Bank Owned GREAT Deal in Prestigious 89113 Zip Code in Las Vegas, Nevada

... Okay, so it's not a high rise. But here's a property you have to take a look at if you're in the market for a bargain. It's a 2 bedroom, 2 bath unit with a balcony and garage located in the prestigious 89113 zip code in Las Vegas, Nevada - located right down the street from the private Spanish Trail Golf Country Club.

This property is located in a gated, plush community with three luxurious pools surrounded by palm trees and lush landscaping; private bar-b-que area, spa, clubhouse, billiards room, two story work out facility with sauna, tennis court, security; all in a prime location one block from the 215 and 10 minutes to Strip, 15 minutes to airport; less than one mile from a new state-of-the-art hospital, a block from a proposed Stations casino, across the street from gaming, walking distance to shopping, restaurants, grocery stores, nail salon, yogurt, etc.

At $99,900 - this is a bank owned property looking to make deals right now. That's not a misprint - less than $100K!!!! You couldn't possibly ask for a better deal than this. They say pictures tell the story, so have a look at these and then contact me immediately for status (it may already be gone by now).

Let Them Eat Cake Part 2: Las Vegas High Rise Condo Unit UNDER $200K!!!

What a coincidence! Yesterday, we invoked the famous Marie Antoinette's "Let them eat cake" line, and today comes news of a great Las Vegas high rise condo deal in a "Marie Antoinette" subdivision, 2 blocks from the Strip and next to the Hard Rock Resort / Casino.

This 2nd floor studio unit with a balcony overlooks the pool area - tennis, clubhouse, work-out facility, porte cachere, doorman, top security, set on acres of lush in the middle of the pulse of Las Vegas. All this for under $200K - Priced at $189,000

Here'a view from the balcony. For all you who thought high rise living close to the Strip without paying through the nose was an impossibility, now's your time to act on this rare old Vegas high rise. - or Click here for a Las Vegas luxury property UNDER $100K

Let them eat Las Vegas High Rise Condo Penthouse Cake? I don't think so!

Remember this post?

Well, that Las Vegas high rise condo penthouse unit is getting ready for foreclosure. If you want to find out about the inside deal and how you can pick this unit up for about a million dollars less, you need to contact us IMMEDIATELY.

Are Banks Now Scamming the MLS?

Speaking from a real estate agent's point of view, it's becoming more and more increasing clear that banks are manipulating the multiple listing service (MLS) into their own personal auction service. It's about time that some kind of control needs to be placed on MLS price points as a result. Here's what's happening in the Las Vegas real estate market right now:

You take a high end property in foreclosure with nice amenities (on the golf course for instance) with tons of upgrades which the bank offers for "only $50,000" on the MLS. A luxury home for a bargain, right? Ladies and gentlemen, start your offers! What a deal!

Buyers go to Realtor.com and see these low prices and think they're getting a deal. Then, when they place an offer, they immediately get a fax from the seller (bank) saying the property is in a multiple offer situation (and why not - everyone's seeing these amazing low prices), and they (the bank) now want a new offer which is the client's (buyer) "highest and best offer".

And guess what happens to the "great deal"? Can you spell SCAM? The effect is that banks are allowed to auction off their properties without actually admitting what's really going on! Now the buyers are all turned off by the rules of this new game and walk away with a bad taste in their mouth, with further distaste for the real estate agent and the bank.

Whether it's Las Vegas high rise condos or regular residential real estate, don't us real esate agents actually have to PAY for the MLS? Shouldn't we be offering real deals to clients without the pie in the sky hopes of a bank accepting some ridiculous short sale outcome that probably will never close in the first place? Should clients have to put up money that has to sit for months before banks decide to accept or reject the deal as their "best offer"?

What on Earth is happening here?

Will You Heed the Advice of Foreign Investors Regarding Las Vegas High Rise Condos?

Yes, El-Ad's project on the former Frontier property has been put on hold. But their partner Nochi Dankner doesn't seem too concerned. Danker's just recently refinanced and upped their stake in the Queensridge high rise condo project in Summerlin and also have their eyes on the Tivoli Village project next door to the tune of $850 million.

Then there's the Africa Israel group, who acquired the former "W Hotel" (and Las Ramblas for that matter) site and are in the process of moving that project forward with a whole new design at a considerable cost.

And we all know how active Dubai has become in this Las Vegas high rise condo market.

Truth is, there's a lot of foreign investment happening in Las Vegas RIGHT NOW, mostly by groups out of Israel, where top level real estate analysts say they are "unmoved" by the doom and gloom media reports we hear each day. Word on the street says planning for the Plaza project will be ready in less than a year, so bet on that project happening as hopefully the economic conditions will be a bit more positive.

Heed the words of Segi Eitan, the CEO of "Property and Building", a major holding of Nochi Dankner's IDB group:

"If you want to make money in life, you have to take risks. There's no such thing as reward without risk. Looking backward is no great trick. I remain optimistic about the success of this project... These are some of the best luxury high rise condos constructed in the city. When the storm passes, these condos will go at the speed of a missile launch."

Translation: Queensridge is a winner! Luckily for you and me, we don't have to be on the other side of the world to see what's happening right here in the Las Vegas real estate marketplace - we can get involved with just a click of the mouse!

