(Originally posted April 13, 2008)
Because of declining home values, many homeowners (especially those that bought between 2004-2006) owe more than their home is worth. This can be for a few reasons, such as: they put zero down, they financed the home and their closing costs (103% loan), they took an interest only loan, a 3/1 ARM or a pay-option ARM. Any of these choices will have made them "upside down" from the day they closed. Now when they want to sell, in order to walk away, they would have to bring money to the closing (not possible in 99.99% of the cases).
There is an alternative where the bank will "forgive" the amount you owe that's over the sale price. It is called a short sale (you are selling for less than the loan owed to the bank.) Due to all the foreclosures in Las Vegas and the country, the only way to compete for a buyer is a short sale. Many inexperienced real estate agents (and those not trained to do short sales) will list a home as a short sale, pick a price that is: a) reasonable for what the same homes are selling for as foreclosures or b) pick a lowball price, hoping the bank will take it and it will attract buyers to their listing.
Unfortunately, it's not that easy. You, the homeowner, have to qualify to sell your home short. Here's the general qualification list:
1 - You have to be at least 45 days behind in your mortgage payment (receiving a "Notice of Default" from your lender)
2 - You have little or no equity in your home
3 - You have no assets that you can sell (other homes, money in the bank, extra cars, boat, etc.) to payoff the shortfall
4 - You must have suffered a financial hardship (job loss, death of spouse, major health issue, rate adjusting loan)
If you qualify with all of the above, you can submit a short sale application to the bank, with your paystubs, your bank statements (from all accounts) along with a hardship letter - and the bank will review this to see if you qualify.
It's the last step that most agents are not doing. The majority of short sale listings are putting the home up for sale and then submitting the application once they receive an offer. The big problem is that this is entirely backwards, and if you're the buyer, you can potentially wait 4 to 6 weeks, even 3 months (personal experience) before the bank will even consider your offer. Once they consider the offer, they usually counter it with a higher number, rather than accepting it. Even worse, many buyers are putting in lowball offers plus closing costs (which is okay, it's a buyer's market), and the banks don't even bother to respond - EVER.
This is why I counsel most of my buyers that short sales are make believe listings and I will not show them, UNLESS, the listing says "Short Sale Approved." I do call the listing agents and ask them where they are in the process, and I've yet to have a listing be approved.
Those three magic words are the key to a successful short sale. Unfortunately, one out of 100 listings are approved.
Just for clarity, for the person selling, if this is not your primary residence, you will most likely be responsible to pay the taxes (to the IRS) for the amount "forgiven" by the lender. In some cases, the bank makes you pay them back for the money you're short - in the form of a long-term installment loan.
I am trained to get approvals on Short Sale listings, but there's a short timeline before foreclosure, and many sellers don't contact me (or any agent) before it's too late. If you feel that you do qualify for a short sale, or will in the very near future - it is time to call me now to explore your options.
Wednesday, May 21, 2008
How to see all the Las Vegas shows (for free)
(Originally posted on March 16, 2008)
My little secret
If you're a regular reader of my blog, you know I've reviewed a few shows that I've seen over the recent months. Real Estate has been so busy that I haven't been writing on anything except work. I wanted to share with you how I get to see so many shows.
If you drive anywhere around Vegas, you see the billboards for all the shows. You see them at the airport, in the airport, on the Strip, in the hotels, on TV, on the radio -- they're everywhere. It's really fantastic that we have every major entertainer at our fingertips. The hard part is affording the tickets to see all of them. So here's my little secret on how to see almost every show on the Strip, for FREE.
There's a service here, for locals, that offers free seats to shows for the same day. In other words, you'll get an email that says tickets are available, you log on to the website, choose how many tickets you want and go to the show. That's it.
Okay, I hear you saying, "Yeah, it's for junk nobody wants to pay for, I bet." Well, I'll let you judge for yourself. I joined the service in January (I paid a small fee for the year) and you can go to unlimited shows. Here's what we've seen in the last three months:
Blue Man Group, Bobby Slayton (comedian), Defending the Caveman, Larry G. Jones (the Man of 1002 Voices), 3 Redneck Tenors, Boz Scaggs, Sarah Silverman, Roseanne Barr (opening night), Las Vegas Tenors, Carrot Top, Barry Manilow and Ronn Lucas. The last 4 shows were all this week!
Because I wasn't near my computer at the time the email went out, I've missed tickets for Bette Midler, Zumanity and so much more. In these last three months, we have seen thousands of dollars of entertainment, in excellent seats. So what's the catch? There is none.
Before I tell you the name of the service, I have a favor to ask, because there's no reason you shouldn't join. When you sign up, they will ask who referred you. Please say MARK KARTEN. I get an extra month's subscription when you use my name, and once you're a member, you can do the same.
Alright, the service is www.HouseSeats.com and here's how it works. There are three membership levels. The first cost $39 and you get two tickets to all shows offered for 60 days (I don't suggest this level.) The second cost $89 and gets you two tickets to all shows for an entire year. This is unbelievable - because if you go to one show, you've already earned your entire membership fee (read the list above again to see what I've seen in the last three months). The last option is $169 and gets you 4 tickets to each show.
I've seen a dozen shows already, and could see a show every night. It's difficult, though, when you have to work in the morning. I can't say enough about the service, the seats and the choices. If you enjoy live entertainment and really want to appreciate Las Vegas for the entertainment town that it is, I guarantee you this is the best $89 you'll ever spend. Enjoy, and drop me a note if you've become a member!
My little secret
If you're a regular reader of my blog, you know I've reviewed a few shows that I've seen over the recent months. Real Estate has been so busy that I haven't been writing on anything except work. I wanted to share with you how I get to see so many shows.
If you drive anywhere around Vegas, you see the billboards for all the shows. You see them at the airport, in the airport, on the Strip, in the hotels, on TV, on the radio -- they're everywhere. It's really fantastic that we have every major entertainer at our fingertips. The hard part is affording the tickets to see all of them. So here's my little secret on how to see almost every show on the Strip, for FREE.
There's a service here, for locals, that offers free seats to shows for the same day. In other words, you'll get an email that says tickets are available, you log on to the website, choose how many tickets you want and go to the show. That's it.
Okay, I hear you saying, "Yeah, it's for junk nobody wants to pay for, I bet." Well, I'll let you judge for yourself. I joined the service in January (I paid a small fee for the year) and you can go to unlimited shows. Here's what we've seen in the last three months:
Blue Man Group, Bobby Slayton (comedian), Defending the Caveman, Larry G. Jones (the Man of 1002 Voices), 3 Redneck Tenors, Boz Scaggs, Sarah Silverman, Roseanne Barr (opening night), Las Vegas Tenors, Carrot Top, Barry Manilow and Ronn Lucas. The last 4 shows were all this week!
