After months of speculation, MGM Mirage has decided to eliminate the residential element from the Harmon Hotel, Spa & Residences (now known as the Harmon Hotel & Spa). Construction issues and lack of residential sales throughout the entire CityCenter project has helped in making the decision to change the scope of the project.

The Harmon is the blue tower to the front right

A press release issued by MGM Mirage this morning (January 7, 2009), had this to say for the 88 units under contract at the Harmon:

The Harmon as developed would have had approximately 200 residential units, of which 88 are under contract to be sold. Purchasers will be entitled to receive refunds of their deposits, but will be given the opportunity to purchase units at the Residences at Mandarin Oriental Las Vegas, Vdara and Veer Towers.

Construction of the Harmon Hotel & Spa also appears to be delayed by one year, however the other spectacular components of CityCenter, Aria Resort & Casino, Veer Towers, Mandarin Oriental Hotel & Residences and Vdara all appear to be on schedule to be fully open by the end of December of this year.

Stay tuned to the Prime Real Estate Las Vegas.com Blog for further developments.

Full Press Release: CityCenter Announces Scope Changes

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

Tiger Woods hits golf balls, Yo-Yo Ma plays the cello and Sirio Maccioni develops restaurants. Developing and running what many considered to be the greatest restaurant in the world, Le Cirque, the Maccioni family is the highlight of HBO Films latest documentary, Le Cirque: A Table In Heaven.

Sirio Maccioni

This fun, yet poignant film documents the December 31, 2004 closing of the second incarnation of Maccioni’s masterpiece, Le Cirque 2000 in the Palace Hotel in New York City, and the development and opening of the new home for Le Cirque across town in the Bloomberg Building. In addition to that, we get some insight as to how Sirio rose from being a bus boy to one of the most respected restaurateurs in the world.

At the heart of the documentary is the ongoing struggle every businessperson faces; how many traditional methods should be sacrificed for progressive evolution. Deeply rooted in the traditional ways, Sirio wanted the food and the service that made Le Cirque the respected name that it is in the first place to continue to be the main attraction. His sons, Mario, Marco and Mauro, however, want to get the restaurant back on the cutting edge which means offering more progressive menu items and relaxing the dress code a bit. The dilemma of sacrificing service to improve the bottom line comes up in several aspects of developing the restaurant concept, just as it does for any trade that any businessperson pursues. Being able to see the inner workings of these decisions was both educational and entertaining at the same time, and I highly recommend you watch the documentary to see what happens.

Le Cirque Logo

Luckily for us living in the Las Vegas / Henderson area, the Maccioni family has extended its brand and brought out both their Le Cirque and Osteria del Circo (both found in the Bellagio resort) concepts which continually receive rave reviews and are certainly in the upper echelon of restaurant offerings Las Vegas has. Considering how many extraordinary restaurants we have in Las Vegas, that is saying a lot!

With the great success the Maccioni family has seen in Las Vegas, as a new restaurant is being developed to open in the new ARIA Resort and Casino that is slated to open in late 2009. Currently slated to offer traditional Tuscan cuisine, Maccioni’s new restaurant will surely be a huge hit on The Las Vegas Strip!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

To all of our friends and family;

May you and your loved ones have a wonderful Holiday Season and a happy, healthy and prosperous New Year! Here’s to having the moments to celebrate what we have and the burning desire to strive for what we want. May your Airing of Grievances be brief and your Feats of Strength be plentiful!

With warm wishes,
Mike, Kerry and Boomer Dobranski

Boomer the Festivus Dog

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

This has been one of the most frustrating times of my life. 2008 has been one wild ride that has brought on more twists and turns and ups and downs than any of us should experience in our entire lifetime! This has been one of the most frustrating times for me, not because of the sensationalized gloom and doom constantly spewed by the media, but because every day I look at some remarkable opportunities the Las Vegas / Henderson real estate market is offering, and I kick myself that I’m not better financially positioned to take advantage of all of them!

Forget the BB Gun, I want Positive Cashflow!

While many Licensed Real Estate Professionals may make a great living representing people buying a home or selling a home, I think most of my colleagues would agree that the truly significant wealth is created by how we invest in real estate.

In this current market, you can give yourself the holiday gift of positive cashflow with the possibility of an annual rate of return on a $50,000 investment of what could be 7.2%, if not even greater!* I won’t even go into things like appreciation, tax incentives and all of the other financial benefits of real estate investing. There is an incredible amount of wealth to be gained in these economic times for those savvy enough and capable to take advantage of it.

While obviously I don’t want to wish anyone financial hardship, this market has shown me what is truly possible if we don’t allow ourselves to be recessed by the recession. The best advice that I can give to you is that if you are not positioned or even think you may not be positioned to take advantage of these opportunities right now, then get in touch with a qualified and honest professional to map out what you need to do when the economy gets rolling again so you can be able to take advantage of the next bubble to burst. It is a privilege of mine to assemble a team of professionals to help you achieve the financial goals you dream of.

Many of my clients and friends out there tell me that while they have the means, they just don’t understand real estate investments, and rule number one in investing is “Invest in what you know.” My promise to you as your trusted real estate advisor is to have you well-versed and educated about real estate so that you will feel comfortable with any smart decision we make together.

The possibilities are endless in the Las Vegas Metropolitan real estate market, and whether it is renting out a $50,000 condo or a land parcel that once sold for $78 million that was sold for just under $2 million, there is an incomprehensible amount of wealth to be gained while the sky falls down on everyone else.

If you are interested in taking advantage of what this market has to offer and need help in assembling the right team of professionals to help you achieve your goals for 2009 and beyond, call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

* – Figures represent currently available properties and most recent renting activity for comparable properties. This is an estimate and no guarantees of occupancy rates or cashflow numbers are ever given.

As 2009 rapidly approaches, the Las Vegas / Henderson, NV real estate market continues to have solid activity with new home owners and investors taking advantage of some tremendous opportunities. With that said, many would-be buyers and investors continue to sit on the fence no matter how much data and statistics show that this extraordinary time contains some extraordinary buys. As they say, the only thing you get from sitting on the fence are splinters in your butt!

Not the most comfortable place to be…

For those that took advantage and continue to take advantage of the outstanding opportunities the Las Vegas / Henderson luxury home market has been providing, congratulations on not only owning your dream, but making a wise financial decision on top of it.

Imagine having a years head start on the financial advantages of home ownership, let alone having that time to make your new residence truly your own. While many cringed at the thought of buying real estate earlier this year, there are those that saw a spectacular opportunity and took advantage of it. When you factor in things like low mortgage rates and greatly reduced home construction costs for those looking for upgrades and improvements, the buyers of 2008 will be the envy of the buyers of 2009 and beyond.

For those that decided to hold off and continue to wait for that ever-elusive “bottom”, here is just a little taste of what they missed out on:

• A magnificent estate in The Lakes sold for 44% less in February of 2008 than it did in September of 2006.
• Also in February of 2008, a new Anthem Country Club resident bought a home for over $470,000 less than it did two years earlier.
• A new Sunridge resident stole a home for a staggering $775,000 less than its previously recorded value in 2005.

Looking at specific communities and what sales price per square foot figures are from activity in the last 90 days, we see that many people earlier in the year bought their homes then for what would be considered a fantastic price today.

For example, the prestigious guard-gated community of MacDonald Highlands in Henderson has been offering blisteringly hot opportunities all year long. Over the last 90 days, the closed transactions in MacDonald Highlands have been selling at an average of roughly $287 / sq. ft. Here are just two of the many stunning buys MacDonald Highlands has seen this year:

• In March of 2008, an outstanding 4,000+ sq. ft. estate on over 13,000 sq. ft. of land sold for $200 / sq. ft.
• An almost unheard of sales price of $188 / sq. ft. for a 4,265 sq. ft. home on a remarkable 15,600+ sq. ft. lot went to a very fortunate buyer in July of this year

This is just the tip of the iceberg of the outstanding opportunities the Las Vegas / Henderson, NV real estate market has produced in this historic year of 2008. When we sit back, block out the gloom and doom and look at the statistics and fact, we see that great buys have been made, and there are still great buys to be had. Don’t be recessed by the recession! Take advantage of the truth.

To find out more about the properties referenced above or to have your own private consultation of what this great area has to offer, call me any time at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

When the sky started to fall, many of us ran to our banks, our stock brokers and our money managers and took what cash we had left and started stuffing the nearest mattress with it. As the stagnant aroma of liquidated assets fills the air, luxury homes in the Las Vegas / Henderson, NV area sit on the market waiting for their next owners.

Insert Money Here

With so many people screaming at the top of their lungs to not buy in the upper-tier of the real estate market, even people in our very own industry, it’s no wonder these homes sit with little to no activity. For many of the properties, it’s true, they shouldn’t be looked at. From my estimation, well over 80% of the homes in the luxury market are overpriced!

But then we think about the other 20%.

It all comes back to my strong belief that there is no such thing as a good or bad time to buy real estate, there are only good and bad opportunities. What we perceive as a “good time to buy” is when there is an overload of good opportunities, and what we perceive as a “bad time to buy” is simply when those good opportunities are a little more difficult to find. While people sit on their stagnant liquidated assets and wait for the green light that the world is good once again, here is just a taste of what they are missing:

• A non-distressed architectural stunner in Roma Hills for only $258/Sq. Ft.
• An opportunity to get a magnificent estate in MacDonald Highlands for over $1.8 Million less than what was paid 3 years ago.
• A chance to complete a dream estate in Seven Hills for only $550,000.
• Own breathtaking panoramic views of the Las Vegas Strip in prestigious Anthem Country Club for only $200/Sq. Ft.

It is the decisions we make in times of trial that determine if it is truly a negative period in our lives. My urge to everyone is to not be recessed by the recession! When you hear that it is a “bad time,” understand that statement is a limiting belief of the uninformed.

To find out more about these opportunities and the many other opportunities throughout the Las Vegas / Henderson, NV real estate market to become wealthy from other peoples’ panic, call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

Luxury Lifestyle icon, Robin Leach, scored two major scoops in back-to-back days on his fantastic Vegas DeLuxe Blog and Media Site. Known to the world from his Lifestyles of the Rich and Famous days and also a founder of the Food Network, Robin now calls Las Vegas home and reports on the luxury and celebrity happenings in Las Vegas.

Rich and Famous With Robin Leach

Robin’s report yesterday broke the news that the Bee Gees are planning a large scale musical production which would be housed along side Danny Gans in his new home at Steve Wynn’s Encore Theater. With a working title of Stayin’ Alive, the Bee Gees’ production will be somewhat similar to Frankie Valli’s smash hit,Jersey Boys, at The Palazzo, as it will be biographical in nature while featuring their top hits.

If that wasn’t enough, Robin followed up today with another blockbuster announcement that Steve Wynn plans to add a 4,000 seat Wynn Arts Center to his Encore property. An official announcement of this massive entertainment complex is expected to come in early 2009. Both Stayin’ Alive and the Wynn Arts Center are planned to be completed by Encore’s 1st anniversary, which would be December 22, 2009, as Encore Las Vegas will officially open on the 22nd of this month!

With all of the major developments such as The Smith Performing Arts Center being planned for Downtown Las Vegas’ extraordinary Union Park development, Broadway shows such as The Lion King opening on The Las Vegas Strip, and museums and other concert venues opening and planned throughout the Las Vegas Metropolitan Area, there has never been a more exciting and proud time to call Las Vegas and Henderson, NV home!

Thanks to Robin Leach for all of his excellent work and brilliant reporting! Make sure you check his website out at http://www.VegasDeLuxe.com!

