The current housing market in Las Vegas is on a steady rise. Based upon recently released information from the Greater Las Vegas Association of Realtors,the average price of a home was $200,000. This is the highest it has been since 2008. The housing market is finally creeping toward healthier numbers.
However a decline in spending has occurred during 2014 to date. This is due to the federal lawnot being renewed as to income taxes on forgiven mortgage debt.

Nevertheless, short sales have been steadily increasing. In May, short sales were at 7.9 percent. One month later, short sales increased to 10.8 percent. Bank owned sales were up 9.1 percent in May an increase to10.1 percent during June. Some people don’t think that June’s numbers are a bad thing. However, this doesn’t necessarily indicate a trend. It could just be a one month anomaly.
The president of the Greater Las Vegas Association of Realtors, Heidi Kasama, believes that June’s jump was a one-time event. However, distressed sale numbers aren’t that significant as there were only about 300 closings per month for short sales.
The average price for a single family home in January 2012 was $118,000. That price has now nearly doubled. Equity grows when prices are higher. Houses are no longer going under water. People no longer need to pursue desperate measures in order to keep their houses.
Kasama stated, “It psychologically changes for many homeowners. At one point, things were hopeless. Now, they’re walking away from something that has value to them again.”
Short sales and bank owned sales are likely going to stay under 25 percent of the market during the foreseeable future.
Kasama also stated, “We’ve had people talk about shadow inventory for five or six years. But when I talk to reps from Fannie Mae, they’ve cut down on (bank-owned) listing agents. They don’t have enough listings for them. They can’t find enough inventoryfor the agents they have.”
The broker owner of Kelly Realty Group doesn’t think Nevada’s foreclosure legislation is done yet. He explained that short sale and foreclosure laws have been on a sort of roller coaster. First they were tightened, then loosened, then tightened again. He also believes that June’s blip is likely going to happen again. This is because more than one-third of homeowners owe more than their home’s value.
He stated, “I think there’s a window of time where we’re going to see an uptick in short sales and distressed properties.”
There are about 50,000 homeowners in the Las Vegas valley that are more than 90 days late on their mortgage, and have likely already received a default notice.
If you are behind in your mortgage payments, you should seek the help of a Las Vegas real estate attorney. Simon Law can help you proceed with a foreclosure or short sale. Your options will be evaluated and a decision will be made as to the most efficient route for you financially. For more information about real estate law in Las Vegas, contact 702.451.7077or info@marcsimonlaw.com.

Las Vegas commercial real estate is back on the rise. After a dreadful recession, that left the city in the dust, the economy has restored. Projects that had been left unfinished are now starting to open. Many more projects are in the process of being built.

The first exciting new project is Downtown Summerlin. The construction stopped in 2008 when funding was cut off. It is back on and everyone is excited for it to be finished. The first phrase should be complete and ready to open by October.

Downtown Summerlin will utilize about 400 acres of land. Downtown Summerlin is said to be “one of the most strategically located real estate developments in the country.”

During the recession many buildings were left without tenants. The city is coming back to life as tourists flood Las Vegas and the economy improves. John Matt Stater, research manager for brokerage Colliers International, stated, “Las Vegas kind of went through this frozen period. Over the last year we really got the blood pumping now, and things are moving fast.”

A recent deal was struck between Blackstone Group to buy the Cosmopolitan for $1.73 billion. The casino cost $3.9 billion and hasn’t been able to make a profit since its opening in 2010.

Las Vegas was the center of the housing market boom in 2006. Houses were being bought left and right. Unfortunately, the economic took a turn for the worse causing the market to crash and burn. The jobless rate had also climbed as high as 14.6 percent in Las Vegas. More houses than ever before were being foreclosed upon. Since then the housing market has climbed an outstanding 46 percent. Many investors are buying up the foreclosed homes.