Because I wasn't near my computer at the time the email went out, I've missed tickets for Bette Midler, Zumanity and so much more. In these last three months, we have seen thousands of dollars of entertainment, in excellent seats. So what's the catch? There is none.
Before I tell you the name of the service, I have a favor to ask, because there's no reason you shouldn't join. When you sign up, they will ask who referred you. Please say MARK KARTEN. I get an extra month's subscription when you use my name, and once you're a member, you can do the same.
Alright, the service is www.HouseSeats.com and here's how it works. There are three membership levels. The first cost $39 and you get two tickets to all shows offered for 60 days (I don't suggest this level.) The second cost $89 and gets you two tickets to all shows for an entire year. This is unbelievable - because if you go to one show, you've already earned your entire membership fee (read the list above again to see what I've seen in the last three months). The last option is $169 and gets you 4 tickets to each show.
I've seen a dozen shows already, and could see a show every night. It's difficult, though, when you have to work in the morning. I can't say enough about the service, the seats and the choices. If you enjoy live entertainment and really want to appreciate Las Vegas for the entertainment town that it is, I guarantee you this is the best $89 you'll ever spend. Enjoy, and drop me a note if you've become a member!
Las Vegas Real Estate Auctions
(Originally posted on March 16, 2008)
Are they too good to be true?
If you've seen the commercials on TV, heard them on the radio, visited the websites or picked up the booklets -- you know that "The Lender foreclosed home auction is coming" and "265+ homes MUST BE SOLD!" Rather than exploring the hype, I want to show you the reality of what's being offered.
Caveat Emptor
You may have heard this Latin term before which means "Let the buyer beware," but more specifically it is a property law doctrine that controls the sale of real property (real estate) after the date of closing. When you buy a foreclosure, it's simply stated as an "As-Is" purchase.
Regardless of whether you buy a foreclosure at auction or as an MLS listing, it will always be sold as-is. To protect yourself, you need to perform your due diligence, which is gaining access to the home and having structural and mechanical inspections completed before you agree to purchase.
Why buy at Auction?
This is the question posed on page 3 of the auction brochure. In my personal opinion, this section is pure marketing, and I'd like to counter some of these claims:
Here's their pitch: "There are many reasons to buy foreclosed homes at auction. First and foremost is that you set your OWN price. You are not at the mercy of a seller's unrealistic "asking price." Other benefits include:
* No long negotiation period with offers going back and forth
* Huge selection of homes at rock-bottom auction prices
* Our Sellers are the lenders who own these homes. They are VERY motivated to sell these homes and sell them now!
Sounds exciting and great, right? Well, let's read the small print.
The process of buying at auction
First you need to register to participate in the auction - that's free. You go to www.USHomeAuction.com. Then you need to get pre-qualified (no cost or obligation). So far, so good.
Now you look through the catalog or review the homes on the website and pick your favorites. Then you visit these homes during the open houses held the weeks prior to the auction. The company advises you to "visit every property you would consider bidding on. Make an informed buying decision, go out and thoroughly inspect each property you are interested in."
Okay, let's start right here. Unless you are a home inspector by trade, you will need to schedule the home inspector to be at your potential new home during the open house. The utilities will have to be on (many times they're not and there's nobody to ask in advance to turn them on), so that all systems can be tested. This inspection will cost you, depending on the size of the home, anywhere from $200-$500. For argument's sake, let's say you do that, and the report comes back to your satisfaction.
Day of the Auction
To participate in the auction, there is no admission charge and no registration fee. Excellent! You need to bring a cashier's check for $5,000 (payable to yourself) or cash, and your checkbook. When your new home comes up for bid, you are asked to bid up to your maximum amount.
If you are the winning bidder, this is what will happen next. First a 5% premium is added to the price of the home, which becomes part of the total purchase price. You will then sign documentation confirming you are the winning bidder. Since you've been pre-qualified for a loan already, your financing and documentation will be done right then and there.
Then you sign over your $5,000 cashier's check, which gets deposited into a Trust account with a national title company (all is still good.) You also need to write a check for the balance of what equals 5% of the Total Purchase Price. After that, you will be required to close within 30 days.
Let's take a look at their example:
Your winning bid - $200,000
5% Buyer's Premium + $10,000
Total Purchase Price $210,000
5% Earnest Money Deposit $10,500
$5,000 Cashier's check - $5,000
Remainder - Personal Check $5,500
I think most readers might stop right here. Why? Right now you can buy a house up to $400,000 (including almost every foreclosure), get FHA financing with only 3% down, and the seller can contribute to that or pay that downpayment for you. You are also not rushed into spending money on an inspection for a house you may not "win" at auction.
Let's dig deeper...
Everything about the auction is on the up and up. I don't want you to think that it's anything less than that. What I'm trying to point out is that purchasing a home conventionally (using a Realtor) is almost always a smoother, saner and safer way to go. (And I can almost certainly guarantee that you will pay less than at auction.) Why? Because the banks can only lose so much money on the house! The ads may say "MUST BE SOLD" but it's not true, and the auction tells you so.
I'm going to use one of the homes listed for auction as an example. The home is located in Silverado Ranch with a starting bid of $109,000. It says "Previously valued to $290,026." This home was just removed from the MLS yesterday, I presume, in preparation for the auction. It was listed as a foreclosure sale with a price of $239,900. According to the County Assessor's office, the bank paid $290,296 (ah, there's the origin for the previously valued amount.)
My question to you is this, "Do you think if the bank only gets one bid on this house for $109,000 - that they will sell it to the winning bidder?" I highly doubt it. Here's why:
The disclosure that safeguards the auction house and lender is located under the "Terms and Conditions" section of their materials. It is in #3, Bidding and Buying at the Auction, and is labeled, "Reserve Price: All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price." In other words, the buyers bidding must meet or exceed this secret reserve price, have the highest bid AND the bid must be accepted by the Seller "subject to confirmation."
Are you still with me?
Gee, I admire your fortitude. Let's cover "subject to confirmation" for a moment. According to the auction company, "if your bid is not immediately accepted by the Seller, the Auctioneer will inform the Winning Bidder that their winning bid is subject to confirmation. You agree that your purchase is contingent upon the Seller approving the purchase, which is at their sole and absolute discretion within 15 days of executing the Purchase Agreement. If the Seller chooses not to sell, you will get your $5,000 plus the check you wrote back. Hmmm. Wait, I'm not done yet.
Financing your purchase
So you got pre-approved to buy your new home. Now the lender has to do an appraisal of the property. Due to the physical condition of the property, your lender may not provide financing to you. If you pre-qualified through the auction's designated lender but cannot get financing for the home, you will get your earnest money back. The terms only mention the designated lender, not any other lender.
Well, there's gotta be an escape clause for you, the buyer, right?
