Home prices in Las Vegas weren’t so good at the start of the year, much like the year before, by falling 5.6% in January according to the Greater Las Vegas Association of Realtors. In addition to that, Realtors also showed a median single-family home price of $118,000, based on 2,931 units sold during the entire month. The median price drop is also a little bit lower than the 7.4% drop seen in January 2010.

In addition to that, the inventory of homes on the Multiple Listing Service also continued to experience a steady decline to 19,160 in January, a decrease of 12.9% from the same time last year. The number of available units without contingent or pending contracts also fell 35.8% to a total of 8,001. Kolleen Kelley, Association President, stated that the downward turn may change due to a new state law that has slowed notice of default findings. “We’ll see the full effect of AB 284 in April or May and we’ll see prices go back up.”

First Server Realty’s Bryan Kyle says that there will be enough inventory to come as banks work through the legalities of foreclosures and also stated, “I wouldn’t be surprised to discover that the banks will continue to artificially control the amount of homes coming on and off the market.”

Nearly 50% of all the homes sold in Las Vegas are cash transactions with absolutely no mortgage, which suggests heavy activity from investors who will turn them into rental properties. According to Kelley, that isn’t necessarily a bad thing either. “I kind of have an optimistic view. I look out into the future when these people will eventually sell the homes and they’ll be owner-financed,” she says. “If interest rates go up, that could be a real possibility because investors can’t get the return on investment like that on a monthly basis. And if lending criteria stay as high (they are), it’s possibly something that we could see sooner rather than later.”

Bank-owned homes accounted for nearly 45.5% of all the existing home sales in January with 28.1% being short sales. Short sales occur when a home sells for less than is owed on the mortgage. Las Vegas is currently going through a process where former homeowners are now becoming renters with almost half of the bank-owned sales going back on the market as rentals, according to CEO of Coldwell Banker Premier Realty Bob Hamrick.

Source: Las Vegas Review-Journal – Home prices keep falling in January

Rack-Mount Server rentalsare ideal if your company needs an extra storage unit for company information while you are testing various types of storage solutions.Whether you need a short-term rental or a long-term lease, we have the right kind of server for your needs.

Las Vegas condos are becoming a big industry in the city as a lot of property in the market is highly sought after by investors, buyers and other real estate enthusiasts. Recent research even shows that Las Vegas is number one for price-to-rent ratio with the current average price for a 3-bedroom home in the city of lights to be $122,000 with 2-bedroom condos averaging $62,700.

Ashley McCormick, from Nevada’s number one real estate company Realty One,  has stated that even though the initial interest in these properties is price, the buyers and investors are discovering a vacation lifestyle in Las Vegas they can’t find anywhere else. In addition to that, a ton of buyers and investors are using the city as an affordable winter retreat location, enjoying the amenities of their very own condo.

In addition to investors and buyers, tourists are also becoming more educated on opportunities in condos and condo hotels. A condo hotel allows you to pick out and purchase your own hotel room, allowing you to actually own it. This enables you to put the condo in a rental pool via on-site management and rent it out when you are not using it. Las Vegas currently plays home to three of these establishments, including the MGM Signature, Palms Place Condos and the 5-Star Trump Las Vegas.

Over the past few months, luxury Las Vegas high-rise condos have seen an increase in sales with 90% all-cash buyers. McCormick noted that this is one market that is starting to see some appreciation as inventory is being purchased and no new developments are being planned. A private L.A. equity firm recently purchased the remaining 276 units of Turnberry Towers. Luxury high-rise condos are up $50,000+ from the beginning of the year already with a base price of $169,000.

Even though buyers and investors are in the process of buying up properties based solely on price, it is still recommended that they use a condo specialist willing to accommodate a virtual tour via images or videos. McCormick added that with more than 1,000 bank-owned properties on the market, using a specialist familiar with the Las Vegas condo market could mean the difference between a golf course view or pool side condo for the same price.

Source: PR Web – Las Vegas Condos for Sale Hitting Record Sales Due to $62K Medium Price Tag According to LasVegasRealEstate.org

Security CameraSolutions

Since the housing market has plummeted due to the recession, lots of investors from Asia are taking advantage of the low prices by buying up foreclosures and short sales at below the price of building the same house. A Hong Kong Investment Firm led by Kevin Chu owns property in Las Vegas, even though Chu has never actually seen it. Chu’s very first visit to the United States, in fact, will be to inspect his newly purchased Las Vegas property.

Over the past year and a half Chu’s firm, known as The Creations Group, has bought up distressed homes all over the United States, including 13 homes in Las Vegas at fire sale prices. Local Property Manager for the area Tracy Bennett is personally driving Chu to see one of his firm’s homes which recently underwent renovations.