Vegas DeLuxe with Robin Leach
Exclusive: Steve Wynn and Bee Gees Plot Stayin’ Alive Musical for Encore
Steve Wynn Plans 4,000-Seat Arts Center at Encore

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

Since my very first step into the Real Estate Blogging World back on January 30, 2008, The Prime Real Estate Las Vegas.com Blog has had a constantly growing readership since day one. November was an especially remarkable month as the ceiling was totally shattered with the blog having a nearly 800% increase in views from the previous high in October!!!

Tanks For Reading!

I just wanted to say a very heart felt thank you to everyone for making the The Prime Real Estate Las Vegas.com Blog the success I could only dream it could be back when I started blogging just a short 10 months ago. Without your encouragement, support and advice, this blog would not be what it is today. My goal from the very beginning was to provide information that matters the most to you, and through your supportive feedback and thoughtful suggestions, I have been able to mold the blog into something that I hope brings benefit to all that honor me with their readership.

There are exciting new developments coming on the horizon with a significant makeover to PrimeRealEstateLasVegas.com hopefully being launched by the end of this month. There will be more to come about the changes and additions to my main website as launch time approaches and the Dreamweaver Gods smile down upon me.

Thank you again for taking the time out of your busy days to read what I have to say about Real Estate and Living in Las Vegas / Henderson, NV. As always, I appreciate your comments for the already written blogs and suggestions for blogs yet to come.

To get the most up to date information the moment it happens, please Subscribe to my Blog Feed, Follow me on Twitter, or Join me on Facebook. You can also subscribe to my monthly Prime Real Estate Las Vegas.com Home News Update by e-mailing me at Mike@PrimeRealEstateLasVegas.com or calling me at 702-370-3521 so I can add your e-mail address to the list.

With Sincere Gratitude,

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

For the “Duh” Moment of the Year, the National Bureau of Economic Research (NBER) just officially determined today (December 1, 2008) that the United States is in a recession. Is this the bureaucratic equivalent of being fashionably late to a party? How embarrassed must the press representative of the NBER have been to release such a dumb announcement? Instead of the saying “A day late and a dollar short” would this be “A year late and a few trillion short”?

NBER, Please Stand to the Right

The key to surviving and even thriving through an economic downturn is to not be recessed by the recession. It is a tough time, and everyone has to make strong budgetary decisions in this time, but it is in these decisions where you will look back and determine the true cost of the recession.

It’s all about what mindset you are in during this time, do you want to be a victim or do you want to take advantage of some great opportunities. There are some significant opportunities in the Las Vegas / Henderson, NV real estate market right now because of people afraid of the current economic climate. I suppose it is just human nature to get wrapped up in the doom and gloom and our memories fail to remind us that we have all been here before, and we’ll survive just like every other time the economy took a nose dive. Think back to where you were at the turn of the century for the Dot Com crash. How many different opportunities revealed themselves back then that you are just kicking yourself over?

Whether you want an investment property with almost built in positive cashflow or if you want to get that dream luxury home for literally hundreds of thousands of dollars less than what you would have to pay in a less panic-stricken time, there are some of the best opportunities to become wealthy through real estate in the Las Vegas / Henderson, NV area than there have been in a long time.

To get a private consultation of the many outstanding opportunities this Las Vegas / Henderson, NV real estate market has to offer, call me anytime at 702-370-3521 or e-mail me a Mike@PrimeRealEstateLasVegas.com.

Oh, and just in case representatives from NBER are reading this, just to get you caught up; the Earth is round, David Cook won American Idol, Obama got elected President and hopefully along with the recession this year, you also missed the remake of Knight Rider.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

With temperatures still in the mid to high 70’s here in the Las Vegas / Henderson area, we have to try a little harder here to remember that Thanksgiving is right around the corner. Sometimes we think of the Thanksgiving holiday as a time to stuff our faces, watch some football and see family we don’t get to, maybe even don’t want to see very often. In all of the hectic traveling and non-stop cooking, we often do not get to reflect on what makes up the word “Thanksgiving,” which is Thanks and Giving.

Just Another Meal

Since I joined the Keller Williams family a few weeks ago, I have been overwhelmed with the generosity of the agents and the staff there. In an office of what most people would call competitors, you have a family of professionals sharing ideas, personal triumphs as well as failures. The people are there to extend a hand of support, give you a shoulder to cry on and hand you a pillow to scream at. Whether it is learning about the latest techniques for working with Bank Owned properties or it is ironing out a solid business plan, everyone in my Keller Williams office is involved in making all of us better professionals. Quite frankly, it has been an experience just getting used to it. But one thing I know…I really like it and I don’t want it any other way.

Today, my understanding of the outstanding generosity that is the cornerstone of the Keller Williams culture was taken to a new level. Today, our office held a Holiday Charity Auction for KW Cares. KW Cares is a non-profit public charity that helps Keller Williams Realty associates and their families through times of extreme hardship. One of our very own top agents spoke of how KW Cares gave much needed assistance to her family when her grandchild needed major brain surgery. Everything from gift baskets to wreaths and spa treatments to specially prepared dinners were all donated for us to bid on. I scored a framed poster from the movie, Goodfellas! In about 2 hours, the Holiday Auction raised over $6,000 for this marvelous charity! It was a great day for everyone involved, and more importantly, a great day for a great cause.

To find out more about KW Cares, please visit http://www.kwcares.org.

KW Cares

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

As more details emerge about the Economic Rescue Plan, affectionately known as The Big Bailout, news breaks today how the U.S. Government plans on helping secondary mortgage market entities, Fannie Mae and Freddie Mac, by using them to help troubled homeowners.

Pile O’ Money

The idea is to give Fannie and Freddie the power to be able to rework homeowners loans so that through lowering interest rates and extending terms up to 40 years, mortgage payments would be lowered to under 38% of the monthly household income. Some eligibility requirements would include that homeowners must be 90 days or more late in their payments, that they would have to owe at least 90% of their home’s current market value and that the homeowners would not file for bankruptcy.

This news comes hot on the heels of the announcement of how much FHA loan limits will be lowered to throughout the nation on January 1, 2009. The news is particularly significant for Clark County, Nevada (county of the Las Vegas / Henderson Real Estate Market).

In Clark County, Nevada, FHA loan limits will be lowered to $287,500 from its current level of $400,000 on January 1, 2009. Time is of the essence for those looking for a home loan between $287,500 and $400,000 to take advantage of FHA’s lower down payment requirements. Conventional loan limits however will remain at $417,000. A loan above $417,000 will still be considered a non-conforming or “Jumbo” loan.

For more detailed information how this news will affect your unique situation, or if you know of someone who needs this information, call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

While on November 7, 2008 I reported about potential deals to be made regarding The St. Regis Residences, Las Vegas, a press release of the 3rd Quarter Earnings Report put out by Las Vegas Sands on November 10, 2008 announced the indefinite delay of construction on the project. This announcement surely comes as a shock to all involved as I e-mailed my contact directly involved with the St. Regis Residences on the 7th and she knew of no changes to their plans at that time.

The following is a direct excerpt from today’s press release regarding The St. Regis Residences, Las Vegas:

In Las Vegas, development of the St. Regis Residences will be suspended indefinitely, although the completion of the podium component of the condominium tower, which will generate rental income from currently executed leases, will continue and is expected to be completed during the first quarter of 2009. The estimated cost to prepare the site for the delay and to complete the podium portion of the project is approximately $95 million.

Stay tuned to The Prime Real Estate Las Vegas.com Blog for further developments on this breaking story.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

In a filing with the Securites and Exchange Commission on November 6, 2008, Las Vegas Sands Corporation (LVS) announced a “substantial doubt about [LVS's] ability to continue.” The “doubts” LVS has is based on estimated financial projections for the 4th Quarter of 2008 and that due to a lack of revenue, LVS will not be able to meet certain covenants in their loans. When covenants are not met, lenders reserve the right to exercise whatever rights were decided upon should those covenants be not met, in many cases, this means lenders can exercise their acceleration clause, meaning the full loan amount would be immediately due.

I will not speculate as to what this means specifically for LVS, but in many cases where lenders exercise the acceleration clause, a solution for some companies would be to file for Chapter 11 Bankruptcy so that the company can re-organize their debt in the protection of the court system. It is extremely important to note that LVS has not filed for Chapter 11, and may very well raise the necessary capital to meet its loan covenants by December 31, 2008.

Las Vegas Sands Corporation owns the Venetian and Palazzo resorts here on the Las Vegas Strip and is in the midst of developing one of the most highly anticipated residential opportunities in the world, The St. Regis Residences, Las Vegas. In the early stages of construction, The St. Regis Residences, Las Vegas promises to be one of the most opulent places in the world to call home, with amenities that range from the signature St. Regis Butler Service to private art and cultural tours. In fact, The St. Regis Residences drip with luxury so much that a Barney’s New York will literally serve as its basement!

I have been referring to John D. Rockefeller’s famous quote quite a bit during this time of financial difficulty we have been enduring; “The way to make money is to buy when blood is running in the streets.”

Is now the time to take advantage of a company’s financial struggles and be able to buy one of the premier living experiences in the world at a relative discount? With the proven brand Sheldon Adelson has established with the Venetian and Palazzo resorts here in Las Vegas and abroad in Macau, is there any doubt that Las Vegas Sands will emerge from this difficult time as a stronger company once the credit markets ease and the economy recovers?

We can not time the bottom, but we can see something that is bloodied and battered. Does Rockefeller’s statement open the door for an incredible opportunity on an incredible opportunity? Stay tuned to the Prime Real Estate Las Vegas.com Blog for further developments regarding how LVS’s troubles will affect this rare and special opportunity that The St. Regis Residences, Las Vegas brings to those seeking the finest in Las Vegas Luxury Lifestyle.

Rendering of The St. Regis Residences, Las Vegas

For more information or a confidential consultation regarding the St. Regis Residences, Las Vegas or any of the exciting properties this exciting city has to offer, call me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com

**UPDATE**

11/11/2008 – St. Regis Residences, Las Vegas Indefinitely Suspended. Read about it here.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

November 4, 2008 will go down in history as one of America’s most significant moments. On this day, the United States of America voted for a new direction. On this day, a nation stood up and demanded peace, prosperity and intelligence. On this day, the entire globe cheered as a dark chapter of hatred and fear was put to rest, and a new age of compassion, respect and dignity was born. On this day, Barack Obama was elected as the 44th President of the United States of America.

President-Elect Barack Obama

While on this day, many will celebrate their candidate’s victory, many will also reflect on their candidate’s defeat. However, the paramount duty that lies before us is to now come together as one Unified Nation of Americans and blaze the path to success, peace and prosperity. Americans need to do this by finding common ground, by extending a hand of support and respect to our neighbors and by holding the people we have just elected to office accountable for the promises they made in this long campaign season.

Home ownership has, and will remain, the poster child for the American Dream. Over the last few years we have seen a rash of fraudulent lending practices, unrealistic budgetary decisions and an increase in the housing affordability gap. No place in this nation has this been more true than here in the Las Vegas / Henderson, NV real estate market. Throughout their campaign, Barack Obama and Joe Biden have had a written policy on how they plan to address these issues if they were so fortunate to be chosen. Well…they were chosen. Now it is up to all of us; red, white and blue, to make sure they keep the promises they made to all of us.

Below is the written policy Barack Obama and Joe Biden have provided in regards to Protecting Homeownership and Cracking Down on Mortgage Fraud. Read it and refer back to it. I hope we will all continue to be involved in our political process to ensure these written policies become realities.

