Mortgage Market Update Week Ending August 1, 2014

Week Ending 8-1-14

Please enjoy this quick update on what’s happening this week in the housing and financial markets.

	The Fed says it will not raise policy rates until a "considerable time" after ending the taper in October. Housing and some labor indicators still cause concern.

	Second quarter GDP surprised with a 4.0% gain, more than making up for the first quarter drop. Rates jumped to their high for the month.

	Consumer confidence is at a 7-year high, possibly inspired by higher employment and low inflation. If the economy improves, rates will likely go up.

	June's pending home sales were healthy but down slightly. The three previous months saw increases. Pending sales are still above normal.

	May's home prices rose over last month and last year. Case-Schiller's survey found a seasonally adjusted decline in prices, possibly impacted by foreclosures.

	Homeownership rates have hit a 19-year low. The resulting rental demand has driven residential rental vacancies to long-term lows too.

I have all the money I'll ever need...if I die by 4 p.m. tomorrow.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Las Vegas economy and real estate market update

The Las Vegas economy and real estate market continue to improve and are expected to gain momentum with over $6 billion in new investments around the Strip corridor over the next three years.

We continue to be optimistic on north strip high-rise opportunities in the $350k and under segment due to the new north strip developments. Turnberry Towers is already seeing increases in rents and sale prices, largely due to the new SLS project opening next door.

Promotions in High-Rise: 

• The Martin is sold out and releasing their models for sale.
• Turnberry Towers has select residences offering 1 year of HOA’s paid.
• Our office is the only office to offer 1 year of HOA’s paid on select penthouses at Mandarin.

 

Promotions in Residential:
 

The guard gated, golf community of the Masters in Southern Highlands is offering homes with approximately 4000 sf in the $600k’s and interest rates as low as 3.75%. These residences would likely rent at $3500+ with HOA’s below $300/month. Only 29 homesites left, contact us if you are interested luxury residential opportunities.

The following is a list of articles, stats, and community statistics for the majority of communities in Las Vegas.

Nevada’s jobless numbers fall to lowest level in five years.
http://www.vegasinc.com/business/2014/jul/18/nevadas-jobless-numbers/

MGM Resorts, Cirque to build 33-acre, open-air venue to host Rock in Rio in Las Vegas.
http://lasvegassun.com/vegasdeluxe/2014/apr/21/rock-rio-headed-las-vegas-mgm-resorts-cirque-build/

Las Vegas visitor volume jumps 3.2% in May.
http://www.reviewjournal.com/business/tourism/las-vegas-visitor-volume-jumps-32-percent-may

Home prices rising, but still a ways to go.
http://www.vegasinc.com/business/real-estate/2014/jul/21/las-vegas-home-values-are-rising/

Downtown Summerlin, will serve the entire Las Vegas Valley with over 125 shops and restaurants in an open-air shopping environment. (Opening 10/14)
http://downtownsummerlin.com/

• May’s visitor volume climbed 3.2% from last year to 3.6 million people.
• Average daily room rate in May was up 8% to $127.60
• Convention attendance was up 14% to 454,163.
• Visitor volume through five months is up 4.5% to 17.2 million people.
• Strip occupancy/first five months is up 2.6% to 90% while downtown is up 6% to 79%.

Dollar value in projects scheduled to open in the Las Vegas area:

• 2015- $1,254,350,000
• 2016-  $538,700,000
• 2017- $4,000,500,000

Stats on Communities in Vegas:

Allure

• Average Sale $243,833.30
• $PPSF $213.00
• Average Monthly Rental Price $1,601.00
• Average Yearly Rental Price $19,212.00
• Average Rental Days On Market 52
• Average Rental Price/SF $1.37
• Yearly Rent Vs. Average Sale % 7.88%
• Total Sales 6

Martin
 

• Average Sale  $526,397.92
• $PPSF  $338.28
• Average Monthly Rental Price  $2,407.46
• Average Yearly Rental Price  $28,889.52
• Average Rental Days On Market  47
• Average Rental Price/SF  $1.85
• Yearly Rent Vs. Average Sale %  5.3%
• Total Sales  12

Mandarin
 

• Average Sale  $1,472,649.29
• $PPSF  $668.47
• Average Monthly Rental Price  $3,508.33
• Average Yearly Rental Price  $42,099.96
• Average Rental Days On Market  42
• Average Rental Price/SF  $2.68
• Yearly Rent Vs. Average Sale %  2.9%
• Total Sales  14

Panorama
 

• Average Sale  $361,911.50
• $PPSF  $272.31
• Average Monthly Rental Price  $2,331.46
• Average Yearly Rental Price  $27,977.52
• Average Rental Days On Market  41
• Average Rental Price/SF  $1.53
• Yearly Rent Vs. Average Sale %  7.73%
• Total Sales  12

Sky
 

• Average Sale  $318,642.85
• $PPSF  $239.89
• Average Monthly Rental Price  $1,858.00
• Average Yearly Rental Price  $22,296.00
• Average Rental Days On Market  $101.39
• Average Rental Price/SF  $6.91
• Yearly Rent Vs. Average Sale %  7.00%
• Total Sales  7

