Las Vegas Condos
Las Vegas Condos and Homes
It’s no secret Las Vegas was one of the most hard hit real estate markets in the country. But just like a tree forced to find water deep in the ground it only made the city stronger and more resilient. Investors flocked to Las Vegas because the value was obvious to the trained eye. Yet not everyone has the eye for seeing great potential. After the waters have calmed primary home buyers are coming out of the wood work to relocate or get back into owning a home here in the valley. Now seeing housing values not only stabilize but steadily increase the general public has caught on and see security in placing hard earned capital in our market. Showing this to be true cash closings now make up only 40% of real estate purchases down from well over 50% in years past. With cash purchases declining the market is naturally more accommodating to financed buyers which tend to be the majority of buyers means to achieving home ownership. With this market course all signs point to a continue path to a normal prerecession housing market in Las Vegas. The numbers below showing 40% of Las Vegas real estate sales to be cash sales. In the Las Vegas condo high rise market has a greater percentage of cash closings do to the nature of condos and bank lending practices. However we do have two local lenders willing to lend on Las Vegas condos with 25% down for primary residences and 40% down for investment property’s.
Las Vegas Condo Sales – High Rise Market
Las Vegas condos have increased sales year over year consistently. Over a 30 day period 09/15/2014 to 10/15/2014 a total of 68 high rise Las Vegas condos listed on the MLS sold. That is over 2 condos a day being closed by local real estate agents. These numbers do not include all the condos sold by new developers such as: The Martin, Veer Towers, The Mandarin Oriental and Palms Place. All of which has been very successful and half of them are almost sold out. Just like a publicly traded company each Las Vegas high rise condo project had a unique plan on tackling the market we have seen over the past 6 years. With each one being unique this is one reason you should seek out a professional that can give you incite into which tower may fit your end goal. Being a broker in Las Vegas and specializing in high end real estate I have seen the market during the high times and low times. I know where the valley is and share this to the best of my ability with my clients to accomplish what they have set out to do.
Las Vegas Luxury Home Sales – Over $500,000
Las Vegas high end homes have also seen an increase in values just like the condo market. The single family homes have actually seen a much better valley increase due to the loosened up lending practices from the banks. Over a 30 day period 09/15/2014 to 10/15/2014 a total of 105 homes sold. This is over three high end homes a day being closed, prices from $500,000 to $4,000,000. No matter if you are looking for a tax haven, a great retirement location or upgrading to a larger home Las Vegas has what you are looking for.