Category Archive : Real Estate

BUYING A LAS VEGAS HOME

Before you even begin to search for your new Las Vegas Home, you and your family should prepare a checklist of wants and needs, a list that will analyze exactly what those absolute needs are, as opposed to your wants, such as a spare bedroom or home office, which would be nice but not absolutely necessary.

A list that is realistic, in accord with market conditions, and leaves room for compromise will help you to focus on the specifics of what your needs really are in a home, neighborhood, etc., and is helpful to your agent, who will know what to focus on as well.

A helpful list of needs and wants, emphasizing the importance of needs first, would consider the following, arranging individual needs and choices in order of most importance to you. For example:

• Where in town do you prefer to live?
• Older home (over five years) newer, or new construction?
• How much house can you afford? What price range?
• Have you been pre-approved by a lender?
• Convenience of location: short commute, or close to public transportation, nearby to shopping, schools, etc. Which of those choices are the most important?
• Neighborhood demographics: nicely kept homes on a quiet street, property located on a cul de sac, or corner lot, crime stats, quality of school district. Good schools add quality to a neighborhood and should be an important consideration.
• Number of bedrooms, baths required
• Single or two story construction. If anyone has a problem with climbing stairs, a one story is obviously the best choice.
• Consider a short sale or foreclosure property if it is only one of very few in the neighborhood?
• Have a professional home inspector check for problems and evaluate cost of repair.
• Would you prefer to pay a little more for a house in perfect condition, or would you rather buy a house that is in need of some repair in order to pay less for the home?
• How much renovation are you willing to do? Are you handy with tools and will be doing much of the repairs yourself, or would you need a contactor? Contactor fees would add to the costs which would impact your home buying budgetary expenses.
• Before making a commitment on a particular piece of property, Investigate the noise factor and other aspects of the neighborhood for conditions that may or may not be a source of discomfort or annoyance by driving through the area at different times of the day and evening, during the week and on a weekend.
• Large yard for the weekend gardener, romping room for the family dog, etc., or smaller yard for less maintenance.
• Pool
• Patio Deck
• Two or three car garage
• View
• If the community is governed by a Home Owners Association (HOA) find out if the rules and regulations are compatible with your lifestyle and freedom of choice
• Gated community with entry password security system, or gated with 24/7 on duty security guards

Let your Las Vegas Real Estate Agent know of any other special features or needs that your family may require.

If you are interested in purchasing a home in Las Vegas and have any questions about theLas Vegas Market or would like to set up a time to view properties, feel free to give us a call at 702.376.0088 or fill out the form below or to the right.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

No doubt, every investor in Las Vegas residential real estate is looking for the best of all deals; buy low and sell high properties. Obviously, most of the best deals will be found in distressed properties and motivated sellers.

There are many ways to locate these kinds of properties. Try the classified ads in your local newspaper, specialized publications, etc. Look at For Sale by Owner (FSBO) ads, pre-foreclosures, which would be listed under notices of default, foreclosures, (trustee sales,) and auction notices, (tax sale properties.)

Check public records at the county courthouse, where you can find leads through divorce records, real estate auctions, default notices, and probate properties.

Comprehensive internet property finding services can be a very time-saving and efficient way of locating the kinds of investments that best meet your criteria. Paying a monthly fee to these services can be a cost-effective way of finding properties. The web lists any number of these sites, so check them out and find the ones that best meet your needs.

Distressed properties such as pre-foreclosures, Tax sales, short sales, REO’s, probate, foreclosure and divorce properties are where you are most likely to find the hottest deals.

Check with lenders to find the agents who are handling their REOs, and/or www.reonetwork.com to locate bank owned real estate.

You , and the Realtor you work with, should maintain frequent contacts with bankruptcy, divorce  probate, and general real estate attorneys who can be excellent sources of information and leads to hot deals.

Properties up for auction can be located through various websites such as Realty Bid (www.realtybid.com) and Williams & Williams (www.williamsauction.com) among several others.

The Housing and Urban Development agency (HUD) is another source of finding distressed properties. Sign on to this website as an investor and you can bid on their listings.

