Thinking of the Children:  Child advocacy group First Focus has reported that roughly 40,000 Nevada children will be affected by foreclosure.  This is part of 2 Million kids nationwide. Meanwhile, there are about 2,000 homeless teenagers in Las Vegas. Efforts are underway to get them “survival kits” that include “hand wipes, anti-bacterial hand gel, a toothbrush and toothpaste, shampoo, deodorant, sunscreen, bandages, socks and snacks.”

Looking for a really unique Vegas home?  Well, one is to be auctioned off in early June.  The garage alone is 6500 square feet, 2 to 4 times the size of a typical local family home.  The home itself is 9500 square feet on 2 acres.  Open house this weekend!  Opening bid is only a half million dollars, or $53 per square foot — excluding the garage. Twice this price would be a bargain by any local standard. Here’s a gallery of pictures.

“We must all hang together, or assuredly we shall all hang separately!“  (Quote from Ben Franklin): The Christian Science Monitor asks whether taxpayers will end up paying for the subprime mess one way or the other.

At least there’s one good consequence:  Our current real estate troubles are helping conservationists, both by scuttling projects in environmentally sensitive areas, and by making it easier for areas to be converted to parks and other conservation areas.

And finally, a cartoon:   “moral hazard.”

Have a terrific weekend, everybody!

It turns out I am not the only person who is taking a hard look at the various fees that mortgage companies are trying to squeeze out of people. “Slowly but surely, a handful of public-minded bankruptcy court judges are drawing back the curtain on the mortgage servicing business, exposing, among other questionable practices, the sundry and onerous fees that big banks and financial companies levy on troubled borrowers.” Over and above the miscalculated interest, the sloppy record keeping, and the fees upon fees that can keep people from ever being able to put their loans in good standing, some lenders are adding fees back on after judges have tossed them out and discharged a bankruptcy!

The Christian Science Monitor reports that some potential home sellers are deciding not to play the game at all and pulling their property off the market. Eventually these homes will come back, as the owners find themselves needing to sell rather than wanting to. Others will someday decide that the market has improved enough to chance a new listing. Some will sadly end up in foreclosure and become REO properties. Short version, this trend helps shore up supply now but bodes ill for some future date.

And now for a completely different kind of real estate, French lighthouses. Interested in a tough historical preservation project?

Speaking of foreign real estate, you probably don’t know how lucky we have it here in the states in some ways. Let Robert Brady spell it out for you: “Believe me when I tell you that, when it comes to business (that is, the purchase of real estate), the agent you’re working with is not working for you. Buyers’ agents don’t exist outside of North America. In many of the markets I recommend, real estate agents aren’t regulated or even licensed.”

A message to all those Realtors out there: I know about “Realtor Standard Time” and I know that things happen, but you still have to make an effort to be on time. Got that? Would it have killed you to call and let somebody know you were going to be late?

In a move that surprises nobody who has thought about things for a few minutes, economists have found that housing prices have declined most in places where the commute is longest. I suppose if you can work remotely, you can get some screaming housing deals in the far-flung ‘burbs right now. In the meantime, remember that the Las Vegas Valley is relatively small; I can be on the opposite side of town in a half hour…. traffic permitting of course.

And last but not least, two fun if kitschy tours of Vegas: the mob history tour (hey, they’re all legitimate businessmen!); and the haunted Vegas tour.

That’s all for tonight!

Vegas is a lot more than glitz and “sin.” People do more than drink and gamble and go to shows where people are half-naked  Real families live here, real kids are raised here, and they don’t mind having your kids as company!

If you are at a loss for what your kids would do in Vegas, check out this column by Eileen Ogintz, complete with links to more information.  Your kids will have a great time in Vegas. Take a nice hike around Red Rock Conservation Area. Perhaps a day at the Lost City Museum. There are of course amusement parks and roller coasters and food and shopping.  They can visit with sharks and tigers. Or take a helicopter tour of the Grand Canyon.  Don’t like helicopters? How about a tour of Hoover Dam?

In Vegas, you can find lots of ways to spend your tax refund check — without ever gambling.  Just don’t forget comfortable shoes and sunscreen.

As a real estate professional, I just don’t understand why some people hate apartments. Frankly, any argument you can make against apartment life can just as easily be leveled at condominium life. Complaints about “noisy neighbors on the other side of the wall” and “lousy parking” come to mind.

