Indian Wells, like the rest of Las Vegas, has come to a virtual standstill, although it is starting a 'slow crawl' back.  There are currently 10 condos available.  3 have closed in the last 7 months.  All have been listed for 2 to 9 months.  The range of prices within the community is so WIDE being $177,500 to $224,000 for an identical unit.   Why such a difference in price?

1. The seller may have purchased the property a year or two ago when the prices had peaked and needs to sell with higher to be able to close without having to bring money to the table to pay off the loan.

2. The seller could be unrealistic and say, "well my neighbor sold theirs a year ago for this amount, I should be able to get that much now."

3. The seller may feel he/she have 'prime location' (close to the pool, close to parking, not close to the pool, not close to parking, etc, etc) .... location is in the eyes of the beholder...all buyers have different views on location.

4. The lower priced ones may have no upgrades, may have been a rental for 10 years and not in the best condition.  They could be a bank repo, or the seller may just feel they want out now and are being realistic about selling it.

For new loan purposes the appraiser is going to look at what's sold, when and how much it has SOLD for (NOT the asking price).  Appraisers only look at 'comps' going back six months.   If there are no comparables in that time frame they will take older comparables into consideration (but will not be able to use them), take into consideration the shifting market, and go outside the complex for more sales to compare to.  If the appraiser comes in with an appraised value of say $200,000 on a home listed at $224,000 the buyer will be unable to purchase unless they have the additional money to put down.  Not many buyers are willing to or are financially able to do this.  Thus the place stays on the market.

Homes selling for less than appraised value could be a good investment...put a few thousand $$$ into fixing it up and you've probably made some money on it.

Looking at the comparables below...how do you think an appraiser would appraise your home?  Take square footage/bedrooms into account, and use only the solds when figuring it out.  Not too hard to do!  Your competition, when selling, are the other listings.  Price yours to sell and be on your way!  Want some help with this? Please feel free to contact me.

Information is deemed reliable but not guaranteed.

www.MaryWarren.com  or  www.MaryW.com