Las Vegas real estate housing market for homes has appreciated by 2% so far in 2016
In this video blog we talk about the Las Vegas real estate housing market for single family homes including Las Vegas foreclosures and short sales. The inventory of homes listings in Las Vegas MLS that are not under contract has dropped to 2.6 months; we discuss how it is affecting the market and when we expect further price gains.
We expect additional price hikes this summer and 6% or higher median sales price appreciation for 2016.
Las Vegas high rise condos market has appreciated since 2012, But by how much?
Las Vegas high condo prices started to appreciate in 2012, when our real estate market bottomed out. But not all high rise condos have appreciated the same. So, one can ask which high rise condos towers have done well or have failed miserably. To answer this we studied the median sales price of all high-rise and mid-rise condos that have been listed in Las Vegas MLS from 2012 through 2015 and then median sales prices in individual true high rise towers (higher than 11 floors) for the same period.
When we talk about price gains, we mean the median sales price appreciation. Some high-rise towers have appreciated by more than 50% and others less than 5%, one, namely Trump Tower appreciated by 0% since 2012.
As we have shown Las Vegas residential high rise condo towers have done much better than condo hotel towers and those in lower price ranges have higher percentage appreciations, luxury condo towers like One Queensridge provided for more than one million dollars in profit for some smart real estate investors that purchased foreclosure luxury condos in 2011 and sold them in 2014.
Even though Greater Las Vegas commercial real estate has been on the mend since 2012, the recovery has not been the same for all sectors. Industrial real estate has done better than the retail sector which in turn is faring better than office space.
In this video we give a summary discussion of historical vacancy versus asking rental rates, net absorption, new construction versus total inventory and other relevant information about the three main sectors in Las Vegas, Henderson and North Las Vegas.
In this video we provided an overview of the Greater Las Vegas commercial real estate market conditions for 2016. But please keep in mind that each situation is unique and should be evaluated on its own merit.
Discrepancy in vacancy rates in Las Vegas commercial real estate market reports
acancy rates in Industrial, office or retail sectors in Las Vegas commercial real estate could vary by a few percentages depending on who is tracking the data and what they are tracking as we explain in this video
As we explained we use University of Nevada, Las Vegas real estate studies data which we find the most authoritative.
The median sales price for Las Vegas condos and town-homes appreciated by 8%-10% last year
In this video we take a look back at the Las Vegas real estate housing market for condos and town-homes in 2015 to show that the median sales price of Las Vegas Valley condos and town-homes, excluding high-rise condos have increased by 8%-10%. We also provide an overview the market for 2016.
We have shown that the median sales price of Las Vegas Valley condos and town-homes appreciated by about 8%-10% in 2015 and given the unusual market activity in December last year, barring surprises 2016 should be similar to past year.
We will talk about the varying vacancy rates in Greater Las Vegas commercial real estate.
We prove that median sales price for Greater Las Vegas homes appreciated by 9.6%-10% past year and overview of Las Vegas real estate market for 2016
In this video we take a look back at the Las Vegas housing market for single family homes in 2015 to show that the median sales price of Las Vegas Valley houses have increased by 9.4%-10% and not 6.4% as published in the newspaper articles. We also provide an overview for 2016.
We have shown that the median sales price of Las Vegas Valley homes appreciated by about 10% in 2015 and given the unusual market activity in December last year, barring surprises 2016 should be similar to 2015.
We will discuss the Las Vegas real estate market for condos and town-homes next.
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We showed that about 50% of Las Vegas, Henderson and North Las Vegas home buyers ended up with less than $10,000 in discounts. Approved short sales in very good or excellent condition, in lower price ranges offer the least discounts. But luxury homes that need a lot of repairs offer the most discounts.
Our goal was to educate Las Vegas properties buyer about short sales and even we can’t do a thorough job of it by a few short videos. However those who have seen this series know more about short sales than many real estate professionals.
