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Archive for the ‘Las Vegas Foreclosure Tours’ Category

This blog has MOVED. Please visit my new blog at

Http://www.LasVegasLuxuryPropertiesLink.com

Same great content, but new and easier to use. Thanks!

I’ve notice an increase in foreclosed properties in the Luxury market here in Las Vegas. Now when I say increase, I’m talking 12 additional properties. That is no where near the numbers for properties under $800,000 but there continues to be great opportunities for people to invest in luxury properties at a huge reduced price from 3 years ago. Let’s go over some statistics about our luxury market as of July 18th, 2008:

  • 1,357 homes are on the market over $800,000
  • 40 of these homes are in Short-Sale or pre-foreclosure.
  • 36 of these homes are Bank Owned properties
  • 934 of these homes were built in 2000 or newer

Please click on the following link to view Luxury Foreclosures in Las Vegas. Pay particular attention to the first property on the list. The address for this property is 1805 Plantea Ave. I’ve shown this property 5 or 6 times to separate clients. I think there is TREMENDOUS potential in this home. This is a bank owned home with 6,700 sq ft on half an acre. It’s in a small gated community with 8 custom homes. It’s currently listed at $829,000 which is $123 a sq/ft. For a custom home this is VERY well priced. Here’s what this property needs: A complete paint job, new carpets, new fixtures, a new kitchen and landscaping. I assume it’ll take a minimum of $100,000 to fix it up to luxury standards. The reason why I think this is an incredible deal is a similar home just sold in April of this year for $1,425,000!! Take a look at that home by clicking Sold Luxury Home in Vegas. This home needs someone with a little vision will to put in some work. If you’d like to take a look at this home, or any other home on the market, please contact me directly at 702-683-2169 or email me at Felipe@felipecrook.com

Happy House Hunting!

Felipe Crook

Prudential Americana Group Realtors

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This blog has MOVED. Please visit my new blog at

Http://www.LasVegasLuxuryPropertiesLink.com

Same great content, but new and easier to use. Thanks!

I just read an encouraging post from our corporate broker here at Prudential. 2008 Las Vegas Real Estate forecast. As he said in his post, a huge number of closings are bank owned properties right now, which makes sense since almost 45% of our listing inventory is either bank owned or short sales. I’m currently seeing a huge amount of movement with foreclosures because they tend to be the best priced properties in the market. Traditional sellers are having a hard time competing. The good news is our sales from June of 2008 are WAY up from last year and close to 2006 sales volumes. Take a look at this graph:

The Las Vegas Real Estate Market

The Las Vegas Real Estate Market

Certain price ranges and areas are getting multiple offers because they are priced so low. This has been a strategy with the banks regarding their properties. They price properties so low that it creates an un-official auction which then drives up the price. I called a listing agent for a foreclosure and she told me she had 15 offers in on one property that had been on the market a week! There are some wonderful opportunities right now. If you’d like more information on foreclosures, please contact Felipe Crook at 702-683-2169.

Felipe Crook

Prudential Americana Group Realtors

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Vegas Skyline

I’ve been telling my clients who are interested in purchasing, that THIS is the best time to invest in your home because of the downturn in the market. That statement couldn’t be more true for Canadians. Our credit crisis hasn’t affected Canada as severely because their sub-prime mortgage guidelines helped avoid what’s currently happening in the USA. Our lending practices were SO loose and unregulated, that people who didn’t have the income to make payments on a property were buying homes. You’ve heard this hundreds of times in the media already, and you probably already know how many foreclosures we have in Las Vegas ( if you don’t it’s about 40% of our current inventory), but these down turns in Canadian Find Las Vegas Foreclosures Appealingthe market are what true investors are seeking. Canadian buyers not only have the luxury of investing in a down market, they get the benefit of a stronger Canadian Dollar working to their advantage. So not only can they get a great deal on a property for the Las Vegas market, Canadians get an added discount of a our weak economy. I try very hard to stay positive about life because if I didn’t this market would eat me alive. Because I am able to see the potential good in every situation, I am able to help people invest their money with great opportunities. I currently work with a mortgage broker who specializes in working with Foreign National Investors to finance properties. For those Canadians not interested in paying cash for a property, there are loans out there that require a 35% down payment.  If you’d like more information on this loan program, please call Felipe Crook toll free at 866-589-1646.   Also, I work with a currency exchange company called MoneyCorp which is an international company offering the best currency exchange rates.  They can have funds within 24 hours at rates that rival major banks.

If you’re looking for a second home to escape the brutal winters of Canada, contact me, Felipe Crook, to discuss your investment options for Las Vegas.  There are MANY wonderfully priced homes available for your perfect paradise away from home.

Happy House Hunting!

