If you love to golf, you might be considering purchasing a home on a golf course. Before making such a purchase, however, there are several things you will need to keep in mind in order to make certain you are making the purchase that is right for you. Here’s a look at the top 5 things you need to consider before purchasing a golf course home.

#1: Can You Afford the Added Expense?

It is no secret that homes located on golf courses tend to cost more than those that are not. In addition, you will likely need to pay annual dues to the Homeowner’s Association as well. Therefore, before making plans to move to a golf course community, you need to be sure you can afford to pay more than just the purchase price of the home, but also the annual fees that are associated with living there.

#2:  Are the Extra Expenses Worthwhile?

Even if you can afford the costs associated with living in a golf community, you need to ask yourself if those extra expenses are worthwhile. In other words, do you golf frequently enough to make the convenience of living on a golf course worthwhile? Of course, some people choose to live on a golf course simply because of the amazing views. Whatever your reason, be sure to consider the cost versus the benefits in order to make sure you are making the right decision for you.

#3: What Other Amenities are Included?

When comparing golf course communities, you should consider more than just the golf courses found within the communities. In fact, the other amenities that are available within the community can also be quite spectacular. Other amenities you might find in these communities include:

• Tennis courts
• Swimming pools
• Meeting spaces
• Restaurants
• Basketball courts
• Fitness areas
• Children’s playscapes
• Pavilions

#4:  Is the Location Right for You?

As with any real estate purchase, location is key when purchasing a golf course home. In addition to purchasing a property that is in the golf community of your choice, you also need to consider the location in relation to all of the following:

• Your workplace
• Parks, lakes and other recreational activities
• Restaurants
• Retail establishments
• Schools

Obviously, you don’t want to have to travel far in order to enjoy some of your favorite activities, so choose a golf community that is close to the other activities you like to do on a regular basis.

#5:  Does the Property Meet Your Long-Term Goals?

While the property may seem perfect for now, it might not meet your long-term goals. So, unless you plan on moving in a few years, be sure to consider your career and family plans before making a purchase. This way, you can purchase a beautiful golf course home that will be sure to meet your needs for years to come.

Jolenta Averill is the owner of Madison real estate brokerage Lake & City Homes Realty which specializes in lakefront, luxury and golf course homes. Visit her Madison Lakefront Homes page and Madison Golf Course Homes page or call (563) BUY-SOLD to discuss your unique requirements.

It’s a brand new year and new home builders are eager to show you their latest communities. Tomorrow is the model preview luncheon for KB Home’s latest Mountain’s Edge community, Sterling Ridge. The event is targeted at real estate professionals in the Las Vegas valley and will have a free catered lunch and a drawing for door prizes. Prices start around $140k and all homes are Energy Plus certified. There are limited lots left. If you would like to take a tour of the available models, call me at 702-493-8033 to schedule an appointment.

On Thursday there will be a builder’s expo at Providence. Builders and their guest exhibitors will be on hand to show you the latest incentives and pricing for the available new homes in the community.  The event will be held at the Coldwell Banker office on Sky Point Drive in Centennial Hills from 8:30 am to 10 am.

Lennar currently has approximately 30 move-in ready homes available. They are still offering zero closing costs and 4.50% Fixed For Life (4.99% APR)* when you use their financing.

This is our first time hosting the Carnival of Real Estate. At first I was worried we wouldn’t get any entries but over the holiday weekend my fears turned out to be unfounded. I want to thank everyone who took the time to submit to this, the 149th edition. There were a lot of great entries, unfortunately not all were a right fit for this edition.

After reading through them all, I have our winners. And the “winners” are….

The top spot goes to Dan Melson at Searchlight crusade submitting a great post about Short sales and the sales process. If you haven’t stopped by his blog yet, Dan consistently writes great stuff about our industry.

Claudia Gonella has a great post that gives you a very comprehensive look at the real estate market in Nicaragua.

On the lighter side, Sarah Greenleaf posted an interesting article on famous American homes on an era bygone showing some famous (and not so famous) residences. I was surprised at the modesty of Al Capone’s former residence in Chicago.

On the marketing side, Ben Roberts put up a great cautionary tale listing the top 10 ways not to promote your real estate career and listings on twitter. A fun, yet informative post about What NOT to do on Twitter as a real estate professional… I LOVE number 3.

That concludes this edition of the Carnival of Real Estate. Thanks for stopping by!

New home builders are having a tough time competiting against the Real Estate Owned (foreclosure) market. Las Vegas leads the nation in foreclosures and despite last month’s numbers, experts believe that we will see more in the coming months. Investors and savvy first time home buyers have been quick to take advantage of these fire sale prices. Last month showed a decrease in foreclosures and an increase in sales compared to historical data for the prior year.