The Bureau of Labor Statistics revealed that in April our unemployment rate had dropped over seven percent since 2008. There has also been a huge increase in tourists to Las Vegas.

During the recession the vacancy rate for businesses was at 26 percent, this being the second worst in the US. Las Vegas was only marginally second to Dayton, Ohio. Commercial real estate in Las Vegas is finally back on its feet and doing better than ever. Las Vegas is expanding dramatically and will feature new and exciting casinos, restaurants, bars and hotels.

MGM has plans to further dominate the Las Vegas strip. The Park is scheduled is open in 2016 and will be located in between Monte Carlo and New York New York. The Park will feature a variety of upscale restaurants and trendy bars.

Caesars Entertainment has also been claiming more of Las Vegas Boulevard. In 2014, it opened both the Linq and the Cromwell.

In order to effectively buy commercial real estate, there are many specific laws and issues to be aware of. A commercial real estate attorney can also help you in the process of buying a business. The process consists of a lot of paperwork that the average person may not understand. An attorney at Simon Law, LLC can ensure that you are purchasing your property and business legally and everything is done properly. For more information about business or commercial real estate, contact 702.451.7077.

So what exactly does a real estate attorney do? When you are buying or selling your home, you have to deal with a few professionals. You’ll have your real estate agent, a mortgage lender and the people you are doing this transaction with. You don’t typically think you’ll need a real estate attorney, but it is very helpful if you do. Buying or selling a home can be risky. You want to make sure all the finances are in order and all the paperwork is good. The only way you can be a hundred percent sure of this is with a lawyer’s help.

For starters, a real estate lawyer can draft your legal documents. It is imperative that a lawyer is handling this part of the process. If you are handling this on your own, you may not have all the necessary documents. A lawyer will gather together every important document and read through them for you. All you will have to do is sign on the dotted line. Not only does having a real estate attorney ensure that everything is legal, but the process is easier and quicker.

A real estate attorney can also handle the negotiations. You don’t have time to handle all the negotiating in your deal. As a seller, you will be too busy packing up your house and looking for another one to worry about the negotiations. As a buyer, you will be too busy getting everything in line with the mortgage lender. A real estate attorney will help negotiate the terms of the transaction with not only the other party involved, but also with financial institutions or developers of the property. As a person selling or buying a home, you may not even realize that you can negotiate with people besides the other party.

As a buyer, legally you are not buying the property itself, but you are buying the title to the property. Most people wouldn’t understand the title if they read it. A real estate attorney can research and evaluate the title of your new home to ensure everything looks good. You’ll need your lawyer to make sure that the title doesn’t have any defects that could affect the owner later down the line.

Your real estate transaction could appear to have gone smoothly, but months down the line something could have gotten messed up and now you are dealing with trouble. A real estate attorney will review the transaction carefully to confirm that everything will remain good after the transaction closes. An attorney will search for any potential pitfalls or tax issues that could go wrong in the transaction.

If anything does go wrong in the transaction, it is good to have a lawyer on your side that knows the details of the transaction and the property. If it gets taken to court for any reason, a lawyer can protect you.

Simon Law is well-trained in all areas of real estate law. He can ensure that you are getting what you are expecting and entitled to and everything is going through legally. For more information about hiring a real estate attorney, contact Attorney Marc Simon at 702.451.7077 or info@marcsimonlaw.com.

Renters and landlords have rights that they may not be aware of. As a landlord you may take advantage of your power and expect ridiculous things from your tenant. As a tenant, you may just think that you have an arrogant landlord. Each has their own rights and both needs to be respected. If any of your rights as either a tenant or landlord have been infringed on, get advice from a Las Vegas lawyer.

