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Cash is King in Las Vegas House Market

Cash is King in Las Vegas  House Market

More than half of the houses sold in Southern Nevada in February were purchased with cash mostly by investors who are renting out the homes, according to the Greater Las Vegas Association of Realtors.

"Las Vegas will be a testing ground to see how high this number can go," said Paul Bell, GLVAR president. Cash sales represented 53.8 percent of the overall sales during February which is up from 51 percent in January. Bell cites tougher lending standards make it more difficult for non-cash buyers.

Also, last month, home prices rose slightly with a median of $128,000 but were down more than 5 percent from a year ago. Nearly 52 percent of the homes sold were bank-owned and 26 percent were short sales.


Home Builder Taps into Luxury Market

LAS VEGAS -- Southern Nevada has one of the most distressed housing markets in the country with plenty of foreclosures and short sales. But on the other end of the spectrum, the small niche of luxury custom homes seems to be doing well.

Marquis Seven Hill is a high-end neighborhood being built by Blue Heron. There will be 33 custom green homes ranging from $750,000 to $3 million. The company broke ground on the project last week.

One of the first homes to be finished will be Tom Sanderson's. The entrepreneur from Los Angeles set his sights on building a custom home in Las Vegas more than a year ago.

"The property values were so far down, I thought this was a great way to move up and get a bigger home than I could afford in L.A," Sanderson said. "A home here that might cost me $2 million for what we're doing would cost from $5 to $7 million in Los Angeles."

Henderson Seniors Get Housing Help

HENDERSON, Nev. -- Three Henderson seniors now have a new place to call home. On Tuesday, the first of three homes welcomed its new renters thanks to the City of Henderson, the Neighborhood Stabilization Program and Hopelink.

New Henderson Homes Must Have Sprinkler Systems

HENDERSON, Nev. -- Henderson has become the first municipality in the valley to require fire sprinklers in new homes. 

BREAKING NEWS: Wind Advisory and Freeze Watch Issued

LAS VEGAS -- A wind advisory has been issued starting at 3 p.m. and lasting until midnight for Clark County and southern Nye County and a freeze watch will be in effect Wednesday night.

Winds are expected to be gusting between 20 to 30 mph and with gusts possible to 50 mph. There is also a slight chance of rain. The temperature will drop Wednesday and is expected to be in the 40's on Thanksgiving Day making it one of the coldest in recent years.

Check here for the latest Neighborhood Weather

A freeze watch is in effect from Wednesday night to Friday morning. Some neighborhoods could see temperatures in the 20's.


Home Sales Drop in Southern Nevada in August

LAS VEGAS -- The Greater Las Vegas Association of Realtors says fewer homes were sold in August but prices were higher than one year ago.

The association said Thursday that the median price for single-family homes rose to $140,000. That's up more than 3 percent compared with August last year and nearly 4 percent more than July's median price.

More than 2,800 units sold last month, nearly 13 percent fewer than the number sold in August last year. Just under 3,000 homes sold in July.

Association President Rick Shelton says the decrease in sales is likely tied to a federal homebuyers tax credit that expired in April. Shelton says the year-over-year decrease in sales mirrors a spike in sales seen last year when the credit was available. 

(Copyright 2010 by The Associated Press. All Rights Reserved.)


More Nevadans Turning to Food Stamps

LAS VEGAS - The economy is taking its toll on many Americans. A record number of people are now seeking food stamp assistance. The need is also growing in Nevada. According to the national non-profit Food Research and Action Center, Nevada is seeing a huge jump in the number of people applying for food stamps.

Yvette Reid is one of those people. Out of work for nearly two years, Reid gets about $200 a month in food stamps. With a 16-year-old son at home, she says the extra money is the only way she's able to put food on the table. "When you are used to living one way and now you have to live another, you have to save and scrounge," she said. "Food stamps are just such a help. If it wasn't for that, I don't know how my family would eat."