It’s been 30 days since I had to pull back in certain areas due to my son’s burns. I am happy to say that my son is now out of the hospital, that he will probably not need a second surgery, and that one arm, at least, is healing very well. I was forced to limit my activities to serving my clients and taking care of my son; unfortunately my blog and media interviews had to be set aside for a bit. Even my Top 10 suffered as we could only update it weekly. I’m happy to say I’m back, and I’m ready to ramp up my activities – yeah!

I want to sincerely thank some really incredible Las Vegas Advisor readers. I received many kind inquiries, and so many “get well wishes” from people I’ve never met except via e-mail. One reader actually apologized for intruding on me, and asked me to assign an agent to help him. But LVA readers are preferred clients, and I no longer allow an agent to be your first point-of-contact. I was happy to help him, as I’ve continued to help my other clients. I can’t express how much my reader’s compassion and kindness meant to me; I feel like part of a big LVA family. Thank you to each of you who wished us well – I won’t forget.

Wow, who could have imagined that our economy would get so out-of-whack so quickly? I was able to follow the financial news on my Blackberry in my son’s hospital room; some days it’s very hard to predict whether we’ll survive this roller-coaster ride. Las Vegas is a great investment; my faith has been rewarded as sales have outperformed national trends. But some days this ride can give one butterflies in the tummy.

Nationally, housing sales were down for June. The market reacted very unfavorably to yesterday’s news. But, again, who cares how many homes sold nationally when you’re looking to buy your second home in Las Vegas? June sales were down nationally by 2.6%; with that news and $126, I can buy a barrel of light, sweet crude oil.

Sales in Las Vegas rose again in June. In fact, June sales were comparable to sales in August, 2006 – the peak of the market, and just before this coaster headed down that really steep part of the track where we hold on for dear life. Prices have fallen back to where they were in mid-2004. However, prices aren’t falling as fast as they were, and sales remain strong. As I always say, the pendulum will swing the other way again…it has to. But some days you have to wonder how many twists and turns this roller coaster will take before it stops.

I expect to see July sales slow somewhat as our typical busy season draws to a close. But I expect sales to remain much stronger than last year at this time, now that the “sales bottom” is behind us.

Some of this feels like typical Presidential election year scare tactics; but thanks to $4 per gallon gas, a mortgage market meltdown and a few other headaches, some of this feels very, very real.

I hope your family is faring well in this economy.

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Editor's Note: Robin informs us that her son suffered second- and third-degree burns six days ago. At present, she is caring for him in the UMC burn unit. "It has been impossible to get to a computer, much less work!", she writes.

Our thoughts and prayers are with the Camacho family, as we wish them a speedy and whole recovery from this great misfortune. -- David McKee

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I've just returned from Gig Harbor, WA. I spent 5 days visiting with my daughter after attending her graduation from Evergreen College. I’m 3-for-3: three kids, all three now college graduates. A writer, an attorney and a chef. I feel I’ve accomplished a major milestone in my own life, even though they did all the homework. I’m very proud of Taryn, Riana and Jordan ... and I’m looking forward to a life of free legal counsel, books dedicated to Mommy Dearest, and gourmet dinners.

In my ongoing attempt to keep you informed, I’d like to share the Las Vegas Chamber of Commerce's relocation guide. I invite you to log on and bookmark this resource. Since it was produced by the Chamber, as you can imagine it is dominated by the Chamber’s business members. You won’t find me here, and you won’t find my favorite restaurants, either. As always, feel free to ask me specific questions. But this is a helpful reference guide, even though biased in some areas.

Two other references that I frequently provide to my clients contain valuable information on our schools and on crime.

And now, readers, it’s back to our online tour of Las Vegas with Lucy Stewart, LAS Consulting. We hopped off the bus at Palazzo in our last visit.

On your left is Bellagio, which was built in 1998. Inside you will find the Conservatory and Botanical Gardens, where the displays are changed out five times each year to reflect the current season (winter, Chinese New Year, spring, summer and fall). In front of the hotel is an 8-acre artificial lake, home to the large dancing water fountain synchronized to music and known as the Fountains of Bellagio. Fiori di Como, Dale Chihuly’s famous handblown glass flowers, is the world’s largest glass sculpture, covering 2,000 sq. ft. of the lobby ceiling.

Caesars Palace, built in 1966, is one of the oldest properties still standing on the Strip. Long-time Las Vegas visitors will remember Evel Knievel’s unsuccessful attempt to jump the hotel’s fountain in 1967. His son, Robbie Knievel, completed the stunt in 1989. Caesars Palace is home to the Forum Shops, the highest grossing mall per square foot in the U.S.