In order to compete, new home builders have been forced to lower prices, offer free upgrades and other incentives to lure in home buyers. Another tactic they are taking is the relative ease of the closing process versus buying a bank owned home. New home sales will usually close in 30 days or even less while some bank owned properties can take up to twice that time. The Club at Madiera Canyon is a good example. Del Webb just lowered pricing all of their models. The community offers additional amenities like 24 hour guard gates, a private community center with resort style amenities and use of the brand new Madiera Canyon Park located just outside of the community.

Other builders like Lennar take a slightly different tack and offer special financing options, unemployment insurance (pays your mortgage for a certain time period while you are out of work) and pay for all closing costs. Of course there are some restrictions that apply which is important why you should bring your own agent with you. Someone that works exclusively for you, not the builder. Given the current state of the market, everything is negotiable. So if you are thinking about buying a new home, feel free to contact us for free, expert representation at 702-493-8033 or use our contact form below. Thanks for stopping by.

This Saturday, May 2 Richmond American Homes will be having a Home Gallery Expo. Design consultants will be on hand to answer your questions, plus there will be product demonstrations every half hour. Design vendors will showcase the latest in tile, lighting and more. Register to win prizes on site and see the latest new homes for sale by Richmond American.

If you are thinking of attending or would like more information on the new homes available for sale by Richmond American, call 702-493-8033 or send me an email using our form.

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I would have to say that Lennar Homes does more email advertising than any other home builder. My inbox receives a lot of email from Lennar, offering their latest sales and information. The latest email was about their latest sales offering. Lennar like many other new home builders in the valley are having a hard time competing against the sheer number of homes for sale. Foreclosures have depressed home prices to levels not seen in the Las Vegas valley since the late ’90s. That combined with harder financing has produced the current market. Terrible if you have to sell your home but unprecedented if you are looking to buy.

Lennar is taking a new tack for them: upgrades. These Lennar homes come with some nice goodies including stainless steel appliances, raised panel cabinets, granite counter tops and window coverings:

Home in Silverado Ranch
1,369 sq. ft. (3 Bed, 2.5 Bath, 1 Car)
- Gated neighborhood with community pool and spa
- Full length driveways
- Upgraded flooring
- Priced at $186,990

Northwest
1,621 sq. ft. (3 Bed, 2.5 Bath, 2 Car)
- Master planned community of Providence
- Gated neighborhood
- Near plenty of parks
- Priced at $195,990

1,516 sq. ft. (3 Bed, 2.5 Bath, 2 Car)
- Master bedroom with retreat
- Easy freeway access
- Near the newly built Centennial Hills Hospital
- Priced at $182,990

North
1,882 sq. ft. (4 Bed, 2.5 Bath, 2 Car)
- Back yard landscaping included
- Community Park
- Near Nellis AFB
- Priced at $189,990

This just a sampling of the new homes available in the Las Vegas valley. If you are thinking about buying a new home, call me at 702-493-8033 and I’ll send you information on the latest new homes for sale.

Uncertain about your Options?

One of the most common questions I’m asked as a Realtor is whether someone should wait and rent or buy now. It’s a great question. My advice is to buy now, if you plan on staying in the area for at least two years. Now some critics will say well of course you said buy now, that’s how you make a living! Of course, that statement is true. I don’t make a dime unless someone makes a purchase. However, I take my fiduciary duty to my clients very seriously and am proud to say that no one of my clients have lost their home, nor did they get one of those ridiculous loans. Let me explain why I think it is in your best interest to purchase a home now, rather than wait and rent for six months or a year.

1. Interest rates. Interest rates are at a historic low, provided you have a decent credit score. For those with less than stellar credit, interest rates are still not that bad. The rate will be around the same rate you would have received a few years ago.
2. Supply and Demand. Right now there is a huge surplus of housing available for sale. With low demand and high supply, simple economics dictate that prices will be lower than they would be in a normal market. Therefore you will get a lot more home for your money now than you will when the supply decreases and interest increases.
3. Sales volume. Despite the huge number of foreclosures still occurring, the amount of inventory isn’t growing by leaps and bounds. However, the number of sales completed has exceeded the sales numbers of the ‘boom years’ in our market. First time buyers and investors are buying up bargain properties and some homes are receiving multiple offers.
4. Rent money. Say you wait a year and spend $12,000 on rent. That same $1,000 a month could have been applied to your mortgage. Average rent in the valley is around $1,200 for home. Even a loan for $145,000 at 6% with taxes and insurance will be around $1,150 per month.

That’s just the short list. After all, everyone has to have a place to live. If you would like to discuss your options, feel free to call me at 702-493-8033.

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Privately owned homebuilder Astoria Homes has joined the ranks of thousands of home owners in foreclosure. They are losing 30 brand new, never-lived-in homes in Aliante and the northwest. The company has laid off 17 people last week and is down to a total of 17 employees. The president of Astoria Homes, Tom McCormick, stated that they stopped construction because they were unable to secure loans in the national credit crunch.

Fast Facts: Astoria’s sales have gone from 627 in 2006 to 320 in 2007 to 192 in 2008. The builder is selling fewer than 10 homes a month. source: Las Vegas Sun

The company is not facing bankruptcy and will finish completing 60 homes in five neighborhoods using its current cash stockpile and sales proceeds.

