Retiring to Vegas

You Too Can Happen In Vegas

August Newsletter

Aug 16

Posted by Steve in Information | No Comments

Volume 1, Issue 7 August 12, 2010
Moving to Vegas
A MONTHLY NEWSLETTER FROM STEVE FEY
OF KELLER-WILLIAMS REAL ESTATE IN LAS VEGAS

Having a Good Summer?
Me, too, except for some bumps involving a rental property that we own. That’s all taken care of, so we did what a lot of people around Las Vegas do in the heat of summer and spent the weekend in the nearby resort community of Big Bear Lake, California. Yes, it may be hard for some to admit, but one of the attractions of Las Vegas is the nearness of Southern California. Big Bear Lake is an artificial lake located almost 7000 feet above sea level on what is referred to as a “sky island” in the middle of the Mojave desert. There is skiing, boating, camping, hiking and all sorts of mountain recreation available. I know, I love Vegas, but once in a while everybody needs a change of pace. I’ll mention another popular “cool” getaway next month.
Speaking of “cool,” Las Vegas and New York are tied for first place in “coolest cities in America.” How about that? 116 degrees and we’re cool! Not what you’d expect, is it? Still, I believe it. There are things that you see here every day that just don’t exist anywhere else, and not all of them involve our entertainment industry. Once you move here, you’ll see what I mean.
As always, to opt out of receiving this mailing, click here and make sure that the subject line says “unsubscribe me.”
steve@retiringtovegas.com
702-379-6267

Odd Bits about Las Vegas:
In current news, the Nevada Tea Party candidate has gotten back into the fray. Apparently he’s not satisfied with the credentials and demeanor of the Republican candidate. As I said last month, Nevada politics is entertaining.
The Lied Discovery Children’s Museum announced recently that it will be moving into the Smith Center being built in downtown Las Vegas. This is great news for families in the valley, which is not, sad to say, famous for the many family-friendly activities offered by Sin City. The truth is, Las Vegas is first and foremost a place to live, and the hype is, well, hype. (I like to say that if you do the wrong thing, you’ll stay in Vegas, if you get my drift.)

Here is something that’s coming right up, in Las Vegas and everywhere else, I suppose. (Maybe you shouldn’t let your kids see this one.) August Las Vegas Weather:
August begins to cool down, a little. The monsoon usually continues through Labor Day or later, so it can be amazingly sticky some days. It happens in August some years that we’ll get a day or two that doesn’t even reach 100 degrees. An amazingly refreshing day results. Heat-wise, the worst is over, and the rest of the year is usually pretty nice. The rainiest day ever in Las Vegas was in August, 2.6 inches.
• Mean high temperature is 103°F, or 39.5° Celsius.

• The mean low temperature is 75° F, or 24°C

• Mean August Rainfall equals .54 inches

• Record High is 116° F, and the record low is 46° F.
If you’ve only visited Las Vegas you might be surprised that August is the last of three hot months. That dry heat story is true, so the temperatures in September, while they look hot on paper, will feel cool and refreshing to residents of the Valley.
Las Vegas weather can be surprising. The official record high temperature was 117 degrees, just a couple of years ago. The official record low was 8 degrees, a long time ago. In winter it typically freezes most nights for a couple of months, although rarely a truly hard freeze. In summer it only rarely gets above 110 degrees, but most of us think that 110 degrees is hot enough for practical purposes anyway. Everything is air-conditioned, even temporary storage facilities.
To contact Steve, including to opt out of this newsletter, please email using the address below.
Email: steve@retiringtovegas.com

Website:
www.retiringtovegas.com

Snail Mail:
3100 S. Durango Drive #106
Las Vegas NV 89117-4044
Things to Do in Vegas (Even When You’re Alive)
Try miniature golf. There is King Putt, an indoor mini-golf emporium that’s good to go even when it’s hot, windy, or raining. And there is the traditional outdoor The Putt Park, located in the Southwest. From time to time others have come and gone in the past few years, but these two seem to be long term features. Both have excellent courses (I’ve played them.) Summer is in full swing in Nevada, meaning that on Saturday the kids playing soccer over at the park are going through about a gallon of water apiece during the game. Also you’ll see a lot of boats heading for Lake Mead, and many tourists burning themselves to a crisp around any given resort pool.
LAS VEGAS REAL ESTATE MARKET STATISTICS AS OF AUGUST 12, 2010
Total listings equals 20391
Listings with no offers equals 11181
August to date closings equal 722
Converted to a monthly rate that equals 1805 per month
Absorption rate based on the above is 11181/1805 months, or 6.2 months.