Uh, no. Only if you use the designated lender and you don't get approved, then you'll get your money back. If you use your own lender and you don't get approved, you lose. If you find something wrong with the home after you win the bid, you lose. Read the "Due Diligence" portion of the Terms and Conditions carefully before even considering purchasing one of these homes. If the words don't make sense, consult an attorney or someone knowledgable that you trust.
A saner alternative
While the prospect of saving tens of thousands of dollars is enticing, the reality might be somewhat different when purchasing through an auction. As an experienced Realtor, using my services (for free) allows you to be protected every step of the way through the purchase, to have safeguards from buying blindly and to have control of much of the process.
Here's the difference in the process, and the peace of mind that I can offer:
1 - You get pre-qualified with a lender.
2 - We discuss the details of the type of home you want and possible locations.
3 - I show you homes meeting your criteria, and continue to inform you of new listings as they are posted for sale.
4 - I physically preview homes you are interested in, if you wish, to reduce unnecessary running around.
5 - When we find the home you desire, we submit an offer, on your terms, to the listing agent.
6 - I negotiate on your behalf and I work towards getting your offer accepted.
7 - The offer will be contingent upon inspections done to your satisfaction and final approval of your loan. If you are unhappy with the condition of the home, or don't get loan approved, you will receive your earnest money back (usually a much smaller amount than 5% of the purchase price - normally $2,000, depending on the price of the home.)
8 - You are not operating in the dark, have representation from a Real Estate professional, have a source for any answers you seek and total peace of mind.
9 - I accompany you to your closing at title, explaining any uncertainties and I am your agent for life, after you've moved into your home and for years to come.
I hope this has been helpful as an insight into the auction process, and buying a foreclosure home in general. If you need any specific questions answered, feel free to contact me anytime.
Are they too good to be true?
If you've seen the commercials on TV, heard them on the radio, visited the websites or picked up the booklets -- you know that "The Lender foreclosed home auction is coming" and "265+ homes MUST BE SOLD!" Rather than exploring the hype, I want to show you the reality of what's being offered.
Caveat Emptor
You may have heard this Latin term before which means "Let the buyer beware," but more specifically it is a property law doctrine that controls the sale of real property (real estate) after the date of closing. When you buy a foreclosure, it's simply stated as an "As-Is" purchase.
Regardless of whether you buy a foreclosure at auction or as an MLS listing, it will always be sold as-is. To protect yourself, you need to perform your due diligence, which is gaining access to the home and having structural and mechanical inspections completed before you agree to purchase.
Why buy at Auction?
This is the question posed on page 3 of the auction brochure. In my personal opinion, this section is pure marketing, and I'd like to counter some of these claims:
Here's their pitch: "There are many reasons to buy foreclosed homes at auction. First and foremost is that you set your OWN price. You are not at the mercy of a seller's unrealistic "asking price." Other benefits include:
* No long negotiation period with offers going back and forth
* Huge selection of homes at rock-bottom auction prices
* Our Sellers are the lenders who own these homes. They are VERY motivated to sell these homes and sell them now!
Sounds exciting and great, right? Well, let's read the small print.
The process of buying at auction
First you need to register to participate in the auction - that's free. You go to www.USHomeAuction.com. Then you need to get pre-qualified (no cost or obligation). So far, so good.
Now you look through the catalog or review the homes on the website and pick your favorites. Then you visit these homes during the open houses held the weeks prior to the auction. The company advises you to "visit every property you would consider bidding on. Make an informed buying decision, go out and thoroughly inspect each property you are interested in."
Okay, let's start right here. Unless you are a home inspector by trade, you will need to schedule the home inspector to be at your potential new home during the open house. The utilities will have to be on (many times they're not and there's nobody to ask in advance to turn them on), so that all systems can be tested. This inspection will cost you, depending on the size of the home, anywhere from $200-$500. For argument's sake, let's say you do that, and the report comes back to your satisfaction.
Day of the Auction
To participate in the auction, there is no admission charge and no registration fee. Excellent! You need to bring a cashier's check for $5,000 (payable to yourself) or cash, and your checkbook. When your new home comes up for bid, you are asked to bid up to your maximum amount.
If you are the winning bidder, this is what will happen next. First a 5% premium is added to the price of the home, which becomes part of the total purchase price. You will then sign documentation confirming you are the winning bidder. Since you've been pre-qualified for a loan already, your financing and documentation will be done right then and there.
Then you sign over your $5,000 cashier's check, which gets deposited into a Trust account with a national title company (all is still good.) You also need to write a check for the balance of what equals 5% of the Total Purchase Price. After that, you will be required to close within 30 days.
Let's take a look at their example:
Your winning bid - $200,000
5% Buyer's Premium + $10,000
Total Purchase Price $210,000
5% Earnest Money Deposit $10,500
$5,000 Cashier's check - $5,000
Remainder - Personal Check $5,500
I think most readers might stop right here. Why? Right now you can buy a house up to $400,000 (including almost every foreclosure), get FHA financing with only 3% down, and the seller can contribute to that or pay that downpayment for you. You are also not rushed into spending money on an inspection for a house you may not "win" at auction.
Let's dig deeper...
Everything about the auction is on the up and up. I don't want you to think that it's anything less than that. What I'm trying to point out is that purchasing a home conventionally (using a Realtor) is almost always a smoother, saner and safer way to go. (And I can almost certainly guarantee that you will pay less than at auction.) Why? Because the banks can only lose so much money on the house! The ads may say "MUST BE SOLD" but it's not true, and the auction tells you so.
I'm going to use one of the homes listed for auction as an example. The home is located in Silverado Ranch with a starting bid of $109,000. It says "Previously valued to $290,026." This home was just removed from the MLS yesterday, I presume, in preparation for the auction. It was listed as a foreclosure sale with a price of $239,900. According to the County Assessor's office, the bank paid $290,296 (ah, there's the origin for the previously valued amount.)
My question to you is this, "Do you think if the bank only gets one bid on this house for $109,000 - that they will sell it to the winning bidder?" I highly doubt it. Here's why:
The disclosure that safeguards the auction house and lender is located under the "Terms and Conditions" section of their materials. It is in #3, Bidding and Buying at the Auction, and is labeled, "Reserve Price: All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price." In other words, the buyers bidding must meet or exceed this secret reserve price, have the highest bid AND the bid must be accepted by the Seller "subject to confirmation."
Are you still with me?
Gee, I admire your fortitude. Let's cover "subject to confirmation" for a moment. According to the auction company, "if your bid is not immediately accepted by the Seller, the Auctioneer will inform the Winning Bidder that their winning bid is subject to confirmation. You agree that your purchase is contingent upon the Seller approving the purchase, which is at their sole and absolute discretion within 15 days of executing the Purchase Agreement. If the Seller chooses not to sell, you will get your $5,000 plus the check you wrote back. Hmmm. Wait, I'm not done yet.
