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Posts Tagged ‘foreclosures in las vegas’

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Http://www.LasVegasLuxuryPropertiesLink.com

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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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Las Vegas Real EstateI just came across a great post about the Las Vegas Real Estate Market I wanted to share with everyone. I completely agree with the author of this post. There are segments of our market that are hot right now. With over 60% of all the transactions closing right now being foreclosures, resales and new home sales are having a hard time competing. That’s why I tell my sellers if you don’t have to sell, DON’T! But if you’re considering buying in this market, there are some wonderful opportunities. Many investors are coming back to the market right now. This article was featured on Bigger Pockets.

Happy Reading

Felipe Crook

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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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