HOA Foreclosures in Las Vegas - Part 2

There are four primary scenarios encountered as we pursue clear title on a property:

1. Our attorney pursues quiet title on the home in an attempt to get a 100% free and clear title on the property that is marketable, can be insured, and allows us to resell the home at any time.  Although it is not the norm, there have been many cases when this method has worked and the buyer of the HOA delinquent receivables has walked away with a free and clear title from the quiet title procedure.  Since many investors are buying these HOA receivables at 5-10 cents on the dollar, when quiet title does occur, it generates a huge return on investment.
2. If a lending institution still holds a lien (1st or 2nd mortgage) on the home, a second strategy is to hold onto the home to generate cash flow for as long as possible while the bank tries to foreclose on the property.   If properties are bought at a low enough price, and the foreclosure is not completed quickly (as they usually are not,) there is a very good possibility that this will end up being a positive return situation for our investor client.  In addition to rents collected, the probability of receiving the majority of the investment back from the bank during negotiation is also very strong.  The bank may have to pay the investor the super priority lien amount plus the overage of what was paid at auction.  If this is the case, the investor receives all of their money back, less the rehab costs, plus any rental cash flow generated during the foreclosure process.   This seems to be what most investors are banking on and are now starting to bid properties up to 20% of the property’s value at these HOA auctions.
3. The third scenario is one that has generated personal success for my clients and I and one which I believe will become the most profitable and prevalent of all.  Once an investor has possession of the home, and has hired an attorney, it becomes very costly and time consuming for the bank to battle to get their home back.  If the bank were to foreclose on the home, their goal would be to eventually list and sell the home anyway.  So why not sell the home to the investor that currently has possession of it?   We have successfully negotiated with the bank through our attorney to buy a home at 70% of BPO.  On this particular home, the client had only put a little over $4000 into the purchase.  This $4000 includes the cost of the lien at auction, rehab, maintenance, management for a year, and attorney's fees less the rental proceeds from the months the home was rented.  The bank agreed to sell the home to our investor for $84,000 and the home is worth about $145,000 in today’s market. 

Another example of the benefits of having a good attorney can be seen in a recent transaction where our client purchased liens for two condos and after negotiation the bank simply wrote off and completely released their liens on the properties.  In that case it appeared that the bank understood that it wouldn't be economically beneficial for them to fight and spend upwards of $30,000 in legal fees for a $50,000 condo. 
As you may have gathered from trying to understand this new form of investing, there is a tremendous upside to it and very little downside based on current legislation, court cases, and history that we have seen so far.  I have personally been involved in approximately 30 of these transactions and have sold around 50 others to my client base of investors. 
If you are interested in learning more about the HOA foreclosure process and how you can use it to generate returns, please give me a call directly and I can answer any and all questions you might have.  I can also describe in detail how we are able to partner with investors to buy these homes, townhomes, and condos at 5-20 cents on the dollar and manage them effectively while getting the maximum return out of each home that we obtain, manage, or sell. 

How To Determine The Value of Your Las Vegas Property Part 1

Today, I continue with part 2 of my series discussing how to value your potential investment properties using the method I use for Broker Price Opinions.

Adjustments

Once you have obtained your comparables, adjustments are then made to the comparable properties to reflect their features that are superior or inferior to the subject property.  IMPORTANT: The adjustments are calculated on the price of the comparable properties, not the subject.   For example, if a comp sold for $180,000, then you will add or subtract adjustments to that $180,000 in order to account for positive or negative relative features of the subject property. After the necessary adjustments are made, we are left with a reasonably accurate picture of the worth of the subject property. It can be confusing at first, determining whether an adjustment to the price of the comp should be positive or negative, but it gets easier with practice. The basic idea is to use a negative adjustment on the comparable property, if the comp has superior features to the subject property and positive adjustments on the comparable property if the comp has inferior features to subject property.  A BPO looks much like an appraisal, and the adjustments work the same way. Below is an example of a typical BPO/appraisal adjustment spreadsheet.



Based on the above comparables and adjustments, the subject property is worth between $439K and $509K.

How to Calculate Adjustments

Calculating adjustments is a judgment call based on an individual market.  When adjusting for square footage, one should take into account the average price per square foot at which comparable properties are selling in the specific neighborhood being evaluated. As a general rule of thumb, extra bedrooms are worth around $8,000. It is often surprising to people to learn that upgrades like pools and exceptional finishes don't necessarily add much to a property in terms of appraised value. They do, however, make the property easier to rent and easier to sell.