Financing your purchase
So you got pre-approved to buy your new home. Now the lender has to do an appraisal of the property. Due to the physical condition of the property, your lender may not provide financing to you. If you pre-qualified through the auction's designated lender but cannot get financing for the home, you will get your earnest money back. The terms only mention the designated lender, not any other lender.
Well, there's gotta be an escape clause for you, the buyer, right?
Uh, no. Only if you use the designated lender and you don't get approved, then you'll get your money back. If you use your own lender and you don't get approved, you lose. If you find something wrong with the home after you win the bid, you lose. Read the "Due Diligence" portion of the Terms and Conditions carefully before even considering purchasing one of these homes. If the words don't make sense, consult an attorney or someone knowledgable that you trust.
A saner alternative
While the prospect of saving tens of thousands of dollars is enticing, the reality might be somewhat different when purchasing through an auction. As an experienced Realtor, using my services (for free) allows you to be protected every step of the way through the purchase, to have safeguards from buying blindly and to have control of much of the process.
Here's the difference in the process, and the peace of mind that I can offer:
1 - You get pre-qualified with a lender.
2 - We discuss the details of the type of home you want and possible locations.
3 - I show you homes meeting your criteria, and continue to inform you of new listings as they are posted for sale.
4 - I physically preview homes you are interested in, if you wish, to reduce unnecessary running around.
5 - When we find the home you desire, we submit an offer, on your terms, to the listing agent.
6 - I negotiate on your behalf and I work towards getting your offer accepted.
7 - The offer will be contingent upon inspections done to your satisfaction and final approval of your loan. If you are unhappy with the condition of the home, or don't get loan approved, you will receive your earnest money back (usually a much smaller amount than 5% of the purchase price - normally $2,000, depending on the price of the home.)
8 - You are not operating in the dark, have representation from a Real Estate professional, have a source for any answers you seek and total peace of mind.
9 - I accompany you to your closing at title, explaining any uncertainties and I am your agent for life, after you've moved into your home and for years to come.
I hope this has been helpful as an insight into the auction process, and buying a foreclosure home in general. If you need any specific questions answered, feel free to contact me anytime.
Is now really the time to buy?
(Originally posted on March 9, 2008)
Making the jump
For most folks who are renting, buying a home is definitely on their wish list. No matter where you turn, the TV and newspaper headlines cry gloom and doom. Personally, if I see one more picture of a "FORECLOSURE" sign, I'll scream. Yet there are two sides to every story, and if you read between the lines, the message is "BUY NOW."
Time magazine really did a great job in a recent article on showing why it makes more sense to buy now than to wait. Click HERE to read the article.
Auctions, New homes, For Sale by Owner - Where to start?
Every street you drive down, you see the signs. OPEN HOUSE, FORECLOSURE, MUST SELL, NO REASONABLE OFFER REFUSED - how appealing is that!? The signs are meant to lure you in, but beware, buying a house is no easy feat. Unless you're buying from a new home builder, almost every "bargain" is being sold as-is. That means you've got some due diligence (investigation) to do, before you want to make that house your home. Don't do it alone.
Proper representation
I can't stress strongly enough how important it is to work with a Realtor. Having a Realtor represent you costs you NOTHING. We get paid by the seller. I can't speak for other real estate agents, but I am trained to protect your rights and make sure you know all the facts so you can make an informed decision, and get the best price AND incentives, no matter whether you're buying from a builder, homeowner or bank.
Most folks think they're "Just looking" when they drive through neighborhoods or go to see new home models. As soon as you walk in, unrepresented (without an agent WITH YOU), you are now going it alone. It doesn't matter if you didn't sign in, a real estate agent can't represent you.
New home sales, too
What's especially confusing for buyers is that they think when they go to see new homes, that the sales agent on-site is there to represent them. Unfortunately, that's not true. That agent represents the seller ONLY. They cannot represent you, and no matter what "bargain price" they tell you they're offering, you can do better with a Realtor. Again, you must walk in with the Realtor on the first visit.
I know what you're thinking, "But we want to narrow down which homes we like, and don't want to drag someone along with us," or "We were just driving home and saw the signs and went in." Remember, the minute you walk through the door, you're now going it alone.
This may all sound self-serving for you to use a Realtor, but talk to someone who had a bad experience with a home purchase, and you'll see I have your best interests at heart. Do you have a friend or relative who has their real estate license? That's great. Make sure they are experienced, have closed on sales recently, understand the market, the area you're buying in, and the true values of the homes being sold.
Rent versus Buy
The bottom line is this, with the new loan qualifications just released by the government and the pending rate cuts by the Fed, it is truly cheaper to buy than rent now. Why keep throwing your money away when you can start earning equity on a home of your own? Give me a call and let's get started today.
Making the jump
For most folks who are renting, buying a home is definitely on their wish list. No matter where you turn, the TV and newspaper headlines cry gloom and doom. Personally, if I see one more picture of a "FORECLOSURE" sign, I'll scream. Yet there are two sides to every story, and if you read between the lines, the message is "BUY NOW."
Time magazine really did a great job in a recent article on showing why it makes more sense to buy now than to wait. Click HERE to read the article.
Auctions, New homes, For Sale by Owner - Where to start?
Every street you drive down, you see the signs. OPEN HOUSE, FORECLOSURE, MUST SELL, NO REASONABLE OFFER REFUSED - how appealing is that!? The signs are meant to lure you in, but beware, buying a house is no easy feat. Unless you're buying from a new home builder, almost every "bargain" is being sold as-is. That means you've got some due diligence (investigation) to do, before you want to make that house your home. Don't do it alone.
Proper representation
I can't stress strongly enough how important it is to work with a Realtor. Having a Realtor represent you costs you NOTHING. We get paid by the seller. I can't speak for other real estate agents, but I am trained to protect your rights and make sure you know all the facts so you can make an informed decision, and get the best price AND incentives, no matter whether you're buying from a builder, homeowner or bank.
Most folks think they're "Just looking" when they drive through neighborhoods or go to see new home models. As soon as you walk in, unrepresented (without an agent WITH YOU), you are now going it alone. It doesn't matter if you didn't sign in, a real estate agent can't represent you.
New home sales, too
What's especially confusing for buyers is that they think when they go to see new homes, that the sales agent on-site is there to represent them. Unfortunately, that's not true. That agent represents the seller ONLY. They cannot represent you, and no matter what "bargain price" they tell you they're offering, you can do better with a Realtor. Again, you must walk in with the Realtor on the first visit.
I know what you're thinking, "But we want to narrow down which homes we like, and don't want to drag someone along with us," or "We were just driving home and saw the signs and went in." Remember, the minute you walk through the door, you're now going it alone.