Try the Veterans Administration (VA) listings as well. The county real estate tax authority, the Treasury Department, the Internal Revenue Service, and the FDIC (Federal Deposit Insurance Corporation) are additional resources that can be more than useful in uncovering distressed properties.

The United States Marshals Service is charged with the responsibility of disposing of seized properties, and can be another possible source of finding low-priced homes.

There are many methods and sources of locating Las Vegas Distressed Properties and hot deals, including even driving around neighborhoods to locate properties, although that is not the most efficient method of finding good deals.

Certainly, do not forget that your real estate agent is a most valuable source of information as well, and can keep you updated on properties of interest. Your agent’s broker and attorney contacts, as well as interaction with other Realtors will provide you with a constant update of relevant data.

If you have any questions about distressed properties in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

If you are a new player in the Las Vegas Real Estate Investment game, one of the first steps you should take as part of an investment strategy – that you have hopefully planned out meticulously – is to find a good real estate agent to partner with you.

Find an agent who is in sync with your strategies (some agents prefer not to work with investors,) and has the experience and expertise to help you achieve your goals. You need an agent who can help you find and qualify the good deals, handle much of the details, and one who has worked with investors before.

Although word of mouth is one of the best ways to find a qualified agent with a solid track record of success and great references, Las Vegas Real Estate Investment Clubs are another source.

When discussing your plans with an agent you are considering partnering with and who is interested in working with you as well, be sure to explain exactly what kinds of properties you will interested in buying. Assure the agent that you will both make money from this partnership, and that you are a high-energy, aggressive and eager investor.

Another thing to keep in mind, is that if your buying strategies involve sending out a flood of low-ball offers in order to consistently close deals, some agents would rather not work with you.

That is why it is so important for the agent or agents you are interviewing to understand what your investment strategies and goals really are. You have to be as forthright and honest with them as you expect them to be with you.

Now, what about buyers? Certainly, your strategy for investing in Las Vegas Real Estate has included contingencies for dealing with willing buyers who are handicapped with marginal credit.

Many of your buyers may be able to acquire a mortgage on their own, but buyers with a passable, but not very impressive FICO score, probably would not qualify with most lenders.

This is where another very important member of your investment team, your mortgage broker, steps in. If you are closing on properties monthly, you are going to attract brokers willing to work with you. Find a broker who has the expertise and lender contacts to obtain mortgages for people with marginal credit.

Don’t expect miracles, however. A buyer must meet certain, even minimal standards of acceptance, but if those criteria are not met, obtaining a mortgage will not be possible.

If you are a quick-turnover investor, you will need a broker who can close deals quickly, and will be available when needed. Assure the broker, as you did your real estate agent, that you want everyone on your team to make money. Consistently closing deals will be all the assurance they need.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Common sense will tell you that the nicer your home looks, the better your chances of selling at or close to the asking price. However, don’t go overboard and practically remodel the entire house before listing the property. Not only will a project of this scope cost you plenty, but you probably won’t recoup even half of your fix-up expenses.

Cosmetic upgrading and repair however should always be secondary to plumbing, heating/cooling and electrical repair. Roofing and structural repairs are an absolute must as well.

Certain upgrades and repairs designed to improve the property’s “eye appeal” include:

• A fresh coat of paint, inside and out, is a most effective way of making the home look newer and more inviting. Neutral colors such as beige or off-white seem to work best.
• If the interior of the home has wallpaper in some or all of the rooms, particularly if it has a worn look, strip it off and paint. Replacing the wallpaper with another design of your choice may not appeal to a prospective buyer, and could actually negatively influence a buyer’s decision.
• If any of the rooms are carpeted, and the carpeting shows signs of wear or discoloration, replace it. Use neutral colors, and medium shades, not too light or too dark. Carpeting and painting are cost effective ways of sprucing up the home’s environment, and can help increase the price tag by much more than the cost of material and installation.
• If the floors are hardwood, refinish if necessary.
• Replace chipped or cracked tiles. It is equally important to repair or replace grouting. If the grouting is in good shape, be sure it has been scrubbed clean.
• If you have Formica counter tops that are showing signs of wear, replace them with a do-it-yourself  kit, available at hardware stores, or if you are not inclined to tackle the job, which can be somewhat tricky, hire a competent handy man.
• The appearance of the kitchen can be a huge influence on the overall impression of the home, and is the most important part of the house to revitalize, if needed.