The following is taken directly from:
http://www.barackobama.com/pdf/issues/MortgageFactSheet.pdf

PROTECTING HOMEOWNERSHIP & CRACKING DOWN ON MORTGAGE FRAUD

The implosion of the subprime lending industry threatens to bring foreclosure to up to 6.5 million households nationwide, and continues to fuel our economic downturn. Over the past several years, ten of the country’s largest mortgage lenders were spending more than $185 million lobbying Washington to let them get away with aggressively selling loosely-regulated, high-risk mortgages.

Barack Obama and Joe Biden recognize that the real victims in the subprime mortgage crisis are the millions of borrowers who followed the rules and whose only crime was taking out mortgages that lenders told them they could afford. Normally, these borrowers, their neighbors who have been inadvertently pulled into our national foreclosure crisis, and the tens of thousands of Americans who have lost their jobs in the current recession could avoid foreclosure by refinancing their mortgages or selling their homes. Today’s borrowers lack the refinancing and selling protections that used to help out families during a tough period. Too many families are unable to refinance because no one will lend to them, and they are unable to sell their homes because the housing market has fallen. Obama and Biden will fight to ensure more Americans can achieve and protect the dream of home ownership.

I. PROVIDE A NEW MORTGAGE INTEREST TAX CREDIT

Barack Obama and Joe Biden will provide a greater number of Americans with the financial assistance they need to purchase or keep their own home. Many middle class Americans do not receive the existing mortgage interest tax deduction because they do not itemize their taxes. As a result, primarily wealthy Americans benefit from this homeownership tax incentive. Obama and Biden will ensure that middle-class Americans get the financial assistance they need to purchase or keep their own home by creating a 10 percent universal mortgage credit that give tax relief to Americans who have a home
mortgage. The Obama-Biden proposal will provide 10 million homeowners, most of whom earn under $50,000 per year, with an average of $500 in savings. This tax cut will provide direct relief to many homeowners who are struggling to maintain their mortgage payments.

II. COMBAT MORTGAGE FRAUD AND PREDATORY SUBPRIME LOANS

Barack Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation nearly two years ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama’s STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious
activity. This bill also provides counseling to homeowners and tenants to avoid foreclosures and increases the ability of borrowers with risky mortgages to protect themselves in foreclosure proceedings. Finally, Obama’s bill requires the Government Accountability Office to evaluate and report to Congress on various state lending practices so that state regulations that undermine consumer’s rights can be identified and hopefully eliminated.

III. MANDATE ACCURATE LOAN DISCLOSURE

Today’s subprime mortgage problem stems in large part from the lack of easy-to understand information that borrowers receive from mortgage brokers. As president, Barack Obama will enact laws to ensure that all prospective homebuyers have access to accurate and complete information about their mortgage options. Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for
home mortgages. The HOME score will allow Americans to easily compare various mortgage products and understand the full cost of the loan. The HOME score would also help borrowers understand their long-term obligations and would be required to include mandatory taxes and insurance. Obama and Biden will also support efforts to improve financial literacy within communities most likely to be targeted by predatory lending practices.

IV. CLOSE THE BANKRUPTCY LOOPHOLE FOR MORTGAGE COMPANIES

The 2005 bankruptcy bill, which Barack Obama opposed, is expected to have serious effects on low and middle-income borrowers of subprime mortgages. While investors who own multiple homes and people with vacation homes can renegotiate those mortgages in bankruptcy, current Chapter 13 law requires ordinary families to stick with the original terms of their home loans—regardless of whether the loan was predatory or unfair. Obama and Biden will repeal this provision so that ordinary families do not
suffer this unfair treatment.

Recommended Links:

Barack Obama’s Website
Obama’s Housing Policies
Barack Obama’s Speech in Chicago, November 4, 2008

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

I always try to learn a lesson from every experience I have. I’ve already blogged about what Seinfeld and some sponges taught me about the financial crisis. Yesterday, I was so excited to go have one of my favorite lunches, the lunch buffet at a nearby Lebanese restaurant. When my grumbling stomach approached the “Please Wait To Be Seated” sign, my entire world quickly crumbled before my feet as I peered around the corner and saw the buffet wasn’t there! This blog is what the closing of a lunch buffet taught me about marketing real estate in the Las Vegas / Henderson, NV area.

A Grumbling Stomach’s Best Medicine

What was sure to be an upcoming feature in my Why I Love Las Vegasseries, this buffet of Lebanese delights was spectacular! Delicious and different from the norm, it was one of my favorite places to go for lunch. But alas, it is no more. The waiter stated that, “It wasn’t bringing in the business we thought it would.” as reason for eliminating the lunch buffet except for Sundays.

I thought to myself, was the buffet the actual problem for lack of business, or is this closure just another case of fixing the wrong problem with the wrong solution. The buffet was incredible. Delicious. Every time I went, the few people that were actually there would vocally state their delight with the buffet. It was priced well considering the remarkably high quality of food you would get, around $14. Also, it should be noted that the lunch buffet was just an option, and you could always get the full service menu at all times.

The problem this particular restaurant is having is simply a lack of business. Is this due to them having a lunch buffet? Absolutely not! If that were the case, then the place would be packed and everyone would just be ordering from the menu. In reality, the buffet was probably the sole thing that kept the few patrons they actually did have at lunchtime. What this restaurant needed was to get people in the door, the quality and value of the buffet would have kept them there and have them come back again.

Ok, so what does this have to do with selling real estate? It has everything to do with it! I always tell people that there are three components to getting a house sold; Preparation, Marketing and Pricing. You might have the most well put-together home in the neighborhood at the best price in the neighborhood, but it doesn’t mean squat if no one knows about it!

Marketing real estate is not just about putting an ad in the paper, listing it in the Multiple Listing Service and sitting back and praying. You need an innovator when it comes to marketing your home. While this restaurant spent its marketing dollars so their base target knew about it by confining their marketing efforts to Lebanese / Middle-eastern publications, they missed an opportunity to appeal to a much larger, much more diverse audience by not tweaking their marketing.

Maybe something like, “When you’re sick of the same old sandwich, try our buffet.” Or maybe, “In a hurry for lunch? Delicious and nutritious delights await your arrival.” Do something! Don’t fix what ain’t broke! Discover the problem and then get the professional expertise that knows how to fix the problem. It’s true for restaurants, and it’s true for real estate.

Success is out there, you just have to have the right guide to find it. Whether it is for getting people to show up in a restaurant or marketing luxury homes in the Las Vegas / Henderson, NV area, it takes the expertise of a professional that understands the importance of innovation. It’s not just being seen by a big number of people, but it is having the ability to connect with a big number of people. Anybody can blow a bunch of money in marketing, but it takes innovation to make the connection.

To find out how I would use innovation to market your home in the Las Vegas / Henderson, NV area (or at least tell me where I can find another good Lebanese lunch buffet), contact me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

On October 31, 1864, the territory of Nevada became the 36th state. Nevadans now celebrate this day as Nevada Day.

Seal of the State of Nevada

“Battle Born” due to our statehood being declared during the Civil War, Nevada has come a long, long way in these past 144 years. Where much of Nevada in the beginning was just a series of rest stops for people going to and from California, Nevada with the Las Vegas / Henderson area in particular, is now one of the most popular destinations for people not just relocating from California, but people relocating throughout the world. Job growth, low taxes, sunshine and unparalleled dining, shopping, and entertainment is why thousands relocate to the Las Vegas valley every month.

Over these past 144 years, Nevadans have been witness to an engineering marvel harnessing the power of a river with the Hoover Dam, helped the Allies win World War II with the magnesium mines in Henderson, and is now one of the most exciting places in the world to live with projects such as the largest privately funded project in the history of the Western Hemisphere, MGM/Mirage’s CityCenter.

Where Nevada and the Las Vegas / Henderson area have gone through, and continue to go through, so many transitions, the future of the Las Vegas valley will be enriched with the finer things of a luxury lifestyle. From its humble beginnings as a place to rest for weary travelers, Las Vegas now features some of the finest spas in the world. Where there was once landscape parched from the desert sun, now we have the magnificent architectural wonders of the Las Vegas Strip sparkle in that very same sunshine. From a territory with a sparse population, we are now a State that boasts a booming and diverse group of residents. The Las Vegas / Henderson real estate market features some of the finest living experiences in the world. I am proud of this state and this city, and it is my pleasure to share those experiences with you.

Happy Nevada Day, everyone! May the next 144 years be as exciting as the last!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The information contained in this blog is often considered time-sensitive and/or can change without notice, and should be treated as such. The opinions of this blog are solely that of the author, and do not reflect the opinion of Keller Williams Realty.

I am excited to announce to my friends, family, clients and colleagues that I have joined the family of professionals at Keller Williams Realty – The Marketplace, here in the Las Vegas / Henderson, NV real estate market.

Keller Williams Realty Logo

In a time where the Las Vegas / Henderson, NV area is going through one of the most exciting transitional periods in its history, I feel there is no better time than now to affiliate myself with the brokerage leading the way with cutting-edge technologies and contemporary real estate trends. I am excited and honored to work with Keller Williams Team Leaders and brokers, Chad Hyams and JC Melvin to not only discover new ways in which I can enhance the experience of my clients, but to also enhance my own personal experience within my business.

Keller Williams Realty offers their agents a second-to-none training system developed by company founders, Gary Keller and Joe Williams. No matter how much a great agent knows, a great agent will never cease the quest to learn, and Keller Williams offers invaluable opportunities for professional development.

As the Las Vegas Valley continues to flourish with unprecedented and exponential growth, I look forward to a long, prosperous and rewarding future with my new friends and colleagues at Keller Williams Realty – The Marketplace.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

With my first major interview with the Associated Press regarding the Las Vegas / Henderson, NV real estate market, comes my first quote out of context regarding the Las Vegas / Henderson, NV real estate market!

On October 23rd, I received a call from Alex Veiga, who is an AP Business Writer. Alex wanted to get my take on the current state of affairs here in the Las Vegas area and how I thought the current financial mess was going to affect the booming numbers we have been seeing with Home Buyers taking advantage of the Las Vegas real estate market. The phone interview lasted about a half an hour.

For the most part, Mr. Veiga represented the portions he used of our conversation well, and he displayed a professional depth of knowledge in the subject matter for what he was writing about. There is just one line Alex wrote in his report that is making my eye twitch a little, and it is this one:

Homes listed at below $300,000 are luring multiple offers, while those above are having a tough time getting any takers, Dobranski said.

Notice there are no quotation marks around the previous statement. It’s because I really didn’t say it. If I recall what I said, which I’m sure I can because I give the same spiel to everyone I see, it’s that the majority of the focus for home buyers in the Las Vegas / Henderson, NV real estate market is found at $250,000 and below, causing many properties in this range to be in multiple offer situations. Homes $400,000 and above are seeing less activity, but there are some incredible opportunities out there for those that hunt them out.

So, I sort of said what was written in the article, but I sort of didn’t. In any event, it was an honor to be called on by a member of the Associated Press to share my expertise of the Las Vegas / Henderson, NV real estate market with the readers of whatever publications pick this article up.

To read the article in its entirety, check it out at http://news.ino.com/headlines/?newsid=6894146678710.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The Michelin Man continues to honor Las Vegas’ collection of exquisite restaurants with Michelin’s distinguished awards again gracing kitchens throughout the Las Vegas valley. With so many fine dining establishments at our doorsteps, there is no doubt why those seeking the finest in luxury living are choosing the Las Vegas / Henderson, NV area to call home. With so much already here, there are so many more fine dining experiences still to come.

In the 2009 edition of the Michelin Guide – Las Vegas, Chef of the Century, Joel Robuchon, once again claims the most coveted Three Star rating at his self named restaurant in the MGM Grand on The Las Vegas Strip. Local food icon, André Rochat took home two One Star awards for his Alizé atop The Palms and André’s in downtown Las Vegas.