Lack of Inventory Drives Down Sales Numbers

Yet more evidence that Las Vegas home prices are being driven up not by above average demand, but by below average supply.  Nationwide, home sales rose in March to a seasonally adjusted annual rate of 417,000 units.  While this is seen as a sign that the broader housing market is starting to shows signs of a sustained recovery, it is well below the 700,000 unit mark, which is what most economists point to as a “healthy” sales rate.  Those 417,000 units though do represent a 1.5% increase nationally from the previous month and a 18.5% increase from the same month last year.

Las Vegas, however, is not leading the way.  In fact, Las Vegas sales data is dragging the rest of the nation down.  Although data was not available in the report I read for only Clark County, data for the Western United States showed sales falling 20.9%.  In the report, this was attributed to problems of supply.  These figures and more like them lead us to again speculate on whether or not the run up of home prices in the Las Vegas valley is a sustainable phenomenon.

Las Vegas Land Prices Fuel Surging Housing Market

 

 

But is it a second bubble?

The price for residential land in Las Vegas has risen 90% in only a year as
new construction continues to feverishly attempt to capitalize on the
demand for housing created by the slow down in foreclosures.  According
to an article in the Las Vegas Review Journal, Sunbelt Development and
Realty Partners reported an average price of $202,983 an acre for
medium-density (six to 14 units an acre) residential land in the fourth
quarter of 2012, compared with $170,450 in the third quarter and
$104,000 at the beginning of the year.  This rise in land prices comes
as the last of the “dinosaurs” haunting the Las Vegas valley are sold
off.  These dinosaurs are projects that were abandoned in various stages
of incompletion after the real estate bubble burst in 2008.  For
several years, home builders who wanted to, could purchase these
partially finished lots for fabulously low prices...but not many wanted
to.  New home construction ground almost completely to a halt in 2009.
 Over the last year, however, demand for new homes has skyrocketed and
developers who could have purchased land cheaply three years ago are now
entering bidding wars for residential lots.

Land is becoming a precious commodity in Las Vegas.  This is partially due
to the geography of the valley itself.  There is only a limited amount
of land remaining in the Las Vegas valley and much of it is owned by the
United States government as BLM land.  This is an issue that Las Vegas
developers have always known they will have to face sometime in the
future.  In the near term, there are still plenty of residential lots to
be had, but prices are escalating rapidly.  Home Builders Research
President Dennis Smith has described the increase land prices over the
last year as “downright scary.”  Robb Beville, president of Las
Vegas-based Harmony Homes, elaborated, “Low inventory is what is driving
up the demand, not job growth or employment growth.”  

This “artificial” increase in real estate prices is something we’ve been
talking about for the last year.  It is creating a lot of uncertainty in
the Las Vegas real estate market and makes it difficult to know if the
recovery we are currently experiencing in home prices will continue, or
lead to another bubble bursting.  As always, in this time of
uncertainty, we strive to bring you the best real estate investment
bargains available, as well as the best information and advice on the
market.  We recently offered one of these “dinosaur” unfinished
condominium developments to our investors for pennies on the dollar.  If
you are interested in finding deals, like this one, that still exist in
Las Vegas, call and speak to Glenn personally.

Real Estate Backed Investments on the Rise Again

 

 

For several decades, owning real estate was considered one of the safest income plays available to investors.  Investors appreciated the tangibility of owning an actual home on an actual piece of property.  They appreciated that the variables associated with a real estate investment were much easier to understand than the myriad of factors that affect investments in the stock market.  For many investors, this all changed when the real estate bubble burst in 2008.  For several years after the bubble burst, even as real estate prices hovered at historic lows and potential returns soared, Americans returned to the stock market in droves and it became difficult to convince investors to give real estate another chance.  But recent statistics seem to indicate that this period of concern has come and gone, and investors are now competing in a sellers’ market to buy the same properties that they could have snatched up for pennies on the dollar only two years ago.

