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July 30, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. This is the no-spin data you need to know before touring, listing, or making a purchase offer this weekend.
Summary: We’re up to 13261 available houses, condos, and townhomes. I fully expect that we will have 15000 before the end of the year, particularly since time on market is going up (partly due to reduced buyer interest, partly due to short sales falling out). At least prices show signs of leveling off for the moment. While there is no doubt that we have more distressed properties coming on the market, I am seeing anecdotal evidence of an increase in rehabbed properties being sold by investors, particularly in the sub-$200k market. The number of contingent and pending units is down to 14252. Closings are strong this week as we finish up the month. I am concerned by the rise of single family homes priced under $100,000; most of these are bank owned, and few can realistically be financed. A few creative mortgage products involving a second rehab loan exist but I only know one mortgage professional who is enthusiastic about them. These cheap properties might pose an opportunity for an investor with cash, but I can’t in good conscience recommend any of them to the first time buyer who might be attracted by (im)possible low monthly payments.
Other Information: Even though prices are dropping nationally and locally, sales of new homes are up. Sales of existing homes are still “above historical median.” Home ownership is down to a 10 year low and dropping, and that unfortunately means that there are more vacant homes everywhere. Vacant homes are a target for crime, including arson, so please be careful when touring homes (and keep an eye open for strange things at vacant homes near you). A number of sources think this may be a good time to buy a home for several reasons, one of which is low interest rates.
July 28, 2010
Just saw this in our local neighborhood paper.
The Tea Lounge on the 23rd floor of he Mandarin Oriental at CityCenter is offering locals 20% off their bill for tea and/or tea cocktails now through Labor Day.
What is a tea cocktail?
Good question. Here’s a couple examples:
Royal Tea – orange vodka, simple syrup, chilled Osmanthus Oolong tea, splash of lemon juice, on the rocks.
Tea-tini – bourbon, chilled jasmine pearl tea, and apple juice, sweetened with agave nectar.
I wonder if I can hang a Lipton bag on the side of my Tanqueray and Tonic and call it a tea cocktail?
July 23, 2010
Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s what you really need to know before touring, listing, or making a purchase offer this weekend.
Summary: We’re up to 12960 available units, just under 13,000 and about a 30% increase from the low we set earlier this year. No surprise that prices are under downward pressure. Contingent and pending listings are down, however, and we may eventually work through the huge backlog of contingent short sales one way or another. 600-700 closing properties a week seems to be the “new normal” for a little while, but I do expect more closings this coming week as banks try to clear the July books.
Other Information: Unfortunately, the economy is of great concern going forward. Nevada unemployment is at 14.2% and in the Las Vegas Valley it’s 14.5%. Builders are also nervous about the economy. Home sales are slowing nationwide — which the experts did anticipate after the home buyer tax credit expired. This week has also seen a lot of criticism of how few people have really been helped by the HAMP program — and a few pointing out how little help it is to some of the people who have gotten modifications. There is still some good news to report: mortgage rates are at yet another all time low; many Clark Country residents got lower property tax bills in the mail this week (which may result in budget shortfalls, but that’s another issue); and apartment rents are down. So far I have seen no real drop in rental home prices, partly because those owners have fixed expenses and a slightly different business plan.
July 22, 2010
A lot of Vegas restaurant guides tend to favor locations on The Strip, but that’s not terribly convenient for those of us that chose to live further away. Count me among those that don’t really go down there all that often, but still want to enjoy great food! That being said, two of my favorite places for dinner just happen to be a few hundred feet from one another at the Red Rock Casino Resort.
Terra Rossa has a superb menu of well prepared Italian dishes. It’s not the cheap bowls of pasta you may have come to expect at many restaurants by any stretch of the imagination. In fact, all the pasta is homemade.
An antipasto plate will arrive at your table before you can even consider your menu options, and a bread basket will follow soon thereafter. The thin crust, wood-fire cooked pizzas make a nice appetizer, or a meal by themselves. Classic items ranging from deep fried calamari to chicken parmigiana are of course available and well prepared. A few of our favorite menu items are the prosciutto appetizer, gnocchi, and spaghetti al carbon.
There is a full bar with expert mixologists and an extensive wine list. The service is always just right, and a member of the team is sure to be nearby when you need something. [The outside dining is pretty cool as well. -Ed]
Hachi is a “Modern Japanese” restaurant with an ample selection of sushi. Why do the waiters have belt buckles shaped like the number 8? Because hachi is the Japanese word for eight!
To be honest, we tend to treat sushi restaurants as “small plate dining”, a sort of Japanese tapas. As a result, we’ve tried a lot of menu items over the three years they’ve been open, but we’ve never actually had any of their main courses. The menu sort of encourages this grazing by offering a section of 38 small dishes for $8 or less. If you like spicy food, don’t pass up the Crispy Spicy Shrimp, Kholester Roll, or the french bean tempura. For those with more traditional tastes, the crispy baby whitefish, sea bass cakes, and kumamoto oysters are excellent. A traditional assortment of sushi bar staples can be had as well, such as nigiri, miso soup, and edamame. And it’s worth saving room for dessert. (Don’t be surprised if the sake sommelier shows up at your table to talk about the sake menu, but there’s a full bar too.)
Reservations are recommended, but both restaurants can usually work you in fairly quickly if you show up without them.
