Las Vegas Real Estate Blog

John Vanhara

I really believe that we are at the bottom of Las Vegas real estate market. I think that prices will go up and the deals you can make now will be not available in 6-12 months. I just want to write it down somewhere so I can say later.. I said so:-). Or that you can prove me wrong (in case I am wrong). But honestly I cannot image that it can get better than what we see now.

1 BD condos - $30,000
2 BD condos - $40,000
3 BD SFR - $90,000-$110,000

I am only checking newer homes (with less requirements for maintenance) and west area of Las Vegas. I prefer west to Henderson and East, but that is my personal choice as our office is located in west part too.

Popularity: 57%

John Vanhara

Courtesy to Las Vegas REALTOR association here are the latest stats about listed and sold homes.

Popularity: 82%

John Vanhara

If you are interested in listing your home for sale and not paying usual high commission please contact us. We can list your home for a $299 flat fee in Las Vegas MLS.

Provide the address of the home, your contact information and price for how much you want to sell your home.

info@millionsaver.com 

Popularity: 86%

American West is offering four neighborhoods in its Highlands Ranch community, located in the southwestern portion of the Las Vegas Valley.   Potential home buyers have 20 choices collectively at the four American West Highlands Ranch neighborhoods: Windsor, Fairmont, Castlebay and Kensington. Plans offer two- and three-story layouts ranging from 1,486 to 4,039 square feet.

For more information on these homes and the Highland Ranch community, contact Millionsaver Homes.

Popularity: 100%

Several weeks ago, the developers of the V, an upscale residential enclave, began offering price incentives for their condo units.  Final closeout, limited-time pricing incentives were announced May 24 and units are selling briskly.

V at the Lake of Las Vegas features two- and three-bedroom condominium residences, ranging in size from 1,297 to 1,655 square feet. Each condominium residence has either a covered veranda or patio.

To learn more about the special pricing incentives being offered, call MillionSaverHomes.

Popularity: 81%

If you were to talk to one of the today’s self-made billionaires regarding what they’d like to see in a home, one word would probably sum it up – big.   Why?  One thought is that big, expensive houses send a message to the outside world regarding just how successful the occupant is.  It’s often referred to as a Trophy Home.

Self-made millionaires and billionaires in particular are notorious for building or buying over-the-top homes. “It makes them more willing to make a statement,” says Rick Goodwin, publisher of Unique Homes magazine. “Old money tends not to like to show off as much.”   Trophy homes are usually “very large, very interesting, and not necessarily resellable”.

While most of the housing market struggles, the very high end is thriving. The Institute for Luxury Home Marketing estimates that home sales at the $5 million-plus price range rose 11% in 2006, compared to a 8.4% decline in overall housing market sales. Between 1999 and 2005,  sales of homes for more than $1 million skyrocketed over 500%. Today, there are seven homes on the market priced at $100 million or more. In 2005, there was just one.

Popularity: 81%

House Prices in America reviews current and expected housing prices in the 317 largest U.S. Metropolitan areas on a quarterly basis. Results for the first quarter of 2007 were  released in May.  The study showed that  a widely dispersed national pattern of falling home prices continued to reduce the percentage of overvalued houses on the market, particularly in California, Florida, New York, New England, and the industrial Midwest.

Surprisingly, 54 metropolitan areas out of the 317 real estate markets followed remained overvalued and at risk for a price correction. The greatest incidence of overvaluation was in Oregon and Arizona. Texas continued to lead with the largest number of undervalued metropolitan markets.

Popularity: 84%

The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan region across the United States.   The Chicago Mercantile trades futures contracts based on these home-price indices.

Earlier this month, they released the March figures for median home prices in these 20 markets.  Las Vegas is expected to decline the most, while San Francisco is expected to decline the least.

Their forecast for median home prices over the 12-month period starting in March 2007 is as follows:

Popularity: 83%

The U.S. Census Bureau has just released its latest round of population estimates.  North Las Vegas holds the distinction of having the nation’s fastest growth rate among large cities (100,000 or more population) between July 1, 2005, and July 1, 2006.  North Las Vegas’ population increased 11.9%  to 197,567.

Top cities with the largest numerical gains:

1. Phoenix, AZ
2. San Antonio, TX
3. Forth Worth, TX
4. Houston, TX
5. North Las Vegas, NV
6. Austin, TX
7. Miami, FL
8. Dallas, TX
9. Charlotte, NC
10. San Jose, CA

Popularity: 87%

A nationwide telephone survey conducted by The Boston Consulting Group (BCG) found that despite turmoil in the housing markets that includes record foreclosure numbers, mortgage rate increases and home price depreciation, a majority of homeowners don’t believe there’s a real estate slump.  Is this denial or just wishful thinking?

Fifty-five percent of those surveyed were confident that their homes continued to increase in value compared with a year ago.  Seventy-four percent said they were confident that they could sell their home within six months at the price they think it’s worth.  Unfortunately, the survey’s findings do not support  the data of most home-price indices, which point to lower median single-family house prices of about two percent nationwide.

Other notable findings:

• 69 percent are likely to renovate or make some improvement in their home during the next 12 months.
• 27 percent said they are likely to be moving on to a better house sometime in the next five years.
• 52 percent said the current housing slump would end within two years.

Popularity: 81%