Las Vegas Realtor Scot Savage’s Weblog


We are at the bottom, but the floor is very sticky

There’s a buzz in the Las Vegas Valley’s residential real estate business.

There’s excitement because Las Vegas set a record for existing-home sales in June, with prices holding steady for the first time in almost two years.

Some real estate pros hope the June housing numbers released last week by the Greater Las Vegas Association of Realtors are a sign that prospects for the housing market are improving, but analysts cautioned it’s too soon to say the market is recovering.

Experts say the major roadblock to recovery is the same obstacle that boosted inventories and pressured prices into a free fall: foreclosures.

First, the June numbers:

The Realtors report 4,702 single-family homes, town houses and condominiums sold in June, topping the previous record of 4,414 sales in June 2004.

The median price of homes sold in June held its own at $140,000 — the same as May.

That’s the first time there hasn’t been a median price drop since August 2007, when it rose 1.7 percent.

Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006.

“Everybody is asking if this is the bottom, but I don’t care if this is the bottom,” said Steve Bottfeld, executive vice president of Marketing Solutions. “The key question right now is how long are we going to stay on the bottom.”

Although the housing market is heading in the right direction based on June’s sales and prices, the big worry remains foreclosures, Bottfeld said.

A moratorium on foreclosures earlier this year slowed the amount of inventory hitting the market, but lenders are expected to begin offering a substantial number of newly foreclosed homes.

“Until we see those in the coming months, we won’t know when the market is coming back,” Bottfeld said.

Foreclosures dominated the market in June at 74 percent of the sales, according to the Realtors group.

First-time buyers taking advantage of the homes’ affordability and an $8,000 federal tax credit are gobbling up the inventory, and investors are active as well.

MDA DataQuick Information Systems estimate investors comprise 36 percent of the market.

Las Vegas housing analyst Dennis Smith, president of Home Builders Research, said he is not yet predicting the end of the downturn.

The market may have hit bottom in terms of the number of sales, but until prices stabilize and start to increase, no one can say a recovery is near, he said.

Smith said he wouldn’t be surprised if prices fall another $10,000 and level off for a while.

Once prices start rising, investors will leave the market, Smith said. The question will be whether there are enough other buyers to fill the void and sustain a recovery.

But until that happens, the wild card remains foreclosures, Smith said.

By some estimates, 20,000 to 25,000 foreclosed properties have yet to be put on the market and that could double if foreclosures increase as some expect.

“I think that supply is coming, and it is impossible to say if there is enough demand,” Smith said.

And the demand side is dicey: For the housing market to turn, there needs to be job growth. Right now, unemployment is rising and is above 11 percent, Smith said.

“Until people are confident they can stay in those houses and confident they are not going to lose their jobs, they are going to be reluctant to buy,” Smith said. “The best thing that could happen for the housing market is an improved job market. Then there won’t be sales just to investors.”

Las Vegas housing analyst Richard Lee, first vice president at First American Title, said the record number of sales has captured a lot of attention in the real estate community.

That’s the good news, but the bad news is that the foreclosed properties are the ones being sold. That’s what driving the market because most sales are lower-priced homes, especially those less than $150,000, Lee said. Prices stopped falling in June because there was enough demand to meet that price in the market, he said.

Lee said he wonders whether there will be enough buyers for many higher-priced homes — between $350,000 and $1 million — once the supply of lower-priced homes dwindles.

“I think a lot of people who can afford a $500,000 home don’t know quite yet what’s happening to the economy and are not comfortable buying in this situation,” Lee said.

Tim Sullivan, president of Sullivan Group Real Estate Advisors, said that, although the housing market is close to its bottom, what is different is this recovery will lag compared with past recoveries.

One reason is that real estate growth is driven by jobs, he said. In addition, during the 2001 recession, the housing market didn’t contract, and the market must pay a price for overdevelopment earlier this decade.

“We are paying double this time,” Sullivan said.



