Category Archive : Real Estate

Tired of the hustle and bustle of Las Vegas?

While it is true Las Vegas is considered Sin City, even the most ardent of Sinners must eventually repent. And what better place then in the rolling hills of the Tuscan inspired community of Seven Hills. This is truly one of those magical places that can whisk you away from where you are and take you far away to the romance of the Italian countryside and yet still give you breathtaking views of the Las Vegas Strip.

Many of you may wonder what the significance of Seven Hills is. It’s said that it was named after the Seven Hills that Rome was built on. Though it is more of Tuscan design than Roman, the feeling of Italy is still here. You can see it’s impression on every stone. I doubt either Roman courtesans or the Emperor himself would find fault with this beautiful community.

Seven Hills is located only about 20 minutes from the strip in the Henderson area and is literally minutes form the heart of Henderson, so shopping and entertainment are never far away. The community is broken up into around 25 different communities, each with it’s own Italian name, lest you remember you are still in Vegas. There are gated communities within gated communities giving an even greater air of exclusivity. Within these communities the properties vary immensely from beautiful town homes to incredible Tuscan villas.

Are you looking for a nice evening out with the family, but don’t want to go too far from home? Shared amongst the residences are 4 large parks with tennis, volleyball, basketball, and even soccer fields. Maybe you’ve had a hard day at work and are looking for something a little more serene? How about a picturesque walk through one of the many winding paths or perhaps a relaxing bike ride on one of the bike ways. Or possibly, you would rather just sit and relax, and gaze at the surrounding mountain views above, or the Las Vegas strip lit up at night, down below.

Are you looking to live in the luxury the emperor himself might have lived in? There is a place for you here as well. The Estates at Seven Hills is one of the most exclusive communities in Henderson. And for those of you that love golf it’s the perfect place to reside. Within the Estates lies what Golf Digest named one of the top 10 new golf courses in America. The Rio Secco Golf Club. It was designed and constructed by none other that Rees Jones. The course itself has some of the most breathtaking views around and the homes that border the course offer some incredible views of the course itself as well as the Las Vegas Strip. If you find the course too challenging, don’t feel bad, it’s even given some professionals a run for there money. Luckily for you however, the Butch Harmon School of Golf is also located here so you should be able to improve your game in no time.

So whether you are a courtesan or an Emperor, or just a loving family looking for a magical place to live, Seven Hills is waiting for you. Come home to the Tuscan countryside, come home to Seven Hills. For more information on homes in the Seven Hills area, please call 702.376.7379

Thinking of buying or renting a condo at The Martin in Las Vegas? Three words location, location, location!

Cross over the hardly used Harmon bridge making use of amenities, such as Range Rover car service along with concierge service providing any tickets to shows or sporting events, ensuring an effortless night on the town.  Or simply get away from the Las Vegas hustle and bustle by using the main road the martin is located on and hit the freeway off Tropicana.  Planning a visit to your home away from home? Call ahead and have the concierge stock your condo with food before you come into town for a weekend stay.

Once you pull up to The Martin allow white glove valet attendants to take care of parking your car and even give it a detail if you wish.   Why go out when you can stay in? The health and wellness programs, fitness center and yoga studio, spa, steam rooms, and cabanas poolside will ensure a full day of relaxation, while the house cleaning service takes care of the to do list in your residence.

After a long hard day of relaxation why not take advantage of the beautiful Las Vegas Strip views and entertain some friends or simply catch up on your favorite tv shows via direct tv satellite which is included in the your low HOA fees.  The Martin takes care of you , your pocket book and well being!

For more information about about buying, selling or renting at The Martin, give Len Musurichan a call at 702.308.1003 or send him an email at len @ shelterrealty.com

One of the realities of real estate is that it needs maintenance and upkeep. The older a property the more issues tend to arise that will cost investors, landlords and homeowners more and more money. The trend in Las Vegas is to invest in newer property that will have less maintenance issues and in turn less tenant phone calls. The idea is to keep the management costs to a minimum. Many companies will manage older property because of the additional time and expenses that tend to come with older property. However, you may be missing out on some great deals and fantastic opportunities to make money or find a home if you set your sites on only newer property.

