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Archive for March 2010

Luxury Homes in Las Vegas, NV

Monday, March 29th, 2010

Can you imagine having a luxury style home in Las Vegas, NV? Maybe your new home in Las Vegas will soon be featured on the TV show MTV Cribs. The kinds of luxury homes in Las Vegas will have your mouth dropped to the floor with amazement. There are some homes in Las Vegas that has 20,000 square feet that sit on the ridges that gives you views of the mountains, golf areas, vallies and a nice scenery view of the city. Some of these types of luxury homes in Las Vegas have over 13 bathrooms, a library, gym, theatre, 8 car garages, a pool house, elevators and much much more.

But at the same time you have luxury homes in Las Vegas that are bigger than 20,000 squared feet. There are homes that’s located in Tournament Hills that have 16 bathrooms and over 12 bedrooms with full walk-in closets. These types of homes are sometimes loaded and equipped with a volleyball or basketball court, or even a bowling alley. There will be plenty of room in the kitchen large enough to have a whole football team over for dinner. The wood work on these homes offers triple crown molding with granite material with a backyard big enough to build a stadium. Some homes have mahogony crown molding. There’s many options when it comes to luxury homes in Las Vegas. Some even have wet bars in the dining area and built in balconies on the exterior of the homes. If you love golf, then you could invest in one of these homes and possibly own your own golf course right in your backyard!

Buying a House in Las Vegas, Nevada

Tuesday, March 23rd, 2010

If you are in the market to buy a house in the Las Vegas, Nevada area, consider that there are many houses currently on the market to fit any type of buyer’s needs and budget. With the real estate market in the state it is in right now, it is a perfect time to buy a house. There are many subdivisions where you can find either new construction or already settled neighborhoods.

Buying a house is the biggest purchase that you will make in your life. It is important to have an idea of what you are looking for in a home and then begin your search. Right now, most homes are priced below market value, and foreclosures and short sales are at an all time high, if you can get the financing that is required and are willing to go through a less than traditional buying process.

The best place to start your home search is either online or through a real estate agent. There are many websites devoted to searching for homes, although those sites may not be as up to date as you would like. Also, if this is your first house in the Las Vegas area, you may consider contacting a real estate agent to guide you through the process. If you are moving to Las Vegas from another state, most agents can provide you with a relocation packet that will give you all the information you need about the area and the real estate market.

Foreclosed properties stacking up in Las Vegas

Thursday, March 18th, 2010

Las Vegas is one of the cities that has fallen victim to the ailing economy. The bank owned properties seem to just keep increasing, as well as the rate of unemployment. The banks have been auctioning off homes by the droves for over a year. There has been as many as six hundred homes auctioned in a single day.

In the past, if a buyer wanted to purchase a home at an auction, it was common for the bank to require the buyer to pay all cash, or a large non-refundable deposit to give a mere ten days to close the sale. These days, the deposit is typically minimal, and the buyer has a full thirty days to secure financing, and close the sale, as they would in a normal real estate transaction.

The biggest problem, that both the buyers and the banks that own the foreclosed properties, are facing, is the condition of the homes. When a frustrated owner is forced out of their home through foreclosure, they have been notorious for removing items such as light fixtures, doors, cabinets, counter tops, and even the plumbing.
Another factor contributing to the deteriorated condition of these homes is vandalism.

Buyers and agents are often urged to use extreme caution when viewing these vacant properties, as it is common for vagrants to take up residence in the vacant homes.

There are many great deals for real estate investors in Las Vegas right now, although most economist agree that the real estate market has not yet hit rock bottom.

Las Vegas Foreclosures

Tuesday, March 16th, 2010

Due to the housing bubble that created astronomical housing prices across the country, the rate of foreclosures is near an all-time high.  Like other cities in the southwestern United States, Las Vegas, Nevada has been hit by especially hard by falling housing prices and foreclosures.

In the city of Las Vegas, one in every 93 homes received a foreclosure notice in February 2010.  Some of the more densely populated zip codes in the city have been affected even more severely.  In zip code 89139, 224 households received a foreclosure notice in February 2010.  This is a rate of 1 in every 4 households.  In zip code 89148, one in every 3 homes received a foreclosure notice in February 2010.

The main reason for the high rate of foreclosures in the Las Vegas market could be the fact that housing prices are just a fraction of what they were a few years ago.  Like many other cities, the prices of real estate in Las Vegas swelled dramatically in 2004 through 2006.  Towards the end of 2006, the housing prices reached their maximum point when they hovered around $300,000.  Since that point, housing prices in Las Vegas have fallen off considerably with the median price now somewhere below $150,000.

While housing prices have fallen off all over the city, prices appear to have stabilized.  For the past few quarters, the median sales price has remained relatively stable.  Also, because of the large amount of people seeking a deal, the volume of sales is Las Vegas is at its highest point in over two years.

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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