Posts Tagged ‘Luxury Foreclosures Vegas’

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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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