Las Vegas Real Estate Selling Price

Las Vegas Real Estate Selling Price

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

Las Vegas Real Estate Selling Price

Every home seller wants to fetch the highest price the market will bear and there are several avenues to take in accomplishing that goal.

 

  1. The first step is to find a knowledgeable and reputable real estate brokerage. Professional agents at The Tom Love Group understand the fundamentals and dynamics of the Las Vegas housing market and can help set a realistic listing price that will produce the most competitive bids. The more you know about the local market conditions, the better the chances of getting the highest possible price. In addition to comparable sales in the neighborhood, we look at trends. Are we in a rising or declining market? How many days are homes staying on the market? And who are the buyers? An owner-occupant is likely to offer more than an investor.
    1. Marketing is an important factor in the pricing equation. The Tom Love Group markets properties to local, national and international buyers through mainstream media advertising as well as the Internet and direct mailings, exposing the property to the maximum number of prospects.
    2. Sometimes it’s all about timing. If the market is declining, perhaps you should think about holding off on the sale. The flipside to waiting is circumstances could change. The market could further decline or you may come under financial pressure to sell earlier than you want.
    3. First impressions are lasting impressions. A couple hundred dollars spent on improving “curb appeal” could pay substantial dividends. Start by sprucing up the landscaping, maybe plant new shrubs and flowers. A property that looks clean and well-maintained from the street is going to attract serious buyers. Another worthy investment is to give the interior a fresh coat of paint. Off-white is always a good choice for color, easily painted over by the new owners if they wish. Carpets should at least be cleaned, if not replaced. Even a pig looks better with lipstick.
    4. Of course, the old adage of “location, location, location” still rings true when it comes to real estate pricing. Some of the highest home prices in Las Vegas Valley are found in upscale neighborhoods such as Summerlin, Green Valley, Southern Highlands and Anthem.
    5. Another consideration is the season of the year. Fall and winter are traditionally slow sales periods, so the supply of listings are down. Tighter supply means less competition, which could work in the seller’s favor. Typically, sales volume heats up with the arrival of spring and summer, especially for families who don’t want to disrupt their children’s school year. It’s possible to sell during the spring for more money and delay the closing or extend occupancy until summer.

 

Bottom line is nobody has a crystal ball. Predicting whether prices will rise or fall in the coming months is risky business. One thing we guarantee: The Tom Love Group will deliver great service and marketing strategies to attain the best possible negotiated price.

Las Vegas Attracts Luxury Home Buyers From Around The World

Las Vegas Attracts Luxury Home Buyers From Around The World

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

Las Vegas Attracts Luxury Home Buyers From Around The World

The Las Vegas Review Journal recently reported that most of the luxury home sales in Las Vegas seem to be coming from out of state buyers. The article cites local realtors, including Tom Love, who reported that several of their sales have been to people moving to Las Vegas from other states. A large majority of these home buyers are California residents trying to escape the high taxes in that area. Tom Love reported an increase in business over the past two years, including the sale of an $8.5 million luxury home in The Ridges, to buyers from California.

According to the article, many home buyers are flocking to Las Vegas because it has a lot to offer including:

  • Lower taxes;
  • Great climate;
  • Affordable housing;
  • Lower cost of living;
  • Less traffic;
  • Access to world class entertainment, shopping, dining and golf; and,
  • Energy efficient homes with modern technology.

Home buyers from California are also attracted by the easy travel back and forth from Las Vegas to Los Angeles. Many Californians also reported that the tax savings they accumulate by moving to Las Vegas has actually helped finance the purchase of their luxury home. The article also mentions that improvements in the economy may be making buyers confident enough to move out of state and purchase higher end homes.

You can read the full article, “Realtors say most Las Vegas luxury sales are to out-of-state buyers”, for more details about why Las Vegas real estate has become so attractive here http://www.reviewjournal.com/realestate-millions/realtors-say-most-las-vegas-luxury-home-sales-are-out-state-buyers.

Queensridge Estate Incredible Price Reduction!

Queensridge Estate Incredible Price Reduction!

