Las Vegas Listed In Top Six Places For Real Estate Bargains

A recent article on CNN.com listed the top six cities for the best real estate bargains. The article stated some of the things I’ve been saying for the last several months on my different blogs: there are great real estate bargains to be had in the Las Vegas real estate market.

Miami Florida came in number one due to its extremely high level of inventory (about three year’s worth), a 40% price drop since last year and almost non-existant sales for homes and condos. A perfect buyer’s market to the extreme.

Las Vegas came in at the number two spot. According to the S&P/Case-Schiller home price index, home prices drop 22.8% in a year. There are also massive foreclosures as well due to heavy investing by flip-oriented investors and consumers getting adjustable rate mortgages. The article recommends Vegas for two specific markets, high rise condos and retirement. Most high rise projects were announced years ago either during or right before the real estate boom and are just being completed. Prices for most Las Vegas high rise condos are down compared to last year. The lure for retirees is the lack of state income tax, mild winter weather and wide range of entertainment options. CNN recommends buying a new home but not necessarily in one of the many Las Vegas retirement communities that have sprung up over the last several years.  Interestingly enough, they recommend outlying areas like Summerlin or the planned community of Providence.  Personally, I would add to that list based on the homes that I have just shown the communities of Anthem and Tuscany in Henderson.

Other cities to the make the list are Phoenix, San Diego, Tampa and Denver. If you are thinking about buying a home in the Las Vegas valley, feel free to contact me at 702-493-8033 or by email.

Tagged as: real estate