New Lending Requirements - 7/10/2008
One of the most important issues affecting our real estate market today is the credit crunch. Financing has become so difficult to obtain and it seems to many potential borrowers that the rules have all changed. It is true that in the luxury real estate market many of our buyers pay cash or put sizable down payments towards their purchase; however, a larger percentage of luxury buyers still need or want to utilize financing. Most lenders are requiring greater levels of documentation, larger down payments and in some cases cutting appraised values simply to hedge their risk in the luxury home market. They are trying to “make up” for all their excesses of 2004 and 2005 when credit was far too easy to obtain. Unfortunately, they are making their own problem worse. When lenders discourage well qualified buyers from obtaining financing and purchasing a luxury home they only increase the lower number of sales and high number of luxury homes left on the market for sale. When lenders require higher down payments or cut appraised values during the escrow period, they kill transactions that would have otherwise closed escrow and helped our luxury real estate economy. Time will tell how long this credit crunch will last. Certainly a return to at least normal lending practices will be a positive event for all of us.

June 18, 2008
I feel a great sense of pride for our Las Vegas community. There are so many positive things happening. And even with some of the negatives, we are doing are best to navigate one of the most challenging real estate markets in our history. The ultra-luxury market continues to be a bright spot in housing and I have recently listed the highest priced single family home in Las Vegas. Located in the exclusive community of The Ridges in Summerlin, it is a 25,000 square foot build-to-suit luxury home for $27,000,000. This mansion cascades over four levels built onto a hillside lot offering the best view of the Las Vegas strip and entire valley. It includes 7 bedrooms, 13 bathrooms, 7 car garages on three separate levels linked by a serpentine driveway and tunnel, a library, gym, chapel, theatre, wine cellar, storage area, two elevators, pool house and detached 2 bedroom guest house. The home will incorporate floor-to-ceiling glass to maximize views and terraces to enjoy outdoor living. The master bedroom boasts 5,163 square feet of living space on the top level, including a wellness room for the deserving owner. The estate will be enhanced by waterfalls, pools and spas. The Home site encompasses just under two acres at the highest point in Promontory in The Ridges and sits behind three gates, one of which is guarded.

This will be a rare find for the lucky owner. The stupendous location, unequalled view, amazing extent of amenities and the quality of finishes will be impossible to duplicate anywhere in the world. It is just this type of project that keeps Las Vegas growing as we set new records for cost to build Hotel/Casinos and keeping raising the bar for our community and our many visitors.

April 28, 2008
The 2008 Parade of Homes is presently underway in Las Vegas and Henderson. This show features over a dozen of the top luxury listings in the valley including modern architectural projects featuring strip views like Canyon Edge (www.canyonedgehomes.com) and over the top luxury in The Ridges in Summerlin at a price of $18,500,000. What a great opportunity to leisurely view cutting edge design concepts and see some of the finest luxury home offerings from builders and the best of their trade vendors. For more information go to www.LVParadeofHomes.com. It is amazing to see the luxury home product continually raise the bar and become more innovative each year. If you have time to get to this show, I think you will be impressed!

Our 2008 first quarter sales results continue to show that the ultra luxury market (homes priced at over $3,000,000) continues to be strong. Our recorded sales were up 85% from the first quarter of 2007. The wealthy from all over the world are continuing to move to Las Vegas and recognize the advantage of owning luxury real estate in Las Vegas. The Parade of Homes helps demonstrate how our luxury home product continues to improve and how much more diverse our product offering has become.

March 6, 2008
The spring selling season has begun! And there's no time like spring for a thorough spring cleaning, especially if you're planning on selling your home. In today's competitive environment with a high supply of homes for sale it has never been more important to get your home in top condition. Staging your home to sell can mean a quicker sale and higher offers. Start with the basics, the 3 Cs, Clean, Clear and Clutter Free. Consider a thorough professional cleaning including carpets, windows and bathrooms. Buyers only know what they see and a clean home demonstrates pride of ownership. Clear means eliminating extra furniture, and making your home appear larger. Buyers generally want the most space for their money. Eliminating clutter makes your home more appealing and sets the stage to get your buyer emotionally attached to your home. Consider removing knick knacks, minimizing family photos, packing collectables and getting ready for your upcoming move. Although a delicate subject, some buyers are allergic to smoke and/or pets. Consider what this could mean to the sale of your home. When your home is going to be shown, be prepared. Turn on all the lights, open the shutters & blinds and turn on a light CD or FM station. You never get a second chance to make a first impression. If you would like more details on staging your home please contact me for my "Tips on Selling".

December 10, 2007
Greetings to all you Luxury Buyers and Sellers. The reality has begun to sink in that our market has returned to a challenging and competitive one which requires a professional, active and aggressive Real Estate Broker to get results. Although we are still seeing pockets of strength particularly in the ultra-luxury price points, the number of homes for sales has grown dramatically. When the supply of homes increases, pricing and promotion become so critical in getting a home sold. At the same time, Las Vegas remains a desirable place to live, the market has not crashed and Sellers are not forced to "give away" their homes.

Realtors are not Magicians for either Buyers or Sellers. We cannot consistently sell property for any more than fair market value, nor can we convince many Sellers to sell for much less than fair market value. Time and time again I see Sellers expect more than anybody else around them has sold their home for. A recent study has shown that up to 90% of appraisers are pressured into appraising homes higher than fair market value. Yet when you go to a Doctor, you would'nt dream of pressuring the Doctor into a better analysis of your condition, instead you would want the truth. The Seller has the greatest influence in the asking price, yet he is often the most emotional and least qualified to determine that price. Please, when pricing your home, listen to the professional advice of a knowledgable Real Estate Broker.

Some Buyers now believe they can purchase for 50 cents on the dollar. I can assure you I see very, very few Sellers that are willing to accept an offer in this kind of price range. Instead they will skim the market by reducing their price gradually until they find the "sweet spot" in the market that produces a fair market value offer. Further, if the home is truly desirable, in a good location and priced fairly it will sell in a reasonable time frame. Although many asking prices have come down, many of the selling prices have remained stable and are still far above prices from just five short years ago. When purchasing a home, the Buyer too should listen to the professional advice of a knowledgable Real Estate Broker when they are determining an offer price.