Next up on our tour is The Mirage, built by Steve Wynn and opened in 1989. A $600,000 mock-up of the erupting volcano was built before the real one could be approved. Southwest Gas had to grant special permission for the natural gas to smell like Piña Colada rather than rotten eggs. Visitors know the Mirage as the home of the White Tiger Habitat, which still remains after Siegfried & Roy closed in 2003 after 13 years at the Mirage.

And we’ll hop off the bus at the Venetian, which combined with The Palazzo is the world’s largest hotel. Next stop when we hop back on the bus -- Wynn Las Vegas.

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Robby has been looking to move up to a bigger home. For 90 days we've been in an Internet relationship as Realtor and client. I send Robby an automatic message each time a property that meets his parameters is listed for sale. When a new property is entered into the MLS, within minutes Robby knows about it. In a competitive market, you need to have information quickly.

Robby wants to capitalize on the buyer's market by moving up to a bigger home with a pool. He's owned his small Las Vegas home for 10 years. Just like almost anyone who bought their home before 2003, Robby knows he can buy a nice home at a low price today, and rent his current home for enough to cover the payments on his home equity loan. Someone else will pay off his current home, and he'll improve the quality of his life while building wealth.

I was really excited for Robby when he finally found the home he wanted yesterday. It took him 5 minutes to decide he wanted this REO. Not because the home was outstanding; Robby is just comfortable with making quick decisions. Unfortunately, Robby wasn't quite as ready as I thought he was, and being unprepared to move quickly just caused him to lose the home that took us 3 months to find.

Within minutes of meeting to view the home, we agreed to write an offer for $210,000. This was several thousand under the asking price, but the home was definitely in need of a $12,000 rehab. As I whipped out an offer form, I asked Robby to write a check for the earnest money deposit. But Robby doesn't carry checks, I learned. Okay, no problem; we rushed to the bank together to get a cashier's check.

Since we were at the bank, why not kill two birds with one stone? I asked Robby to get a statement so I'd have the proof of funds we would need to submit the offer. Robby has a prequal letter, but decided at the last minute that he wanted to pay cash. No problem; the banks used to like cash ... let's just get a statement to show the bank the $210,000. But Robby couldn't get a statement without making arrangements with his stockbroker.

I can put together a complete offer with all disclosures in less than 30 minutes. In this market, you need to submit your offer quickly. Often we rush and are forced to wait 7 days for a response while the bank's agent plays little games. But still, the goal is to get the offer submitted quickly in hopes that the bank will accept your offer before other offers start pouring in. This home had only one offer on it.

By the time Robby was able to provide his proof of funds, the home was gone. The bank quickly accepted another offer. It didn't matter how fast I moved; my prequalified buyer couldn't provide his proof of funds until this morning. Between late yesterday and this morning, the house was sold to someone who undoubtedly had no problem getting a bank statement and an earnest money deposit quickly.

I don't think Robby will make that mistake again.

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The "soft market" hit of 5% for our designation as a "declining market" has been lifted. This is great news for the Las Vegas real estate market, and another sign that we may be on the road to recovery.

Lenders were requiring an additional 5% down in certain areas hard hit by foreclosures. With this requirement removed by many lenders, more buyers will have the savings to qualify for a mortgage.

I just found the Reuters article on rising home prices that I referred to yesterday. With sales continuing to rise rapidly, I am ready to go out on a limb and predict that prices will rise in June as well.

Is it the bottom? Who knows? It's been a rocky 18 months. Real estate is local; however, if homebuyers read tomorrow that the national economy is going to hell in a handbasket, it will be tempting to hold off on making big decisions such as real estate. If the national headlines say that we haven't reached the bottom of the national real estate market, buyers may take this to mean that prices are still dropping in Las Vegas. Today, prices are rising in Las Vegas.

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“It’s only a matter of time until the pendulum swings.” How many times have I said this, dear readers? It looks like we just might have reached the bottom of the market in Las Vegas. And not just the bottom in sales that we saw in February, as I'd predicted. Yep, I'm talking the long-awaited bottoming out of prices.

About 6 weeks ago, I noted in this column that certain neighborhoods appeared to be stabilizing. In two neighborhoods, I couldn’t find houses for clients for the same price that two other clients had paid just a few weeks before. Anecdotal evidence of a bottom, but I was seeing a trend.

