Las Vegas Home Prices Increase

Abq Dream Homes.com
According to the Greater Las Vegas Association of Realtors, local home sales and prices posted double-digit increases in June compared to one year ago.

GLVAR reported the median price of homes sold during June 2015 was $220,000, up 10.1 percent from $199,900 one year ago. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in June was $115,000. That was up 5.5 percent from $109,000 one year ago.

“It’s good for our local homeowners when prices are appreciating at a healthy pace like this and more homes are selling,” said 2015 GLVAR President Keith Lynam. “Of course, we still have some challenges. We’ve been dealing with less than a three-month supply of homes available for sale. That’s less than half of what we’d like to have for a balanced market. We also realize there are too many abandoned homes throughout Southern Nevada, though we see signs that banks may finally be doing more to address this issue.”

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in June was 3,693, up from 3,274 one year ago. Compared to June 2014, 14.2 percent more homes and 6.3 percent more condos and townhomes sold this June.

Since 2013, GLVAR has been reporting fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In June, 6.7 percent of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 10.8 percent one year ago. Another 7.6 percent of June sales were bank-owned, down from 10.1 percent one year ago.

The median price of single-family homes sold as part of a short sale in June was $165,000, down from $170,000 one year ago. The median price of bank-owned homes sold in June was $170,000, up from $150,000 one year ago.

Lynam said short sales could still increase if Congress votes to again extend the Mortgage Forgiveness Debt Relief Act of 2007. In December, Congress voted to retroactively extend the tax break it had allowed to expire at the end of 2013 to help distressed homeowners who sold properties in 2014. Unless Congress extends this act through 2015, any amount of money a bank writes off in agreeing to sell a home as part of a short sale this year may become taxable when sellers file their income taxes.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in June was 13,740, down 0.7 percent from one year ago. GLVAR tracked a total of 3,474 condos, high-rise condos and townhomes listed for sale on its MLS in June, down 6.5 percent from one year ago.

By the end of June, GLVAR reported 7,432 single-family homes listed without any sort of offer. That’s up 4.3 percent from one year ago. For condos and townhomes, the 2,329 properties listed without offers in June represented a 0.2 percent decrease from one year ago.

GLVAR said 28.4 percent of all local properties sold in June were purchased with cash. That’s down from 29.1 in May and from 34.7 percent one year ago. It’s well short of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still a factor in the local housing market but that their influence is waning with each passing month.

These GLVAR statistics include activity through the end of June 2015. GLVAR distributes such statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners. Other highlights include:

  • The monthly value of local real estate transactions tracked through the MLS during June was nearly $794 million for homes and more than $100 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in June were up 23.5 percent for homes and up 13.2 percent for condos.
  • In June, 68.6 percent of all existing local homes and 66.6 percent of all existing condos and townhomes sold within 60 days. That compares to one year ago, when 69.4 percent of all existing local homes and 67.3 percent of all existing condos and townhomes sold within 60 days.

– See more at: http://www.worldpropertyjournal.com/real-estate-news/united-states/las-vegas/las-vegas-home-sales-las-vegas-home-prices-2015-greater-las-vegas-condo-prices-greater-las-vegas-association-of-realtors-glvar-housing-report-9211.php#sthash.gjHciuoW.dpuf

Las Vegas on Top

Monopoly homes

Timing matters in life, especially when it involves one of the largest financial decisions you’ll ever make. Buying a home is no longer viewed with rose-colored glasses. The housing crisis of yesteryear shattered long-held beliefs that home values only move in one direction. If you bought right before the bubble burst, you might consider yourself an unlucky victim. However, some homeowners who bought after the meltdown timed their purchases just right.

Home prices have been surging more than three years now, creating pockets of jaw-dropping strength across the nation. In fact, national home prices are still increasing more than 6% on a year-over-year basis. In order to find which areas of the country are seeing the biggest rebound from the housing collapse, Zillow recently analyzed cities with populations over 50,000 to find the luckiest homebuyers in America. These are people who happened to buy in the right place at the right time, and are now enjoying the highest appreciation growth.

