deals

Las Vegas Property Auctions - Deal or No Deal?

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There was a time when I would be excited by the prospect of a property auction in Las Vegas. Back then, auctions were a huge deal and very rare. Buyers could have the opportunity to pick up a home or condo far below market price.

Now, there seems to be an auction every month and the "deals" aren't just what they used to be. Of course, the whole point of an auction is to generate excitement and in the heat of the moment, get people to spend more than they want to. Add to that the buyer's premium that can range up to 10% of the winning bid, plus closing costs and suddenly that great deal isn't as great as it used to be.

That being said, there are a couple of auctions this month coming up. The first one is for the Monterey condos at the Las Vegas Country Club (condo conversion). There will be 45 condominiums auctioned off on August 16th. This statement from the auction company sums up what I mean about auctions: "This once-in-a-lifetime event will be a great opportunity for buyers to gain ownership in one of Las Vegas' premier communities," said Keith McLane, president of REDC's builder division.

Unless you attended the last auction for Monterey condos they held back in October of last year. The buyer's premium for this auction is 5% and you'll need to bring a cashier's check for $2,500. You also must register 48 hours before the event.

Later this month Newport Lofts will also be holding an auction for 20 new lofts on August 29th. Reserve prices have been posted and range from $90,000 up to $450,000. You are required to buy a bidder's packet by mail for $10 in order to bid on the property. The buyer's premium is 6% of the winning bid. You must also present a cashier's check for $7,500 to $15,000 in order to be able to bid on the properties. Registration begins at 2 pm the day of the auction.

If you decide to attend either auction, I highly recommend that you have your own agent with you. Auction companies don't prohibit you from having one, but they certainly don't mind if you don't have one. Also, never bid on a property that you have not throughly inspected in person---EVER. A quick search on google will give you dozens of horror stories about auctioned properties that weren't inspected prior to purchase (don't get me started about "virtual auctions" on the internet). True there are disclosures given by the auction company about the properties, but you would hire a home inspection professional for any property that you would buy in a regular transaction---but most people that buy at an auction don't. Part of the buyer's premium you are forced to pay goes toward having a buyer's agent. Since you are stuck paying it, you might as well get the benefit of having your own agent.

With so many bank owned properties already on the market, going to an auction is kind of a moot point. Prices are depressed below what experts deem a "historic" value already (what a condo or home would be worth in a normal market here). Another thing to consider are the closing costs. Most foreclosure properties will pay buyer's closing costs or at least a good percentage of them.

If you would like to see what is currently on the market for Newport Lofts or Monterey Condos, feel free to use our property search to do some research.

Richmond American Homes - Three Day Sales Event

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It is that time of year again, when everything goes on sale. Home builders are not that much different from retailers really, they concentrate on moving out statnding inventory to make room for newer models next year. Richmond American just announced it is having a three day sales event on its inventory of Las Vegas homes, from November 14 through the 16th on any quick move-in (already built) home. If you have been looking at a Richmond American home, next weekend will be the time to buy it.

Richmond American is offering up to 3% towards closing costs on new contracts for select quick move-in homes signed during the sales event that will close on or before December 31, 2008. One stipulation is that you utilize HomeAmerican Mortgage Corporation for financing in order to qualify for the closing cost assistance on the base price of the home.

If you don't fall in love with any of the standing inventory and end up buying a home that is yet to be built, Richmond American will throw in up to $10,000 toward home gallery options and upgrades for any home contracts signed during the sales event.

There are of course, certain restrictions and qualifications that apply in order to receive the promotion, which is why it is important to have your own agent representing you. If you would like to take a look at the Richmond American homes for sale, call me at 702-493-8033 or send me an email at info @lvrealty.net. I'll arrange for you to view the standing inventory available and take advantage of their special pricing.

Lennar-a-thon Tent Sales Event

The Lennar tent sale starts tomorrow. They are marking down prices on homes from 15% to 25% as well as offering special financing options. Call me at 702-493-8033 to find out how to receive an additional 1% off the purchase price. The Sale is Saturday, November 8th and Sunday November 9th.

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Builder Closeouts in Tuscany

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Over 200,000 off!

The gorgeous Henderson golf course community of Tuscany by Rhodes Homes is having a huge sale. Rhodes Homes has discounted several quick move in homes in three of Tuscany's beautiful neighborhoods. There are a total of 13 quick move-in Tuscany homes for sale available at this time.

There are seven Terrazzo homes available for quick move in. There are five different floor plans ranging from three to five bedrooms, 2,547 to 4,139 square feet. They also include several thousand dollars of free upgrades on a per home basis and two of the properties include casitas.

If you are looking for something on the course, there are two La Luna homes with golf course lots. They are the same floor plan offering five bedrooms, 4.5 bathrooms and a three car garage (3,431 sf). They are priced in the 400's with no options.

There is one other golf course lot in Avellino if you want a larger home. Avellino has three other homes for sale with thousands dollars of options. Call 702-493-8033 for floor plan specifics or to schedule a tour of the homes for sale.

About Tuscany

Tuscany is one of the premier master planned golf communities in Henderson and is located just a few minutes drive from Lake Las Vegas. Tuscany golf club opened in July of 2005 and is open to the public. However, residents will play t discounted rates. The club's centerpiece will be the Olde World Tuscan Village.  It will feature a pub and fine dining restaurant,  banquet and meeting facilities and of course, a golf retail store.  The Tuscany clubhouse features a swimming and separate lap pool, cabanas, tennis, fitness center and lounge.