Although kitchen remodeling can most often return 100% of investment, it can cost a ton of money. However many kitchens can look their best by a simple resurfacing of the cabinets, if needed, and perhaps the installation of a new sink and fixtures.

• Replace or refurbish exterior siding.
• Examine and repair/replace window and door caulking.
• Replace doorknobs and locks if worn looking.
• Repair, refurbish or replace the front door if necessary.
• Fix or paint fences and backyard walls.
• Replace any old, outdated kitchen and laundry room appliances

Include a home warranty package as a “throw-in” if the home is ten years old or more. It’s a nice gesture to offer a prospective buyer a “piece of mind” package, and will go a long way toward establishing amicable negotiations.

If you have any other questions about getting your Las Vegas Home ready to sell, feel fee to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Negotiating to buy distressed properties from a lender certainly shouldn’t trouble the conscience of an investor; however, some investors feel pangs of guilt when trying to negotiate a deal with a Las Vegas Homeowner in financial difficulty.

If you are a creative investor with a conscience, you are not trying to take unfair advantage of anybody. You are not a predator. Instead, you will be attempting to promote a win-win situation that relieves the homeowner of his/her burden, and creates a profitable deal for yourself. This can be done, and is frequently done.

Las Vegas Homeowners in financial difficulty, and who are in danger of losing their home, but are not as yet in a pre-foreclosure situation, would certainly welcome the opportunity to sell at a fair price, and the lender would equally be freed of the expense and difficulties involved in foreclosing and trying to recoup at least a part of their investment.

Seems only fair that the investor should earn a certain profit for his efforts and output of funds. Besides, depending upon the condition of the home, the investor may have additional expenditures for repairs and upgrades necessary to increase the property’s value.

If the homeowner is already in a foreclosure situation, the investor must contact the borrower first, and cannot approach the lender or learn details of the borrowers overall financial situation from the lender without written permission from the borrower.

Once the negotiation process has begun, the investor, regardless of whether dealing with a bank, private lender, or a government agency ( FHA, VA, etc.,) will no doubt have an exit strategy that will include contingency clauses in the proposal. These clauses basically gives the investor an “out” if, for example, the appraisal report is negative for one reason or another, or if a home inspection reveals certain serious problems, such as structural damage.

Additionally, the investor may -unless it is an all cash purchase- specify in the proposal agreement that the purchase is contingent upon the investor obtaining financing under specific terms and conditions.

We are only scraping the surface at this point, since there are many other factors to consider as an investor in foreclosure and pre-foreclosure property.  Since this type of real estate investing can be as complex as it is profitable, it probably should be avoided by a new player in the field, and left to the expertise of a more seasoned investor who conferences with advisers that have considerable experience in this specific area of real estate investment.

Negotiating the purchase of a pre-foreclosure, buying a property at a foreclosure auction, or purchasing the foreclosed property from a lender each take a different negotiating tactic which will be covered in brief in the second part of this article.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Finding a Las Vegas Home and location that best fits your requirements will be a lot easier if you first understand that you should be clear in your own mind as to what your priorities are.

Sounds strange, but any Realtor can tell you that some people are not really sure of what they want in a property, and have decided they will just keep looking at homes until they find a property in their price range that seems to be “a good fit.”

By establishing some firm guidelines as to what really suits your needs, and discussing with your appointed real estate agent what those needs are, you will have increased your chances of finding your ideal new home in a shorter time, and with less frustration on both your part and your Las Vegas Realtor’s.

