I will return to my series about the homes that are for sale in 89149 and the adverse effect that Las Vegas foreclosure homes and short sales have on the resale home pricing shortly.
I have promised to analyze what happened at the big auction in Summerlin area which was advertised heavily and attended by hundreds of Las Vegas condo buyers.
The only way to find out what the selling prices for these condos were is to do a manual search of Clark County records as these sales are not reflected in the Greater Las Vegas MLS. Needless to say a manual search of grant bargain deeds is tedious and time consuming, but due to a large number of foreclosure and short sale transactions, this is the only way to come up with correct comps for any property. Las Vegas MLS data is no longer sufficient because they don’t include real estate deals that don’t involve a Las Vegas Realtor.
The Adagio condo auction was held in Las Vegas in early February 2008 and I assumed that most of the condos that have closed escrow in March 2008 are those that were sold at the auction, since the deadline to close the deal was one month from acceptance of the offer by the sellers.
Before I talk about the auction prices, I would like to discuss the condos that were offered at the auction and how much they were selling for since May 2007.
The models that I discuss include the following:
A: 1344 square foot condominium conversion with 3 bedrooms two full baths, fireplace in the living room and a garage.
B: 1204 square foot condominium conversion with 2 bedrooms, two full baths, fireplace in the living room and a garage.
C: 1074 square foot condominium conversion with 2 bedrooms two full baths, fireplace in the living room and a garage.
Adagio is a Las Vegas condo conversion community that was purchased for over $45 Million Dollars and was subsequently converted to condos and sold individually. Adagio has 42 buildings and 282 condominium units, the seller paid about $160,000 per condo unit and spent additional money for repairing the condos and painting them from top to bottom. Needless to say repainting the whole condominium made it impossible to an untrained person to find defects by just eyeballing the condos, and this didn’t help matters as these condominiums were sold as is. I have talked about this and other issues that concern buying a condominium from an auction as these condos are sold as is. Please note that when a property is sold as is, it doesn’t mean that you have to buy it as is, ask us how. The seller also had equipped these auction condos with brand new appliances.
More on the prices for these Summerlin area Las Vegas condos that were auctioned, in the in my next blog.