Furthermore,  the management team of a large apartment community has a vested interest in the continued good condition and good reputation of their property even more than the typical small-scale landlord does.   Do you know who owns the rent house on the next block from you?  No?  But I bet if you look carefully at the sign in front of the apartment complex down the street, the management company’s name is on it.

Many of the “problems” associated with apartments are actually caused by zoning too many units in relatively small acreage: notably traffic issues and neighborhood decline. The impact of putting thousands of families in a couple dozen acres on traffic may be obvious.  The impact on the neighborhood at large, less so.  What happens is that no matter how many families actually need rental housing in a major city, the odds of them actually having jobs or another need to be in or near the “zoned apartment ghetto” is actually pretty small.  The obvious result is too much supply and for existing demand.  This drives occupancy and landlord revenues down from what the investors were promised, and nobody wants the investors to be angry. As a result, Jane Manager gets orders from her supervisor at the management company to fill those units at any cost!  And so Jane rents to people she maybe shouldn’t, who in turn run off her “good” residents.  Maybe she reduces rent, which in turn reduces the amount of money she has for repairs (and make-ready of vacant units), eventually meaning her property is skimping on maintenance.  The cycle continues around the neighboring apartment communities, because Mary Manager and Suzie Manager and Joe Manager are all getting the same orders to fill those units.

While cities that do not have “zoned apartment ghettoes” may have a bad complex with bad management somewhere, they don’t have a dozen of them all crammed next to one another, feeding on the toxic feedback loop of their neighborhood.  Apartments spread strategically through a city creates an environment where people who want or need rental housing can find it in a variety of neighborhoods near the places they want or need to be.  In short, cities that zone intelligently have a chance at having good, well-managed apartment complexes filled with decent, hard-working people who for whatever reason choose not to own real estate.  Such complexes can and do co-exist well with quality housing and a vibrant business community.

And that brings me to today’s City Council meeting in the City of North Las Vegas.  Way back in 1988, the city agreed to let Pardee Homes build a mixed development including single family homes and an apartment complex in what was then the middle of nowhere. Now, they are being held to that agreement and forced to sign off on allowing a 340 unit apartment complex to be built on a 15 acre site in the middle of a neighborhood dominated by single family homes.

And the neighbors are spitting mad.

I don’t get it.

Granted, that’s 23 units per acre.  According to the Clark County website, “Maximum densities allowed in most districts range from 18 to 50 dwelling units per acre, though more density is allowed in the district that includes the Strip.”  So by Vegas standards, 23 units per acre isn’t such a big deal.  I know from experience you can have a very nice 200 unit complex of 2 story buildings on roughly 6 acres, so theoretically a clever planner could fit 500 units on 15 acres and never have a third floor unit! We aren’t talking about a “zoned apartment ghetto” here;  we are talking about one complex on more than enough land, in a rapidly growing area minutes away from a retail hub and a brand new hospital.

This area needs rental housing, badly, and somebody realized that back in 1988, even if they can’t see it now.

According to our own Vegas Confidential reporter Norm Clarke, there is actually talk of doing a Saturday Night Live spinoff right here in the Las Vegas Valley. Well, he doesn’t exactly have an exclusive on that story, which appears to have originally appeared in the New York Daily News’s gossip column.

I hope it happens.  It makes sense, because so many actors, musicians, and comics are based either here or in nearby Los Angeles (one hour by plane with 3 hours at LAX, or 4 hours by car).  But the producers and directors are going to have to make sure there’s a minimum of “bad seasons”:  there’s nothing like a Vegas crowd to enforce quality control.

It would be good for our economy, too.  After all, both locals and tourists would come see the show, and the tourists will spend money on hotels, food, and other entertainment.  Not that I am worried about filling those 40,000 hotel rooms we are expecting by the end of 2012, but it’s nice to know.  Also, the dozens if not hundreds of folks that work on the production — directors, writers, stage-hands, lighting directors, extras, sound engineers, and many other professionals –  will need places to live, and they will create more jobs by needing goods and services.

I think Martha Stewart said what I’m thinking:  “It’s a good thing.”

