Alan Fenn

Las Vegas Condo, Home Sales Downtick Annually in September A new report released by Las Vegas Realtors shows that prices for local condos and townhomes have reached an all-time high in September 2024, while home prices nearly matched their previous peak. According to LVR, the median price of existing single-family homes sold in Southern Nevada through the Multiple Listing Service (MLS) in September was $479,900, marking a 6.6% increase from $450,000 in September 2023. However, it fell just short of the all-time high of $482,000 set in May 2022. The median price for local condos and townhomes in September was $299,500, up 10.9% from $270,000 in September 2023, surpassing the previous record of $296,000 set in July 2024. LVR President Merri Perry said last month's long-awaited interest rate cut should continue to help the housing market. "The interest rate cut announced in September by the Fed can only help the housing market," Perry said. "While I don't think this will have a dramatic impact, it certainly helps people, especially prospective home buyers." By the end of September 2024, LVR reported 5,458 single-family homes listed for sale without any offers, a 34.2% increase from the previous year. Similarly, the 1,731 condos and townhomes listed without offers represented a 67.2% increase compared to the same period last year. In total, 2,277 existing local homes, condos, and townhomes were sold in September, with home sales down 1.6% compared to September 2023 and condo and townhome sales down 12.1%. The sales pace in September equated to a housing supply of just over three months, up from just over two months in the same period last year. Throughout most of 2024, home sales have outpaced the slow sales of 2023, which was the slowest year for existing local home sales since 2008. In 2023, LVR recorded 29,069 sales of existing homes, condos, and townhomes, down from 35,584 in 2022. This followed a record-breaking 2021, when 50,010 properties were sold. In September 2024, cash transactions accounted for 24.4% of all local property sales, down from 27.9% the previous year and significantly lower than the peak of 59.5% in September 2013. Distressed sales, including short sales and foreclosures, remained near historic lows, accounting for just 0.8% of all property sales in September. This compares to 1.3% in the prior year, 0.1% two years ago, and 2.0% five years ago. These LVR statistics reflect market activity through September 2024 and are based on data collected via MLS, which does not include newly built homes sold by local builders or homes sold directly by owners. Key highlights from the Greater Las Vegas market include: The value of real estate transactions tracked via MLS in September was nearly $1.1 billion for homes and over $148 million for condos, high-rise condos, and townhomes. Compared to a year earlier, the total sales value rose 7.1% for homes but declined 6.9% for condos and townhomes. -THE WORLD PROPERTY JOURNAL ™

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📈 **California Real Estate: 5-Year Market Trends and Predictions** 📉 The California real estate market offers both challenges and opportunities for professionals. Here’s a concise look at key trends and what they mean for your business: 1. **Sustained Demand for Housing** - **Population Growth**: California attracts individuals and families with its appealing climate and job opportunities. - **Tech Industry Expansion**: Growth in tech sectors, especially in Silicon Valley, San Francisco, and Los Angeles, drives housing demand. - **Limited Housing Supply**: Scarcity of homes increases competition, driving up prices. 2. **Increasing Home Prices** - **High Demand**: Persistent high demand leads to greater competition, pushing prices higher. - **Construction Costs**: Regulatory laws and high material and labor costs make new homes expensive, contributing to higher overall prices. - **Desirable Locations**: Coastal and other coveted areas command higher property values due to their attractiveness. 3. **Trends in the Rental Market** - **Rising Rents**: Higher home prices lead more people to rent, driving up rental costs. - **Shift Toward Urban Areas**: Young professionals prefer urban centers with amenities and transportation, increasing city rents. - **Remote Work Influence**: Remote work boosts demand in more affordable, less dense areas, influencing market dynamics. 4. **Impact of Interest Rates** - **Mortgage Rates**: Fluctuating rates affect affordability and buyer interest. - **Refinancing Trends**: Homeowners may refinance to capitalize on lower rates, impacting market trends. - **Investment Opportunities**: Interest rate changes can either open or close profitable investment prospects. 5. **Market Predictions and Opportunities** - **Stable Investment**: Despite market fluctuations, California real estate remains a sound long-term investment. - **Emerging Areas**: Smaller cities and suburbs may offer attractive opportunities due to remote work trends. - **Regulatory Landscape**: Stay vigilant about policy changes that could create new investment opportunities. - **Diversification**: Balance portfolios with urban and suburban properties to manage risk and maximize returns. 🚀 **Join the Discussion**: How are these trends shaping your strategy? Share your insights below! For further advice tailored to your real estate goals, feel free to connect! 🏡

