Las Vegas Luxury Properties Link

A world-class team of hospitality, design and architectural firms have been enlisted to complete a $3 million redesign for The Martin, a high-rise residential tower in Las Vegas owned by iStar Financial as part of its Residential Division ("iStar Residential"). The redesign will include a renovation of the buildings common areas and the creation of an Effortless Ownership program offering five-star services to residents.

The Kor Group, the Los Angeles-based developer and design team behind Viceroy Santa Monica and Viceroy Anguilla, will lead the sales and marketing, interior design and Effortless Ownership program. Mark Tessier, the award-winning Los Angeles-based landscape architect, will design the green spaces. As of last week, 103 residences at The Martin have already been sold.

"The Martin is a once-in-a-lifetime opportunity to purchase a home in a well-designed, well-located luxury residential project offering five-star amenities and services at an affordable level, which can and will never be replicated again at these price points," said David Sotolov, senior vice president at iStar Residential. "Despite the state of the Las Vegas real estate market over the last couple years, we have maintained strong sales that continue to gain momentum as the market recovers. Our re-investment in The Martin will further improve and solidify the luxury, high-end quality of the asset."

The redesign of the common areas will begin in September and includes the porte-cochere, lobby, library lounge, pool area and poolside lounge, spa and fitness center, business center and conference room. Completion is expected by mid-December. The Effortless Ownership program that offers five-star services to residents is currently in development and will be available next month.

"Were excited about the partnership and believe the combined resources of The Kor Group and iStar Residential will redefine luxury living in Las Vegas," said Tripp DuBois, vice president of marketing and sales at The Kor Group. "Our goal is to create lasting value for our purchasers, investors and the community. Through inspiring design and highly serviced amenities, we are offering effortless ownership and casual luxury that is guaranteed to make your first home jealous of your second."

The Kor Group is responsible for the award-winning development and construction of over 10,000 apartment and condominium units, including the successful Eastern Columbia building and Barker Block development in Los Angeles, and development of a world-renowned collection of hotels and resorts including the Viceroy and Tides brands.

Located one-block west of the Las Vegas Strip and steps from the heart of CityCenter, The Martin is a 45-story high-rise residential tower offering unparalleled views, five-star services and amenities and exclusive access to the best of what Las Vegas has to offer. The Martin features 372 one- and two-bedroom modern, spacious residences, all of which have views of the Strip, designer finishes, state-of-the-art technology and spacious floor plans, ranging in size from 1,035 to 1,962 square feet. Five spectacular penthouses, from 3,653 to over 13,000 square feet, grace the top three floors. Prices range from the mid $200s to over $1.5 million.

 About The Martin: Located one-block west of the Las Vegas Strip and steps from the heart of CityCenter, The Martin is a 45-story high-rise residential tower offering unparalleled views, five-star services and amenities and exclusive access to the best of what Las Vegas has to offer. The Martin features 372 one- and two-bedroom modern, spacious residences, all of which have views of the Strip, designer finishes, state-of-the-art technology and spacious floor plans, ranging in size from 1,035 to 1,962 square feet. Five spectacular penthouses, from 3,653 to over 13,000 square feet, grace the top three floors. A $3 million renovation is underway by The Kor Group, the developers and design team behind The Viceroy Santa Monica and The Viceroy Anguilla and award-winning landscape architect Mark Tessier.

If you would like to schedule an appointment to see The Martin, please contact Felipe Crook from Prudential Americana Group Realtors, at 1-866-589-1646.  You can also start your free search of Las Vegas high rise condos for sale here.

Felipe Crook

Prudential Americana Group

Las Vegas, NV 89117

I have been working with a few investors looking to purchase investment properties in the last couple of years.  Some of my clients have bought 1 income property, and others have bought 4-5 properties.  CNN Money earlier this year claimed Las Vegas and the best city to buy an investment property/rental property for those looking to put their money into something a little more stable than the stock market. "Overall, the highest ratings are in markets where home prices have fallen substantially," said Ingo Winzer, founder of Local Market Monitor. "Home prices in these markets are also below average, so empty homes are easily turned into competitive rental properties." The cities were ranked by estimated future returns compared with the projected national average return. According to Local Market Monitor's data, for example, investors in Las Vegas who rent out the properties they buy now will have a 4.7% higher return than the 5.3% national average."

