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August 30, 2010

It’s been ten days since our last video, which demonstrates how busy we’ve been! It’s hard to shoot video when you’re a Builder Bob apprentice! And speaking of Builder Bob, let’s meet Rip Rippetoe, as he explains what we’ve still got to do.

Learn how to Produce Your Own Pro-Level Podcast
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Filed Under Blog Post, PodWorx, Real Estate, Video · 2 Comments  

August 27, 2010

TGIF! You know what that means? No, not a lunch suggestion. It’s time for Friday Figures! All information from the GLVAR MLS system. This is the real deal: information you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Available listings continue their climb, now at 14357. At this rate, we will see if my prediction for stability around 15,000 holds within a month. I am concerned about the number of very cheap properties out there. I do get calls from people who think they can afford the mortgage on a $50,000 home, but the catch is that it’s almost impossible to get a mortgage on a home in that price range. That doesn’t even address the fact that such homes always need extensive, expensive repairs. Only investors and other buyers with cash will get us out of that pickle. Contingent and pending listings dropped below 14,000. Once more, a good sign that banks are working through the backlog of short sales one way or the other. Median time on market for sold homes finally crept over 30 days, mostly because Fannie Mae and Freddie Mac won’t consider investor offers for the first 30 days. Speaking of investors, there is plenty of action in homes for lease.

Other Information: A lot has been made of the most recent court rulings against MERS. Remember, we don’t have judicial foreclosure here in Nevada; the bank can foreclose without ever going before a court. An expert I consulted feels that the only way to get your mortgage case into a courtroom is bankruptcy! Since a lot of people are staying put (not necessarily by choice), check out these home remodeling tips. Some sources are asking today whether some lenders might be procrastinating on foreclosures. The answer is yes, particularly if the property is occupied. And who can blame them when 1 in 10 homes nationwide may face foreclosure, maybe more (my math says that 14% is more than 1 in 10). Of course, that doesn’t mean that banks are keen to deal with principal writedowns, HAMP, or other loan modifications. Major media is pessimistic about the housing market in general, but at least one expert sees foreclosure rates dropping. While some are pessimistic about Vegas, I would like to say that if you’re going to argue that, don’t use a house in Mesquite as your example! That’s saying Waco and Dallas are the same place. New homes are getting smaller on average (more to the point, new homes are getting more “value priced”). Local commercial real estate is not a happy place right now. And don’t fall for this builder rip-off! Take your money and your purchase offer elsewhere!

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Filed Under Blog Post, Foreclosures, Real Estate, Short Sales · 2 Comments  

August 20, 2010

Thanks for dropping for Friday Figures! All information from the GLVAR MLS system. Here’s you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Once again available units jumped, this time to 14057. While the number of short sale and non distressed available properties is up, there was no rise in the number of bank owned properties. Contingent and pending listings were down, but remain over 14,000. The number of contingent short sales does continue to decline, but some of those units have returned to the market as available. Median time on market for homes that are closing has finally reached 30 days — half of homes selling are on the market less than a month. This slow rise is partly due to institutional sellers insisting on longer periods before considering offers, or only considering investor offers after 2-4 weeks on the market. Our rental market for houses and condominiums is still healthy and stable despite the fact that apartment rents are at a 6 year low.

Other Information: Nationally, more construction is starting on more properties, but permits for the future are down. I don’t cover commercial real estate, but the Commercial Real Estate Price Index is down (great news for business owners looking for new space). Home buyers need to be aware that the FHA rules are tightening up; please consult your mortgage professional for details. Mortgage applications are up as rates are low. Some experts think the government must slash tax breaks for homeowners (please contact your Congressman and Senators if you feel strongly one way or the other). Remember that buying a short sale or foreclosure adds complications to the buying process (see here and here for more). More good news, mortgage delinquencies are down. Thanks to Steve for pointing out that in the second quarter, we had over 3000 cash transactions, and fewer than 1000 closings with a mortgage (FHA, VA, conventional, and owner financed combined! Yes, there were a handful of owner financed transactions). Cash is King in our market right now. And one last thing, the Hoover Dam Bypass should finish on schedule this fall.