This may all sound self-serving for you to use a Realtor, but talk to someone who had a bad experience with a home purchase, and you'll see I have your best interests at heart. Do you have a friend or relative who has their real estate license? That's great. Make sure they are experienced, have closed on sales recently, understand the market, the area you're buying in, and the true values of the homes being sold.
Rent versus Buy
The bottom line is this, with the new loan qualifications just released by the government and the pending rate cuts by the Fed, it is truly cheaper to buy than rent now. Why keep throwing your money away when you can start earning equity on a home of your own? Give me a call and let's get started today.
Perception versus Reality
(Originally posted on February 10, 2008)
A view from the trenches
I meet new people every day, and when they ask what I do and I enthusiastically respond that I'm a Realtor, their next question is always the same. "Aw. How's business?" Yet they think they already know the answer, since it's a pretty well-known fact. Here's the funny part, I haven't been this busy since 2005.
More than ripples
Where 2007 was a lake that had no movement on it, this year we started with some ripples, which was encouraging, and now we've got little waves going. Now a ripple might not catch someone's eye, but waves certainly do. The problem is if you're looking down at the ground and not at the water, you'll most likely miss the motion.
More specifics
I am currently working with over a dozen buyers - ready, willing and able buyers. Having been pre-qualified with a lender, they all have a clear understanding of what they can afford, and are shopping accordingly. There are so many homes for sale, that you feel like a kid in a candy shop. It's not true, but it feels that way.
Many of the homes are foreclosures, and they're a mixed bag. They can be move-in perfect, or there can be an evident past water leak or something that we're just not willing to deal with. Finding a home to buy has not been a problem. It's actually trying to buy the place that's frustrating.
Hello?
The process of buying real estate is a pretty formal one, especially in this day and age of litigation. There's a lot of papers to fill out, all covering everyone's best interests. Legally, once you submit an offer to a seller, they have X amount of days to respond to the offer. In fact, if they don't respond, it's a felony (and the statute is clearly printed underneath the required response date.) Unfortunately, in foreclosures and short sales, while we're dealing with an agent for the "seller," the ultimate seller/approver is a bank, and they hide behind a cloak of anonymity.
In a nutshell, no response. No response in a week, or two weeks, or six weeks. This is not a secret - Realtors know this is the process and we tell our clients to have patience. But put yourself in their position, and it's hard to sit around knowing whether or not your home was sold to someone else, or if you're still in the running, or if you have to put in an entirely new bid.
Multiple offers
It's rare that I preview a home for a client, and there aren't already 30 agents who have been there before me (we leave our business cards on the counter as evidence.) So when I find a great home and we submit an offer, we're certainly not the only ones in the pool. When the offers are too close to one another, or none meet the bank's minimum, I'll get a call from the listing agent - "The bank wants your highest and best offer, and you have until noon tomorrow to submit it." Wow, that's great. Now the ball is rolling and we should know one way or the other if we have the home. Uh, not really. I'm still waiting on results from highest and best offers that were submitted weeks ago.
Owner occupied vs. Investment
As everyone predicted, the investors have been waiting for this buyer's market and they are out in force. Equally, though, are buyers who want their first home, or a move-up home, and are emotionally attached when they find a home they really like. It's those owner occupied folks who get really frustrated by this process. On a normal sale, you'll know in two days whether your offer was accepted, but to wait six weeks or more just for a response is heart-breaking. And that's just for a response - then you have to counter back and forth for a few more weeks.
There are alternatives
Of course, we could skip the entire foreclosure market (loyal readers know I disregard short sales - and in fact, the Las Vegas short sale numbers have dropped by 500 this week alone.)
Buying a home directly from the owner is the preferred way of owning real estate. First and foremost, the seller is required to disclose the condition of the property (better known as the SRPD - Seller's Real Property Disclosure.) If the seller fails to disclose any material fact about the home, they are liable to the new owner. In a foreclosure, you waive your right to the SRPD because the bank never lived in the house and can't fill one out for you.
The negotiation process is much smoother and quicker, and you can close in about 30 days. The problem is that sellers are still pricing their homes above market price, and buyers aren't even seeing those homes as viable options.
If sellers would price their homes realistically, show their math (meaning - this is why the home is worth this much in today's market based on comparable solds of the last three months), and stick to their true low price - we'd really be rockin' and rollin'.
Negotiation is human nature
In a normal sale, everyone wants to negotiate. It sends shudders down a buyer's spine to put in a full price offer. However, on a foreclosure, we're now in a feeding frenzy and the bank is getting offers ABOVE the list price. It's the ultimate eBay auction where people want to win after becoming attached to the item up for bid. And I predict this is just the tip of the iceberg. Wait until the weather gets really nice - EVERYBODY will be out - looking and bidding, inching those prices up. Just what the banks want!
It's only a suggestion
I try and counsel my buyers so that they actually write an offer that gets accepted. Banks are not pricing the homes with extra padding in the price. They have a software program that gives them their bottom line based on the market (ours is declining), comps, condition of the home, length of time on the market, etc.
If you just can't stand to put in an offer at 100% list, then put in a 97% offer and be willing to pay your own closing costs. That should make you the new homeowner. Once you deviate from that simple formula, you'll just be noise in the system. If you're bidding on a listing all alone, you may have a shot at a counter offer from the bank, but you're rarely alone on a bid.
The press is waking up
There is such a thing as old news, and folks everywhere are getting tired of hearing about sub-prime loans, falling house values, etc. Now the new buzzword is "Recession." You'll read it here first, there will not be a recession. For as many articles I read pointing to the "R" word, there are more articles showing why we won't get there. Here's one that really breaks down the numbers (if you're a numbers person): The 2008 Economic and Housing Report.
The most interesting part of the above-referenced report is "Pent-Up Demand." We are definitely seeing this in Las Vegas, and the word will reach the press soon. There's no way I can say this is good news for sellers, it isn't. Home values are not going to go up any time soon. But it's the buyer's turn now, and those in the game are most likely to walk away winners.
Bottom line - it is a great time to buy. Las Vegas is back in the news in a good way, here's one example - Best and Worst Places to Buy a House. Do your own research and investigation, but it's time to get off the couch and in the car - it's time to move. Happy Hunting!
A view from the trenches
I meet new people every day, and when they ask what I do and I enthusiastically respond that I'm a Realtor, their next question is always the same. "Aw. How's business?" Yet they think they already know the answer, since it's a pretty well-known fact. Here's the funny part, I haven't been this busy since 2005.
More than ripples
Where 2007 was a lake that had no movement on it, this year we started with some ripples, which was encouraging, and now we've got little waves going. Now a ripple might not catch someone's eye, but waves certainly do. The problem is if you're looking down at the ground and not at the water, you'll most likely miss the motion.