Below is the complete list of Las Vegas award winners. The official release and celebration of the 2009 Las Vegas edition of the Michelin Guide will be on October 22, 2008 at Wynn Las Vegas, which houses three distinguished award winning eateries.

2009 Michelin Guide for Las Vegas Restaurants & Hotels

Michelin Guide, Las Vegas-2009 Award Winners

Three Stars (***) – Exceptional Cuisine, Worth A Special Journey

Two Stars (**) – Excellent Cooking, Worth A Detour

One Star (*) – Very Good Restaurant In Its Category

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

If we had a dollar for every time the word “crisis” has been said in the past few weeks in the national media, we would be able to pay for this $850 Billion Bailout legislation and then some. The amount of blogs have been noticeably light these days from myself and many of my Real Estate Professional colleagues, because really….what are we going to talk about?

There is almost a futile sense to be a singular voice against the masses about buying real estate in Las Vegas right now. The panic brought on by the government and national media has caused a flurry of citizens throughout the world to stuff their hard earned money in mattresses, rather than calm the fears and show how even in tough times, there are stunning opportunities in the Las Vegas real estate market as well as other metropolitan areas throughout the world.

While stocks continue to plummet, there are perfectly good homes in the Las Vegas / Henderson, NV area sitting out there below 20%-30% of current market value. Instead, people go the “safe” route stuffing their money in low-to-no yield T-Bills.

I’ve got a big mouth, but not big enough to be heard over the roar of panic we are hearing in the news and from our very own representatives in Washington. So instead of blabbering on about all of the great real estate opportunities here in the Las Vegas / Henderson, NV area, I just want to post a picture of really cute puppies that will bring a smile to everyone’s face in a time of epic crisis. When you are feeling down and out with what is happening on Wall St., just look at the puppies and remember, this too shall pass.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Rumored among the entertainment circles for weeks now, MGM Mirageand Disney Theatrical Productions made it official today that the Broadway version of The Lion King will come to Mandalay Bay.

Characters from Disney’s The Lion King

Set to begin in previews on April 20, 2009 with an official opening date for May 2, 2009, The Lion King replaces the smash success, Mamma Mia! which is slated to have final bows on January 4, 2009 in the Mandalay Bay Theatre. The Las Vegas production of The Lion King will join six other companies currently running in; New York, London, Hamburg, Paris, Tokyo and Fukuoka. With the only other full time company in North America being in New York, demand is expected to be high for the upcoming Las Vegas company.

In today’s press release by MGM Mirage, Bill Hornbuckle, president and chief operating officer of Mandalay Bay, said, “We are known for offering our guests exciting and spectacular entertainment options. The addition of THE LION KING, one of the most successful production shows in history, will continue this tradition. We are certain THE LION KING’s international appeal will be embraced by Las Vegas locals and visitors alike.”

This show should be a local favorite, with the Las Vegas / Henderson metropolitan area now having well over 2,000,000 residents! Las Vegas is truly coming into its own as not just a major tourist destination, but a highly respected metropolitan center with tremendous strides in the arts, medical facilities, educational institutions and employment opportunities. And hey…with gas prices where they are, can you imagine a better place for that “staycation” everyone seems to be taking these days?

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

When you want to buy an original Picasso, check out the latest line from Louis Vuitton, see if the new iPhone is right for you, and want to eat a corn dog on a stick while you are doing it…there is no better place in the world to go than The Fashion Show mall on The Las Vegas Strip.

The Fashion Show with Trump International Hotel & Tower in Background

The Fashion Show mall, located on The Las Vegas Strip directly across from Wynn Las Vegas and just kitty-corner to the Palazzo Resort Hotel and Casino, is in the epicenter of what is quickly becoming the most sought after destination for luxury living in the world; Las Vegas.

Fashion Show boasts over 250 shops and restaurants as well as flagship department stores which include; Saks Fifth Avenue, Dillard’s, Neiman Marcus, Bloomingdale’s Home, Macy’s and Nordstrom. Some of my own personal favorite places to shop (which will all probably get their own Why I Love Las Vegas feature soon) include the Apple Store, Centaur Art Gallery, Ethel’s Chocolate Lounge, and some great restaurants like Maggiano’s Little Italy and Cafe Ba Ba Reeba.

Some Shops Inside Fashion Show

Although the collection of incredible stores, boutiques and restaurants under one roof make Fashion Show one of the most unique places to shop in the world, what might be the most exciting feature is the live fashion show that takes place in the middle of one of the mall’s heavily traveled concourses. A catwalk literally rises from the ground and the beautiful people strut their stuff showing off fashionable wear available at one of the many stores within the mall. The Fashion Show Attraction happens on Friday, Saturday and Sunday, starting at noon and happening every hour on the hour until the final show at 6pm.

Where the Fashion Show Mall Gets Its Name

The Fashion Show Mall is truly a place where you can spend all day being immersed in the finest goods, art, food and services the world has to offer. From Dior to Dali, the Fashion Show Mall is certainly a significant reason Why I Love Las Vegas!

Fashion Show Mall from Wynn Las Vegas

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Update:Direct quote by Donald Trump corrected to his exact verbiage from referenced interview. (09/24/08)

In an interview on CNN on September 24, 2008 at about 11:20am PST with anchor Kyra Phillips, real estate mogul Donald Trump stated that, “This is a great time for people to go out and buy real estate. Better than maybe anytime in the last 30 years.” This is a huge statement from a man that I think we can all agree on knows a thing or two about real estate purchases.

Donald Trump

In a previous blog, I proposed that there really is no such thing as a good or bad time to buy real estate, but there are just good deals and not so good deals out there. I interpret The Donald’s statement in that there are just a ton of great buys out there right now, which real estate professionals have known for the past year.

As a Real Estate Professional in the Las Vegas / Henderson, NV area, I can only hope that this diamond of a powerful statement by a powerful man will shine in the rough that has been the continual negative news pouring from the national media.

Before pre-judging whether something is “bad” or “good”, or “possible” or “impossible,” we all need to be informed of the real situation. Real estate is such a complex entity, that no one blanket statement truly portrays it in a realistic light. Every opportunity should be examined on an individual basis. To find out more about what opportunities this market brings benefit to your unique situation, call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

With out a doubt, my favorite television show of all time is Seinfeld. My wife and I watch this show, now in syndication, to pretty much an embarrassing degree. We’ve seen each episode dozens of times, and have taken hundreds of life-lessons from the “show about nothing.” This current credit market reminds me of the episode where Elaine needs to determine the “spongeworthiness” of the men she dates. (Yes…I know I need intense psycho-analysis…but hear me out for a second.)

Cast of Seinfeld

In case you aren’t familiar with this episode, in the show, Elaine’s contraceptive of choice is a certain brand of sponges. When she gets word that the sponges she likes are not going to be made anymore, she goes throughout New York City and tries to stockpile as many sponges as she can. She finally finds a pharmacy with a gross of them left, so she buys them all up. With now having a finite amount of sponges at her disposal, she is faced with the dilemma of determining if her male companion is “sponge worthy” or not.

Right now, lenders are deciding that many Americans aren’t “sponge worthy.” The state of the financial markets right now are putting lenders in a position where they have an extremely limited amount of funds to lend out to potential home buyers. This has caused a lot of potential home buyers to have to wait for their turn, thus having many homes that would otherwise be bought sit on the market for longer then they would have to.

The U.S. Government has now, through a whole series of bailouts already approved and in the works, poised to infuse the financial markets with what could be over 1 trillion sponges. It might be the Age of Free Love all over again!

With this possible $1 trillion being added to the financial markets, loans will be easier to get, and many of the people waiting in line or sitting on the fence with the Las Vegas / Henderson, NV real estate market will turn from “willing” buyers to “willing and able” buyers. With thousands of people still moving to the Las Vegas valley each month, will this be the spark that re-ignites the home buying fire again?

People want to live in Las Vegas, people want to buy a home in Las Vegas, and now with possibly over a trillion reasons for lenders to ease credit restrictions, people will be able to buy a home in Las Vegas.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Earllier today, MGM Mirage announced the all-star line up of culinary wizards slated to set up shop at CityCenter’s ARIA Resort and Casino. Scheduled to open in 2009, ARIA will serve as the centerpiece to the most ambitious luxury project on The Las Vegas Strip.

Julian Serrano

The following excerpt is taken directly from the press release issued today by MGM Mirage:

ARIA has assembled many of the best and brightest chefs and restaurateurs from around the country, uniting those who have played integral roles in the development of Las Vegas’ culinary scene with a pair of remarkable Las Vegas newcomers. Sirio Maccioni, Michael Mina, Julian Serrano, Jean-Georges Vongerichten, The Light Group and Jean-Philippe Maury, who run acclaimed eateries at Bellagio, The Mirage, MGM Grand and Mandalay Bay, will be joined by Masayoshi Takayama, the world renowned chef of the famed Masa in New York City and Shawn McClain, celebrated executive chef and partner at three of Chicago’s top restaurants.

“Over the last two decades, Las Vegas has evolved from a buffet town into the global culinary epicenter it is today,” said Bart Mahoney, vice
president of food and beverage at ARIA. “When it opens late next year, ARIA will forever change the skyline and create a new Las Vegas experience for
millions of visitors. With such a stunning project, it is only fitting that the chefs and restaurants follow suit.

Shawn McClain

Being basically an elevator ride away from what will be one of the most prized collection of restaurants in the world will certainly make the, “Hey honey, what’s for dinner?” conversation that much more exciting!

The bar for luxury living in Las Vegas continues to rise with each new development with this project. Stay tuned to The Prime Real Estate Las Vegas.com Blog for all of the latest developments on The Las Vegas Strip and beyond!

Other Blogs Regarding CityCenter:

ARIA Resort and Casino Tops Off
CityCenter Bucks the Las Vegas Trend With Price Increases

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

CityCenter (Aria Resort and Casino in rear center of rendering)

As Wall Street crumbles and the state of panic grows in the financial sector, the new 61-story, 4,000 room Aria Resort and Casino that is the centerpiece of MGM / Mirage’s CityCenter has topped off.

Scheduled to open in December of 2009, the Aria Resort and Casino will be home to some of the finest gaming, shopping, dining and entertainment that the Las Vegas Strip will have to offer including 300,000 square feet of convention space and a new Cirque du Soleil production based on the music of Elvis Presley.

The Aria Resort and Casino is the second tower within CityCenter to top off. The Vdara Condo / Hotel topped off back in May. The other towers, which have residential elements to them include; The Residences Mandarin Oriental, The Harmon Hotel and Spa Residences, and the Veer Towers. These condos offer one of the most exciting and unique living experiences in the world by bringing all that The Las Vegas Strip has to offer at your door. The successful topping off at Aria brings this incredible opportunity that much closer!

CityCenter Bucks the Las Vegas Trend With Price Increases

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

It seems like I have been fielding a lot of questions lately from people looking to relocate to the Las Vegas / Henderson, NV area from not just out of state, but out of country as well. I thought I would write on a few points to maybe help calm the concerns of the long-distance purchase.

Thanks to technology, the ability for me to be your eyes and ears here in the Las Vegas / Henderson, NV area has never been easier. While I hear so many concerns about the lack of photographs available for some of the properties found online, my home buying clients can rest assured that I will personally preview properties that match the criteria they are looking for and I can e-mail you pictures I would take of each of the properties. I can also take video for you and set up a private page on YouTube for you to view video footage of properties in question at your leisure.

Anything that makes this process easier for you is what a good REALTOR® will do. I have even done walkthroughs of homes while on the cell phone with out of state clients, giving them “play by play” analysis of the homes live as I walk through them myself.