Turnberry Place
 

• Average Sale  $516,200.00
• $PPSF  $215.08
• Average Monthly Rental Price  $2,555.00
• Average Yearly Rental Price  $30,660.00
• Average Rental Days On Market  94
• Average Rental Price/SF  $1.20
• Yearly Rent Vs. Average Sale %  5.8%
• Total Sales  12

 Turnberry Towers
 

• Average Sale  $396,066.62
• $PPSF  $292.65
• Average Monthly Rental Price  $1,824.73
• Average Yearly Rental Price  $21,896.76
• Average Rental Days On Market  91
• Average Rental Price/SF  $1.79
• Yearly Rent Vs. Average Sale%  5.5%
• Total Sales  13

Veer
 

• Average Sale  $561,972.86
• $PPSF  $564.00
• Average Monthly Rental Price  $1,858.94
• Average Yearly Rental Price  $22,307.28
• Average Rental Days On Market  52
• Average Rental Price/SF  $2.23
• Yearly Rent Vs. Average Sale%  3.44%
• Total Sales  35

Aliante
 

• Average Sale  $231,378.41
• $PPSF  $101.22
• Average Monthly Rental Price  $1,278.48
• Average Yearly Rental Price  $15,341.76
• Average Rental Days On Market  33
• Average Rental Price/SF  $0.66
• Yearly Rent Vs. Average Sale%  6.63%
• Total Sales  113

Anthem
 

• Average Sale  $414,472.40
• $PPSF  $162.06
• Average Monthly Rental Price  $2,224.65
• Average Yearly Rental Price  $26,695.80
• Average Rental Days On Market  47
• Average Rental Price/SF  $0.91
• Yearly Rent Vs. Average Sale %  6.44%
• Total Sales  113

Green Valley
 

• Average Sale  $242,986.70
• $PPSF  $117.53
• Average Monthly Rental Price  $1,372.90
• Average Yearly Rental Price  $16,474.80
• Average Rental Days On Market  34
• Average Rental Price/SF  $0.84
• Yearly Rent Vs. Average Sale %  6.78%
• Total Sales  178

Inspirada
 

• Average Sale  $257,898.06
• $PPSF  $123.87
• Average Monthly Rental Price  $1,506.28
• Average Yearly Rental Price  $18,075.36
• Average Rental Days On Market  42
• Average Rental Price/SF  $0.75
• Yearly Rent Vs. Average Sale %  7.01%
• Total Sales  31

Las Vegas CC
 

• Average Sale  $153,127.69
• $PPSF  $100.64
• Average Monthly Rental Price  $1,398.33
• Average Yearly Rental Price  $16,779.96
• Average Rental Days On Market  31
• Average Rental Price/SF  $0.80
• Yearly Rent Vs. Average Sale %  10.96%
• Total Sales  26

Mountains Edge
 

• Average Sale  $252,409.70
• $PPSF  $116.64
• Average Monthly Rental Price  $1,468.40
• Average Yearly Rental Price  $17,620.80
• Average Rental Days On Market  29
• Average Rental Price/SF  $0.69
• Yearly Rent Vs. Average Sale %  6.98%
• Total Sales  220

Peccole Ranch
 

• Average Sale  $231,020.76
• $PPSF  $121.67
• Average Monthly Rental Price  $1,535.00
• Average Yearly Rental Price  $18,420.00
• Average Rental Days On Market  29
• Average Rental Price/SF  $0.74
• Yearly Rent Vs. Average Sale %  7.97%
• Total Sales  46

Queensridge
 

• Average Sale  $896,205.88
• $PPSF  $200.40
• Average Monthly Rental Price  $8,277.14
• Average Yearly Rental Price  $99,325.68
• Average Rental Days On Market  50
• Average Rental Price/SF  $2.00
• Yearly Rent Vs. Average Sale %  11.08%
• Total Sales  17

Red Rock CC
 

• Average Sale  $875,470.58
• $PPSF  $238.41
• Average Monthly Rental Price  $3,804.00
• Average Yearly Rental Price  $45,648.00
• Average Rental Days On Market  $94.80
• Average Rental Price/SF  $1.10
• Yearly Rent Vs. Average Sale %  5.21%
• Total Sales  17

Rhodes Ranch
 

• Average Sale  $316,619.27
• $PPSF  $137.89
• Average Monthly Rental Price  $1,750.22
• Average Yearly Rental Price  $21,002.64
• Average Rental Days On Market  40
• Average Rental Price/SF  $0.72
• Yearly Rent Vs. Average Sale %  6.63%
• Total Sales  59

Southern Highlands  
 

• Average Sale  $364,557.93
• $PPSF  $126.39
• Average Monthly Rental Price  $1,556.58
• Average Yearly Rental Price  $18,678.96
• Average Rental Days On Market  32
• Average Rental Price/SF  $0.72
• Yearly Rent Vs. Average Sale %  5.12%
• Total Sales  131

Summerlin
 

• Average Sale  $376,676.21
• $PPSF  $151.62
• Average Monthly Rental Price  $1,696.56
• Average Yearly Rental Price  $20,358.72
• Average Rental Days On Market  33
• Average Rental Price/SF  $0.86
• Yearly Rent Vs. Average Sale %  5.40%
• Total Sales  408

This data is from the MLS and may not include non-MLS/developer sales and is not guaranteed. If you would like a specific report from these communities, please contact us.

If we can assist you with buying, selling, or managing Las Vegas real estate, please contact us.