Las Vegas Real Estate News and Tips

Recent articles in the Las Vegas Review Journal taunted that the high rise prices have "tumbled", we don't believe they will continue to "tumble".  While we agree that high rise prices did tumble last year, we found that opinion to be the sort of short sighted view of someone who is looking in the rear view mirror rather than the road ahead.  Yes, we have seen some incredible deals in the high rise market.  Our happy clients are now owners of many of the lowest prices paid in several buildings.  I am quite certain that you want find a 1 bedroom Southeast corner unit above the 45th floor of Trump for $300K again, for example.  If it were listed for that price a bidding war would quickly drive the price up closer to $400K, or maybe a bit higher.


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Buyers who are re-locating here from other areas will frequently ask me which are the most prestigious of our commuities.  One way of answering that is to understand which communities are selling homes in the highest price ranges.  At the peak of the Las Vegas Real Estate market, it was not unusual to see homes that sold for more than $10 million.  Not so in today's market.  In fact, we can count the number of homes that sold for more than $5 million in 2011 on one hand with a couple of fingers to spare.

There were three homes which sold for $5 Million or more in the past year.  One of those homes did break the $10M barrier.  Built in 1996, the 24,006 sf home is on Tomiyaus Ln, near Wayne Newton's estate.  The estate which was purchased by Phil Ruffin,

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Now that we've all had time to take down the holiday decorations, return our presents and go grab the deals in the after New Year's sales, it's time to take a look at what may be in store for property values in this new year of 2012.  In yesterday's Las Vegas Review Journal, the business section carried the headline that "Las Vegas home sales set record".

You would have never guessed that if you had read the steady stream of gloom and doom stories that have been constant in the local press.  But here it was in black and white.  The stats they used were based on statistics from the Greater Las Vegas Association of Realtors which doesn't account for the majority of new home sales by builders that never were entered in the MLS.  Even without the new home

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In today's Wall Street Journal, Fed Chief Ben Bernanke is urging Congress to take additional steps to hel[p the housing market.  I try to avoid getting political in my blog posts, and I do support Bernanke's view that the lending standards are choking our recovery.  However, I disagree with the suggestion that our government get involved in the rental market.  For most of the past year, at least half the homes purchased in Las Vegas have been cash purchases.  Many of those purchases are investors who are snapping up foreclosures and short sales to turn them into rental properties.  For the government to start competing with private investors who are risking their own money in converting these properties into rentals would be competing with the very

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As 2011 comes to an end, we are seeing several indicators that the real estate market is beginning to improve across the U.S., and in Las Vegas in particular.  From the Wall Street Journal, we have today's article  which outlines several indicators ranging from National Assoc. of Realtor's report that pending home sales jumped to the highest level in 19 months in November.

A second article in today's Wall Street Journal outlines that the big Hedge Funds have been "buying housing-related investments, betting on a rebound".

The above stories are from a National viewpoint.  In Las Vegas, we are seeing our inventory continue to dwindle.  As of today, December 29, we only have 9253 single family homes, 1612 condos and town homes, and 401 high rise condos

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