Las Vegas News / Articles of Interest

Appraisers are commenting on a proposed set of new regulations that are similar to those proposed by Mario Cuomo some time ago (the HVCC).  A discussion in the Appraisal Articles blog will link you to the proposed regulation.

The financial markets continue to deteriorate with daily 500 and 900 point Dow Jones drops, we can't help but comment on the fact that real estate is a "hard asset."  If the system continues to fail, and you cash becomes worthless (or near so) due to the likely inflation that is in our future, real property will prove to have been an excellent investment.  If there is significant debt on a parcel of real property or atypically high carrying costs (taxes are unusually high) real estate can be a difficult asset to hold long-term, so there are some caveats.

The government rescue (AKA bail-out) of Fannie Mae and Freddie Mac will likely have far reaching effects on the mortgage market and on the single-family residential real estate markets.  As of September 7, 2008, we are waiting to hear the details of the governments intervention.  While there is no doubt that new management will be put in place for both organizations, it is also expected that new rules and regulations will change the way business is done by the two lenders.  

No PMI ?  The word on the street is that banks can't get Private Mortgage Insurance for loans that they make in Las Vegas.  That means you had better have 20%, or an FHA Loan, to get funding for that home that you want.  This is one of those guarantees that the government should be involved in.  The market for homes simply will not come back without people being able to borrow money without having to spend their life savings as a down payment.  

he "delay" of Boyd Gaming's Echelon project, an approximate $ 4.75 Billion dollar hotel / casino project that was under construction on the Stardust Hotel's site is a blow to confidence in the Strip.  See the In Business article for more details.

The Housing and Economic Recovery Act of 2008 provides a great benefit to first time home buyers, a $ 7,500 tax credit.  To find out if you qualify read this National Association of Realtor supplied PDF File for details.  While the tax credit sounds like a great deal, the recapture of the funds over 15 years makes it a lot less appealing, and a lot less of a true stimulus than it could have been.    

Besides their great maps, Vegas Today And Tomorrow also has some great details on the new Wynn Encore.

Contact us with your questions or concerns regarding Las Vegas News or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.