Turnberry Towers, a $700 million dollar luxury high rise condominium development located only one block from the fabulous Las Vegas Strip, has just announced its new lease purchase program. With only a 10% down payment, buyers can more into a brand new condominium residence today, rent for 18 months and receive 100% of the rent as a credit towards the total down payment at close of escrow!

The lease purchase terms are as follows:

• 10% down payment on move in
• Lease for 18 months the investment group that owns the remaining condos pays all HOA dues and property taxes for the full 18 months of the rental period
• Monthly rent is determined by the total purchase price, and would be equivalent to 20% of the purchase price divided by 18 (the total months of the lease purchase term)
• At the end of 18 months borrower would have 30% of the purchase price accumulated 10% from the initial down payment and 20% from the monthly rent credit over 18 months
• In addition, the developers preferred lender will prequalify buyers NOW to help them make sure of a successful closing at the end of 18 months

By signing a lease purchase agreement today, buyers can instantly enjoy being close to the action while enjoying all the comforts of Turnberrys luxury amenities and resort-style grounds. Turnberry is one of the few high rise developments offering a low density ratio in two 45 story towers overlooking both the Las Vegas Country Club and the Las Vegas Strip. There are four spacious floor plans, ranging from 814 sf to 1657 sf. Development amenities include:

• Gated Community
• 24 Hour Security
• 24 Hour Front Desk
• Tennis Courts
• Fitness Center
• Business Center
• Two resort style lagoon pools
• Covered Parking
• Social Room
• Climate Controlled Storage

To arrange for your personal tour of Turnberry Towers and for detailed information on the lease purchase program for a specific unit, give us a call today at 702-985-7654.

Here's a breakdown of the current single family homes currently for sale by price range in December vs. July. You will note that the lower end housing under $100k has dwindled significantly by almost 20%, while inventory in the rest of the price ranges has remained almost identical.

Of the homes currently on the market in December, 752 (19.32%) are short sales and only 364 (9.35%) are bank owned foreclosures. That means that over 71% of the current market inventory is comprised of “real” sellers who are taking advantage of the lack of distressed properties to move their homes. The “shadow” inventory everyone has talked about for more than two years has not appeared, and properties under $300k are receiving multiple offers. In addition, most are selling anywhere from 5% to 15% above list price.

We do expect to see more bank foreclosure inventory come to the market in mid to late spring as a result of the latest court rulings on AB 284 which finally allow them to complete the foreclosure process once more. But dont look for a flood of new listings they still have to comply with very stringent regulations, and it will take time to work through the back log of files.

And keep in mind that offsetting any new foreclosure inventory from the banks, there will also be more qualified buyers looking for homes by this spring. Many of those homeowners who lost their homes in 2008 and 2009 at the beginning of the foreclosure/short sale cycle have passed their time requirements and can qualify for a new mortgage again.

So looking ahead to the first half of 2013, we expect to see a stable market continue with very gradual price increases. New home builders must think so as well, because new developments are opening once again and incentives to buyers have decreased. They are banking on the fact that primary homeowners in competition with cash investors have gotten so frustrated that they are willing to spend more for a home just to be able to get into one!

Then check out our new mobile website at http://m.greatlasvegashomes.com on your smart phone. Just enter the web address in your browser and click on “Properties Near Me.” Your phone will ask you if its okay to disclose your location. Click on “yes” and you will immediately see ALL the active listings for sale in the area closest to you, including foreclosures and short sales, on a map. (These listings do NOT include those that are already under contract, so you wont waste your time viewing properties that already have a buyer!)

If you want to only see properties in your price range, click on “advanced search” and you will be able to refine your criteria to exactly the kind of property you are looking for. To view property details and see photos of the interior and back yard, just click on the photo of the home you are interested in. You can even save a home as a “favorite” or “share” it with a family member or friend right from your phone. That way you can also review your favorites later on your home computer.

Its that simple! And if you want even more information about neighborhoods or specific listings, when you are at your home computer or laptop, go to our web site for Las Vegas Homes where we have community overviews for all the major areas of the Las Vegas Valley which includes the cities of Las Vegas, Henderson, North Las Vegas, Boulder City and Pahrump.

This is great news for buyers in the Las Vegas market, who have been scrounging a VERY sparse array of inventory for the past few months looking for a "deal." Cost to build this complex was approximately $540,000 per unit, so word of further drastic price reductions caught local agents by surprise! Las Vegas is currently experiencing a very strong seller's market, with prices rising more than 10% overall since January 1st.

The Modern is a sleek contemporary condominium community located on the west side of Las Vegas with great views of the Red Rock mountains and the Strip. It was developed for those seeking a quieter more intimate "neighborhood" feel, but with all the security, conveniences and upscale amenities of a luxury high rise development. All the finishes are extremely high end, and there is a two story fitness center as well as secured subterranean parking.