In the first video we talked about the different ways of buying Las Vegas short sales that are listed in the Las Vegas MLS. They are approved short sales, unapproved short sales and short sales that sell through online auctions.
In the last video we also talked about how long does it take to close Las Vegas short sales deals?
And in the next video we will show you that about half of the buyers have gained less than $10,000 in discounts.
Then why do buyers still make offers on Las Vegas, Henderson or North Las Vegas homes or condos? In this video we will answer this question.
In this video we showed that the main reason for making offers on short sales is the big gap between asking and sales prices for non-distressed homes.
Even though this gap is smaller for Las Vegas foreclosures, Fannie Mae and Freddie Mac listings are initially listed at far above comparable sales and that is the reason for the price gap between asking prices and sold comps being twice as large for short sales.
In the next video we will discuss discounts gained by buying short sales.
We are Masoud and Karen Saberzadeh, Las Vegas Realtors and commercial real estate agent at Realty One Group and lasvegas4us.com.
We Are All One.
How long it takes to close different types of Las Vegas short sales homes deals?
This is the second blog post in the Las Vegas short sale home and condo buyer’s guide series.
In the last video we discussed the three types of Las Vegas short sales listings in the Las Vegas MLS, their difference with each other and with foreclosure or bank owned homes, condos and high-rise condos.
When a short sale offer is accepted by the seller, the buyer deposits the earnest money deposit or EMD and opens escrow. When the short sale is fully approved by the lender, the deal is consummated and escrow is closed.
In this video we talk about how long it to close the deal for pre-approved, unapproved and approved short sales. This includes those who run in online real estate auctions and the two combinations; bankruptcy short sales and probate short sales which require approval by courts in addition to the lender.
In this video we showed that regardless of the type of Las Vegas, Henderson or North Las Vegas short sale, the average escrow times are close to or longer than 3 months. We also showed that two out of three of the longest full approval or escrow times, both longer than one year, belonged to pre-approved short sales.
In the next video we will discuss why do Las Vegas home, condo or high-rise condo buyers still make offers on and buy short sales.
This is Masoud Saberzadeh, Las Vegas Realtor and commercial real estate agent at Realty One Group and lasvegas4us.com.
The difference between approved, un-approved Las Vegas short sales, auction short sales and Las Vegas foreclosures
Las Vegas short sales are the most misunderstood type of real estate deals and many Las Vegas homes, condos or high-rise condominium buyers or their Realtors do not really have a good understanding of the process, let alone were to look for the highest discounts or how to avoid the short sale trap.
Additionally there has been much talk about pre-approved short sales or how the process has become streamlined which is absolutely not true. So we have decided to do a series of blog and videos about the subject. In this first video we discuss the three different ways to buy Las Vegas, Henderson and North Las Vegas short sale homes, condos and high rise condos that are listed in Greater Las Vegas MLS, and the difference with buying Las Vegas foreclosures.
The main difference between Las Vegas short sales and foreclosure listings in the Las Vegas MLS is that in the case of the foreclosure, the lender has the title in hand. Other differences depend on the type of short sale which we will explain in this series. However the average escrow time which is the time from the acceptance of an offer by the seller to close of the deal are much longer than foreclosures.
In the next blog and video we will discuss the average wait time to get approval from the lender for each type of short sale listing.
This is Masoud Saberzadeh, Las Vegas Realtor and commercial real estate agent at Realty One Group and www.lasvegas4us.com.
Is it better to buy a Las Vegas home or condo or to rent one?
One of the hardest questions for perspective Las Vegas home or condo buyers is a simple one. Are they better off buying or renting? Well, the answer depends on several factors like how long they intend to stay at their residence, the direction of the Las Vegas real estate market, mortgage loan rates, affordability, etc. We discuss them all.
