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December 16, 2017

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.

Enjoy a Las Vegas home!

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 real estate investors who have purchased Las Vegas foreclosures with the intent of “flipping” the investment property for a profit.

When looking at the recent Las Vegas Homes Report from September 20, 2010 one can see how the median list price has tumbled from above the $350,000 mark in 2007 to the current price of just $139,900. This means that the list price for Las Vegas houses for sale are down $210,000. So, who’s buying the houses for sale in Las Vegas?

One group of people who are purchasing Las Vegas property are locals who have a secure job and want to get into an affordable home rather than rent. (Las Vegas jobs are currently hurting with a 14.4% unemployment rate.)

There are some local people who are financially secure and want to move up to a bigger or better neighborhood. These people will purchase a Las Vegas home for sale and rent out their existing property for the time being. When the market rises once again they will have the option to hold or sell their Las Vegas rental property.

Some of the people who are purchasing Vegas real estate are people who are part of the Las Vegas relocation. Many of these people are retired and want to get away from the cold winters and enjoy everything the southwest desert has to offer such as golf, world class entertainment, and no state tax.

Many people move to Las Vegas because of the wonderful climate we have and also due to the Las Vegas housing affordability. The interest rates are very low now and some people have the flexibility to live where they want because their work is handled on the internet. McCarran International Airport is a very convenient facility for those that need to travel.

Since Las Vegas has people visiting from all over the world it turns out we also have buyers from around the globe. There is a large number of people from this group that choose to have a second home. They may select from houses for sale in Las Vegas or perhaps decide to purchase one of the Las Vegas condos.

A large share of Las Vegas Nevada real estate is being purchased by investors. Houses for sale in Las Vegas are affordable for some people. The true real estate investor knows how to buy low and sell high. For this group there is opportunity at this time in all Las Vegas zip codes.

As it turns out there are many Canadians that are buying Las Vegas homes for sale and also Las Vegas condominiums. This is a great way for our friends up north to get out of the frigid weather to enjoy warm, sunny days on the golf course.

During the last 12 months 43% of the Las Vegas NV homes that sold were cash purchases. (Read the article The Las Vegas Housing Market…Where Cash is King.)

Contact an Experienced Las Vegas Realtor!
Bob and Jackie Simmons
The Realty One Group

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.

Las Vegas condos on The Strip

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 June 2005. However, properties purchased today are much cheaper to buy. They are selling at 47% of what they did 5 years ago.

It is understandable why people would enjoy a second home in Las Vegas as the city has so much to offer. There is world class dining here, spas, and plenty of entertainment in the form of shows and nightlife. Better yet there is no state tax and Las Vegas abounds with excellent golf courses. When people decide to purchase a second home in Las Vegas about half the time they will purchase from the Las Vegas condos on the Strip and the other half will decide from Las Vegas houses in the urban communities.

It use to be that frequent visitors would just get a hotel room, however many are now choosing to purchase a Las Vegas condo. Many of the new Las Vegas condos for sale on the Strip have amenities such as hotel style service and restaurants. The new owner will find concierges, sparkling pools, world class spas, and state of the art fitness centers.

Here are a few other places that a buyer may consider for a second home purchase:

Lake Las Vegas

Lake Las Vegas is a beautiful community off the Strip. In July 2008 there was a bankruptcy and prices nose dived 60-70%, however there was reorganization this past June. Luxury condos can be purchased for under $100,000. Here, you will find multi-million dollar executive estate homes in Lake Las Vegas as well as two outstanding golf courses. It is literally minutes from Lake Meade. In this community you will find a luxury Loews resort, the Ritz Carlton which will reopen in early 2011, a condo hotel, and the Monte Lago Village with a variety of shops and places to eat.

If you like Golf course communities then you are in luck. The master planned communities of Summerlin, Red Rock, and Anthem are great choices for Las Vegas homes. Vegas real estate prices there are down about 50% from the previous highs.

Contact an experienced Las Vegas Realtor! Bob and Jackie Simmons of The Realty One Group

Las Vegas…Condo Market Condition Report