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Will Multifamily Survive the Distress? Neal Bawa brings his controversial view to this week's Real Estate Syndicator Live. We talk about ✅ Why #Syndication Market is in trouble, but #Multifamily, not so much ✅His view on the NAR Settlement (you know, that "parasite" organization) ✅Why Banks Won't Face Issues ✅And How to Leverage AI Click on **View my Website** above or ... ... check out the video channel under my name

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California Landlords - Learn how to stay complaint in 2025. 🧭 Starting April 1, 2025, #AB2747 will require California landlords of multifamily properties to offer tenants the option to report positive rental payments to credit bureaus. Here’s what you need to prepare: 1️⃣ Update Lease Agreements Ensure all leases signed after April 1, 2025, include an offer for positive credit reporting. Communicate this option to current tenants no later than January 1, 2025. 2️⃣ Invest in Property Management Tech Adopt systems that make it easy to manage tenant opt-ins and maintain compliance with the law. Ensure these platforms align with the Fair Credit Reporting Act (FCRA). 3️⃣ Train Your Team Educate your staff on AB 2747 requirements, tenant rights, and how to handle questions or concerns. Consistency is key to tenant trust and smooth implementation. 4️⃣ Communicate Proactively Tenants will need clear, straightforward information about their options, the benefits of reporting, and any fees involved. Use email, newsletters, and in-person meetings to inform them. ⚠️Why this Matters⚠️ AB 2747 compliance isn’t optional, but it can be strategic. Offering credit reporting strengthens tenant relationships, reduces turnover, and differentiates your properties in a crowded market. Staying compliant keeps you ahead. Staying prepared keeps you owning property in California. What steps are you taking to prepare for AB 2747? Let’s discuss in the comments! #CaliforniaLandlords #PropertyCompliance #AB2747 #MultifamilyHousing #PropertyManagement #TenantRelations https://lnkd.in/gJwT4ANk

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**Title: Southern California Real Estate Hiring Surges 55% Above Average** Exciting news for real estate professionals! The Southern California real estate market has surged, showing a 55% increase in hiring above the average. This trend highlights robust demand for talent and provides tremendous opportunities for job seekers and businesses alike. Key driving factors: 1. **Economic Recovery**: Boosted confidence post-pandemic has increased consumer spending and housing demand. 2. **Technological Advancements**: New technologies, like virtual tours and AI-driven property management, require tech-savvy professionals. Impacts on job seekers: - **Increased Job Listings**: More job opportunities across various roles, including agents, brokers, and property managers. - **Competitive Salaries**: High demand for talent leads to better salaries and benefits. - **Career Growth**: Fast-paced market conditions offer quick career progression. Why now is the best time to enter the market: - **Favorable Market Conditions**: Low interest rates make the market accessible for buyers and investors. - **Urban Development**: Increased development in urban areas boosts activity in residential and commercial sectors. - **Networking Opportunities**: Numerous professional associations and events help build valuable connections. - **Market Resilience**: Historically, Southern California has shown stability even during economic downturns. How employers can leverage this surge: - **Enhanced Recruitment Strategies**: Use social media campaigns and partnerships with educational institutions to attract top talent. - **Training & Development**: Offering comprehensive programs helps retain and develop skilled employees. - **Employee Engagement**: Fostering a culture of engagement and recognition enhances job satisfaction and reduces turnover. This surge represents a unique opportunity for both job seekers and businesses to thrive. What are your thoughts on leveraging this hiring boom in Southern California? Share your insights and let's discuss!

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Our team at Palazzo just released a great blog post on the impact of the NAR settlement. But I've been particularly curious about the possible 2nd order effects of this new status quo. For those who don't know, this settlement means that buyer's agents will no longer be paid by the seller by default. The home buyer is going to have to negotiate upfront how they will be paying their agent. This increased transparency is likely to put some downward pressure on the income of real estate agents across the board and also make new models of service more attractive. I could see some agents adoption a fee-for-service model, or offering a flat fee per engagement. Flat fee models in particular will likely necessitate the increased use of technology so that an agent can successfully service clients while taking a lower rate. It will be interesting to see what new models crop up. I'd love to hear from those who have an informed opinion on the matter how this shift in market dynamics will ultimately play out.

