Tag Archive | "Las Vegas"

Las Vegas Real Estate Heating Up

Las Vegas Real Estate Heating Up

The latest residential real estate market report from Las Vegas indicates that the prices are up from one year ago for the first time in two years. Median home prices increased two and a half percent from a year ago, and more than four percent over the previous month.

The increase in April is fairly significant, as there is no added gimmick that has contributed to the overall growth. The previous increase came about largely due to the peaking of a housing tax credit.

Las Vegas is not the only market enjoying recent growth in the past few months. Many cities around the United States are also facing similar growth. Some cities, such as Miami and Phoenix have seen unprecedented increases in pricing.

One of the major factors contributing to the increases in the housing market of Las Vegas has been the declining inventory. Sales inventory numbers are at the lowest that they’ve been in years. As such, demand in many of the properties has increased.

The improving job market has also been a major contributing factor.

The majority of those looking to buy homes in Las Vegas are investors that are taking advantage of foreclosed properties. With mortgage loan rates at all-time record low levels, and foreclosed properties being sold at bargain prices, investors see the market as one that is offering immense profit potential.

The investors do not plan to resell these homes right away, but rather rent them out with intentions of selling them a few years from now when the market is hot.

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Las Vegas Home Sales Increase in February

The Las Vegas residential real estate market continues to experience a gradual increase in overall home sales. During the month of February, residential property sales jumped eighteen percent. At the same time, the total housing inventory in the city fell.

 

As the number of available homes in the inventory supply decline, the average sales price for residential real estate in Las Vegas is likely to increase. Inventory in the city fell through much of 2011, particularly after a state law was passed that including more stringent documentation requirements regarding the foreclosure procedure.

 

Las Vegas has had a very strong year thus far with respect to its residential real estate sector. Average prices are reaching their highest point in the last year, and economists believe that they will continue to rise in the near future.

 

The housing inventory supply in Las Vegas fell roughly one and a half percent from one month earlier, and is currently down more than fifteen percent from one year ago. It seems as if more investors are targeting the Las Vegas area, as more homes than ever before are receiving offers to buy.

 

The current trends are very good for the Las Vegas residential real estate market, and the state of Nevada in general. Economists labeled Nevada as one of the worst performing states in the residential real estate market in 2011. However, if the recent trends are any indication, the state will likely shed that label in the very near future. As housing inventory continues to fall, prices will increase even further, which is excellent news for the city and state.

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Las Vegas Home Sales Set Record in 2011

Although housing values continued to decline in Las Vegas in 2011, the total number of homes sold during the year set a record for the most ever sold. Over forty-eight thousand residential real estate properties were sold in 2011, shattering the previous record established in 2009.

Strong sales are expected to continue into 2012, as record low prices continue to make the market an attractive investment. Prices are also expected to rise in the next year, though the number of short sales hitting the market may limit the total price increase.

Home sales in Las Vegas even increased during the months of November and December, two months in which real estate sales commonly decline due to the winter season and holidays. There was a nearly eleven percent increase in home sales in December of 2011.

The number of homes listed for sale in Las Vegas has declined as well. If inventory continues to decline into 2012, home prices will likely increase due to basic supply and demand principles. Inventory dropped nearly eight percent from November to December. The number of condos and townhomes available for sale is nearly twenty-seven percent lower than it was last year.

For prices to see a truly significant increase, however, the number of short sales and foreclosures would have to be reduced. More than a quarter of home sales during the month of December were short sales. Another forty-six percent of sales in Las Vegas during the month of December were bank-owned homes. With those two areas of inventory accounting for the majority of home sales, it is understandable as to why the average sale price is still down.

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Asian Investors Flock to Las Vegas Housing Market

With residential real estate prices continuing to decline in Las Vegas, many Asian investors are taking advantage of the situation. The Las Vegas housing market has attracted many Asian buyers, who are purchasing an abundance of foreclosures and short sales. The vast number of foreclosures has allowed these buyers to purchase each property below cost.

The majority of the investors are buying homes at a price that is more than seventy-five percent less than what they would have sold for during the peak. Although the majority of investors have never even seen the properties purchased, Asian investors are relying on local property managers to renovate the purchased properties for rental purposes.

The strong rental market in Las Vegas has made the city a popular choice among Asian investors. Because homes are being rented quickly in Las Vegas, buyers are able to generate a consistent monthly income with little upfront investment. It is that essential guarantee of revenue that has made the Las Vegas market become increasingly attractive.

With Asian investors helping to boost the residential real estate market in the city, many real estate agencies and government officials are now looking to international waters around the world for homebuyers. The agencies and officials are considering different ways to advertise in the international markets, as they believe they are key to recovery in the property market.

Realtors and government officials have seen what international investors have done to boost the Miami housing market, and are looking to duplicate the success. With a vast amount of foreclosures hitting the market in the next few months, they know that there is no better time for international investors to enter the market than now.

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Las Vegas Housing Market Continues Slump

Las Vegas Housing Market Continues Slump

Las Vegas was, along with Detroit and Phoenix, one of the hardest hit cities during the residential real estate crash. While Detroit and Phoenix are now starting to show strong signs of recovery, the market in Las Vegas continues to struggle with little hope for improvement in the near future.

The city has seen housing values decline at twice the nationwide rate in the past year and a half. Property prices have dropped this year to levels not seen in more than a decade.

While increases in the tourism industry have boosted the economy, there is no clear indication yet as to whether or not the increased state revenue will provide any kind of increase in the residential real estate market. Analysts are cautiously optimistic, and believe that the job market must improve before any kind of improvement can take place.