Some neighborhoods in Las Vegas have seen a drop in home prices from the peak of the market as much as 65%.  Many of the available homes for sale here in the valley are priced so low per square foot that the replacement cost to rebuild is higher than the purchase cost.  When prices are cheaper to purchase than to rebuild, investors start to flock towards the market.  Consistently over the last year, 48-54% of our transactions were purchased with CASH.  That is a massive amount of money flowing into our city. Always follow the cash.

For those out of town investors looking to capitalize on our prices and great cash flow, the biggest question I get is where they should purchase.  I almost always answer their question with a question to get a better sense of what your goals are.  Are you going for appreciation? Are you going for cash flow? Are you holding long term? Are you trying to flip properties?  Do you have a time frame?  Are you a foreign national?  Most of the investors I'm speaking to say they want appreciation AND cash flow.  

The most rent-able investment properties with some of the best cash flow have these attributes:

• 1400+ sq ft
• 3 bedrooms
• 2 bath
• 2 car garage
• small yard
• Rents for $900-$1200
• Taxes will range from $1500-$2000 a year
• Home Owner's Association fee vary depending on Neighborhood

These types of homes can be purchased for $90k-$140k depending on the area and upgrades.   This falls in line with our median home price in Las Vegas which is $130,000. If you'd like to get a better quality home above the median price, I would recommend looking at property in the $190k-$225k price range.  In this price range I would try to get a home with these attributes:

• 2500 sq ft
• 4 bedrooms
• 2-3 baths
• 2-3 car garage
• bigger lot size
• Rents for $1800-$2300
• Taxes will be $1800-$2600 a year
• Association fees will vary depending on the community.

I work with a property manager to whom I refer all of my investors.  She can help rent out your property, collect rents, screen applicants, and help with repairs.  I definitely recommend using a property management company when purchase out of state as it'll help reduce the stress and headaches.  

Some popular neighborhood that I've helped investors purchase rental income properties:

Summerlin

Rhodes Ranch

Peccole Ranch

Mountain's Edge

Henderson Green Valley

Northwest Las Vegas

These are just a few of the most popular areas in the Las Vegas valley. There are plenty of great communities that would be perfect for a rental home. 

If you would like a free relocation guide to Las Vegas, please click this link.

Please feel free to contact me directly, at 1-866-589-1646 for more information regarding your real estate investments. Feel free to start your own search of the MLS below.  This system is updated hourly and is more current than Realtor.com.  You can save your favorites, get notified of new properties, and track prices.   I have the ability to send you properties with very specific search terms, so if you need a specific type of property please call me.

Felipe Crook

Prudential Americana Group Realtors

1-866-589-1646

felipe@felipecrook.com

The Las Vegas housing market is heating up....and it's not just the summer heat.  Over 4,471 properties sold last month compared to 4,185 homes from June of 2010 showing a nearly 7% increase in number of sales while 3,900 properties sold in May of this year.  Part of that increase has to do with our prices.  The average home that sold in June of this year sold for $151,682 and was approximately 1900 sq ft. With 52% of all of those transaction being CASH, investors and first time buyers are capitalizing on our incredible prices. CNN Money reported that Las Vegas had the best rental property market in the country for investors.  I'm currently working with a lot of investors who are looking to produce passive rental income, with many getting returns on their investment of 9-15%!

   Las Vegas has always been an exciting market for real estate, and now is no different. So often when I'm first meeting buyers to explain the market and show market stats, they are shocked at the speed and competitiveness of real estate in the desert.  The national trends do not always reflect what is happening in our local market. It's crutial to work with a Realtor who understands and communicates the market so you don't miss opportunities.  If you would like to see all available homes in Las Vegas for Sale and search like a Realtor would click the link to the left. You can also learn about Las Vegas Neighborhoods here.  The National Association of Realtors recently reported:

Existing-home sales eased in June as contract cancellations spiked unexpectedly, although prices were up slightly, according to the National Association of REALTORS^®.Sales gains in the Midwest and South were offset by declines in the Northeast and West. Single-family home sales were stable while the condo sector weakened.

Total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.8 percent to a seasonally adjusted annual rate of 4.77 million in June from 4.81 million in May, and remain 8.8 percent below the 5.23 million unit level in June 2010, which was the scheduled closing deadline for the home buyer tax credit.

Lawrence Yun, NAR chief economist, said this is an uneven recovery. "Home sales had been trending up without a tax stimulus, but a variety of issues are weighing on the market including an unusual spike in contract cancellations in the past month," he said. "The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals, 16 percent of NAR members report a sales contract was cancelled in June, up from 4 percent in May, which stands out in contrast with the pattern over the past year."