The foreclosure rate in Las Vegas is more then three times the national average and thousands of bank-owned properties sit empty. Chu’s house is a modest one-story home the firm purchased for $55,000. In peak market conditions, this very same house could have easily gone for more than $200,000. The inside is clean, freshly painted and ready for tenants.

According to Danny Lim, Chu’s boss at the firm, “In some places the types of prices that we are getting, I think it’s, you know, once in a generation, perhaps once in a lifetime opportunity.” Lim is currently looking in Miami for additional properties to buy, renovate and rent out to hopeful tenants.

Chu is avidly advertising in the Asian newspapers and points out that the strong rental market in Las Vegas means that houses there can quickly become income-producing properties. “We let them know, hey, look, U.S. is a good place to invest,” Chu says. Chu’s Chinese clients now make up one-fourth of his entire business, and he wants more.

The 2012 strategy for the Las Vegas chapter of the Asian Real Estate Association of America is to help local realtors gain even more international business through new web tools and networking opportunities. According to Joseph Lai, the association’s chapter president, “If you are a homegrown product, how do you network with someone in Canada? How do you work with someone in China, Vietnam or Taiwan? It is very hard. That’s the reason why our association is trying to bridge that gap.”

There is currently no reliable data to tell just how many properties in Las Vegas are going to international buyers though local Realtors say that the majority of their international business is coming from Asia and Canada.

Source: npr – Las Vegas Housing Market Attracts Asian Investors

Las Vegas Exotic Rentals, which unfortunately rents luxury cars instead of exotic things like pumas or tigers, has just provided Sin City a fleet of vehicles for the green carpet arrival of 2011 Latin Grammy celebrity guests, which I assume prefer luxury services to exotic animals…maybe.

Anand Bhatt, who just so happens to be the first Indian American nominated for a Latin Grammy, arrived on the green carpet in a very sleek lime green Lamborghini Gallardo Coupe. DJ Willie, who is the winner of the Justo #1 Reggaeton Mixtape DJ (which is just like a Grammy in the mixtape industry) and official DJ for events sponsored by Heineken, arrived in an orange Lamborghini Gallardo Coupe.

According to DJ Willie, “having participated in several awards shows, this was my favorite by far since Las Vegas Exotic Car Rentals helped us arrive in style. It is important when representing a brand to have the media capture your image with the best foot forward. It made interaction with fans more exciting and the media was able to get fantastic shots of our arrival on the green carpet, which gave us great energy for interviews, photos, the awards show and the after party.”

DJ Kabeza, a radio personality on Latina 100.3 FM, drove DJ Willie’s orange Lamborghini Gallardo Coupe while Johnny Marines, a member of Usher’s entourage, drove Las Vegas Exotic car Rentals’ black Lamborghini Gallardo Spyder.

A black Aston Martin DB9 convertible brought up the rear of the fleet of the three Lamborghini’s with a notable Latino music talent manager, Alberto Guzman, in the driver’s seat, right next to President of  Marketing Maven Public Relations Lindsey Carnett.

Las Vegas Exotic Car Rentals owner Daniel Convertino arrived on the green carpet in a Corvette C6 Convertible with Marketing Maven Public Relations Account Executive Elizabeth Maxim riding shotgun.

Source: Breaking Travel News – Las Vegas Exotic Car Rentals allows stars to shine at Latin Grammy

Power Point Projectors
Most business class projectors will do a good job displaying your PowerPoint presentation. If you have a small presentation group, a 2000 lumen LCD projector will be able to produce a nice and clear picture. For larger audiences you should consider a 5000 lumen LCD projector.

Las Vegas foreclosure properties up for sale are gaining worldwide attention as home buyers, as well as investors, continue to discover that some of the lowest prices in over 20 years are located in Las Vegas. Trulia research reported, and LasVegasRealEstate.org confirmed, that  Las Vegas homes have the #1 price-to-rent ratio in America.

Even though appreciation has remained flat for many communities, immediate cash flow in the rental market is driving excitement, showing 10% and better returns for experienced buyers. Realty One’s Ashley McCormick has seen an increased interest from foreign buyers, as well as retirees, taking advantage of the affordable prices. In addition to that, foreign buyers are looking to compound on the benefits of purchasing second homes against a weak U.S. dollar while retirees are looking to get the best value for their remaining dollars in popular communities starting at $100,000.

Regardless, Las Vegas foreclosures are proving to be the deal that discerning buyers decide on after doing their research. McCormick is also advising buyers to take note of the niche markets in order to see the positive impact these cash purchases are having as well as the long term effects they may have on Las Vegas real estate market trends. High rise condos in Las Vegas are standing out as the dominant niche with 90% all-cash buyers. In addition to that, low priced units are being taken off the market, forcing prices to show both the first signs of appreciation since the recession hit as well as the stability the debt-free property owners bring to the community.