The job market has struggled immensely over the past year, with firings, layoffs, and business closures. With that economic and job market uncertainty and insecurity, many potential homebuyers opted not to enter the housing market. The number of job losses has declined in recent months, which is certainly optimistic. However, there have not yet been any gains in jobs, which analysts believe to be necessary for continuous and sustainable growth within the residential property market.

Another element that has hindered the real estate market in the city is the lack of growth within the retail sales sector. The drop in retail sales performance serves as a reflection of the lack of consumer confidence in the city, and that directly ties into the sullen performance of the housing market.

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Home Sales Increase in Las Vegas

The city of Las Vegas continues to enjoy a strong increase in the volume of home sales. Although prices of residential real estate properties are still down from a year ago, the overall number of sales has seen some impressive increases.

In the month of September, over four thousand and one hundred homes and condominiums were sold in Las Vegas. That number was an increase of more than five hundred than the number sold one year earlier. In fact, the number of condominiums and townhouses sold increased by nearly nine percent from one year ago, and the number of single-family homes increased almost sixteen percent in the same time period.

Investors made up the majority of the buyers in the Las Vegas residential real estate market, as they looked to take advantage of the record low prices in the city. Real estate analysts in the area believe that the historically low mortgage rates also contributed to the increase in sales.

While sales numbers are up, prices still remain deflated in the city of Las Vegas. Prices for single-family homes are down nearly nine percent from last year, and prices for condos are down more than thirteen percent from last year as well.

As the number of sales increases, and the overall inventory continues to dwindle, prices of residential real estate properties should begin to increase soon. Analysts reported that many of the homes listed are receiving offers, and that prices may soon start to increase into next year.

After being considered one of the worst housing markets in the United States, Las Vegas is finally starting to show signs of recovery. Investors are recognizing the overall value of properties in the area, and are taking advantage of the very low prices.

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Foreclosures and Bankruptcies Affect Las Vegas Commercial Real Estate

Many commercial property experts have long considered commercial real estate in Las Vegas to be an excellent investment. However, as foreclosures and bankruptcies continue to run rampant in the city, many investors are still shying away from the market.

Most recently, a major apartment complex in Las Vegas filed for Chapter 11 bankruptcy in hopes that a receiver will be put in charge of the property. The apartment complex, known as Palisades 6300 West Lake Mead, includes of two hundred and eighty units. The property was initially set to foreclose in September, though the recent bankruptcy filing may impact whether or not it will actually fall into foreclosure.

The Palisades apartment complex is not the only commercial property that may be facing foreclosure this month. Two other major commercial properties have been named in a foreclosure suit. The legal team at Bank of America is actively pursuing both Black Gaming and Tenaya Quail East. Both companies will likely receive a receiver to supervise the properties, as they each defaulted on their commercial real estate loan.

In each case against the three commercial real estate properties, the companies named in the foreclosure lawsuits have yet to respond to the allegations. In each case, the size of the default is in excess of ten million dollars.

The steady stream of foreclosures does not bode well for the city of Las Vegas. Officials and real estate analysts alike had hoped that the city would be recognized for its potential buying opportunities. However, if the number of foreclosures continues to rise, investors will continue to stay away from buying properties in the area.

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Cheaper Home Prices Making Las Vegas More Attractive to Business Owners

Aside from Detroit, there has been no city hit harder by the real estate crash than Las Vegas. However, with prices at their lowest point in over twenty years, the area is once again starting to become increasingly attractive to business owners.

Many companies are considering relocating their headquarters to the Las Vegas area to take advantage of the city’s low real estate prices. That news could very well enable the embattled city to finally rebound after years of decline. The declining prices that have brought great suffering to the area may now bring highly paid corporate executives to Las Vegas, thus potentially boosting it’s image.

Low real estate prices are not the only factor that makes Las Vegas an intriguing option for business relocation. The city’s high unemployment rate has created an abundance of excess labor, thus making it possible for companies to save on costs associated with wages. The city also offers competitively low property taxes.

Housing costs in the city have plummeted nearly sixty percent in the last five years. Commercial properties have faced a very similar decline. The decline has led Las Vegas to become the most affordable city in the nation. For many businesses, cutting costs has been essentially to maximize profit in the current economy, and as such, Las Vegas has become increasingly attractive. In fact, many developers have reported that queries made by companies interested in moving their businesses to the area have more than doubled over the past year. That number may continue to go up as more and more executives realize the bargains available in the city

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Condo Tower in Las Vegas Set to Receive Multimillion Dollar Renovation

In an effort to battle the bleak outlook of the real estate market in Las Vegas, one condominium complex is looking to attract new sales through an impressive renovation to the building. With one hundred and three out of three hundred and seventy-two units sold, the owners of The Martin luxury condo tower hope that a new multimillion dollar renovation to the lobby, library lounge, pool area, and business center will lead to increased sales.

The condominium tower owners are also looking to capture the attention of those wealthy individuals that may desire a weekend getaway in the city of sin. They have started planning a program that will provide transportation to and from the airport and Vegas strip in a Range Rover. They also promise to keep refrigerators stocked and fresh flowers to be present at all times, so as to provide a luxury vacation-like feel with the privacy that comes with owning the actual condominium.

Such five-star treatment is not cheap, as potential condo owners within the Martin tower can expect to spend no less than two hundred thousand dollars on a condo. The most luxurious, and state-of-the-art condos within the tower will cost potential owners as much as one and a half million dollars. Currently, roughly half of the Martin tower condo owners are fulltime residents.

Martin tower executives are very confident that the new plan will attract a plethora of new owners to the luxury complex, which has seen steady sales over the past few years, despite the overall abysmal state of the city’s real estate sector, and overall economy.

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