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Why June is So Special in Prescott, Arizona. A Guide to Moving and Living in Prescott, Arizona Prescott, Arizona, is a gem in the heart of the Grand Canyon State. Known for its picturesque landscapes, rich history, and vibrant community, Prescott offers an exceptional quality of life. June is a particularly special month to experience this beautiful city. Whether you are planning a visit or considering a move, Prescott, Arizona in June has unique offerings that make it an ideal time to explore and settle down. https://lnkd.in/gTm84unK Perfect Weather in June One of the most compelling reasons to consider moving to Prescott, Arizona in June is the perfect weather. The average temperatures range from a comfortable 55°F to a warm 85°F, making it ideal for outdoor activities. This pleasant climate allows residents and visitors to enjoy the city's natural beauty without the extreme heat found in other parts of Arizona. The mild evenings are perfect for enjoying a stroll downtown or attending one of the many outdoor events that Prescott is known for. To read more: https://lnkd.in/guwMtqgN For a deeper dive into the Prescott, Arizona real estate scene, call Michael Eastwood, CEO of West USA Realty of Prescott. You can reach him at 928-636-1500 or navigate to our online hub at www.westusaofprescott.com. Michael is ready to link you with a seasoned real estate professional from our brokerage. Each office is independently owned and operated, providing you with tailored local expertise. #RealEstateTips #PrescottAZ #ElevateYourStrategy #IncreasePostReach #ContentThatConnects #SuccessInRealEstate #VisualRealEstate #LocalInsights #TagTactics #GrowOnInstagram #SeeTheDifference #RealEstateInPrescott #HomesInArizona #FindYourHome #PropertyGoals #LuxuryLiving #BeginHomeBuying #InvestmentInsights #YourPrescottRealtor #DiscoverYourDreamHome

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How is the Housing Market in Prescott, Arizona? When it comes to evaluating the housing market in Prescott, Arizona, there are several key factors to consider, whether you're looking to buy or sell a home. This picturesque city, nestled in the high desert of Arizona, offers a unique blend of historic charm, modern amenities, and a strong sense of community. The current market dynamics reflect the area's desirability, with steady demand and a variety of opportunities for both buyers and sellers. Current Market Overview The Prescott housing market has remained robust over the past few years, driven by a combination of limited inventory and high demand. This trend is consistent across the greater Prescott area, including Prescott Valley and Chino Valley. The market is characterized by a relatively low number of listings, which has led to competitive pricing and shorter time on the market for available properties. To read more: https://lnkd.in/guwMtqgN For a deeper dive into the Prescott, Arizona real estate scene, call Michael Eastwood, CEO of West USA Realty of Prescott. You can reach him at 928-636-1500 or navigate to our online hub at www.westusaofprescott.com. Michael is ready to link you with a seasoned real estate professional from our brokerage. Each office is independently owned and operated, providing you with tailored local expertise. #RealEstateTips #PrescottAZ #ElevateYourStrategy #IncreasePostReach #ContentThatConnects #SuccessInRealEstate #VisualRealEstate #LocalInsights #TagTactics #GrowOnInstagram #SeeTheDifference

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🚨 NAR Rule Changes: In August, the National Association of Realtors (NAR) will make buyer agency agreements standard for real estate agents. 🔍 Scrutiny: Experts and the DOJ are reviewing these agreements, with some calling them "anti-consumer." ⚠ C.A.R. Concerns: The California Association of Realtors' draft agreement is criticized for being complex and potentially misleading about buyer's agent compensation. 🕵‍♂ DOJ Inquiry: Following critiques from the Consumer Federation of America, the DOJ is investigating C.A.R., delaying new forms related to the NAR settlement. Stay informed about these changes to protect your interests! A tale of two buyer agreements, and why one triggered the DOJ (realestatenews.com) #RealEstate #NAR #DOJ #Homebuyers #ConsumerProtection

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What’s Happening. A View From The Castle. "And if you don't know, now you know, check it"... Multifamily real estate prices were down over 6% in May YOY, and are down 26% from their peak in 2022. "All the seven deadly sins are man's true nature"... The CFO of Epoch Times was indicted for a $67 million alleged crypto laundering scheme using cryptocurrency to buy fraudulently obtained funds. "And when you're high you never, oh never wanna come down"... 521 private market funds raised a total of $295 billion in Q1, the same amount as in Q1 2023. The number of such funds raising capital in Q1 fell by 46% YOY as $1+ billion funds accounted for 81% (a significant increase from the 60% average since 2018). "Freedom I won't let you down, freedom I will not give you up"... BlackRock and Citadel Securities are leading a large group of financial institutions planning to start a new national stock exchange in Texas precipitated by their frustrations with the New York Stock Exchange and Nasdaq and what they perceive as stifling regulatory requirements. And let the games begin... Consumers filed a putative class action lawsuit against fashion brand Dolce & Gabbana alleging a “rug pull” in which they collected $25 million by selling “essentially worthless” NFTs based on promises that the digital assets would entitle holders to high-value benefits (metaverse outfits and tickets to live events) that never materialized. "And another one bites the dust"... A $32.7 million loan ($266/SF) made by State Farm backed by a 123,000 SF office building in Washington DC (three blocks from the White House) is in foreclosure. Acquired in 2010 for $65 million ($528/SF). Weren't we told that when mortgage rates rise home prices decline??? US home prices have continued to increase despite the rise in 30-year mortgage rates from 2.65% to over 7%. The Case-Shiller Index hit another record high in Q1. High prices and mortgage rates have led to the least affordable housing market ever. Meanwhile, REITs are over 20% below their 2022 peak. Smoosh... Robinhood acquired crypto exchange Bitstamp for $200 million as part of its ambitious digital asset strategy. The boiler rooms are back!!! The SEC charged three individuals with fraud for selling unregistered membership interests in LLCs backed by shares of pre-IPO companies, alleging they directed an unregistered sales force of more than 50 callers in boiler rooms to pressure investors to make investments without telling them that the shares had been substantially marked up. "Once is happenstance, twice is coincidence, three times is enemy action"... Carta, a cap table management software company, is attempting to sell shares on the secondary market at a $2 billion valuation. It was valued at $7.4 billion in 2021 and $8.5 billion in 2022. In 2023 it had $380 million in revenue but lost $65 million. #investmentbanking #technology #corporatecurrency #privateequity #venturecapital #castleplacement #cpgoapp

