In the most recent activity update for July 2009 by zip code there was over 4,200 sales in July 2009 here in Las Vegas. The zip codes with the most sales in Single Family homes in the month of July 2009 were in North Las Vegas. The zip code of 89031 had 178 sales with an average sales price of $116,000. The zip code of 89032 had 137 sales in the month of July 2009, the average sales price for this zip code was $105,163.
To view the full activity update for July 2009 CLICK HERE. This 8 page report gives detailed information on the activity in the Las Vegas Real Estate Market by zip code.
Today I read an article posted on The Las Vegas Sun titled " Single Family Homes Catch Investors Eyes" Las Vegas Investors have been snatching up bargain properties left and right filing there Real Estate portfolio with NEW and resale cash flow properties. Las Vegas Investor purchased properties made up 37.4% of buyers in the Las Vegas Real Estate Market for the month of June 2009. Las Vegas Has not seen numbers like this since June 2004 with 39.4 percent of Investors in the Las Vegas Market and Feb 2006 where investors made up 37.6 percent of Las Vegas Home buyers in one month .
Investors are offering very aggressively on these properties and are out bidding other buyers in the market for Distressed Las Vegas Homes. Many properties are being put under contract within days of hitting the market. In many cases theses homes are getting multiple offers in on them and even selling for more then list price. In my opinion its still a Great time to buy and yes there are still many homes priced at a bargain here in Las Vegas. Here are a few tips for any one in the market Distressed Las Vegas Real Estate.
Educate your self on current Las Vegas Real Estate Market conditions
Remember list price does mean that the property will sale for this price always request to see comps before offering on the property and offer accordingly
You are competing with aggressive buyers always put your best foot forward or you may find your self missing out on home after home
Be Aware of unexpected closing cost (call me to find out more)
Remember that having the right representation makes all the difference
If you or anyone you know is interested in purchasing a Las Vegas Home for an investment, second home, vacation home or first time home buyer call me for a free list of available properties, questions, comments or a free consultation.
Makea Turner REALTOR with Realty One Group (702) 542-1883
This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of July 29, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.
Single Family Residence (SFR)
Available – 9,007 (-80 , Last Week 9,087
Under Contract – 10,888 (+117 , Last Week 10,771
Days of Supply – 25 (+0 , Last Week 25
Short Sales – 9,275 (+106 , Last Week 9,169
Condominiums and Town Homes (CONDO/TH)
Available – 2,874 (-21 , Last Week 2,895
Under Contract – 2,549 (+42 , Last Week 2,507
Days of Supply – 34 (-1 , Last Week 35
Short Sales – 2,478 (+32 , Last Week 2,446
Combined SFR + CONDO/TH
Available – 11,881 (-101 , Last Week 11,982
Under Contract – 13,437 (+159 , Last Week 13,278
Days of Supply – 27 (+0 , Last Week 27
Short Sales – 11,753 (+138 , Last Week 11,615
For More Information on Las Vegas Real Estate contact Makea Turner REALTOR, Certified Short-Sale Professional With Realty One Group (702) 542-1883 or you can email me TurnerMakea@cox.net You can also visit my website http://www.BuyOrSellLasVegasForeclosures.com http:www.TheView99lv.com
Last week there was an announcement made by Dubai World that it was suing MGM Mirage for breach of contract of it's City Center partnership agreement. Since the announcement MGM Mirage has made a payment of $200 Million dollars, $100 Million of which is Dubai Worlds half, to debt holders for the multi billion dollar development City Center which is under way currently. The suit is still before the courts in Delaware and will be reviewed by the courts soon. MGM Mirage has said publicly that they do not feel they are in breach of their agreement with Dubai World and plans to continue construction on City Center. There are all kinds of speculation about the actions taken by Dubai World, some say that Dubai World just wants a bigger stake in the Development and is taking advantage of the tough times MGM Mirage has been having. One thing that has not been mentioned in the midst of all this confusion surrounding City Center is that Deutsche Bank has approached MGM Mirage about the remaining finances needed to complete City Center and has said that they would provide MGM the necessary capital if they agreed to manage the Cosmopolitan Casino Resort Condominium project that is mere foot steps from the City Center site. I guess only time will tell in these confusing times so stay tuned and check back frequently for the latest updates about the Las Vegas High Rise Condo market.
MGM's multi billion dollar development City Center has had it's name in the news allot this year and we are just getting started. MGM is still trying to locate it's final billion dollars to complete the massive development which will offer residential High Rise Condos, a Casino Resort with 4k rooms, world renowned shopping and dinning. MGM has definitely set the standard for the years to come with this enormous development. Below you will find a news clip of the latest developments from MGM's City Center development and also an insight to the offer made by Boyd Gaming to purchase some of Station Casinos properties. The offer made by Boyd is not a surprise even though Boyd has had to stall it's own multi billion dollar development on the strip called Echelon. The local High Rise Condo market is awaiting the opening of MGM's City Center project at the end of this year. We are curious to see how many of their High Rise Condos will actually close escrow considering our current economic conditions. Enjoy the video and continue to visit this blog for all the latest news and information about the Las Vegas High Rise Condo market.
Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM's Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recorded had 7 Bank Repossessions as well with an average Days On Market of 51 days. These numbers may not seem like the best in the world considering the amount of inventory that is currently for sale on the High Rise Condo re-sale market. One thing that I can say I see happening in the near future is that a wave of Bank Owned High Rise Condos will hit the market with prices that will be close to the prices that we are seeing REO High Rise Condos listed & selling at currently. Some may say that prices will continue to drop even lower in the next couple of months but I feel that we should see a huge increase in interest in our High Rise Condo market which will bring back the demand for these types of properties meaning that prices will start to rise. I can not speculate on a specific time frame of when the demand and prices will start to rise but from my professional view point I can say that interest is rising while more and more REO High Rise Condos come on the market with prices that can't be ignored. The down side to buying a REO High Rise Condo here in Las Vegas is that you run the risk of not having the best view. Yes Bank Owned High Rise Condos are allot more affordable than traditional High Rise Condo re-sale unites but if you want a certain view or specific unite style you may come up short with a Bank Owned High Rise Condo due to that fact that the REO High Rise inventory is substantially less than traditional re-sale High Rise Condos. Unlike the single family housing sector here in Las Vegas Bank Owned High Rise Condos do not surpass the traditional sales on the re-sale market. Thats the latest Las Vegas High Rise Condo news for you so learn and enjoy.
A brand new luxury resort is opening it's doors during the worst economic crisis this country has seen in decades. First Aliante Station then Encore now M-Resort by Anthony Marnell. The M-Resort is strategically located on the far south strip at St Rose & Las Vegas Blvd on 90 acres. It will be interesting to see how this casino performs in it's first year of operation considering the horrific economic condition this nation is in. I am sure if the M-Resort can survive it's opening year they should be just fine in the future and the same goes for the rest of the resorts that were opened in this time period in history. Check out the video below to see the M-Resort and hear what they're plans are for this luxurious Casino Resort on the Las Vegas Strip.
<!-- spacer for skins that want sidebar and main to be the same height-->
All elements of One Queensridge Place – exteriors, interiors, public areas, private residences and the gated entry - appear to be the work of fine European artisans. Everywhere there is evidence of gifted stone masons, cabinet makers, iron craftsmen, lighting designers and faux finishers who are bringing museum-like quality to a residential setting. One Queensridge Place is significantly more than a vertical condominium community. It is a residential environment created like a fine work of art. It is a limited edition collection of what has been fittingly named as 'custom homes in the sky.'
The Queensridge resort lifestyle offers residents a quiet and privileged sanctuary within easy reach of all that is Las Vegas. Amenities emulate international five-star hotels with attentive concierge services, abundant social opportunities, a bar and lounge area, state-of-the-art fitness center, full Roman Spa and much more. Located in the masterfully planned community of Queensridge, One Queensridge Place is in close proximity to excellent shopping, restaurants, schools, parks, and libraries. Fairway enthusiasts will benefit from an ideal location, adjacent to the Troon-managed Badlands Golf Course and within a few miles of several other challenging golf courses. Watch The Video Below to have a peak inside One Queens Ridge Place.
Bleep happens, of course. Every architect has a story, a nightmare tale, of hair-raising contingencies and last-minute changes in plans. MGM Mirage downplays the effect at the Harmon, arguing that the height will scarcely be visible from the street.
But architects not associated with the project say there is no disputing that CityCenter’s grand and gracious addition to the Las Vegas skyline has been compromised.
“Changes happen, yes, but this is more than a change,” said David Schwarz, the noted Washington, D.C.-based architect who is designing the Smith Center for the Performing Arts in downtown Las Vegas. “I’ve never heard of a building being cut in half before.”
With its elegantly elliptical curve and signature variegated blue-and-white exterior suggesting sea glass, the Harmon was expressly designed by British superstar architect Lord Norman Foster to be one of the newly defining iconic buildings in this young, aspiring city. It was designed to harmonize in scale and detail with the other elements of the complex. Read The Full Article Here At The Las Vegas Sun
Clark County has ordered MGM Mirage to verify that CityCenter's towers are structurally sound.
The order, in a letter Monday from Development Services Director Ron Lynn to MGM Mirage Vice President Bill Ham, came six months after significant structural defects were found at the Harmon, one of seven buildings simultaneously rising at the company's $9 billion project.
After the engineer of record on the project raised concerns, the county determined that 15 floors of reinforcing steel at the Harmon had been improperly installed by subcontractor Pacific Coast Steel, which is overseen by CityCenter general contractor Perini Building Co.
The problems were repeatedly missed by third-party private inspector Converse Consultants, hired by MGM Mirage to ensure the complicated tasks were properly executed.
Though the inspectors employed by Converse Consultants - Scott Edberg and Joseph Glenn Laurente - had not worked on any other CityCenter buildings, the county nonetheless wants MGM Mirage to reassure the public that all parts of the project inspected by the firm are free of structural problems.
Converse is performing the bulk of the private inspection work at CityCenter. The county's Development Services Department oversees the work of such third-party inspectors.
"At this point in time we have no reason to think that there's an issue at any other parts of CityCenter," said Assistant County Manager Phil Rosenquist. "We just want to be sure." Read The Full Article Click Here
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