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Filed Under Advertising, Blog Post, Moving to LV, Real Estate, Short Sales · Leave a Comment  

August 20, 2010

In this latest behind-the-scenes video, we take an over-the-shoulder look into some of the steps required to build our 288 square foot stage.  (We also feature the entertainment styling’s of one Wade Roberts.)


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August 18, 2010

There is something joyous about finding an email addressed to friends@livinginlv.com in my inbox.  The stories.  The kind words.  The photos of groovy listeners from around the globe. So imagine my uber-joy as I proudly added three more folks to the Friends of the Living in Las Vegas Podcast page!

First we have Jason, who hails from Missouri and is clearly capable of any bodyguard duties I may need in the soon or distant future.

Next is Amber, a Las Vegas local who is a very impressive graphics designer. (She’s worked with several casinos here in town.)

And the latest addition is Michael and Melissa, a cute couple from Oregon who are in the midst of buying a short sale home here in Las Vegas.


Welcome all to the site!

By the way, are YOU on our Friends of the Living in Las Vegas Podcast page? It’s easy! Just attach a photo of yourself to an email and send it to friends@livinginlv.com. Include your name and location and you will join fabulous folks like Jason, Amber, Michael and Melissa!


Filed Under Blog Post, Friends of LiLV, Listeners · Leave a Comment  

August 16, 2010


Here is the latest video from our studio building project, which is happening just off the Las Vegas Strip.

In today’s video, we learn how to set off a fire alarm without starting a fire and see first hand that I have lost all track of time.


Filed Under Blog Post, PodWorx, Real Estate, Video · Leave a Comment  

August 13, 2010

Here we are with another edition of Friday Figures! All information from the GLVAR MLS system. This is the no-nonsense data you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: It’s no surprise that available units are up, yet again, to 13,832. Nor is it surprising that median price on those units is slipping just a little, mostly on non-distressed properties. Pending and contingent properties stopped dropping, and now sit a little over 14,000. The number of contingent short sales continues to ever so slowly go down, and that is a very good thing for the long term. Closings have settled into their mid-month lull (Pro-tip: if you can close on your home mid-month, it will make your mortgage and title people happy and things are likely to run more smoothly). List price and final sales price on closed units remain very close to one another; this is not a time for low-ball offers if you really want the property.

Other Information: Last week Fannie wanted more money from the Feds? This week it was Freddie’s turn. The NAR assures us that home prices are “firming” nationally, but even NAR’s Chief Economist Lawrence Yun “urged caution on interpreting price data.” And remember that locally, there are several communities with problematic Kitec plumbing fittings. It’s an estimated 30,000 homes effected, so be sure to ask your home inspector about it. This is a far bigger deal locally than the tainted drywall issues in some parts of the country. I thankfully haven’t encountered any of that drywall (experts tell me it’s unlikely here), but I sure do know some developments with Kitec issues!

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Filed Under Blog Post, Foreclosures, Real Estate, Short Sales · Leave a Comment  

August 12, 2010

On November 23, 1998 I jumped into the entrepreneurial waters.  Since then, I’ve started three successful businesses (website design, branded music CDs and Internet broadcasting).  For each of those businesses, I’ve been fortunately enough to have, on average, about a 10 foot commute to work. 

That is, until about ten days ago.

For some time now, I’ve been working on a concept for a new type of offering from PodWorx.  It’s an idea that I’m very excited about and one where the technology has caught up with the vision.  It’s never been attempted here in Las Vegas and based on the feedback I’ve received from a group of very smart folks who’ve been briefed (after signing a Non-Disclosure Agreement), there’s a lot to be excited about.

To create the environment necessary for this new concept, I have to expand beyond my existing work environment.  As a result, I have found myself in the land of commercial real estate.  After a relatively-short search, I was connected with a great guy/landlord and a great space from which to launch this project. 

