Who’s buying Las Vegas homes?

Who’s buying Las Vegas homes?

During the month of August 2010 there were 2,746 closings of single family residence in the Las Vegas real estate market according to the Market Condition Report posted by Nevada Title company. The report states that the closing price of a Las Vegas sale was $140,000. There were 1,134 Las Vegas bank owned homes that sold along with 847 Las Vegas short sale homes. Also, there were 765 Las Vegas houses that were sold and are considered Standard sales. (meaning properties that are sold by the homeowner.) However, the report shows that the Standard sale properties have a median closing price of $170,000 which is $30,000 more than the previously mentioned $140,000 Las Vegas home sale. One might ask how can the typical homeowner sell homes in Las Vegas for $30,000 more than the other homes in Las Vegas that sold during the same period? The reason is that the owners of these Las Vegas homes are actually...
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Want a second home? Las Vegas condos are on sale

Want a second home? Las Vegas condos are on sale

By now everyone knows that Las Vegas real estate market has been one of the fastest falling markets in the country. Some will say that Las Vegas condo prices fell 70% from the peak in 2005-2006. Even Vegas condos at Trump Las Vegas have dropped from near $600,000 to $167,000. You will find condos in Las Vegas at Turnberry Towers that have fallen from $550,000 to the mid $200,000s. Perhaps you have heard of the huge project on the Las Vegas Strip called City Center which is on 76 acres and cost $8.4 billion dollars. The prices of Las Vegas condominiums were cut by 30% at this project which was developed by MGM Resorts. They have a condo high-rise, a condo hotel, and two luxury hotels. Currently it is reported that they are closing nearly 40 units per month. Sales volume of real estate in Las Vegas has picked up and is actually a bit higher in June 2010 than in...
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