The median price of resale homes in Las Vegas in November was $133,000. In 2011, the median price was $114,000. That means Las Vegas resale home market has increased by 16.6%. And while the resale market is improving so is the Las Vegas new home sales market. Las Vegas new homes sales are impressive with robust sales and increased prices. The median price of a new home is $219,285. That is the highest since March 2009. Last year the median price was $204,064 which is a 7.4% increase.
Usually this time of year which is a Holiday season we see a slow down in the new home sales market. The normal statistics would show a 50% drop in the sales for new homes, but no this year. There were 596 recorded new home sales in November. The last 4 months new home sales averaged 600 per month. That is a 39% increase over last year or 1,379 more sales. If December ends up around 600 that will end the year around 5,500 new home sales. 2012 will boost a 40% increase in sales of new homes.
With land being a major ingredient of pricing, the experts see a 10% increase in prices in 2013 as builders will pay more per acre for land. The increase in housing permits is an astounding 64% over last year. Never have we seen an increase that high.
As an example,Lennar ( one of the major home builders) bought 167 lots for $5.2 million in Northwest Las Vegas. They are on tract to purchase an additional 160 lots early next year. In some areas, land is selling for approximately $150,000 per acre which is up 10% – 20% from last year. Despite the increase in the median price of a new home, the monthly mortgage payment for a 3 bedroom home is still less than rent with the low interest rates.
Zillow reports that Las Vegas is #4 in the sellers market stats in the country. Simply stated that means low inventory, increasing prices, and less days on the market.
Las Vegas was one of 7 cities in the country that recorded positive monthly gains. Across the US home prices are back to the 2003 level for both the 10 city and 20 city composite studies provided by Case-Shiller.
Investors as well as regular home buyers are finding that now is the time to make the move to buy a home in Las Vegas.
Check out the available homes and condos with all the community information and pictures by visiting www.lasvegascondoworld.com .
High Rise Condos is a perfect lifestyle for those who are looking for luxurious hands free living with great amenities of a High Rise Condo at your fingertips and be in the middle of all Las Vegas Strip area has to offer: World Famous, dining, entertainment and shopping .High Rise condos vary from well appointed studios, fully furnished high rise condo hotels, Downtown New York-style High Rise Condo lofts to rooftop High Rise Condo penthouses with private elevators, pools/spa on rooftop garden patio there is definitely something for everyone !!
High Rise Condo penthouses :there is nothing more prestigious than a Las Vegas Luxury High Rise Condo Penthouse for the distinctive few who seek the very best that Las Vegas High Rise Condos have to offer! If you are looking for an ultimate High Rise Condo luxury experience,privacy,distinctive and perfectly executed High Rise Condo that offers space and magnificent views of the Strip,valley and surrounding mountain range this will be by far the perfect fit for you. Las Vegas Luxury High Rise Condo Penthouses are in the class of their own among High Rise Condos and vary by size,style,location and some are also available for a complete customized built-out many with plans and permits already executed.
High Rise Condo Hotels :high rise condos that double as hotel rooms and residents can enjoy all the amenities of a high-end hotel ( pool/spa,gym,24hr valet and concierge,room service, fine and casual dining and much more) without sacrificing regular high rise condo features such as full kitchens and laundry, although located within walking distance from major casinos those types of properties do not offer any gaming. These High Rise Condos come fully furnished , finished , professionally decorated and ready for immediate move-in.
The main benefit of owning this type of High Rise Condo is that whenever you are not actively living in it, you can easily rent your High Rise Condo out on overnight bases with in-house leasing program available to the owners of there high rise condos by partnering with major hotel chains that the projects carry. High Rise Condos vary by size from junior suites to penthouses depending on the project. It today’s market with High Rise Condo prices drastically dropping these kinds of High Rise Condos can be found priced very aggressively and make a perfect fit for an investment or vacation home.
In this High Rise Condo segment, there were 75 sales at an average of $207,663, or $311 per square foot. Signature at MGM Grand led with 50 High Rise Condo sales at an average price of $188,406.
Vice president of sales for the 1,282-unit Trump International High Rise Condo project on the Strip, said he’s seeing tremendous demand based on the Trump brand. He reported 17 closings in the past 90 days, or about one every five days.High Rise Condo buyers are coming from Canada, Asia and Australia, he said.