In preparation for the auction, buyers can contact their local real estate agent and arrange a preview of the units that will be up for bid. Units can be viewed Wednesdays thru Sundays from 11am to 6pm. Please call 702-985-7654 to schedule an appointment and get directions to the project. The actual auction will be held at 1pm at the Renaissance Hotel on Paradise Road on November 18th.

For a town shaped by the mafia, Las Vegas has changed quite dramatically since then. As thousands of tourists flood the streets each week, Las Vegas has turned into some sort of an adult Disneyland with rollercoasters riddled along the strip, and family themed advertisement amongst the casinos. So hopefully the 42 million dollar publicly funded mob museum will bring Vegas back to its roots, and show visitors from all over, just how Las Vegas came to be the entertainment capital of the world. It seems even the local feds are contributing to the cause. "We wanted to make sure the truth came out," said Ellen Knowlton, a former special agent in Las Vegas brought on to legitimize the downtown attraction.

I recommend viewing all the exhibits inside. It was a real thrill to see the different range of memorabilia on show from the old mafia days, everything from machine gun bullet ridden walls to the great Italian born American mafia boss Lucky Lucianos getaway car. I was able to read letters that Bugsy Siegel wrote to his own daughter, it was very interesting to see how a man in his position with all of the illegal activities going on was able to manage a family life as well. For me, its the image of Vegas that will last a lifetime.

But this time, a random question about how appraisers are chosen by the banks led to some shocking discoveries!

First: a little background. Because of the “mortgage meltdown,” the federal government passed specific laws requiring mortgage lenders to order appraisals through a “neutral” third party. Appraisal management companies were formed. These companies receive the appraisal order from the mortgage lender and then assign an appraiser from their “approved” list. The mortgage lender cannot ever speak to the assigned appraiser, and all communications must go through an online portal to the appraisal management company.

The general population, Realtors included, have been under the assumption that these appraisals were assigned in rotation to the next appraiser in line to preserve the integrity of the process. Not so!

The appraisal management company charges a fixed fee to the mortgage lender for each appraisal. When the management company receives an appraisal work order, they send out a “first come, first served” type email to all the appraisers on their list. From the responses, the management company then selects the appraiser that is willing to complete the appraisal in the shortest possible time for the lowest possible price!

So if ten appraisers respond with the same general timeline, the management company will then select the CHEAPEST appraiser. Say the appraisal fee the management company is charging the lender is $450. If one of the appraisers that responds is willing to charge only $200 and the rest are charging more, the management company gives the order to the least expensive appraiser and pockets the difference.

This means that every appraisal that is being done is being awarded to the appraiser that is willing to charge the least. YOU GET WHAT YOU PAY FOR. In most instances (though not all), these are the less experienced appraisers. (Well established appraisers like our guest speaker will not even sign up to be on the list with appraisal management companies!) In addition, because these appraisers are earning less per appraisal, they have to make up in volume for charging less, which means that they are less likely to spend the extra time to truly evaluate each subject property. They are also less likely to “reconsider” the value of an appraisal that is contested.

So it is no wonder that over the past couple of years homebuyers, sellers and lenders are more consistently experiencing “bad” appraisals that do not truly reflect current market value.

Unfortunately, not everyone can afford to pay the price to get that kind of view. That's all right though, because there is a brand new GIANT observation wheel being built in Las Vegas that will put to shame any view you can get from a local neighborhood.

The project is called Skyvue, and construction began this past March. Skyvue, similar to the London Eye, will boast the largest observation wheel in the western hemisphere, with 32 cabins and the world's largest multi-media screen that will tower 500 feet above our heads. This large attraction will have a magnificent view of the Las Vegas skyline - the cabins have glass walls and they offer views of the Strip in almost all directions. The observation wheel is going to be located across the street from the Mandalay Bay Hotel Casino on South Las Vegas Boulevard.

So if you dont have a great view of the strip from your home, or you're tired of the one you do have, this is definitely something to look forward too. Skyvue is slated to give its first ride in July 2013, forever changing our perspective of the Strip. So get off that Roulette Wheel, park your Hot Wheels and get ready for the new Big Wheel in town.

Poker night with the guys (or gals) is always a fun time. Men and women all over the nation enjoy having a friendly game of chance against their buddies. I went over to a friends place just the other night to enjoy a rousing poker night.

We were playing Texas Hold Em - everyone bought in for twenty bucks. By the second hand I was” all in” with pocket queens. Everyone else folded except for one person. He couldn't seem to make up his mind. I felt like I had him beat: a few more seconds and he would fold.

Then bam, he goes “all in” too. I was fairly confident I had him beaten. Then he turned over his hand to reveal Pocket Aces. I was crushed, knocked out of the game right at the start of the night by over confidence in a seemingly great hand. The bad luck burned me hard.

