Las Vegas housing inventory is declining. Investors in Las Vegas & Henderson don’t seem to be going away. Some buyers are facing a daunting task of 40 offers on bank owned properties, says a local real estate agent Stuart Sheinfeld. That is why we are seeing the increased success of short sales.
Foreclosure homes aren't properly maintained and lose value when they sit empty, he said. Banks also incur longer holding costs when they complete the foreclosure process.
Short sales have become better option to foreclosure; they have to be approved by the bank for hardship reasons and usually takes a long time to complete. The bank's red tape can take four to five months for an approval of a short sale.
The $8,000 homebuyer tax credit and the extension of that have boosted the market to record sales for this time of the year. A tax credit of up to $6,500 for current home owners has created a great investment opportunity for most people. Mortgage delinquency rates were highest in Nevada 14% and Florida 12% & the Clark County population hitting the 2 million mark are 2 factors keeping the Las Vegas real estate market hot, says Stuart Shienfeld
The foreclosure Mecca, Las Vegas has experienced home prices at a 50 percent decline from their peak in 2006. The median price of a home there is $138,000, the inventory is down to a 2.5 month supply.
City Center had its grand opening and is creating a big stir. The Strip project will open in phases this month after more than five years of development and construction. The 500,000-square-foot Crystals opened on 12/10, and the 392-room Mandarin Oriental opens to customers 10/12. Aria, City Center's centerpiece 4,004-room hotel-casino, opens Dec. 16.
Aria will employ 10,000 of the 12,000 employees this should boost the Las Vegas housing market even more, says Stuart Sheinfeld
1. SUPPLY: There are 2.5 months of supply of active listings at current sales rates, the best this figure has been in 5 years
2. DEMAND: Both new and existing home sales totals are near year-long highs.
3. PRICES: Remained relatively stable.
4. Homebuilders are beginning to seek land again.
5. A stalled major commercial project (Tivoli Village) restarted construction.
