thank you
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The real estate market remains active. I’m in the field every day previewing properties, studying prices and reading the reports. Text, call or email any questions you have about the market, your home value and/or what it means to sell or buy in today’s market. I have answers.
Hope this message finds you well!
Sincerely,
Jimmy Foster B.0146172
monologue
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I love September weather. October too!
Sorry I’ve been away for a minute. Content marketing is commitment marketing. It takes a lot to commit to doing it over and over again! I’m learning. And the bonus is my offline efforts are aligning with the online to keep it all more manageable for me into the future.
Today is Tuesday, October 17, 2023. The third quarter has come to a close. The market continues to find its balance with changing conditions, largely due to the FED rate hikes. Now at a 23-year high, interest rates are keeping buyers on the sidelines. Sellers are on the sidelines too because when you have a 3% or lower interest rate, who in their right mind wants to trade that for 8.0%? It’s a daunting number, especially when faced with slim pickings.
This report is deep dive into the sells recorded over the previous 90 days. In it are 372 single-family, residential, real estate sales transactions with a million-dollar minimum list or sales price.
Okay, let’s get into it!
breaking down the sold gold
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There were 372 sales posted for single-family residential properties featuring a minimum price tag of $1,000,000 right here in Southern Nevada over the previous 90 days. Of the sales posted 1 was distressed, 32 were zoned for Coronado High School, 71 featured a Strip view, 96 were sold in Henderson, 131 were sold in Summerlin, and 154 were built inside of the last 10 years. Single-story structures made up 158 of the sales. 286 had a private swimming pool. The highest sale was $22,000,000. The fastest movers were sold in zero days.
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average specifics
4 Beds
5 Baths
3 Car Garage
3953 SQFT
17,000 SQFT
$448 P/SQFT
$1,995,000
49 Days on Market
4.5% Discount
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drill down deeper
I just reviewed the data for my featured neighborhoods, which are sought-after subdivisions scattered across MacDonald Ranch and McCullough Mountain Range. Here are some highlights:
All in all 18 homes sold in the combined and featured subdivisions over the previous 90 days. The average price was $1.78m and the average $P/SQFT was $462. The average days on the market was 49.
Eleven of the 18 homes sold were single story. 8 had pools. 100% were gated with 10 being guard gated. 6 had views and half paid cash. Those with a Strip view sold on average for between $682 to $893. Those without a Strip view sold faster at 34 days for an average price per square foot of $352 with a high of $555, and they took a little longer to sell at 79 days on market. Not a single distressed sale showed up. Single-story homes showed $610 P/SQFT on average over 51 days. Homes featuring 2 or more floors sold 10 times faster on average and at an average of $368 P/SQFT. 3 were townhouses. 1 was furnished. 15 had a ¼ lot or smaller. Sellers got 95.5% of their asking price on average.
rate activity
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- Mortgage interest rates peaked at a 23-year high of 8% on Friday, September 29, 2023.
- Nearly 50% of the sales were cash.
housing news
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- Pending home sales dropped 7.1% for the month of August, as mortgage rates surged to levels not seen in 20 years.
- U.S. house prices rose in July, up 0.8% from June and 4.6% year over year, according to the FHFA House Price Index.
- Purchase mortgage apps were down 2% for the week and 27% behind last year’s pace.
economy
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- Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation.
- Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending.
- Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.
general market
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- Active Listings: 6,200
- Sold Last September: 2,496
- Supply: 2.4 Months
- Median Home Price: $447,435
geographically speaking
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I live in the 89012 zip code in a quaint, gated neighborhood inside Green Valley Ranch. There are 100 homes on the market in this zip code. The median list price is $1.878m. It’s a slight sellers advantage. 35% of listed homes have reduced their asking price. Almost 16% of the listings were re-listed. On average it takes 186 days to sell. Price P/SQFT is $399. The median rental rate is $2,475 per month.
