DOES SELLING A HOME IN LAS VEGAS HINGE ON TAX MATTERS
Nobody in Las Vegas can escape the fact that we are now engulfed in the full-bore election year media onslaught. You would need to be living under a rock not to have noticed—and the rock would have to be somewhere out of earshot of radio and tv. Fortunately, since this is a space where we discuss buying and selling homes in Las Vegas, we try as best we can to steer clear of politics; so let’s enjoy this island of non-partisanship…or perhaps that’s impossible, because of the topic, which is too interesting to ignore… Recently, a study came out of Stanford that answered an intriguing question: do higher taxes drive wealthy people out of state? If you ever plan on selling a high-end Las Vegas home, the answer would be more than academic. Whether our own state’s position on the tax rate hierarchy could measurably affect high-end property marketability—that is, if the well-heeled set is beginning to allow changes in state tax tables to determine their home base—is very much at issue. So this investigation (it was sponsored by the U.S. Treasury Department), which focused on millionaires, came up with the statistical answer to the question (as Forbes put it) of “Do High State Taxes Drive Away the Rich? Apparently not. For any agent running million dollar listings—or for any multi-million-dollar property owner considering selling their home in Las Vegas anytime soon—that’s one fewer factor to have to address. The study found that U.S. millionaires who earn over $1 million annually are actually one of the groups least likelyto relocate to a new state. It could be because their seven-figure incomes are tied to their current locale, or it could be because in the rarified atmosphere mega-incomes provide, marginal tax rates don’t matter (I doubt that—high-income folks usually have plenty to worry about, and taxes are certainly in there). Also interesting: the lower your household income, the more likely you are to move. In a mobile society like ours, that seems to make good sense—and is somewhat reassuring. People are still chasing opportunity; are still motivated to go where jobs can be found. So what does this mean for those selling a home in Las Vegas? Or buying one? That depends, as it almost always does, on your individual circumstances much more than on big-picture trends that can be analyzed on a national level. What is definite is that if you are thinking of buying or selling a home in Las Vegas this summer, success starts with a solid, localized market analysis. Call me anytime!
THE FUTURE OF LAS VEGAS LISTINGS MIGHT THEY INCLUDE 007
The days of boring slideshow type “virtual tours” are disappearing fast. Today’s Las Vegas listings can include actual virtual walk-through videos, breathtaking aerial drone shots, and sweeping panoramic 360-degree views. Now it appears there can even be the possibility of James Bond-style suspense. That’s right—Double-O Seven himself (almost). I offer an example that’s too creative to pass up: check out this $4.295 million listing video for the San Francisco Bay area. While not exactly typical of listings here in Las Vegas or (to be fair) anywhere else, the creative marketing employed by these Tiburon listing agents is worth taking a peek. Hefty listing price tag? Check. Gorgeous photos for the local MLS? Check. Superb staging? Check and double-check. It’s a five-minute, web-designed, creatively written and staged, well-lit, deliberately horrendously acted—and persistently cheeky James Bond-style spoof. One high point is when the Bond stand-in (this has to be the agent) opens the sleek luxury car door and a sippy cup falls out onto the driveway. As consumers, Americans have developed into a short-attention-spanned and click-happy group. We in the real estate agent contingent have learned to make the most of this. As consumer habits have evolved, so too have our marketing strategies. A comprehensive marketing package is only part of the value I bring to the table when area clients engage me to put together their Las Vegas listing and marketing backup materials. Data-driven pricing strategies, deep networking, and the solid work ethic that backs it up are part of the package as well. Thinking of listing your Las Vegas home this summer or fall? The James Bond approach works for the spoofy example because of the property’s Bond Street address—so we won’t be using a spy movie motif for your offering. But our approach will be creative and in tune with your home’s key selling points—along with a marketing plan that’s compelling and designed to get your property S-O-L-D for top dollar! Contact me anytime for a complimentary consultation. And, seriously, check out the video. What these agents have done is hilarious, while at the same time exploiting the sales points in a way that keeps eyes glued to the screen. If you’re in the market for a $4,295,000 home in Tiburon, CA…well, this “virtual tour” makes the point that you could do a lot worse!
FOR KEEN LAS VEGAS BARGAIN SEEKERS BANKOWNED RATES STUDY
If you are a house hunter who isn’t reluctant to dig in and roll up your sleeves, it could be worth your while to take a look at Las Vegas “bank-owned” offerings. Deciding to do that is less popular than you’d think. Bank-owned is a word that can summon up all sorts of negative connotations, causing even people who usually think of themselves as unemotional to hang back. Like “REO” (short for real estate-owned, a synonym for bank-owned), it is applied to Las Vegas homes whose ownership has been reclaimed by the lender. Foreclosures and real estate auctions that follow are never jolly circumstances, so many don’t even consider looking at the subject residences. It is partly because of the inauspicious histories that such properties can carry with them that the majority of Las Vegas home seekers automatically shy away. Yet it can be forcefully argued that, especially for prospective homeowners who are on the lookout for bargains, the “bank-owned” moniker ought to draw special attention. Las Vegas’s bank-owned homes usually take some additional care in how they are examined and purchased, but they can also present value that is worth the extra effort. Because a bank-owned home is being offered for sale by the lending institution that holds its deed, the precise way anyone can be purchased varies depending upon the policies of the company involved. Some of the mythology about homes that have been through foreclosure are not true—for instance, it is not usually true that only cash offers will be considered, or that an auction will be involved (usually, that phase has already come and gone). What IS definitely true is that bank-owned homes have a better-than-average chance of needing some level of rehabilitation. On the other hand, if a bank is selling the property, it’s a safe bet that any cloud on the title (a second or third mortgage or other creditor liens) has been dealt with. It can be the case that a bank comes into possession because of just that kind of problem—and any newly created “freed value” might be had by a new owner at a head-turning discount. The paths to buying bank-owned Las Vegas homes can require patience and an experienced hand at residential negotiations, so if you are considering going after one yourself, be sure to pick a real estate agent with the requisite background. That’s true in any house-hunting endeavor, of course—and a reason I hope you’ll give me a call!
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