If you would like to receive listings of Tuscany homes, please feel free to contact me by email or call me on my cell phone at 702-493-8033.

Monterey Auction

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The Las Vegas property auctions keep on coming! If you are interested in attending property auctions in the Las Vegas valley, you can subscribe to our blog or call 702-493-8033. Las Vegas real estate auctions have been getting a lot of press lately, the Lake Las Vegas auction held earlier this month was even mentioned in the LA Times. This latest entry will auction off 80 condos at the Monterey condominium community located inside the Las Vegas Country Club.

Bargains at Monterey

The auction will take place on Sunday, October 26th at Palace Station. Registration starts at 10 am. There are 80 plus condominiums that are being auctioned off. The properties up for auction may be viewed prior to the event. Auction attendees must bring a cashier's check and other items  to the event in order to bid on properties. Condos may be purchased for as little as 3% down and certain rules and restrictions apply.

For listings of Monterey condos or information about the condo auction including bidding requirements and rules as well as scheduling a tour of the condos up for auction, call me at 702-493-8033.

Deals at Inspirada

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Today I took a short drive out to Inspirada in Henderson. The community is a comprised of several individual builders adhering to an overall master plan.

I took a tour of some of the Meritage Homes neighborhoods. Meritage has neighborhoods of garden, estate, city and village homes with several models available to tour. Construction is ongoing in most of the neighborhoods as well as the commercial district. The main park and community center has already been built and residents are already taking advantage of its amenities.

If you are thinking about buying a home or townhome in Inspirada, Meritage Homes has discontinued a few of its original floorplans and are selling the current models at a reduced price. Feel free to call me at 702-493-8033 for details.

Pulte drops home prices by over 100k

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This weekend Pulte will be dropping the prices of homes at Flagstone Manor on all models. Some prices will be dropped by over $100,000! In addition, all home buyers will get $10,000 toward closing costs and an additional 10 to 20k in options. Home sizes range from 3,263 sf to 4,270 sf, prices will be lowered to the mid $400,000's.

Call me at 702-493-8033 to schedule a tour of Flagstone Manor. All homes are single story on a half acre lot. As a home buyer, my services to you are free.

More deals and steals

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It seems that February is the month of specials this year. So far this month, buyers have had an unprecedented list of communities to choose from with unheard of specials. The builder that started it all was Centex, with their special close out pricing at V at Las Vegas. Not to be outdone, Pulte & Del Webb announced a month long sales event, offering free upgrades and more on all of their communities all month long.

Now, Richmond American Homes is having a three day special weekend sales event, offering up to $35,000 toward home gallery upgrades and up to 3% in closing costs. As usual, there certain restrictions and qualifications apply and you need an actual coupon to receive these savings (call 702-493-8033 or email me for the particulars). But the incentives don't stop there. Loft 5, which is nearly completion, is having a special pricing event through February 29th. The newest Summerlin village, Montechiaro is opening this weekend and having an exclusive priority buyer day, this Saturday, February 23rd. Call 702-493-8033 to schedule a tour of any of these properties.

Pulte Leap4Joy Sales event

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Earlier this month, I had put out a notification about the deals that Del Webb/Pulte were having during the month of February. Apparently, Pulte has decided to try to ramp it up even further.

Starting February 28th, Pulte & Del Webb will be offering extra incentives on almost all of their Las Vegas communities. There are free upgrades, huge incentives (up to $150,000) and a 4.4% interest rate (4.9% APR).

The big hook is the absurdly low interest rate through Pulte mortgage LLC, BUT the actual loan is an adjustable rate mortgage (ARM). So a word of caution. I can't stress enough why its important for a consumer to have their own representation when visiting a builder. If you are thinking about visiting a Pulte or Del Webb community to take advantage of this sale, call 702-493-8033. Free, expert representation is just a phone call away.

I just added information about a Pulte community in Mountain's Edge, Azure Canyon. They're eligible (at least according to the latest info) for the incentives and are 30% more efficient than the Energy Star standard. Thanks for stopping by.

 

UPDATE: Pulte added a wrinkle. You now need a voucher (email me) in order to take advantage of the sale. The interest rate requires you put 10% down on the property (for loans up to $417,000).

Pulte/Del Webb offering free upgrades in February

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All month long Del Webb and their parent company, Pulte are offering free upgrades at all of their communities in the Las Vegas valley. Here is a short list of the upgrades being offered all month long:

• Tile, carpet and hardwood flooring
• Performance features
• Cabinetry
• Appliances
• Light fixtures
• Countertops for your kitchen and bathrooms
• Fine details such as fixtures and hardware

The special lasts until the end of the month (February 29th), and of course, certain restrictions and conditions apply. For more information, call 702-493-8033.

V at Lake Las Vegas specials

Despite the trouble that the developer of Lake Las Vegas has been having, it hasn't effected residential sales in the slightest. Centex Homes is closing out their luxury townhome community Lake Las Vegas and is offering some very nice incentives with the last units.

V at Lake Las Vegas is offering 3% towards closing costs and up to $25,000 for a designer furniture package. Homes purchased before the end of February are eligible to receive a Silver Membership to the Club at Lake Las Vegas (about a $21,000 value). Memberships are limited, and homes are on a first come, first serve basis. Of course, certain restrictions and qualifications may apply. Call 702-493-8033.

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V Townhomes Closeout

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