When the tax credit expired, so did a lot of enthusiasm. But, the good news is that this remains an excellent time to buy property in Las Vegas, even if you never plan to move here. You can now rent for enough to cover the mortgage on most properties that you buy here, and it’s a cinch that sooner or later values around the Valley are going to shoot up. Maybe next year, even. So, give it some thought, and call me if you want some help.
As always, this information is from the Multiple Listing Service and is deemed accurate but not guaranteed. Figures were gathered at 10:50 PDT on August 12, 2010.
August 2010
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
1 2 3 4 5 6 7
8 9 10 11 12
Civil Rights Day

13 14
15 16 17 18 19 20
National Radio Day

21

Senior Citizens Day

22 23 24

First Potato Chips Prepared – 1854 25 26

First U.S. Rollercoaster Built – 1929 27 28
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US Air Force Academy Opens – 1958

30 31

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The Las Vegas Real Estate Examiner is Me

Jul 23

Posted by Steve in Information | No Comments

Visit Examiner.com

Visit Examiner.com
Image copyright Examiner.com

There is a web site you may have heard of called Examiner.com. Examiner.com is in the business of representing various metropolitan areas, trying, apparently, to become “the” source that people will turn to for information about any city in the country (and maybe beyond.) One aspect of a place is, no duh, residential real estate. So, I got on board with Examiner.com and became the — ahem — Las Vegas Residential Real Estate Examiner. Just a few minutes ago I posted an article about Real Estate terminology.

Do not despair of Retiring to Vegas, my friends! I shall still post local statistics and stories of interest here. This site, after all, is aimed at those wishing to, well, retire to Vegas, right? Examiner is more general. I will put a notice here every time I post a new article on Examiner.com, so you can follow along. There’s a link to Examiner.com below, under Real Estate Links and under Las Vegas Information as well. Good stuff!

July Newsletter

Jul 7

Posted by Steve in Newsletters | No Comments

Volume 1, Issue 5 July 7, 2010
Moving to Vegas
A MONTHLY NEWSLETTER FROM STEVE FEY
OF KELLER-WILLIAMS REAL ESTATE IN LAS VEGAS

Have a Great and Glorious Fourth?
Well, I did, which explains why I’m late with this month’s installment. My apologies, and I promise that August will be on time.
Interestingly, while my holiday period was busy, in Las Vegas is was the quietest Independence Day period anyone can remember. Maybe it’s the economy, maybe it’s just people getting old, whatever it is, things were quiet and serene around the Valley of Meadows this year. The shows went on as always; this is Vegas, after all. The Station Casinos, even though they are in bankruptcy, outdid themselves with coordinated shows at six of their properties.
Here at home we usually just go out on the roof, where we can see shows from various places in the valley. Luckily for our old dog, who can’t stand fireworks any more, the neighborhood itself was fairly quiet. Still, we saw the displays from Palace Station, the Hilton, Caesar’s Palace and others, all from the comfort of our own roof. (It’s a flat roof, so it really is nicer than it sounds.)

As always, to opt out of receiving this mailing, click here and make sure that the subject line says “unsubscribe me.”
steve@retiringtovegas.com
702-379-6267

Odd Bits about Las Vegas:
Las Vegas is the home to, believe it or not, more churches per capita than any other American city. I guess when you sell sin you need to keep a line open to the home office? The biggest religious affiliation around these parts is Catholic. The Mormons have had a large influence over Nevada since before this was a State, but they only make up five percent of Valley residents. The Catholic presence started with the build-up of the Strip, and has been augmented recently by a large wave of Latino immigrants.
It’s not true that all government officials in Clark County are either incompetent or on the take or both. But it can seem like to some days. Politics in Nevada is unique to Nevada. If you’ve noticed the Harry Reid/Sharron Angle race in the national news, then you’ve seen some of how politics operates in the Silver State. It is, to say the least, entertaining to live here.

July Las Vegas Weather:
In July the Monsoon Season starts. Monsoon? Really? Well, monsoonal winds, in fact, which are the result of hot summer sun on a large expanse of desert. In India the winds bring torrential rains. In Las Vegas they bring higher humidity and frequent thundershowers.
• Mean high temperature is 106°F, or 41° Celsius.