July 21, 2010
Good news for our readers in Summerlin. There will be a new Firefly Tapas Kitchen & Bar location coming to the area. The restaurant will be located at 9560 W. Sahara Ave, which is between Grand Canyon and Fort Apache. (It is currently the home of Z’Tejas Southwestern Grill.) Firefly offers Spanish style tapas for lunch, dinner and late night dining all at a affordable price. A large portion of the menu’s over 40 items are under $10.
The new Firefly location will be approximately 6,000 square feet and will seat around 200 people. Firefly has two other locations in the valley: 3900 Paradise Road (by the Hard Rock Casino) and inside the Plaza Hotel (Fremont Street and Main Street). There is no time-line to open the new restaurant, however it should be open by the start of August.
July 17, 2010
Social House, which is a unique sushi restaurant owned by Pure Management Group, has opened inside Crystals at CityCenter. Executive Chief Joe Elevado has trained under “Iron Chef” Masaharu Morimoto to deliver what should be an interesting and diverse blend of Pan-Asian style. Locals just need to show a valid Nevada ID and receive 20% off Sunday through Thursday.
I did not have the opportunity to eat at the old Social House which was located inside Treasure Island. So I would be interested to hear from some of our listeners who ate at the old Social House and compare it to the new Social House.
[Melissa and I have taken many LV visitors to the TI-based Social House. It was one of our “go to” places. We’re not sushi people, but those who are raved. For we cooked-food lovers, their food was excellent as well. — Scott]
July 16, 2010
Once again it’s time for reading Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer this weekend? Read this first!
Summary: Available units rose again, this time to 12521, and median price on single family homes dropped and median time on market rose by a day. The number of properties in the process of being purchased dropped very slightly, but this is not a cause for concern as many of these properties have been in that state quite a while awaiting short sale approval. Over half the homes that are now closing were on the market less than a month, so there is still some competition for the “most desirable” properties. In fact, 95 of the 658 properties that closed in the last 7 days were on the market less than a week before an offer was accepted!
Other Information: Please be careful out there this weekend! We have an excessive heat warning; don’t count on working air conditioning in a vacant property! Unfortunately, Nevada once again leads the nation in foreclosures while we are at a record high as a nation. Home mortgage applications are falling while rates remain low. And just for fun, some statistics on American homes.
July 16, 2010
My friend Jay, who runs promotion for a variety of shows in Las Vegas (including the LA Comedy Club) sent me the following email. Looks like he’s looking for an assistant for a comedy magic show on Fremont Street. Here’s the email:
Are you looking to be part of a fun show or know someone who is? If so then forward this to them.
Looking for an assistant in a comedy magic show on Fremont Street. Must be attractive, friendly and outgoing (very good with people).
Job duties include: Pitch the show 2 hours before the show, Work along-side the shows performers in a one-hour show.
Experience a huge plus, however if you’re a natural we would love to take a look.
Hours: Approximately 2:00pm- 5:30pm. Wed-Sun
Flat fee ($60) for your appearance plus commissions on sales of tickets.
Please send any information you think may be helpful in addition to a headshot (photo), plus full length photo, number to reach you at and resume. We will not even take a look without a photo. You will be performing on stage and must look presentable to the public.
This is a fun environment however we are also very hard workers.
Call 702.287.0915 to set up an interview on Friday
His email address (for the headshot, resume, etc.) is screamoutloudmarketing@yahoo.com.
July 9, 2010
Thanks for reading Friday Figures! All information from the GLVAR MLS system. Here’s the real scoop that you and your Realtor need to know before touring, listing, or making a purchase offer this weekend.
Summary: The number of properties for sale rose yet again to 12,266. We are seeing clear signs of fewer buyers now that the tax credit is over. The rise in the number of available short sales is dramatic. One obstacle to clearing the inventory of very low priced homes is that financing such properties is almost impossibly difficult. The number of properties under contract to be sold did drop slightly as more of them moved on to closing. There’s still over 14,000, and most of them are still waiting for short sales to be approved. The number of properties that closed in the last week plummeted, as most buyers (and some sellers) pushed hard to close before the end of June. While the year to date sales figures are not as high as last year, they are far above 2007 and 2008 levels.
Other Information: I’m not sure what to make of ABC’s report that “liar loans” are making a comeback. Nobody thinks it’s a good idea to sell people a house they ultimately can’t afford, but many people in Las Vegas make more money in tips than in salary! Wells Fargo is completely shutting down its sub-prime operations, so be prepared to show them lots of documents to get a mortgage. Rates are down again to a new record low, and as a result mortgage applications are up. Good news for our local economy is that hotel occupancy nationwide is up; our economy relies heavily on tourism. Another bit of good news courtesy of our reader Jacob, General Growth will very likely sell over 7 acres of land for a high-tech manufacturing facility. This will bring construction jobs now and tech manufacturing jobs for years to come. And finally, nationwide, apartment vacancy is down, and rents are up. The theory is that the economy has improved enough that people who had roommates are moving out on their own.
July 6, 2010
Beijing Noodle No. 9, which is an Chinese-themed restaurant inside Caesars Palace, is offering a discount for locals. Just show your Nevada ID and receive 20% off your bill. According to the Caesars website, Beijing Noodle No. 9 is their newest restaurant.
A quick glance reveals the menu to be quite varied, from Cantonese Roast Duck to something called a Stuffed Seafood Pancake! Sounds like it could be an adventure for those of you with a more varied palate.
