Affordable Las Vegas real estate runs from $100,000-$200,000, while some of the affluent homes run upwards of $1 million. Here you can live any lifestyle you can afford, from maintenance-free country club housing with spas, fitness centers, golf courses and maid services, to quaint $700/month rentals just off the Las Vegas Strip. There’s been much doom and gloom in the news about the dire state of real estate classifieds: huge numbers of foreclosures, depreciating housing values, large housing stocks and the inability to sell. While forecasts range, there may be a silver lining for those looking to relocate.
Southern and northwestern real estate in Las Vegas is a hot buyer’s market right now. There are 25 new-home subdivisions in southern Nevada selling single-family houses for less than $200,000. Boulder Ranch in southeast Las Vegas and Silverado Ranch in the south both have a large range of single family detached homes that are well under $200,000. According to www.salestraq.com, the lowest priced Las Vegas community is Sapphire Springs by Richmond American, which offers a 1,136-square-foot, two-bedroom, 2.5 bath home in the Northern Valley of Las Vegas for just $153,990 (down from $198,990 in February 2007).
The second-best offering is Encantos by Storybook Homes, situated in the Eastern Valley, offering a 1,271-square-foot, two-bedroom, 1.5 bath house for $169,965 (down from $199,240 in February 2007). The next best single-family neighborhoods include: Villas at Cambridge by KB Home in the Northwestern Valley ($174,990), Entrata by William Lyon in Pahrump ($177,000) and Avenues at Tapestry by Astoria in the Northwestern Valley ($179,990). Check out http://CampbellRealEstateLV.com/blog/?p=24 for an excellent listing of the lowest priced communities in Las Vegas Nevada.
Can you get a good deal on Las Vegas real estate by scooping up foreclosures? Well, according to a study done by www.zillow.com, more than 48% of the homes sold in Las Vegas Nevada during the second quarter of 2008 were foreclosures. In fact, it seems there are foreclosure auctions almost every weekend as sellers desperately look to unload their inventory. “The good news is we’re starting to absorb that foreclosure inventory,” said housing analyst Larry Murphy. He says that housing prices have reverted back to 2004 levels, with the median home price hovering at $215,000. Detached new home prices dropped 18% since 2007 and existing home prices declined 23%. Sixty-eight percent of foreclosed homes were single family detached models, 15% were high-rises, 10% were attached condos and townhomes and 5% were apartment conversions. Many prospective home buyers are wondering if this inflated market has hit bottom yet, but housing experts say to keep your eye on the real estate classifieds to see when inventory stops increasing, sales stop increasing and prices stop falling. Yet, by then it may be too late to grab a good deal.
There are many websites focusing on Las Vegas real estate. This website, www.theneighborhoodhometeam.com, offers a wealth of information on neighborhoods, lifestyles and other preferences to help you find the Las Vegas Nevada home of your dreams. Checking out www.craigslist.org is a good place for newcomers who just want to find a roommate or a rental apartment close to the Las Vegas Strip and Vegas jobs. You can also browse the MLS listings at www.lasvegashomes.com as well. The most important thing is that you read up, take your time to browse and be sure you’re planning to stay for the long haul. The days of house flipping are long gone!