Good news for Vegas real estate development: the Cosmopolitan Resort and Casino will avoid foreclosure. When finished, the hotel and convention facilities will be run by Hyatt. The complex will include roughly 3000 hotel rooms in addition to a number of luxury, high-rise condominiums.

A couple items on that quintessential Vegas export, weddings! First we have the Vegas Wedding FAQ. Not up for a Vegas wedding? Join some other couples in a much more sedate (but equally quick) Henderson wedding.

Confused about the various mortgage options and qualifications out there? Thanks to Inman News for pointing out Mortgage Grader. Warning: inline sound and video.

And a foreclosure prevention currently under debate would allow bankruptcy judges to modify or “cram down” new terms on some mortgages of owner-occupied homes with “subprime or non-traditional” mortgages. A bunch of stipulations apply, of course, and terms are still under negotiation in Congress. Needless to say, lenders hate this idea, and say it will increase lending costs to consumers. Notable economic minds like Larry Summers advocate some sort of bankruptcy reform needs to be a part of the foreclosure solution.

Looking forward to seeing some of you this Friday, February 29, 2008, at the Desert Shores Dojo!

I will be at the United Studios of Self Defense Desert Shores Dojo on Friday, February 29, from 6:00 PM to 8:00 PM to meet you and answer any questions you may have about buying or selling property, local market conditions, the economy, and real estate in general.  I will also gladly set up appointments to list your property for sale, or help you find a great property to buy.  They are located at 8410 W. Cheyenne, Suite #104 (in front of Albertsons and CVS, for a map click here).  You will also be able to meet with representatives from other local businesses.

Yesterday, Sensei Brian told me there are a number of RSVPs, so to get your business represented or get a list of businesses that will be there, call him or Miss Teri today.  Their phone number is (702) 396-9944.

I’m looking forward to seeing you there!

Thanks to the Movable Buffet for pointing out the Las Vegas Sun’s new database of flight delays. This should prove to be a great tool whether you are coming to Vegas, or trying to get out of town!

I am proud to announce that I will be on hand at the United Studios of Self-Defense Desert Shores Dojo for a networking open house on Friday, February 29 from 6-8 PM. The dojo is at 8410 W. Cheyenne, Suite #104, near the intersection of Rampart/Durango and Cheyenne in the Albertsons parking lot.

I will be on hand to answer your questions about the Las Vegas real estate market, real estate in general, local neighborhoods, and of course I will be glad to discuss helping you buy or sell a home. If you have specific issues you want to discuss with me, don’t wait: call me at 702-727-7842 today! If you would like to search listings first, click here!

Other businesses will be on hand to discuss their products and services as well. For more information, a list of businesses that will be there, or to reserve room for your business, be sure to call 702-396-9944 and talk to Miss Teri or Sensei Bryan today!

Scientists have now said that whether or not Lake Mead exists in 15 years is a coin toss:

Based on models constructed from the analysis of historical records from the Federal Bureau of Land Reclamation, the researchers, Tim Barnett and David Pierce, say there is a ten percent chance the reservoir will be dry in 2014, and a 50 percent chance no water will be left by 2021.

Lake Mead was created by the Hoover Dam’s blockage of the Colorado River. The river is fed by snow pack from Rockies, which has been decreasing. The dam, of course, was one of the prototypical megaengineering efforts of the 20th century and a symbol of how human ingenuity could conquer any obstacle, including supplying water to a city the size of Las Vegas in the middle of the desert.

But the sheer amount of water that natural and manmade climate changes and human usage is drawing out of the Colorado River system is staggering. The researchers estimate that 1 million acre-feet, or 326 billion gallons, of water are being leached out of the system each year. They say that’s enough to supply 8 million people.

While this sort of story is sensational, I think it’s more than a little alarmist.  For one thing,  it ignores the springs that initially brought settlers to the Las Vegas Valley — by the way, while you are in Vegas you can check this out for yourself at the Springs Preserve.  For another, they specifically say that the current quantity of water taken out of the system would supply a city the size of New York City when Las Vegas only has a population of half a million people — the entire valley has a population of maybe 2 million. Even if all our roughly 125,000 hotel rooms were occupied, and all 42,000 additional rooms scheduled to be available by 2012 were occupied, and all the people who will be employed as a result of those rooms were counted, there would still be far fewer than 8 million people in the valley.

Los Angeles, on the other hand, may want to think about desalination.