Las Vegas Real Estate One Year Later
A beautiful thing about real estate blogs is that you can look back and see what the author (hopefully the actual real estate agent) was saying about the real estate market in the past. My opinion, but the past five years will probably be the greatest learning experience for any Real Estate Agent… granted of course… that they learn from it.
What was I writing about on this Las Vegas real estate blog in September of 2008? Hmmm..
Las Vegas Bank Owned Homes Report:
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.
The number of Bank Owned Homes available for sale has certainly decreased from that time as evidenced by my September of 2009 Bank Owned Homes Report.
While many agents are just now starting to learn about Las Vegas short sales since they are going to be with us for at least a year or two, I was discussing these well over a year ago.
Nothing worthwhile is easy… otherwise everybody would be doing it. We can’t guarantee you that a short sale will work for you (anybody who does is lying) but we can certainly improve the odds.
One year later… we are certainly much more educated in Las Vegas short sales. We certainly recognized the need for this specialty to help out Las Vegas homeowners over a year ago and have learned SO MUCH in that year.
Solar Energy in Las Vegas – I’m fascinated by this. With all of the roof tops I see in Las Vegas.. I see nothing but a HUGE business opportunity in this field for Investors in meeting Demand. Southern Nevada obviously is well poised for this exciting new industry and what could happen in moving forward. If it was up to me… I would be out offering some Major incentives to entice cutting edge Research & Development companies to be setting up home right here in Las Vegas.
August of 2008 Las Vegas Real Estate Report:
While out looking at some Las Vegas Homes today, I got to watch some Repo guys taking back a Hummer, another moving truck moving some more homeowners out and piles of junk sitting out on the curb in front of two homes that look like they have been abandoned – all on the same street and that reminded me… let’s check the August Sales numbers to see what happened. Hopefully it’s getting better so these things will soon pass away and just be a bad memory.
Well… the good news is that I have not seen any cars repoed in Las Vegas for the past several months. Junk yes.. Moving trucks.. yes. Not as many that I saw in August of 2008 which is a good sign. In other words… there are visible signs of improvement for the Las Vegas economy which will spill over for Las Vegas real estate.
The number of Bank Owned Las Vegas Homes was still increasing at that time. Compare that to the Las Vegas Bank Owned Homes report of available homes today and you can see some obvious improvements.
(I actually really like that August of 2008 market report and should be following that format. What do you think?)
Great Summerlin Real Estate Values:
Just when I think it can’t get any better… it does.
Some of the great deals in that original article have not come back up available for sale. Either that or I have not had a chance to get to them before they were already sold.
Summerlin Towhome #3 — Current asking price — a little over $120,000. (Not going to give the exact price on this one since I don’t want anybody else chasing it until our offer is a done deal.) It’s a phenomenal deal and was purchased for $295,000 back on 10/01/2005. Cherry… spotless with granite counters, stainless steel applainces, etc.. etc… The floorplan is incredible and the community is like a resort. When I first walked into it.. I was in absolute amazement that something like this could even be available for sale in Summerlin for this price.
I still have not come across a deal such as that one… one year later. The actual sales price for that Summerlin townhome was $132,000.
Chasing Down the Great Las Vegas Deals:
This is the same old story across Las Vegas when you come across bank owned homes at a great price. My whole point of this is to educate you that despite all of what You think You might have heard about buying a Las Vegas Foreclosure and submitting offers 20% below the already below market value asking price.. your chances of getting the property any lower are slim to none.
Not much has changed from then. In fact… it’s probably gotten even tougher to purchase the really good Las Vegas Bank owned homes and it’s not uncommon to have them sell for more then list price.
It’s interesting to review blog posts one year later….
Paul Francis, CRS
Prudential Americana Group – Realtors®
Las Vegas Real Estate
702.592.3058
