Las Vegas Home Market
Well channel 8 local news reported, a couple nights ago, on our real estate market and how the Las Vegas Homes are selling. They were discussing how the lower price per square foot homes (like 1500 Sq ft homes on the market for $120,000 equally $80 per sq ft) are commonly having multiple offers on them.
I have been tracking the same search of our Multiple Listing System (MLS) for years. It is a very accurate method of seeing the supply and demand changes in our Las Vegas Home market. At our peak a couple years back when homes were lasting about 2-3 days on the market, the same search was around 15,000 homes. For about the last 6-8 months it was hovering around 24,000 and at our worst times was nearly 30,000. Our current numbers, by my search, just fell below 19,000.
These numbers won’t come as any surprise to anyone involved in real estate in Las Vegas right now. There is no shortage of buyers across the board. If you are in doubt of when our market will hit the bottom it’s already in our rear view mirror. With the 1st time home buyer enormous incentives and prices where they are today, I’ve never seen a better time to be a buyer!! Act now and get your dream home at record low prices and interest rates.
Bill Fitzpatrick (702) 499-4461
City Center Is Hiring!
City center, now $9.2 billion project, is now accepting applications for 12,000 jobs! They are hiring for Aria Resort and Casino, Vdara Hotel and Crystals (retail and entertainment).
City Center is a 67 acre project located between The Belagio and the Monte Carlo Hotels.
You can apply on line at www.citycentercareers.com or cal (702) 590-CITY(2489) or (866) 909-CITY(2489).
Interviews are set to begin in February and start dates in September. Aria is set to open in December of this year.
If you haven’t seen City Center recently it’s already nothing short of incredible. Being the die hard optimist I am, this could be incredible for Las Vegas. Once again the casino industry pulling Las Vegas from the fire!
Bill Fitzpatrick (702) 499-4461 or billfitzz@gmail.com
Holy Cow! A turn around in the Las Vegas Homes market?
Last night, 4/23/2008 News 8, the news actually reported home sales had increased and that we might actually be seeing a turn around in the Las Vegas Homes market. We may have seen the worst. Sorry should have given a warning before just saying that. I know I almost fell out of my chair. Positive news on TV. Does that even sell?? Well I’ll take it!!
I’d worry about multiple offers on homes soon but we’re already there. I’ll take that too!
Las Vegas Home Market
The Las Vegas Home market is still showing strong positive signs. As of April 22nd, 2008 the total number of residential properties on the market has continued it’s decline to 21,884 from the exact search I have had since November 2007. That number down from nearly 30,000. Yeah I know, I keep stating the declining numbers of available homes in our market, but if the media can beat there negative dead horse than I’ll beat my positive one ( not the nicest analogy but let’s move on).
Considering the number of preforeclosure-short sales (see previous articles) and foreclosure properties coming onto the market hasn’t decreased (actually increasing) these numbers become even more impressive. The Las Vegas home market is gearing up to surprise a lot of people and may be as soon as this summer.
Hind site, as it’s said, is always 20/20. How many people will say I wish I had bought at the bottom of the market? It has to be one of the toughest decisions people make in buying real estate!
Las Vegas Home market
As time goes by in our Las Vegas home market, I am dealing with more short sales and bank owned properties, like any active Las Vegas real estate agent. With each and every offer, counter offer, addendum, and disclosure in our ever evolving Las Vegas market it has become brutally clear that not only the buyers need to be pre-qualified, but the inexperienced, overwhelmed, or ill prepared selling agent should also be considered. In this Las Vegas market with all of the bank owned and short sales properties both buyers agent and seller’s agent really need to know what they are doing and have the time and patience to do it right or it’s a recipe for disaster. The importance of experience on both sides of any real estate transaction has always been important but in this Las Vegas market it has become paramount to the success of the transaction and representation of the client. The right real estate agent is now more important than ever in this ever changing Las Vegas market, call me to talk more about Las Vegas bank owned and short sale properties.
Home warranty response
I didn’t think anyone actually read my blogs. Thank you for your response! Here is a home warranty review website that seems to be credible from one of the readers “shortan”. I hope it helps.
Thanks again!!
http://www.homewarrantyreviews.com/reviews
Residential for sale
The total number of residential homes/condos for sale continues to fall in Las Vegas. For the past 2 months I have the same search programmed into our Las Vegas real estate for sale and it consistently drops every 3-4 days when I submit the search to the MLS. In Nov/Dec of 2007 we were nearly up to 30,000 homes on the market, the most I have ever seen here since I have been in real estate. Since that time the home numbers leveled off and started to decline. As of today, march 12th 2008, the exact same search is at 22,684 homes/condos currently for sale in Las Vegas. Thats around 7000 fewer homes on the market in 3 months!!
2 more “experts” this week claimed we may have indications of being at the bottom of the market (national news) . If the nay sayers don’t hurry us up into this recession pretty soon they just might have to change their tune. Won’t that be nice??
I know the buyers I am currently working with are feeling the pressure as we try to submit offer after offer on the low priced homes in Las Vegas only to find 5-10 others have beat us to it. Hopefully soon all of our price ranges and homes will find themselves busy with buyers as well.
Boulder Ridge in The Ridges at Summerlin
If you are considering building a custom home or simply want to live in elegance you won’t want to miss these homes.
Christopher Homes has mastered the art of luxury home building. I have only seen a few custom homes that even come close to the beautiful included appointments here. The floor plans and elegance of these homes and surroundings are truly nothing short of incredible. Homes range in square footage from around 4000 sq. ft. to nearly 6000. Prices starting at approximately $ 1.7 Million.
These aren’t your typical Las Vegas homes and with Christopher Homes sharp attention to detail you won’t ever want to leave home.
The community offers a 24 hour guard gate as well as a gated entrance into Boulder Ridge. You’ll also have access to Club Ridges with tennis, pool, and work out facility.
Boulder Ridge in The Ridges is truly one of the finer home possibilities in all of the Las Vegas valley.
Call today for your personal tour of these incredible homes. Bill (702) 499-4461 billfitzz@gmail.com
Fairway Hills in The Ridges at Summerlin
Fairway Hills offers town home living with a low maintenance lifestyle. Toll Brothers has typically built luxury homes and it shows in this highly appointed contemporary town home development in the beautiful Ridges. Square footages range from just over 1900 sq. ft. to well over 3000. Prices begin in the mid 600’s.
Being a resident at Fairway Hills has it’s benefits too! You’ll enjoy your own clubhouse for entertaining and relaxing. Offering workout facility, kitchen, media room, pool, spa, BBQ area, and even a fire pit to relax around on cool nights (yes, Las Vegas actually has cool nights).
For your personal tour or more info call or email Bill @ (702) 499-4461 or billfitzz@gmail.com
Summerlin - The Ridges
The Ridges in Summerlin are nestled in the elevated beauty of the western mountain foothills and Red Rock Canyon. You’ll find the guard gated communities and custom home sites intertwined through the Jack Nicklaus “Bears best golf course” with some of the most spectacular mountain and strip views in all of the Las Vegas valley.
The Ridges offer 3 of the more luxurious home choices available in Las Vegas real estate. Toll Brothers builds the Fairway Ridge Townhomes (luxury low maintenance townhome living) , Christopher Homes Boulder Ridge (an incredible collection of homes that rivals most custom homes) , and for those who must have the one of a kind custom home, custom homes sites that will take your breath away. The Ridges are truly unique in Summerlin and Las Vegas.
Call today for more info or a personal tour Bill (702) 499-4461 or billfitzz@gmail.com