Short Sale Oct 2011 $45,000 Cash

Annual Rent $9,000
Monthly Rent $ 750

Closing Costs $865

Annual Taxes and Insurance:
$777 County Taxes
$363 House Insurance
$ 0 HOA

Purchase History
- 1997 sold new $81,000
- 2006 Zillow estimate for $222,000
- 2011 Aug listed $44,900

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Short Sale Oct 2011 $116,500 Financed

Annual Rent $15,000
Monthly Rent $ 1,250

Closing Costs $4,279

Annual Taxes and Insurance:
$1,339 County Taxes
$ 584 House Insurance
$ 660 HOA

Purchase History
- 2002 sold for $162,720 (Original Construction)
- 2004 sold for $311,000
- 2007 sold for $319,000
- 2011 April listed $145,000

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I can't think how difficult it would have been trying to organise everything on our own. Once the sale was finalised, Steve managed everything from getting us on the books with a property manager that he himself uses, organising the few minor repair issues that came up on the property inspection, house cleaning and more.

I have no hesitation recommending Steve to anyone looking to invest in the States.

Short Sale May 2011 $249,100 Financed

Annual Rent $25,440
Monthly Rent $ 2,120

Annual Taxes and Insurance:
$2,545 County Taxes
$1,464 House Insurance
$0.00 HOA

Closing Costs $6,695

Purchase History
- 2002 estimated value $276,900
- 2004 June, sold for $469,000
- 2006 estimated value $568,000
- 2010 September, listed $420,000

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- Patricia Armstrong  Escrow Officer Fidelity National Title of Nevada, Email: Patricia.Armstrong@fnf.com

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With Steve's guidance I was able to buy my first home.  A spacious one story in a very nice area.  Within a year he had found me a sound investment property that I recently purchased.   He taught me a great deal about property investing and some of the strategies and angles that go along with it.  After buying my investment property I had a lot of fun fixing it up and finding renters.  While doing so I learned a bunch of new skills in the process.    

I couldn't be happier with my newly acquired assets and couldn't have done it without all his help.  Thanks Steve!

Buck Wargo, 16 August 2011 in Vegas Inc.

A Wisconsin research firm said Las Vegas home prices haven’t found their bottom and won’t until the fourth quarter of 2012.....

"Valley’s three mayors on quest to revive economy, create jobs"

Las Vegas Sun August 8, 2011

Carolyn Goodman attended a recent gathering of U.S. mayors where solutions to the nation’s economic woes dominated the conversation......
 

Useful Links

University of Nevada, Centre for Business and Economic Research, "Las Vegas Economic Overview"

University of Nevada, Centre for Business and Economic Research, "Las Vegas Housing Market Conditions" Q1 2011

University of Nevada, Centre for Business and Economic Research, "Historical Overview of the Las Vegas Economy"
 
 
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Las Vegas home prices will hit bottom in late 2012

Buck Wargo, 16 August 2011 in Vegas Inc

A Wisconsin research firm said Las Vegas home prices haven’t found their bottom and won’t until the fourth quarter of 2012.

Fiserv, which produces the Case-Shiller Indices, projects home prices will fall 13.9 percent by March 2012 and another 6.3 percent by March 2013.

The calculations are based on the first quarter of 2011 as a starting point. Home prices fell 5.1 percent between March 2010 and March 2011, the firm said.

David Stiff, the chief economist at Fiserv, said it will take time for Las Vegas home prices to recover because of the area's high foreclosure and jobless rates.

“Even though prices are affordable, it’s going to take until the supply improves and job market improves,” Stiff said.

Stiff said Las Vegas will see prices bottom by the end of 2012 and should start to see an increase in 2013. Any immediate increase could be a double-digit one as buyers jump into the market, but he said it could flatten out after that.

“Markets like Las Vegas are likely to be volatile, and people won’t jump in fully until they think the market is stabilizing,” Stiff said.

Fiserv calculates prices by what the same homes sold for in the past. That makes the forecast look bleaker than others who track median prices of all homes sold in a month or quarter.

One research firm projected Las Vegas wouldn't regain half of the real estate valuation it lost during the downturn until 2020 and wouldn't regain all it lost until the early 2030s.

Mark Boud, a California economist who tracks the Las Vegas housing market, predicted home prices would fall 2.6 percent in 2011 and increase by 2.5 percent in 2012. He projected a gain of 3.4 percent in 2013, 5.2 percent in 2014, 7.7 percent in 2015 and 8.8 percent in 2016. That’s a 31 percent gain in five years.
 

"Valley’s three mayors on quest to revive economy, create jobs"

Las Vegas Sun August 8, 2011

Carolyn Goodman attended a recent gathering of U.S. mayors where solutions to the nation’s economic woes dominated the conversation. They pondered the underlying dynamics plaguing the employment picture, considered the challenges faced by big and small cities, and throughout the entire discussion the newly elected Las Vegas mayor focused on a simple mantra: jobs, jobs, jobs.
Yet, the newly negotiated debt-ceiling deal in Washington doesn’t reflect the sort of government spending plan that would not only save private- and public-sector jobs but generate new ones.

“We have to create jobs to get the economy moving again,” Goodman said of Clark County, where the June employment rate stood at 13.8 percent. “It has to be about jobs, jobs, jobs.” Read more .....

Short Sale Aug 2011
$170,000 Financed
Annual Rent $20,400
Monthly Rent $ 1,700
Closing Costs $5,655

Annual Taxes and Insurance:
$2,096 County Taxes
$ 787 House Insurance
$ 348 HOA

Purchase History
- 1995 sold for $176,000
- 2004 sold for $398,000
- 2008 sold for $275,000
- 2010 July Listed $185,000

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Short Sale July 2011
$150,000 Cash
Annual Rent $19,800
Monthly Rent $ 1,650
Closing Costs $2,092

Annual Taxes and Insurance:
$2,104 County Taxes
$ 609 House Insurance
$ 192 HOA

Purchase History
- 1996 sold for $180,000
- 1998 sold for $195,000
- 2002 sold for $207,000
- 2003 sold for $262,990
- 2005 sold for $410,000
- 2010 July listed $199,990

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Short Sale July 2011 $64,000 Cash

Annual Rent $10,800
Monthly Rent $ 900
Closing Costs $384
Annual Taxes and Insurance:
$872 County Taxes
$444 House Insurance
$0.00 HOA

Purchase History
- 1983 sold for $69,450 Original Construction
- 2008 sold for $164,800
- 2011 March listed $72,900

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