More specifics
I am currently working with over a dozen buyers - ready, willing and able buyers. Having been pre-qualified with a lender, they all have a clear understanding of what they can afford, and are shopping accordingly. There are so many homes for sale, that you feel like a kid in a candy shop. It's not true, but it feels that way.
Many of the homes are foreclosures, and they're a mixed bag. They can be move-in perfect, or there can be an evident past water leak or something that we're just not willing to deal with. Finding a home to buy has not been a problem. It's actually trying to buy the place that's frustrating.
Hello?
The process of buying real estate is a pretty formal one, especially in this day and age of litigation. There's a lot of papers to fill out, all covering everyone's best interests. Legally, once you submit an offer to a seller, they have X amount of days to respond to the offer. In fact, if they don't respond, it's a felony (and the statute is clearly printed underneath the required response date.) Unfortunately, in foreclosures and short sales, while we're dealing with an agent for the "seller," the ultimate seller/approver is a bank, and they hide behind a cloak of anonymity.
In a nutshell, no response. No response in a week, or two weeks, or six weeks. This is not a secret - Realtors know this is the process and we tell our clients to have patience. But put yourself in their position, and it's hard to sit around knowing whether or not your home was sold to someone else, or if you're still in the running, or if you have to put in an entirely new bid.
Multiple offers
It's rare that I preview a home for a client, and there aren't already 30 agents who have been there before me (we leave our business cards on the counter as evidence.) So when I find a great home and we submit an offer, we're certainly not the only ones in the pool. When the offers are too close to one another, or none meet the bank's minimum, I'll get a call from the listing agent - "The bank wants your highest and best offer, and you have until noon tomorrow to submit it." Wow, that's great. Now the ball is rolling and we should know one way or the other if we have the home. Uh, not really. I'm still waiting on results from highest and best offers that were submitted weeks ago.
Owner occupied vs. Investment
As everyone predicted, the investors have been waiting for this buyer's market and they are out in force. Equally, though, are buyers who want their first home, or a move-up home, and are emotionally attached when they find a home they really like. It's those owner occupied folks who get really frustrated by this process. On a normal sale, you'll know in two days whether your offer was accepted, but to wait six weeks or more just for a response is heart-breaking. And that's just for a response - then you have to counter back and forth for a few more weeks.
There are alternatives
Of course, we could skip the entire foreclosure market (loyal readers know I disregard short sales - and in fact, the Las Vegas short sale numbers have dropped by 500 this week alone.)
Buying a home directly from the owner is the preferred way of owning real estate. First and foremost, the seller is required to disclose the condition of the property (better known as the SRPD - Seller's Real Property Disclosure.) If the seller fails to disclose any material fact about the home, they are liable to the new owner. In a foreclosure, you waive your right to the SRPD because the bank never lived in the house and can't fill one out for you.
The negotiation process is much smoother and quicker, and you can close in about 30 days. The problem is that sellers are still pricing their homes above market price, and buyers aren't even seeing those homes as viable options.
If sellers would price their homes realistically, show their math (meaning - this is why the home is worth this much in today's market based on comparable solds of the last three months), and stick to their true low price - we'd really be rockin' and rollin'.
Negotiation is human nature
In a normal sale, everyone wants to negotiate. It sends shudders down a buyer's spine to put in a full price offer. However, on a foreclosure, we're now in a feeding frenzy and the bank is getting offers ABOVE the list price. It's the ultimate eBay auction where people want to win after becoming attached to the item up for bid. And I predict this is just the tip of the iceberg. Wait until the weather gets really nice - EVERYBODY will be out - looking and bidding, inching those prices up. Just what the banks want!
It's only a suggestion
I try and counsel my buyers so that they actually write an offer that gets accepted. Banks are not pricing the homes with extra padding in the price. They have a software program that gives them their bottom line based on the market (ours is declining), comps, condition of the home, length of time on the market, etc.
If you just can't stand to put in an offer at 100% list, then put in a 97% offer and be willing to pay your own closing costs. That should make you the new homeowner. Once you deviate from that simple formula, you'll just be noise in the system. If you're bidding on a listing all alone, you may have a shot at a counter offer from the bank, but you're rarely alone on a bid.
The press is waking up
There is such a thing as old news, and folks everywhere are getting tired of hearing about sub-prime loans, falling house values, etc. Now the new buzzword is "Recession." You'll read it here first, there will not be a recession. For as many articles I read pointing to the "R" word, there are more articles showing why we won't get there. Here's one that really breaks down the numbers (if you're a numbers person): The 2008 Economic and Housing Report.
The most interesting part of the above-referenced report is "Pent-Up Demand." We are definitely seeing this in Las Vegas, and the word will reach the press soon. There's no way I can say this is good news for sellers, it isn't. Home values are not going to go up any time soon. But it's the buyer's turn now, and those in the game are most likely to walk away winners.
Bottom line - it is a great time to buy. Las Vegas is back in the news in a good way, here's one example - Best and Worst Places to Buy a House. Do your own research and investigation, but it's time to get off the couch and in the car - it's time to move. Happy Hunting!
A night to remember
(Originally posted on January 23rd, 2008)
The Palazzo has arrived
Finally, after watching construction 24/7 for the last 2 years on the corner of Spring Mountain and the Strip, the Venetian's sister hotel/casino/mega-mall, The Palazzo, opened during a weekend of celebration and festivities.
This addition makes the Venetian/Palazzo/Sands Convention Center the largest hotel and convention center in the US, with over 7,000 rooms and more than 2 million square feet of convention space.
Although there have been plenty of opportunities to watch the casinos get imploded, attending a grand opening is a rare occasion. So when "The Palazzo Grand Opening Celebration" offered tickets to the public, I couldn't resist.
High expectations
The evening was billed as "Luminaries and Legends" with host Wayne Brady, performances by "The Jersey Boys," Andy Garcia and the Cineson All-Stars, Seal and Diana Ross. I was also told by the box office agent on the phone that there would be food from Wolfgang Puck, Mario Batali, Emeril Lagasse and Charlie Trotter. Well, for $129 a ticket, this seems like a pretty good deal.
The masses converge
On a regular Saturday night, the Las Vegas Strip is busy, even in January. Add a grand opening in the mix, and you've got a jam sandwich. Surprisingly, the traffic getting into the hotel was light, although we had to park on the bottom floor (easy in, not so easy out.)
There were thousands of people here to see the show, and it was held in the Convention Center, rather than one of the theaters in the hotel. This is where things started to unravel.
Holding a show in a cavernous room makes it difficult for good acoustics. How do you overcome this? Blast the music. Considering we were going to hear top-rate talent, the volume shouldn't have mattered. What we weren't counting on was the Venetian lounge act that played to fill time throughout the evening.