Landlords

According to the Landlord-Tenant Law in Nevada, a landlord may adopt their own rules and regulations regarding occupancy of the home. This applies in situations like promoting safety on the premises and preserving property from abusive use. A landlord can enter the home of the tenant without the tenant’s consent in case of an emergency. The security deposit received from the tenant can be used for the following: cleaning, repair and remedy of any default of the tenant in the payment of rent. If a tenant remains on the premises without the landlord’s consent after the expiration of the lease, the landlord may bring action to recover any damages. If a tenant refuses lawful access, the landlord has the right to compel access or terminate the lease. If a landlord notices the abandonment of the property, he or she has the right to dispose of the tenant’s personal property.

Tenants

Other than in an emergency, a landlord can only enter the premise if they have given 24-hours notice. If such notice is not given, the tenant has the right to withhold consent. A tenant can terminate a month to month tenancy with 30 days notice. If the tenant is a victim of domestic violence they can give the landlord a notice of terminating the lease. A tenant has the right to display the flag of the United States. The landlord is expected to give the tenant a signed payment receipt upon request. In the event a physical or mental disability exists, a tenant may request that they be allowed to remain in the property for 30 days after their lease ends. This may also apply if the tenant is 60 years of age or older. A landlord does not have the right to terminate the lease in the event of the death of only one of the tenants. If a landlord fails to comply with the terms of the rental agreement, a tenant may terminate the lease, or take the landlord to a court of law to recover damages.

Attorneys at the office of Simon Law can help in matters of Landlord-Tenant law. A real estate attorney may be able to help protect your rights and seek compensation involving: summary eviction proceedings, security deposit issues, rent withholding, residential and commercial lease liability, unlawful detainer proceedings, breach of rental agreements, and property abandonment. A Las Vegas real estate attorney may be able to help either a landlord or tenant in cases like these. For more information about services and pricing, contact Simon Law at 702.451.7077 or info@marcsimonlaw.com.

You are a home owner! You feel that you are finally at a good place in your life. You may have a family, a steady job and your own home. Then life hits you in the face. You lose your job. A month later a family member suffers a severe accident, has endless medical bills and insurance only covers part. Your money’s getting tight, and your savings has gone down to the unthinkable. How does this affect your house?

Foreclosure may begin as early as the first missed payment. Typically, your lender doesn’t realize right away that you haven’t paid, so it may take up to 30 days for something to happen. It’s now a month later and you still haven’t paid. Now what? They are going to contact you. At this point you might only have the option of paying the full amount of two months, plus late fees, to get you back on track. It isn’t impossible to do partial payments, but typically they are going to want the amount in full. If this still isn’t possible and you run three or more months behind, real trouble is going to stir. This is where the foreclosure process kicks into full effect. In Nevada, the foreclosure process can happen judicially or non-judicially.

Judicial

This requires filing a lawsuit in order to obtain a court order to foreclose on a house. This is only used when there is no power of sale present in the mortgage or deed of trust. One year is allowed for you to redeem the property after a judicial foreclosure.

Non-judicial

This is used when a power of sale does exist. A power of sale authorizes the lender to foreclose without resorting to the Courts. Nevertheless, there are many procedural protections built into the system to ensure that home foreclosures are done properly.

Instead of having to deal with this hassle, let’s take a moment to discuss ways to prevent a foreclosure from ever occurring. First things first, always communicate with your lender. If you do find yourself in a difficult situation, let your lender know what’s going on. They may work with you to change your payment plan. It’s better to discuss options before something bad happens than be struggling to fix it after everything goes wrong.

Some situations may only be temporary. Getting laid off may only affect you a few months before finding another job. In temporary situations, the Federal Housing Authority can get in touch with your lender to create a budget plan. Forbearance is another option. The lender may agree to suspend your payments temporarily if you agree to a reinstatement, which means you would pay the amount in one lump sum at a later time. The most important thing to remember is always keeping in contact with your lenders.

If you find yourself starting to struggle financially and are worried about losing your home, get in touch with a real estate attorney at Simon Law. They will help you with the necessary paperwork and work hard to negotiate with your lender. You can contact them at 702.451.7077 or info@marcsimonlaw.com.