After setting a price range guideline, you should analyze and then list all the requirements in a home and neighborhood that are most important and most suitable to you and your family’s needs and lifestyle. For example:

• One or two story construction
• Square footage –interior and lot size
• Number of bedrooms required
• Spacious eat-in kitchen or breakfast nook adjoining family room
• Formal dining room, or open floor plan dining room
• Extra bedroom (guestroom) or den
• Minimum number of bathrooms or half-baths
• Fireplace
• Garage size
• Roomy backyard
• Xeriscaped or lushly planted front yard
• Fenced, walled or open property
• Trees

Of course, some compromise will undoubtedly be necessary, but the guidelines you have established will certainly help in your decisions. Now, what about the Las Vegas Neighborhood?

The neighborhood has a direct influence on property values, so the area in which you choose to live is of equal importance to your choice of a home.

Again, you need to list in order of importance what neighborhood values are necessary and what compromises you and your family are able and/or willing to accept. For example:

• Distance to work (driving time) and easy access to major thoroughfares and freeways
• Availability of public transportation
• Nearby schools and quality of the school district
• Higher educational facilities within reasonable distance
• Overall appearance of the neighborhood; regardless of income level, whether blue-collar, middle or upper class, neighborhood homes should have the appearance of being well –maintained and neatly landscaped
• Any repeated sightings of neglected, or abandoned homes are a definite RED FLAG!
• Check with your Realtor to get the neighborhood stats on short sales and foreclosures before you decide to make an offer on a home in the area.
• Crime statistics are another vital piece of information you should have before committing to a property

So, without a real understanding of what would be a best home and neighborhood fit for you and your loved ones, you could wind up spending fruitless hours scanning MLS listings, to no avail, and driving your poor, dedicated Las Vegas Real Estate Agent crazy.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

The Negotiation Process

The price may be right, and there is an enthused and qualified buyer, and an enthused and eager seller, but the deal falls apart. Why would this happen when all the right elements are in place? These situations can often occur, much to the frustration of all concerned.

There may be many possibilities to consider regarding what might have caused the collapse of the deal. Possibly a problem arose between seller, lender and buyer, such as an appraisal dispute, or a buyer’s -intentionally or unintentionally- undisclosed debt uncovered by the lender.

But, guess what? If there were no problems with the appraisal or issues between buyer and lender, then the real problem may have surfaced during negotiations between buyer and seller.

Negotiations between buyer and seller can most often be a sensitive process that often uncovers certain demands and refusals by either party that can lead to an impasse. In situations such as these, an experienced and knowledgeable Las Vegas Real Estate Agent’s people handling skills can very well be the key to solving the dispute.

A real estate agent’s success in his/her profession is dependent not only upon knowledge of the business, but equally based upon an understanding of human nature, and the ability to arbitrate disputes.

It has been said before, but an agent’s ability to foster an atmosphere of trust and cooperation between buyer and seller during the negotiation process is often the answer to resolving disputes and clearing the way to a successful closing.

Forging an understanding that neither party is going to get everything they want, and that some concessions must be made, or the buyer will not get the house he/she had wanted to buy, and the seller’s property will have to be put back on the market, can be a convincing argument for both parties, and can lead to the acceptance of a give and take attitude that is needed to close a deal.

Buyer and seller must be made to understand that a win-lose scenario in which only one party gets what they want can rarely work in a real estate deal, and a win-win situation in which each party is given options for mutual gain is the best route to take.

Fear, anger, distrust and anxiety are some of the negative emotions that might surface during the negotiations, and the Realtor must be alert to these feelings and help to dispel them.

The skilled real estate negotiator must first start with an understanding of his client’s real wants and needs. Wants and needs, for example, are not always “set in stone,” and the agent must assure both parties that a solution must be reached that is fair to both parties, and that would be the only way  differences can be  resolved.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Located off Rainbow Boulevard and the I215 Beltway, Coronado Ranch offers a number of neighborhoods of single family homes and townhomes with views of the Spring Mountains during the day and the Las Vegas Strip at night.  Home prices in this delightful master planned community currently range from $101,000 to $399,000.  The builders who contributed style and design to the community are Carinao Homes, American West, Astoria and Pacific Southwest Development.