But some investors still shy away from the stability, long-term appreciation, and cash flow that real estate investments bring for the simple reason that they don’t feel equipped to manage such an investment.  We address this potential problem in two ways.  First, we offer full service property management for all of our investors’ properties.  We have been doing this for several years and we currently have over 100 Las Vegas properties in our management portfolio. Because we cater to investors, we know what investors need from a property management team and we strive to make investing in Las Vegas real estate easy and hands off as much as possible.

We also offer investment positions in the flips that we complete.  We have completed over 200 flips in the last three years, with an excellent track record for profitability.  (Records available upon request.)  For our clients that want to enjoy high rates of return with no involvement in transaction details or property management this works perfectly.  With a minimum investment of $100,000 we provide a guaranteed 10% return.  One year terms are standard, but we will consider different lengths for special circumstances.

If you’ve been considering investing in Las Vegas real estate, but aren’t quite sure where to begin, give us a call.  I will help you consider all your options and find an investment plan that works best for you individual needs.

Wet N' Wild Returns to Las Vegas

After an absence of several years, Wet N’ Wild is now returning to Las Vegas.  Unlike the original water park, which was located on the north end of the Strip, the new location is on the south side of the city by the 215 beltway and Fort Apache.  The largest water park in Nevada will feature 25 attractions including water slides, tube rides, a wave pool, a lazy river, and a children’s area.  

Although the scorching summers would appear to make Las Vegas the perfect location for a water park, the city has not had a full-scale public water attraction since the first Wet N’ Wild closed its door in 2004 after 20 years in business.  The delay in developing a new park to take its place appears to lie mainly with the difficulty in obtaining water rights in the Las Vegas valley.  In the harsh Las Vegas desert, water rights are one of the most coveted, and expensive, commodities.

Ultimately, a joint venture featuring funding from notable sources like Andre Agassi and Steffi Graf, Dr. Steven and Karen Thomas of the Thomas and Mack family, and Australian entertainment conglomerate Village Roadshow Ltd. were able to raise the more than $50 million needed to develop the park.  The Howard Hughes Corporation will provide the lease for the land on which the park is strategically placed.

We certainly view this new major development as another sign that business as usual is returning to normal in  the Las Vegas area.  Las Vegas has historically boasted a high growth rate because of its diverse employment opportunities generated by the ever-increasing numbers of tourists visiting the town each year.  Rental housing continues to be a great investment in Las Vegas with historically high cash flow spreads.

Wet N’ Wild is scheduled to open Memorial Weekend 2013.

Helping the Housing Recovery in Three Steps - Part One

My colleague Tamara Lemmon recently brought to my attention a piece she wrote for foreclosure.com outlining what must be done to accelerate the housing recovery.  She has allowed me to share the article with you here on my blog:

"Warren Buffet, in his annual letter to shareholders of Berkshire Hathaway, said, “Last year, I told you that ‘a housing recovery will probably begin within a year or so.’ I was dead wrong.” While Buffet remains bullish on a housing recovery near term, he acknowledges that how long that recovery is in the making will depend on a variety of diverse factors. It is the responsibility of any president or political leader seeking or holding office to help stimulate the recovery of the housing market and to lead the United States out of the current recession. Although this process is complex and dynamic, there are three key steps that can help steer the macro-economy as well as the housing sector in the right direction: a decrease in the amount of red tape currently stifling foreclosure proceedings, incentives to lenders for making home loans, and a decrease in the national debt via a balanced budget.

After the real estate bubble burst at the end of 2007, the United States housing market endured foreclosure rates that quadrupled from their baseline in 2005 to the peak of the housing collapse in mid-2009. Since 2009, foreclosures have steadily declined nationally, and have broken off sharply in certain regions due to the influence of outside forces. Las Vegas is an excellent local market to consider as an example. Las Vegas retained the dubious title of “foreclosure capital of the U.S.” for five straight years from 2007-2011. In late 2011, foreclosures suddenly and dramatically ground nearly to a halt. In August of 2011, there were 4,063 notices of default issued in Clark County, NV. In October 2011, just 2 months later, there were only 43, a decrease of almost 99%! Most experts believe that this drop was due to the passage of Nevada Assembly Bill 284 which placed extensive new regulations into effect for any banks seeking to process foreclosures in the state of Nevada.