Once again, the real estate market proves it’s all about location and timing. For example, Las Vegas homebuyers who bought in 2009 are $66,043 worse off on average today than if they rented and invested in the stock market over the same time period. But those who bought a Las Vegas home three years later made $52,000 more between 2012 and 2015 than they would have if they had rented and invested in the stock market, even without the $8,000 tax credit that enticed many previous buyers.

The Golden State is home to the luckiest homebuyers in America. As the list from Zillow below shows, California is responsible for eight of the 10 cities with the highest appreciation growth. Nevada and Florida also make an appearance on the list. Interestingly, Palo Alto is the top city and the only one to make the list with a pre-crisis purchase date. The gateway to Silicon Valley has benefitted significantly from an influx of wealthy techies.

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“It’s very clear that when it comes to maximizing gains from an investment in real estate, timing really does matter a great deal,” said Zillow Chief Economist Dr. Stan Humphries. “However, timing isn’t everything, and trying to time the market perfectly is incredibly difficult, even for professionals. There are any number of factors to consider when purchasing a home, only one of which is the potential for financial gain. Potential buyers should always place their personal needs and their family’s needs first, and make the decision to buy only when they are ready to make a significant investment of both their time and money.”

 

LUXURY APARTMENTS IN LAS VEGAS

 

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StoryBook Homes is planning to build an apartment complex at the northwest corner of Grand Canyon Drive and Tropicana Avenue, as seen Sunday, July 19, 2015.

Homebuilder Wayne Laska, who sells smaller, lower-priced houses than other builders, is getting in on Las Vegas’ apartment craze — and infusing his project with a touch of luxury.

Laska, owner of StoryBook Homes, says he is gearing up to start construction of a stylish, four-story, 175-unit rental complex at the northwest corner of Tropicana Avenue and Grand Canyon Drive, in the southwest valley. It would be his first apartment development.

The partially built site — it already has an underground parking garage — was supposed to have pricy condos years ago, but previous owners lost the project, dubbed the Mercer, to foreclosure during the recession.

Laska bought the roughly 5-acre site for $1.25 million in 2012, county records show, far below the $5.45 million that the failed developers paid in 2006.

He said he hopes to start construction this fall. He said he’s “wrapping up” building plans and expects to submit them to Clark County in the next few weeks and that he’s getting close to finalizing a $22 million development loan. He’s been working on the financing package for the past year.

Project plans call for a rooftop deck; a courtyard with a swimming pool and movie nights; a yoga room; outdoor fire pits and fountains; and ground-floor retail space. Rental rates are expected to be $1,000 to $2,500 per month.

Laska aims to open the Mercer — he kept the name — in the first quarter of 2017.

“It was dead at one point,” he said. “We’re going to resuscitate it.”

The Mercer was one of countless real estate projects in Las Vegas that were abandoned, often midconstruction, during the downturn. And Laska is one of many investors who bought these zombie properties, typically at a steep discount, to complete them.

Condo projects alone included ManhattanWest, now called the Gramercy;Vantage Lofts; and Milano Residences, now called the Lennox.

Like the Mercer, those three developments were designed as for-sale condo complexes but now are rentals offering higher-endamenities.

The Mercer was initially designed to have 113 units. It was more than 50 percent pre-sold by time the developers broke ground in 2007, and asking prices reached $790,000, reports said. Amenities were to include hardwood flooring, stainless steel kitchen appliances, and granite and marble countertops.

Construction apparently stopped in 2009, the same year the project’s lender foreclosed on it.

Failed condo projects were “all over” the valley during the recession, and given their low prices, they were “hard to pass up,” said Dennis Smith, founder of Las Vegas-based Home Builders Research.