Something for almost everyone
In an arena this large, it's going to be hard to cater to everyone's taste. The house band played a funky, screechy selection of instumentals that was best summed up by all the folks holding their ears from the pain. Literally - too loud and too, uh, loud. A better choice would have been some pre-recorded music from any decade that had more mass appeal and an easier tone.
The 8pm show started not so promptly at 8:35 and Wayne Brady opened the show with highlights from his show, then plugged his show, then left for his 9pm show, never to return - not really a host.
It took almost a half hour in between acts, as they changed the stage accordingly. It felt much longer. A video montage plugged "The Jersey Boys," who were introduced by Jamie Lynn Sigler (Meadow Soprano) on "The Sopranos." The "boys" were terrific and the show will certainly be a tremendous hit here in Vegas.
Then actor/singer/musician Andy Garcia performed with his band. They played Cuban songs, which were pleasing and I guess it was cool to see Andy Garcia in person, playing the bongos, rather than in Ocean's 11, 12 or 13. Oh yeah, he was introduced by Miss America 2007.
High-definition performances
The invited guests (free ticketed VIPs) were in the first 62 rows. We were in the first row of paying seats after that, and then there were 100 more rows behind us. Since this room was so huge, the performers looked like tiny ants on the stage. As in any large venue, there are giant TV screens hanging so that you can see these folks close up.
These TV screens were gorgeous. You could see every freckle up close, which was fantastic. Seal, the Grammy award-winning singer, was up next. He performed five songs and knocked it out of the ball park. Crystal clear voice and great stage presence. Your eyes went back and forth from stage to screen, because he's so interesting to see really close up.
Seal wasn't off the stage but two minutes, and the announcer introduced Diana Ross. She came out in a sequin-covered gown that really played off the lights. All eyes went up to the TV screens, and all we saw was the promotional photo of Diana Ross. I guess she saw everyone else's close-ups and at 63, said, "No way."
Rules are made to be broken
Although she sang as good as ever, we really couldn't see her. Instantly, my wife said, "Let's go up to the stage!" What? I said, "Uh, you go. Security is never going to let you up there, it's VIPs only!"
Never underestimate the power of someone who wants to see an icon up close. My wife grabbed my hand, and before I knew it, we were 10 feet away from this legend. I'll tell you what, she looked fantastic. She should have let the cameras stay on to let everyone get a good look.
Most surprisingly, she wasn't lip-synching. When everyone from Britney to Ashlee to Cher do it, I would expect her to as well. Nope, it was all her, talking and singing, making the audience sing parts of the songs. A truly fun, exciting experience.
Would I do it again?
The show ended, there was no encore and it took about a half hour to get to our car. Then it took 45 minutes of inching out of the garage, finally getting on the street at 11:45pm.
Oh yeah, the food. There was no food -- just miscommunication from the ticket agent about what the night was supposed to be, to what it became.
Only because the performances by Seal and Diana Ross were so good and ended on such a positive note, did we ultimately enjoy ourselves. All in all, at these prices, there are many other places we could have had a better time for a lot less. But that's Vegas, baby!
P.S. The hotel is everything you would imagine it to be. Very classy, understated and very high ceilings which give it a great upscale feel. Don't miss the opportunity to stroll through the lobby, the fountains and the stores. Barney's New York is quite an eyeful.
The Palazzo has arrived
Finally, after watching construction 24/7 for the last 2 years on the corner of Spring Mountain and the Strip, the Venetian's sister hotel/casino/mega-mall, The Palazzo, opened during a weekend of celebration and festivities.
This addition makes the Venetian/Palazzo/Sands Convention Center the largest hotel and convention center in the US, with over 7,000 rooms and more than 2 million square feet of convention space.
Although there have been plenty of opportunities to watch the casinos get imploded, attending a grand opening is a rare occasion. So when "The Palazzo Grand Opening Celebration" offered tickets to the public, I couldn't resist.
High expectations
The evening was billed as "Luminaries and Legends" with host Wayne Brady, performances by "The Jersey Boys," Andy Garcia and the Cineson All-Stars, Seal and Diana Ross. I was also told by the box office agent on the phone that there would be food from Wolfgang Puck, Mario Batali, Emeril Lagasse and Charlie Trotter. Well, for $129 a ticket, this seems like a pretty good deal.
The masses converge
On a regular Saturday night, the Las Vegas Strip is busy, even in January. Add a grand opening in the mix, and you've got a jam sandwich. Surprisingly, the traffic getting into the hotel was light, although we had to park on the bottom floor (easy in, not so easy out.)
There were thousands of people here to see the show, and it was held in the Convention Center, rather than one of the theaters in the hotel. This is where things started to unravel.
Holding a show in a cavernous room makes it difficult for good acoustics. How do you overcome this? Blast the music. Considering we were going to hear top-rate talent, the volume shouldn't have mattered. What we weren't counting on was the Venetian lounge act that played to fill time throughout the evening.
Something for almost everyone
In an arena this large, it's going to be hard to cater to everyone's taste. The house band played a funky, screechy selection of instumentals that was best summed up by all the folks holding their ears from the pain. Literally - too loud and too, uh, loud. A better choice would have been some pre-recorded music from any decade that had more mass appeal and an easier tone.
The 8pm show started not so promptly at 8:35 and Wayne Brady opened the show with highlights from his show, then plugged his show, then left for his 9pm show, never to return - not really a host.
It took almost a half hour in between acts, as they changed the stage accordingly. It felt much longer. A video montage plugged "The Jersey Boys," who were introduced by Jamie Lynn Sigler (Meadow Soprano) on "The Sopranos." The "boys" were terrific and the show will certainly be a tremendous hit here in Vegas.
Then actor/singer/musician Andy Garcia performed with his band. They played Cuban songs, which were pleasing and I guess it was cool to see Andy Garcia in person, playing the bongos, rather than in Ocean's 11, 12 or 13. Oh yeah, he was introduced by Miss America 2007.
High-definition performances
The invited guests (free ticketed VIPs) were in the first 62 rows. We were in the first row of paying seats after that, and then there were 100 more rows behind us. Since this room was so huge, the performers looked like tiny ants on the stage. As in any large venue, there are giant TV screens hanging so that you can see these folks close up.
These TV screens were gorgeous. You could see every freckle up close, which was fantastic. Seal, the Grammy award-winning singer, was up next. He performed five songs and knocked it out of the ball park. Crystal clear voice and great stage presence. Your eyes went back and forth from stage to screen, because he's so interesting to see really close up.
Seal wasn't off the stage but two minutes, and the announcer introduced Diana Ross. She came out in a sequin-covered gown that really played off the lights. All eyes went up to the TV screens, and all we saw was the promotional photo of Diana Ross. I guess she saw everyone else's close-ups and at 63, said, "No way."
