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LAS VEGAS FORECLOSURES
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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.
A total of 2,718 single family Las Vegas homes were sold in October 2008 alone, which represents a 180% increase over October 2007 sales figures. The median single family price has dropped 31% from last October to just under $190,000 currently. Las Vegas condo and townhome sales also more than doubled in October (from year-ago figures) with the median price down 37% to $109,000. Existing residential inventory is well below last years peak in September of 2007 and has dropped impressively for the last three months in a row. What exactly is going on here? Let's take a look...
A highly significant counter-trend is developing within the US residential real estate market. While sales figures for existing homes are significantly lower for the nation as a whole compared to year ago figures (a 15% decline), resale buyer activity in the southwestern United States is actually higher when compared to last years data. Nevada, Arizona and California are running strongly against the national sales trend as deeply discounted bank-owned properties attract increasing hoards of aggressive buyers.
In fact, Las Vegas foreclosures are leading the sales activity resurgence by a significant margin. Southern Nevada, which had some of the highest bank repossession rates in the country over the past 18 months, now has the biggest sales increase in the southwestern region according to the latest Associated Press-Re/Max Monthly Housing Report (9/24/08). The deluge of foreclosed homes in Las Vegas was directly responsible for the dramatic drop in our median price, which in turn caused the equally dramatic upsurge in buyer activity that our market is currently experiencing. 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, just 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.
Could this be one of the main reasons why buyer activity for Las Vegas foreclosures represents the largest sales-data increase in the entire southwest? Could this be among the reasons that October 2008 sales figures for Las Vegas homes were 180% higher than October 2007 sales figures? It makes you wonder...
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Are you a real estate investor exploring the possibility of adding Las Vegas homes or condos to your portfolio of cash-generating assets? Here is some statistical data that you may want to consider as part of your decision making process. Apartment occupancy rates in Las Vegas were running at 94% as of the end of September (2008). Due to current economic conditions, demand for rentable residential property is on the rise nationally, and Las Vegas is no exception. According to the latest figures from the Department of Motor Vehicles, more than 5,600 new residents moved to Clark County in October 2008 alone. In addition, the Nevada State Demographer's Office projects the population of Clark County to expand by 54% over the next twenty years. Clearly, Las Vegas real estate is a solid long-term investment for the sophisticated investor at current prices.
Our first responsibility as your chosen Las Vegas real estate team is to provide the knowledge, experience and professionalism necessary to make highly-informed decisions about the market for Las Vegas homes. We simply couldn't take this responsibility more seriously. Consistent with that promise, The Michelle Sterling Las Vegas Real Estate Team puts a premium on the continuing education process in all its aspects. The market for Las Vegas homes is growing and changing at an incredibly rapid rate. With the highest population growth in the U.S. for eleven years running, you can just imagine how much our residential portfolio has expanded. You'll want to consider how vitally important it is that your Las Vegas real estate agent be a true full-time professional with extensive and continually expanding knowledge of the market for both resale and new Las Vegas homes.
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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.
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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