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

Queensridge Estate Incredible Price Reduction!

I normally don’t post about my listings in my blog, but in this case I am making an exception simply because of the huge price reduction we received on our 9501 Orient Express property in Queensridge. We originally had this listed at $13million and this week were able to secure a phenomenal price reduction of $3million! This amazing Las Vegas mansion is now listed at $9,999,900

 

“Lifestyles of the rich and famous.” Experience life at the top in the guard-gated community of Queensridge with lush fairways that lead to your private resort sanctuary. You will be astonished by the captivating views of the mountain, golf course and fabulous Las Vegas Strip. Enter this incredible estate through the privately gated home and circular driveway that leads to the most unique and exclusive residence in Las Vegas.

 

Elegant entry doors welcome you to the grand foyer introducing you to an outstanding and pristine living environment. The dramatic entrance reveals creme marble floors that lead to the sunken formal living area accented with designer niches, a stone surrounded fireplace and an inviting 1,600 gallon aquarium. The 1,200 bottle walk-in wine cellar is the focal point of the formal dining area and is exquisite with an elegantly styled environment that is equipped for dining and entertaining. With over 22,000 sq. ft., this dream home features five luxurious bedrooms, seven elegantly appointed baths, three powder rooms, two master suites, one of a kind gourmet kitchen, movie theater, indoor state-of-the-art gym, racquetball, basketball court and a very spacious 15 car garage. This Las Vegas home defines luxury living at its finest.

 

The impressive gourmet kitchen is truly exceptional boasting a Ferrari red unique custom cabinetry with great attention to design and functionality. Top of the line built-in Viking stainless steel appliances include the side by side custom Subzero refrigerator/freezer with counters and center island that are covered in hand selected multiple slab granite.

 

A majestic curving staircase leads to the palatial master suite boasting magnificence that opens up to the breathtaking views of the full Las Vegas Strip and double fairway views of the golf course. A separate sitting area, comforting fireplace and a plasma television screen are also featured. 12′ by 10′ custom built-in bed with a pop up plasma television in the console can only be described as a private oasis of indulgence. The expansive closets are fit for a king and queen. Custom lighting delicately appoint the sumptuous master bath offering separate his and hers bathing areas finished in slab marble counters with custom faucets, walk-in steam shower and oversized jetted tub.

 

Enjoy exercising in the gym or on the basketball court that is prepared with top of the line equipment, plasma screens, built-in cabinets, two showers, dry sauna, and private balcony that overlooks the remarkable golf course and pool. The spacious game room complete with a pool table and a full wet bar add to the delight of this room.

 

Relax in the outdoor entertainment on the grandest scale that is affordable by the lush, tropical, resort style backyard. The extravagant rock waterfalls surrounded by the swaying palms, infinity edge pool with beach entry, lazy river and two spas complete this ultimate oasis. Not to be missed is the separate gazebo with an outdoor kitchen, bar and misting system included for further ambiance.

 

Additional amenities added for style and comfort available throughout this extraordinary residence include a high-end Creston system, surveillance cameras, surround, central vacuum, water filtration system with reverse osmosis, elevator, and dramatic skylights offer a unique combination of luxury and utility. This world class estate can only be defined as a rare opportunity to purchase one of the finest mansions in Las Vegas.

How to Finance that Dream Home

How to Finance that Dream Home

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

How to Finance that Dream Home

I frequently get asked, “how do people afford those multi-million dollar dream homes that you sell?”. Well, the answer is the same way that anyone else buys a home – which is usually a regular mortgage from a bank. It is true that there some people buy homes with cash and do not need any financing. However, those people are few and far between. For the rest of us, we usually need a little help. There was once a time when million-dollar-plus homes required some hoops, special financial considerations, and high down payment ratios. But over the last few years, banks and mortgage companies have begun offering more traditional loans and streamlining the process for these high-end homes.