• The Resort is a rental community of flats and townhomes with a 24/7 guard gated entrance.  Amenities include pool, spa, fitness center and concierge services.  Six floor plans offer units from 788 to 1,310 sq.ft. with rentals from $850 to $1,395 per month.  Apartment amenities include a fireplace, ceiling fans, 9 ft. ceilings, private balcony or patio and more.

• Paseo Homes range from 1,347 to 1,718 sq. ft. priced from $169,990 to $186,990.  This community offers an active, outdoor lifestyle geared to young families and singles.  Amenities include a front yard paseo, which is a place to gather and socialize with neighbors, several parks, three pools and four playgrounds with tot lots for the little ones.

• Heritage Homes, built in 2007/8, range from 1,165 to 1,853 sq. ft.  Floor plans include five single and two story homes with two to three bedrooms and a two car garage.  Some homes feature island kitchens, game rooms or a study.

• Pinnacle Peaks is a gated community built in 2004 with ten single and two story floor plans.  Homes were built with three car garages and up to six bedrooms and range in size from 1,800 to 5,400 square feet.  Some homes offer a basement and large lots ranging in size from 9,000 square feet to approximately 1/4 acre.

• Woodbridge homes range in size from approximately 3,435 to 4,770 square feet with four to six bedrooms and three car garages.  Built in 2007/8, homes offer two to three stories.  Some homes offer a library, elevator, dry bar, game room, fireplace, study, dual master suite and more.

Spanish Trails Real Estate

Spanish Trails is a luxury community located in the southwest section of Las Vegas close to Tropicana and Rainbow not far from the Strip.  Developed in the 1980’s,  Spanish Trails covers 640 acres with 1,252 homes in eleven different neighborhoods.

This master planned community was one of the first actual private guard gated golf communities in the Las Vegas Valley.  Visitors to this gorgeous enclave must pass through one of two elegant guard gates boasting waterfalls and palm trees.

Among the many amenities offered in Spanish Trails is a private 27 hole golf course designed by Robert Trent Jones, Jr. which is a visual delight for players with numerous lakes, streams and waterfalls as well as views of the mountains.  Spanish Trails also offers a tennis center, two pools and spas and a fitness center.

Residences on the golf course include town homes from $300,000, semi-custom homes from $500,000 and custom estate homes beginning at $1,000,000.

If you would like to take a tour of one of the many master planned communities in Las Vegas, feel free to give us a call at 702.376.0088.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

As Las Vegas Real Estate Agents, we are all well aware of the pros and cons of the Home Valuation Code of Conduct (HVCC) and how this piece of legislation was initially intended to insure the purity of the home appraisal process and the integrity of all concerned.

Apparently, something went amiss during the drafting of HVCC, and in the confusion, and as a direct result of HVCC’s requirements, many seasoned home appraisal professionals have been leaving the industry, primarily due to regulations which have negatively impacted their income.

It’s not the intent of this article to microscopically analyze the problem with some of the legislative negatives inherent in this bill, since there are many articles, blogs, whatever, that have addressed, and are still addressing these issues.

Basically, this article is intended to offer an overview of the appraisal process to the first-time home buyer, and to point out how important the results of this process is to all concerned; buyer, lender and realtor.

• A professional appraiser is a person who has undergone a specific educational regimen which has trained that person to have the skills and knowledge to render an opinion as to the market value of a property.

• The appraiser’s written report as to the current market value of a property, is of primary importance in the decision making processes of the property owner, prospective buyer, and lender.  A negative report, for example, stating that the property is worth less than the asking price, would cause many reactions; the buyer or lender backing out of the deal, the Realtors loss of commissions, etc., Or a possible re-negotiation to lower the asking price to reflect the assessed market value.

• The appraiser’s report reflects many things that would positively or negatively impact the property purchase negotiations, such as the property’s overall condition, upscale or deteriorating neighborhood for example, number of homes in the neighborhood in decline, in foreclosure etc., or if the home is a showpiece in a neighborhood of lower priced homes, or a lesser type home in a neighborhood of more expensive homes.

Certainly, there are numerous factors that the assessor is trained to consider; however, it is important to understand that if the appraiser is unfamiliar with the area, the appraisal report could be faulty.

