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April 23, 2004
A DAY IN THE LIFE Working the Pahrump land rush
By MARK WAITE
It's the middle of Sunday afternoon when most people are out enjoying their weekend. But for real estate broker Fely Quitevos, owner of Precious Properties, it's just another day hard at work, too busy to even attend Biz Expo 2004 down the street at the Saddle West Hotel and Casino. For most real estate people, it's a seven-day a week job, weekdays are spent in the office, while many weekends are spent driving people around to look at houses. The hot Pahrump real estate market lately means Quitevos won't even leave the office much. A car just pulled up with Florida license plates, the people inside are inquiring about real estate. Inside, Quitevos is sitting in her office with a couple from Las Vegas signing the papers to buy commercial real estate in Pahrump. "They made me a full offer, $250,000, before they looked at the property," Quitevos said. "I listed this at 10:00 in the morning, I sold it at 3:00 in the afternoon." The booming real estate market has a lot of people in the business working extra hard. "All (real estate) offices, they're selling all their lots, our problem now is how to get more listings," Quitevos said. "I can't even take a day off. We have to work seven days a week. Today I said I have to water my plants." Instead, Quitevos received a call from her office Sunday morning, saying prospective buyers wanted to close a sale. The idea of working on a Sunday can be quite tempting, in a business where a good day could mean $50,000. Real estate commissions range from 6 percent to 10 percent. Often, word of mouth gets around. Quitevos said the couple that bought the commercial property Sunday said they'd tell a friend who would be interested in buying a 5.25-acre parcel, being listed for $525,000. Quitevos said her show "Pahrump Living," telecast on Las Vegas Cable Channel 25 at 5 a.m. Mondays and 9 a.m. Fridays, has brought in customers. If buyers miss anything else, just the sign in front of her office has only two words: Land and open, is sometimes enough to entice customers to step inside. "I think it's because of supply and demand. There's nothing they can buy in Las Vegas anymore," Quitevos said. "My son works for Ryland Homes. The houses they are building are zero lot lines. You have no land, it's like an apartment." Yet those properties are selling for $190,000 for a 1,400 square foot house with a one-car garage, she said. "Right now commercial is moving. We sell probably 90 percent commercial listings," Quitevos said. "Right now we have no residential - all sold out." "We work like probably 16 hours a day just to get some listings. Sometimes these listings are not yet in our hands, then once we hang up the phone it's sold because there are buyers waiting for any listings we will get," Quitevos said. "I'm afraid we won't have anything left to sell and I'll be out of business," she said jokingly. Many of the customers are coming from Las Vegas, she said, figuring some of them are merely investors. She said she's absolutely flabbergasted to see so many of them paying cash. "I think some of them would like to move here. Some of them we sell homes to, they would like to lock their (Pahrump) house in first, before they sell, because they know they can sell (their Las Vegas home) in 24 hours." Quitevos has come a long way since growing up in the Philippines where her father was in the construction business. She remembers the exact date she emigrated to the U.S., Oct. 4, 1984. Her brother was already living in Los Angeles. She sold real estate in Los Angeles and is now licensed in California and Nevada. "From the Philippines to here I've been selling real estate for 30 years," Quitevos said. One of the interesting things about the real estate industry is a chance to meet so many people, Quitevos said. "The other day I had buyers from Afghanistan. You meet all kinds of people," she said. "I work hard and it pays off," Quitevos said. "That's the beautiful thing, in this country, if you work, whatever you want to achieve you can do it. "I really owe a lot to the U.S." Being an immigrant could account for part of the reason she works hard, Quitevos said. "We know what we have on the other side of the fence. We know what we have here," Quitevos said. Quitevos said she values education. She attended real estate school and went to numerous seminars. "You really have to work, you really have to. You work and you have to spend money," Quitevos said. But she added, "There's a lot of money to be made, for everybody, investors, real estate." On her wall are photographs of dignitaries like former Philippine presidents Fidel Ramos and Joseph Estrada and current President Gloria Macapagal Arroyo. There are also photos of American politicians like U.S. Sen. John Ensign, R-Nev., U.S. Rep. Jim Gibbons, R-Nev., and Nevada Governor Kenny Guinn. Quitevos said she used to work with the current Philippine president's father before coming to America. She also has a photo of herself with First Lady Laura Bush at the White House, however the picture of her with President Arroyo of the Philippines looks more informal, almost like they're college chums; Quitevos said it was taken at the Waldorf Astoria Hotel in New York Nov. 17, 2001. There's also a photo on her wall of Winery Road, taken from Highway 160, when she started selling Pahrump real estate way back in 1990. There's no service station on the corner, none of the model homes are in the picture that now line the street, only the flags way in the distance marking the start of the Vineyards subdivision and way in the background, the Pahrump Valley winery which opened that year. "I bought a lot in the winery for $8,000 and I could sell that lot easy for $45(000)," she said. In November 1994 she moved to Pahrump. The fact interest rates are the lowest in decades is helping fuel the current real estate boom. The economy is also starting to rebound. However, the federal government gave indications that interest rates could rise this summer. Quitevos predicted once interest rates go up real estate sales will slow down. "The name of the game is they have to come here. Before I had to pick them (homebuyers) up at their home, drive them here, then drive them back home," Quitevos said. "Pahrump is now well known. Mention Pahrump in Las Vegas they'll be real attentive, give us some news," she said. Quitevos said she likes to go on a cruise every other year. She had plans to go on a cruise to Acapulco in November this year but probably won't have the time. "I think I'll pass. I have a group that's going but I'm too busy here," she said. The work goes with her when she leaves the office. She said, "When I go home I have my office in the house too. I have the same setup." When she's not busy checking out listings and making sales, the television will be on with Fox News International, bringing her news from around the globe, including her homeland. Asked about her biggest sale in one day, Quitevos said it was for $1.2 million. On commercial sales, the commission is 10 percent, accounting for a healthy source of revenue, but Quitevos said she also spends a lot on advertising and other expenses. "This is a seller's market, supply and demand. More buyers than lots for sale," Quitevos said. Quitevos said she has plans, however, to retire in seven years. "When I retire my dream is to have a restaurant with a karaoke bar, just have fun," she said. |