The average medium price of a home for sale in Las Vegas is currently$119,000 with 50% of homes for sale in the city being purchased entirely with cash. As a result, the Vegas economy is enjoying more residents with extra income to shop, dine and explore the city’s world class entertainment. In addition to that, the extra income brought by these buyers creates a cycle that benefits the service industry that largely contributes to the rental population of Las Vegas.

Source: PR Web – Las Vegas Real Market Receives Over $720 Million  Cash in Last 3 Months According to LasVegasRealEstate.org

Computer Service Now

Metro police have stated that rental scams in Las Vegas are on the rise. In addition to that, police say that what makes it difficult to stop them is that the fraud can come from any one of a number of different locations. The classic rental scam works with someone posing as a landlord and illegally leasing out another person’s property. Even worse, some scammers are even posing as victims in hopes of conning property managers into letting them stay.

One property manager of a house found a broken lock as well as the fact that the home was illegally occupied. According to Linda Crosbie of Realty Executives, “The people claimed they were frauded.” Crosbie says that the people told her that they found the home listed in the newspaper and that they paid $3,500 to rent it.

Crosbie believed that the occupants were victims of a rental scam and helped convince the investor of the home to let them stay. However, Crosbie later discovered the records on the property didn’t match and realized that the “victims” were, in turn, scamming her.

Metro police have stated that this is only the latest in a growing number of rental scams. “They drive around; they look at the foreclosure list. They just move in. They simply just move in and they’ll dummy up a receipt or create a receipt to make it look like they’re the victim,” said Lt. Susan Shingleton of the Metro police.

The Metro police have stated that the majority of rental scams usually involve phony landlords preying on families looking for a nice rental deal. The best way to stop the scammers is by using public information that is already available for free at records offices or online. According to Assistant County Recorder Eugene Mendiola, “This is available to them and is something anyone can do before they sign a lease.”

Source: 8NewsNow.com – Police Warn of Growing Rental Scams on Foreclosed Properties

Power Point Projectors
Most business class projectors will do a good job displaying your PowerPoint presentation. If you have a small presentation group, a 2000 lumen LCD projector will be able to produce a nice and clear picture. For larger audiences you should consider a 5000 lumen LCD projector.

If you are a low-income senior and you are looking for a nice and affordable apartment for rent, look no further than Henderson, Nevada. This area has apartments for rent that  include spacious one and two-bedroom apartments, extras included as well as utilities, for only $500 to $600 a month.

However, there are some restrictions. Prospective residents are required to be  low-income senior citizens that are ok with living at the Smith Williams Senior Apartment Complex, which is conveniently located on city land at Lake Mead Boulevard and Ivy Street in the older area of Henderson.

However, if you are interested in this location, then you better get a move on because even though new renters are not allowed to move in until this week, the 80-unit complex is filling up very quickly. This public-private partnership is the first faith-based supportive housing tax credit project for the Nevada Housing Division in Southern Nevada according to former Las Vegas city councilman Frank Hawkins.

State, county and Henderson officials were already given a private tour of the $20 million complex that was largely financed via private lenders. Rev. Sam Robertson, the pastor of the Henderson Community Baptist Church, was inspired to have his congregation sponsor the entire project when he visited the historic Wheat Street Baptist Church in Atlanta. Wheat Street Baptist stands in the shadow of a 17-story senior apartment complex that was partially built by the church.

Even though it was largely financed by the church, Robertson made it clear that anybody is allowed to rent at the apartment complex, regardless of personal or religious beliefs. The Royal Bank of Canada contributed nearly $10.2 million as an equity investor, taking care of tax credits offered by the Federal Government.

Stearns Bank also helped out, contributing with a $6.9 million loan, and the city did its part by chipping in $1.25 million. Additional contributors include Clark County with a $1 million contribution and the state Housing Division with a $350,000 contribution.

Source: Las Vegas Review Journal – Low-income seniors can find place to call home in Henderson

SMBnow.com is news of, for and by SMBs!
SMBnow.com… The Small & Medium Business Magazine!

Many retirees are starting to relocate to Sun City Las Vegas due to the affordable prices, active adult lifestyles and impeccable health care opportunities. However, according to data gathered by Trulia and confirmed by LasVegasRealEstate.org, Las Vegas may have the best price-to-rent ratio in the entire country.

Because of this, old school investors are beginning to show an increased interest in re-investing in housing and apartment rental options in Las Vegas in order to have a little extra monthly cash flow. Many retirees are living on a fixed income so it is natural that the first thing they look into when retiring is to find a home for themselves. Retirees that do their research are finding that homes in Las Vegas are better in overall affordability as well as lifestyle.