Yun cited other factors in the sales performance. "Pending home sales were down in April but up in May, so we may be seeing some of that mix in closed sales for June. However, economic uncertainty and the federal budget debacle may be causing hesitation among some consumers or lenders."

The national median existing-home price for all housing types was $184,300 in June, up 0.8 percent from June 2010. Distressed homes - foreclosures and short sales generally sold at deep discounts - accounted for 30 percent of sales in June, compared with 31 percent in May and 32 percent in June 2010.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.51 percent in June, down from 4.64 percent in May; the rate was 4.74 percent in June 2010.

Key Issues

NAR President Ron Phipps said home sales should be higher. "With record-high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales," he said. "Even with job creation below expectations, excessively tight loan standards are keeping many buyers from completing deals. Although proposals being considered in Washington could effectively put more restrictions on lending, some banking executives have hinted that credit may return to more normal, safe standards in the not-too-distant future, but the tardiness of this process is holding back the recovery."

Phipps added that lower mortgage loan limits, due to go into effect on Oct. 1, already are having an impact. "Some lenders are placing lower loan limits on current contracts in anticipation they may not close before the end of September. As a result, some contracts may be getting cancelled because certain buyers are unwilling or unable to obtain a more costly jumbo mortgage," he said.

Total housing inventory at the end of June rose 3.3 percent to 3.77 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace, up from a 9.1-month supply in May.

All-cash transactions accounted for 29 percent of sales in June; they were 30 percent in May and 24 percent inJune 2010; investors account for the bulk of cash purchases.

First-time buyers purchased 31 percent of homes in May, down from 36 percent in May; they were 43 percent in June 2010 when the tax credit was in place. Investors accounted for 19 percent of purchase activity in June, unchanged from May; they were 13 percent in June 2010.

The balance of sales was to repeat buyers, which were a 50 percent market share in June, up from 45 percent in May, which appears to be a normal seasonal gain.

Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.24 million in June, but are 7.4 percent below a 4.58 million pace in June 2010. The median existing single-family home price was $184,600 in June, up 0.6 percent from a year ago.

Existing condominium and co-op sales fell 7.0 percent to a seasonally adjusted annual rate of 530,000 in June from 570,000 in May, and are 18.0 percent below the 646,000-unit level a year ago. The median existing condo price⁵ was $182,300 in June, up 1.8 percent from June 2010.

Regional Performance

Existing-home sales in the Northeast fell 5.2 percent to an annual pace of 730,000 in June and are 17.0 percent below June 2010. The median price in the Northeast was $261,000, up 3.1 percent from a year ago.

Existing-home sales in the Midwest rose 1.0 percent in June to a pace of 1.04 million but are 14.0 percent below a year ago. The median price in the Midwest was $147,700, down 5.3 percent from June 2010.

In the South, existing-home sales increased 0.5 percent to an annual level of 1.86 million in June but are 5.6 percent belowJune 2010. The median price in the South was $159,100, down 0.1 percent from a year ago.

Existing-home sales in the West declined 1.7 percent to an annual pace of 1.14 million in June and are 2.6 percent below a year ago. The median price in the West was $240,400, up 9.5 percent from June 2010.

Felipe Crook

Prudential Americana Group

1-866-589-1646

FINALLY! We're number 1 for something other than being the worse market in the US!  I'm so glad to read this article from CNN Money touting Vegas as the best place to purchase investment properties.  I have been working with three big investors looking to scoop up some investment properties right now while prices are low and rents are trending higher.   Over 50% of our sales have been paid for with CASH!  That is such a large amount of money flowing into our city that people are starting to take notice.  What other metropolis can you purchase a home built in the last ten years for $100,000?  This city now has 2 million people, many of whom make a good living but don't want to buy, so what do they do? Rent baby!

With rents climbing and rentals in high demand, investors are being lured to investment properties, taking advantage of low housing prices and interest rates. Nearly 20 percent of home purchases in May were for investment purposes - that's up from 17 percent in 2010, according to the National Association of REALTORS®.

CNNMoney recently ranked cities by its estimated future investment returns. "Overall, the highest ratings are in markets where home prices have fallen substantially," says Ingo Winzer, founder of Local Market Monitor. "Home prices in these markets are also below average, so empty homes are easily turned into competitive rental properties."