After the property is chosen, then all of the paperwork can easily be sent by fax or e-mail, and just as I would consult a client next to me at a table, we can go over any contracts or other paperwork page by page over the phone. Just think of how much more enjoyable paperwork would be if we could always do it in our pajamas!

My stance is that anything that can be done to make the process easier and more enjoyable, will be done. Above all, communication is the most important aspect of any transaction, so if you or any one you know is looking at buying a home in the Las Vegas / Henderson, NV area contact me with any concerns you may have.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

There are sandwiches out there…and then there are the monstrous plates of delicious found at The Weiss Restaurant Deli and Bakery in the Green Valley area of Henderson. While the Weiss Deli is located on the southeast corner of Sunset Road and Green Valley Parkway, you would swear you were in the middle of Manhattan with some of the best Jewish Deli selections this side of the Mississippi!

The Weiss Restaurant Deli and Bakery

Chef Michael Weiss creates some truly tasty dishes, making it nearly impossible to name a favorite. Breakfasts feature made to order omelettes, French Toast that will make you not want any other, different variations on the staple Eggs Benedict, among all of your favorite breakfast foods.

It is a true Jewish Deli with all of the lox you can handle. The Bakery side of the Weiss Deli gives you access to some of the finest breads and bagels in the entire valley. Try a Sesame Bagel with the Scallion Cream Cheese. No need to send a thank you note!

The Matzoh Ball Soup is one of the lunch time favorites featuring a Matzoh Ball that has its own gravitational pull, it is so big. The fresh bread and incredible meats at the Weiss Deli make for some sensational sandwiches. Whether it is the Corned Beef, Brisket, Roast Beef, or Turkey….you just can’t go wrong. There is a whole variety of other items on the menu that go from burgers, to chicken tenders and salads to fruit plates. The Potato Latkes are yet another item that makes this particular restaurant stand out.

Corned Beef Sandwich with Potato Salad

One thing I need to mention, is something I am very serious about. There are moments that happen throughout the course of a human being’s life that are always remembered and truly treasured memories. Things like a first kiss, graduating from college, seeing your first child born…and then there is the first time you will have the Brown Gravy at the Weiss Deli. WOW! You need to try this, and you need to dip everything you can in it. The best Brown Gravy. Ever. (my suggestion is the Brisket Hot One)

What Jewish Deli would not be complete with Black and White Cookies and Egg Creams? The Weiss Deli has them, and they, just like everything else in this Green Valley treasure, are delicious.

Open everyday from 8am to 7:30pm, the Weiss Restaurant Deli and Bakery is located at 2744 N. Green Valley Parkway in Henderson. It is one of the favorite food places in Henderson, and certainly a big reason Why I Love Las Vegas!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

With headline after headline of the falling prices of the Real Estate Market in the Las Vegas / Henderson, NV area, MGM Mirage’s gargantuan CityCenter project on the Las Vegas Strip has bucked the trend with price increases.

CityCenter

For those not familiar with the now nearly $10 Billion project, CityCenter is comprised of several different elements:.

• Aria Resort and Casino – a 61-story, 4,000 room hotel
• The Residences Mandarin Oriental Las Vegas – Luxury Penthouse Residences atop The Mandarin Oriental Hotel
• Veer Towers – The only fully residential property at CityCenter
• The Harmon Hotel, Spa & Residences – Luxury Residences above the already Leading Hotels of the World member hotel.
• Vdara Condo Hotel – The only property at CityCenter featuring a Condo / Hotel element
• The Crystals Retail and Entertainment District – Luxury shopping, dining and entertainment at its finest with 500,000 square feet of opulence.

The last price increase for the varied properties at CityCenter happened in April of this year, which marked an approximate 3% increase. Prices are again due to increase which shows that the interest and enthusiasm of what The Las Vegas Strip has to offer is still strong.

Mandarin Oriental Las Vegas

The Residences Mandarin Oriental Las Vegas are already 93% sold, and only have penthouses left to offer starting at about $4 Million. Still over a year from completion, this demonstrates the thirst for luxury living on the Las Vegas Strip.

While no specific day was disclosed to when prices will rise or to what degree, I was reliably informed that it is “imminent” and that “it is ready to happen, and just needs to be signed off on.”

Another piece of news I thought important to share is that the way CityCenter was going to be opened to the public has changed. While originally it was slated to open up in toto in November of 2009, I have been informed that the plan now is to have a staggered opening (much smarter) that will begin in August of 2009 with the Vdara Condo Hotel and then have the other properties open periodically until the crown jewel of the Aria Resort and Casino opens in December of 2009.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

With the Las Vegas / Henderson Real Estate Market being one of the hardest hit by the national foreclosure crisis, the Homeownership Policies of the two major candidates for President, Barack Obama and John McCain may be more important here than most places in the country.

While the main issue unique to Nevada is the use of Yucca Mountain as a nuclear repository, to which Obama opposes and McCain supports, how the candidates plan to stabilize and boost the housing market is an issue Southern Nevadans are taking a close look at.

This blog is not intended to take sides, it’s just meant to present the issues and direct you to places to go to find out more information so you can make your own informed decision come November 4th. At least it’s my intent….we’ll see!

While I couldn’t find anything directly on John McCain’s website in regards to his policies on home ownership, I came across an essay he wrote for Forbes.com. In this essay he calls on the mortgage industry to ensure homeowners know what they are getting in to. He also emphasizes in several different contexts the need for homeowner’s “financial sacrifice” through down payment and equity requirements to qualify. What exactly those requirements would be were not disclosed in the Forbes essay.

McCain calls on lenders being held accountable for acting responsibly for both loan origination and securitization.

McCain states that overall economic growth is the key to the federal government to help ease the mortgage crisis we are in. In an article for REALTOR®, McCain says how better paying jobs is how we close the housing affordability gap.

Barack Obama also emphasizes the transparency to home owners on what they are getting in to for their mortgage. Obama proposes making a Homeowner Obligation Made Explicit (HOME) Score that would standardize and simplify mortgage terms, similar to APR’s. This way home owners should be able to compare and contrast mortgage products much more easily.

In addition to economic growth, Obama proposes a $10 billion Foreclosure Prevention Fund that works alongside state, local and community nonprofit efforts for homeowners facing foreclosure to renegotiate the terms on their mortgage.

Obama also wants to ensure accountability in the lending industry by way of his STOP FRAUD Act that he introduced to Congress over a year ago (Press Release dated April 25, 2007). The STOP FRAUD Act gives a federally defined definition of “mortgage fraud” and increases federal and state funding for enforcement programs, and creates criminal penalties for lenders found guilty of mortgage fraud.

I suggest that we all go directly to the source and find out about the issues that matter to us most. I’m sure this blog will bring up many questions and opinion. If you have any questions regarding these two candidates’ policies, I would be happy to contact both campaigns and find out more about the issues regarding the local and national real estate market that concern you most. Be sure to check out the Recommended Links below!

Recommended Links:

Barack Obama’s Website
Obama’s Mortgage Fact Sheet
Obama / Durbin STOP FRAUD Act Press Release
John McCain’s Website
McCain’s Essay on Forbes.com
REALTOR® Magazine Presidential Q & A

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

I’ve decided to kick off this new blog series with the best (or baddest, in their language) live band I have ever heard, and they just happen to be here in Las Vegas.

Santa Fe & the Fat City Horns produces some of the most exciting, highest quality music in the entire Las Vegas valley, and they bring it to you for FREE every Monday night starting at about 10:30pm at The Lounge in The Palms Casino and Resort.

It’s hard to peg an exact style to Santa Fe, as they are heavily influenced by jazz, rock, latin and funk music, quite often using a unique blend of all four to produce a voice that is truly their own. While they will play covers from such icons like Earth, Wind & Fire, they also put their own flavor on tunes such as Come Together by The Beatles and Rosanna by Toto. The big problem with listening to Santa Fe perform these tunes is that after you hear Santa Fe’s take, you’ll probably not want to hear them any other way! It’s not all covers though and the original tunes, written for the most part by band leader Jerry Lopez, are first rate selections worthy of radio play across the globe. Band members Nathan Tanouye and Dave Richardson also write original material and horn arrangements for the band. Check out the opening horn lick for their original, Negrita written by Tanouye. It’s just filthy good.

The heart of Santa Fe, however, comes from the world-class quality of the performance of this music. Santa Fe is literally a who’s who of the top musicians Las Vegas has to offer. In fact, The Fat City Horns component to Santa Fe was picked up in its entirety by superstar Bette Midler for her own show at Caesars Palace. Researching other shows throughout town to tweak her own, Midler saw Santa Fe & The Fat City Horns one Monday night and couldn’t resist from using the six member horn section for her own gig. Members of this band regularly perform with all of the top headliners and shows on the Las Vegas Strip and abroad. From the vocals, to the horns, to the percussionists, to the keyboards, guitars and bass, this band is a musical stud farm. These boys are good.

Confirmation of the quality comes from the “standing room only” audiences at their Monday night performances. Lopez often remarks that most of the audience can do the gig, and it is true. The audience is always packed with other musicians and entertainers in town. Lopez calls it a “healing” for everyone involved. When top entertainers and musicians come through town to perform for a night or two, they jump at the chance to see Santa Fe perform and even get to sit in with the band for a few tunes. Members of bands like Earth Wind & Fire, Chicago, and Prince regularly jump at the chance to be part of the Santa Fe experience. You never know when local headliners such as Clint Holmes or Wayne Brady will sit in and sing a few tunes.

If you like live music done well, then Santa Fe & The Fat City Horns needs to be on your “to do list.” This great band is certainly a reason why I Love Las Vegas!

Who: Santa Fe & The Fat City Horns
Where: The Lounge at The Palms Hotel and Casino, Las Vegas, NV
When: Starts about 10:30pm on Monday nights
How Much?: FREE….just buy a drink or two (or 6) and tip your waitress!

Recommended Links:

Santa Fe & The Fat City Horns Website
Santa Fe & The Fat City Horns Blog by Bobby Gladd
The Fat City Horns Webpage

Pictures courtesy of Bobby Gladd. Thanks Bobby!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

When consulting Home Sellers in the Las Vegas / Henderson,NV area, I always say that there are three main components to getting a home sold. Preparation, Marketing and Pricing.

With the overwhelming amount of distressed, Bank Owned properties in the Las Vegas / Henderson, NV Real Estate Market, Preparation is more important than ever for a motivated home seller to get their home sold.

From having the benefit of representing a diverse collection of home buyers in the Las Vegas / Henderson, NV market, I can not begin to tell you the sigh of relief that is emitted when a weary home buyer walks into a well put together home.

I think back to my college days at Ithaca College in Ithaca, NY. Ithaca College is a private college and costs a fortune to attend. While I was going there it was right around the $30,000 per year mark (I think it is above $40,000 today). The college would have selected days where they would have large groups of potential students and their families come up to the college to check things out. They would spend the time leading up to these days polishing the floors, making the flower beds pristine, and putting a sparkle on this campus that we all wish lasted year round. While we all heard the parents say, “This place is just too much money.” when they first arrived, families were clamoring to sign on the dotted line before they left.

The college put on a dog and pony show of epic proportions to win families over. The college commanded a higher price not just because of the quality of the education provided, but because of the quality of the projected image it gave to the public.

It is this same concept that we need to apply to homes on the market. In this sea of trashed and distressed homes that we are drowning in, home sellers need to project the image that what they have to offer is worth the price of admission. This is an advantage that home sellers can use today.

While preparation is only one component to getting a home sold, it is the ace that owner occupied homes hold over the foreclosed properties in today’s market.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

I am excited to announce a new weekly blog series; Why I Love Las Vegas!. This new series will feature all of the different people, places and events of why the Las Vegas / Henderson, NV area is my favorite place to live.