It’s almost over. Las Vegas housing recession at the bottom. YEAHH

May housing data strongly suggests that Las Vegas reached the bottom of the residential recession in the 2nd quarter of this year.
There are four reasons for that conclusion:

1. EXISTING HOME SALES CONTINUED TO EXCEED THE CREATION OF FORECLOSURES: May was the third consecutive month in which the number of foreclosures purchased exceeded the number of foreclosures created. In our mind, that is the beginning of a trend. The impact created by the end of the foreclosure moratorium on March 6 may interrupt this trend later this summer. But, the trend now looks solid.
2. SALES CONTINUE STRONGLY: May marked the 17th consecutive month of increasing existing home sales. May’s 4,476 existing home sales were a 66% improvement over the same period last year and a 10.2% improvement over April’s sales.
3. INVENTORY IS AT THE LOWEST POINT IN MORE THAN THREE YEARS: At current sales rates, the 13,667 available listings – the lowest since January 2006 – represents just 4.3 months of supply. A “hot” market is defined as one with 3 months of supply or less. Financial institutions now sit on approximately 14,000 REO’s in Las Vegas and are certain to add more in the future, but will likely to continue releasing them for sale at a systematic, rational rate. We know that it is in the best interests of the financial institutions involved to be judicious in the number of REO’s they release each month.
4. EXISTING HOME PRICES SLID JUST 2.4% LAST MONTH. That’s the smallest decline since March 2008 and a hopeful sign for the future.

Here are some additional details:
Existing home sales and foreclosures were the dominant statistics for May, as they have been for the last several months. But, now supply is edging into the picture.
For the 17th consecutive month, existing home sales improved. Almost two thirds of the existing home closings (64%) in May were bank owned homes (foreclosures) with a median price of $106,000. The balance was non-bank owned homes with a median closing price of $140,000. The number of foreclosures in May was 1,769, a 26% decrease from last year, but an increase over April. The new residential market suffers a distinct pricing disadvantage against the Existing home market. It hasn’t left the starting gate … and won’t until there is less of a price discrepancy. Currently, the average price per square foot of a new home is $106.59. Compare that to the average price of an existing home: $77.41. That’s one reason why May’s new home sales remained in triple figures (383, an increase of 25 units over April). The median price of a new home sold was $211,489, a drop of 2.4% from April. The minimal drop in price echoes what is happening in the Existing home segment of the market. New home inventory is also in decline. There were just 298 new home permits “pulled” in May. And, the number of new home communities slid to 300 – a 48.2% drop off the peak of 579 recorded in July 2007.

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$8,000 1st Time Home Buyer Stimulus

FOR MORE INFO, VIST REALTOR SCOT SAVAGE’S WEB SITE, http://www.stim-u-lus.com/

YES, FREE $8,000, GET SUM



Get Your 8,000.oo Stimulus Check before December 31, 2009

call Realtor Scot Savage 702-261-9018
call Realtor Scot Savage 702-261-9018

Hurry Hurry, Act now and get a 8,000.oo Stimulus Check, Learn more at http://www.stim-u-lus.com/



The Praying Puppy
Send me your jokes and real estate referrals scotsavage@aol.com  www.ScotSavage.com

Send me your jokes and real estate referrals scotsavage@aol.com www.ScotSavage.com

Dear Lord, thank you for living with Billy and NOT MICHAEL VICK



More than 1,000 hits already, wow

Thank you all for visiting my blog.  I can not believe I have had over 1,000 new hits since I started less than a month ago.   The internet is a wonderful thing, but sometimes one needs to stop and say THANK YOU.

THANK YOU FOR VISIT MY BLOG.

SCOT SAVAGE

//scotsavage.wordpress.com

MORE THAN 1000 HITS NOW AT http://scotsavage.wordpress.com



THE YEAR 1908 What a Difference a Century Makes
July 5, 2008, 10:09 am
Filed under: Buyer's Agent, Las Vegas Realtor, Las Vegas Vacation Homes, Scot Savage | Tags: ,
Send me your jokes and real estate referrals scotsavage@aol.com  www.ScotSavage.com
Send me your jokes and real estate referrals scotsavage@aol.com www.ScotSavage.com
THE YEAR WAS 1908
This will boggle your mind, I know it did mine!  The year is 1908.  Here are some statistics for the Year 1908 :
The average life expectancy was 47 years.
Only 14 percent of the homes had a bathtub.
Only 8 percent of the homes had a telephone.
There were only 8,000 cars and only 144 miles of paved roads.
The maximum speed limit in most cities was 10 mph.
The tallest structure in the world was the Eiffel Tower!
The average wage in 1908 was 22 cents per hour.
The average worker made between $200 and $400 per year .
A competent accountant could expect to earn $2000 per year, A dentist $2,500 per year, a veterinarian between $1,500 and $4,000 per year, and a mechanical engineer about $5,000 per year.
More than 95 percent of all births took place at HOME .
Ninety percent of all doctors had NO COLLEGE EDUCATION Instead, they attended so-called medical schools, many of which were condemned in the press AND the government as “substandard. “
Sugar cost four cents a pound.
Eggs were fourteen cents a dozen.
Coffee was fifteen cents a pound.
Most women only washed their hair once a month, and used Borax or egg yolks for shampoo.
Canada passed a law that prohibited poor people from Entering into their country for any reason.
Five leading causes of death were:
1. Pneumonia and influenza
2. Tuberculosis
3. Diarrhea
4. Heart disease
5. Stroke
The American flag had 45 stars.
The population of Las Vegas , Nevada, was only 30!!!!
Crossword puzzles, canned beer, and ice tea Hadn’t been invented yet.
There was no Mother’s Day or Father’s Day.
Two out of every 10 adults couldn’t read or write.
Only 6 percent of all Americans had graduated from high school.
Marijuana, heroin, and morphine were all available over the counter at the local corner drugstores. Back then pharmacists said, “Heroin clears the complexion, gives buoyancy to the mind,regulates the stomach and bowels, and is, in fact, a perfect guardian of health.” ( Shocking? DUH! )
Eighteen percent of households had at least One full-time servant or domestic help.
There were about 230 reported murders in the ENTIRE ! U.S.A. !
Try to imagine what it may be like in another 100 years.
IT BLOWS MY MIND,