• The mean low temperature is 76° F, or 25°C

• Mean July Rainfall equals .35 inches, or darn few cm

• Record High is 117° F, and the record low is 56° F.
July is not cold, by any means. By the way, I was here for that 117 degree day. It was actually 121 on my patio. Dry heat or not, that’s just too darned hot!
Las Vegas weather can be surprising. The official record high temperature was 117 degrees, just a couple of years ago. The official record low was 8 degrees, a long time ago. In winter it typically freezes most nights for a couple of months, although rarely a truly hard freeze. In summer it only rarely gets above 110 degrees, but most of us think that 110 degrees is hot enough for practical purposes anyway. Everything is air-conditioned, even temporary storage facilities.
To contact Steve, including to opt out of this newsletter, please email using the address below.
Email: steve@retiringtovegas.com

Website:
www.retiringtovegas.com

Snail Mail:
3100 S. Durango Drive #106
Las Vegas NV 89117-4044
Things to Do in Vegas (Even When You’re Alive)
Last month I joked about the RTC giving me an annual pass because of something I wrote for another blog. They didn’t, but I discovered that, being sixty years old, I can get a 30 day unlimited pass for just 30 bucks! It’s so cheap that it makes me want to ride the bus! Summer is in full swing in Nevada, meaning that on Saturday the kids playing soccer over at the park are going through about a gallon of water apiece during the game. Also you’ll see a lot of boats heading for Lake Mead, and many tourists burning themselves to a crisp around any given resort pool.
LAS VEGAS REAL ESTATE MARKET STATISTICS AS OF JUNE 1, 2010
Total listings equals 19656
Listings with no offers equals 9842
June to date closings equal 3617
Converted to a monthly rate that equals 2894 per month
Absorption rate based on the above is 9842/2894 months, or 3.4 months.

Put another way, things are again just about the same.
As always, this information is from the Multiple Listing Service and is deemed accurate but not guaranteed. Figures were gathered at 11:00 PDT on July 7, 2010.
July 2010
Sunday Monday Tuesday Wednesday Thursday Friday Saturday

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2

3

4
Calvin Coolidge’s Birthday

5

6

7

8

9

10

11

12

13
MLB All-Star Game

14

15

16

17

18

19

20
National Lollipop Day

21

22

National Penuche Day
(look it up in your Funk & Wagnall’s) 23

24

25

Parents’ Day

26

27

28

29

30

I, too wonder: didn’t anything happen in July?
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Friday
Saturday

What’s Hot and What’s Not (In Las Vegas Real Estate)

Jun 23

Posted by Steve in About Las Vegas, Real Estate Information | No Comments

777

Is any real estate hot in Las Vegas? Don’t be silly — there’s always something cooking in this town. The statistics I’m about to quote come from the Multiple Listing Service or MLS, and are of course, naturally, as always, what do you expect, deemed reliable but not guaranteed. (I get tired of typing that unless I make fun of it once in a while.)

The highest average sales price for all types of housing since May 1st 2010 is in an area the MLS calls area 606. To the rest of us, that’s the Anthem and McDonald Ranch developments. Since May 1, 2010 in those areas, the average asking price has been $292,327.00, and the average sale price has been $283,693. This is the area featuring myriad golf courses, such as Rio Secco, Dragon Ridge, Anthem, and many more. At the moment (14:30 PDT June 23 2010) in area 606 there are 1423 residential properties for sale. The high price, for those who like rarefied air, is $15,900,000.00. That property has been on the market for 1,537 days. Yes, I said 1,537 days, which is quite a while. The low list price is $39,000.00, which property just posted.

You might think that cheaper stuff sells faster, and you’d be right.

The median list price, which isn’t skewed by that $15 million property, is $244,900.00, or $113 per square foot. Comparable homes to the median price have stayed on the market for 155 days, which is almost exactly five months for those keeping score.

The time on the market for the various price levels illustrates the first and most important thing in whether a property sells: price. Sure, location makes a difference, as this article shows, but in a given neighborhood, selling for less than the people down the street with the equivalent home for sale is a good way to sell quickly.

So, that’s the top of the Las Vegas Market right now. What then, is the bottom, you ask? Well, the lowest average sales price since May 1st was in the near downtown area that the MLS calls area 201. Think Cashman Field, Woodlawn Cemetary, Fantasy Park and you’ll get the general idea. The average asking price in area 201 was $45,637.00 since May 1st. The average sales price, however, was $46,560.00. It seems that, by one criteria at least, area 201 is hotter than Anthem. That is, the average sales price was higher than the average list price. This means that on average there must have been multiple offers for the properties sold there since the first of May. Put another way, things are looking up. Slightly.

