Las Vegas foreclosed homes, short sales and resales, priced $300,000-$350,000 in 89149
Greater Las Vegas MLS shows 9 houses that are under contract for $300,000-$350,000 price range since Jan 1, 2008. Please note that the Las Vegas MLS does not include homes that have not sold by a Realtor in their statistics and the true number is higher. Las Vegas real estate market statistics that I provide in our site are much more accurate as they include foreclosures homes or those that are sold in an auction.
Three of the nine are 2 story 3730 square foot houses that were built by Beazer Homes, one of the major new home builders in Las Vegas. These homes where purchased in mid 2005 for about $525,000, were listed for sale in 2006 for about $600,000 and one actually sold for that amount. One seller got to flip his/her home and made a few thousand in profit, the other two got foreclosed on, along with our 2006 buyer. A few of these houses were listed in the $600,000 range as late as April 2007. Unrealistic pricing killed the Las Vegas real estate market last year, but this is not true at the moment. This is the underlying reason for the rebound in the real estate market and commercial properties will soon follow. A 4 bedroom, three and half bath, 3700 square foot home that is only three years old for less than $94 per square foot is a great deal, period.
Of the 16 homes that have closed escrow in 2008, 10 are foreclosures and short sales, 1 was corporate owned and the rest have been sold by private sellers. 7 of 16 have been on the market for less than a month; this is a significant percentage that attests to the rebounding residential real estate market in Las Vegas. Henderson, North Las Vegas, Summerlin and Green Valley and unincorporated Clark County which are witnessing a rise in the number of homes and condos transactions also.
Currently 37 homes are listed for sale in the Las Vegas MLS in 89149. 16 of these are bank owned homes or short sales, two are corporate owned and the rest are offered by private sellers. These homes were priced $88-$330 per square foot. The discrepancy in the pricing per square foot could be due to two factors. One is unreasonable pricing and the other is due to the lot size. Some of them that are sold or listed in 89149 are horse properties and have a big lot. Some of these North Las Vegas homes that sold for $165 and up have a .5 acre lot or larger, some even can be subdivided into two lots and the buyer can turn around and sell half or part of his/her lot to get cash back on the purchase.
What happens to the Las Vegas residential real estate market is anyone’s guess and depends on the number of foreclosures and short sales that are in the pipeline. But in three to 5 years whoever bought a 3700 square foot Las Vegas foreclosure home that is only three years old for under $350,000 will brag about his/her great deal.
Unfortunately the market snapshot is currently down, but I will add it tomorrow.
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