Rules are made to be broken
Although she sang as good as ever, we really couldn't see her. Instantly, my wife said, "Let's go up to the stage!" What? I said, "Uh, you go. Security is never going to let you up there, it's VIPs only!"
Never underestimate the power of someone who wants to see an icon up close. My wife grabbed my hand, and before I knew it, we were 10 feet away from this legend. I'll tell you what, she looked fantastic. She should have let the cameras stay on to let everyone get a good look.
Most surprisingly, she wasn't lip-synching. When everyone from Britney to Ashlee to Cher do it, I would expect her to as well. Nope, it was all her, talking and singing, making the audience sing parts of the songs. A truly fun, exciting experience.
Would I do it again?
The show ended, there was no encore and it took about a half hour to get to our car. Then it took 45 minutes of inching out of the garage, finally getting on the street at 11:45pm.
Oh yeah, the food. There was no food -- just miscommunication from the ticket agent about what the night was supposed to be, to what it became.
Only because the performances by Seal and Diana Ross were so good and ended on such a positive note, did we ultimately enjoy ourselves. All in all, at these prices, there are many other places we could have had a better time for a lot less. But that's Vegas, baby!
P.S. The hotel is everything you would imagine it to be. Very classy, understated and very high ceilings which give it a great upscale feel. Don't miss the opportunity to stroll through the lobby, the fountains and the stores. Barney's New York is quite an eyeful.
New York's Finest
(Originally posted on January 14th, 2008)
The holy grail of dining
If you've lived in or visited New York, you may have heard of a legendary Italian restaurant called Rao's, which has been around since 1896. I say heard of, because I'm almost certain you've never eaten there. Why? Because it's impossible to get in.
First, it's located in Harlem, a location that isn't on most visitor's maps. Second, they don't take reservations. Third, they're only open weekdays and only have one seating. Finally, the restaurant is very small, only 10 tables. To top it off, the food is supposedly so excellent that celebrities and regulars are the only people to ever eat there, and celebrities have been known to get turned away.
I want in!
After reading reviews and hearing stories, after awhile it becomes a pipe dream that you would ever get to taste the food there. Until now. Last year, January 26th, 2007 -- if I'm not mistaken, Rao's opened at Caesar's Palace. While I can't be labeled a "foodie," I do enjoy my food on a purely spectator level. Let me assure you, this is some of the best Italian food you will ever eat.
Once was good, twice was better
Let me warn you now, Rao's is addicting. Out of all cuisines, Italian is our favorite, and we're pretty tough critics. Las Vegas has some very good Italian restaurants, and I can't name them all here, but they don't elicit rave reviews or the desire to visit on a regular basis. Rao's is different. We first went two weeks ago and the food was outstanding. Then you leave, but the thought of returning seeps into your brain, and just gnaws at you. Scary, huh?
So we went back again this weekend, keeping our fingers crossed that the experience could be recreated. It was, and then some. The portions are perfect, if you don't fill up on bread early on. My wife was unable to finish the last bites of her entree, and has regretted (and talked about it) since we left the table.
Not a restaurant reviewer
As I said earlier, I'm not a foodie, so I couldn't tell you what spices were used in any of the dishes. What I can tell you is that the meatballs ($12 for 2 - a great appetizer to share) are pure meat with a tomato sauce that you will sop up every drop with their bread. They are famous for their Lemon Chicken, which is a 1/2 roasted chicken, on the bone, that is very lemony, incredibly moist and quickly gone.
My favorite is a pasta dish with sweet sausage and the best broccoli rabe I have ever eaten. Ever. Their meat and seafood dishes are excellent. My wife had a black linguine (the black is derived from the ink of a squid), with the freshest seafood you'll find in Vegas. Then there's dessert. It doesn't matter how I describe their lemon cheesecake or their Tiramisu, you have to try it for yourself.
You again?
While we may not be celebrities, we are certainly heading toward "regular" status. We already have our next reservation placed, and my wife is thinking up reasons to go sooner than that. There will be no argument from me.
Rao's is located in Caesar's Palace and you can make reservations directly at the restaurant after 5pm by calling 702-731-7267. Buon appetito!
The holy grail of dining
If you've lived in or visited New York, you may have heard of a legendary Italian restaurant called Rao's, which has been around since 1896. I say heard of, because I'm almost certain you've never eaten there. Why? Because it's impossible to get in.
First, it's located in Harlem, a location that isn't on most visitor's maps. Second, they don't take reservations. Third, they're only open weekdays and only have one seating. Finally, the restaurant is very small, only 10 tables. To top it off, the food is supposedly so excellent that celebrities and regulars are the only people to ever eat there, and celebrities have been known to get turned away.
I want in!
After reading reviews and hearing stories, after awhile it becomes a pipe dream that you would ever get to taste the food there. Until now. Last year, January 26th, 2007 -- if I'm not mistaken, Rao's opened at Caesar's Palace. While I can't be labeled a "foodie," I do enjoy my food on a purely spectator level. Let me assure you, this is some of the best Italian food you will ever eat.
Once was good, twice was better
Let me warn you now, Rao's is addicting. Out of all cuisines, Italian is our favorite, and we're pretty tough critics. Las Vegas has some very good Italian restaurants, and I can't name them all here, but they don't elicit rave reviews or the desire to visit on a regular basis. Rao's is different. We first went two weeks ago and the food was outstanding. Then you leave, but the thought of returning seeps into your brain, and just gnaws at you. Scary, huh?
So we went back again this weekend, keeping our fingers crossed that the experience could be recreated. It was, and then some. The portions are perfect, if you don't fill up on bread early on. My wife was unable to finish the last bites of her entree, and has regretted (and talked about it) since we left the table.
Not a restaurant reviewer
As I said earlier, I'm not a foodie, so I couldn't tell you what spices were used in any of the dishes. What I can tell you is that the meatballs ($12 for 2 - a great appetizer to share) are pure meat with a tomato sauce that you will sop up every drop with their bread. They are famous for their Lemon Chicken, which is a 1/2 roasted chicken, on the bone, that is very lemony, incredibly moist and quickly gone.
My favorite is a pasta dish with sweet sausage and the best broccoli rabe I have ever eaten. Ever. Their meat and seafood dishes are excellent. My wife had a black linguine (the black is derived from the ink of a squid), with the freshest seafood you'll find in Vegas. Then there's dessert. It doesn't matter how I describe their lemon cheesecake or their Tiramisu, you have to try it for yourself.
You again?
While we may not be celebrities, we are certainly heading toward "regular" status. We already have our next reservation placed, and my wife is thinking up reasons to go sooner than that. There will be no argument from me.
Rao's is located in Caesar's Palace and you can make reservations directly at the restaurant after 5pm by calling 702-731-7267. Buon appetito!
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