Linne Karstensson

PM -

We just added a new section of our site dedicated to those properties being auctioned. Please feel free to browse: http://www.OwnLakeLasVegas.com/Auction. - Mon Sep 8 2008, 16:15

PM --

You are correct. The auction date is 9/13. There are actually 4 dirt lots being sold by auction, as well as some single-family homes and condominiums. Most are not absolute auctions (meaning that the Seller will have the ability to accept or decline the final bid), but there will undoubtedly be some outstanding values available. It is important to note that these auctions are not foreclosures.

To give you more information about the lot you specifically requested, 5 Via Lido:
It is located on one of SouthShore's most private enclaves and is water-front, directly adjacent to the SouthShore Yacht & Beach Club. It measures at 40 x 85' appx, and has paved road and all underground utilities to curb. It is zoned for its own slip, as well. I can show you this lot at any time, without need for pre-approval or advanced guard gate access. To view, call me directly at (888) 696-4658.

Just to note, there are also 43 other lots available in SouthShore right now, priced as low as $399,000. In fact, the one at $399,000 is also water-front, approved for a slip, and nearly double the size of 5 Via Lido. Let me know if you're interested. I'd be happy to send you more information.

I am a real estate agent, specializing in Lake Las Vegas homes and land. Please contact me directly for more information about the other offerings in Lake Las Vegas -- you'd be surprised at the values not advertised by this auction house. Or, visit http://www.OwnLakeLasVegas.com.

Linne Karstensson
Toll-Free, Direct: (888) 696-4658 - Fri Aug 29 2008, 08:11

Mike --

One important thing I wanted to bring up for you to consider is the issue of interest rates. For example, financing $120,000 now at 6.0% would give you a $720.00 per month interest payment. If you waited for home values to go down 5% sometime next year (again, an arbitrary example), you might finance $110,000 at 6.75%. This would give you a $742.50 per month interest payment. So in this example, by waiting, you’ve cost yourself $22.50 per month when you’re considering cash flow. Keep in mind that this is only an example and I can no better predict future interest rates than when our real estate market will hit “bottom.”

So, if you aren’t able to get the home for less than $199,000, the data suggests it’s still a very good deal. Of course you can submit a “low-ball” offer in hopes the bank will bite. However, homes in this price bracket are selling quickly, so you need to formulate your initial offer to a bank very carefully. If you offer too low, the bank will likely receive offers higher than yours before you ever hear back. I’ve written and submitted many offers for clients that end in this manner, causing a lot of disappointment for everyone (often times ending in a purchase price above list price, hence why the data below suggests this).

Jim Cramer (Mad Money fame among more) recently predicted that the elusive “bottom” of the national real estate market will occur in 2009 Q3. As investments go, he is about as accurate a prognosticator as you will find, just look past the dramatics. However, keep in mind that this is a national forecast, and the Las Vegas real estate market has traditionally bucked national trends. But, just as your question indicated, we are all just simply speculating.

----------Market Data as of 8/27/2008-----------
SALES: Closed in past 6 months/Pending Close/Contingent Contract, 1500-2100 square feet, 3 story homes only (no price parameters), specific to Mountain's Edge area
Average Property: 1,783 Square Feet, 3 Beds, 3 Baths
Average List Price per Square Foot: $112.44
Average Sale Price per Square Foot: $120.67

RENTALS: Rented in past 6 months, 1500-2100 square feet, 3 story homes only (no price parameters), specific to Mountain's Edge area
Average Property: 1803 Square Feet, 3 Beds, 3 Baths
Average List (asking) Price: $1,454
Average Sale (leased) Price: $1,421

Hope this helps!

Linne Karstensson

Looking for great deals under $200,000? Check out http://www.VegasUnder200K.com

BTW: Hi Eileen!!! - Wed Aug 27 2008, 21:32

Sam:

As is the case with most of the country, the Las Vegas Strip is very much a buyer's market. So, to answer your question, the market is fantastic for buyers, and not so much so for sellers, but that should be no surprise.