There are ways to limit the future issues that will come up with an older property and they often do not cost as much when done in advance. The major expenses come in when you find out a water line running through the attic springs a leak which can lead to the replacement of the ceiling, insulation and light fixtures. Another major headache can if the water heater is located inside the property and not in the garage. If the water heater leaks or rusts enough to leak out the bottom you could have a repair bill out of this world.

The question is whether you can do things to limit major issues and expenses to make it worth while to consider an older property as a home or investment. You may be able to find what you want in investment property in Las Vegas today that is only a few years old but this will not always be the case. The housing stock will get older and older. If you are not willing to consider properties more than 10 years old you will be limiting your opportunity to find great deal.

How can you avoid some of the headaches and costs of owning older property in Las Vegas? The number one answer is better preparation and planning. You will have to account for somewhat higher maintenance costs that are completely normal in older homes. In order to cover the higher costs you will have to look for property that will get slightly higher cash on cash return than newer units. This is simple enough to by just looking for slightly undervalued property in rental areas that have monthly rental pricing that has remained strong. There are many of these areas in town and there often is far less difference in rental pricing then there is in home price variation. Rental rates seem to fluctuate less over large areas of town where home prices can be much more inconsistent.

Once you find the property you like you can evaluate any issues that may lead to more management complications. Nearly everything can be fixed in older homes but there is always a price to pay. Some things are just not worth fixing if it will mean you will spend 10 years trying to recoup the cost. However, most property can be put in perfectly good rental condition by spending a reasonable amount of time and money before you find a tenant.

I will go into more detail about the minor and major things you can do to make owning an older rental property another profit center for you portfolio.

Has your nest egg become your anchor? Just about everyone is in the same position. We can help get your head above water again and allow you to take control of your future. Call me today and find out your best options to get out from under your monster mortgage. Don’t let the housing crash control your future. You have options.

Leverage is the number one reason you can get such great returns on real estate. Most people don’t understand leverage or understand the principals that make leverage such a fantastic tool in your real estate investing arsenal.

First let me define leverage in the way it applies to real estate. You use leverage when you buy a $200,000 property with a 20% down payment and borrow the rest of the money from the seller or the bank. If you paid cash for the property you would need to come up with 200,000 and change at closing to take over a piece of real estate. You would be using no leverage and you would be looking for a return on your capital that would be similar to what you would get in other investments. If you made $2400 in rent per month and after expenses put $1500 cash in your pocket each month you would make $18000. This $18,000 would be your yearly return on capital invested. It is a good return and it is possible to make a good living buying property for cash. You can calculate your cash on cash return by taking your $18,000 profit divided by your $200,000 investment.

The number is given as a percentage. You would end up with a return of about 9% for the year. This is a good return on capital but not nearly what you can get if you use leverage to make your purchase.

Let me give you the same example but with a 20% down payment. You would have to bring $40,000 to the closing for your down payment and you would be financing $160,000 from the seller or the bank. Rates are relatively low now but they tend to be higher on investment property but I will use 6% rate of interest on the $160,000 financed. We can calculate what it will cost you in interest the first year by taking 6 % of $160,000. The amount of interest on your loan will be $9600. You are paying $9600 the first year of your loan in interest to use leverage. If you fully amortized the loan you will pay $959.28 a month principal and interest.  This also leaves you the 160,000 in cash that you would have been investing in one property available in your bank account for other purchases so you are keeping your options open to buy more real estate.

Let’s take a look further at my example and see if you can actually make more money by using leverage.

You will still receive the same 2400 payment for rents per month except now we need to add in the interest cost into the calculation. You will still be taking in the 18000 a year but you have to pay your mortgage or at least the cost of interest out of cash flow.  You will pay principal and interest of $11,511.36 out of your gross rents and your free cash flow at the end of the year will be only $6489 in our example. It looks like a lot less but let’s pencil out what return you can actually get by using leverage and not paying all cash.

We take the $6489 net gain for the year and divide it by the amount of capital invested which is 40,000 this time. So what looks like smaller gain in income becomes a much greater return as a percentage of your capital because the new calculation comes out to over 16% return on your investment.

Leverage is the key to profiting from real estate. It is possible to double or triple your return on capital invested by financing a portion of the deal. The lower your down payment the greater your return on your money.

