http://stacyp.cbvegas.com/blog/archive_201509/sort_entrydatetime-desc/ September 2015As we enter fall, there are a few things that we typically observe. One is a buildup in inventory which is often the result of slower sales rates. Another market feature that we often observe is an increase in days on market. This market mechanism, which manifests as strong seasonal patterns, often results in more moderate price changes during the fall months, as demand softens and available supply expands. August figures, which are revealed below, show that single family homes experienced a moderate jump in median prices when measured against July. Note that many of these transactions likely went under contract in June or July, which are seasonally strong months. The ultimate point is, sellers should be aware of these seasonal trends and price carefully as to not cause their listing to stagnate. For buyers, this could mean a greater set of options during your home search so the fall is often a great time to look for homes.SINGLE FAMILY CONDOMINIUM/TOWNHOME LAS VEGAS IS S-M-A-R-TIn Bob's video above he references this TEDTalk at UNLV with Bo Bernhard PhD, a professor in the Wiliam F. Harrah College of Hotel Administration at UNLV and Executive Director of the International Gaming Institute.   Watch the entire video here and learn exactly why Las Vegas is S-M-A-R-T.  He will tell you exactly how Las Vegas is  leading the world in greatness!  We think you will just LOVE this video and will want to share it with all of your favorite Las Vegans! SINGLE FAMILYDAYS ON MARKETAVERAGE & MEDIAN (3 MONTH MOVING AVERAGE) CONDO | TOWNHOMEDAYS ON MARKETAVERAGE & MEDIAN (3 MONTH MOVING AVERAGE) SINGLE FAMILYSALE PRICEAVERAGE & MEDIAN CONDO | TOWNHOMESALE PRICEAVERAGE & MEDIAN SINGE FAMILYAVAILABLE & CLOSED INVENTORY CONDO | TOWNHOMEAVAILABLE & CLOSED INVENTORY http://stacyp.cbvegas.com/blog/9763/las-vegas-monthly-market-update-september-2015/ Thu, 24 Sep 2015 12:00:00 -0800            Located South of the strip in the pleasantly removed city of Henderson sits Anthem, a planned community of las vegas luxury homes boasting one of the widest price and size varieties available out of Las Vegas’ luxury neighborhood options. Rather than catering to one type of buyer, Anthem includes both condominiums as well as a plethora of single-family homes. Prices range from 300,000 on the low end and custom estates shoot past 3,000,000. Anthem, and Henderson for that matter, are known as “family-friendly” and offer a cultural removal from the throng of tourists and entertainment Las Vegas offers. This being said, for those working near the strip or outside of Henderson, Anthem is a mere 3 minute drive from the 215.            Further ensconcing this development in Nevada’s natural beauty and promoting a tranquil refuge is the wildlife preserve that borders Anthem to the South and East. The McCullough mountain range sits under 5 miles away offering not only boundless outdoor activities, but also a majestic aesthetic to home. While nearly every luxury community around the Las Vegas area sits on or near a golf course, Anthem boasts not only the Anthem Country Club, but also Revere Golf Club. Revere itself encompasses the Lexington and Concord courses, both of which were designed by Billy Casper and Greg Nash.             South of the Las Vegas Strip and just off the 15 sits Southern Highlands, an Olympia developed ultra-luxury planned community surrounding Southern Highlands Golf Club. Homes range from the high 600’s to existing custom homes selling at 5 million. Southern Highlands’ most affluent residents often opt for the custom home option and the community follows suit with other Las Vegas luxury communities in that the custom homes spare no expense, or square footage. One recent listing in Southern Highlands has a whopping 11,923 sq/ft. Olympia Companies planned, Southern Highlands has a variety bag of builders to choose from with the majority of existing homes done by William Lyon and Lennar. New homes are available from these companies with set floorplans and variable levels of personal customizability, but relatively low build costs.    Regarding the custom home option, Southern Highlands offers two “Luxury Lots” to choose to build on. Olympia Ridge offers elevated panorama views and is located at the South-most end of Southern Highlands. Size options range from a third of an acre up to 5 acres. Augusta Canyon is on the Western edge with half acre to “multi-acre” options and is elevated along the Western ridgeline. Southern Highlands is as amenity rich as any luxury neighborhood around the Las Vegas area, but the nature of the golf course design in particular sets SH apart. The homes in Southern Highlands literally surround the SH Golf Club, creating an aesthetic wonder to live on. Southern Hills Golf Club was co-designed by Robert Trent Jones Sr. and Jr. and was utilized for PGA Tour’s Las Vegas stint. In addition to the golf opportunities, Southern Highlands boasts a spa offering massage, tanning, facial treatments, and waxing. The spa is ensconced in Southern Highlands and is 13,000 sq/ft of lavish facilities designed to keep you feeling your best. For residents