“It was a good deal,” he said of Laska’s purchase.

The apartment industry is one of the most-active areas of real estate locally and nationally, especially for development. In Las Vegas, investors have been buying andbuilding multifamily properties as younger residents shy away from homeownership and because many locals — their personal finances wrecked by the recession — haven’t been able to land a mortgage, let alone afford a down payment, and have to rent.

Apartment-complex sales volume is far higher than it was at the depths of the downturn but has fallen the past few years. The drop-off comes amid rising prices and, perhaps, a shrinking availability of lower-priced buildings.

Investors picked up almost 2,800 units in the first half of 2015, a pace of about 5,600 for the year, at an average price of about $84,700 per unit. In 2012, landlords bought 21,840 units for an average of $65,425 apiece, according to Colliers International.

Meanwhile, after opening just 367 rental units valleywide in 2013, developers completed about 1,700 units last year. As of December, they were projected to open roughly 5,750 units this year and almost 2,000 more in 2016, according to CBRE Group.

Not everyone’s cheering the workload. Some people have said developers are piling in too quickly and overbuilding, especially in the southwest valley, where it seems most of the projects are concentrated.

“Apartments have probably gotten a little ahead of themselves right now,” RCG Economics founder John Restrepo said a few months ago.

Laska, who runs day-to-day operations of StoryBook, launched the company with his wife, Catherine, around 2003. They sell 100 to 120 homes annually, mostly in the southwest valley.

Through June, StoryBook closed 68 sales this year, 15th-most in the valley, according to Home Builders Research. (Miami-based powerhouse Lennar Corp. was No. 1 with 667.)

StoryBook, like the rest of its industry, was battered by the economic meltdown last decade. The company, and the Laskas, were on the brink financially as Southern Nevada’s homebuilding sector, which had been white hot during the real estate bubble, all but collapsed.

“We almost filed bankruptcy three times,” Wayne Laska said.

Today, his sales volume has doubled from the depths of the downturn — his company sold 69 homes in all of 2009, according to VEGAS INC research — and he’s getting into the apartment business in a big way.

Not only is he developing his first project, but he and his wife are planning to move to a 4,000-square-foot, fourth-floor corner unit at the Mercer.

Also, concerned that he might not find tenants for all of the retail space, Laska said he might move his company’s headquarters from Town Center Drive at the 215 Beltway to the ground floor of the apartment complex.

http://vegasinc.com/business/real-estate/2015/jul/24/homebuilder-storybook-las-vegas-apartment-market/

Home sales up fastest pace in 8 Years!

ABQ Mansion

Americans bought homes in June at the fastest rate in over eight years, pushing prices to record highs as buyer demand has eclipsed the availability of houses on the market.

The National Association of Realtors said Wednesday that sales of existing homes climbed 3.2 percent last month to a seasonally adjusted annual rate of 5.49 million, the highest rate since February 2007. Sales have jumped 9.6 percent over the past 12 months, while the number of listings has risen just 0.4 percent.

The median home price has climbed 6.5 percent over the past 12 months to $236,400, the highest level – unadjusted for inflation – reported by the Realtors.

Home-buying has recently surged as more buyers have flooded into the real estate market. Robust hiring over the past 21 months and an economic recovery now in its sixth year have enabled more Americans to set aside money for a down payment. But the rising demand has failed to draw more sellers into the market, limiting the availability of homes and sparking higher prices that could cap sales growth in the coming months.

Some of the recent sales burst appears to come from the prospect of low mortgage rates beginning to rise as Fed officials consider raising a key interest rate from its near-zero level later this year. Past efforts by the Fed officials to reduce their stimulus efforts have led to higher mortgage rates, creating expectations that homebuyers will face increased borrowing costs later this year.

That possibility is prompting some buyers to finalize sales before higher rates make borrowing costs prohibitively expensive, noted Daren Blomquist, a vice president at RealtyTrac, a housing analytics firm.

