In the past several years, Downtown Las Vegas has seen many positive changes. When I moved to the city in 1993, downtown was not desirable place to hang out at all. Slowly, over the years, and beginning with the Freemont Street Experience, the downtown has seen a ton of positive changes. So many, that now the houses built in that area the 1940’s-1960’s have been slowly being renovated. In the John S Park region and the historic Huntridge neighborhood, there are some really charming houses and plenty of fixer-uppers too. It’s a great for a first-time homebuyer or just someone who doesn’t want all of the houses to look the same. Check out what’s for sale down there;
About a year after I posted this originally, the Las Vegas Market became so inundated by short sales (more than 1/3 of available inventory – and not much total supply), you had to consider buying them. Now that we have returned to reasonable inventory levels again (over 4 months) and short sales are just 13.4% of the homes on the market today, I would suggest that most people looking for a home, avoid them. Let the investors wait for 3-8 months (or more) to get a short sale approval.
First – What is a short sale? Many people know, but not everyone.
When a person owes more on a property than it is worth, and they ask the bank to accept less than is owed on the property so that they can sell it, this is known as a short sale. Like when you owed your friend $50, but you only had $30 of it and you said, “sorry Mike, I’m a little short” and Mike said, “don’t worry about it”.
Why not buy short sales?
There are a variety of reasons why short sales do not go through. Here are 4;
1. The process of dealing with the banks on a short sale requires skill, effort and knowledge on the part of the listing agent (the person the seller hired to sell the house). Many do not possess this trifecta of assets.
2. There must be a hardship…
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The average price of a house in Las Vegas is about $205,000 and I wondered what kind of house you could buy in Las Vegas today, for that average price; Want to see?
“The Debt Forgiveness Act” has been extended to the end of 2014 by the House and Senate and is now headed to the Presidents Desk (He is expected to sign it). This is great news for Short Sales that have closed (or will close) this year.
Do you owe more than your house is worth? We have helped dozens of families successfully short sale their house, and we can help you. Read some of the testimonials here; http://www.HowardTeam.com/Testimonials
There are many Sun City communities by Del Web in the Las Vegas valley designed specifically for the over 55 homeowner. I actually call them “summer camp for seniors”, as they are more than just a place to live, they are a place for seniors to thrive socially. They have community centers with a full schedule of activities from various card games to exercise programs to day trips to crafts to book clubs and on and on.
Want to see some homes in Sun City that are for sale right now? Click here for the Sun City Summerlin community;
At the height of the Las Vegas Real Estate market in 2006, high rises were sought after from people from all walks of life who wanted to own a piece of that luxury lifestyle, and when the market began to fall, our high rises may have suffered the most. The plans for a second Trump Tower were scrapped and the 3rd Panorama Tower fell into bankruptcy. That 3rd tower was later purchased and renamed “The Martin”.
Well I just attended a closeout event at “The Martin” and they only have 5 original brand new residences left to sell. That’s quite a turnaround, considering where we were. There are several brand new units available in buildings with at least 5 stories, and of course there are hundreds available in the resale market . . . ranging from under $70,000 up to $38,000,000 currently.
Take a look;
It’s one of the oldest laws in history – the “Law of Supply and Demand”. And in residential real estate, there are some very specific measurements, that tell you most of what you need to know about any given market.
Take any specific territory (one zip code, or several), then we refer to “supply” as the number of available houses on the market today, and we call the demand, the number of houses that sold in the previous 30 days. Next, divide the former, by the latter, and that gives us “months of inventory”. (to be clear, if there are 400 houses on the market today, and 100 houses have sold in the past 30 days, 400/100=4 “months of inventory”). What we have learned in modern real estate history, is that when “months of inventory” is less than 4, seller’s are pretty much “in charge” of the negotiations and the buyer is just grateful for the opportunity to (hopefully) buy. Under these circumstances, we regularly see properties receive multiple offers, and buyers are often prone to paying more than the appraised value for a house. That’s the way it has been in the Las Vegas Valley for quite some time. I, personally started tracking inventory levels in September of 2012, when inventory was a paltry 1.34 months of inventory. I did this because I had learned that people who tracked these kind of numbers, saw what was coming, long before the typical consumer. A lot of people were blindsided in Las Vegas in 2006, and I did not want that to happen to me or my clients in the future. We just recently broke the 4 barrier and today we have 4.12 months of inventory.
What is next? That depends. Of course, historically less houses sell in the winter months, however, last December, we never broke the “4” mark; and inventory levels ranged between 3.29-3.38 months. What I hope this means is that we will continue for a long time to see “months of inventory” between 4-6 in our valley? What happens after 6?, well then the buyer’s kind of become “in charge” and the seller’s are just happy to have someone (hopefully) buy their property.
Would you like to see the supply of homes available in 89135 (Summerlin South)? 43 residential properties sold last month, and this link will show you what is what is available right now;
(The Las Vegas valley is considered balanced, as a whole, however sellers are still “in charge” in this zip code)