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Monday, May 17, 2004

North Las Vegas Continues Strong Growth

by Blanche Evans

North Las Vegas Realtors report a continuing housing boom with new homes available in all sizes and price ranges.

"North Las Vegas is the Valley's currently fastest growing area," says Realtor Demetria Kalfas-Gordon. "The current growth and expansion to the north is visible from every roadway. Home values are excellent since you can buy more home for your money in comparison to other parts of town. Builders cannot keep up with the demand with communities having nine to 15-month waiting periods. Resales are selling at record paces as they are gobbled up within days of listing. This area offers homebuyers a chance to live away from the hustle and bustle of the city, yet live close enough in proximity to major shopping and outdoor activities."

Says Realtor Jimena Paridee, "North Las Vegas is a growing city waiting to be discovered! According to the U.S. Census Bureau, North Las Vegas is the 5th Fastest Growing Large (population of 100,000 or more) City in America for the ten-year period of 1990-2000 with an average annual growth last year of just about 10 percent.

"According to the City of North Las Vegas Demographer, North Las Vegas is expected to have a build-out population of 511,812 by the year 2020 (includes land not yet released by the Bureau of Land Management)," explains Paridee. "The highly anticipated master-planned community Aliante will provide over 400 acres of parks and open spaces, a fire station, plenty of retail space, and it has plans for a 400-room Casino. Aliante is expected to be home to over 20,000 people upon completion. It's divided into two sections, its Primary Village being built by KB Homes, Pulte, Pardee and DR Horton and its Active Adult Village, Sun City Aliante, built by Dell Webb. It will be the first truly master-planned community of its size in North Las Vegas encompassing over 1900 acres of land with a price range of $130,000 to $270,000.

"The community will include a 20-acre Nature Discovery Park based on a Disney Concept sure to entice children and grown-ups alike," she adds. "There will also be an 18-hole Municipal Golf Course located at Sun City Aliante that will give tee-time priority to residents of North Las Vegas. There are volleyball courts, tennis courts, soccer fields, a man-made lake and an amphitheater for all of the residents' outdoor needs. Sales of new homes in North Las Vegas are expected to be at an all-time high. A great number of people are getting in on the ground floor of this new development that is sure to bring amazing opportunities for home buyers and businesses alike in this growing city."

"North Las Vegas is working hard to overcome it's reputation," says Realtor Pete Falger. "It has become a wonderful community, particularly the farther north you go. This is where you can get the best value for your dollar, in that homes are selling for somewhat less per square foot here than in the rest of the Las Vegas Valley. In addition, there is now the newest large development in the county, Aliante, which is located at the top of the new beltway that was built to move traffic more quickly around the county.

Falger suggests, "Our population is continuing to grow at a pace that is keeping us in the top five areas in the nation. North Las Vegas is no exception. One difference between some of the builders in Aliante and the rest of Las Vegas, is that they will release lots on a first-come basis, and do not have a waiting list. If you are interested in new construction, and don't want to wait, see us, so that we may help you get that lot and home of your dream without waiting a year or more."

"North Las Vegas is a community of newer homes," he says, "for the most part, again because the growth has been in the north part of the city. Currently, over eight percent of the homes in the county are located in North Las Vegas."

Published: May 17, 2004

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the "25 Most Influential People In Real Estate," and in 2003 when the "Most Influential" list was updated, she was recognized as one of nine "Notables." She is also a frequent contributor to "Your Money" on CNN fn.

Copyright © 2004 Realty Times. All Rights Reserved.

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Looking For A Quick, Dramatic (And Inexpensive) Change? Think Color

by Michele Dawson

If you're tired of the blah beiges and the same old rugs, pillows, and curtains accessorizing your house, then it's time for some color. A change in hue, whether it's by paint or by changing accessories, is a quick, inexpensive way to change the look of your room.

When it comes to who does the most redecorating, it appears the Baby Boomers dominate.

"Statistics show us that the Boomers, ages 40 to 58, are still the dominant spenders -- the group most likely to redecorate," Leatrice Eisman, executive director of the Pantone Color Institute, said at the 2004 International Housewares Show, held in March. "Often, they're refeathering their empty nest. The Boomers are spending more time around the house, and also are the demographic group most likely to purchase or inherit a second home."

And she says the Gen Xers -- those between 27 and 39 -- are generally the first-time homeowners who spend the first 3 to 5 years personalizing their houses.

"It involves buying things for the children, and doing more seasonal and holiday decorating than ever before," she said. "There's also a proliferation of home offices and the need for storage."

Eisman said yellow is an increasingly popular color, especially in the kitchen. And green is staying hot, especially the yellow-green family. Green, research shows, is having a longer longevity than anybody thought.

Meanwhile, Melissa Birdsong, trend and design director for Lowes, says colors that soothe the senses and reflect nature are popular, whether it's a chartreuse leaf, the earthy shades of soil, the clear red of a tulip, or the deep yellow of a ginko tree in fall.

"Sage greens and blues, olive tones, and turquoise are gaining in popularity," said Birdsong. "These colors also make wonderfully natural accents to shades of brown, camel and other neutrals."

If you don't want to paint, Birdsong suggests updating your bedroom and living space with bedding, fabrics or paint. Chocolate brown and pink is a popular combination and creates a sumptuous, comforting feeling.

In the living and family rooms, Birdsong recommends gracing your tired sofa with a slipcover in a solid neutral color and then adding splashes of color via pillows, throws, and lamp shades.

