Makea Turner

In the most recent activity update for July 2009 by zip code there was over 4,200 sales in July 2009 here in Las Vegas. The zip codes with the most sales in Single Family homes in the month of July 2009 were in North Las Vegas. The zip code of 89031 had 178 sales with an average sales price of $116,000. The zip code of 89032 had 137 sales in the month of July 2009, the average sales price for this zip code was $105,163.

To view the full activity update for July 2009 CLICK HERE. This 8 page report gives detailed information on the activity in the Las Vegas Real Estate Market by zip code.

Today I read an article posted on The Las Vegas Sun titled " Single Family Homes Catch Investors Eyes" Las Vegas Investors have been snatching up bargain properties left and right filing there Real Estate portfolio with NEW and resale cash flow properties. Las Vegas Investor purchased properties made up 37.4% of buyers in the Las Vegas Real Estate Market for the month of June 2009. Las Vegas Has not seen numbers like this since June 2004 with 39.4 percent of Investors in the Las Vegas Market and Feb 2006 where investors made up 37.6 percent of Las Vegas Home buyers in one month .

Investors are offering very aggressively on these properties and are out bidding other buyers in the market for Distressed Las Vegas Homes. Many properties are being put under contract within days of hitting the market. In many cases theses homes are getting multiple offers in on them and even selling for more then list price. In my opinion its still a Great time to buy and yes there are still many homes priced at a bargain here in Las Vegas. Here are a few tips for any one in the market Distressed Las Vegas Real Estate.

• Educate your self on current Las Vegas Real Estate Market conditions
• Remember list price does mean that the property will sale for this price always request to see comps before offering on the property and offer accordingly
  
• You are competing with aggressive buyers always put your best foot forward or you may find your self missing out on home after home
• Be Aware of unexpected closing cost (call me to find out more)
• Remember that having the right representation makes all the difference
  

To read this full article posted on lasVegasSun.com CLICK HERE
For access to the latest Las Vegas Real Estate Market update by zip code CLICK HERE
Visit My website CLICK HERE

If you or anyone you know is interested in purchasing a Las Vegas Home for an investment, second home, vacation home or first time home buyer call me for a free list of available properties, questions, comments or a free consultation.

Makea Turner REALTOR with Realty One Group (702) 542-1883

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of July 29, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)

• Available – 9,007 (-80 , Last Week 9,087
• Under Contract – 10,888 (+117 , Last Week 10,771
• Days of Supply – 25 (+0 , Last Week 25
• Short Sales – 9,275 (+106 , Last Week 9,169

Condominiums and Town Homes (CONDO/TH)

• Available – 2,874 (-21 , Last Week 2,895
• Under Contract – 2,549 (+42 , Last Week 2,507
• Days of Supply – 34 (-1 , Last Week 35
• Short Sales – 2,478 (+32 , Last Week 2,446

Combined SFR + CONDO/TH

• Available – 11,881 (-101 , Last Week 11,982
• Under Contract – 13,437 (+159 , Last Week 13,278
• Days of Supply – 27 (+0 , Last Week 27
• Short Sales – 11,753 (+138 , Last Week 11,615

For More Information on Las Vegas Real Estate contact Makea Turner REALTOR, Certified Short-Sale Professional With Realty One Group (702) 542-1883 or you can email me TurnerMakea@cox.net You can also visit my website http://www.BuyOrSellLasVegasForeclosures.com
http:www.TheView99lv.com

 

Last week there was an announcement made by Dubai World that it was suing MGM Mirage for breach of contract of it's City Center partnership agreement. Since the announcement MGM Mirage has made a payment of $200 Million dollars, $100 Million of which is Dubai Worlds half, to debt holders for the multi billion dollar development City Center which is under way currently. The suit is still before the courts in Delaware and will be reviewed by the courts soon. MGM Mirage has said publicly that they do not feel they are in breach of their agreement with Dubai World and plans to continue construction on City Center. There are all kinds of speculation about the actions taken by Dubai World, some say that Dubai World just wants a bigger stake in the Development and is taking advantage of the tough times MGM Mirage has been having. One thing that has not been mentioned in the midst of all this confusion surrounding City Center is that Deutsche Bank has approached MGM Mirage about the remaining finances needed to complete City Center and has said that they would provide MGM the necessary capital if they agreed to manage the Cosmopolitan Casino Resort Condominium project that is mere foot steps from the City Center site. I guess only time will tell in these confusing times so stay tuned and check back frequently for the latest updates about the Las Vegas High Rise Condo market.

MGM's multi billion dollar development City Center has had it's name in the news allot this year and we are just getting started. MGM is still trying to locate it's final billion dollars to complete the massive development which will offer residential High Rise Condos, a Casino Resort with 4k rooms, world renowned shopping and dinning. MGM has definitely set the standard for the years to come with this enormous development. Below you will find a news clip of the latest developments from MGM's City Center development and also an insight to the offer made by Boyd Gaming to purchase some of Station Casinos properties. The offer made by Boyd is not a surprise even though Boyd has had to stall it's own multi billion dollar development on the strip called Echelon. The local High Rise Condo market is awaiting the opening of MGM's City Center project at the end of this year. We are curious to see how many of their High Rise Condos will actually close escrow considering our current economic conditions. Enjoy the video and continue to visit this blog for all the latest news and information about the Las Vegas High Rise Condo market.