging from 2695 to 4245 square feet. Springdale by Pardee Homes is a gated community with one and two story homes ranging from 2754 square feet to 3289 square feet. Astoria Homes has two communities, Prominence offers homes in a gated community ranging from 2820 to 4449 square feet and the Fields has homes ranging from 2238 to 3374 square feet.

Sun City Aliante is one of the better priced 55+ communities in Las Vegas. Sun City Aliante homes are just behind the new Aliante Station Casino. Many of the homes offer golf course views and most offer mountain views. Homes in Sun City Aliante were built between 2004 and 2008. Current prices are less than $200,000 for homes that are less than 1500 square feet to the upper $200's for 2100 square feet. Many of the homes feature golf course frontage.

For a guard gated, golf course community, the homes at Club Aliante are the recommendation in this area. Homes were built by Pulte/Del Webb, with the earliest homes being completed in 2004. Single story homes start with 2196 square feet, 3 bedroom, 2 baths and 3 car garage to 2712 square feet with 3 bedrooms, 3 baths and a 3 car garage. Two story homes in this community are either 3635 or 3732 square feet with 4 bedrooms, 5 baths, and 3 car garage.


Monday, November 8, 2010

Las Vegas Real Estate

Marketing (edit/delete)

I think I'll hand out Halloween bags with my name and contact info on them this year. Not only will the kids parents have to glance at the bags for a week straight, but every home owners door the kids go to will see them as well. I'll fill the bags with a few pieces of candy and the little card magnets with my info on them. It's cooling down out here in Vegas and I usually do some door to door marketing this time of year.

Happy Holidays,
Team Maxwell

Las Vegas Real Estate

Real estate speculation earned a bad reputation in areas such as Las Vegas, when from around  2002-2007  speculators scrambled, rambled, and rolled to buy up move-in-ready properties at the current rates and soon after resell them for ( an often staggering) profit. The practice of "flipping" soon led to rapid increases in market price, and sellers started seeing multiple offers come in at the asking price and above.
 Speed forward just a few years to the end of 2010 and you'll see an unpredictable housing market, where a flipper may buy a house today that will have lost value by tomorrow. Most flippers today have converted their title to "long-term investor" or "landlord", but I myself don't mind the term "flipper". After all, isn't a person holding onto the property 2-5-10 years before turning it still "flipping" for a profit at closing? So a flipper is a flipper is an investor...I think.
 I'd imagine that most of us would agree the number of rookie "flippers" of yesteryear have faded substantially, and that the more seasoned veterans of today have a keen sense of market timing, a willingness to accept the risks, and is more confident in his or her ability to navigate through tough negations and iron clad contracts. Another important consideration would be the always nagging exit factor. We didn't really need an exit strategy back then when the same day the property hit the MLS, phone calls were made, contracts were faxed in triplicate, and images of white sand and Caribbean water danced in our heads as we slept.
 So to all my fellow investors, flippers, and gamblers out there, make sure you have a plan A, B, and C. Be ready to adapt and adjust to the ebb and flow of the housing supply and demand. Above all don't get down on yourself when things don't go exactly according to plan A, B, and C. Lastly and most importantly allways remember..."Real Estate Happens".

(Las Vegas Real Estate Agent)

Sunday, November 7, 2010

Buying a Short Sale

Las Vegas, NV

More about me...

REALTY 360 - Las Vegas

Address: 6370 W. Flamingo Rd., # 27, Las Vegas, NV, 89103

JMaxwell (Las Vegas Real Estate Agent)

Via Jeff Dowler ~ Carlsbad Real Estate ~ 760-840-1360 (RE/MAX Moonlight Beach (CA DRE Lic. # 01490977)):

For sale signAs a buyer watching the real estate market, you are undoubtedly aware that there are more "short sale" properties on the market, at least in many areas. A short sale is a home where the market value of the property is LESS than the loan amount owed to one or more lenders. And buyers often believe that these are the best deals, along with foreclosures.

Note that there may be state or regional differences in the requirements and paperwork - ask your agent.

Don't be scared off by these short sale properties as they may turn out to be a great deal for you.

But you need to know a few things before you decide IF you want to pursue a short sale purchase:

  • A seller must disclose if the home either IS a short sale or likely will be due to the market value.
  • A short sale MUST be approved by the lender. Even though a seller might accept your offer, it will be subject to approval by the lender
  • Lender will (likely) send out an appraiser to evaluate the property in light of recent sales - they are looking for market value, too, and you cannot expect a short sale to be a fire sale (i.e., it may NOT be a great deal after all)
  • For sales signsLender must receive hardship letter and other required documents from the seller in order to approve a short sale
  • Lender will likely have a checklist of requirements and paperwork required for the short sale process
  • Lender will likely request that the sale be "as is" and due to hardship will probably not approve any credit for repairs
  • Be prepared for a short sale to take more time (total time may be 60 days +/-) - this is one of the biggest complaints from buyers

If you are making an offer:

  • Make sure you make the offer contingent on the short sale being approved by the lender and set a time frame for approval
  • An addendum form (statutory in California) is advised to outline the short sale contingency terms and conditions (this is a optional state form here, but there may be other requirements elsewhere in California and in other states)
  • A letter to the seller is also advised requesting written confirmation that the lender has received the hardship letter and other documents as part of the short sale application
  • There is a good chance there will be more than 1 offer
  • It is still prudent (I would say it is ESSENTIAL) to conduct a home inspection even though the lender will probably require an "as is" sale - you still want to know what you are buying and what repairs need to be made
  • It is possible the seller will not be able to do any Section 1 repairs resulting from the Wood Destroying Pest Inspection (e.g., termites) due to hardship of funds. This may vary from state to state AND lender to lender

Be sure to discuss issues and questions with your agent before proceeding, preferably someone who has some experience with short sales.