If you have any questions about investing in Las Vegas Real Estate, give us a call at 702.376.7379!

It wasn’t long ago that Las Vegas was going to experience a phenomenon coined as the “Manhattanization” of Las Vegas. Approximately fifty high rise towers were planned, but in the end only around 12 were ever built. There are many owners of these buildings who own units that they now cannot afford, especially given the high monthly association fees.

Due to plummeting Las Vegas real estate prices, many of the owners of high rise condos are now upside down on their mortgages as well. It is a myth that mortgage holding banks will not consider short sales on these investment properties. This is untrue. As long as we have an offer that provides for a better return than a foreclosure, the bank will generally consider a short sale.

Generally, with a short sale, a seller must possess a financial hardship (job loss, decreased income, divorce, moving out of the area for work, death of an owner, medical hardship). Now some owners of these owners may not have a classic hardship but are planning to let the property go anyway. Banks may still want to consider a short sale. In this strategic default scenario sellers may not be able to simply walk away without making a cash contribution, but if a settlement can be reached for 10-20% on the outstanding balance for a full release, this can be preferable to many borrowers who don’t want to foreclose and simply want to settle their debts.

If you don’t have classic hardship, a full team of professionals will be needed: tax advice, asset protection attorney, a REALTOR® with short sale experience where the sellers have assets. In our short sale department here at Shelter Realty, we can make recommendations for attorneys and tax preparers to help you get the answers you need to make the right decision on whether to list your condo unit.

Paul Rowe is the managing agent for the short sale division at Shelter Realty Inc. He may be contacted via email: info(at sign)shelterrealty.com or by calling 702-376-7379.

There are many different reasons why people downsize – they retire, get divorced, become empty nesters or are just tired of paying for (and maintaining) a larger home. But before you move from your 5,000 square foot Las Vegas home to a bungalow, you should…

…remember location, location, location.  Even though your kids don’t live at home anymore, the proximity of your local school (and how well it’s ranked) will influence your property value. Remember, schools (with good test scores), taxes, public transportation, highways and shopping all impact the value of your home.

…keep all costs in mind.  Costs to remember when buying either a home, condo or town home (besides the down payment, closing costs and mortgage) are HOA fees, building and maintenance fees (pool, tennis courts or fitness rooms) or assessment fees (for common area renovations, for example). Try to get an idea (either through association meeting minutes or from copies of HOA invoices) to how much fees have gone up in the past and if there are any planned for the future.

…picture yourself in the future.  Visualize yourself living in your smaller home when possible health conditions may surface. You don’t want to buy a multi-level home (with many stairs) if you have hip or knee problems. You also want to think about where (and how high) you kitchen cabinets are. Is grabbing your morning coffee mug going to be a problem because you can’t reach it without using a stool? Remember, downsizing is supposed to make your life easier – not more complicated.

…size up your stuff.  Oversized furniture fits and looks great in your 5,000 square foot home, but may look cramped and stuffy in your new smaller place. See if you can sell your larger pieces of furniture, then take the sale money and buy separate pieces that fit (and can be moved around) in your new home. This is also a good time to de-clutter and streamline your possessions. There’s no point moving things that you don’t want or have room for.

There are many homes on the market in Las Vegas that are perfect for downsizing homeowners. Give one of our agents a call at (702) 376-7379.

Just as successful businesses don’t use one single marketing strategy to the exclusion of all others, so is it with real estate.  Successful Las Vegas real estate agents use a number of marketing tools to market their clients’ homes.  That said, some are more popular than others.

Listing online.  Once the mainstay of real estate marketing, newspaper ads have become dramatically less popular.  With the rise of searchable home listing sites like REALTOR.com, Zillow.com, Trulia.com, and others, flipping through the pages of a physical newspaper is, for most buyers, so 1999.  And that’s the key in successfully marketing your Las Vegas home to sell – going where the buyers are.  Sure, you can get a killer deal on a 1/4 page ad in the newspaper, but if very few buyers read it, what’s the point?

Another benefit of advertising listing online is the ease of measurability.  You can easily measure the number of impressions your ad or listing received (how many times it appeared on a page that a web visitor was looking at), the number of clicks on that ad or listing, and more.  That way, you can see what’s working – and what isn’t – and make smart changes in response.