The premiums that the Federal Housing Administration charges borrowers to insure mortgages are also lower this year, further fueling buying activity, Blomquist said.

It’s also possible that more homebuyers are aggressively checking the market for listings, enabling them to act fast with offers despite the lack of new inventory.

Properties typically sold last month in 34 days, the shortest time since the Realtors began tracking the figure in May 2011. There were fewer all-cash, individual investor and distressed home sales in the market, as more traditional buyers have returned.

Sales improved last month in all four regions: Northeast, Midwest, South and West.

Still, the limited supplies could prove to be a drag on sales growth in the coming months.

Ever rising home values are stretching the budgets of first-time buyers and owners looking to upgrade. As homes become less affordable, demand will likely taper off.

Home prices have increased at more than three times the pace of wages. The average hourly wage has risen just 2 percent over the past 12 months to $24.95 an hour, according to the Labor Department.

Construction has yet to satisfy rising demand, as builders are increasingly focused on the growing rental market.

Approved building permits rose increased 7.4 percent to an annual rate of 1.34 million in June, the highest level since July 2007, the Commerce Department said last week. Almost all the gains came for apartment complexes, while permits for houses last month rose only 0.9 percent.

The share of Americans owning homes has fallen this year to a seasonally adjusted 63.8 percent, the lowest level since 1989.

Real estate had until recently lagged behind much of the six-year rebound from the recession, hobbled by the wave of foreclosures that came after the housing bubble began to burst roughly eight years ago.

But the job market found new traction in early 2014. Employers added 3.1 million jobs last year and are on pace to add 2.5 million jobs this year. As millions more Americans have found work, their new paychecks are increasingly going to housing, both in terms of renting and owning.

Low mortgage rates have also helped, although rates are now starting to climb to levels that could slow buying activity.

The average 30-year fixed rate was 4.09 percent last week, according to the mortgage giant Freddie Mac. The average has risen from a 52-week low of 3.59 percent.

 

Las Vegas-area home prices up 10.1 percent in June

LAS VEGAS (AP) – Las Vegas-area home prices are up by double digits compared with a year ago. The Greater Las Vegas Association of Realtors reported Wednesday that the median home price in June was $220,000, which is up 10.1 percent from last June. The number of existing homes sold in June was nearly 3,700, up… Continue reading

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192.168.l.l or 192.168.1.1 Login to Change Default IP Settings

The most effective method to login into 192.168.l.l Ip Address or 192.168.1.1 Login and How to Change Default IP Settings/Recover Router Password utilizing the 192.168.l.1

What is 192.168.1.1 or 192.168.l.l? Actually, 192.168.l.1 or 192.168.1.1 or 192.168.l.l is a private IP address of web interfaces of the vast majority of the switches. The web interfaces are utilized to set up, design and investigate the home systems. It is an address from the space 192.168.0.0 – 192.168.255.255. On the off chance that it is a remote system, at that point it has the page that demonstrate to you who’s as of now associated with your Wi-Fi organize.

Step by step instructions to Increase Jiofi Internet Speed Enable Jiofi Mac Address Filter at…

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  • Step by step instructions to Jiofi Firmware move up to Latest Firmware Version to login…
  • JioFi Router Reset Process How to Restore default Settings
  • Step by step instructions to Login into 192.168.l.l Jio or 192.168.1.1 Router Admin
  • Sort 192.168.1.1 in the URL of your internet browser
  • In case it doesn’t achieve the switch administrator page endeavor to settle it by checking the Ethernet link first. Check the association of the link to the PC and also to the switch.

    Subsequent to doing this, check the IP address of your framework. Go to arrange settings, Open change connector settings, select properties tap on IPV4 locations and check the IP deliver appointed to your framework. For Non-geeks it is online switch set-up programming. It is imperative to know 192.168.1.1 IP address while setting up another switch or while investigating your system issues.