Luxury Foreclosure SpecialistFelipe Crook

Fine Homes International Specialist

Prudential Americana Group Realtors

Las Vegas Nevada

Toll Free 866-589-1646

Email: felipe@felipecrook.com

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If you’re looking for a great bank owned property, I would take a look at 11529 Capanna Rosso Place in Souther Highlands in Las Vegas. This home was purchased in September 2005 for $900,000 and is currently on the market for $649,900. Click on the picture below to see the virtual tour of the property, plus other pictures. If you’d like to take a look at this property, please give Felipe Crook a call toll FREE at 1-866-589-1646 or email me for more specifics. Now is one of the best times to purchase real estate in the last five years. I look forward to working with you!

Foreclosed Property in Las Vegas

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Turnberry Place in Las VegasI’ve been writing a series on Las Vegas High Rise Condos which has been a lot of fun for me. I really enjoy seeing the different units in each of these buildings and seeing which properties offer the best amenities. One high rise development I truly enjoyed was Turnberry Place on Paradise Rd. If you’d like to read my previous post about my visit, click here for Turnberry Place information.

Well, as our foreclosure market is all that any of my clients can talk about, I decided to see what kind of foreclosures were available in certain luxury properties. Most of the luxury homes in Las Vegas don’t have a great deal of bank owned properties, however I managed to find three units in Turnberry Place that are bank owned. This is a buyer’s market right now, and the opportunities it’s providing for my clients are great.

Click on the picture below to see the available BANK OWNED properties in Turnberry Place as of 3-20-08.

Turnberry Place in Las Vegas

If you are interested in Turnberry Place or would like to see these foreclosed units, please contact Felipe Crook by email at Felipe@felipecrook.com or toll free at 1-866-589-1646.

Felipe Crook

Fine Homes International Specialist

Prudential Americana Group Realtors

Cell: 702-683-2169

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With the huge amount of foreclosures on the market, I decided it would be a great idea to educate the public about why foreclosures can be a fantastic investment. There are certain liabilities you need to be aware of, but the benefits can far out weigh the obstacles. For example, take a look at this foreclosure that is currently on the market:

Las Vegas Foreclosures This property is 4500+ sq ft, on a 19,000 sq ft lot. In August, 2006 this property sold for $980,000. It is currently on the market in the low $600’s!! That is $136 sq/ft which is fantastic for a property of this size. Not to mention, that is the asking price from the bank. Each bank is different, but more and more banks are wanting to get rid of their current inventory. Deals are out there folks! If you are looking to get into a luxury home, now is the time to do it.

My team and I are offering FREE personalized foreclosure tours based on your needs.  If you’d like to see what’s on the market, please email me at Felipe@felipecrook.com or call me toll free at 1-866-589-1646. I look forward to helping you take advantage of the great opportunities in Las Vegas.

Felipe Crook

Prudential Americana Group Realtors

 

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Personalized Foreclosure Tours VegasLas Vegas is the #1 city in foreclosures in the nation. As a real estate professional, I can look at the market and see the wonderful opportunities to own a piece of Las Vegas. Foreclosures have affected every segment of the market, including some of our luxury homes.

Some current statistics to put things into perspective:

  • 3,864 homes have sold since May 1, 2008.
  • 2,416 of those homes were Foreclosed Properties. That’s 62%!!!
  • There are currently 3,711 Foreclosed Single Family Homes on the market.

Buying foreclosures is similar to purchasing a regular home for sale. Here are a couple of things you need to be aware of when purchasing a foreclosure in Las Vegas.

  • Banks are now pricing properties so aggressively to attract multiple offers which end up driving the sales price UP.
  • Banks can take as long as they want to respond to an offer. Even though there is a time to respond on the contract, I’ve waited three and a half weeks to get a response for one of my clients recently.
  • Properties are sold AS-IS. I am currently working with a buyer who was able to get more repair money, but most lenders financing properties now won’t allow it. We ended up rolling that extra credit into his closing costs.
  • You HAVE TO BE PATIENT! Banks have been routinely late on closing dates. They have been known to take their time reviewing the final HUD-1 statement before giving the buyers the keys.
  • Banks are motivated sellers without any emotions. It’s the weirdest thing to see. They look at the bottom line. More earnest money deposit and more money down looks better to a bank, but they do accept first time home buyer programs.

My real estate team has moved away from the big bus tours, and decided to give better quality service rather than herd people like cattle through houses that might not fit their needs. If you’d like to get a full list of foreclosed properties on the market in your price range and area, please email Felipe Crook at Felipe@felipecrook.com and let me know what you’re looking for. Here’s a sneak peak at what’s on the market:

These are just of few in each price range. LOTS to choose from. If you’d like a full list of what’s one the market, email me at Felipe@felipecrook.com or call me directly at 702-683-2169 for more personalized information.

Happy House Hunting!!

Felipe Crook

Prudential Americana Group Realtors

Las Vegas, NV 89117

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