Inventory UpdatePosted: May 07, 2012 at 1:30 PM by John McClellandAs we continue further into the seasonally strong selling season for residential real estate, many buyers are encountering a limited supply of homes, competition through multiple offers (many cash) and a muted level of new product entering the market. This is not only occuring in Las Vegas but is a condition known in other locals as well.Buyers are reacting to both affordability and investment returns on rental properties so you have two large buyer types directed at the same property types and price ra read more |
Case-Shiller Rear View MirrorToday's release reflects January, not exactly what we are seeing in real timePosted: March 27, 2012 at 10:23 AM by John McClellandToday the Case-Shiller numbers were released and in Las Vegas, as most cities, prices registered a decline. However, as one can see from the tiered indices below, those declines have recently been moderating. Since these figures reflect January, these numbers are likely to depart from what is being estabished now. Inventories, which are largely being held back artificially and because of legal and proceedural rigidities, are at extreme lows unseen since the boom days. As a result, multiple offers are the no read more |
Shiller on U.S HousingPrice Indices, Mortgage Rates and Other IssuesPosted: December 28, 2011 at 5:42 PM by John McClellandRobert Shiller, co-creator of the Case-Shiller home price index and one of the few who publically proclaimed that we were in a housing bubble, is asked by Bloomberg to comment on several different datasets. He makes the important distinction between short-term measurements and overall trends, with a particular emphasis on the consumer confidence numbers.Dr. Shiller is asked if he believes it is a good time to purchase a home, at least for someone who expects to be in an area for an extended period. read more |
Shift in Homeownership Rates and Opportunity for InvestorsOliver Chang of Morgan Stanley Comments about Single Family InvestmentPosted: November 22, 2011 at 2:01 PM by John McClellandInstitutional investors should consider allocating some resources to purchase and hold leased single family homes. In this low-yeild, high-volatility investing environment, this may represent a great opportunity.
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Residential Investment in Las VegasYields, why the boom and bust, gaming uptickPosted: September 21, 2011 at 5:10 PM by John McClelland One of the reasons that we believe Las Vegas is a good place to acquire properties for a long-term hold is based on fundamental measures such as price-rent ratios and the level of pricing below the longer-term, pre-bubble trend. Currently the price-rent ratio is about 6. In addition, it is often less expensive to buy than it is to rent. Similarly, cap rates are elevated implying an undervalued situation or investor sentiment. I tend to think it is still undervalued even though it is oversupplied. We read more |