It is incumbent upon any leader seeking office, to determine if the decline in foreclosures that has resulted from these and similar measures nation wide, is helping the housing recovery and the economy at large or hurting them. Again, Las Vegas can be used as a test market. The median home price in Las Vegas has risen steadily for the past nine months, for a gain of as much as 30% in some submarkets of the valley. On the surface, this would seem to be nothing but good news for beleaguered Las Vegas homeowners. The problem is, even with all of this upward movement in price, 70% of Las Vegas homeowners are still upside down on their mortgage, with 36% owing more than double what their home is worth. In other words, the upward pressure being exerted on the median home price in Las Vegas is due to the artificial lack of inventory created by the abrupt halt in foreclosures. The majority of homeowners still cannot sell their home for what is owed, so those homes are essentially “frozen” within the market. They cannot be resold or refinanced. This drives the prices of the relatively few homes that are available to unreasonable levels, and sets the stage for a potential second real estate bubble in cities like Las Vegas. Nathan Martin, blogger for Economic Edge, puts it this way, “Each new up cycle produces more debt, recession follows, clears out the debt and allows growth to resume. But when you interrupt the debt clearing process, real growth cannot resume as incomes cannot support more debt.”

In order to prevent this, we must loosen regulations prohibiting foreclosures and allow banks around the country to re-initiate the normal foreclosure process for delinquent borrowers. This is not cruelty; it is practicality. Foreclosure stops the bleeding. Foreclosure provides a reset button for home values in hard hit communities. Once a home has been foreclosed upon, it can re-enter the market at the correct value. Eventually, if the needed foreclosures are allowed to proceed, home prices will finish correcting, inventory will “thaw”, banks can clear their books of non-performing assets freeing up capital to lend, and the real estate market can finally return to normal. Halting foreclosures not only delays this recovery, it creates a paradigm that is ripe for a second housing bubble and a second housing collapse. While it is likely that banks will find their own way around bills like AB284, and resolve issues such as those surrounding MERS, the continued submission of legislation aimed at slowing or blocking foreclosures should be viewed as counter-productive to the economy. The first step to any viable economic and housing market recovery plan must be to legislate the resumption of the normal foreclosure process in all states, free of unnecessary red tape."

If you are interested in learning more about the opportunities that are available for investors in the current Las Vegas real estate market, contact Glenn at VIP Realty.

Timing the Bottom of the Housing Market Unimportant

“Are we there yet?”  This is a question fielded to me almost daily by investor clients wanting to know if now is the right time to step into the Las Vegas investment real estate market.  Have prices started rising again?  Have we (finally) reached the bottom?

Over the last year or so I have answered this question by providing my clients with a barrage of data supporting the notion that we have, in fact, reached the bottom of the real estate crash in Las Vegas and that we are headed up.  (This data has only become more compelling in recent months.  Median home prices in Las Vegas have risen for the past eight months in a row.)  

But, perhaps my answer, accurate as it is, is not the most informative.  Perhaps the best answer to the “Are we there yet?” question is “It doesn’t matter.”  Lawrence Yun, chief economist for the National Association of Realtors, wrote an article recently discussing real estate trends over the last 30 years.   The statistics he shared were surprising even to a die hard real estate proponent like myself.  Yun revealed that in the 30 years from 1981-2011 home values more than tripled!  This to spite enduring the worst real estate crash on record.  This means that households who purchased properties 30 years ago are seeing a nice return on their investment.

Yun also highlighted an enlightening fact contrasting the financial position of home owners vs. renters.  Renters’ typical net worth today is $4,000.  This hasn’t changed much over the last few years, as renters have remained mostly insulated from the losses sustained by the housing market.  However, while the average net worth of home owners has dropped significantly since the housing bubble burst, it remains around $160,000, significantly greater than a typical renter.

These facts illustrate an important principle of long term real estate investment strategy...if you buy to hold it doesn’t matter if we’ve reached the bottom or not.  Those who bought real estate 30 years ago made a very successful investment even though their home values declined dramatically as a result of the housing bust.  Obviously, in order to turn a profit, it is important to avoid buying real estate at the absolute top of a precipitous market, but if you make sure that your properties cash flow at the time of purchase, you are virtually guaranteed that you will see positive appreciation over the near and long term.

