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86: Cactus Lights and Deals with the Devil
November 28, 2010
Anybody can put lights on a Christmas tree. That’s easy. Try putting 500,000 lights on Nevada’s (and one of the world’s) largest collection of cactus (cacti, cactuses). And while you’re doing that, help Scott figure out if Melissa has made a deal with the devil. In today’s Living in Las Vegas Podcast, we tackle lighted cactus, devil deals, Irish pubs are more. Show notes:
- Weather (53 (but freezing some nights)) / LiLV Pool (45)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Uncovering Melissa’s deal with the devil
- Thanksgiving without stress
- Black Friday at Fashion Show
- Cosmopolitan and job creation
- Cup of Morning Sunshine and magic
- Ethel M Cactus Garden
That’s a lovely singing voice you have, Mrs. Whitney.
November 26, 2010
Thanks for taking some time away from shopping to check out 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 in the Las Vegas Valley this weekend. You can also watch me talk about the figures live on the VEGAS VIDEO NETWORK Fridays at 1 PM. We’ve got a great guest today, Mary Tucker of Staged By M! She’s going to talk about home staging, so be sure to get your questions ready.
Summary: The rise in available listings appears to be leveling off; we have 16484, only 10 more than last week. However, time on market does continue to climb: median is roughly 3 months. Partly due to the short work week, there was little change in the mix of single family home prices. The number of contingent and pending homes continues to drop to 12455 (still roughly 3 times what it would have been in a “normal” market with the number of closings we are seeing). As expected, the number of closings in the MLS is a little lower than usual due to the Thanksgiving holiday; I anticipate a rush to get transactions closed early next week.
Other Information: The case that may take down Bank of America is Kemp vs. Countrywide. Court testimony has already been self-contradicting, but it is becoming clear that standard practice was to violate the laws of almost every state (lobbyists desperately want to make it retroactively legal, since almost every bank was doing pretty much the same thing). With the drama currently unfolding in court, no wonder investors in mortgage backed securities — the guys your original mortgage company have sold your actual mortgage to — want banks to make a deal with regulators in all 50 states. A federal review of foreclosure practices is to be released in January. In other foreclosure news, over 4.3 million mortgages are over 90 days in arrears or in foreclosure. And here’s an interesting item on what happens to all those canceled HAMP modifications (surprisingly, most do not go to foreclosure!).
Sales of newly built homes remain near 50 year lows. Meanwhile, inventory of existing homes nationwide is up 8.4% from last year, with sales of existing homes dropping more than forecast. So it should be no surprise that home prices fell 3.2% in the third quarter. However, commercial real estate prices rose. Mortgage rates rose to 4.4% on average, which is still historically low.
In local news, the Nevada jobless rate has dropped for the first time in 5 years! A local broker has been fined $215,000 and lost her license for inflating home prices and using the difference to pay a third party. And interested in buying a piece of land on the Las Vegas Strip? This is your lucky day: 1.36 acres with 236 feet of frontage on the Strip are being auctioned; sealed bids are due Monday, December 13.
85: UNLV Basketball - Go, Fight, Win!
November 21, 2010
You’ll hear time and again that Las Vegas lacks culture. Really? Besides the strong art and music scenes here in the valley, many forget that Las Vegas is home to the University of Nevada, Las Vegas. There are tons of UNLV supporters of all ages, many of whom are feverish fans of the Runnin’ Rebels basketball team.
For today’s Living in Las Vegas Podcast, we join in the excitement and check out a great UNLV Basketball game at the Thomas and Mack Center. Show notes:
- Weather (52 (-20 from last week)) / LiLV Pool (50.5 and leafy)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Las Vegas Street Performers, revisited
- Mortgages and Getting REAL (Estate) in Vegas
- Get your story on Cup of Morning Sunshine
- Listener Email: Christmas in Las Vegas
- UNLV Basketball — Go, Fight, Win!
(Check the very end of the video. We solve the tomahawk motion thingy everybody does!)
