It's clearly out of control with Las Vegas real estate agents grabbing the luxury condo foreclosures I need for my cash buyers. I really don't get it. The media continue to show how Las Vegas is in freefall with sliding real estate prices and surely there must be just tons of Las Vegas luxury condo foreclosures that my clients can buy. Wrong and this isn't an April Fools joke either.
Last week the number of Las Vegas luxury high rise condo foreclosures on or near the prime Strip area were 31 with over half under contract. Some of those foreclosures under contract were for my clients so I thought things were going to show 2009 might just turn out to be a good year afterall. The number of Short Sales for luxury high rise condos in the MLS were 63 with over 1/3 under contract and growing. So much for tons of luxury condo foreclosures in the pipeline. No wonder I'm exhausted running around with my buyers seeking these "tons of inventory" per the media that just don't exist.
Please don't tell the banks what's happening in Las Vegas either. Just a few weeks ago they were willing to negotiate with me for pricing of the luxury high rise condo foreclosure offers I submitted. Now they are trying to hold prices firm and that just isn't fair. Afterall, if the Wall Street Journal can show Las Vegas has one of the worst housing markets across the country then there must be a lot of hidden luxury condo inventory we just can't seem to find. Worse, we are now facing multiple offer situations on our offers too.
So please help spread the word so Las Vegas real estate agents will go sell something else other than the luxury high rise condo foreclosures. We need the inventory for our buyers and surely we can't be forming a bottom already in 2009. Or are we?
Bruce Hiatt can be reached at (702) 456-7080 x201 PST. You can also follow Bruce on Twitter @LuxuryRealtyGrp.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Disclaimer: All information contained within this post is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
Comments(6)