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Paul and Sally Wexler
The Wexler Realty Group
(a division of Vegas One Realty)
8515 Edna Avenue, Suite 140
Las Vegas, NV 89117
Office: (702) 324-3385 ●
Fax: (702) 254-1142
WexlerRealtyGroup@cox.net
Welcome to Summerlin, Las Vegas!!!
The
$8,000
tax credit provided by President Obama’s
Reinvestment and Recovery Act of 2009, allows first-time home buyers
to purchase a $300,000 home with
NO money
down and $1,500
per month. *
Click here for more details...
*This federal tax credit will be refunded by the Federal Government and
not processed as part of your home purchase; however it may be claimed for
either the 2008 or 2009 tax years.
Summerlin is a Master-Planned Communities located 12 miles North-West of the Las Vegas and strip
built on 25,000 acres of land acquired by
Howard Hughes
in the mid 1950s (at now what we know to be) the bargain price of $0.25/acre). Development
of Summerlin started in 1990 by the The Howard Hughes Corporation
(then called Suma Corporation
which was subsequently acquired by The Rouse Company
in 1996 and again by General Growth Properties
in 2004.
In 1987 approximately 5,000 acres of Hughes’ owned land was exchanged for 3,000 acres of
Bureau of Land Management (BLM) land to become
Summerlin South and allowing the creation of the
Red Rock Canyon National Conservation Area.
Today, Summerlin, named named after Howard Hughes' grandmother, Jean Amelia Summerlin,
consists of around 22,500 acres (or 36 square miles) and is home to over 95,000 people.
Bordered by Cheyenne Avenue to the North and Tropicana Avenue to the south, Summerlin
is part of the city of Las Vegas north of Charleston Boulevard and
an unincorporated area of Clark County, Nevada south of Charleston Boulevard. Summerlin hosts over 120 miles of meandering trails designed to link villages, neighborhoods,
parks and schools within the Summerlin community.
Summerlin Real Estate Report
October 2008
Are we seeing a recovery in the real estate market?
The volume of Summerlin single Family home sale has just about recoved from to
the level we saw last year before the mortgage meltdown which indicates that we
may be seing the bottom of the decline in home values. If you’re one of the buyers who are waiting on the sidelines for the real estate market to reach
the bottom, you need to be asking yourself "how do I know when it’ s the right time for me to buy".
Here are some things I tell my clients to think about to help them determine the purchase strategy
that’s right for them.
-
Predicting when the real estate market will hit bottom is extremely difficult.
Unless you have a crystal ball, it's virtually impossible to predict when we will reach
the bottom. While no one is predicting that we will see the kind of growth we saw over the last couple of years
in the foreseeable future, there are deals on the market which have dropped as much as 40% from the high,
which might actually be seeing an over-correction caused by foreclosures and bank-assisted (short) sales.
- Every home buyer and every home are different. In my opinion,
finding a deal isn’t as important
as finding the right match at the right value. The current large selection of homes for sale and
motivated buyers provides a better selection of homes to choose from and the ability to negotiate a
price based upon similar homes in the area that are not as close a match for you.
- Real Estate should be a long-term investment. During
the super-heated real estate market over
the last couple of years, buyers got used to viewing property as a short- term investment where they
could sell for a profit or refinance in as little as a year or two. Traditionally, most real estate
professionals have advised to plan on holding real estate for 5 years for it to appreciate enough
to be able to sell and see appreciation. You should plan on purchasing a home where the payments
are comfortable and you would not need to think about selling for several years.
- Should you try before you buy? You can rent a house in
the Las Vegas for the same or less
than it would cost to purchase a similar house. If you are planning on moving here from out of the
area, it may make sense to get a feel for what it would be like to live here and help you to decide
which neighborhood you would purchase in. In addition, if you will be working in another area,
renting first before you purchase may be especially attractive in order to test drive what the
actual commute will be like on a day-to-day basis. To get a feel for properties for rent in
the area, I would encourage you take a look at homes for rent in the Summerlin area.
Please feel free to browse through this site to explore the community of Summerlin
and
Las Vegas. This comprehensive
online tool offers direct access to the latest realestate for sale in the
area. Featuring extensive community information, consumer links, school information,
relocation, free reports, answers to commonly asked real estate questions, and more,
you'll find everything about real estate within one easy source. If you currently own
property and are thinking of placing it on the market, this site contains information
about preparing your home for sale, selecting the right agent, pricing your home
appropriately, marketing it effectively, going through the inspection processes,
and receiving a timely market evaluation.
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