Today, there are 312 properties for sale in this area. The highest asking price is $295,000.00. The lowest asking price is $19,500.00 The highest priced property has been on the market for 1,422 days. The lowest priced property just listed, and comparable properties sold immediately. Again, price is the prime determinant of how fast you sell within a given area. The median list price is $45,000.00, or $37 per square foot, and comparable properties were on the market for 39 days. It seems that if your goal is to sell a piece of property, then you’d do well right now if the place you sold were downtown. Heck, there may even be a few “flippers” downtown. I doubt that anyone is flipping houses in Anthem these days.

That said, where would you rather live? Well, that’s for you to decide, but you can see that some places are priced dramatically differently from other places in Las Vegas. According to recent news reports, young professionals these days are gravitating to the downtown area of cities. But most of you, the audience for this blog, are, I’ll wager, more attracted to the golf courses of Anthem. The nice thing is, we have both areas in Las Vegas so everybody can find a neighborhood they’ll be happy in.

By the way, the overall Valley average sales price since May 1st is $152,115.00, from an asking price of $155,563.00. During that time, there were 3,607 on the market, 1,324 Sold, 1,125 listings expired, and 4,985 were pending. (I don’t know if that means pending for the entire period, or if some of the pending properties are also counted as sold.)

That’s a rate of 887 sales per month, giving an absorption rate of 6.74 months, if you don’t pick out the pending sales. If you leave them out (subtract them from the total on the market) you get an absorption rate of 813/887, or just a tad under a month. Given that some pending closes never happen, if I say the absorption rate is a bit over a month based on the past six weeks, I’m probably not too far off.

And, here’s an amazing fact: technically, that makes Las Vegas a sellers’ market due to low inventory.

So, as is the case when any pundit talks the economy, take what you can and leave the rest. But it’s still a good time to buy your piece of Las Vegas. Call me at 702-212-2222 for more information. You’ll be glad you did.

Buy Low, Sell High?

Jun 14

Posted by Steve in About Las Vegas, Information | No Comments

Welcome to Fabulous Las Vegas Nevada!

Welcome to Fabulous Las Vegas Nevada!
Photo by Steve Fey

I hate to keep harping on the same old theme, but you know, folks, the Las Vegas market isn’t going to get significantly cheaper, and it isn’t going to stay cheap forever. Honest to goodness, this is the time to buy Las Vegas. The big resorts are already seeing an increase in business, and the entire area follows them up or down.

You might, as I do, want to live near enough to the Strip to be at Wynn Las Vegas within ten minutes in case there’s something you’d like to take in there. (I’m not favoring Wynn in particular, but that’s where we went over the past weekend.) Or, you may want to live up on a hillside away from the hustle and bustle and enjoy the beautiful views, natural and human made, that this valley affords.

Whether it’s retirement, a second home, or moving to an exciting city, this is the time to get in on what is, really, the ground floor of a Las Vegas resurgence.

Everybody seems to like to say “buy low, sell high,” but how many people actually take that advice? Here’s your chance to take that first step and buy in at the bottom of what will probably be a nice, long climb.

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Some News About Las Vegas Real Estate Today

May 27

Posted by Steve in About Las Vegas, Real Estate Information | 5 Comments

I’ve been hearing one thing from the MLS and another from the news, so I decided to take an overall snapshot of Las Vegas real estate in roughly the past month. On the news over the weekend they were comparing February with March, which looked a bit grim but isn’t necessarily accurate today. I’m writing this before I look at the statistics, as I try not to bias anything. But, let me check and see what’s really going on.

Okay, then, here is a quick rundown of things as of between April 1st and today. All data is as usual from the Multiple Listing Service (MLS) which is deemed reliable but not guaranteed.

The average list price in Las Vegas was $158,155.00.
The average sales price in Las Vegas was $154.261.
There were 5911 active listings (no offers on them).
There were 3598 new listings the period.
1325 Sold
That’s 1325 divided by almost 2 months, or 663 per month, for an absorption rate of about 8 months (5911 divided by 663.)
There are 6466 closings pending. (I’ll bet due to the tax credit that expired last month.)

Other data:

1325 listings expired during this period (some have re-listed)
1235 went off the market

But, are things getting better or worse?