It’s all (or partly at least) about who you know.  They say that most real estate transactions are the result of connections.  That’s why the best real estate agents have extensive networks of other buyers’ agents and sellers’ agents who act as one big referral network.  That way, I can target my clients’ listings to buyers’ agents who help buyers in that particular neighborhood, for example.

Market, then market some more.  At the end of the day, marketing – online, offline, through connections, with a yard sign, whatever – is how you’ll get the word out about your home for sale.

When interviewing real estate agents to help you sell your home, ask about their marketing strategies – ask how they spend on advertising and where they advertise. (How much money a real estate agent spends on marketing is not nearly as important as how he spends it.) Ask what kind of innovative technologies they use to market your home.  And perhaps most importantly, ask to see the proof.

Ask me how we can market your Las Vegas home for sale.  Call us at (702) 376-7379 or contact Shelter Realty online here.

They’re a growing problem, especially in those Las Vegas neighborhoods most heavily affected by foreclosures. You know who they are – they’ve got weeds as high as corn and chipping paint on the outside of their homes.  They can wreck havoc on the value of any neighborhood.

No one wants to live near an eyesore and have to see that mess every day.  But homes like that can also affect whether or not buyers will buy in your neighborhood.  It’s bad enough living near an eyesore, but if you’re a buyer, of course an eyesore is going to affect whether or not you buy. Why?  You know, who wants to live next to an ugly house or yard?

And remember, the kind of neighbors who don’t keep up their homes and yards are the kind of neighbors who can be problematic in other areas – loud noise, disruptive behavior and police visits at all hours of the night!

For those reasons, if you’re thinking about selling your Las Vegas home and there’s an eyesore nearby, you’ve got to do something about it. After all, it’s still a buyer’s market and competition is still tough. To maximize the chances of selling your home (and selling it for the most money), you want your neighbors to be “on their best behavior.”

What you can do about it

. . . If the home has been foreclosed (or is being foreclosed and is empty), then it’s the bank’s responsibility to maintain the home – especially if there’s an HOA or city code. You’ll have to investigate what the codes are (no weeds, overgrown shrubs or peeling paint, for example) to determine if the home is in violation of any codes.

Since most Las Vegas bank-owned homes are listed for sale by a real estate agent, you may be able to call the listing agent and point out the problem. If that doesn’t work, file a complaint with the HOA or city code department.

Resolving the eyesore problem may take time, so one of the quickest (and easiest) ways to get the problem fixed is to clean things up for yourself. Band together with your other neighbors to at least remove weeds, mow the grass and trim shrubs.  Be sure to get permission from the owner before your start; you don’t want to be charged with trespassing.

. . . If the home is owner-occupied

If someone lives in the home, use tact and diplomacy when confronting them about the problem. Try talking to them face-to-face (maybe bring over some fresh baked cookies or cupcakes to ease any tension) to resolve the issue. If the lawn needs to be cut, then bring some names and phone numbers of lawn service companies with you.

Explain why their untidy yard is important to you and your neighbors and that you are willing to help them if they need it. If kindness doesn’t work, then file a complaint with the HOA or city code department (again, assuming that the problem is an infraction of the code). Most HOAs take those kinds of complaints seriously and will work hard to resolve the problem.

If you’re thinking of listing your Las Vegas home for sale, give our agents a call at (702) 376-7379 to see how we can help you.

Do you want potential buyers to see your beautiful hardwood floors, granite countertops and custom built-in bookcases? Well, they won’t if you have furniture, knick knacks, and piles of stuff covering every square inch.  Indeed, clutter can (and probably will) drive buyers right out your front door.

You don’t need to throw things out (although this would be a good time to “simplify” your belongings before you move), but getting them out of sight (not crammed into closets and under the bed) is a good idea. Here are 6 de-cluttering tips to help you prepare your Las Vegas home before it goes up for sale:

#1: Remove most appliances from your kitchen counters. If you have a counter microwave, then removing it may not be sensible (you use it every day and it’s big, besides) but stowing your coffee maker and toaster after breakfast is a good idea. Showing as much counter space as possible will make your kitchen look larger.  Buyers love to look at the kitchen, so make the most of your space.