In this video we provided a short discussion of issues that should be considered in order to make an educated decision to buy or rent a home, condo, or townhome for sale in Las Vegas, Henderson or North Las Vegas as owner occupied buyers. We discuss investing in Las Vegas residential real estate separately in its own page.
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What it takes to get a good Las Vegas foreclosure deal?
While some of the best Las Vegas homes and condo deals are foreclosures, this is not true about all bank owned homes that are listed in the Las Vegas MLS. Actually if you make a full price offer on a Fannie Mae or Freddie Mac foreclosed home or condo that is just listed in the MLS, I can pretty much guarantee that you have paid 15%-20% more than the current market value based on comparable properties or comps. But then again if you buy a HUD Home listing that is just listed in the greater Las Vegas MLS, you have paid close to the market value, it all depends.
In this video we will talk about the current inventory of REO listings in the Las Vegas MLS, what is to come in the next few months, and different policies by banks when pricing their foreclosures. And finally what it takes to find a good foreclosure deal.
There is a big disconnect between asking prices in the Greater Las Vegas MLS and current market values. The median price for Las Vegas homes that are not under contract is $45,000 more than the median price for sold COMPS which we define as the current market value. This includes foreclosure listings too.
In this video we showed that due to the low numbers of Las Vegas foreclosures and high asking prices by banks it takes a lot of patience and know how to find a good buy.
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Please feel free to call us at 702-478-7800 with any questions or e-mail us at firstname.lastname@example.org.
No change in Las Vegas real estate market for January & damage done by incorrect market reports
In this blog and video we will go over the Las Vegas real estate housing market for January 2015. Given that the statistics released for January really reflect market activities (offers made) in December and October it is no surprise that the median prices for Las Vegas homes, condos and town-homes has dropped a bit as December is the best month of the year to make an offer on Las Vegas properties.
We also talk about the damage that incorrect real estate markets could cause. In this video we give an example of two distinct ways of talking about the Las Vegas housing market in the past 12 months, and both are totally correct. However one way of explaining the market leads to a much higher offer amount than the other, resulting in home buyers paying more than current market value or the seller listing his or her property at an unreasonably high asking price, thus hurting both buyers and sellers.
In this video we showed why it is of utmost importance for Las Vegas Realtors to do their own research on the Las Vegas real estate market and to educate their clients about it.
We also showed how incorrect information can hurt the Las Vegas home or condo sellers by putting an unreasonably high asking price on their property, thus compromising any chances of selling it at market value in a reasonable time.
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Total Vacancy in Las Vegas retail market has fallen to 9.1%
In this blog post and video we discuss the Las Vegas retail market for the third quarter of 2014. The TOTAL vacancy for retail space in the Valley (Las Vegas, Henderson and North Las Vegas) stands at 9.1%. However University of Nevada, Las Vegas tracks the ANCHORED retail for which the vacancy rate stands at 11.1% which is .4% lower than the past quarter.
The low number of Las Vegas retail foreclosures and short sales along with high asking prices from lenders no longer negatively impact our retail market and there isn’t much in the pipeline either as only 17 retail projects are more than 90 days delinquent in their payments as of January 2015.
Unfortunately there is no way to make commercial market reports fun since they are full of numbers and statistics and we don’t blame you at all for feeling like this after watching it
Believe me this is how I feel when I try to do an interesting blog and video about Las Vegas commercial real estate market reports
All you have to know is that it is the unanimous opinion of commercial real estate experts, which big professional commercial investment firms back by hundreds of millions of dollars in investment on and off the Las Vegas Strip, that even though it is nearing full recovery, it will do much better in the near future.
Expected legalization of marijuana in 2016 along with the unexpected cheaper fuel prices have not even begun to impact the Las Vegas retail market as it will take a couple of years before they do.
2015 is a great year to buy, invest in or lease retail space in the Las Vegas metro because property prices and lease rates will be much higher in a couple of years.
Please call Masoud at 866-278-5674 with any questions you may have and Like and Share if you find the information useful.