Nevada’s Oil Reserves Could Be Bigger Than All of Canada’s

November 27, 2012November 27, 2012 admin

Hot Creek Valley Oil — Eblana Test Well, Hot Creek Valley, NV

Nevada could be on the cusp of going from high unemployment to one of the least unemployment. If Williston, North Dakota is any indicator, economic growth in Nevada could again see a huge boom. http://www.businessinsider.com/youve-never-seen-anything-like-the-williston-oil-boom-2012-3?op=1

Oil discoveries in Nevada are not new. One of the most productive wells in all of the U.S. was located in the Railroad Valley in central Nevada. Now there is some news that a potentially huge field has been discovered in Hot Creek Valley adjacent to Railroad Valley and about an hour east of the town of Tonopah. It is just speculation at this point as the drill results have not been made public yet (coming very soon!) but some experts believe that the field could produce more oil than all of Texas. If the speculation turns out to be anything close to reality, Central Nevada will be a boom town and the positive effects will be felt in both Northern and Southern Nevada. Home prices have already been going up for most of 2012 in Las Vegas before this news hit. But if this news is true, expect real estate prices throughout the state to jump.

http://www.houseofvegas.com/2012/11/21/nevadas-underground-oil-potentially-bigger-than-texas/

Canadians Have Advantage in Buying Las Vegas Homes But Getting Harder

August 17, 2012August 17, 2012 admin

With a relatively week US Dollar and historically low prices, Canadians have enjoyed an advantage for investment and vacation home purchases in the US and Las Vegas, Nevada. According to CBC News in Canada, that is changing. CBC cites, Arizona and Florida as two favorites among Canadians and where buyer competition is making it tougher for non-US residents to buy at such previously fruitful prices.

This is also happening in Las Vegas, NV where decreased inventory and huge demand are making it more difficult for Canadians to purchase homes at such incredible discounts. Of course, the market dynamics make it difficult for local purchasers as well. Canadians still have an advantage for buying a home in Las Vegas, however. Because most Canadians purchase with all cash and a favorable currency exchange rate they are still realizing better ROI than US investors.

Las Vegas Housing Market Supply and Demand

May 15, 2012May 15, 2012 admin

Supply for the whole Las Vegas valley area is only about 4000 single-family homes. This is extremely low. Far lower than a normal market. Demand, represented by the pink line (homes in escrow) is at record numbers. Further, this does not show the true demand–those looking for a home but don’t have an accepted offer yet.

List prices are way up. Luckily for buyers the sales prices have not come up as fast as the asking prices. However, it is very difficult to get a non-cash offer at market price accepted–there are always multiple aggressive offers on all reasonably priced homes.

What does CNN Say About Las Vegas Housing Market?

November 9, 2011March 6, 2012 admin

Is Las Vegas’ housing market ready to make a comeback? CNN Money thinks it just might.

With brisk sales, low inventory (yes, the press generally misinforms the public about Las Vegas’ home inventory) Las Vegas is poised for a turnaround.

See article from yesterday, here:

http://money.cnn.com/2011/11/09/real_estate/vegas_housing_market/index.htm?section=money_realestate&utm_source=pulsenews&utm_medium=referral&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29

Shadow Inventory in Las Vegas. Not what you think it is.

June 5, 2011March 6, 2012 admin

“Shadow inventory” are properties that are either foreclosed on or are expected to be soon and are not on the market yet. Investors often ask me about the “huge shadow inventory” looming in Las Vegas which they believe will some day flood the market. My response is, don’t always believe what you read on the investment blogs. I’ve checked and double-checked and couldn’t find much evidence of banks holding on to Las Vegas / Clark county inventory. I specifically asked Wells Fargo to confirm their previous statement that they are not holding back on releasing inventory. A spokesman replied, “That’s correct. It’s not beneficial for us to do so. We want to get the asset sold.”

Well, now the statistics bear that out. The National Association of Realtors just released their “Las Vegas-Paradise Area Local Market Report, First Quarter 2011″ So you might think that Las Vegas is in the top three states with the most shadow inventory. Or maybe, top ten? How about the truth: LAST. Las Vegas has the LEAST AMOUNT OF inventory off the market in terms of months supply. Here is the list: