Las Vegas real estate market report for bank REPO (foreclosed) condominium, short sales condos and classic sale (non-distressed) Condos for sale in Las Vegas, Henderson and North Las Vegas. Our total inventory of condominiums for sale in greater Las Vegas is 1750 and 490 condos sold in August-2010. This puts our inventory of lofts and condominiums at 3.65 months.
The reason that I have doing a market conditions report for lofts and condominiums and have excluded townhomes, is that as far as lenders are concerned, Las Vegas lofts are treated as condos and this makes financing them very difficult, however townhomes are treated as single family homes and are easy to finance. There aren’t any lofts for sale in this price range.
About 500 out of 1750 condos and lofts for sale are priced at $14,000-$50,000.
The table below shows the current inventory of condos by type (foreclosures, short sales and non distressed sales). The total inventory is 1577 while 476 condos and lofts sold in August-2010, so this represents 3.75 months of available inventory. Total inventory of condominiums and lofts, priced below $50,000 is 500 while 190 sold in August, so our inventory in this price range is 2.6 months.
The table below shows our current inventory of condos for sale in Las Vegas, Henderson, North Las Vegas and Boulder City that priced below $50,000.
| Greater Las Vegas homes inventory | Total Listings | Bank owned homes or foreclosures | Short Sale Homes | Non-distressed homes or Traditional Sales | |
| $14,000-$50,000 | 500 | 141 | 257 | 102 |
The reason that I have put $14,000 as minimum price is that there aren’t any condos or lofts for sale that are priced below this amount.
Even though the number of condos sold for less than $50,000 is far less than Las Vegas homes for sale priced below $100,000 sold data closely mimics this sector.
| Las Vegas condos price $14,000-$50,000 | Total listings sold in August-2010 | Sold in 30 days
Average (Sold price)/Asking Price and Percentage of sales |
Sold in 31-60 Days
Sold Price/Asking Price and Percentage of sales |
| Total Sales | 190 | 102, 48% | 103%, 24% |
| Foreclosure condos | 110 | 102%, 61.7% | 102%%, 26% |
| Short Sale condos | 46 | 109%, 43% | 104%, 10% |
| Non-Distressed condos | 34 | 97%, 52% | 109%, 30% |
Prices in condo communities that rent well, like Craig Roads Villas which is close to Nellis Air Force Base have actually appreciated by about 10% since February-2010; the reason is ease of renting and pretty decent cash flow. The last investor who we helped buy a condo there rented her condo the day after she closed escrow on it.
Let’s take a look at cash on cash returns on a ground floor two bedroom, 974 square foot condo which rents for $600-$650 per month. These can be purchased for about $35,000 and HOA fees and taxes for these condos add up to $205 per month. Excluding other costs like vacancy or repair costs, cash on cash return for this Craig Road Condo is 13.7%-15.4%. This is the reason that prices have appreciated by 10%. Condos like these make for good investment opportunity in Las Vegas real estate.
Check out the numbers in the table above. More than half of non short sale condos closed escrow in less than 30 days; this is due to the fact that the vast majority of condominiums in this price range are cash only deals.
I do not see any price drops for condominiums that are sold in this price range.
Related Web-Site links:
Buy short sale homes or condos in Las Vegas
Buy foreclosure or bank Repo Las Vegas homes or condominiums
Las Vegas Condos – Lofts– Luxury Condominiums for Sale
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