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Posts Tagged ‘Las Vegas Real Estate Market’

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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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