Allure, now open, call REALTOR SCOT SAVAGE 702-261-9048

Allure, now open, call REALTOR SCOT SAVAGE 702-261-9048

Allure Las Vegas, a stunning 41-story luxury condominium tower, opened its doors to residents in early 2008. Owners and their guests enjoy striking views of the Las Vegas Strip and surrounding mountains, superb amenities and exceptional finishes. Conveniently located with easy access to Interstate 15, Las Vegas Blvd. and the downtown area, Allure Las Vegas features 428 units and 15 distinct studio, one, two and three bedroom floor plans, as well as tower suites and extraordinary two-story penthouses.  Allure Las Vegas sets a new paradigm for upscale urban living in Las Vegas. FOR A COMPLETE LIST OF ALL ALLURE UNITS FOR SALE, CALL REALTOR SCOT SAVAGE AT 702-261-9048 OR WRITE scotsavage@aol.com www.ScotSavage.com

 

 



The Spin on Savage

HOW MANY COLORS DO YOU SEE

The Spin on Savage: Game shows, tie-dye fill Realtor’s free time

By HOLLY IVY DE VORE
REAL ESTATE WRITER

Clad in a tie-dyed T-shirt emblazoned with red and yellow, Scot Savage, a realty agent at Realty 500 Reiss Corp. in Las Vegas and an avid game show enthusiast, handed out colorful hand-dyed shirts to his group of contestant-hopefuls prior to a recent taping of “The Price Is Right” in Los Angeles.

With a personality as bright as his shirt, the 10-year veteran agent has brought more than 20 groups made up of clients and Bob Barker enthusiasts to tapings of his favorite game show. For the mere cost of a shirt, Showcase Showdown wannabees can join the 20- to 25-member group at CBS Studios and sport myriad colors on national television.

“I organize the trips because it’s fun. `The Price Is Right’ has been my favorite show for years; it’s been on for 30 years and all of my friends in their early 30s and 20s don’t know what life is like without Bob Barker,” said 37-year-old Savage, who plans to make another trip to his beloved show in September.

Arriving at the television studio at 10 a.m. for the 2:30 p.m. taping in June, group members had high hopes of being among the nine lucky contestants picked from the more than 300 people in the audience.

“I’ve dreamt that I would win a dinette set, and I’d also love to win a fabulous trip to Hawaii,” said Henderson resident Shawn Zangler, who has made the trip many times.

James Patterson of Anaheim, Calif., was there with his sister and two brothers. His sights were set higher.

“I’d love to be selected for the show and be in Contestant’s Row. I’d like to then be called up to preferably play the Plinko game and win the maximum $50,000. Then it would be great to spin 100 twice on the big wheel, winning another $11,000, and then win the Showcase Showdown. I’m not a greedy person, I’d just really like to win six figures,” Patterson said.

Las Vegan Connie Wickham, who has attended more than 10 tapings of the show, theorized about the type of contestants sought by the show’s producers.

“Every time I come here, I have a strategy as to the type of person they are going to pick for the show. At one show, it seems like they pick women with their hair pulled back, makeup put on perfectly and their shirts tucked in, but then that theory is proven wrong the next time when they pick people with messy hair and their shirts pulled out. Another time I noticed that they picked people with flip-flop sandals, so I wear them the next time and people without sandals are selected. I guess I really have no idea how they select people,” she said.