Given the current level of inventory and the median price of a home, this is a smart move by Astoria Homes. A common problem facing new home builders is the price of the land. Most builders paid a premium for the land they are now building their homes on. That combined with increased materials cost has cut into any profits generated by sales. Add in the difficulty of obtaining financing and you have an accurate picture of the market new home builders are facing. It wouldn’t be surprising to see other builders follow in Astoria Homes footsteps and stop building until the market balances out.

What this means for Home Buyers

While most media coverage has been focused on the latest bailout, et al, home sales around the valley fueled by bank owned properties have exceeded in volume the number of sales from the “boom” years. Prices have been driven to levels not seen in almost a decade (when is the last time you remember seeing a home for sale in Green Valley for under $150,000?). While cash is king, there are still programs available for first time home buyers and yes, banks are still lending money. Now before you rush out and grab up a bargain property there are some things you need to do (and know). Quite often a REO (bank owned property) listing will require that you provide a pre-qualification (prequal) letter from your lender OR from a lender they specify (quite often the same bank that owns the property). Without one, you are wasting your time because the really good bargains are not staying on the market that long. By the time you get your ducks in the row, the property may be sold. It is not uncommon to see multiple offers on homes that are historically under priced for the area. Another thing to remember, just because it is a bank owned property, that doesn’t make it a bargain, nor does it make it more likely for a low ball offer to be accepted. A good majority of bank owned properties had loans given for more than the current market value. While banks are eager to clear these properties off of their books, they are also cognizant of the fact that government help may be on the way. Making an offer of $50,000 less than list on a home that has already been discounted (in the bank’s eyes) by $100,000 and is listed for $148,000 doesn’t have a high probability of being accepted. While I’m sure some lucky buyers or investors have found deals like these, they aren’t by any means commonplace. Some of these institutions also have shareholders they must answer to as well. That doesn’t mean there isn’t room for negotiation, but you need to know the market history and listen to your agent. After all, that’s why you picked a professional to represent you.

If you are thinking about buying a home in the Las Vegas valley, feel free to contact me at 702-493-8033 or by using our email form below.

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According to a new survey from the Association of Foreign Investors, Las Vegas ties for 11th place. The report ranks member’s top cities for the United States and global investment. The top spot was Washington D.C. Other cities to make it into the top five were New York, San Francisco, Los Angeles and Houston. Las Vegas tied with Phoenix, Orlando, Austin, San Diego, San Jose and Atlanta.

The survey was conducted in the fourth quarter of 2008, polling the association’s members. Members of the association collectively hold approximately $371 billion in real estate in US and roughly $1 trillion in total.

Commercial leasing is down, except in the Downtown and Westside office markets according to fourth quarter market reports. Each market posted a vacancy rate in the 11% range, which compares to a market-wide average of 17.24%, according to the latest data from CB Richard Ellis. Markets with the highest vacancy rates are in the Northwest and Southwest sub-markets. Vacancy rates there have topped 25%. However, the long term forecast is considered good due to the lack of new office space being completed. Many projects have stalled or been scrapped due to the current excess of leasing space. Commercial space under construction also dropped in the forth quarter of 2008, with just over two million square feet of construction. While this is bad news for commercial property owners, business owners looking for space will see decreased rents. Prices for commercial properties have also decreased as a result, adding to the overall attractiveness of the Las Vegas real estate market to foreign investors.

For those of you that have been watching the Sarasota Association of Realtors case versus Marc Rasmussen, there has been a nasty new development. After losing the case in court, the SARS still fuming about being told no, decided to try a different tact. They went to ICANN to have the domain take by force from the owner and transferred to them. Their arguement was trademark infringement, but to date, no evidence of prior trademark ownership has been produced (anyone heard of Major League Soccer (MLS)?).

Apparently, that was not an issue for ICANN who has grabbed up the url and has given it to the Sarasota Association of Realtors. Now, we have all run across sites that have REALTOR and MLS in the URL, most of which belong to non-Realtors. Yet, strangely enough these sites continue to be online with nary a word of opposition from any REALTOR association? So why was Marc singled out? Simple, Marc had spent thousands of dollars and man hours promoting his URL so that it showed up on major search engines in the top spot for certain terms like…..Sarasota MLS. Now I’m wondering who in the association there in Sarasota is going to get the leads being brought in, now that they have control of the URL?

Their arguement: consumers could be confused by Marc’s url, since it was not THE SARASOTA MLS.

I’m not sure what that says about what they think of the average Internet home searcher. Marc’s site had been up since 2003 and had a disclaimer at the bottom clearly stating that his site was not THE SARASOTA MLS and he was a REALTOR. The URL had been redirected to Marc’s new URL, ensuring that no one would be ‘confused’, but apparently that wasn’t good enough for SARs. Marc is still fighting the Sarasota Association of Realtors in court.