 

Enter our friends at Guild Mortgage! In business for over 50 years, Guild has been one of my preferred mortgage companies since I started selling real estate. What makes Guild Mortgage special, is they have some very creative programs that will help most anyone’s mortgage needs – including that higher-end homes that we sell. They have recently introduced the Elite Jumbo Program. This amazing loan program offers traditional mortgages with only 5% down for up to $850,000! This is one the only programs that will allow you to get that luxury dream home with such a low down payment. This program also other loan products for loans up to $3million.

 

If you are interested in more information about Guild Mortgage’s loan programs, please feel free to call our friends Nancy Buchanan at 702-460-7086 or Michael Cornachio at 702-622-4979.

 

21 Reasons To Bet On Las Vegas

21 Reasons To Bet On Las Vegas

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

21 Reasons To Bet On Las Vegas

Thinking about relocating to Las Vegas? If you are, you are probably making a safe bet. Our friends over at the Greater Las Vegas Association of Realtors have given us 21 reasons why Las Vegas might just be a great bet, and we have highlighted those reasons below just to share with you:

 

  1. Booming Convention Business – Las Vegas has been voted the top U.S. Trade Show Destination for the 19th straight year by industry leaders.
  2. Global Access – There are at least 12 airlines consistently transporting international passengers to the 8th busiest U.S. airport (971,615 international passengers visited Las Vegas from January to April 2013).
  3. Multicultural – Nearly 22% of local residents are foreign-born and 32.4% of the local population speak a language other than English at home.
  4. Young – Median age is 34.5 and nearly 25% of the population under age 18.
  5. Convenient – A typical daily commute time to work is only 24.2 minutes, and Las Vegas is easy to navigate, being served by I-15, U.S. 95, and the 215 Freeway circling around the valley.
  6. Clean & Green – Southern Nevada is one of the cleanest metro areas in the world and Nevada boasts more square feet of Leed-certified buildings per-capita than any other state.
  7. Fun – There are more than 40 million people from all over the world flocking to Las Vegas per year, and it is now home to 7 of the 10 highest-grossing nightclubs.
  8. Sun – There is an average of 292 days of sunshine each year.
  9. Fine Wine – Las Vegas has more master sommeliers than any other City in the world.
  10. Fine Dining – With more than its “Fare” share of celebrity and master chefs, Las Vegas also hosts the WFC – World Food Championship.
  11. Culture – Yes, Las Vegas has amazing culture, with the world’s greatest performers frequenting Las Vegas, including downtown’s world-class Smith Center.
  12. Nature – There are natural attractions such as scenic Red Rock Canyon, Mt. Charleston, Lake Mead, more than 1,600 acres of parks, 2,900 acres of wetlands, and more than 100 public parks, pools, and golf courses.
  13. Growth – There is a growing population of more than 2 million to billions of dollars of new construction along the famed Las Vegas Strip to booming Downtown’s arts and entertainment districts around Freemont Street.
  14. Trade – Foreign Trade Zone #89 and 8 other convenient locations in Las Vegas are promoted by the Nevada International Trade Company and the Las Vegas Global Economic Alliance.
  15. Security – Offers Supernap data storage, lightning-fast connectivity and switch, and the most reliable technology ecosystem house in one of the safest places on the planet.
  16. Gaming – Vegas is the gaming capital of the world, from the World Series of Poker (both in person and now legal to play online) to non-stop action in the world’s largest and finest casinos.
  17. Sports – From legal sports betting to hosting world championship boxing, MMA, and other sporting events, Las Vegas is home to the UFC, the “fastest growing sports organization in history”.
  18. Income – With a median household income $55,961, Las Vegans earn 10% more than the national median income.
  19. ROI – With an average 9.86% cap rate for residential rental properties, Las Vegas real estate investors enjoy the fifth highest cap rate in the country.
  20. Demand – Las Vegas consistently ranks among the top 5 U.S. cities searched online by foreign investors.
  21. Gold – Besides Nevada being a leading producer of gold, the Las Vegas Global Business Committee has earned gold recognition from the National Association of Realtors, with over 30 of the World’s 1,900 certified international property specialists now serving foreign clients.