Under the rules established by the HVCC –which we are not going into in detail here – an appraiser not familiar with the area could be assigned to inspect a particular property on behalf of a lender, and the result may well be a flawed report.

Of course, the potential buyer could appoint an appraiser more familiar with the neighborhood in which the seller’s property is located, and if the buyer’s report, for example, differs with the lender’s appraisal report, the buyer, seller and lender could negotiate to save the deal, such as ordering a third report, and reach an agreeable compromise. The buyer and seller may agree to split the appraisal costs, etc.

However, until the issues that have encouraged experienced and competent appraisers to abandon their profession is resolved, appraisal headaches will apparently remain.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

The Las Vegas Condo-Hotel Concept

The veritable explosion of high-rise condo construction in Las Vegas has not only dramatically altered the city’s skyline, but has considerably altered the lifestyle of many Las Vegans, and the repeat visitors to our city.

Prior to  the proliferation of hi-rise condos in Las Vegas, repeat visitors such as vacationers, businessmen and women, and high rollers would primarily check in at a hotel, motel or, depending on the reason and length of stay of the visit, rent a private home on a temporary basis.

The availability of conveniently located luxury condos convinced many of these repeat visitors that it would make economic sense to purchase a Las Vegas Condo home of their own, that in the long run would build equity, and be more cost-effective than renting a hotel room or suite and dining out for every meal.

Additionally, many investors were attracted by the offer of many of the big name luxury hotels such as the Ritz-Carlton, Sonesta, Starwood, Hilton, Trump, Four Seasons, etc. to purchase units (condo-hotel homes) that are part of the hotel structure, or luxury units built as adjacent structures to the hotel, such as Palm Towers, for example.

These condo hotels offer owners who plan to use their purchases as vacation homes, or use the condo intermittently on business trips, the opportunity to temporarily rent out their units when the owners are away.

Benefits are twofold.  The owner agrees to place the property into an organized rental program, saving the unit owner the trouble and expense of self-advertising, and rental revenue, shared with the rental program operator, allows a portion of the rental fees to be credited to the condo owner.

The operator of the rental program who shares rental fees with the owner, performs a number of services on behalf of the property, among which are marketing the unit to temporary renters as a hotel, maintains the property, supervising the front desk, overseeing housekeeping services, providing- concierge services, and food and beverage services.

Another attractive aspect of condo hotel ownership that has appealed to investors is that these units can be sold at anytime by the owner at his/her discretion.

The vacation home convenience and income potential of owning these units was an irresistible attraction to many investors who are frequent Las Vegas visitors, however, these purchases have proven just as vulnerable to the downturn in the nation’s economy as has the rest of the housing industry.

Additional information that a potential condo-hotel unit buyer should be aware of before considering this kind of investment will be covered in a follow up article, and will include such details as:

• Typical buyer/management agreements
• Guarantees –if any – offered to the buyer
• Analyzing the units for best location, amenities, etc.
• Key elements to look for when analyzing the profit potential of a condo-hotel purchase

Feel free to give us a call at 702.376.0088 with any questions about the Las Vegas High Rise Condo market.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

Buying a Las Vegas Home isn’t just about price, it’s about finding a residence that best suits you and your family’s overall needs and lifestyle. But as far as price is concerned, there are both wide and narrow cost of purchase differences between owning a private home or a condominium.

For example, a single-family home versus a condo home; which would suit your needs best? As far as the cost of purchase is concerned, an older two bedroom single family home would generally be more expensive than an older, two bedroom condo, but buying a two bedroom condo in an upscale building could often be as costly as a modestly expensive single-family home. A luxurious condo in a prestigious building can easily cost as much as a luxury home in an equally prestigious residential community.

Single-family homes offer a much wider choice of floor plans and architectural styles; ranch-style, two-story, split level, etc. Locations can vary as well, such as a corner property or cul de sac.

Carrying groceries into an elevator is often much more of a chore than simply unloading your purchases from your car.