Earlier this week, a Las Vegas reporter wrote that Las Vegas housing prices had returned to their 23-year historic norms, based on several factors. More good news for Las Vegas homeowners.

Also this week, figures for May were released indicating a price increase for the first time in many months. It’s too early to tell whether this is a pattern. But my gut feeling is that prices are beginning to rise, in large part a result of the pressure on the lower end. I’m waiting for confirmation from my researcher.

Investors have been competing to add investment homes to their portfolios as out-of-state buyers rush to get their Las Vegas vacation or retirement home while the prices are so low. This pressure on the lower end of the market may very well be the beginning of the pendulum’s swing. It certainly feels like it when my clients are frequently unable to buy houses at the list price.

One Las Vegas Advisor reader from Canada has made 7 offers on investment homes in the past 2 weeks. All were close to list price, and at least half were at list price or over. Only one offer has been accepted. And then the poor guy was detained by Customs for 7-1/2 hours for carrying a little too much cash. Missing his flight put him at risk of completing his due diligence within the stated deadlines; we're seeking an Addendum extending the deadline so that he doesn't miss out on a great opportunity.

I have another client from New York who has 4 offers out; 3 are decent offers. None of these offers are at list price, despite my urging. All have pools, which makes them much more desireable at this time of year. None are cash offers. So this poor guy is starting out with 3 strikes against him. Like Gui Zhong, he'll strike out a few times before he listens to my advice.

If you are considering buying a Las Vegas property, you might want to check out our Top 10 Real Estate Values, and schedule that trip you’ve been putting off.

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I swear, I don't know where the time goes. It is so difficult to sit my butt in my chair and update readers on our market when I'm out selling REOs! I'm sure it will be much easier when the busy season is over. Right now I need to work hard while my business is booming. I need to squirrel away some provisions so that I'll be able to survive a long, cold winter.

Okay, you caught me. We don't have long, cold winters in Las Vegas. The truth is, I have my eye on the 2009 Corvette. I love my 2006, but come on--have you seen the photos of the 2009?! It's on my screen saver, and I fall asleep thinking about the day I can buy the new model. I can't complain; thanks to our Top10 real estate values, I won't need to join the exodus of agents leaving both the real estate and mortgage industries. I'm a simple girl; I'll be perfectly happy if I can buy the last 2009 model remaining on the lot when the 2010 model rolls out.

I spent half of Friday with a Reuters reporter from D.C. working on a story on Las Vegas foreclosures. The reporter tagged along while I showed houses to LVA readers from Chicago and San Francisco. I must say I glowed with pride when each of these investors said they had become interested in Las Vegas real estate after viewing my Top 10. I'm eagerly anticipating that story; maybe his conversation with an REO listing agent will uncover the answer to a burning question I have: "So, when you sold your soul to the devil to get all those listings, did it occur to you that you'd still need to do business with the rest of us when the market returns to normal? 'Cuz if it did, I'm sure you'd be less inclined to make me look bad while you keep my clients on pins and needles waiting 10 days for a response."

As promised, I am going to take readers on an “online tour” of Las Vegas with my good friend, land use consultant-to-the-stars Lucy Stewart. Before Lucy was helping developers gain approval for their projects, she served as a zoning administrator for ClarkCounty. Lucy recently helped plan the American Planners Association annual conference here in Las Vegas, and served as a “tour guide” for planners from across the country. Covered on my abbreviated version of Lucy’s tour will be the newest Sin City projects and expansions.

All Aboard the Las Vegas Planners Tour 2008, Part I.

Welcome to Las Vegas! We begin our tour today driving north along Las Vegas Boulevard, better know as The Strip. While the strip is the best known image of Las Vegas, it's actually not within the City of Las Vegas, but rather within unincorporated ClarkCounty, in the Townships of Paradise and Winchester. ClarkCounty consists of over 8,000 square miles and is home to 5 incorporated cities and 19 unincorporated townships.

MGM Mirage’s CityCenter project - CityCenter is a 76-acre mixed-use development located on the west side of the Strip, between the Bellagio and the Monte Carlo resorts. At $7.4 billion, it is currently the most expensive privately-funded project in the western hemisphere. When complete, CityCenter will have:

   -  One 61-story, 4,000-room hotel tower
   -  Two 400-room high-end, non-gaming hotels including Las Vegas’ first Mandarin Oriental
   -  Approximately 2,650 luxury condominium and hotel/condominium units
   -  A retail district featuring approximately 500,000 square feet of retail, dining and entertainment under a crystalline canopy of unprecedented brilliance.