While a producer and an assistant gave the potential contestants the once-over, the audience sat down in the small studio, smiled for the cameras, cheered enthusiastically for those selected, and hoped their names would be called. The fact that no one from Savage’s group was chosen that day in June did not lessen the excitement.

Savage always hopes his companions feel the same exuberance that he felt in 1999 when Barker’s sidekick, Rod Roddy, invited Savage to “Come on down.”

“Being on stage with Bob Barker … was a dream of mine come true. I actually had a dream about it happening right before I took a group to the show. I dreamt that I would be the first one called on down and that I would get on stage and I did. I won a $1,710 men’s watch, which I kept, and a $6,000 dining room set with dishes that I gave to my mother,” he said.

“In my dream, I made it on the Showcase and won $43,000 in prizes, but that didn’t come true. But with the next group of folks that I took to `The Price Is Right,’ my neighbor, Brenda, did make it to the Showcase Showdown, and she won $43,000 worth of prizes, including two cars and she gave me one, which I now call `Bob.’”

Savage experienced the same excitement while hamming it up for the cameras last April as a contestant on the “Weakest Link” trivia game show. Wearing a green and yellow shirt (tie-dyed of course), he did not win the coveted $1 million prize, but he did enjoy his 15 minutes of fame.

“We only had a basic idea of what the `Weakest Link’ would be like before it was taped because none had been broadcasted yet … We didn’t know that the show’s host, Anne Robinson, would yell at the contestants and criticize them until the game actually began, and then she yelled at me first,” Savage said.

“Going into the show, I decided that I would act like a stupid guy from Las Vegas who owned a tie-dye shirt company. We (the contestants) spent 24 hours together before the show taped, and I tried to become friends with everybody, gave them all T-shirts and tried not to seem like a threat. When the show was being taped, I started answering some pretty tough questions and they knew that they underestimated me and that I definitely wasn’t stupid. I made it to the final four. The contestants didn’t learn that I was a real estate agent until afterward. I think that I put on a good act.”

Savage believes his go-getter attitude has had an influence on his being selected as a game show contestant as well as on his real estate career.

“I think that I have proven through the game shows that I am a determined individual. I put forth the effort and was selected for `The Price Is Right’ after telling everyone waiting in line (for the show) that day that I would be chosen. I was determined when I tried out for `Weakest Link’ and they chose me. And usually after meeting me, prospective real estate clients choose me to represent them,” he said.

“If I were a home buyer or seller, I’d want my real estate agent to be determined and to stick their neck out for me, like I’ve done with these game shows. Besides, there aren’t many real estate agents out there who will take their clients to `The Price Is Right.’”

Savage has also reached out to area children through his Safe Streets Trick or Treat program.

“I started Safe Streets nine years ago for my nephews in the Paradise Vista neighborhood in the southeast valley. There was really no place for them to go for Halloween one year, and I had heard of some builders doing this type of thing and handing out candy in their model homes. I figured if builders could do it in a model home, I could organize it in my nephews’ neighborhood and provided the candy,” Savage said.

“Kids can go out on Halloween and get candy that is untainted. Parents have driven across the valley to Safe Streets to ensure that their kids have a safe trick-or-treating experience … About 1,000 people participated the first year, and it has grown from six homes to 45 homes,” he said.

“Hopefully, I will get some sponsors this year to donate candy so we can increase it from 2,000 to 2,500 pieces for each house. We will also be asking hotels to donate security to help patrol the event.”

Savage hopes the annual event is a positive experience for everyone involved.

“I hope that Safe Streets will teach my nephews and niece the value of giving back to the community. I hope it will also teach them that contributing feels as good as being on the taking end of it,” he said.

“I go to bed happy at night about the work that I’m doing. I believe that there is karma; if I keep helping people and making them happy, then good things will happen to me.”

VISIT MY WEBSITE AND WATCH MY VIDEOS.  CLICK THE SCOT TV LOGO AT www.ScotSavage.com



Desert Shores – A beautiful planned community of man-made lakes

For Info on Homes in Desert Shores write scotsavage@aol.com  www.ScotSavage.com

Desert Shores – A beautiful planned community of man-made lakes in the northwest at the eastern edge of Summerlin with approximately 3500 homes. The lakes are stocked with fish and there is a resort-style community center with pool and spa, beaches, sand volleyball and picnic areas. Homes and condos are priced from approximately $250,000 to $900,000.

My father actually help build the lakes, bridges and club house at Desert Shores.  Let me help you buy a Desert Shores dream home, call me at 702-261-9048 www.ScotSavage.com