I recently just performed a comparative market analysis for a home in Rhodes Ranch and I certainly hope I do not have to explain that there are Las Vegas homes that are bank owned all across Las Vegas, not just in the Guard Gated Golf course community of Rhodes Ranch.

Prices for Las Vegas real estate have had some pretty big drops in the past four months and primarily because we’ve noticed a liquidation by the banks looking to get rid of their inventory. In order to be competitive in selling real estate in a buyers market, we do have to take these homes into consideration in performing a competitive market analysis. (Obviously, the banks want to sell them at the highest prices possible but it also costs banks a lot of money to have vacant homes sitting on the market and not selling.)

In reviewing all of the Rhodes Ranch homes over 4,000 square feet, I obviously noticed and recognized many of the homes currently up for sale owned by the banks since we’ve been helping buyers and sellers in Rhodes Ranch since 2001. Most of the addresses I immediately recognized from having really high sale prices in the past couple of years and when I saw the current asking prices, it really gives you a good idea of how much prices have come down. (Rhodes Ranch is in the 89148 zip code if the Las Vegas appreciation/depreciation map means anything to you.)

You might be seeing media reports with single digit depreciation rates, but these numbers are far below that when you compare them to the recorded price at their highs according to the Clark County Assessors office. Below are just six bank owned homes currently available for sale in Rhodes Ranch and their highest recorded selling price:

Sq. Ft. Current Asking Price Highest Recorded Price Recorded Sale  Date % Decline
 4117  $610,000  $866,040  1/1/2006  29.6%
 4117  $599,900  $880,000  1/1/2006  31.8%
 4108  $619,900  $935,000  2/1/2007  33.7%
 4892  $575,000  $740,000  7/1/2006  22.3%
 4892  $589,900  $850,000  8/1/2006  30.6%
 4117  $599,900  $950,000  3/1/2007  36.9%

The above table is by no means provided as a market analysis for Rhodes Ranch since there are many other factors for Rhodes Ranch that need to be taken into consideration such as location, golf course frontage, etc. It’s just provided to show you Some of the homes we currently see available for sale and what we have seen in sold prices.

It should provide you with a pretty good idea of how much prices for Las Vegas Real Estate have already come down and I can provide several more great communities in Las Vegas (and I will) with similar price comparisons.

If you are interested in seeing what your money can now buy within the guard gated community of Rhodes Ranch, You can visit this Rhodes Ranch real estate page to request a list of Rhodes Ranch homes that meet your needs.

Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Real Estate | 702.592.3058