High Rise Condos in Las Vegas have a lot to offer as you can see so to help you to make the right decision here is the latest High Rise Condo market update :
The average sales price for 162 High Rise Condos sold in the second quarter was $285,936, or about $180 a square foot and that’s up from $265,338 in the last 180 days and up from $262,790 in the last 12 months ending in June, the second-quarter High Rise Condo market report showed.
The Martin High Rise Condo project, formerly known as Panorama North, paced the market with 29 High Rise Condo sales in the second quarter, including 11 one-bedroom and 18 two-bedroom. The average High Rise Condo price was $308,731. For the 12-month period, Allure Las Vegas High Rise had 132 total sales, including 87 High Rise Condos sold by the developer. The 41-story, 427-unit High Rise Condo tower at 200 W. Sahara Ave. is now sold out and all the High Rise Condos on the market are resale only.
“The High Rise Condo market in Vegas was pretty strong over the last year — stronger than in many cities — albeit at prices that averaged around $250 per square foot” said Alan Schachtman, senior vice president of Chicago-based developer Fifield Cos. That’s below replacement cost for new High Rise Condos product
As we are approaching the end of 2012 High Rise Condos Market is experiencing the decline in foreclosures and short sales that leads to best priced condos that come on the market not only to sell fast but receive multiple offers and in many cases sell above the list price which drives the prices up.
Also financing became available on the most High Rise Condos that opened up the market for those buyers that needed financing to make a purchase.
So if you are looking to purchase a High Rise Condo : the time in now !! Contact us for the best High Rise Condo deals on the market we know how to get them !!Also take a look at High Rise Condos FAQ to help you with everything you need to know before making a High Rise Condo purchase
322 Karen Ave Unit 4504, Las Vegas, NV
Statistics show that even in today’s market 76 percent of homeowners believe their home is worth more than the list price recommended by their real estate agent.Let us see why is that happening ??
Well to be honest with you buyers are the ones that have a better grasp of current market value in the area where they’re looking to buy than do sellers who own and live there. Buyers look at a lot of new listings and do extensive research thanks to all the tools that they have now and Internet would be probably one of the main ones. So before they make offers they usually do quite a lot of homework, know what sells quickly and for how much, and what doesn’t and why. Even with foreclosure and short sales in decline, home buyers still think sellers are overpricing their homes.
Your home is worth what a buyer will pay for it given current market conditions bottom line Sounds harsh but true and this may not be the same as your opinion of what your home will sell for, or what you hope it’s worth. Understandable that you have emotional attachment as well as financial, one that includes the upgrades made to the property over the years, however relying on those rather than logic when selecting a list price can lead to disappointing results and your property not selling.
So let us get to the facts and timing which is everything in real estate and life in general The prime opportunity for selling a home is when it’s new on the market. Consider it an equivalent of your homecoming and this is when it is most marketable. Buyers wait for the new listings. Usually, listings receive the most showings and have the busiest open houses during the first couple of weeks they are on the market.
This is the opportunity to “show off your house “so you have to take full advantage with a list price that attracts buyers’ attention. Listings that sell today are priced right . Buyers today need to feel comfortable that they are getting a great deal. They won’t overpay if they feel home prices are still declining, and in some areas of the country, they still are like here in Las Vegas. At the same time Las Vegas experiences strong sales,and more often now we find buyers may shy away from multiple-offer situations if they feel the recovery is fragile and that prices may slide further before stabilizing.
HOME SELLING TIP: When selecting a list price, it helps to understand how real estate agents and appraisers establish an expected selling price or price range for your home. They research the recent listing inventory for homes similar to yours that sold. The most recent sales give the best indication of the direction of the market.
They analyze these comparable sales giving more value to your home for attributes that it has that the comparable don’t, like pool,lot size and major remodels and upgrades. Value is subtracted from your home for features it lacks when compared to the sold comparables, like an easily accessible, level backyard,pool and so on.
I know that it can be difficult for a seller to step back and take an attitude of detached interest in their home, but it is crucial to do so if you want to sell successfully in this market. For example, your home could actually sell for less, not more, than a comparable sale because of such factors as number of bedrooms, lot size and having a pool which is essential in the markets like here in Las Vegas. So if the comparable sale information suggests that the value of homes like yours is declining, select a list price that undercuts the competition to drive buyers — and eventually offers — to your home. You can take a more aggressive stance on pricing if the comparables show that prices are moving up.
If there is high demand for homes like yours, you may receive more than one offer. But don’t list too high or you will have no interest and showings at all that will quickly translate into no offers . It’s better to stay in the range shown by the comparables and expose the house to the market before accepting offers. The market will drive the price up if it’s warranted.
So to sum it up :do not rely on rumors in the neighborhood about how high a home sold. Prices tend to get inflated when passed from one person to another. Select your list price based on hard facts and always choose a local Realtor and area expert, interview several if you have to do so, and find the perfect fit for you and it will save you money and lots of frustration in a long run.I also strongly believe in marketing the trends have changed and on-line advertising, social media ( Facebook, Twitter) along with videos on YouTube are replacing direct mail and the colorful flyers we used to place in the property but it does not matter since marketing is marketing , also good pictures of the property are essential since don’t forget in lots of the markets , including us here in Las Vegas most of the buyers come from out of state or internationally and the first impression is everything !!
Do not hesitate to contact me direct at (702) 884-6428 if you are looking to sell you home or condo in Las Vegas or visit the for seller’s page on my web site www.lasvegascondoworld.com
Las Vegas High Rise Condos:the title of my post caught your attention and that is for all of those that were watching Las Vegas real estate market and all the downturns that we had here since the national real estate market took a major hit and yes we as attractive, fun and fabulous that we are took the biggest hit in all segments and that includes Condos and Luxury High Rise Condos
High Rise Condos in Las Vegas along with pretty much all the rest of our real estate were leading the way for sure in all aspects but as you all can see in all your respectful markets times are changing and market is taking a turn but it’s still a scary thought to put your money into something that has so much inventory and was originally such an investors market and still has a huge number of default loans !!
Well as I was told by a very prominent and successful real estate investor years ago : we buy when there is ” blood on the streets” so to speak instead of jumping into the hottest market when everyone is buying just following the crowd, or using local Vegas terms it’s the way to know when to hold them and when to fold them !!
Ok all that said we are here now approaching the second half of 2012 and the question is where should I invest if my eyes are on Las Vegas Real Estate ?? My answer is, and I have been in Las Vegas Real Estate for a long time and saw it’s best and it’s darkest days: : High Rise Condos located on or close to The Strip !!
High Rise Condos ?? You will ask why them and it is a very good question so here we go :
In the heat of the real-estate boom, MGM Resorts International and Dubai World made an ill-fated bet that the Las Vegas real-estate and gambling market would stay strong for years to come, launching an $8.5 billion casino resort called City Center soon before the market turned. Well that is it folks and for a long run City Center is your newest and last development as far as High Rise Las Vegas developments are concerned by a simple reason that the construction costs plus the cost of the land in any Strip location is to high to justify any profitable development in today’s market so we are left with remaining inventory both new and resale and this one is thinning, the demand is there but the supply is not and we are talking about foreclosures that most of High Rise Condo Projects have none, NOD that I am watching closely are few and far in between and that should not sound strange since we have been at this down spiral for over 3 years and there is only limited amount of buildings vs single family home market.
That said all the developer owned brand new High Rise Condo projects are responding to it and raising their pricing and also are offering financing at very competitive rates that adds the whole new set of buyers that were not able to enter high rise market due to lack of financing .And with all that we are seeing segnificant rise in sales and some of them are completely sold out and that was Allure Las Vegas just off the Strip at intersection of Sahara and Las Vegas Blvd and officilally closed the sales office January 2012.
So to sum it up and not to make my post too long : Las Vegas High Rise Condo market is already showing signs of good recovery and the prices are going up and show no signs of slowing down since high rise condos due to the location , amenities and hands free ownership makes in attractive to both US and International buyers !!
For more information visit Las Vegas High Rise Condos and hope you follow my blog since I will be posting more information about the hottest Las Vegas High Rise deals and projects as well as latest updates
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High Rise Condos Las Vegas Financing ?? High Rise Condos seems like it is one of the most desirable pieces of Las Vegas real estate : perfect location, amazing Strip and city views and hands-free ownership. So ,that said ,financing for High Rise Condos in Las Vegas question comes up a lot from my clients that want to know if it is available and if so more details about the terms and rates ??
The answer is YES !!High Rise Condos Las Vegas do offer financing and that became available only in the last year, but there are limitations such as hotel-condo projects like Trump Las Vegas, MGM Signature, Palms Place and others since those high rise condo projects are most high risk as far as any bank or lending institution is concerned are showed the most significant drop in value in the down market.
