Las Vegas Real Estate Update

Las Vegas Real Estate Update

Las Vegas Real Estate Market Stabilizes in 3rd Quarter

THE BOTTOM LINE… The housing market remains a hot topic for those who analyze the Las Vegas economy and are keeping a close eye on its pace of recovery. Nevada has gone from the fastest appreciating housing market in the United States, to the fastest depreciating market in the United States, only to come full circle in 2013 and once again post nation-leading price gains.  For some, the recent spike in pricing is merely a rebound from the market’s overcorrection that pushed the median resale down to $100,000 in January 2012. For others, the recent price gains reflect overly aggressive residential investment, gobbling up inventory, driving up prices and creating a whole new housing bubble that threatens to burst as soon as investors start looking for an exit strategy. Read More

Las Vegas Tops U.S. in Short Sales, Bank-Owned Sales

LAS VEGAS — Las Vegas led the nation’s large metropolitan areas in September in both residential short sales and sales of bank-owned homes, RealtyTrac reported Wednesday night. RealtyTrac found that 34 percent of last month’s residential transactions in Las Vegas involved short sales and 21 percent represented bank-owned sales. The real estate analytics company from Irvine, Calif., also placed Las Vegas second with 27 percent of the purchases coming from institutional investors, and tied for second with 62 percent of the sales representing all-cash transactions. Read More

Las Vegas Ranks Third in Flipping

The Las Vegas metropolitan area produced the nation’s third largest volume of flipped single-family homes in the third quarter of 2013, reported Wednesday night. There were 780 such residences in Southern Nevada that were purchased and subsequently resold within six months, fitting the definition of flipping as used by the real estate analytics company from Irvine, Calif. That volume was 15 percent below the second quarter of this year but 9 percent higher than the third quarter of 2012. The average purchase price of those homes was $144,197 and the average resale price was $190,910, contributing to average gross profits of $53,503 per residence for the flippers. Read more

In Recovering Housing Market, Cash is Still King

Money talks, but cash shouts in the real estate market. An unprecedented number of home buyers in the Twin Cities and beyond are forgoing a mortgage. Nearly half of all U.S. buyers during September paid cash, compared with 30 percent last year, according to RealtyTrac. “Cash is king,” said Dave Delgado, co-owner of a Twin Cities ­medical supply company, who recently paid cash for a couple of suburban rental houses.“It’s hard to say how the stock market will do, so we feel more confident and comfortable in the real estate market.” Delgado and other investors are spending billions on real estate, signaling a deepening confidence in the Twin Cities housing recovery and a steadfast belief that demand for rentals will remain strong. For Delgado, purchasing real estate with cash also helps to diversify his investment portfolio. Read more

Bascom Group Buys First Local Apartment Complex

A California private-equity firm has invested in its first local apartment complex. The Bascom Group of Irvine, Calif., bought Broadstone Montecito, a 336-unit, Class A community at 9745 Grand Teton Drive, for $36.6 million. “We are excited to be extending our presence into Southern Nevada,” Bascom principal Scott McClave said. “Montecito represents a great opportunity to purchase a well-built, high-quality property in the trough of a rebounding market. Market fundamentals will continue to improve dramatically in the Las Vegas market and we look forward to creating a place our residents can call home.” Read more

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