Today in the Mesquite Nevada real estate foreclosure and short sale market, one in every eight active residential listings is either a foreclosure or a short sale. There are 387 active residential listings and 52 are listed as short sale or bank owned foreclosure.
On the pending side we are seeing a trend developing in Mesquite Nevada foreclosures, out of the 31 currently in pending or "under contract" status, 10 are shown as bank owned foreclosure or short sales, one out of three.
Month to date 8 out of 19 pending residential units in the Mesquite Nevada MLS are listed as short sale or bank owned foreclosure, nearly half.
Mesquite Nevada is primarily a retirement golf community. There are seven golf courses and number eight is under construction, a number of casinos, no state income taxes, and excellent weather. Mesquite Nevada is located 90 miles northeast of Las Vegas, right on the Arizona state line. The Arizona strip as it is called is the north rim of the Grand Canyon.
The proximity to Vegas and all the factors that make Mesquite Nevada so appealing to the retiring baby boomer generation, also lead to a great deal of speculative investing in Mesquite real estate.
192 of the 377 active residential listings today are listed as sitting vacant, that is over half!
Not candidates for the bail out money, those investor properties. Which leads me to believe that we will see more Mesquite Nevada bank owned foreclosures and short sale properties before we work our way through this mess.
This trend is creating a very unusual opportunity. You have high vacancy, high inventory, falling prices, great supply choices, in an area that is well positioned for extreme future demand because of the retiring boomer generation.
This very unusual combination that we have today in Mesquite Nevada real estate will not last forever.
It seems everyday someone asks me are we at the bottom?
Since I do own a crystal ball, I offer this; we will not know where the bottom was until we are past it and prices begin to rise. If you find a property today that meets your needs and is within your budget, waiting is a risk.
At some point in the not too distant future, I believe that risk will out weigh the potential benefits. Some of these sale prices today are near the bottom.
The upside potential future for Mesquite Nevada real estate is real, based on the projected retirees and what they want. Mesquite Nevada is well positioned for the future demand and growth.
We will turn a corner and for many they will have waited too long and missed this opportunity.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702- 346-7200
435-862-5951
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