The Las Vegas Market is Hot

Ok, I should clarify that: Segments of our market are hot. I’ve been looking for some properties for my clients in a master plan community called Summerlin on the west side of Las Vegas. A lot of my clients are investors coming back into Las Vegas to capitalize on our down market. Properties that are listed around the $150 sq /ft price range in Summerlin, and under $350K are selling like hot cakes. Yes, we’re even seeing multiple offer situations on many of them. So contrary to frightening media report of a complete collapse of our market, there are still parts of town that are selling like crazy. In fact, I’ve personally seen banks intentionally price a property so under market in order to create an “unofficial” auction. Click on the picture below to see the recent sold properties since March 1, 2008. Take a look at the list price versus sales price. Many times the sales price is higher than the list. How is that possible in a down market? Foreclosures are ruling the market right now and banks want to get them off of their books. If you’d interested in foreclosures in Las Vegas, please give me a call directly at 702-683-2169 or email me with questions. Thanks!
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