High Rise Condos in Las Vegas is the he sector of the market that is the first one showing improvement and coming back up as far as showing the lowest number of foreclosures,short sales and default loans.Turnberry Place, Turnberry Towers, Sky Las Vegas, Allure Las Vegas, Panorama Towers, The Martin and Residences at City Center just to name a few became the most sought out investment and second home,vacation property destinations.
Well, while I am not trying to say that you can walk into your regular bank , credit union or any other financial institution that you do business with and get a High Rise Condo Financing , but it does exist from a list of a preferred lenders, depending on the project, and with relatively competitive rates of 4.75%-5.75% fixed 20 to 25% down given good credit history and how you take the title : primary or second residence.
Lots of Las Vegas Condo World clients and even investors opt of that vs paying cash for High Rise Condos and that way they can leverage that even if is just a strait investment, rental rates will pretty much cover if not all but most of it, considering monthly HOA fees that come into play and are pretty high ( $0.45-$0.60 sq ft) depending on the project and condo sq ft)due to the amount of services and amenities offered and included.
International buyers need not to worry, lines of credit are for the most part available to you on High Rise Condos Las Vegas purchases in your home country at great rates and come in as cash into the US with very nice exchange rate nowadays,however if you still need it that is also available with much higher down payment !!
For more information on financing,projects,lender’s list ,special pricing and availability please feel free to contact me at (702) 884-6428 or email at firstname.lastname@example.org or visit the web site
Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”
Some real estate professionals allege that the “synthetically pumped prices” are being caused by “banks stockpiling foreclosed properties and purposely keeping them off the market until area prices truly soar.”
Some markets are seeing a decrease in inventory of for-sale homes, which has helped lift home prices in some areas due to an increase in demand but limited supply. But real estate professionals say they’re concerned what will be temporary when banks start releasing more foreclosures to the market. Some have accused banks of purposely holding onto foreclosures to wait for home prices to recover so that they can get higher returns for the homes, but real estate experts are concerned that could stall the housing recovery.
However, Mark Vitner, Wells Fargo senior economist, asserts that large banks are not hoarding foreclosures and waiting for prices to perk up.
“I don’t think there’s any concerted effort to hold properties back from the market,” Vitner told MSNBC.com. “The process to [work through and re-sell] foreclosure inventory is lengthy and there just seems to be a lot of hurdles out there to getting these properties to market. A lot of the best properties have been in foreclosure and have already sold.”
Backing up that assertion, CoreLogic, a market analytics service, reports that residential shadow inventory — which includes foreclosures — fell to 1.5 million units in April, a 14.8 percent drop from the same month one year earlier.
Also we have to keep in mind that the short sale process became much easier and faster and that accounts for a big part of default loans, bottom line is we are in the middle of the year here in Las Vegas that is considered one of the most distressed markets in the country and foreclosure inventory is very thin, good deals that come up on the market have multiple offers and are subject to a bidding war !!
Just wanted to share this information with all potential home buyers as well as investors wondering if it is time to buy .
Home buyers who are looking for big discounts on housing nowadays are finding that their lowball offers are no longer sticking with sellers, and that their offers are getting a flat-out “no” when they’re way below the asking price.
“Right off the bat, buyers say, ‘I want a steal,’ and you need to tell them they have to wipe that word out of their vocabulary !!
People , and especially investors,come in, and they think the market is 2008 or 2009, when sellers were desperate,but they’re not desperate. Not at all and even in my marketplace such as Greater Las Vegas area where we were known for our distressed real estate
What quailfies as a low offer as far as sellers generally consider” lowball ” to be less than 90 percent of their asking price.
Buyers, on the other hand, he says tend to say offers of 80 percent to 85 percent of the list price are reasonable.
Mistake some buyers make is going so low it’s not even reasonable and most sellers in today’s market,and that includes the banks on REO or short sale properties,refused to take offers$10,000 to $40,000 less than her asking price: they just walk away from the table.
Another big mistakes home buyers are making in today’s changing housing market is that they are taking too long to make an offer and because of that they are losing out on getting the house they want. The number of for-sale homes on the market nationwide has shrunk considerably in recent months, bringing out higher competition for properties, particularly for move-in ready homes