CityCenter represents the largest single new employment opportunity in the history of Las Vegas. This project will create 7,000 construction jobs and 12,000 new permanent positions once it opens in 2009.

Venetian Hotel and Casino - The Venetian Hotel and Casino’s new expansion, the Palazzo, was completed in January 2008.With 7,128 hotel rooms, two casinos, nearly 1 million square feet of retail and 2.3 million square feet of convention space, the Venetian and the Palazzo combined are the largest hotel in the world. The Venetian boasts Bouchon, Thomas Keller’s French bistro. Okay, this isn’t new—but it serves some of the best food in Las Vegas!

Las Vegas is ever-changing, constantly reinventing itself as it grows up. I’ll return to our Tour frequently in upcoming musings, moving from the strip out into the communities that make Las Vegas a great place to live, work and invest.

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Damn, I'm good. It's hard to buck what everyone else is saying, but with real-time information, I know what I know.

Thank you to my financial buddy, Brandon Foor, for forwarding today's Wall Street Journal article on rising home sales in certain markets. Perhaps the nameless reader who wrote the nasty comment on my blog will believe the WSJ when they say the same thing ... four days after I did.

My researcher can beat up your researcher.

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Before you ask: No, Las Vegas home sales are not declining as one would think if one read Bloomberg's article this morning. I read it, and here's one who has local statistics. Real estate is local; this morning's story is undoubtedly correct on a national level. But if you're looking to invest in Las Vegas, it really isn't relevant to your goals whether sales are declining or rising in Suquamish, WA or Berryville, AR.

Sales of existing homes in Las Vegas are rising, not declining. In April, LV housing sales rose over the same month in the previous year (year-over-year sales) for the first time since 2005.

Once again, the sky is not falling. We're going through a rough patch, that's for sure. You can't buy a home here and expect to flip it...duh. My worst nightmare (as expressed in March) became a reality to some extent when the national economy did get bad enough that it began to impact our local residential real estate market. But I'm one little voice that continues to point out the obvious--that Las Vegas is a great place to invest in real estate.

A few of my clients who bought homes here in December and January are getting a little nervous. Prices have dropped, and dropped rapidly at a time when sales began to climb rapidly. These clients bought their homes at well under market value. But if you buy a home for 10% less than comparable homes in the same neighborhood, prices have to drop another 10% before your home is worth only market value. You have an equity cushion when you are buying well under market value.

So where have I been the past 10 days? Really, really busy. Sales are still rising rapidly. Prices are declining at a steady rate. Certain neighborhoods appear to be stabilizing, but it's still too early to see whether there is a pattern.

Competition for the best houses is making it very difficult to get your offer approved. My clients who heed my advice--even though they are certain that banks want to dicker on price--usually fare well. Banks don't want to dicker. They don't want to start bidding wars; they want clear, concise offers that will allow them to make quick, sound decisions. And they definitely don't want to deal with incomplete offers submitted by inexperienced agents who leave asset managers wondering what an agent actually meant.

I've had the pleasure of helping quite a few Las Vegas Advisor readers in the past two weeks. Every single LVA reader I have met has been personable, fun-loving and enjoyable to work with. I've had my share of difficult clients, just as any Realtor who's been in the business awhile has. But LVA folks are in a class of their own, and are just a great group of people: magnanimous, farsighted, and appreciative.

In this past week alone, I've shown homes to LVA readers from southern California, Calgary, and the Bay area. I've had the pleasure of telling one LVA reader today that her offer was accepted on a great little rental home in a very desireable community, and closing escrow for another reader on his Las Vegas vacation home. I feel so fortunate that I've been able to meet such genuine, warm LVA subscribers and help some of them boost their real estate portfolios. And although I've known Anthony Curtis for 8 years, I had no idea he was so widely and affectionately regarded by people from all over North America.

I even had an LVA reader agree to teach me to play poker! I'm really excited, and I'm starting to feel like part of the family.