The Why I Love Las Vegas series is intended to be an interactive forum for people living in the Las Vegas area, people new to the Las Vegas area, people visiting the Las Vegas area, and people moving to the Las Vegas area. Please comment away about your experiences and what you love about our great metropolitan area. Let’s share what we know that makes this city not just a great place to play, but the best place to live.

If you have any suggestions on subjects you would like me to cover, please either comment here, or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Stay tuned for the first installment of the Why I Love Las Vegas series next week!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

I hate salesmen.

Here I sit writing this blog as my brokerage calls its agents Real Estate Sales Executives with my Real Estate Salespersons License by the great State of Nevada that I worked so hard to get…and I despise salesmen.

This past weekend, my wife and I went to a major local electronics store shopping for supplies and accessories like blank CD’s and cords to connect various electronics we can no longer live without to other electronics we can no longer live without.

Of course, in the back corner of this store (which will remain nameless to protect the ignorant), stand the televisions. Mmmmm……televisions. There just happens to be 70 inches of space on our living room wall just begging to have 70 inches of television on it, so I wanted to see if they had on display a particular brand and model that I have been researching. This particular model has made it to the top or near the top of just about every major professional review that is out there.

We walk around to see what they had to offer, when a sales rep comes by and asks if he could help us. I said, “Yes, I was wondering if you had X Model of Y Brand on display.” to which he replied…

“No, but how about I show you something four times better.”

Argh…..my eyes must have made several revolutions up into my head as my “sales shields” automatically went to High Alert. This sales rep immediately created a situation where every word that passed his lips from that point to be scrutinized, washed, scrubbed and picked apart by me. He could have told me that the sun was going to rise tomorrow, and there would now be doubts in my head.

And now we get to what came out of the sales rep’s mouth that followed his stellar opener. He proceeded to not only give me the stats about the model of television he was trying to peddle (which is understandable), but he went on to not only trash the model I was looking for, but the country it was made in and the opinions of those that I respect regarding this particular model (which is inexcusable). My wife and I left as soon as we could, trying to scrape the garbage off that we were just assaulted with.

Houses are no different than televisions. While my license says salesperson, my duty is consultant. I do not see my job when representing home buyers in the Las Vegas / Henderson, NV area is to sell a home, as the homes will generally sell themselves either way. My duty is to present my clients with the best opportunities the Las Vegas / Henderson, NV has to offer that matches their real estate needs and goals. If the market does not currently offer something my clients are looking for, then this is how I advise them. Of course I would disclose the alternatives, but the “hard sell” has no place in my consultations. I don’t like when it happens to me, so how could I subject my clients to the same.

Where my love and enthusiasm towards the Las Vegas / Henderson area, its real estate market, and everything else this great metropolitan area has to offer will always come across when I consult with my clients, I will never feel like I have to make a pre-programmed hard sell to anyone. Las Vegas sells itself, just ask the 5,000 + people that still move here each month.

I am always here to consult you and any one you know about what the Las Vegas / Henderson, NV real estate market has to offer.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

There has been an increased amount of concern voiced throughout several different mediums, be it blogging, social networking, newscasts, podcasts, online forums, newspaper articles or just simple water cooler conversations about whether this is the right time to buy real estate in the Las Vegas / Henderson, NV area or not.

I have spent quite a bit of time reflecting on this issue myself, as it is obviously my duty as a REALTOR® to understand market conditions and to best represent my clients’ real estate related needs. I have come to the conclusion that there is no such thing as a good and a bad time to buy or sell real estate. There are simply good opportunities out there, just as there are the bad ones.

The masses and the media will come to the conclusion that it is a “bad time to buy” when there are less good deals to be had than good ones. Nevertheless, in any market at any time, there will always be good deals out there, and that is where the services, expertise and knowledge of a quality Licensed Real Estate Professional come in to play.

As an active member of Trulia Voices, an online forum where potential home buyers and sellers ask questions and local real estate pros and other interested people offer their opinion, one of the “never fail” comments that some one will give will be, “Of course real estate agents will say ‘buy now,’ that’s how they get paid.”

It is really an unfortunate comment. Unfortunate because there is a glint of truth in it, with a few agents out there that are nothing more than pushy salesmen (and women!). It is unfortunate that the few bad eggs out there that put their own greed in front of their clients’ best wishes casts a feeling of hesitant trust to those of us who find success through our clients’ successes.

What respectful and professional REALTORS® will do is properly consult their clients and make them aware of the good opportunities out there, as well as make them aware of the not so good. Just as a quality cardiologist will advise their patient, “Hey, it’s time to get a bypass,” or a quality dentist will advise, “You need to have this cavity filled,” a quality REALTOR® will advise you of a great real estate opportunity. It is this level of trust that needs to be established between a professional and a person seeking professional services. The trusted cardiologist and dentist will get paid when their services are used, and so do we.

I say this time and time again, that real wealth in this business comes from the referrals of satisfied clients and like-minded professional colleagues. While this market has a whole bunch of not so good opportunities in it, there are many diamonds out there, worthy of a purchase today. There will come a time where the diamonds are abundant, just as there were back in 2002-2005, but this also does not mean that every buy in a faster time will be a smart choice.

The time a purchase is made is irrelevant. What matters is if the current opportunity that sits before you is one that is good for you. Just because an overall market may have expected declines does not mean that every property within that market will decline. The value of real estate is so complex that each unique situation deserves specialized analysis. Seize the good opportunities that occur in any market, and always dismiss the bad ones.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Edited due to my current affiliation with Keller Williams Realty – The Marketplace

The latest fire to fall from the sky in the panic machine known as the Las Vegas / Henderson, NV real estate market is that Lake Las Vegas has filed for Chapter 11 Bankruptcy. My response…B.F.D. (For those that do not know what B.F.D. stands for, Google it)

Chapter 11 Bankruptcy allows for a company to reorganize its debt structure so that it can pay its creditors over a period of time. Every major airline, many major retail outlets and thousands of other businesses have filed for Chapter 11 and have come out better, stronger companies because of it.

The constant state of fear being produced by the media has been suppressing the recovery of our local and national economy long enough. Some truly unbelievable headlines have been resulting from the recent filing of Lake Las Vegas. One that stands out that is just laughable is that the lake in Lake Las Vegas is going to be drained.

The truth is, is that a pipe, due for its 10 year routine maintenance, will be repaired once the legal proceedings are completed with the bankruptcy filing. The repair is a $3 million fix. In the land of prestigious $10 million+ properties, does it really make realistic sense that a routine $3 million repair is going to ruin the community’s star attraction?!?

You know, sometimes I look into the night sky I wonder about the possibility of a comet that could fall from outer space and hit me in the head, but this should not cause headlines in “legitimate” newspapers to read, “Fears of Falling Space Rock Rattle Henderson Residents!” This is the level of journalism which I am afraid we have just grown to accept in America. Sensationalized. Fear-mongering. Garbage.

My challenge to everyone out there is search for the truth yourself. Just because we are bombarded by negative stories does not excuse us from searching for the truth ourselves. The fact is, is that there are some remarkable opportunities that this panic-stricken real estate market is offering. According to world-renown business coach and mentor, Brian Buffini, it is historically proven that three times as many “millionaires” are created in the down economic times rather than the booming times. This is because the smart investors out there take advantage of the panic-stricken.

Maybe a more timely interpretation of John D. Rockefeller’s famous quote, “The way to make money is to buy when blood is running in the streets.” would be, “The time to buy a home is when the lake is leaking through the broken pipe.”

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Breaking News!

As predicted in yesterday’s blog titled, The Good, The Bad, The Housing Reform Bill, The U.S. Senate just passed bill H.R.3221 (the Federal Housing Reform Bill) by a margin of 72-13 The House passed the measure on Wednesday 272-152.

With the bill, now going to the White House to be signed into law and taking effect on October 1, 2008, it will provide guaranteed refinancing options for certain homeowners in risky loan situations, guarantees federal funding to secondary market mortgage purchasers Fannie Mae and Freddie Mac throughout 2009, raises FHA loan limits to $625,000 in high-cost areas, increases Fannie and Freddie’s purchasing ability to loans up to $625,0000, cracks down on shady lending practices by enforcing the lending industry with more oversight and overhauls FHA loans which includes raising the down payment requirement to 3.5% and eliminates acceptance of down payment assistance programs.

Stay tuned for any additional developments and call me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com to see how this sweeping piece of legislation can affect your unique situation.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The new Housing Reform Bill, expected to be approved by the U.S. Senate as early as Saturday ( July 26 ) and then immediately signed into law by President Bush, is indeed a mixed bag of news for current and potential home owners in the United States.

This sweeping piece of legislation, expected to go in effect on October 1, will help current home owners refinance to more stable and reliable FHA insured loans through cooperation between the current lender, the government, and the home owner.

With a blank check from the U.S. Treasury to Fannie Mae and Freddie Mac allowing both entities to buy loans in the secondary market with a raised limit to $625,000 rather than the current $417,000,, this should ease credit restrictions and hopefully lower interest rates for all loans across the board from $0-$625,000.

I want to pause here for a second, as there is often some confusion about the exact role of Fannie Mae and Freddie Mac. Most people watching the news just know they exist and something is going on with them that is putting this country in a downward spiral, but do not know much beyond that. It’s what the news does. You might not know why to panic, but go ahead…panic. (Sorry for the brief Soap Box moment)

To try to put this in the most basic terms, we have to understand the life of a home loan. When potential home buyers go to their bank or local lender to get a home loan (such as a Countrywide, Wells Fargo, WaMu, etc.) the bank “originates” the loan and lends the money to the home buyer. These banks have a limited amount of funds, so they sell the loans to entities like Fannie Mae and Freddie Mac to free up the cash again so the individual banks can originate more loans with other home buyers.

Fannie Mae and Freddie Mac are currently limited to buying loans at $417,000 or less. When a home loan is needed above $417,000 it is considered a “jumbo loan” because the options for lenders to sell this loan in the secondary market (Fannie and Freddie) are limited. Because this money is more likely to be tied up, lenders have been charging much higher interest rates as well as greatly tightening qualification restrictions. With the new legislation allowing Fannie and Freddie to buy loans up to $625,000, this will help a range in the market that has suffered greatly throughout the U.S., and especially here in the Las Vegas / Henderson, NV area.

The increased purchasing power of Fannie and Freddie should allow lenders to be able to sell more loans in the secondary market, thus ease restrictions and hopefully lower interest rates to encourage more buyers to go after their dream of home ownership once again.

The big concern among Real Estate Professionals, however, with this new legislation, is the elimination of Down Payment Assistance programs such as Nehemiah and AmeriDream for FHA Loans. Not only will the Down Payment Assistance programs be eliminated, but the FHA minimum down payment will be raised from the current 3% to 3.5%. This will eliminate many qualified first time home buyers already strapped for cash with $4.00+ gasoline and the ever increasing food prices.

This is a significant loss, and only time will tell how this will affect potential home buyers. The good news is that the ban will not go into effect until October 1, so there is still time to take advantage of this tremendous opportunity for those home buyers without the thousands of dollars saved up for a down payment.

Please contact me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com to see how this soon to be law will affect your unique situation.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Transportation between the booming South Strip area all the way up to the revitalization projects in Downtown Las Vegas will be getting a lot of help in the coming years thanks to the new ACE Rapid Transit System being implemented for public transportation.

The first phase of the system will be done downtown, with future routes scheduled throughout the new 61-acre Union Park area, the Las Vegas Strip and all the way south to the increasingly popular Town Square area on the South Strip.