#2: Reduce the amount of stuff in your cabinets, closets and built-in bookshelves. Even though I just said to store appliances away in your cabinets, you’ll want to eliminate excess and unnecessary items stored there. You’ll want your closets to show how organized they can be (not how much you can cram into them). Potential buyers are buying the closets, built-in bookcases, and cabinets along with the rest of the home, so show how spacious they are.

#3: Clean up the kids’ stuff (their bedrooms, playrooms and wherever they leave their things). Kids’ toys, books and games tend to scatter throughout a home, but they’ll be distracting to potential buyers. Use bins, totes and baskets for sorting and storing (don’t forget to label everything).

#4: A sparkling bathroom indicates a well-maintained home. Most buyers judge a home by how well a bathroom looks (and smells). If you’ve taken care of your bathroom (it works properly and is clean), then most likely you’ve taken care of the rest of your home (fewer repairs for a buyer). Again, store everything out of sight (even your rubber ducky!). Don’t forget to clean out the medicine cabinet – yes, buyers definitely snoop in there!

#5: Remove all bills, newspapers and magazines that pile up around your home. Paper can be very distracting and take the focus off of your rooms and onto your messes. As you remove these items, dust and clean (plus sort, discard and file any papers).

#6: Remove and/or rearrange your furnishings. Now I am not saying get rid of your heirloom grandfather clock, but if it blocks a hallway or door entrance, then move it or put it in storage. Take down family photos and other personal decorations (sorry, the hunting trophies need to go into storage). Again, it’s the house that buyers should be looking at – not your daughter’s kindergarten graduation picture.

I know some of these de-cluttering tips can be a pain, but they can help sell your Las Vegas home (and, let’s be frank, sellers need all the help they can get). Our agents can help you determine where and how to de-clutter – and give you all the other tips that will help you sell your home for more money in less time.  Give us a call at (702) 376-7379 or contact us at www.shelterrealty.com.

Imagine lying awake at night listening to your brand new Las Vegas golf course home cracking or needing to replace the roof on your new home even before you replace its light bulbs. This isn’t a science fiction thriller – this is reality for some homeowners of newly-built homes.

The scenario doesn’t stop there – some homeowners are forced to move out only months after moving in (thanks to toxic mold growing in their new home). You see, you don’t have  to own an older home to experience defects or problems – they can also happen in newly-built homes.

What should you do?

Bottom line: Despite what many people think, a home inspection is a must – even when you’re buying a newly-built home.  An inspection by a reputable, licensed building inspector (the state of Nevada requires all inspectors to be licensed (NAHI)) will help you avoid buying one of the 17% of new homes with significant defects.

It’s also a good idea to get another home inspection (in addition to the one you got before you bought your home) just before the builder’s warranty expires. Since some problems don’t show up until the home is one or two years old, any problems that come up can be fixed at the builder’s expense as long as you catch them before the warranty is up.

During the height of the real estate boom, builders and sub-contractors wanted to build as many homes as possible to keep up with the red-hot demand – at times sacrificing quality in the process and resulting in homes with defects.  Some of those homes are now being resold, and if the defects weren’t addressed, they’re probably now worse. Plus new problems may have developed and they’re all expensive to fix. Bottom line: When you’re buying a resale Las Vegas home (whether it’s two years or 100 years old) you should get a home inspection.

What happens if you have an unsatisfactory home inspection?

After you sign your purchase agreement, you have ten days to get a home inspection. You can specify in the purchase agreement that your offer is contingent upon a satisfactory home inspection – that means that if the home’s inspection is unsatisfactory, then the deal is off (or the price can be negotiated lower to reflect repair costs). This can save you many headaches (and money) in the future.

If you’re about to sell your Las Vegas home, then a home inspection before you list is a good idea too. An inspection can make you aware of any problems and give you time to fix them. It may also prevent a sales deal from falling through (something you don’t want in today’s tough real estate market).

For these reasons (and more) getting professional help to buy (or sell) your Las Vegas home is important. Call us at (702) 376-7379 or contact us at www.shelterrealty.com.

Updated March 24th, 2017:

NAHI closed its doors last August 2016 and their website went dark in September 2016. Here is a great article on What Happened to NAHI.

The other day I wrote about the first 5 questions you should ask when buying your new Las Vegas Condo.  Here are the other 5.

