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

Las Vegas real estate market report for bank owned (repo) condos, short sales and Non-distressed condominium deals

Las Vegas real estate market report for bank owned (foreclosed) condos and lofts, short sales and (non-distressed) condominiums or lofts for sale in Las Vegas, Henderson and North Las Vegas priced at $50,000-$100,000. Our total inventory of condominiums for sale in this segment of the market is 995 and 264 condos and lofts have sold in August-2010. This puts our inventory of lofts and condominiums at 3.76 months, which is slightly more than the inventory in below $50,000 range.

995 available condos and lofts inventory are divided as follows, foreclosures= 22%, short sales=49% and non-distressed sales=29% while 61% of sold condos and lofts are bank owned or foreclosures.

The table below shows our current inventory of condos and lofts for sale in Las Vegas, Henderson, North Las Vegas and Boulder City for sale for $50,000-$100,000. The highest price per square foot is $132/SF that was paid for a condo at Meridian. Condominiums at Meridian used to sell for about $100 per square foot a couple of years ago. Two of the lowest price per square foot condos have been sold in Amber Hills (built in 2004) for $42/SF and one in Centennial Highland (2005) in North Las Vegas. Buyers don’t buy garbage, even at these lower price ranges.

The Meridian condo was the only mid-rise luxury condo in this price range, otherwise all condos are track condominium communities. Now don’t get me wrong, some of these are very nice condo communities that offer all or most amenities that come with luxury mid-rise condos and some actually have higher HOA fees than Mid-rise condos. A good example is Pinehurst Condos HOA fees are $235/month, Pacific Hills condos in Summerlin HOA fee is $ 205 while HOA fees for Manhattan is about $250/SF. All three condo communities offer clubhouse, exercise rooms, pool, spa and playground.

Sold data by type are shown in the table below.

Compare these numbers with condos that are priced below $50,000 and you see a big change. Regardless of the type of condo, the only condos that have been sold for near full asking price are bank owned condominiums that sold in less than a month. No other sector has sold for full asking price. Now, .2% here or .3% there can add up to 3%-5% price depreciation in this sector. Thus in order to protect buyers at this price range, offers should not exceed more than 95% of comparables.

The reason that I am blogging about condos and lofts for sale in Las Vegas, Henderson and North Las Vegas in $50,000 increments is that $50,000 jump in condominium prices equals a $75,000-$100,000 jump in home prices as far as Las Vegas real estate market is concerned.

Related Web-Site links and blog links:

Las Vegas condos, lofts for sale priced below $50,000 market report

Las Vegas Condos – Lofts– Luxury Condominiums for Sale

Las Vegas residential real estate