The ACE Rapid Transit System will have features similar to light-rail systems in other metropolitan areas such as a level platform for boarding, off site ticket purchase kiosks, and Wi-Fi internet access on board.

The Downtown Connector is scheduled to be completed by next fall, with other extensions of the project coming online in the coming years.

This is a great addition to our city which is becoming so much more than the premium tourist destination it is already known for, but a top relocation destination for those that want to call the Las Vegas / Henderson area, home.

Below is a computer animation demonstrating the ACE Rapid Transit System.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Southern Nevada continues to be a premium destination for people relocating their home, and two communities, Henderson and Spring Valley, have been recognized by Money Magazine in the 2008 edition of the Top 100 Best Places to Live list.

When you combine incredible job growth, abundant sunshine and some of the best schools the State of Nevada has to offer, Henderson has been, and will continue to be, one of the most desirable places to buy a home. The home buying opportunities in Henderson are truly remarkable right now with incredible deals in luxury homes, homes for first-time buyers, as well as lucrative investment possibilities.,

Spring Valley, located just west of the Las Vegas Strip also made the Top 100 Places to Live list. Spring Valley is actually an unincorporated township, so people living in Spring Valley will still have a Las Vegas mailing address. Just two miles west of the Las Vegas Strip, Spring Valley is a choice destination for people needing to be in and around the resort corridor.

Feel free to call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com to find out more about Henderson, Spring Valley or any of the wonderful communities the Las Vegas / Henderson, NV area has to offer.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

The statistics from the Luxury Homes Market in Henderson, NV show that there are a plethora of fabulous homes available that are offering tremendous deals without sacrificing quality.

Currently there are about 500 Luxury Homes available in Henderson, NV that range everywhere from conservative sophistication to some of the most lavish extravagance you will see. Everything from the most discreet in luxurious quality estates to your very own Lazy River that overlooks the Las Vegas Strip is available in this market full of opportunity.

Of the 12 Luxury Homes in Henderson, NV that have had successful closings in the month of June, the highest sales price goes to a 6500+ sq. ft. knockout in the posh, guard gated community of MacDonald Highlands. With a list price at just under $3 million, it sold for $2.8 million. There are currently 35 Luxury Homes under contract scheduled to close in the near future.

To view these spectacular estates, schedule a Luxury Home Marketing Consultation or for any other questions regarding the Luxury Homes Market in Henderson, NV, call me anytime at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Do you remember the days of Miss Cleo? “Call me now!,” the Caribbean Soothsayer would proclaim over her mystical crystal ball. For just a small fee per minute you could find out your destiny among the stars. Of course her crystal ball turned out to be a fraud, and the unwritten future remained just that, unwritten.

My question is, where did the media get their crystal ball at? I came across an interesting article online at CNNMoney.com about where home prices are headed next. The article goes to say how home prices of 75 of the top 100 cities in the U.S. are expected to drop even more than they have. The bottom of the list is a venerable who’s-who list of relocation destinations that include metropolitan areas such as; Los Angeles, Phoenix, Orlando, Miami, Honolulu and of course, Las Vegas.

Las Vegas was listed to expect an 18.3% decrease in home values between the time the article was written (May 7, 2008 ) to May of 2009. Wow! I sure wouldn’t want to buy a house in Las Vegas with that kind of information!

I went to see what happened in May 2008 as far as what homes actually successfully closed during that month. I focused on Henderson and broke the information down by each zip code. Here is what I found…

The first column is the Zip Code, second is the average sales price of the homes that closed in May of 2008, the third column is the average sales price per square foot of the home that closed in May of 2008, the fourth column is that sales price per square foot with Money Magazine’s foretold 18.3% taken away, and then the fifth column has how many homes are currently (as of July 1, 2008 ) available that are listed at $100 per square foot and below (which is even lower than the $ / Sq.Ft. values predicted by Money Magazine).

As you can see by the real numbers, even with accepting the gloom and doom, sensationalized forecast we have come to know with the media, there are still exceptional deals and great buys currently available in the Las Vegas / Henderson, NV Real Estate Market.

I won’t even get into the underlying strength of the core Las Vegas economy and the exponential growth that this metropolitan area continues to see. No one can predict the future, but even taking the sensationalized media’s perpetually dark outlook into consideration, the Las Vegas / Henderson Real Estate market still offers tremendous opportunities to buy a home.

“Call me now!” ( in the best Jamaican accent I can muster!)

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

Any which way you look at the Luxury Homes Market in Henderson, NV, activity is down from last year. In the last 90 days, there have been roughly 47 Single Family Resale Homes that have successfully closed. In the same 90 day period in 2007, there were approximately 90 homes that successfully closed in the Luxury Market of Henderson. Right now there are about 529 Luxury Homes available with only 32 that have had accepted offers within the past 90 days.

While these numbers may be frightening for people looking to sell their Luxury Home in Henderson, it does show that there at least is some activity as well as demonstrates the importance of a strong Luxury Home Marketing Plan.

I am a firm believer that with an aggressive and innovative marketing plan, any home in any market can be sold. There is so much more to marketing a luxury home than just high quality photographs on glossy card stock paper. Having a Licensed Real Estate Professional that has a solid command of using electronic means to market your property is key in this sluggish market.

According to the National Association of REALTORS® 2007 Profile of Home Buyers and Sellers, 84% of home buyers surveyed first use the internet when searching for a home. Think about it, you’re reading this on a blog, so of course the internet is a vital marketing tool!

With the blogosphere, social networking, and media sharing sites growing at an exponential pace, luxury homes are at a disservice when not being marketed to the millions of people globally that regularly use these means of communication. The “old school” methods of marketing homes is simply not enough in the contemporary marketplace. While it is always important to remember where we came from, it is imperative to have an open vision of the future.

Having a REALTOR® with a strong web presence which compliments a solid foundation of marketing skills will give your Luxury Home an advantage over the bulk of the available homes that are sitting on the market waiting for a new owner, rather than searching for a new owner.

For a FREE consultation on how I plan to get your home sold, call me today at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

I just want to say a personal “thank you” to all of my friends and colleagues who have helped make my website, PrimeRealEstateLasVegas.com a now Intercontinental Success!

In the short time that it is has been launched, I have been receiving a tremendous amount of feedback from every one looking to buy a home or sell a home in the Las Vegas / Henderson, NV area, to fellow Real Estate professionals and personal friends and family. This feedback is vital to ensure that I am providing the very best in information and education of the Las Vegas / Henderson Real Estate Market.

From Hawaii to Connecticut, Canada to Egypt, Germany to Malaysia, to right here in Southern Nevada, your feedback and support has helped make PrimeRealEstateLasVegas.com a valuable resource to a number of people I never could have dreamed I would have the opportunity to meet.

I am now in the process of developing a Luxury and Fine Homes Division of the web site, and your thoughts are important! After all, this whole online experience is intended to be a resource for you, so who better to brainstorm ideas about the Las Vegas Luxury Homes Market than you!

Thanks again for your support, as well as thanks so much for telling your friends, family and co-workers. Stay tuned for updates regarding the new Luxury and Fine Homes Division of PrimeRealEstateLasVegas.com!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

So here’s something you won’t see on the 6 o’clock news…statistical data that shows how the Las Vegas / Henderson, NV Real Estate Market has already bottomed out!

Equity Title of Nevada has just come out with a report demonstrating how the local real estate market bottomed out between October and December of 2007. Equity’s report charts how many homes are under contract, meaning homes that have had accepted offers. This great news comes on the heels of another positive statistic in that for the first time since August of 2006, the Las Vegas / Henderson, NV real estate market broke the 2,000 mark this May for closings of Single Family Residential homes.

Combine our climbing market with increasing interest rates for home loans, the time everyone was waiting for has arrived. The time to buy a home is (has been) now!

Check out the chart to go to see how the trend of contracts being offered on homes is going. The numbers speak for themselves.

Click To Enlarge

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

One of the big hurdles when trying to get FHA Insured Financing for a Bank Owned home has been whether a stove in working order was present or not. FHA will not insure a loan for a home with no working stove. Combine a missing stove with the bank’s refusal of repairs causes a financing nightmare, and has been eliminating quality homes just because a stove is missing. While this has been a problem, I am thrilled to tell you that this is a problem no more!

Ira Stark with Countrywide Home Loans here in the Las Vegas / Henderson, NV area has informed me that within his office, his underwriters are now allowing transactions to close if the buyer can furnish a bill of sale for a new stove that is to be installed after the home transfers to buyer’s possession. After the keys are handed over, the buyer can have the stove installed then have the FHA appraiser come out to the home a second time to ensure that the installation was actually done.

Keep in mind, some other loan officers out there will still tell you that you will need a working stove present to close, but thanks to the diligent research and well-placed phone calls, Ira and his team at Countrywide can now approve these homes. All you have to do is provide the proof of purchase for your new stove, get the new stove installed in a timely manner after title transfers, and have the FHA appraiser check that the work was done.

Buying a home in Las Vegas just got a whole lot easier and has given potential home buyers so many more options thanks to Ira and his dedicated co-workers! Call me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com if you have any questions or would like to set up a consultation with Ira and myself.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas / Henderson, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

If you can pick out one part of the home that matters the most in resale value, the kitchen is an area that will be brought up first on many peoples’ lists. The latest trend in kitchens today are Magnetic Induction Cook Tops.

Magnetic Induction Cook Tops uses technology that transfers heat to the pan through magnetism. Even when the cook top is on, it is cool to the touch because the energy transfer only affects magnetic objects. This is of great value for homes that have kids with curious hands!

The magnetic force focuses the energy directly to the pot, which increases energy efficiency and helps the more daring home chef conquer more advanced cooking techniques. This direct heating method also helps more simple tasks, such as boiling water, happen much more quickly than gas or electric stoves.

CNNMoney.com has an excellent article regarding this new innovative technology for the kitchen.

Kitchen upgrades are one of the best upgrades you can do in a home as far as return on your investment goes. Being on the forefront of technology and current trends will help you greatly when marketing the unique features of your home. Magnetic Induction Cook Tops maybe something to think about!

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
Las Vegas, NV

Phone: 702-370-3521
E-Mail: Mike@PrimeRealEstateLasVegas.com
Web: http://www.PrimeRealEstateLasVegas.com

As a Licensed Real Estate Professional here in the Las Vegas / Henderson, NV area, it is my job to offer the most information possible regarding the local real estate market and all of the aspects associated with it. In the spirit of the information age, I have put together a Marketing Strategy Proposal for people looking to sell their home, as well as a Home Buying Information Guide for people looking to buy a home in the Las Vegas / Henderson, NV area.

My Marketing Strategy Proposal for people selling their home in the Las Vegas valley contains information regarding the services that I offer to you as your REALTOR®. My philosophy is to not just list a home to sell, but it is to market your home. The Marketing Strategy Proposal highlights my methods for getting your home sold in the current market, as well as serve as an overview of the other services I offer to co-ordinate the entire process to ensure that the process will go as smoothly as it can.

The Home Buying Information Guide that I have for people looking to buy a home in the Las Vegas / Henderson, NV area is packed with information regarding the several types of homes available in the current market, information on financing options, tips for those looking to relocate to the Las Vegas Valley as well as an overview of the free services that I have for home buyers. Obviously, there is so much more to buying a home than just finding the right one. This Home Buying Information Guide is a terrific first step for anyone looking to buy a home in Southern Nevada.

Whether you need the Marketing Strategy Proposal for home sellers, the Home Buying Information Guide for home buyers, or both, please call me at (702) 370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com. You can also get both booklets at no charge on my website at http://www.PrimeRealEstateLasVegas.com and click on Sellers for the Marketing Strategy Proposal or Buyers for the Home Buying Information Guide. Both booklets are in .PDF format and I will e-mail them to you at your request.

