Buying a Las Vegas Condo is a True Lifestyle Decision

Existing home sales rose nationally throughout 2013 – and included in those numbers were a good many condominiums. If 2014 will find you investigating the market for a new home, it may be time to give condo living a serious thought.  Buying a condo in Las Vegas can provide many of the benefits of home ownership minus much of the worry that goes with keeping your property. Of course, whether buying a condo is the right housing solution depends on the buyer as well as the particular condo itself – but there are some generalities usually hold true.

Most condominiums include a variety of amenities for the owners. There may be an on-site fitness center, or a pool. Owners may also have access to a club room, or even other features that some of the larger upscale developments offer, such as on-site shopping, hair salons and concierge services.

Whether you call it an ‘amenity’ or not, never having to shovel snow, mow the lawn or worry about property upkeep is certainly welcomed by many. If you are buying a condo in Las Vegas, you’re usually buying everything from the drywall inwards – the rest is owned by the development.

Those amenities don’t come for free. Typically, you’ll be required to make payments to the Homeowner’s Association, or HOA. These fees can be tiny or considerable: ranging from a couple hundred dollars a year to as much as four figures a month. The variation in those numbers make it mandatory to include the HOA fees in your budget when you’re shopping for a condo. Your savings on home insurance and property taxes can be given back in HOA fees.

Many people are drawn to condo living principally because of the accompanying worry-free lifestyle. You get your own living space, are free to modify it, and are working towards owning it rather than just paying rent. However, this lifestyle isn’t right for everyone: you sacrifice a degree of privacy, and don’t have your own yard.

The luxury of condo living will only be enjoyed if you’re comfortable with the lifestyle that goes with buying a condo. Then, if you do think you might be a buying a condo in Las Vegas this winter, call me to review today’s best inventory!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Las Vegas Investors Eye Fannie Mae Foreclosure Study

Las Vegas investors have dozens of possibilities vying for their business at all times. Las Vegas real estate investment opportunities come in a variety of forms: raw land, single-family residences, and multifamily rental housing in many forms, from duplexes to apartment buildings. Investors compare the various offerings according to the likelihood of return on their investment vs. downside risk. 

Foreclosure represents the ultimate risk — so no matter how unlikely it might be, canny investors study the histories of real estate investments that have stumbled. Whether Las Vegas foreclosure statistics or national trends provide the data, projecting the likelihood of such ‘Close Encounters of the Foreclosure Kind’ is part of an investor’s due diligence.

That’s why my eye was drawn to several published reports about Fannie Mae’s recent nationwide study. It drew an interesting connection between an investment properties’ relative location and the rate of potential default (foreclosure). National data is weighted toward big city populations, yet I think it’s a relevant approach to weighing the likelihood of a Las Vegas foreclosure. Location is a given, and here, it’s relative location that’s important:

• Locating close to workplaces matters. Each additional minute of commute time raises the risk of default by 3.7%. Put another way, each additional five minutes of commute time makes the likelihood of foreclosure 18% greater!
• Public transportation is significant. If 30% or more of a neighborhood's residents commute by rail, the risk of a local default is reduced by a full 58.4%.
• Mixed-use areas are a positive. When there are 16 or more retail establishments nearby, the risk of default is reduced by more than a third.
• (This is one we could have guessed) — affordability is key. If a multifamily building fits Fannie Mae’s definition of ‘affordable housing,’ foreclosure risk is reduced by 61.9%.
• Parks matter. If the property is located within one mile of protected green space, the risk of foreclosure is reduced by 32.5%.

Naturally, avoiding any possible future Las Vegas foreclosure is Job One for all my real estate investor clients. For up-to-the-moment information on the state of today’s market, join them: contact me anytime!

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Making the Winning Offer for Luxury Homes in Las Vegas

Like most other parts of the real estate market, luxury homes in Las Vegas are expected to show a rise in demand going forward. Certain luxury homes have inherently superior marketability: luxury homes that both make a ‘statement’ and are priced competitively within their category are the most likely to attract competition between buyers. If you are among those looking for your perfect luxury home in Las Vegas, you could face that kind of competition this summer. Here are three stalwart factors shown to help beat the crowd:

1.            Money Talks

Have your finances ready before you start your home search. If you’re a cash buyer, prepare the qualifying documentation. If needed, get your current home sold, or secure an appropriate mortgage commitment before making your offer. Whether your offer is the highest or not, being able to verify that you have the ability to close on the deal can be a powerful persuader.  At the price point where multi-million dollar lending can be a stumbling block, a verified offer automatically becomes a most attractive feature.

2.            Align Yourself with a Connected Buyers' Agent

Buyers' agents who specialize in Las Vegas’s luxury homes can sometimes make a decisive difference. Being better connected to gain access to off-market or exclusive listings, the right agent may be able to alert you to emerging properties before they hit the broader market. Important because —

3.            Moving Fast Can Seal the Deal

If you are ready to buy and know what you are looking for, as soon as you find the right property, be mentally prepared to make your offer. Every moment you dawdle invites a multiple-offer situation — and though you may still get the house, you can also end up paying more than you should have. Sometimes it just depends on how quickly you are prepared to move.

Luxury homes in Las Vegas can sell more quickly than many of today’s buyers expect. Especially in a changing market, it’s important to have the most adept representation possible. Contact me today if you’d like to discuss this summer’s offerings of luxury homes in Las Vegas.