December 2012

There are 4 blog entries for December 2012.

Homebuilder Lennar has purchased 167 finished residential lots in Las Vegas for 5.2 million dollars or roughly $31,000 a lot. They also have plans to close on another 160 lots early next year. No doubt a sign that this national homebuilder is still bullish on Las Vegas real estate and the future of our economy. The new home market is finishing the year on a strong note with a year to date total of 4899 new homes or a 39% increase from last year. More than 6000 new home sales are predicted for 2013.

The medium new home price of new homes has increased 7.4% in the last year. Buying a new home can be attractive to a buyer in our market, since there is a lot of competition in the resale market, especially for first time buyers and FHA or VA buyers needing

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You have to love what Tony Hsieh , founder of Zappos is doing with Downtown Las Vegas. First of all he bought the old City Hall buiding and is moving his headquarters there, and rougly 2000 employees, but he is using most of his money to spend $350 milion dollars, on what is called The Downtown Project, which is buying a lot of old dilapidated buildings in downtown Las Vegas and revitalizing them, funding start up businesses in the downtown area, bringing arts, entertainment with First Friday, which Tony owns, and most importantly bringing smart, entrepeneurs to the area.

This is also attracting businesses to be a part of this new urban culture, such as Take Two interactive, the maker of the popular Grand Theft Auto video game, who recently announced

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The debt forgiveness act is about to expire

Many people in the process of a short sale are hoping that the debt forgiveness act which is set to expire December 31, 2012 gets extended by congress. The debt forgiveness act allows one to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale. The Law was enacted in 2007, and prior to this law you would get a 1099c from your lender for the forgiven debt of which you had to treat as income and pay taxes on it. The mortgage debt relief act of 2007 stopped this but if its not extended many people may cancel their short sale and decide to let the house go to foreclosure , since the

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Twenty Two acres of Land has been purchased on the corner of Galleria and Gibson for $4.6 million for a water park set to open summer 2013 , which will feature 20 water slides, a lazy river, restaurants and cabanas.The company behind the project, Cowabunga Bay, a Utah company, has helped develop other succesful parks in Utah, Washington, and Southern California. The company also purchased land near Warm springs and Ft.Apache for another water park. I think this is great for our economy and residents showing Southern Nevada is on the rebound.

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