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace
(702) 370-3521
Mike@PrimeRealEstateLasVegas.com

This third and final installment concerning Information for First Time Home Buyers has been written and rewritten more times than I can count. (Sorry for the delay!) Grouping together concerns that home buyers have, no matter what kind of market we are in, has produced first, second, sixth, etc. drafts of this blog to turn out “War and Peace”-like in length. There is just such a complex (some parts significant and others not so much) web of concerns that home buyers have, it has been quite the task for me to address these things to help give as much comfort and confidence to you in your decision to buy a home.

In looking at these marathon drafts, I started to notice a trend. All of these concerns boiled down to three topics of overview, so to speak. The three topics I have discovered are;

1. “How Much Is It Going To Cost Me?”
2. “What’s Going To Happen To Me?”
3. “How Can You Make It Better For Me?”

I would like to briefly address each of these questions and hopefully provide a concise blog to help calm the waters of an often turbulent decision and process. My goal is that by the end of this blog, the sun will shine brighter and you will have a stronger sense of confidence in your home buying decisions.

”How Much Is It Going To Cost Me?”

Much of the decisions we make in life, real estate and otherwise, boil down to money. There is a misconception out there that keeps potential home buyers from turning into real home buyers because of a fear of how much buying a home costs. I have already discussed some great financing options in the second part of this home buying series.. The following covers some other costs potential home buyers need to know about.

There are a few costs that may be out of pocket at first, such as an Earnest Money Deposit as well as some other costs once you get an accepted offer, such as; home inspection fees, appraisal fees and home owners association document transfer fees. These costs will vary greatly depending on the size and the price of the home you are looking to purchase. An Earnest Money Deposit is a deposit that will be placed with an escrow company to show that you have a vested interest in the home you would like to buy. For homes $500,000 and below, you can generally plan on this Earnest Money Deposit to run you somewhere between $1,000 -$5,000. This amount is ALWAYS negotiable and will vary from house to house, the $1,000-$5,000 figure is merely a ballpark figure. Depending how we structure your offer and the loan you are looking to get, some if not all of this money can be reimbursed to you at the successful Close of Escrow (when the keys are in your hands!).

As far as the other fees such as, home inspections, appraisals, and HOA Document Transfer Fees, generally you can see these costs range from $800-$1000 in total. Some of these fees may not apply or you may even be exempt from them. Just like with the Earnest Money Deposit, if we can structure the deal properly, you may get some, if not all of this money back after the successful Close of Escrow.

Another question I get asked quite often concerns how much my services to you as your REALTOR® cost. I’ve got good news on this one. My services to home buyers are absolutely free! Payment from my services come as co-operative agreements with all of the listing brokers and new home construction builders throughout the valley.

It is my duty, lawful obligation, and honor as a Licensed Real Estate Professional and a REALTOR® to always work in your best interests. All of the “conflict of interest” stories you may hear about professional buyer representation does not apply when I am your representative! My mission is to earn your respect, trust and business through unparalleled service. Real Estate is my career, and it is a career that is built on referrals from satisfied clients. I’m not here for the “quick kill.” If I have done my job right, you will not only want to use my services again for every real estate transaction you will ever have, but you will also want to tell all of your friends and family about me. That is how success happens in my business, not by pulling the fleece over clients’ eyes.

”What’s Going To Happen To Me?”

The home buying process obviously begins with you thinking about home ownership. If you are going to need a loan to help pay for your new home, it is important to be in contact with a lender at the beginning of this process. Your first meeting with the lender should be to not only “pre-qualify” you for a certain loan amount, but to also discuss your desires as far as a monthly mortgage payment or overall loan amount that you would want to have on your new home. If you are not currently working with a lender, contact me and I can introduce you to some of the best and most honest people in the industry. Once we get a good idea of where you want to be financially, I can go hunting among the tens of thousands of available homes and present to you only the best homes available that meet your wants and needs, while still matching your budget.

Once we find you that perfect home that you wish to put an offer on and it gets accepted, there is a period of time, usually lasting 10 days after the offer is fully accepted, called a Due Diligence period. During this Due Diligence period, we will order you your home inspection and we will do all of the necessary homework to make sure that this is the home you wish to buy. If things do not feel right during this period of time, you may retract your offer with a full refund of the Earnest Money Deposit you put down.

After the Due Diligence period, there is a lot of waiting usually that takes place. It is during this time that the lender gets their documents together to fully approve you for your loan, as well as for the title and escrow company to make sure the transfer of property is going to be all on the up and up. Generally the process takes 30-45 days from accepted offer to keys in your hand for Resale and Bank Owned (REO) properties.

”How Can You Make It Better For Me?”

As I’ve mentioned earlier, it is not only my duty and lawful obligation, but it is also my honor to always work in your best interests. I am here to assist you in anyway that I can, no matter where you are in your home buying decision. If you just have questions about the Las Vegas / Henderson real estate market in general, or if you are ready to move in to your new home tomorrow, I am here to help you.

After having a discussion about your desires towards your new home, I will search through the tens of thousands of homes available, and only present to you the very best that the market has to offer. I will personally preview all potential properties before bringing you to them. This saves you time and energy and ensures you are only seeing the best the market has to offer.

When we find your dream home, I will help skillfully negotiate the best price, terms and conditions for you. I will use all of the tools available to me as a Licensed Real Estate Professional and as a REALTOR® to ensure the terms of the contract are favorable to you.

Another one of my goals is that you understand what is happening, when it is happening throughout this process. As they say, knowledge is power, and the more you know, the more smoothly this process goes. I take a great deal of pride in educating my clients about all aspects of their home purchase, so that you not only know exactly what we are doing, but that you can rest assured that the right decisions are being made.

Much of my job is also serving as a communications hub between all parties involved in the transaction. I want to make sure everyone dealing with your new home is on the same page. I will be diligent in communicating with the lender, title and escrow company, home inspector, listing agent and all other parties that have a say in what is happening. Most importantly, I will consistently update you with all of the information I have.

I hope that this abbreviated version (yeah…believe it or not) has helped you understand what I do to make this process as enjoyable and rewarding as it can be, along with setting the record straight on some particular items that may not have been clear about the overall process. Just in case I’ve added more confusion to the pot, or if you just have any questions, comments or concerns at all, please call me at 702-370-3521 or e-mail me at Mike@PrimeRealEstateLasVegas.com.

Thank you for reading this three part series for Information for First Time Home Buyers. I will now be blogging much more frequently about everything from market updates to specific homes that are incredible steals as well as valuable tips for home buyers and sellers.

Thanks again for reading….stay tuned!

All the best,

Mike Dobranski, REALTOR®
Keller Williams Realty – The Marketplace

In this second installment of Information for First Time Home Buyers will deal primarily with one of the biggest concerns people have; the money. In the first part of this series, I went over some of the financial benefits of purchasing a home in today’s market such as seller contributions and instant equity, but what may be the number one concern that holds people back from making that smart purchase is all about the loan. How much house can they qualify for, concerns about credit history and questions about interest rates are all issues home buyers are often struggling with. This blog will hopefully shed some light on these concerns and help you better understand the financial side of the home buying process.

If I had a dollar for every time a person told me, “There’s just no way I would ever qualify for a loan.” I think I could retire and sip on Mai Tai’s with little pink umbrellas all day, everyday for the rest of my life. With headlines blazing, “Credit Crunch” and “Mortgage Meltdown”, it is understandable that people are afraid of even seeing what possibilities are out there. The truth is, there are loan programs available that can help you get a great home. All you need is a good, responsible loan officer to get you the best loan, and a good REALTOR® (that would be me!) to find you the home that matches your needs while agreeing with your budget.

I need to start by saying that I am NOT a loan officer. To get into specifics about your individual situation, please contact me and I can get you in touch with some of the finest, most honest, and responsible loan officers that are in the Las Vegas / Henderson area. I am also not a financial advisor nor a tax accountant, so please consult professionals in these areas to get into specifics. I am just going to go over some great opportunities that are out there to get you pointed in the right direction, which is a direction based on sound educated information, and not just sensationalized headlines.

Since 1934, the Federal Housing Administration (FHA) has been insuring loans for home buyers so that lenders can give you the best deal possible. FHA Loans have fewer credit restrictions, lower down payment requirements and fewer closing costs required by the buyer to pay than conventional loans.

There are a number of ways that you can get approved for an FHA loan. They can look at your credit score along with income statements, or what is often not known among home buyers whose credit score isn’t all that great, they can look at Alternative Sources of Credit such as tax returns, income statements, bill payment history, and rental history to get you approved. This is such an incredible tool for people that have had some “credit misfortune” whether it is some bill collection or bankruptcy that may have brought that score down. We all have slip ups…it’s okay. There are ways to get to the place you want to be, all you have to do is ask.

FHA is coming back strong in Las Vegas and Henderson, NV as well as the rest of the country because in March, FHA raised the limits on loans that people can get. Where the highest FHA loan in Las Vegas / Henderson, NV you could get was $304,000, the loan limit has now been raised to $400,000! This opens up a whole new market for people looking for their home.

FHA also offers one the most attractive down payment requirements out there; 3% of the sales price. The money for this 3% down payment needs to either be your own money or a gift from a relative, employer or charitable organization.

So…I basically just told you that you can get a government insured loan for up to $400,000, without too strict credit requirements, and all for relatively little money out of pocket. Oh, and did I mention that this loan is a 30 year fixed rate loan where you would be paying your full Principal, Interest, Taxes, and Insurance (P.I.T.I)? Sounds too good to be true in the land of “credit crunches” and “mortgage meltodowns?” Like I said before, all you have to do is ask. This program is out there, it is real, and it is, and has been assisting home buyers reach their dreams. Contact me so I can connect you with a qualified lender with good FHA experience. As I have been saying time and time again, now is the time to buy. What I just laid out before you are the tools that can help you be able to make that smart buy.

The last item I wanted to cover in this second section of the three part series concerns the tax benefits of home ownership. Again, I am not a tax accountant or attorney, so please consult with a professional when it comes to tax advice. I just wanted to highlight something that is commonly heard, but is sometimes unclear to the first time home buyer, and that would be the tax benefits of home ownership.

In short, the tax benefit for home owners means that if you own a home, you no longer have to pay taxes!

Just kidding! Ok…come on…I needed at least one April Fools joke in this blog written on April 1. Wouldn’t that be nice though?

In all seriousness now, the tax benefit of home ownership is that you can write off the interest that you pay on a mortgage or home equity line of credit (HELOC). With a 30 year fixed loan where you pay the Principal and Interest as part of your payment, most your monthly payment is actually interest in the beginning years, so you will have a good deal of help in writing those taxes down the first few years you own a home. Outside of that, I suggest you contact your tax professional for more specific advice. This tax write off is a significant savings though, and one that can not be realized through a rental payment.

Thank you for joining me for this installment for First Time Home Buyers…well…really for all buyers. The next and final installment of this series will cover some general concerns people have about the home buying process and the services that I will provide to you (for free, by the way) as your REALTOR®.

If you know someone that might even be the least bit interested in home ownership, please let them know about my blog or pass along my contact information so I can talk with them directly. There are some truly great things out there for home buyers in the Las Vegas / Henderson, NV Real Estate Market, it’s time to get the word out! If you have any questions about material contained in this blog, or anything about the local real estate scene, please do not hesitate to contact me at 702-370-3521 or e-mail me at mike@PrimeRealEstateLasVegas.com. Also, check out my website at http://www.PrimeRealEstateLasVegas.com for up to date news and other information.