Las Vegas Real Estate News
Las Vegas homebuilders this year are selling more houses, pulling more permits and booking higher prices than they were in 2015. The median sales price of June’s closings was $327,622, up 8.1 percent from a year earlier. The median price of new homes in Las Vegas hit a record of $338,560 in August 2007.
Foreign nationals buying Vancouver real estate will pay an additional property transfer tax of 15 percent under legislation proposed by the British Columbia government. I predict that will trigger a collapse in many Canadian real estate markets. Canadian real estate is at an all time high and that bubble is simply waiting to burst.
Mystery man behind a bizarre Las Vegas squatter case
Local commercial real estate market continues to gain ground
A report released by Xceligent and the Commercial Alliance Las Vegas (CALV) shows the office, industrial and retail sectors of the commercial real estate market in Southern Nevada all continued to gain ground during the second quarter of 2016. We highly recommend purchasing retail strip malls if you can put a pile of money together.
Lease/Options (Channel 22 Video)
We have made a few policy changes on our lease/options.
- Notices – Tenants will be required to notify owners 90 days before their option to purchase expires. New lending laws are wreaking havoc on the escrow process. Typical escrows now take about 50 days. Ridiculous.
- Background Checks – We are now doing “soft checks” on prospective tenants. Tenants who have eviction history or tenants who are flagged will not be allowed to do a lease/option.
Here is the top 10 properties you should consider purchasing for lease/options. This week’s Top Pick 2520 Wooly Rose, Las Vegas, 89106, MLS 
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Property Management Info
Property Management Software Change – The software I built a decade ago is no longer practical to maintain. When we were forced to switch hosting providers a few months ago, hundreds of features stopped working. Investors who got addicted to our system are frustrated right now because of limited access to information. Rather than throwing more geeks to fix our old software, we have decided to pull the plug on Filemaker Pro. Tears will be shed. We will be implementing a web based property management system provide by rentecdirect.com in October. August and September is crazy busy so we will wait until the madness ends before switching over. The new software does nearly everything I built and is more robust and easier to use. The top 5 features of the software include:
- Owner Portals – That will provide more details in billing and rents collected.
- Accurate Rent Deposits – Tenants will be forced to identify their property before making deposits.
- Faster / Accurate Billing – Owners will no longer be guessing what invoices are for.
- Tenant Portals – Will allow tenants to create maintenance requests & see their balances online.
We will still continue to use Filemaker for some tasks that are related to investor analysis. We will also continue to use Dropbox as many of our investor like that feature.
Grace Imhoff – Has joined Limestone Investments as a property manager. She was a transaction coordinator for Keller Williams and has years of property management experience.
Silvia Mendoza – Has joined Limestone Investments as a property manager. She speaks Spanish!!! You have no idea how hard it was to find and recruit a licensed property manager who speaks Spanish and willing to leave their existing brokerage.
Recent squatter removal video.
Evictions and how they work