November 19, 2010
Welcome to Friday Figures! All information from the GLVAR MLS system. If you are touring, listing, or making a purchase offer in the Las Vegas Valley this weekend, read this first! You can also watch me talk about the figures live on the VEGAS VIDEO NETWORK Friday at 1 PM. Today our guest is Kari Phillips of Southern Fidelity Mortgage. Be sure to get your questions ready!
Summary: It’s no surprise that we have more available homes in the MLS at 16474. Additional inventory is driving prices down. Year over year, by far the biggest increase has been in the number of short sales. Contingent sales are down to 12515, over 2000 fewer than mid-November of last year. This is a good sign since it means that we are working through those transactions. Actual sales continue to be strong, with little or no gap between list price and final sales price.
Other Information: It is becoming painfully clear that many big banks were engaged in mortgage and foreclosure activities that are patently illegal and unfair — and they would like to whitewash this in the courts if not pressure Congress and regulators to make it legal after the fact (never mind the Constitution). The FDIC has 50 criminal investigations against banks underway, and the SEC is investigating Citigroup. Meanwhile, some banks are re-filing flawed paperwork in hopes of slipping it past scrutiny. Over two million foreclosures are still expected for each of the next 3 years as more homes go into default. Some hope that the foreclosure fraud mess can at least be partly solved with loan modifications, but I think this just kicks the can down the road. Speaking of modifications, the good news is that Bank of America approved 52% more of them in October; the bad news is that’s still only about 25,000 mortgages. Anyone who would like to try and wrap their head around some of the problems is welcome to look at this diagram.
In other real estate news, here’s a nice item on the potential pitfalls of “rent-to-own” agreements. Since there is noise about cutting or capping the mortgage interest deduction, it seems fair to share this analysis of who benefits from the tax break. Home prices did decline in September by about 1.8%, and housing starts are down 30.5% in the West. Experts predict that in 2011, we may see another 7-10% drop in home prices nationwide, but does this apply to Vegas that is already 59% below the peak? While mortgage rates are up this week, mortgage applications are down. Qualifications are tightening up, particularly on popular FHA mortgages (popular because of downpayments as low as 3.5%).
As for local items, October home sales dropped 26.5% in October year over year, and inventory is up — nothing my readers didn’t already know. However, our home price index is improving. MarketWatch says we have an “uneven recovery underway.” And Wayne Newton has gotten approval to adapt his home here in Vegas for tours. The Christian Science Monitor tells you what you’re likely to see there.
November 15, 2010
We just launched the latest show on the VEGAS VIDEO NETWORK, called Cup of Morning Sunshine. The show is a LIVE and video-on-demand production that features the good things in life! Through a series of short, entertaining, and educational video episodes, our goal is to help make both your personal and business life a little bit easier and a lot more fun by highlighting the ideas, people and organizations that make life great!
Here’s a link to the premiere episode. Take a break from your busy schedule and spend 12 minutes basking in some sunshine of your own!
84: I’ve Got Your Good News and Bad News
November 14, 2010
Over the last week, we’ve seen a noticeable increase in national news about Las Vegas. . .some bad (not a surprise), some good (thankfully). For today’s Living in Las Vegas Podcast, we talk about a few of these stories and the impact they have on those of us living here in Las Vegas. Show notes:
- Weather (70ish) / LiLV Pool (53 + crickets and other critters)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Friends adds Duane and Regina from Oklahoma
- Listener Email: Live Jazz revisited (and a list of jazz venues)
- Bad News
- Nevada Population (which is effected mostly by Clark County)
- Harmon Hotel at CityCenter
- Good News
- Signs of recovery?
- Great Price for Cirque du Soleil tickets (local’s only)
Take two, Baby. This time, with feeling (and some sound).