    It is a deliver that you have to type in the URL of your program. You gain admittance to your system security settings. In the event that you need to add different gadgets to the system interface those to 192.168.1.1. Anyway your telephones don’t have to associate with the IP, they can discover the system by its name.

    In any case, a few switches have an alternate IP address from 192.168.1.1 or 192.168.l.l. It can be 192.168.0.1 or 192.168.2.1 relying upon the produce. On the off chance that a switch is as of now introduced in a framework, you can get the IP from the switch manual. At the point when the documentation isn’t there, take after these three straightforward advances:

    Open Run window (windows + R), type “cmd” for order provoke.

    Sort “ipconfig” and hit Enter.

    There you discover Default Gateway term. The four number string isolated by spots is your switch IP.192.168.l.l

    192.168.1.254 or 192.168.l.l IP address is helpful for arranging switches and investigating systems. It requires username and secret word to get to. You need to change the default secret key to forestall other individuals on your system from doing any adjustments in the settings.

    You can change this under “utilize this IP address” field as:

    IP address: 192.168.1.x (x can be 2 to 254)

    Subnet Mask: 255.255.255.0

    Default Gateway: 192.168.1.1 or 192.168.l.l or 192.168.0.1 or 192.168.1.254

    Presently attempt to login again in your program. You gain admittance to you switch administrator page.

    To Access 192.168.1.1 switch administrator page you need the client ID and secret key. On the off chance that you have not changed the default watchword at that point utilize the default username, a secret key for your switch.

    For instance in Linksys switch the default Password is “administrator”. Also, you can leave the username field clear.

    In the event that you have transformed it as of now, Use your watchword to get in. Oops!!!! You overlooked the secret key.

    Try not to stress, on the off chance that you overlooked your secret key you could utilize the reset or Restore catch on your switch (for the most part at the back in the red). Press it for 10-15 seconds. Begin it again and enter ‘administrator’ for the username and default secret key.

    What you can do with the IP address 192.168.1.1 or 192.168.l.l

    All Routers have diverse formats offering distinctive highlights. The fundamental highlights are modify secret word, empowering parental controls, characterizing points of confinement to limit Internet use, setting a custom DNS server and overseeing status data of your Wi-Fi arrange. Other propelled highlights are QoS, DNS, intermediary, LAN, WLAN settings, ADSL modem settings.

    Step by step instructions to recoup switch username and secret key by signin into 192.168.1.1

    Individuals overlook their secret key and client names, others may not know their switches default login. In any case in the event that you are encountering this issue you require not to stress underneath are some approaches to deal with the circumstance:

    Utilize the switch’s default username and secret key: This is the least difficult and outstanding amongst other arrangement. Every one of the switches have a name or documentation which has its default username and the secret word at the back or underside of the tag. Generally observe the switch client manual. In that manual you can get the default switch id and security key will be accessible.

    Query for the default username and watchword, in the event that you don’t discover it, the serial number or model number will fill the need. The other method to discover the default login will be through the database or makers site.

    Production line reset, on the off chance that you had officially changed your username or secret word and regardless you overlooked, you would factory be able to reset the switch again and by doing this the watchword will be reestablished. Generally the reset catches are little and requires a bind to press to for few moments.

    Employments of IP Address 192.168.l.l

    The 192.168.1.1. IP Address is a default switch utilized by Linksys and Cisco. Its produced such that it can arranged at home or in private company switches. 192.168.1.1 is fundamentally used to investigate organize availability issues. The greater part of these issues are generally loss of availability from the client while they overlook their secret word and lose their system.

    The IP Internet Protocol) address is arrangement of numbers relegated to gadgets like switches, PCs et cetera. To associate with the system required. This system expects IP to empower the availability. The IP deliver essentially used to find the system and distinguish the system. They are for the most part utilized locally by those individuals with independent ventures or at home. The deliver is likewise used to get to the Linksys switch setup site page