Did Las Vegas condo auction buyers get a good deal? Conclusion

Masoud Saberzadeh Las Vegas Homes and Condos Blog, Las Vegas Real Estate auctions blog Leave a Comment

This is the concluding article of did Las Vegas condo auction buyers get a good deal?

This post is a continuation of did Las Vegas condo auction buyers get a good deal part 3? 

The numbers are in and now we shall see if Las Vegas condo auction buyers got a good deal or not.

I have researched the closing prices for three condominium conversion models in Adagio condominium community that have sold last year. The models are as follows:

A: 3 bedrooms 2 full baths, 1344 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $173,000 and the lowest was $147,000.

B: 2 bedrooms 2 full baths, 1204 square foot condo with a fireplace in the living room and a garage. The highest selling price for this model at the condo auction was $229,000 and the lowest was $141,000.

C: 2 bedrooms 2 full baths, 1074 square foot condo with a fireplace in the living room and a garage. The selling price for this condominium at the condo auction was $147,000.

In the previous posts, I have discussed pricing at this Las Vegas real estate auction and have proved that those who have paid the highest prices have paid too much for their condos.

Did the low bidders at Las Vegas real estate auction get a great deal

But what about those who managed to pay the lowest prices at the Summerlin condo auction? Did they get a good deal? Well, 4 months have passed and new numbers are in.

As for the 1304 square foot, three bedroom condo, the lowest winning bid price was $147,000.  There are currently 8 condos for sale in Las Vegas in the same community. The high asking price is $168,000 and the cheapest three condos are listed for less than $150,000, the lowest asking price is 139,000. So as you can see, one can offer less than $147,000 and have a very good chance at buying them. There are other 3 bedroom condos in the same zip code with the asking prices starting at low $130,000. So those who paid the cheapest price at the Summerlin, Las Vegas real estate auction got a so-so deal.

As for the 1204 model, the lowest winning bid was $141,000. Again, there are 2 condos listed in the same subdivision for $149,000 and $139,000 respectively and another has sold for $138,000 in June 2008 and other condominiums in comparable communities are listed for sale for less than $120,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a Las Vegas real estate auction and buying the condominium “as is, where is”. Then again, why would you bid at an auction if there is not a “great deal incentive”?

As for the 1079 model, the winning bids were all $147,000. Do you really think that this is an accident, or that a very able auction team orchestrated this final price?  Again, there are 3 condos which are listed in the same community for $152,000, $145,000 and $125,000. The latter is a short sale and not as is, another has sold for $138,000 in June 2008, other condominiums in comparable communities are listed for sale for less than $135,000. Again, these low price buyers got a so-so deal, definitely not the great deal that they had in mind when they braved bidding at a real estate auction and buying the condominium “as is, where is”.

In conclusion, these were the low price bidders and buyers, others paid thousands of dollars more. Not being represented by a competent Las Vegas Realtor cost these Las Vegas real estate auction buyers tens of thousands of dollars.

Did Las Vegas condo auction buyers get a good deal? Conclusion was last modified: September 24th, 2017 by Masoud Saberzadeh

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