commercial
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Land is in not in demand like it was. Prices softened when referencing Colliers Q1 and Q2 Commercial Market Reports on land. For Office It shows the office average rate increased from Q1 to Q2, topping out at $2.5 P/SQFT and 11% vacant valley wide. Office isn’t falling off a cliff or being relegated to repurposed uses for housing and hospitality, though it is changing. Industrial warehouses still rule the day. Multifamily is peaking with a total of 19 new apartment complexes coming to the market now or soon with 7,000 units. Land prices peaked last summer and simmered in Q1 of 2023. Capital is more expensive than it was. Demand for land may be down because demand for building multifamily is down too, due to the higher cost of project funding and financing. That said, if you have the resources to build out of your pocket, do it! The market will gobble up all the supply you can bring it. The sooner it’s here the sooner it will fill up. Built to rent is America’s new solution to the growing need for housing. Cap rates are good on office and retail.
communication
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I monitor missed calls, emails, texts, voicemails and social-media messages daily and respond to them in the order of priority. As a habit, I do not accept incoming calls or respond to messages as they come in, unless they are specific to an immediate appointment or an item of urgency that cannot wait.
who’s on my list?
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Starving artists, past business partners, millionaires, billionaires, politicians, future political candidates, winning and losing entrepreneurs, builders, developers, manufacturers, past clients, future clients, existing clients, high-priced homeowners, off-market sellers, hard-money lenders, institutional lenders, bankers, investors, business owners, professional peers, competitors, industry leaders, friends, family, philanthropists, referral sources and many more.
P.S.- Well-fed artists too. 😉
why read this report?
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Get to know me better and get your arms around the million-dollar real estate market fast, and keep them there! It’s a quick read and, I hope, entertaining commentary.
The report will keep you informed on Southern Nevada’s market activity week by week in a digestible and fun format you can read, listen to or watch. It is set in “the now” and features the most recent and relevant market-making transactions. It’s a unique view through the eyes of an experienced real estate broker who has been a full-time licensed real estate professional for the last 8 years. I’ve also lived here for more than 33 years.
I personally research, analyze, interpret, write, present, record and edit this report. It keeps me fresh and focused. Every 7 days I track and analyze the movement of single-family residential properties featuring a million-dollar minimum price.
buttons
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Below find shortcuts to more.
Jimmy Foster sells, buys and builds property, representing—above all else—the best interest of his clients. He specializes in luxury residential real estate, raw undeveloped land and buyer representation.
Notice: This message is not intended as a solicitation to any person or persons currently in an agency relationship with a Nevada Real Estate Division licensee. Photos sourced from MLS property listings with watermark shown. Permission provided from listing agent prior to publication.
appointments
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My schedule fills quickly. Going forward I am available to meet 7 days a week between the hours of 12 and 2 pm. I schedule my calendar a week in advance or more and I do not make changes to it with less than a 24-hour notice.
Lately, I’ve been scheduling time with past clients, friends, business contacts as well as future clients, customers and potential project partners. I’d love to make time for you too! If you would like to see me in person or on Zoom to discuss the state of real estate or just catch up, please email me a few dates and times between 12 and 2 pm PT that can work for you. I will select one and send you a meeting planner to confirm.
If you have an urgent need, you can call or text. I time-block space for urgent matters that arise with little to no notice.
Jimmy Foster
Real Estate Broker
REALTOR
[email protected]
P. 702.274.8872
Nevada Real Estate Division License #B.0146172
Multiple Listing Service Public ID #235623
8275 S. Eastern Avenue Ste 200
Las Vegas, NV 89123
jimmyfoster.com
people
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Below, find a growing list of contact information for people I turn to for quality service.
I started with my favorite lender. I have another lender who also does great work. I will include them next time. For now, see Brad’s info below. Brad has been a rock-solid source of realtime, accurate information, specifically focused on lending, rates and how the economy, FED and government are influencing lending and the housing market. If you have any Q’s he has the A’s. His firm is currently giving buyers 50 BPS back on their loans to make the current borrowing dish sweeter and more palatable.
Brad Malkin
President
NMLS No.100539
Noble Home Loans
702.932.7503
702.279.9111
[email protected]
Website Bio Page
7830 West Sahara Avenue
Las Vegas, NV 89117