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Everyone wants their piece of Las Vegas. In fact, some people want several pieces; these are generally the ones who want their piece of the pie a la mode...with cash flow on top! There are actually some homes in Las Vegas selling for less than the price to build them, and with rents that will cover the mortgage payments. This is a welcome turnabout from 2 years ago, when everyone was feeding the alligator.   I'm inundated lately with calls from investors looking for a few rental properties for their portfolio; people approaching 50 and looking to buy their retirement home early while prices are so good; buyers looking to buy a vacation home cheap; and homebuyers who've been "waiting for the right time" to buy. When you don't hear from me for several days, it's because all of us here are working late into the night, every night.   Every day I speak with investors new to this market; their questions are always pretty much the same. Today I provided a brief overview to a prospective client from southern California who is looking to buy 3 or 4 rental homes here. I thought many of my readers would find this basic "primer" on investment properties of interest. It is by no means all-encompassing; it is a compilation of responses to questions I'm asked repeatedly.   Las Vegas is currently enjoying a strong rental market. In 2003 and 2004, many apartment buildings were converted to condos, taking many of these units out of the rental market. In 2007 and 2008, many homeowners lost their homes and are now forced to rent, bringing new tenants to the rental market. These factors, along with our resilient economy, contribute to a strong rental market. Our property management office has a difficult time keeping enough inventory on hand to fill the demand right now. Although there are many vacant homes in Las Vegas, the numbers are deceptive; these include all of those REOs that are not available for rent.   There are a number of areas that the majority of investors ask about. I field the highest number of calls regarding rentals for Summerlin and Green Valley. However, investors are buying homes in many other developments as well, where the high foreclosure rate has resulted in some incredible values.    Rental amounts vary by community and the size of the home. You will want to review the comps when you've determined what community you want to purchase in. Rent on a "typical rental" (3-bdrm/2 bath) home averages $1200 to $1700 per month. That's a very wide range; obviously the goal is to find properties with the best cash flow potential.   Following is a brief description of some of the developments throughout the valley:   SOUTHWEST: Southern Highlands and Mountains Edge have a number of foreclosures, and as a result there are some great deals here. The areas hit hardest by foreclosures are the areas that were built out in 2003 to 2007, when Las Vegas dirt was very expensive and buyers simply needed to be able to fog a mirror to qualify for a 100% stated income loan.   Mountains Edge was the #1 community in the nation for new-home sales in 2007. Both of these developments were very popular before the market downturn. The guard-gated golf course community of Rhodes Ranch is located here. These areas are within 15 to 25 minutes of the Strip, unless you head west on I-215 at exactly 5:00 p.m. You'll only make that mistake once. Good deals on REOs can be found for about $85 to $110 per square foot--far, far less than these homes sold for originally.   Closer in, The Lakes is another area popular with investors. You won't find the incredible deals here like you'll find in Mountains Edge or Southern Highlands as there are fewer REOs here.   NORTHWEST/WEST: Summerlin is the most sought-after by investors, homeowners and renters. Prices are higher here, and there are fewer foreclosures. A very good deal here can be found for about $127 per sq. ft. and up. Homes here and in Green Valley have retained their value better than in many other areas. Summerlin is located in the west and somewhat to the north, about a 25-minute drive from the Strip.   There are some great deals in the far northwest; this area has been hit hard by foreclosures. Here you can find great deals on REOs in the $83 to $98 per sq. ft. range. There is a surfeit of very large homes in the northwest; this, too, has contributed to the high foreclosure rate here. The far northwest is a 30- to 40-minute drive from the Strip.   NORTH: Aliante in North Las Vegas is very popular, and there are some very nice REOs here. These homes are about 30 minutes from the Strip. Expect to find REOs in good condition in the $95 to $110 per sq. ft. range. Closer to the Strip is an area of newer homes that have been very hard hit by foreclosures. This area of North Las Vegas is close to Steve Wynn's old Sahdow Creek golf course, and about 15 to 20 minutes from the Strip. Good deals on REOs can be found in the $75 to $90 per square foot range in a gated community.   SOUTHEAST: Green Valley Ranch, Green Valley Anthem and many areas of Henderson are very sought after. Prices and rents are higher here, and good deals are harder to find. Like Summerlin, this area has retained it's value well. Silverado Ranch is about 10 to 15 minutes from the Strip, and there are some good deals to be found here. East of the airport is for the most part an older, more established community; REOs are harder to find here.   EAST: This is not an area where I get many requests from investors. There are some great deals on REOs, and I think less competition from investors results in some real steals in this area. Good deals are generally in the $73 to $90 per square foot range. Sunrise Mountain to the far east is home to a newer development with some standing inventory at fairly good prices. There are many large custom homes at the base of Sunrise Mountain, and it's not easy to get cash flow in this area as home prices can be high while rents are not. There are fewer foreclosures in this area, fewer new developments, and fewer Common Interest Communities and HOAs.   I have left out many wonderful communities where you can find a great deal on an investment home. But it's been another long day, and Mr. Sandman is standing behind me ready to push my nose into this keyboard. As always, feel free to ask if you have specific questions.

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