Las Vegas real estate market report for bank owned (repo) condos and lofts, short sales and regular sales condominiums priced at $100,000-$150,000
Las Vegas housing 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 $100,000-$150,000. Our total inventory in this price range is 197 which are available in 63 different condo communities. 8 are clustered around Village Center and Summerlin Pkwy. Three are at Lake Las Vegas, 2 in N.W. Las Vegas and 8 in S. Las Vegas and 10 in the Henderson area.
38 condo and loft units have sold in August-2010. This puts condos, lofts inventory at 5.2 months.
Check out the significant drop in the number of inventories as our inventory in this price range is 20% of condos for sale inventory for the $50,000-$100,000 price range. This is the reason that I am doing Greater Las Vegas condo and loft market reports in $50,000 increments.
|Greater Las Vegas condominiums inventory||Total Listings||Bank owned condos or foreclosures||Short Sale condos||Non-distressed condos or Traditional Sales|
Midrise Luxury lofts at Loft 5 and condominiums at Park Avenue and Manhattan and The District show up in this price range. The table below shows sold numbers for August 2010 for bank owned, short sales and traditional sale condos and lofts.
|Las Vegas condos price $100,000-150,000||Total listings sold in August-2010||Sold in 30 daysAverage (Sold price)/Asking Price and Percentage of sales||Sold in 31-60 DaysSold Price/Asking Price and Percentage of sales|
|Total Sales||38||99.8%, 55%||94%, 23.%|
|Foreclosure condos||16||106%, 50%||95%, 37%|
|Short Sale condos||10||92%, 50%||94%, 10%|
|Non-Distressed condos||12||98%, 66%||92%, 16%|
Did bank-owned condos really sell for 106% of asking price? Are results accurate for this segment? Yes and no. If one takes a closer look, he/she will find that the condos sold at Meridian are skewing results since our sample size is not large enough. One Meridian condo, with an asking price of $107,000 sold for $150,000 and two others sold for $16,000 and $12,000 over asking price, these buyers paid about $140 per square foot and didn’t get a good deal, even though they purchased foreclosures. This goes to show you that buying a foreclosure in Las Vegas doesn’t mean that you automatically get a bargain.
Other than Meridian and Manhattan condominiums, the rest did not sell for the asking price. Sold condos have been priced well and this can’t be said about condos that are currently listed, as a significant percentage of the non-distressed condos are priced so unreasonably that their chance of selling is zero.
A few condos that are currently listed in one condo community that I will not name are listed at 300% of sold prices. I am discussing condos in $100K-$150K price range and we just had an offer accepted on a move in ready bank owned condo for $26,500. I am always perplexed at why a Realtor would list a condo that has no chance of selling. However, one short sale agent that only wants to be contacted through e-mails and (too busy to take phone calls!!!) has listed the condo as both a short sale and a foreclosure at the same time takes the top honor. This short sale condo will get foreclosed upon. I wonder if a Realtor is too busy to answer phone calls about his listing, why is he in this business?
The majority of condo communities in this price range have all the amenities, such as pool, clubhouse, exercise room, etc. HOA fees are from $125 per month to $700 range in The District.
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