Over the past five years, retirees who believed that they had a stable retirement suffered staggering losses in pension plans as well as stocks. A recent survey by the Employee Benefit Research Institute showed that one out of every three retirees had delved deeper into their retirement fund then they initially intended just to pay for basic expenses in 2011.

Home, apartment and condo prices in Las Vegas are currently at the lowest they have been in twenty years with rental prices in some areas above 10% cash flow. Investors, foreign buyers and retirees are all getting back into buying rental properties and making some easy money off of them. Retirees, unlike a majority of other property owners, have been shown to have less interest in long-term appreciation in their properties and more of an interest in immediate cash flow.

Source: PR Web – Sun City Las Vegas Homes for Sale Becoming Cornerstones for Rebounding Retirees According to LasVegasRealEstate.org

Power Point Projectors
Most business class projectors will do a good job displaying your PowerPoint presentation. If you have a small presentation group, a 2000 lumen LCD projector will be able to produce a nice and clear picture. For larger audiences you should consider a 5000 lumen LCD projector.

The TRIB Group’s Meeting of the Minds Event, set to take place next week, is already drawing a record number of rent-to-own’s independent dealers to Las Vegas for discussions on key topics ranging from increasing a customer base, human resources and even club programs and driving core product sales.

Nearly 250 dealers representing 84 different rental companies will be heading to Caesar’s Palace  from August 29 until August 31 for the TRIB Group event which is paired with a second buy fair for the second year in a row. In addition to that, the event is also co-located with Brand’s Source’s National Convention.

According to TRIB Group Executive Director Dennis Shields, “There really is not another event like this. People are anxious and eager to learn from their peers at MOM and ready to place orders for the rest of the year at the buy fair and our Hot Show where they find deals that are offered nowhere else.”

In addition to that, nearly 61 of the 90 approved TRIB Group vendors will be exhibiting at the show. “Our members love having a second opportunity to meet with vendors,” Shields added. “The summer is behind them and they are ready to place orders and move some products.”

Registration opens Sunday, August 28 and before the first session of the event on August 29.The first session runs from 8 a.m. to 4:45 p.m. on Monday prior to the Hot Show and resumes on Tuesday from 9:45 a.m. until 12:30 p.m. prior to the opening of the buy fair. Last minute registration can be completed at www.brandsourceconvention.com if you are a procrastinator like myself, and all vendor representatives that are attending must also register for name badges.

Source: RTOHQ – TRIB Group Meeting of the Minds draws ‘mind blowing’ attendance

Good news for the Las Vegas apartment rental industry as apartment rents in the city remained within a relatively tight range over the past year. In addition to that, occupancy rates appear to be firming up as well according to reports from Applied Analysis.

Average rent in Las Vegas slipped down to $758 per month, which is down from $766 per month rent one year ago. However, occupancy increased to 92% from 90.7% the previous year. Overall, the apartment market has improved year-over-year if you analyze average rents and occupancy rates together based on revenue per average unit.

On a year-over-year basis, Las Vegas apartment rents have declined for 11 consecutive quarters according to Applied Analysis project manager Jake Joyce. However, the 1% drop in the second quarter was the smallest annual decline since late 2008. According to Jake, the apartment market appears to be “feeling its way along a choppy bottom” with rents and occupancy rates usually improving.

“Certain pockets of properties are doing better than others,” he said. “We still see Class A (high-end) rents rising as well as occupancy. Class C’s are not doing so well because prices have declined so much.”

The highest rents were found in the Southwest Las Vegas Valley area at $914 per month. On the flip side, the lowest were found in the northeast at $624 per month. However, apartment owners are having to compete with the “shadow rental” market of single-family homes in Las Vegas according to Bill Meyers, a local Realtor.

Home sales increased to 5,500 back in June and nearly half of the purchases were cash transactions, typically by investors who are going to fix them up and rent them out to families. According to Meyers, “This is changing the dynamic of our communities as more and more homes have become tenant -occupied. Since many families in Las Vegas have lost their homes to foreclosure or short sales, there is a growing need for available homes to rent. Apartments are not a viable option, since many families have children and pets and wish to stay in the same school district.”

Investors have responded quickly to the demand for rental homes. However, rents have been increasing in order to meet the demand. In some cases, renting has become more expensive than buying.

A majority of apartment complexes that are being purchased by investors are real-estate owned or bank-owned according to Patrick Sauter of the Sauter Cos. In many cases investors won’t buy a property if they feel that the price is above current replacement cost, Sauter said. That is why any new construction is a long way away.

Source: Las Vegas Review Journal – Las Vegas apartment rents, occupancy steady

Rack-Mount Server rentalsare ideal if your company needs an extra storage unit for company information while you are testing various types of storage solutions.Whether you need a short-term rental or a long-term lease, we have the right kind of server for your needs.