After securing a small amount of funds from outside sources, on August 2nd, 2010, I accepted the keys to my first commercial property!  A wave of excitement, fear, anticipation and the unknown washed over me.  I’m not a Builder-Bob kind of guy, so I was nervous.  Luckily, I have two GREAT friends (Rip and Wade) who are helping me build what I believe will be one of the coolest video studios in town.   

The video above is the first of several I’ll be recording during the building process.  We’re still in stealth mode but I wanted to share the process as best I can. Ten days into the project, I’ve learned a lot, spend a great deal of time at Home Depot and Ahern Rental, and feel as if my credit card is beginning to melt.

Stay tuned. . .


Filed Under Blog Post, PodWorx, Real Estate, Video · 6 Comments  

August 6, 2010

Glad you could join me for Friday Figures! All information from the GLVAR MLS system. Here’s what you and your Realtor need to know before touring, listing, or making a purchase offer in the Las Vegas Valley this weekend.

Summary: Once more, available units are up. Now we have 13496 properties available, compared to 12038 at the beginning of last month. An interesting twist (but certainly no trend) is a very slight drop in the number of bank owned homes available! The number of contingent and pending units continues its downward trend, but for now remains over 14,000. Within 2 weeks we should see a more “normal” market that has more units under contract than available. More good news on this front is that we’re down to 9251 contingent short sales waiting for bank approval. While it is true that sometimes the bank is saying no, at least there is progress working through the backlog.

Other Information: Fannie Mae lost over $3,000,000,000 (that’s $3 billion, or $3000 million!) last quarter, so they are asking for more government aid. There is some noise that they may be pressured to forgive a lot of mortgage debt, but it is likely nothing but noise. Some experts suggest that new home prices are likely to fall another 5% this year (hopefully leveling off and/or starting to rise next year) to compete with distressed sales of existing homes. Mortgage rates hit yet another new low (some people think super low interest rates in general are actually a bad thing from a long term housing price standpoint). One last thing: if you have moved out in preparation for selling your home — or are thinking about it — please call your insurance agent to make sure your property will be covered! Many homeowners policies only cover occupied properties!

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Filed Under Blog Post, Foreclosures, Real Estate, Short Sales · 1 Comment  

80: Enjoying Life as a Las Vegas Local

August 1, 2010

If you live in Las Vegas, you really owe it to yourself to get out and enjoy that which is Sin City. The weather. The food. The entertainment. And since our last episode, we’ve been busy doing just that!

Join us for this edition of the Living in Las Vegas Podcast where we regale you in stories of Las Vegas local fun and joy! Show notes:

  • Weather (triple digits are awesome) / LiLV Pool (86 is the new 84?)
  • LiLV Stuff
    • Listener Line: 206.312.0105
    • Sign up of Email Alerts (form found on right side of our website)
  • NippleGate (thank you Wendy O)
  • Commercial Property (PodWorx is expanding!)
  • Recent Blog Posts
  • il Vino at Aliante Station
  • Listener Audio [from a looooong-time listener]
  • Listener Email: Viva Elvis, Job Hunt, Theatre Launch
  • Hot and Horrible: Union at Aria Vodka-pairing dinner
  • Enjoying Life as a Las Vegas Local by. . .
    • Staying at Wynn for Melissa’s Birthday
    • Checking out the NBA Summer League (and the most amazing discovery ever)
    • Singing along with Sgt Pepper Live featuring Cheap Trick
CLICK PLAYER TO LISTEN:
 

icon for podpress  Show #80 [74:04m]: Play Now | Play in Popup | Download
icon for podpress  Streaming MP3: Download


Filed Under Aliante, Announcement, Audio, Basketball, Birthday, Cirque du Soleil, CityCenter, Comedy, Comped, Concert, Hard Rock Casino, Jazz, LiLV, MGM Mirage, PodWorx, Restaurant, Staycation, Summerlin, Wynn · 1 Comment