That Vegas house you are selling? Drop the price

That Vegas house you are selling? Drop the price

TheTomLoveGroup.Com

702.838.5100

1645 VILLAGE CENTER CIRCLE LAS VEGAS, NV 89134

That Vegas house you are selling? Drop the price

From my experience, most of the time the major selling factor in a home is the price. Location is very important too, but if you really interested in getting offers on your home, you need to make sure your price is set correctly for the market. This is an interesting article from the Las Vegas Review-Journal illustrating my point exactly!

 

If your house is on the market, we’re going, to be frank.

 

Odds are good you’re asking too much for your home. And if you keep it up, you could drag down the whole market, local real estate agents say.

 

New reports show the number of homes languishing unsold on the Las Vegas market is on the rise. Industry observers blame the trend on unreasonable seller expectations based on median prices that gained 25 percent a year in 2013 and 2014 but have since gone flat.

 

“It’s like everybody in Clark County who wants to sell their house is getting in their car and looking in the rearview mirror,” said John Gafford, a Realtor with the Gafford Group of Simply Vegas. “Prices have been flat the last several months.”

 

What hasn’t been flat is time listed.

 

A Tuesday report from home-sales website Trulia found that the number of local homes on the market for 60 days or longer has grown to 57 percent, up from 52 percent a year ago.

 

The figures gel with recent statistics from the Greater Las Vegas Association of Realtors, which showed a 12.2 percent increase year over year in March in the number of single-family homes on the market without an offer.

 

“That’s a big deal. It tells you people are asking too much,” said association President Keith Lynam. “People are trying to guess where the market is going, and they’re guessing wrong. Since July, the median price hasn’t budged from $200,000 to $205,000.”

 

Look at sales versus list prices for an object lesson in how much of a problem overpricing can be.

 

Nearly 29,000 homes have sold through the association’s Multiple Listing Service in the last 12 months at an average sale price of $114.80 per square foot, Gafford said.

 

Among homes in escrow, the average list price is a nearly identical $114.20.

 

But the average listing price for the 7,894 homes sitting without an offer is $141. What’s more, those homes have been for sale for an average of 77 days, in a market where more than half of homes sold in less than 60 days.

 

There may be more at work here than seller greed, though.

 

As prices spiked in 2013 and 2014, bargains became harder to find and investors backed off, said Ralph McLaughlin, Trulia’s housing economist. Traditional, mortgage-backed buyers haven’t been able to pick up the slack: Nevada still leads in unemployment, and wage growth is flat, McLaughlin said. Plus, more than a quarter of locals owed more than their home was worth at the end of 2014, compared with a national average of 17 percent. Eleven percent – nearly twice the national average of 6 percent – are delinquent.

 

“A slowing of the market suggests two things: Either there aren’t enough buyers entering the market, or those who are selling existing homes are pricing them too high”, McLaughlin said.

 

It becomes obvious that pricing is an issue if you consider the market under $200,000, which just enjoyed its best month-to-month sales jump since 2006, Lynam said.

 

“The buyers are there. You have to price right,” he said.

 

The issue isn’t at a crisis point, McLaughlin said. Nevada’s average of 57 percent listed after 60 days is lower than the national rate of 60 percent. Helping the market: Employment growth is strong, and housing has slowly stabilized, he said.

 

But local observers say anything that keeps large chunks of homes on the market too long can erode consumer confidence. Nor does any outlying trend help an already weak recovery.

 

“Our market is so raw and tenuous that anything outside the norm is extremely concerning,” Lynam said. “You have vacant homes, you have under-water homes, you have rising notices of default – you have a lot of things in play here. You add this to the mix, and I’m very concerned about it.”

 

The fix is both complicated and simple – complicated because it’s difficult to argue with sellers who believe their home is the best castle on the block, and simple because sales agents can walk away if a client won’t listen.

 

“My message to Realtors is that they need to educate sellers. If that means turning around and walking out without the listing, then turn around and walk out without the listing,” Lynam said.

 

You can read the original article at http://www.reviewjournal.com/news/las-vegas/vegas-house-you-re-selling-drop-the-price