looking for prime education that’s close to home, Southern Highlands offers a private elementary school less than a half-mile from the community. The public high school that students feed into is Desert Oasis, just West of Southern Highlands. The nature of being so removed from the strip is truly the selling point of Southern Highlands and the primary reason that residents chose it above alternate Las Vegas Luxury communities. With the high level of autonomy over lot size and ease of custom home construction, Southern Highlands markets itself as one of the most removed luxury communities from the strip and one that boasts aesthetic beauty with such close proximity to the mountains. For those looking for prices under 600, you would be hard-pressed to find a home here, but the ultra-luxury neighborhood is perfect for Las Vegas residents with high-profile names to find a respite.  http://stacyp.cbvegas.com/blog/9473/exploring-las-vegas-luxury-real-estate:-southern-highlands/ Thu, 17 Sep 2015 12:00:00 -0800 Wednesday and Thursday of this week is when the Federal Reserve holds an important meeting. The short-term rates (Federal Funds) has been between 0% and .25% for the past seven years, which tells you how weak the Fed has thought that the economy has been. With a lot of improved economic data, many Fed watchers have suggested that the Fed is likely to bump the Federal Funds rate by .25%. The economic turbulence emanating from China, along with consistently horrible Eurozone data, has some believing that the global economy is still too weak to justify a normalization in interest rates. Dollar strength relative to most other major currencies also have some questioning this possibility. Others believe it is time to start normalizing rates and that the Fed will at least make a minor adjustment this September. In some sense, I think its a bit sad that the U.S stock market seems to react negatively when it appears as though the Fed raising rates is more likely. The Fed should be raising rates in response to improving economic conditions, which should be good for the companies in the major indices. Instead, like heroin, the equity market can't seem to ween itself off of prevailing low interest rates. This may be all the more reason to raise rates. Eventually reality must set in.Some have worried that when observing the national housing market, some areas have not been on strong footing. Others are headed to the moon, like San Francisco. Our market, Las Vegas, seems to be priced pretty close to our estimates of fundamental values and Phoenix looks similar. Denver has also been strong and seems to have price strength but maybe for the wrong reasons, with extreme limitations in supply. New York and Los Angeles, which are obviously major draws for foreign interests, continue to have sky high prices. Even places like Bozeman Montana seem to have a strange, fast recovery and many homes are priced much higher than equivalently sized homes in major cities with strong job markets. That points towards individuals making lifestyle choices above purely job related choices.I tend to agree with Lincoln Ellis, writing in Bloomberg, who states, "In short, the data we have for housing and infrastructure investment suggest that the first 25, 50 or even 100 basis points of policy normalization will have very little to no effect on these activities and thus little or no effect on the real economy. If anything, a rate rise might help dampen a little of the froth that is evident in some markets. With home prices hovering at or above their 2008 highs, a little slowdown in price increases could be a good thing." My view is that keeping rates so low for so long has resulted in some malinvestment, which occurs when market signals are distorted and investors pile into projects that ordinarily wouldn't make sense in interest rate environments that are even a little bit higher than the extreme low bound rates we have been experiencing. One thing is certain, and that is uncertainty. If we combine some really bad global news along with a rate hike, the equity market is likely to fall out of bed. However, reality must set in eventually. As for Las Vegas housing, we are reasonably confident in current values, along with some of the underlying, supportive trends. Vacancy rates are improving and price increases are moderating. The job market, while still not on all cylinders, is improved substantially from the trough and is likely to meet its prior peak for employment in the next 12-18 months if growth rates continue. We are seeing a lot of strength in the rental market in our own managed single family pool as well as observations from the broader market, supporting the properties that investors bought over the past several years. I think the current local housing market can sustain much more than it had in the recent past, particularly because the level of equity is much, much higher than it was a few years ago.So while we brace for some reverberations in the global markets, to some extent we welcome change because we may have been on this low rate path for a bit too long.  http://stacyp.cbvegas.com/blog/9183/the-fed's-september-meeting/ Mon, 14 Sep 2015 12:00:00 -0800