Las Vegas Homes, Condos, Land and Commercial Real Estate Blog

Las Vegas real estate market report for bank REPO (foreclosed) homes, short sales and non-distressed home sales in Las Vegas, Henderson and North Las Vegas priced One Million Dollars plus

This is the sixth article in the Las Vegas real estate market series that I am doing for August, 2010.

The inventory of multimillion dollar homes in Las Vegas is about 3.5 years and there is no need for the second table that I have had in previous blogs. Only one sold home was foreclosure or bank owned which is located in the exclusive Red Rock Country Club.  The foreclosing mortgage for this home was about three million dollars, asking price was 2.4 million and it sold for $100,000 less in 52 days. Red Rock Country Club is where the doctor who killed Michael Jackson used to live. His home was in the foreclosure process and it may show up in the MLS soon.

Now check out the difference with the one short sale home that sold in July. The short sale home was located in Seven Hills, which is adjacent to Henderson Executive Airport and Anthem. Asking price was 1.8 million and selling price was 1.3 million dollars which is 40% of the original price after being on the market for about two years.

Nine regular sale (non-distressed) homes sold in July for about 85% of asking price, two sold in less than 60 days and 4 in more than 120 days.

The inventory for million dollar plus homes is 8 months for foreclosed homes, 4.2 years for non-distressed traditional home sales and about 3 years for short sales.

This segment of the market will witness serious price cuts.

I will do a concluding blog in this series next.

The table below shows our current inventory of homes for sale in Las Vegas, Henderson, North Las Vegas and Boulder City priced $1,000,000 plus.

Related Web-Site links

Las Vegas short sale homes or condos for sale

 Las Vegas foreclosed or bank owned homes or condos for sale

 Las Vegas non-distressed or traditional sale homes or condos for sale