New Home Builders in Las Vegas Slash Prices on Standing Inventory
There is a new strategy by some Las Vegas real estate agents that are handling business for the banks and for short sales and I’ll briefly summarize it. List the Las Vegas homes and Summerlin homes at extremely low prices to draw multiple bids from the several Las Vegas Investors scanning the Las Vegas real estate market (Trust me, there are several true real estate investors keeping a very close eye on the Las Vegas real estate market right now.) in order to get several bids.
It goes something like this when you call the Listing agent for these properties: “Hi, this is Paul Francis with Coldwell Banker Premier and I have an investor inquiring about 123 Main St. in Henderson, Is that property still available?”
“Yes it is, but there are several offers that have been submitted to the bank so make sure your client makes their Very best offer on the property if they want it.”
I basically heard this on every good deal available with a true Las Vegas real estate investment client that I’ve been working with for years who has not bought anything since 2003 but are now looking very hard and trying to pick up properties. That’s fine because the deals that we are finding are fantastic deals in great areas of Las Vegas and should be getting plenty of offers.
Something else we came across which was very disturbing in my opinion though is the amount of Short sales that are being listed by real estate agents at very low prices where the short sale has not been approved by the lender. More often then not, these have become a complete waste of time in my opinion.
So, what do you do? We hit several new Las Vegas Home Builders in very desirable areas with great floor plans and started wheeling and dealing. With the exception of one community, we negotiated several deals down and one up to $85,000 off of their advertised price of $385,000. I have the tax records of the same floor plan selling for $485,000 in November of 2006!
With the exception of one community that just reduced their prices $15,000 (sorry, not enough) every sales agent was willing to work with us on submitting an offer to the builder. Keep in mind, it’s a little different then anybody else walking off of the street and negotiating deals. We have the experience and know the questions to ask and what incentives to structure since we have experience in New home sales and know how to structure the deal. (I was the Director of Sales for a New Luxury Condominium Community so more often then not, it’s a small world when you start talking to other developers.) We ended up picking up two properties in two days and have our eyes on another community since we just found out about an exciting new commercial development that will be taking place right down the road from a developer that did a fantastic project in another area of town.
Sales for New Las Vegas Homes are picking up with recent price slashings and deals that you can negotiate on top of that. We are back to the days of experience, choosing new home communities that have worthy developments taking place nearby that will enhance the future resale value and selecting ONLY the new home communities that are not just subdivisions. I’ll further expand on these subjects in future posts and you can have them delivered straight to your e-mail by subscibing to this blog by clicking on the Subscribe link to the right.
Waiting in lines and paying for overpriced homes in junk subdivisions never made sense to begin with and certainly was not an “investment”. Today’s interest rates and the deals from the right Las Vegas new home builders in real communities does make sense.
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Paul Francis, ABR,CRS
Coldwell Banker Premier
Las Vegas Real Estate
702.592.3058
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