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Las Vegas Market Watch

Downtown Summerlin Opens October 9, 2014

Posted on: Oct 07, 2014 by Melinda Zolowicz

Downtown Summerlin

Downtown Summerlin will open Thursday October 9, 2014.  Join the 4 day celebration that starts with the Street Festival.  See the spectacular Light Show and Fireworks from 8PM-Late.  The Street Festival will include 4 days of shopping with discounts, giveaways and gifts, music, food, and live entertainment.

Downtown Summerlin Street Festival Flyer

Downtown Summerlin opens its 106 acre regional destination with retailers, dining, entertainment, and a 5 screen movie threatre. Additional stores and restaurants will continue to open and modern residences will begin to fill out the 200 acres set aside for a vibrant urban life style with 4000 high density living opportunities and office space. 

Stay up to date with all the openings by visiting -
Downtown Summerlin
There is a complete list of all shops and restaurants along with a sitemap.

October 10, 2014  - Sound Scape - All day from 10AM - Late.
Sound Scape is a street party with a top lineup of the hottest DJs and artists. There will be street performers, kids activities, and fun for the whole family. 
DJ Serafin will play from 6PM-9PM and DJ Z-Trip will play from 9PM-Late.

October 11, 2014 - The Street Style program will showcase the Downtown Summerlin style with makeover stations, pop-up retail shops and live music highlighted by the Xtreme Fashion Show from 8PM-8:30PM.  There will be a very special musical performance from 8:30PM-Late by the West Coast Bouncers ft Blake Lewis, Kaya Jones and MORE.

October 12, 2014 - Sunday Session All day from 10AM - Late.
Kids Activities will include balloon art, face painting, dough doll and candy making.  Live Jazz starts at 11AM.  Eat Street, Dining and Shopping all day.

Downtown Summerlin is located just east of the 215 Beltway between Sahara Avenue and Charleston Boulevard.  There are 12 entrances off of Sahara Avenue, Hughes Park Drive East, Summerlin Center Drive and Pavillion Center Drive.  There are 2 parking garages attached to the department stores along with free street parking throughout.

Enter to win a $2500 Downtown Summerlin Shopping Spree online at DowntownSummerlin.com.  There are also entry ballots available at the concierge desk located in office tower Breezeway.

How Will Real Estate Perform In Next 6 Months?

Posted on: Aug 31, 2014 by Melinda Zolowicz

Las Vegas Market Watch

Las Vegas housing market is showing signs of stabilizing.  Watch this video with Lawrence Yun, Chief Economist for the National Association Of Realtors, report on the current market and what you can expect in the next 6 to 12 months.  

LAS VEGAS MARKET STATS

Simply stated the Las Vegas housing market is on par with 20 other cities that are monitored by S&P/Case Shiller. 

That is good news as Las Vegas recovers from the epicenter of the foreclosure market. 

The stats show an increase in prices over last year of 8.1% in 20 cities. Las Vegas prices have increased between 8% and 9% since 2013.

Prices Increasing

RESALE MARKET STATS

The median price of resale homes and condos for July was $175,000.  That represents an 8% price increase from last year.  The sales for July totaled 3,814.  Our year to date total of sales is 22,540. 

NEW HOME MARKET STATS

Las Vegas New Home Construction

The median price of a new home in all product types was $290,000 in July up 9% from last year.  The new home sales for July totaled 499.  There were 3,203 new homes sold year to date. 

THE PAYMENT DIFFERENCE

Mortgage Application

Buyers buy with the monthly payment as their guide. Sellers usually sell for price.  The increase is good for Sellers and not so bad for Buyers.  Here is an example of the monthly difference in payment for the Buyers due to the 8% increase in price from 2013 to 2014.

The monthly payment (principal and interest) for a median priced resale at $175,000 based on 20% down and 4.3% interest is $49 per month more this year versus last year.  The monthly payment for a median priced new home at $285,000 based on 20% down and 4.3% interest is $96 more per month this year versus last year.  

Check out your buying power on my Mortgage Calculator.

 Good News

Has Your Real Estate Ship Come In, Again?

Posted on: Jul 30, 2014 by Melinda Zolowicz

Las Vegas Market Watch

The national real estate news is all about the interest rates.  The Federal Reserve is purchasing less mortgage backed securities which should have bounced the rates up.

But to the contrary, the rates are around 4%.  To that point, the home sales are down as well.  So there may be a strategy with the lower rates to increase home sales.

Is it time to buy a home?  Check out these considerations. 

  • Low home prices
  • Low interest rates
  • Future appreciation because prices are expected to increase about 4.3% in 2015
  • The supply of homes has increased 
  • Las Vegas home prices are below national median
  • A mortgage is cheaper than rent

Las Vegas Market Statistics

Las Vegas had 3,888 recorded resales in June.  The sales for the first six months amounted to 18,375.  That is a year to year decrease of 17%.  Fannie Mae is projecting that there will be a rebound through the rest of 2014 and continuing through 2015 with a 5.3% increase in sales.

Our median price of a single family home was $165,000.   That is a year to year increase of 3%.  The national median price is $208,000.  With the 4.3% forecasted for 2015 the median will increase to $218,000.

More Home With Low Rates

You can purchase “more home” with low rates.  According to John Moony, managing vice president of Guaranteed Rate, a national mortgage company based in Chicago, a 1% increase in the interest rate equates to a 10% reduction in your purchase power.  That means that if you want your mortgage payment below $1,500 for example, you can buy a home for $300,000 at today’s rate.  If you wait until the rate goes up 1%, your price goes down to $270,000.  See the example below.

The Buying Power Of "NOW"

Example of payment difference:    $300,000 at 4%  equals a payment of $1432 principal and interest.  $300,000 at 5% equals a payment of $1610 principal and interest.  The price would have to be reduced to $270,000 at 5% to have the payment of $1,449.

This indicates that today is the time to buy!

Check out my mortgage calculator at http://www.melindazolowicz.com/mortgage-calculator/ .

 

Information Sources:  Dennis Smith of Home Builders Research, Neil Cavuto of FOXBusiness, John Moony of Guaranteed Rate, and Teke Wiggin and Lawrence Yun of the National Association of Realtors.

 

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