Silver Lining - The Investment Opportunity Lurking Behind AB 284

If you follow my articles, you know that I have been writing a lot lately on how the passage of Nevada Assembly Bill 284 has swiftly and dramatically changed the landscape of Las Vegas real estate over the last 8 months.  By and large, this change has proven disastrous for investors.  One of the components of AB 284 is a provision making it a felony carrying a $5,000 fine per offense for any mortgage servicer or trustee to make false representations concerning a property title.  On paper this may sound inoccuous.  In practice, the bill was designed to target specifically the practice of bank employees signing documents and affidavits (such as notices of default or notices of sale) without verifying personally the information contained in the document or affidavit.  Banks had developed a method of dealing with the flood of defaults on their books and issuing the required documentation attending each foreclosure proceeding.  This method involved bank employees signing thousands of these documents at a time and became known as “robo-signing.”  As a result of the new Nevada law carrying threats of criminal charges for faulty filings, many mortgage servicers (banks) have simply stopped initiating foreclosure proceedings in Nevada.

After the passage of AB 284 in September of 2011, foreclosures plunged instantly.  There were over 5,000 notice of defaults issued to Nevada homeowners in September of 2011.  In October there were just over 600.  The foreclosure auction market dried up literally overnight and investors were left scratching their heads as supply suddenly disappeared.

But I have learned over my many years as a real estate investor myself, that behind every disaster is an opportunity.  I’ve spent the last several months searching for this opportunity for myself and my investor clients and I’ve just recently found it.

The Silver Lining

Nevada is currently home to over 2,000 common interest communities or HOAs as they are commonly known.  These HOAs charge fees to homeowners within their communities for the upkeep of common areas (pools, parks, club houses, etc.) as well as landscaping and, in many cases, certain utilities like water, trash or cable TV.  As you have no doubt seen in the news, many of these HOAs have been hit very hard by the recent recession as homeowners cease paying their mortgages and, with them, their HOA dues.  This has resulted in the default of several HOAs who can no longer afford to meet their monthly expenses.  This, in turn, impacts communities and their basic standards of living.




Under NRS 116, which relates to common interest ownership, HOAs actually have the power to foreclose on properties for unpaid HOA assessments.  In this statute, HOAS are provided a 9 month “super-priority” that allows them to lien AHEAD of the first mortgage when a house enters foreclosure.  This means that debts to the HOA are not erased when a home is foreclosed upon, and whomever is the new owner of record is responsible for paying 9 months worth of dues to the HOA.

Because of this, many banks that are in possession of large portfolios of foreclosed homes are failing to pay assessments, many even failing to record title to the foreclosed homes in order to avoid accruing HOA fees and transfer taxes.  Some HOAs have authorized their collection agencies to initiate foreclosure actions against HOA member properties in order to recoup their unpaid assessments.  However, most HOAs do not allow the foreclosure to actually occur and, instead, cancel the trustees’ sale on the scheduled day in order to not empty more homes in their communities which are often already struggling with vacant properties.  As a result, HOAs with first position liens are starved for cash but unwilling to execute foreclosures.  This is where the opportunity comes in.

I have begun working with a new corporation formed for the express purpose of helping HOAs to collect the monies due to them, allowing them to function properly and maintain living conditions in their neighborhoods, while also providing members in the LLC with astounding returns on their investments.

This LLC is currently approaching home owners’ associations across Las Vegas and Nevada and offering to purchase their receivables at a fair discount.  This LLC then “steps in the shoes” of the HOA as owners of the receivables and assumes not only the receivables, but also all the claims of the HOAs.

There are now two possible outcomes to the situation.  First, the homeowners could pay the assessed dues.  In this case, the LLC will, at minimum, double their investment.  Second, the homeowners could choose not to pay their assessed dues.  In this case, the LLC can foreclose and take title for possession of the property.  At that point, the LLC would immediately lease the property for cash flow to recover the initial purchase price of the receivable including any property rehabilitation costs.  Concurrently, the LLC would move quickly to quash any outstanding liens on the property and clear any cloud to title; including any first mortgages if they exist.  Bank owned properties that are acquired will be clear of any liens. If the title is obtained
through a judicial procedure, the LLC will own clear title to the property for less than $10,000.
If title is not obtained, the LLC will realize sufficient cash flow to recover the purchase price and
any rehabilitation costs as well as a return on investment.  We are projecting significant returns for members through these two courses of action.

This LLC is being formed to capitalize on an anomoly...a perfect storm if you will.  This is not intended to be a long term course of action.  The company will take advantage of the unique opportunities that currently exist and turn a profit for as long as the scenario is workable.