83: Fremont Street: Street Performers, Zip Lines, Comedy and Concealed Weapons
November 7, 2010
It’s the triumphant return of Melissa! Sound the horns! In celebration, we head down to Fremont Street (Melissa’s favorite. . .wait. . .who am I kidding. . .she hates it down there) for some good ribs, terrible street performers, flying drunks, crappy bands, great comedy and a lesson on concealing a weapon in Nevada. Show notes:
- Weather (73) / LiLV Pool (58)
- LiLV Stuff
- Listener Line: 206.312.0105
- Sign up of Email Alerts (form found on right side of our website)
- Elections and the mildly retarded
- Listener Email: Being a live audience member of a VEGAS VIDEO NETWORK show
- Fremont Street
- Street Performers
- A great bar in the Fremont Casino
- Scott’s preferred superpower
- Zip lines
- LA Comedy Club (and the debate between Leno and Letterman)
- Downtown bar, The Griffin
- What it takes to get a conceal weapon license in Nevada
Finally, a good reason for those additional pounds.
November 5, 2010
It’s time once again for Friday Figures! All information from the GLVAR MLS system. Touring, listing, or making a purchase offer in the Las Vegas Valley this weekend? Read this first! You can also watch me talk about the figures live on the VEGAS VIDEO NETWORK Fridays at 1 PM. Today our guest is Jenna Bohannon of Old Republic Home Protection, answering questions about home warranties.
Summary: For the first time in some weeks, available units dropped. We now have 16143, but that’s still higher than last month’s 15507. Short sales are up while the number of available foreclosed homes is down — prices on those homes is dropping, perhaps reflecting title risks. Over the last month, there has been a dramatic increase in the number of homes available for less than $100,000 and under $200,000. The number of contingent and pending listings continues to drop at 12620. Time on market does continue to rise, which is creating downward pricing pressure.
Other Information: Last time we talked about the fact that home ownership is at a 10 year low. One reason is that there are fewer new households: more people are living with relatives or roommates. Some analysts think that sales of new homes, currently up from record low levels, are poised for a comeback. Freddie Mac sees no sign of a housing recovery soon, but their view may be colored by the fact that nearly half of their mortgage modifications redefault!
Speaking of defaults, Bank of America has put their Chief Auditor in charge of probing their mortgage unit. Meanwhile, Deutsche Bank is trying to cover their tracks by saying, in effect, that they told their contractors to follow the law, but they may not have done so. Surprisingly, private mortgage insurance company Radian posted a higher than expected profit, its first profit in over a year. However, it’s no surprise that investors are less interested in buying mortgage backed securities. Title insurance companies are dropping demands that banks be held responsible for title problems created by faulty foreclosure documents, mostly under the threat that banks would take their business elsewhere. Tuesday’s elections gave us 17 new state Attorneys General, which may result in quicker movement on foreclosure fraud investigations. This item on how to respond to the foreclosure crisis is worth reading, if for no better reason than the chart outlining the actual costs of foreclosure to a municipality. Finally, I was amused by this CNN item informing us that “Banks don’t always fix up repossessed homes before they sell them — which means some great deals for you.” In my world, banks almost never fix up repossessed homes, and they sell them “AS IS, NO REPAIRS OR WARRANTIES.” So yes, “some” are great deals. Not all.
November 2, 2010
Melissa just sent this to me.
Today, the groovy folks at Cirque opened up a special offer for Nevada residents on 85.71% of their Las Vegas-based shows. (That’s 6 out of 7. Can you guess which one isn’t included?) The offer extends all the way until February 28, 2011!
Here’s the shows and promo codes:
- "Mystère" at Treasure Island Hotel
$37.95-$54.45 (reg. $75.90-$108.90)
Code: Local
Runs Saturday-Wednesday
Two ticket minimum - "Criss Angel Believe" at the Luxor Las Vegas
$54.45 (reg. up to $109)
Code: Luxor
Runs Tuesday-Saturday
Must be booked in pairs - "KÀ" at the MGM Grand
$54.45 (regularly $99)
Code: MGM
Runs Tuesday-Saturday - "Zumanity" at the New York New York Hotel & Casino
$54.45 (reg. $105)
Code: Zumanity
Runs Friday-Tuesday - "The Beatles Love" at The Mirage
$68.75 (reg. $130)
Code: Mirage
Runs Thursday-Monday - "Viva Elvis" at ARIA Resort & Casino
$68.75 (reg. $125)
Code: Aria
Runs Tuesday-Saturday