Question # 6: Has the condo unit been professionally inspected? It’s a good idea to include a contingency clause in your purchase offer for a profession inspection (you don’t want to be “surprised” by any defects). If the condo is a new-build, don’t rely on the buildings permit of occupancy (city building inspection) – the city carries no liability for defective or incomplete inspections.

Question #7: Is the condo soundproof? The main problem with condos is the lack of good soundproofing. It’s a good idea to view the condo in the afternoon or evening (when most neighbors are home). If they’re making noise (like watching TV, listening to music or talking), then you should be able to tell if the condo has good soundproofing. To reduce the chance of noise, try to buy an end-unit or top-floor-unit – this will limit the amount of neighbors (down to one) and therefore the amount of noise.

Question #8: Is the seller up-to-date with the applicable state statutes? If the condo was built before 1978, then a written lead-based paint disclosure report is required.  You may opt to have the condo professionally inspected (at your own expense). Additional local or state disclosures may be required for energy efficiency, building-code compliance, radon, and well-water quality; our agents know which disclosures are required in Las Vegas and Nevada.

Question #9: Are there any special contracts or long-term leases affecting the condo complex? You’ll want to find if the condo owners have control over the whole complex. Some new complexes still have titles (and contracts) through the developer, which gives the developer control – not the HOA.

Question #10: What are the key points to consider when assessing the condo complex?

• Floor plan
• Construction
• Parking
• Street access
• Location
• Property taxes
• Amenities (community center, pool, tennis courts, golf)
• Visual obstructions or sound concerns (power lines, factories or noisy railroads)

Buying a condo can be complex if you don’t know the right questions to ask. Hire a Shelter Realty agent to help you find the right Las Vegas condo at the best price and ensure that you’re asking the right questions. Call (702) 376-7379 to speak to one of our agents or browse our Las Vegas condos for sale.

Think buying a condo is easy? Think again. When you’re buying a condo, there might actually be more to consider than when you’re buying a home.  Just knowing what to look for (and ask) can be a challenge. Hiring a good Las Vegas real estate agent and asking the right questions is a start, so here’s a list of 10 questions to ask before you make on offer on your Las Vegas condo.

Question #1: What about the HOA? Most Las Vegas homes, whether they’re single-family or condos, have homeowners associations (HOAs).  Before you buy, you want to check up on that organization whose umbrella you’ll be living under.  Check out:

• Covenants, conditions and restrictions (CC&Rs)
• By-laws and rules
• Financial reports
• Minutes from most recent meetings

You’ll also want to ask: How and when might my association fees increase?  Is the HOA involved in any lawsuits? Are there any plans for major repairs (new roof or new pool) in the near future?

Question #2: What is the percentage of renters in the complex? Mortgage lenders tend to see condo buildings with more than 20 percent renters as a lending risk.  That means they’ll charge higher interest rates or won’t lend at all.  Plus, a higher proportion of renters to owners can impact how easy (or difficult) it is to sell your Las Vegas condo down the road.  It also often lowers market values (renters usually don’t treat the condo as well as owners). As a safe rule, look for condo buildings that have less than 10 percent renters.

Question #3: Is the complex professionally managed? All condos need regular maintenance and repairs and using a professional management company usually pays for itself.

Question #4:  Are the complex fees similar to other comps? For that regular maintenance and repairs, plus management of facilities like a pool, you’ll pay a monthly fee in addition to your mortgage payment.  Compare maintenance fees at the different Las Vegas condos you’re considering.  Given factors like the size and age of the condo complex and level of amenities offered, fees should be comparable.

Question #5: Has your condo seller prepared a defect disclosure report? Most states require a defect disclosure report (Nevada is one of those states).  If the seller discloses that something is wrong with the condo, get a professional contractor to estimate repair costs, then factor those costs in to your offer.

Buying a Las Vegas condo can be more complicated than buying a single-family home in large part because so much of your condo ownership experience will depend on those neighbors with whom you share walls.  From dealing with common area maintenance needs to reselling your condo, you’re kind of all in it together.

So stay tuned here tomorrow for the next 5 questions to ask when buying a Las Vegas condo, or go ahead and give the Las Vegas condo experts a call at (702) 376-7379 or view our lists of condos at www.shelterrealty.com.