If you are interested in learning more about this opportunity, please contact Glenn Plantone as soon as possible for a complete, confidential executive summary.

Review of My Stay at the MGM Signature Towers Hotel-Condo

Over the last year I have sold several units at the MGM Signature Condo Hotel, and I decided it was time to experience the property myself from a guest’s point of view. As a result, this past Memorial Day Weekend, my family and I made the long journey to the Strip area from our home in North Las Vegas (about 20 minutes away.) With my wife, and two younger sons (ages 9 and 7), I checked into the MGM Signature on Saturday afternoon to a full house.

From the time we entered the property through the guard-gated entrance off of Harmon Avenue, pulled up to valet parking, and made our way to the individualized owner check-in inside of building 2, the feeling was that we were entering a high-end hotel. The service from the check-in personnel and the bellman bringing up our bags was excellent as expected. Our room was in the middle of the three buildings on the 6th floor - strip side with a balcony. Only about 1/3 of all studio units have a balcony. Units with balconies have higher occupancy rates in the rental pool than non-balcony units. As a result, balcony strip side studios will actually cash flow for investors that are purchasing them at today's new, low prices. The view was outstanding. We felt like we were right on top of the pool with a terrific strip view of the City Center just ahead. Later in the evening, as the sun sank behind the mountains, the lights from the strip and the pool area below were fantastic.

The boys slept comfortably on the pullout couch and my wife and I enjoyed the comfort of the main bed. Any noises from down below were drowned out by the a/c and double paned windows. With a mini-fridge, microwave, cook top, and full kitchenette we were able to bring our own food and drink, enabling us to be very comfortable in our home away from home. The boys really got a kick out of the television and phone in the bathroom, and I appreciated the DVD player that allowed us to watch our own movies instead of paying for an "all too expensive" in-house movie rental.

Many weekends a year, the MGM Signature Hotel sells out and Memorial Day, 2010 was no exception. Typical room rates are $149 for a studio unit and $199 for the larger one bedroom units. After having sold for an average price of $495K (studio) and $795K (one bedroom) just 3 years ago, prices have now come down to a very reasonable $100-200K for studios and $160-$250K for one bedroom units. The MGM Hotel Management Group is one of the many options that investors can use to manage their unit while they live their lives. As an owner, investors can come and stay in the unit as often as they like for a very minimal cost (room cleaning) and keep it in the rental program the rest of the time. (The MGM Management Group will charge 40% of the room revenue to manage the room.) Since the units that are being sold at the moment are usually foreclosures and therefore all-cash purchases, I am seeing a lot of groups of friends and investors pooling their money together in order to purchase a unit. This way, they can all use the property whenever they vacation in Las Vegas and can still share in the positive cash flow and future appreciation of the unit.

As an early riser, it was fun to watch the partiers straggle in at 4-6 am as I leaned over my balcony. We hit the gym at 7am both mornings, and shared one of the two massive onsite fitness centers with only about 10 other people. The fitness center boasted state-of-the-art equipment, including televisions that made my workout fly by. There is also a Starbucks, deli, gift store, computer center, concierge, lounge, and mail room all on site. In fact, I am told by the owners office that about 15% of the hotel condo is occupied by full time residents. All three of the towers are connected and it is only a short walk to the MGM Hotel via a long air conditioned corridor.

Each of the three buildings has its own pool or guests can enjoy the use of the main MGM pool that sits right behind the first building. The towers were built from 2005 to 2007 and have a terrific location just one block off the Strip. It is away from the hustle and bustle, but still only a 10-15 minute walk to the center of the Strip. On Sunday, we walked up Harmon to the Miracle Mile Mall for the Sushi Buffet at Todai. Afterwards, we walked the Mall, enjoyed a family massage at one of the stores, then headed up the strip to the Bellagio to catch one of the wonderful water, music, and light shows that run every 15 minutes.

On Sunday afternoon, we laid out by the pool for about four hours with the kids. I was able to catch some rays, catch up on some reading and spend some quality time in the pool with the boys. Pools two and three are connected and pool two (the one down below our room) is heated and open year-round along with the hot tub.

We checked out on Monday around 12 noon and made our way back up the 15 freeway to our home in the north. It was very nice to experience the Signature from the perspective of a guest and, as an owner, it only cost me the $35 cleaning fee for our two day stay. We are sold. It sure beats a time share.