And in the kitchen and bathroom, add towels, rugs, and curtains in one of your new accent colors.

"Accessories can improve the overall mood of a room dominated by white fixtures or appliances," said Birdsong. "Touches of chrome or silver make nice accents too. Dress up the kitchen in the latest hues with new dishes, glassware, tea towels, or brightly colored cookware."

When it comes to paint colors, color is stronger than ever, say paint manufacturers.

"The strong emerging colors we are now seeing are very energizing," said Doty Horn, Director of Design for Benjamin Moore & Co. "They impact our moods, and certainly help express our personalities and can be an empowering tool. Wear red and, like a matador, you'll take no bull and be uninhibited."

Blue in all its variations is a very trendy paint color this year, said Debbie Zimmer, color and decorating expert for The Rohm and Haas Paint Quality Institute, a leading authority on paints and painting trends. One reason for its popularity is that it is suitable for use in every room of the house. With a palette ranging from pastel blue to teal, there is a shade of blue to complement all moods and decors.

"Blue's popularity began a few years ago when it was used to evoke a spa theme in bathrooms," Zimmer said. "But now we are seeing it migrate into other rooms of the house."

Zimmer says that because blue is a soothing, relaxing color, it is especially good for use in bedrooms.

Andy Zimmer says the use of stencils to spell out favorite quotes or phrases on walls is gaining in popularity -- it's not just for the kids anymore.

"The nice thing about this trend is that it can be adapted in many ways," Zimmer says. "Someone who wants to start small may choose to write just a few words as a border or smaller decorative accent, while someone who is a bit more bold may cover an entire wall with words. There is something here that works for everyone."

But the key, experts agree, is to stay true to your own style -- and don't be afraid to take a risk.

"To sum it up, your home is your sanctuary," said Birdsong of Lowe's. "Use your knowledge of color trends to smartly update your home's style. Above all, be imaginative, and don't be afraid to try new things."

Published: May 17, 2004

Copyright © 2004 Realty Times. All Rights Reserved.

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Senate-Passed Tax Bill Allows Deductions Of Mortgage Insurance Premiums For Millions Of Homeowners

by Kenneth R. Harney

Tax relief for more than 10 million homeowners who pay mortgage insurance premiums got a big boost last week when the Senate passed the Jumpstart Our Business Strength (JOBS) Act by a 95-2 margin.

The bill (S-1637), which still requires approval by a House-Senate conference committee, would repeal the IRS's longtime rule banning deductions of premiums paid by homeowners with private mortgage insurance and FHA mortgage insurance. Under an amendment to the JOBS legislation by Sen. Gordon Smith (R-Ore.), borrowers whose incomes do not exceed $100,000 would be able to write off 100 percent of their mortgage insurance premiums on their federal tax returns. Homeowners with incomes above $100,000 could write off portions of their insurance payments according to a phaseout formula.

The Smith amendment would expire in a year, effectively sanctioning the new writeoff for one tax year on the expectation that it would be made permanent by subsequent legislation. The one-year duration also limits the federal revenue loss caused by the provision -- a key political consideration on Capitol Hill at the moment in light of the ballooning federal deficit.

Bipartisan efforts have been underway in both the House and Senate for more than a year to permit mortgage insurance writeoffs. A House-sponsored deductibility bill (H.R. 1336) has been co-sponsored by 23 members of the influential tax-writing Ways and Means Committee.

An estimated 7 million-plus homeowners currently have FHA-insured mortgages, and approximately 5.5 million pay private mortgage insurance premiums. Most of those, along with an unknown number of homeowners with VA and US. Department of Agriculture-backed rural housing loans, would be affected if Congress reverses the IRS's policy.

Private mortgage insurance generally is required by lenders whenever a buyer's downpayment is less than 20 percent of the purchase price of the house. Most owners pay for the insurance as an added charge -- anywhere from $50 to $150 a month typically. The insurance covers a portion of a lender's losses in the event of a default by the homeowner.

Though mortgage interest is tax-deductible, the IRS has prohibited writeoffs of mortgage insurance on federal tax returns.That is because it defines mortgage insurance as a "service" rendered in connection with obtaining a home loan. Private legal authorities, however, have argued for years that mortgage insurance fits all the definitions of "interest" established by the IRS, and should be fully deductible.

The Senate-passed provision enjoys wide support within the housing and civil rights communities, and from major labor unions and local government groups. The heaviest users of mortgage insurance, both private and FHA, tend to be moderate-income first-time buyers who lack cash for large downpayments. Under current IRS rules, argue supporters of the Smith amendment, these buyers are discriminated against. Borrowers with large downpayments get to deduct all their mortgage interest on their tax filings every year. But buyers who pay FHA or private mortgage insurance every month are barred from deducting those premiums -- even though they function precisely like interest surcharges on top of their regular principal and interest payments.

No date has been set for final congressional action.

Published: May 17, 2004

Kenneth R. Harney writes an award-winning, nationally-syndicated column on housing and real estate from Washington, D.C. He is also managing director of the National Real Estate Development Center, a professional education company. He is a past member of the Federal Reserve Board's Consumer Advisory Council, a committee that by federal statute reviews all Fed actions on home mortgage, consmer credit and banking industry regulation.
He served as a member of the U.S. Department of Housing and Urban Development's Working Group on Computerized Loan Origination (CLO) systems, and is a member of the Editorial Board of the Fannie Mae Foundation's journal, Housing Policy Debate. He is the author of two books on mortgage finance and real estate.

Copyright © 2004 Realty Times. All Rights Reserved.

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