Las Vegas Bank Owned Homes
Report - 9/9/08
Ok.. we’ve been a little bit busy doing some Las Vegas Short sales.. and buildng a new Las Vegas real estate site that will give potential Las Vegas home buyers a simple to use (and commercial free!) source to search all of the homes available for sale on the Las Vegas MLS.
Hopefully our efforts in helping Las Vegas Home sellers avoid the foreclosure process in the first place by doing a short sale will help slow down the number of Las Vegas bank owned homes available for sale on the Las Vegas MLS. The number of bank owned homes available for sale in Las Vegas just keeps growing and you would think with the big increase in sales for all of the great deals in recent months, we would see this number start to level off. But.. they are still growing. Currently, there are:
5,368 Las Vegas Bank Owned Properties
available for Sale on the Las Vegas MLS
Since the last Las Vegas Bank Owned Homes report on 8/17/08, we’ve added 282 more bank owned homes available for sale. What’s really interesting is I did a search for Bank owned homes that closed escrow (title actually transferred) during this period and came up with 1,437. Currently, there are 3,751 Bank owned homes in Las Vegas that are Contingent or Pending. (In Escrow.) When you really think about it… there is some fascinating movement taking place right now just in the Bank owned homes category.
Not sure how to apply that information yet or if it really even means anything except as a reference that we can all look back on someday when we get through this mess. (Please note — this real estate blog is just bits and pieces of statistical information I keep track of for my clients so they are not misinformed by salesy types or the media. It’s not really out to sell you anything… You can visit my Las Vegas Real Estate site for that 
)
Here are some further breakdowns of that 5,368 number:
- 4214 Single Family Homes
- 811 Condominiums
- 337 Townhomes
- 6 Manufactured Homes
Price Ranges of the Bank Owned Homes for Sale:
| Asking Price Ranges | Number of Las Vegas area Bank Owned Properties |
| $99,999 and Lower | 1010 |
| $100,000 – $199,999 | 2,708 |
| $200,000 – $299,999 | 1,008 |
| $300,000 – $399,999 | 338 |
| $400,000 – $499,999 | 146 |
| $500,000 – $599,999 | 84 |
| $600,000 – $699,999 | 23 |
| $700,000 – $799,999 | 12 |
| $800,000 – $899,000 | 14 |
| $900,000 – $999,999 | 9 |
| $1,000,000+ | 16 |
If you’ve been paying attention.. there are a couple (only a couple) of price ranges where the inventory actually went down from the last report. And.. they are in price ranges that have been very soft in sales in the past year which tells me something. There was also a big jump in the under $100,000 price range… which also gives me some opinions.
What I will certainly tell you is this:
THERE is absolutely NO WAY you can tell me that Las Vegas Real Estate is now unaffordable with traditional financing methods. Something that we certainly could not say in 2005 and 2006.
October 27, 2008 at 2:35 pm
Paul:
I have a group of investors looking for bulk builder’s standing inventory of residential single family homes.
Regards
Jonathan
October 28, 2008 at 12:56 pm
Jonathan,
Tougher to do in Las Vegas but I do have a contact that is the VP of Commercial Lending for a Bank in Georgia that is looking to unload several brand new homes in a golf course community. Call me at 702.592.3058 if interested.
I also have another builder in Southern Nevada who might possibly be interested in unloading aprox. 35 brand new condominiums.
Of course… I need to know details and requirements to help you out.
Thanks!
Paul Francis, CRS
Prudential Americana Group
http://www.LasVegasRealEstateHome.com
702.592.3058
September 9, 2009 at 7:45 am
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