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🚫 5 Mistakes to Avoid in Multifamily Syndication! 🚫 👉🏾 Choosing the Wrong Location: Location, location, location! A bad spot means low tenant demand and poor returns. 🗺️🚫 👉🏾 Poor Property Management: Bad management = high vacancy rates, tenant turnover, and decreased property value. 🏚️👎 👉🏾 Failing to Screen Tenants Properly: Skipping background checks can lead to rent issues and property damage. Do your due diligence! 🔍❌ 👉🏾 Not Having a Clear Exit Strategy: Without a solid exit plan, maximizing returns and managing risks becomes a nightmare. 📉🛑 👉🏾 Neglecting Regulatory Compliance: Ignoring regulations can lead to hefty fines and legal trouble. Stay compliant! ⚖️⚠️ Keep these in mind to make your syndication journey smooth and profitable! 💼💰 #RealEstate #MultifamilySyndication #PropertyManagement #TenantScreening #InvestmentStrategy #Compliance #RealEstateTips

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Did you know: - The average monthly net sales rate for public builders is 2x compared to that of private builders. -The average new home community count is 40% larger for public builders compared to private builders. - The market share of public builders extends to 80%+ in four markets: Las Vegas, Riverside, Tucson, and Cape Coral (table below). Subscribers to the Zonda National Outlook will get a report next week highlighting these trends as well as discussing WHY market share has shifted, WHO the largest public and private builders are, HOW sales rates and supply levels vary, and WHERE to find pockets of strengths and weaknesses by builder type. https://lnkd.in/gDp_7sm8 #housing #homesales #newhomes Tim Sullivan Sarah Bonnarens Sean Fergus Evan F. Alexis Wilmot Larry Buckner Susan Heffron Jeffrey Meyers Amy Dudley Kyle Cheslock Cameron McIntosh

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If you are buying apartment buildings trying to reach financial freedom You’re doing it wrong. We make anywhere between $500 to $1250/night off this property. Which equates to about $80-$90,000 in profit each year. And it only takes a couple hours a week to manage it. But everyone likes to talk about capital raising for apartment buildings, mobile home parks, etc. Because it feels like a bigger accomplishment. And Because of economies of scale, tax benefits, etc. But no one ever tells you that as the sponsor Aka general partner putting the deal together - you probably won’t make much money from cashflow. Especially not in the first 1-2 years of buying a large multi unit investment property. Why? Because all the cashflow goes to the investors. Especially with todays interest rates and compressed cap rates. How do I know? Well that’s what we do - we buy apartment buildings and hotels with passive investors. We’ve raised and invested millions of dollars doing this. But when we first got started we were working for free. Because it often takes 1-2 years before there’s enough monthly Cashflow before the sponsor gets paid. Which is why we used vacation rentals to pay for our lifestyle first So we could quit our jobs and have more free time. Instead of forcing deals to work just to get an acquisition fee. And then work for free until the next one. So if you’re trying to reach financial freedom, to quit the rat race, and live stress free… Invest for cashflow first. And not just your investors cashflow, your cashflow. Because at any given minute you are but 1-2 rentals away… From your best life. #veterans #realestateinvestors #financialfreedom #millionairemindset

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When looking at today's NAR Research Existing-Home Sales the data proclaims: everything in context. Home sales rose, but still tepid especially for the season. Housing inventory grew, but still not robustly enough to produce an equal housing market of buyers/sellers. Home prices grew year-over-year as homes at the upper price points are dominating increased sales.

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