Here are the top 5 markets in terms of investment return:

Las Vegas
Average home price (2011): $130,100
Projected home price (2014): $120,000
Gross rent (2011): $922
Projected gross rent (2014): $966

Detroit
Average home price (2011): $97,800
Projected home price (2014): $94,600
Gross rent (2011): $681
Projected gross rent (2014): $764

Warren, Mich.
Average home price (2011): $97,800
Projected home price (2014): $94,600
Gross rent (2011): $681
Projected gross rent (2014): $764

Orlando, Fla.
Average home price (2011): $165,200
Projected home price (2014): $166,200
Gross rent (2011): $980
Projected gross rent (2014): $1,148

Bakersfield, Calif.
Average home price (2011): $131,000
Projected home price (2014): $128,500
Gross rent (2011): $736
Projected gross rent (2014): $829

For the full article about from CNNMONEY click here. 

I my experience through out most of the valley, rents for single family homes range from $1000-$1500.  Location, amenities, upgrades, and sq footage can change that number drastically.  Obviously the bigger homes rent for a lot more than a 2 bedroom home.   I always, ALWAYS recommend that if you're looking to invest in a property, buy a minimum of a three bedroom, 2 bath, 2 car garage home.  These are the most common homes that people look for when you go to resell it.  I've had a hard time selling properties that only have 2 bedrooms, or ones with a 1 car garage.  Even a tandem garage (one where there is enough room for two cars right behind each other) is a harder sell than a traditional two car side by side garage.

Most of the investors looking to buy rental properties in Las Vegas tend to look at entry level homes, but there are a few investors looking to purchase luxury properties here in Nevada.  Obviously the capital required is significantly higher, but the appreciation potential tends to be great as well. The Median rent for a property with 4000 sq ft plus is $3500.   If you are considering purchasing a rental property in Las Vegas, please give me a call toll free at 1-866-589-1646.  I understand the needs of an investor and can help you navigate through a successful transaction with the best return for your money.   If you want to search for rental properties in Las Vegas click this link and start your search from home.  This website has everything that is currently available on the MLS and is updated hourly.  Realtor.com and Trulia tend to be a bit behind when a property goes under contract.   I can also provide more specific rental statistics and a referral to a quality property management company.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

1-866-589-1646

Did you hear? Las Vegas is number 1 yet again!  Yes, we're the #1 city in the nation with the most home owners underwater on their mortgages.  USA Today reported that many home owners are extremely underwater and Las Vegas leads the list!  Not the most amazing thing to be known for, but unfortunately many of us in the real estate market are used to the statistics.  71% of all home owners are upside down in Las Vegas.   In fact, our foreclosure rates have increased in January according to the Las Vegas Review Journal's article. So, what does this mean for investors looking to capitalize on the down turn in our market?  DEALS!  Here are the latest foreclosure stats in Las Vegas:

• 1,517 homes went back to the banks in January
• 388 homes were bought at court house steps
• Notice of defaults increased to 3,923.
• Trustee Sale Notices were 3,240 (A huge 32% increase from last January)

Las Vegas foreclosure filings:

Month               Notice of Default                    Notice of Trustee Sale

January 2011     3,923                                   3,240

December          3,660                                  4,241

November          3,529                                  3,892

October             3,677                                  3,191

September        4,250                                  4,339

August              4,165                                  3,845

July                  4,289                                  3,604

June                 3,864                                  3,421

May                  4,218                                  3,390

April                 4,309                                   3,690

March               5,170                                   4,445 

February           4,981                                   2,160

January 2010    4,731                                   2,160

Source: ForeclosureRadar.com

More and more home owners are coming to grips with the reality of our market.  Many are looking at other options than a foreclosure, i.e. doing a short sale on the Las Vegas property, loan modifications, or deed in lieu.  With 48% of the properties on the market being a short sale, the closing ratio of these types of homes are getting better and better. My team and I just successfully negotiated an EMC Short Sale that took 5 weeks to get an approval.  The average approval letter is taking anywhere from 90-180 days.   Many investors are looking to purchase these short sales, and rent them out as soon as they close.   Here is a general range of rental prices in the valley, a standard home depending on upgrades, area and condition can command anywhere from $900-$1600 a month for rent.   This makes our average price point of $165,000 very attractive, because you will be able to cash flow your properties.   If you would like a referral for a strong lender who can finance investment properties, please give me a call directly at 1-866-589-1646.  I can also provide you the latest rental stats for a specific area to help you make an educated decision to purchase an income producing property here in Nevada.  Click here if you would like to search for homes in Las Vegas yourself,  or you can simply start below.

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646