Tag Archive | "Nevada"

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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