But this night was not over yet. I bought back in for another twenty bucks and proceeded to play Hold Em to the best of my ability. About five hours later there I sat at the poker table, chips stacked high in front of me, and vengeance was complete. I had won the poker night AND received my 1st place share of seventy percent of the pot.

The great thing about nights like this in Las Vegas - it's completely legal. Not only that, but if you and your friends are too lazy to deal with it or don't want to mess up your own house, you can go do the same thing at any of the “locals” casinos in the area. Or go down to the Strip to watch the “big boys” battle it out in the World Series of Poker tournaments.

But if you are an amateur, here are my picks for the top five places to play poker in Las Vegas:

1. The Wynn poker room- best poker room for reduced rates, and lots of players on the Strip
2. MGM poker room - loose tables, many tourists an experienced player can take advantage of on The Strip
3. South Point poker room - fun atmosphere, very alive, lots of action close to the Silverado Ranch neighborhood
4. The M Casino poker room a newer casino, and the employees are very helpful for novices close to the Southern Highlands neighborhood
5. Green Valley Ranch poker room - convenient location and good food and drinks close to the Green Valley Ranch neighborhood

Anthem Country Club Listings I will say right off the bat, that I am prejudiced about Anthem being the best golf community in Vegas. Our family was actually the first to move into it when it was brand new, and I cant imagine living anywhere else. The atmosphere is more laid back/down to earth in Anthem than some of the other communities (think high desert quiet elegance rather than Palm Springs ritzy), and there is no particular age demographic. There is a state of the art fitness center, gourmet dining and stadium tennis facilities as well. Prices fall in the median range for private golf living, and the course itself is definitely championship quality. 17 out of 18 holes offer a spectacular view of the Strip, and the placement of the different tee boxes seriously challenge low handicappers, but also allow novices to enjoy the course too.

Lake Las Vegas South Shore Listings Lake Las Vegas is without a doubt the most beautiful of all the golf course communities in the Valley. From the moment you enter, you will feel like you have entered a charming Tuscan lake-side retreat in the hills of Italy. The heart of the community is the Montelago Village with its cobblestoned streets, boutique shops, hotel, casino and dining. The community actively promotes special events wine walks, beer festivals, concerts, etc. For many of the owners, a place in Lake Las Vegas may be a second, third or even fourth vacation residence rather than a primary home so there arent a lot of families. And it is located a bit off the beaten track. But the golf course is superb, and has been home to the Wendys Three Tour Challenge a number of times.

Spanish Trails Listings Spanish Trails is one of the oldest private golf communities in the city, starting construction in the mid 1980s. A lot of high end local executives built custom homes in Spanish Trails at that time, including the iconic Steve Wynn and even the Sultan of Brunei. This is the only private course that boasts 27 holes of great golf, and many of the homes have fantastic scenic double fairway views. And there is plenty of challenge for even the best of golfers. (Take plenty of balls for the Lake 9.) The clubhouse and facilities are smaller than some of the newer courses, but the ideal location close to the Strip and lush park like setting makes this a favorite with locals.

Rhodes Ranch Listings Rhodes Ranch is the only community listed here that is not a private country club, though the elaborate gate guarded entry could fool anyone. The neighborhood itself is beautiful, with tree lined streets and lots of greenery. Plus they have a truly incredible community center offering everything from tennis to work out facilities and lounges, to their own private water park. This is a very family friendly neighborhood, and the pricing and monthly HOA fees are more affordable than the private country club communities. Plus they give discounts on golf for residents, and many charity events are held here. For the price and amenities, you cant beat this neighborhood for a golf environment without the higher price tag of a private country club.

Las Vegas Convention Center stands out on its own as one of the largest convention centers in the world at over 3 million square feet. It is known for the ability to host shows with an average of 200,000 participants in attendance. The facility is also growing larger as future plans are in route.

The upcoming new expansion is designed to increase meeting space within the center while it enhances the buildings structural form. The expense of this additional project is estimated to cost a whopping 890 million dollars. Las Vegas has the capability to supply over 120 thousand hotel rooms for show attendees. This expansion will provide enclosed pedestrian/attendee access for the Las Vegas Monorail, making it easier to travel back and forth on the strip.

Over the past 2 decades convention activity has tripled, with no signs of slowing down. As Las Vegas grows, so does the market for new investors and ideas. With all of the many accommodations Las Vegas has to offer including the exciting night life, great hotels, and wonderful convention facilities, theres no surprise why business leaders around the world love to meet and greet in Sin City.

Just an FYI in case you were wondering - as a local, I HATE going to conventions in Las Vegas. I never get to enjoy them properly because work always gets in the way.