A Las Vegas single family home is a better choice for families with young children, since a back yard offers more space for children and pets to romp and play, and a neighborhood of young families means more opportunities for the kids to find new playmates.

Single family home neighborhoods are generally closer to schools, playgrounds and libraries. A single family home offers more privacy and fewer restrictions than a condo. Storage space is far more generous. If you are handy with tools, you may want a workshop in your garage, or be able to work on your car, something that would not be feasible in a condo home.

The appreciation factor of condos versus single-family homes could be a consideration if you are buying strictly as an investment. On the average, condo buying/selling prices are much more sensitive to market fluctuations, and more volatile than private residences. Condo prices can often either rise or fall dramatically.

That means if your timing is right, your buy low, sell high strategy could make you a fat profit. But if you get caught in a down market, you may have to sit on the property for a long time.

If you are buying a single-family home as a place for your children to grow up in, and a place in which you will have become emotionally invested, then the appreciation factor is of less concern.

So, the appreciation factor of a condo versus a private home should be a consideration, but should not be a primary reason for your purchase if you are looking for a place to call home, and not just as an investment. Purchasing a Las Vegas Home should be about affordability, and what is a best fit for you and your family’s needs.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com

What is a Master Planned Community?  Usually found in warmer climates, they are large communities of new homes typically at least 1,000 acres in size with development and construction governed by specified standards of design and restrictions of land use.  These communities offer recreational areas, golf courses  and parks as well as schools, restaurants and shopping within the community.  Clubhouses with pools and spas are part of the community package.

In a Master Planned Community, all of the amenities and conveniences are planned and included ahead of time and are often in place before homes are built.

To maintain the original master plan, builders are carefully selected with home designs continuously reviewed.  There are a number of smaller similar type communities or subdivisions existing within the Master Planned Community providing potential buyers with a choice of home styles and prices.

Las Vegas offers a number of Master Planned Communities catering to individuals and families of various ages and life styles – with “something for everyone”.

Canyon Gate

This luxury low-density community just west of the Strip boasts 320 acres with only 507 homes and features custom houses, luxury condos and upscale tract homes.   Long considered the “Jewel of Las Vegas”, this Master Planned Community is family friendly offering kids’ camps and kids’ nights.

Close to the Spring Mountains and Red Rock National Conservation Area, homes in Canyon Gate have spectacular views.

The 24 hour manned gatehouse assures privacy and security to the owners of homes ranging from the $500,000’s to over $5,000,000.

The Canyon Gate Country Club offers a magnificent golf course with a 160 acre fairway designed by Ted Robinson and provides traveling golfers privileges at 192 courses throughout the world.  In addition to golf, the country club offers a number of amenities including gourmet dining, tennis and a state of the art fitness center.

In order to join this exclusive country club, your initiation fee will be $32,000 with approximately $500 in monthly dues.

Some of the amenities in this secluded community include five lighted tennis courts, an outdoor Jacuzzi and two outdoor pools and an indoor wet steam room.

Desert Shores

This beautiful, picturesque and quiet Master Planned Community is unique in that it is built around five man-made lakes.  Residents can enjoy boating, fishing and swimming in these lovely lakes which are home to ducks and swans.

This community was built in 1988 and includes 22 different residential districts with 3,351 units on 682 acres and offers residents a community clubhouse, a large swimming pool surrounded with a sand beach in the style of a lagoon and paddle boating on the lake.

Homes are available in Desert Shores from compact condos and medium priced homes to huge homes in their own gated areas.  Some lakefront homes have small docks.  At this time, prices in this popular community vary from the $90’s to $1 million and more.

If you would like to take a tour of one of the many master planned communities in Las Vegas, feel free to give us a call at 702.376.0088 or reply below.

Tony Sena

Tony Sena is broker/owner of Shelter Realty in Las Vegas Nevada. For more than a decade Tony and his partners have provided residential real estate and property management services to sellers, buyers, investors, and property owners in the Las Vegas Valley. A Las Vegas native and former police officer for the City of Henderson, Tony brings to the table a unique local perspective that continues to serve his clients well.

www.shelterrealty.com