"M" Stands for "Movement" with Las Vegas High Rise Condo Hotels

Boyd gaming may have pulled the plug on their Echelon project until the economy improves, but not all high rise projects in Las Vegas are taking that same approach. Case in point: Anthony Marnell III's $700 million "M" project is fully funded and heading on schedule towards an early 2009 opening.

The 11-story M Resort, located on the South Strip at St. Rose parkway and Las Vegas boulevard, will consist of 390 rooms and suites; 90,000 square feet of gaming; 40,000 square feet of meeting and convention facilities; a wine cellar and tasting room; a top floor lounge; 9 restuarants; and a 20,000 square foot spa along with a 2.3 acre pool and event area.

The key word in the above paragraph is "will". This project is happening despite the econmonic conditions we all read about every day.

Add to all that plans for 6,000 hotel, condo, and condotel units and more than 1 million square feet of retail and you finally have some positive news on the Las Vegas high rise marketplace for a change. At last week's "topping out" ceremony for the project, Marnell explained his project's success as follows:

“Some projects now in turmoil were started with corporate revolvers; it was assumed that financing would be available at a later date and then the market fell apart and the revolvers ran out or were running out,[forcing the projects were canceled or put on hold]. We weren’t in that position; we’re not a big corporation, we didn’t have a revolver so we needed everything in place to get started.”

Rational Vs. Irrational: What a Difference That Makes

"Irrational Exuberance" led us into the credit crunch and mortgage crisis as thousands upon thousands of irrational buyers set themselves up for foreclosure failure. Now for the good news: it will be the "Rational Exuberance" that will very slowly pull us out of this turbulent period of ‘the real estate cycle downturn.”

Buy low and Sell low should be your motto. For example: if you are holding on to a Las Vegas high-rise condo unit that you purchased in 2004 and closed in 2007 at $400 a foot, be prepared to hold on to your unit for three or four years to break even on the price point.

Did you want to hear that? Well, that's my opinion, I'm not stating any facts here. But it looks like we are in for some heavy turbulence with California throwing up thousands of more foreclosures in our laps. Add up your mortgage, insurance, HOA, and other fees and if it doesn’t pencil for you, then dump it. Don’t stress yourself out over a burden you can't afford as Suzy Orman would say.

The rational people waited for the downturn and are now picking up some crazy deals. In fact, I heard one Strip view/high-rise fully furnished over 1,700sf at Panorama went in the $500’s. If you are stressed and a buyer comes in offering you cash (plus paying everything at closing including HOA and Utilities) so that you never have to put out another dime and save your credit, my advice is well… live and learn. Perhaps look into safer investments in the future.

Learn from the rational buyers who purchase only on the downturn. Find a real estate agent who is savy and tough (and well respected). Here are guidelines that the Rational Exuberant follow:

When you request information from a knowlegable real estate agent, and the agent responds with that requested info, acknowledge the hard work - whether you are interested or not. REAL ESTATE AGENTS - THE GOOD ONES - WORK THEIR BUTTS OFF AND DESERVE RESPECT. Yes, I said "respect". Because I guarantee that during the rebound period, if you don’t treat your good, hard working Realtor with respect, you will most definitely miss the good deals. (Surprisingly, the good agents seem to know how to find them while the rest aimlessly search the MLS).

Remember, its NOT all about the deal and patients - relationship with a great agent is key. Do not get overly emotional or irrational. Follow the rules: get pre-approved, stay within your budget, and of course - be rational...

Does this statement best describe the High Rise Condo Resort Market on the Las Vegas Strip? Wait, there's Hope!

"We have decided to delay construction of our project on the Las Vegas Strip due to the difficult environment surrounding today's capital markets and the challenging economic conditions that currently exist. We expect to resume construction when credit market conditions and the overall outlook for the economy improve."

This statement, heard today from Boyd Gaming regarding their much anticipated $4.8 billion dollar Echelon project, seems to be the mantra of the times regarding high end high rise condo/resort properties on the Strip. Take just about any development right now and it seems they've all released a statement similar to the above. (except of course, Project CityCenter which is amazing). The key part of that sentence, however, is "when credit market conditions and the economy improve" - and when will that be? No one knows.

But one thing's for sure, it'll NEVER happen in Vegas again, right? That's what all the mainstream media is telling you - the Las Vegas real estate market is done, over, finished, kaput, history, old-news, 86ed... Well this is Las Vegas: Wanna bet?

Now I don't have a crystal ball, and I can't tell you with any certainty when this whole mess will "officially" turnaround, but I do know this is a problem not just centered on the Las Vegas market. Things WILL get better. I really believe Vegas will be one of the first cities to recover - I just don't know when. But sit tight folks: it's going to happen (maybe even sooner than we think)

And believe it or not, despite the down market and our current recessionary times, there are certain investment vehicles you can put your money in right now that'll provide you with low risk double digit returns which make perfect alternatives to Las Vegas high rise condo investments or investing in the real estate - safer than banks, safer than bonds, and safer than ANY government-backed instrument! (thank goodness!).

Would you like to know what they are? (name and phone number please). Perhaps an excellent investment vehicle for you to ride out the next 18 months of recovery? And I promise you this isn't a scam, get rich quick, multi-level, or any other investment scheme nonsense...