I would NOT recommend taking on a short sale purchase without representation by a qualified, knowledgeable licensed agent. There is too much at risk for you, the buyer. And remember, the listing agent represents the seller's interests, not those of the buyer.


UPDATE - November 21, 2007

Here is a link to some other articles I have written that answer other common questions asked by buyers about short sales. While the articles reference Carlsbad homes, the general issues are probably applicable in most areas depending on current practices and any particular laws.


Short sales are a hot issueAs you will see in the comments, short sales continue to be very common, complex, and frustrating. And very time consuming, sometimes taking months before a response from the bank occurs.

I recently was in a short sale situation where after 5 weeks the bank had not assigned a negotiator yet, even though all the paperwork (including buyer offers) was submitted and in their computer. The issue, per the bank, is being overwhelmed with the volume of short sale properties.

It seems that REO (bank owned properties) are easier, at least in this area, to deal with since the bank owns the property. Neogiations on offers seems to be much faster, although it is hard to know how it will happen, i.e., will the bank look at all offers, the highest, in order of receipt, etc. And negotiations may only be verbal (even though we have a form for counter offers here in CA).

I have heard from more than one agent that getting a home to closing can take 3 to 6 months from start to finish. That mean a heckuva lot of patience on the part of buyers and agents.

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The Truth about 3.8% Real Estate Tax

Las Vegas, NV

More about me...

REALTY 360 - Las Vegas

Address: 6370 W. Flamingo Rd., # 27, Las Vegas, NV, 89103

JMaxwell (Las Vegas Real Estate Agent)

Via Diane Casale, REALTOR, ABR, SNP (Crye-Leike Realtors, Huntsville, Alabama):

There are so many rumors going around about the 3.8% Real Estate Tax in the Health Care Bill that are very misleading. You may get an e-mail, see it on social media outlets or have someone tell you. It gives the distinct impression that every sale will be affected. Please save this as a response and send to others.

THIS ONLY APPLIES TO COUPLES WITH ADJUSTED GROSS INCOME OVER $250,000 AND IS CALCULATED ON THE LESSER OF THEIR "NET INVESTMENT INCOME" OR THEIR EXCESS EARNINGS OVER $200,000 INDIVIDUAL EARNINGS OR OVER $250,000 FOR COUPLES. The law doesn't go into effect until January 2013 and just about anything could change before that date.

This is coming directly from the National Association of Realtors®:

NAR Frequently Asked Questions Health Insurance Reform National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics


Q. Is there a real estate "sales tax" or a transfer tax in the new health care bill?

A. No, there is neither a real estate "sales tax" nor a transfer tax in the bill.

Q. What new taxes are there in the health care bill that will impact property owners?

A. There is a new 3.8% Medicare tax for "High Income Filers," defined as an individual who files a single return with Adjusted Gross Income (AGI) of more than $200,000 or a married couple with AGI of more than $250,000.

Q. When does the new 3.8% Medicare tax take effect?

A. The new Medicare tax will take effect January 1, 2013

Q. How is the new 3.8% Medicare tax calculated for high-income filers?

A. The new 3.8% Medicare tax is assessed only when the $200K/$250K AGI limits are exceeded. The net investment income that will be subject to tax is the LESSER of (1) net investment income OR(2) the excess of AGI over the $200K/$250K AGI limit.

Investment income includes: capital gains, rents, dividends, interest and business income earned by shareholders or partners not active in the business. Net investment income is investment income minus any allowable expense deductions.

Q. How will property owners be affected by this new tax?

A. Keeping in mind the income limitations above, real estate income that will be affected for high-income filers include:

o Sale of a primary residence: If the gain from the sale of the property is below $250,000 (individual)/$500,000 (couple) NO tax will have to be paid on the gain. The new Medicare tax would only apply to any gain realized over the $250K/$500K existing primary home exclusion that will bring the filers AGI over the $200K/$250K limits.

NAR Frequently Asked Questions Health Insurance Reform National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics

o Second Home/Investment property: The additional 3.8% tax will apply to the portion of the gain realized on the sale of a second home or investment property that will bring the filers AGI over the $200K/$250K limit.

o Rental Income: The portion of net rental income that exceeds the $200K/$250K AGI limits will be subject to the new 3.8% tax

Q. Will "High Income Filers" also see a reduction in the amount of Mortgage Interest they are allowed to deduct?

A. No, there was not a cap on itemized deductions included in the final health care bill.

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