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UPDATE: 9/11/2026 - 3:50PM - called the Title Company and they recorded the sale so we are CLOSED!. Took awhile and many repairs on this one, however a relieft to get it done. Over the next week or so I'll send our CPA the Final Statements and the statements and they can prepare the final K1s. I'll also have legal finalize the release officially documenting the exit. Thanks to everyone for their support and I'm glad we were able to do this in a timely manner albeit with higher costs amid overall market weakness. Overall, the strategy of coming in with a finished product served us well.
Quick Update: 9/8/2026: 9:49AM - spoke with agent. Buyer apparantly has another receptacle not own the original list that they are saying doesn't work. Trying to figure out which one that is. Also the pool pump went out because the water went below the amount needed at the intake - something which if occupied a person could have checked. Our pool person is going out today, hopefully to resolve that - ugh... Signed an extension - the delay is due to Buyer loan as stated previously so mostly out of our hands.
Quick Update: 9/3/2026 10:04 AM - Talked to title and they don't yet have loan docs so closing not to happen today - hopefully soon...
Quick Update: 9/3/2026 9:37 AM - We finalized the list of items that the Buyer requested and it was actually quite a lot of work to get done. As some of you know the unknown was the pool which has cracks along the surface. We didn't know if it would require re-surfacing the entire pool which was an expensive and time consuming effort. Also the reputable companies that I talked to said they wouldnt do it this time of year as it is too hot and its wouldn't cure properly. I had several compnaies though who did tell me they could do it right away - ha! Anyway one of the reputable companies gave me the name of a vendor who would do repairs and not complete resurfacing jobs. Fortuntely for us he came in at a reasonable price and sealed just the cracks. On the other hand the concrete on the pool deck necessited more work as the handles also needed to be repaired. My main handyman Albert had a concrete guy and he was able to weld the handles together so we got through that one - this ended up being the most expensive item on the list. Many thanks to Albert for stepping up and getting all the rest of the items and helping find people as needed - having the relationships built over the years paid off. Given market conditions to get the price we had to get the house in great shape which did cost more. The net cash will reflect this. What is good news though is that we do have a buyer and we are able to get out as several of you emphasized.
Quick Update: 8/18/2026 4PM - got word from Claudia that the house cleared appraisal at 450K.
1457 Homestead.pdfQuick Update: Monday 8/17/2026. Went to Las Vegas met with main handyman Albert. Signed paperwork at Escrow company. Paid for HOA Docs - pricey at $500+. Received Inspection Report at about 2PM - Went to Homestead and have a good idea of what the fixes entail and what it should take - will get items fixed except for minor Pool cracks which will have to be negotiated as can't be done until cooler weather and is an improvement and not necessarily a repair. Getting bids over next few days and executing to enable fast close by end of month. The wild card of course will be the pool which is out of our hands for a quick fix.
Update: August 11: 8:46AM - Received an offer at our asking of $450K with $10K credit which seems to be standard in Vegas to help buyers with closing costs. Will accept and am glad the hard work to make the house look great will pay off in terms of 1) a sale 2) quick 3) at a reasonable net given market.
Quick Update: Sunday August 9: 9:30AM Claudia listed the place and we are live: https://www.zillow.com/homedetails/1457-Homestead-Ct-Henderson-NV-89014/7073843_zpid/?view=public
Given the amount of work, I am happy with the time it took to get on market - we have made it look as good as possible and believe we are at the upper end of houses in this range.
Quick Update: August 3, 3:30PM. Just talked to Claudia as the house is getting close to complete. Painting is done. Glass comes in on Wednesday and Flooring will go in on Friday. So hope to officially have on the market soon after. We will price at $450K. Limited comps for house in neighborhood with pool, however we believe this is an attractive price point as it also allows for the standard credit back. Zillow has it for $426K so we are not far off. A similar house 1482 Flintrock sold for $439K no pool last October, 986 Painted Pony sold for $385K in January, no pool. In Las Vegas and with current market there isn't the same sales culture of pricing low and bidding up. So we will price it to what we want up-front and hope that we attract the right buyer and it appraises. As with Single Tree I will put together a list of upgrades and repairs and improvements to justify our price point.
Market Update: July 29. The data supports our agent's assessment which is a softening market with Las Vegas being the worst metro in declining values. The Southwest as a whole, with Dallas being the worst, has been in a declining mode. Las Vegas has up to now been fairly resistant. Besides the declining price, the other factor is that sales volume has also slowed down. When prices drop, buyers think they can wait. In an up market buyers have an incentive to lock down a price before they rise any further. I believe our strategy to come in with a quality product with all repairs done is the way to go.
Quick Update: July 21, 2026 - Albert had his crew start work yesterday - As his schedule synched with ours and we settled on the price and list of items. We will have to replace the floor in that bedroom and decided to carpet stairs and contracted with a flooring company who we had used before unfortunately they have a lead time of Aug 7th. Vendor contracted for Windows and they will come in after the painting is done. Claudia indicated she would pre-market prior to August 7th after the paint and repairs made - (the flooring on stairs and bedroom pending). Will have to get landscaper back out to do a refresh prior to putting on market as well. We are being responsive to market in having the product look as good as possible. I'll schedule a trip to Vegas to check on the work week after August 7th as that too is a good check and learning from 922 Single Tree. We had done a ton of work already on Homestead over the years, including opening up the kitchen, new quatzite countertop, new plumbing and electrical fixtures, new tile floor downstairs, and new vinyl upstairs, upgraded stainless steel appliances, and new washer dryer. We are confident the house will show well with this refresh.
Overall Approach: July 14th 6PM: Applying the lessons from Single Tree, discussed with Claudia (agent) and Albert (handyman) - Total Budget about $16,500 + - will paint interior, exterior, replace glass windows, exterior balcony, and will try to fix, not replace parts of upstairs flooring. As learned from Single Tree market is soft and to avoid getting a valuation that is heavily discounted - 20% we will need to go in with a product that is move-in sale ready. This will affect Net Proceeds however the cost of not doing the work is signifcant. For example, Opendoor would fetch $364,725 for an all cash offer (and they reserve the right to charge more for repairs). In a hot sellers market this would not be needed however we are not in that market now.
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