As of right now, there are actually 10 newer (built in 2005 to current) high rise condos available in Las Vegas, listed at under $300,000 (most of which are on the Center-to-South Strip, but a few are in other areas like Downtown and Lake Las Vegas), not including unapproved Short Sale listings. Surprisingly, there are even a few in MGM Grand Towers, a very prestigious and luxury-focused project.

(Link to view all of those 10 listings below in "web references.")

--Linne Karstensson

Interested in searching for other great deals in the Las Vegas valley? All homes are under $200,000 at http://www.VegasUnder200K.com. - Mon Aug 25 2008, 20:11

nonrealtor,

First of all, let's clarify. I was born and raised in Las Vegas (grew up in a not-so-great area). As a kid, I never "packed heat" when outside riding my bicycle. Las Vegas is like LA in a lot of ways, but we have yet to develop any area comparable to Compton or Englewood. Yeah, we have the "naked city," but really, your comments are meant to sensationalize (it's obvious).

Some of your comments are sensible, but according to your Trulia profile, you answer questions asked by people seeking EXPERT advice in Williamsport, VA, San Francisco & Riverside, CA, Sarasota, FL, New Haven, CT, and more. Your answers are all the same: "Don't buy now, prices are still going down." That tunnel-vision-inspired answer is simply not a national panacea. Economics indeces are extremely intricate models, taking into account various factors and trends. So, if you care to quote data and its sources, please do so...everyone will be receptive to rational, substantiated information because numbers don't lie (but disclosing partial numbers can mislead). But, be careful when quoting stats. If your info is slanted or incomplete, there are plenty of experts on Trulia happy to show the whole truth through a "big picture," and not just a snapshot or sliver of what is happening in local economies. That way, those seeking EXPERT advice, get impartial information and can make better decisions.

Also a note about gated communities: An electric gate is in no way a single indicator of a community's "safety level." The bar began to be raised about 10 years ago when median, suburban neighborhoods began offering an electric gate as an added amenity to homebuyers. Now, many builders install them to maintain pace with competition. Also, most insurance companies offer small discounts to homeowners who live in a gated neighborhood (akin to the discount for having a security/alarm system installed), because it can provide another barrier to break-ins. It has long been known that a community gate provides a somewhat false sense of security since the process is so automated. So, according to your argument, any neighborhood that is gated has gang-involved neighborhoods adjacent?? Please provide your source(s) for this.

Thanks,

Linne Karstensson
http://www.OwnLakeLasVegas.com - Thu Aug 21 2008, 08:19

I'm sorry, Paul, I have to disagree. Just because the barber (or Real Estate Agent) thinks you're ready for a haircut (to buy a home) doesn't mean they're wrong or dishonest. The reason you pay for a haircut is because the barber does a better job than you do (or you would simply cut your hair yourself). The reason why people hire Real Estate Agents is for contractual representation as well as for their industry expertise. Of course, I have heard stories about some "bad apples," but if you do your own research about your Real Estate Agent, you will be able to get sound, responsible advice for your purchase (or sale).

Just because my insurance agent makes more money if I upgrade my homeowner's policy doesn't mean his/her recommendation to do so -- based upon my expressed needs & desires -- aren't reliable. Sorry, but your logic is flawed.

I apologize if this is blunt, but this perception is insidious and reflects poorly upon those agents like myself who work very hard at being informed, highly ethical, and maintaining a solid reputation. As I'm sure you know, over time, a Real Estate Agent's best investment is in his/her own reputation.

Linne Karstensson
Toll-Free, Direct: (888) 696-4658
Email: Linne@VegasUnder200K.com
Web: http://www.VegasUnder200K.com - Sat Aug 16 2008, 17:49

almost there --

It unfortunate to hear that you're not getting the service you deserve. I specialize in finding good values for buyers and do not accept listings (with exception for long-term clients). If you have any doubts, check out my website at http://www.VegasUnder200K.com. I have no clue if that will have what you're looking for, but I am happy to run a custom search for you based solely on the criteria you specify. Just reply/contact with more info about what you're specifically interested in and I'm happy to help.

Sincerely,

Linne Karstensson
Toll-Free, Direct: (888) 696-4658
http://www.VegasUnder200K.com - Sun Aug 17 2008, 10:38