In March, this was the picture. (All of the figures below are for March 2010)

The average list price was $155,481
The average sales price was $152,136
There were 11,621 active listings
There were 7431 new listings.
2845 sold
That’s 11621 divided by 2845, or an absorption rate of 4 months.
2845 listings expired
2407 went off the market

So, better or worse? Well, the absorption rate is up, but inventory is down. Prices are off a bit as well. My take is that it is still a good time to buy in Las Vegas and may stay so for the rest of the year at least. Your choices are less than they were a couple of months ago, however.

Now, if you want a condo, that’s a different story. Without going into detail, I’ll just say that condo prices remain severely depressed, and their appeal as an investment is growing daily. Something to think about. Write me for more information.

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RESORT LIVING IN SUN CITY SUMMERLIN

May 19

Posted by joyce in Information, Retirement News | 2 Comments

Of the over ninety clubs in Sun City Summerlin, one of my favorite is the Book Club. The president, Tammy Collins, arranges for authors, professors, columnists and local celebrities to speak at their meetings. On other occasions, one of the members reviews a bestselling fiction or non-fiction book.

Last week, I attended a presentation by Bishop Michelina Foster, of the Desert Light Chapel. With a twinkle in her eye, Bishop Foster spun stories of her life as a Las Vegas wedding chapel minister. She delighted the club with her tales of love, disasters and last minute dramas in the marriage business. Her descriptions kept the group on the edge of their chairs.

Bishop Foster has officiated in most of the chapels in Las Vegas, both on and off the strip. One of her most unusual wedding happened at the wee hours in the morning, when she received a call to officiate at marriage on a helicopter. Her description of the windy, turbulent ride had the group in stitches.

She spoke of Elvis and Tom Jones impersonators, and the props used when last minute brides-to-be arrive without flowers, gowns, etc. Most of the chapels have an ala carte menu of clothing and accessories available for rental for such emergencies.

At one busy chapel, Bishop Foster had to adhere to a strict schedule. When the allowed time expired, the next couple entered the chapel, ready or not.

Bishop Foster spoke of wedding that took place because the bride and groom had planned a large event in Chicago, but failed to meet the three-day waiting period. The couple flew out to Las Vegas, became legally married, and then hopped back on the plane and arrived home in time for their elaborate church ceremony.

Many couples bring their own ministers to officiate at their wedding. They are allowed to do so, but because the State of Nevada requires their chapel ministers be affiliated with a local church, Bishop Foster would stand aside, allow the visiting minister give the vows and then she would make the final pronouncement, declaring the couple legally married.

One particular experience happened when she received a request to officiate at a large wedding in one of the local parks. Her records stated that the event was a renewal of vows; however, everyone attending thought they were there to witness an original ceremony. Bishop Foster cornered the groom, and he nervously told her that he and his “Bride” had eloped a year before, but the family, especially the father of the bride, was unaware of that fact. Bishop Foster assured the young man that she would keep their secret. The ceremony went off without a hitch and no one knew about the past marriage.

Bishop Foster had many other stories to relate to the group, but time ran out.

It has been my pleasure to make presentations to groups around the Las Vegas valley, including the Sun City Book Club. I discuss my four Romance novels and explain the difference between writing Romance and commercial fiction. Most readers are surprised to learn that Romance novels outsell every other genre.

Joyce Brennan, author of Love Undecided, Small Town Affairs, Don’t Dance On My Heart, and Broken Promises. For information about my books or to inquire about speaking at your organization, contact me at: frivvie@cox.net

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This Month in Real Estate May 2010

May 13

Posted by Steve in Real Estate Information | No Comments

Watch it while it’s hot:

Write me for more information.

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Something New in Sin City

May 11

Posted by Steve in About Las Vegas | No Comments

As shown in this video on CNN, the Regional Transportation District has come up with a new mode of public transportation. I’ve never seen it before, at least. Have a look and see what you think.

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Johnny Carson House for Sale

May 6

Posted by Steve in Information | No Comments

I just found out that the house Carson used when in Vegas, known locally as the Johnny Carson house, is for sale at a much reduced price. It’s in my neighborhood, even. Here’s a link to the listing online: http://www.realtor.com/realestateandhomes-detail/3863–Omaha-Cr_Las-Vegas_NV_89169_1118272411. Interested? Call me @ 702-212-1493 or email me to find out how to submit an offer. Want to see it? I can get you in!