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The Michelle Sterling Las Vegas Real Estate Team would like to present one of the most financially compelling residential real estate opportunities in the entire country. Las Vegas foreclosures are offering savvy buyers the chance to secure a highly attractive long-term investment at prices that have dropped to fire-sale levels. Are you still thinking that this is probably a good time to keep watching the market and waiting? Please take a moment to read the next few paragraphs in case you might want to reconsider.
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As you may recall, Las Vegas, Nevada was one of the very first residential markets to suffer from what quickly became a nationwide housing downturn of historic proportions. Las Vegas real estate got hit faster and harder than any other market in the country and there's no denying it. However, there is an interesting flip-side to the Las Vegas foreclosure coin. Recent evidence strongly suggests that Las Vegas real estate will also be one of the first markets in the country to recover.
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Forbes.com has recently completed a comprehensive survey entitled America's Best Cities for Home Buyers. The goal of the analysis was to identify real estate markets where "highly motivated sellers" have already forced prices low enough to stimulate strong levels of buyer activity. NUMBER ONE on the Top 10 list of Where U.S. Home Sales Are Rising is Las Vegas, Nevada. Who are these motivated sellers? As you might have guessed, it's the banks, drowning in foreclosures and moving as aggressively as possible to get these properties off their books at whatever price it takes to get them sold.
As deeply discounted bank-owned properties attract increasing hoards of aggressive buyers, excess inventory begins to be absorbed and the first layer of pavement on the road to recovery is laid down. Is this really happening in the market for Las Vegas foreclosures? The answer is a definitive YES. Southern Nevada, which had some of the highest bank repossession rates in the country, now has the biggest sales increase in the southwestern region according to a recent Associated Press-Re/Max Monthly Housing Report.
Las Vegas Homes
The median price of a resale Las Vegas home has declined by approximately 55% over the last two years. Fueled by this dramatic drop, the market for Las Vegas real estate has experienced an equally dramatic upsurge in buyer activity for single family homes, condos and townhomes alike. The resale sector ended 2008 with 31,727 sales, which represents a 38% increase over the 2007 figure. Luke Tilley, a senior economist with Global Insight in Philadelphia observes that "people are taking advantage of these lower prices now".
As we all know, the most significant feature of the market-based economic process is the pricing mechanism. How often have you heard the metaphor of the "swinging pendulum" in reference to current market prices versus fundamental values. It's very hard to dispute the notion that prices across virtually all markets overshoot (the greed factor) and undershoot (the fear factor) on a regular basis as people "react as they feel" in their financial lives. Over time, the pendulum inevitably swings too far in one direction (overly inflated prices) and then swings back strongly in the reverse direction (undervalued prices), bypassing the mid-point of "fundamental value" as it swings in both directions. How does this apply to current conditions in the Las Vegas real estate market? Let's take a look...
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IHS Global Insight, a highly respected market-leader in economic and financial forecasting, recently released their third-quarter 2008 residential real estate analysis, entitled House Prices in America. The study carefully examined the top 330 residential real estate markets (representing 78% of all existing housing units nationwide) to determine what home prices should be in relation to rigorous fundamental valuation models. Applied criteria include historical pricing trends, foreclosure inventory levels, population growth statistics, relative income levels between metropolitan areas and current interest rates, among many others.
IHS Global Insight concluded that Las Vegas real estate is currently 18.8% undervalued based on market fundamentals as expressed by their housing valuation models.
Team Leader Michelle Sterling has been a resident of Southern Nevada for 25 years and a licensed Las Vegas real estate agent for over 11 years. Depth of experience within the Las Vegas real estate community has no substitute. The professional services of every agent on the Michelle Sterling Team are at your disposal. It's our pleasure to be of service to you.
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Why Choose a Las Vegas Home?
You can expect your new Las Vegas home to provide a broad and diverse residential experience that is worthy of your decision to live in our great city. The purchase of Las Vegas real estate opens up a wealth of choices and opportunities that range from business to pleasure, relaxation to recreation and so much more. Case in point; the September 2007 issue of National Geographic Adventure Magazine ranked Las Vegas, Nevada #1 on its list of the Top 50 Places to Live and Play. Don't be so surprised! We offer an excellent quality of life that extends well beyond casinos and nightclubs. Southern Nevada provides hikers, mountain bikers, skiers, runners and rock climbers a world-class outdoor playground that more than impressed National Geographic. From cliff climbing in Red Rock National Conservation Area to snowboarding at scenic Mount Charleston, we've got it all for outdoor recreation enthusiasts.
It's important to spend a few minutes focusing on some of the incomparable advantages associated with owning Las Vegas Nevada real estate. First among these has to be the low tax profile of our state. Nevada residents pay no state income tax at the personal or corporate level whatsoever. Depending on the state from which you relocate, this can mean substantial savings to you and more of your own money to enjoy. To be quite honest, there are few places in the world better suited to having more money to enjoy. Las Vegas has expanded and upgraded to the point where one can experience world-class levels of shopping, dining and entertainment on a consistent basis. Las Vegas luxury golf real estate is wrapped around some of the most beautifully crafted fairways and greens in existence, with clubhouse facilities that provide every conceivable amenity. As you can see, ownership of a Las Vegas home provides your gateway to everything fabulous about our dynamic city. There's absolutely no reason to leave all the excitement to the tourists.
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Another tremendously attractive feature that tags right along with the purchase of Las Vegas real estate is the weather. Our valley averages at least 325 sunny days a year and less than five inches of rain. If you're an outdoor enthusiast of any kind, Las Vegas real estate is an outstanding choice to complement your active lifestyle. Southern Nevada is home to some of the most beautiful and functional master-planned communities to be found anywhere in the country. The Summerlin homes community (America's best-selling residential master-plan for ten years in a row) is particularly well suited to outdoor recreation of every kind. Imagine indulging yourself in a plethora of spacious parks and mile after mile of walking, jogging and biking trails. Not enough you say? Red Rock Canyon National Conservation Area is just 15 minutes from Summerlin and provides some of the most scenic and challenging hiking, biking and rock climbing in the Southwest United States. Summerlin real estate is truly one of the most outstanding options on offer from the Las Vegas real estate market.
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The Urbanization of the Las Vegas Real Estate Market
A substantial segment of the market for Las Vegas real estate is undergoing a spectacular transformation that can best be described as urbanization. Leading the way in this exciting new residential trend are luxury high-rise condominium developments with an authentic urban flair and world-class amenities. Examples include Trump International Tower Las Vegas, One Queensridge Place and the twelve billion dollar Project CityCenter. Adding to the array of urban lifestyle choices are loft-style Las Vegas mid-rise luxury condos. These developments feature exposed duct work, massive windows, high ceilings and wide open floor plans. Las Vegas has never seen anything like it before. Examples include C2 Lofts in Summerlin, SoHo Lofts in the downtown arts district and The District at Green Valley Ranch.
The Michelle Sterling Las Vegas Real Estate Team would like to thank you for the opportunity to present what we believe to be the most exciting and satisfying place to live on the globe. Southern Nevada has an incredibly bright future and the market for Las Vegas homes plays an integral role in the unfolding story of our spectacular desert oasis. Please enjoy our Las Vegas real estate website and don't hesitate to call us with any questions. It's our pleasure to be of service.
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