I have the distinction of having sold the least expensive unit in the complex (a Strip side studio at only $99,900). I have been buying and selling at the Signature for over a year now. I write frequent articles and blogs about the MGM Signature and Las Vegas real estate in general. If you would like to learn more about the MGM Signature Condo Hotel or are interested in Las Vegas investment real estate with strong positive cash flow, please feel free to contact me to learn more.

Glenn Plantone
(702)769-9872 or gsplantone@gmail.com

AOL Provides Great Resource for Las Vegas Foreclosures, Short Sales and Real Estate Trends

As many of you know, I use a lot of different tools to help me stay up to date on the latest trends and reports regarding Las Vegas foreclosures, short sales and general real estate trends. One of my favorites has always been the Google Alerts system. By simply going to your Google account page and entering your desired search terms, you will be automatically sent once a day, a list of the top five articles and blog posts relating directly to your search criteria. I, for example, have a Google Alert set up for "Las Vegas foreclosures." This alert constantly sends me the latest information on Las Vegas foreclosure trends, and helps me to better understand the Las Vegas real estate market, thereby being able to offer the best possible, most informed advice to my investor clients.

Another useful tool that I/we use is the AOL local real estate pages. These pages do a great job of consolidating lots of timely key information on local real estate markets, in one easy to access format. For example, if you go to http://realestate.aol.com/Las_Vegas-NV-real-estate you will find a wide variety of statistics such as: total inventory of Las Vegas homes for sale broken down by new builds, existing homes and foreclosures; percentage of Las Vegas properties that are owned, rented or vacant; median values of homes in Las Vegas and average monthly rent. You can also find graphs that compare average estimated value of Las Vegas homes to values from one month ago, one year ago, or any user defined time table. You can do the same thing for average sales price, total number of sales, household size and several other factors.

Whether you are an investor looking to research a potential purchase in the Las Vegas valley or a Realtor trying to develop your own niche, this is a valuable website for increasing your knowledge and expertise on the Las Vegas housing market. For more information on investing in Las Vegas, please visit my blog: www.vegasforeclosures.blogspot.com

Glenn Plantone
(702) 769-9872
gsplantone@gmail.com

Upcoming Nicaraguan Investment Conference

My friend and colleague, Kevin Fleming recently shared with me a project he is involved with in Nicaragua. I have endorsed some of Kevin's deals in the past and this one looks like it has potential. Costa Rica and Panama have offered great appreciation over the last ten years and it looks like Nicaragua might be the next play in the Central American real estate market. I am including some details below. If you are interested, contact me and I will get you in touch with Kevin.

In celebration of the release of Phase 2 at Seaside Mariana Spa & Golf Resort and the amazing new investment-friendly progress within the country of Nicaragua, Grupo Mariana Family of Resorts is proud to host “Nicaraguan Abundance: Live, Invest and Grow,” December 3-6 at the Intercontinental Hotel in Managua, Nicaragua.

“Nicaraguan Abundance: Live, Invest and Grow” is a three-day business and culture immersion conference tailored for the savvy real estate investor. We will guide you through exactly what you need to know to successfully invest and do business in Nicaragua, allow ample time to network with colleagues, and then be your personal hosts for a day immersed in the sunshine and culture of the New Nicaragua.

You'll meet a select group of real estate professionals already living and working in the Nicaragua…You’ll check out great places to live…You'll get all of your questions answered about investment in Nicaragua…

• You learn about opportunities for the forward thinking investor
• You’ll learn more information about our Joint Venture Offerings
• You’ll find out how you can buy real estate in your IRA, 401 (K) or other
qualified retirement plans
• You’ll learn about title insurance and meet approved Nicaraguan Law Firms
from First American Title Insurance Company and Stewart Title Guarantee.
• You’ll meet members of the Grupo Mariana Development Team
• You'll learn how you can get involved in the country that many are calling
the next Costa Rica.
• You'll learn how you can participate in fascinating business opportunities
available in one of Central America's fastest growing countries.
• You'll discover how you can earn potentially stratospheric returns on
pristine, pure beachfront real estate.
• You'll see how you can enjoy a tropical lifestyle for far less than you'd
spend at home.
• And many other details...