Las Vegas Foreclosures for Sale

Currently available Las Vegas Bank Owned Homes on the Las Vegas MLS for sale equals 5,664 for areas 101-606. (Las Vegas, North Las Vegas and Henderson NV Real Estate.) A further breakdown:

• 4,436 Single Family Homes
• 844 Las Vegas Condominiums
• 377 Las Vegas Area Townhomes
• 7 Manufactured Homes

As classified by Bank Owned Listing agents for Summerlin Real Estate, there are 139 Summerlin foreclosure properties for sale and a further breakdown:

• 111 Summerlin Single Family Homes
• 20 Summerlin Condominiums
• 8 Summerlin Townhomes

For Spanish Trail Real Estate, there are 3 Foreclosure Homes for Sale and a further Breakdown:

• 1 Single Family Home in Spanish Trail
• 2 Townhomes in Spanish Trail

Rhodes Ranch Real Estate, 37 Rhodes Ranch Foreclosure Homes for Sale

• 31 Single Family Homes classified as Bank Owned Homes for Sale
• 6 Rhodes Ranch Condominiums

Lake Las Vegas Real Estate - 54 Bank Owned Lake Las Vegas Homes for Sale

• 27 Lake Las Vegas Conominiums
• 18 Lake Las Vegas Homes
• 9 Lake Las Vegas Townhomes

Desert Shores Real Estate - 37 Desert Shores Bank Owned Properties for Sale

• 24 Desert Shores Condominiums
• 13 Desert Shores Condominiums

Green Valley Ranch Real Estate - 23 Green Valley Ranch Bank Owned Properties for Sale

• 15 Single Family Homes in Green Valley Ranch that are bank owned
• 7 Green Valley Ranch Condominiums
• 1 Green Valley Ranch Townhome

ManHattan Condominiums - 18 Manhattan Condominiums that are Bank Owned for Sale on the Las Vegas MLS

Mountains Edge Real Estate - 75 Mountains Edge Properties for Sale that are classified as Bank Owned on the Las Vegas MLS

• 69 Single Family Homes in Mountains Edge that are Bank Owned
• 6 Townhomes in Mountains Edge that are Bank Owned

Luxury Las Vegas Real Estate (Properties priced over $750,000 on the Las Vegas MLS)

• 44 Las Vegas Luxury Properties that are Foreclosures Priced over $750,000
• 40 of these are classified as Las Vegas Luxury Homes
• 4 of these are classified as Luxury Las Vegas Condominiums

Information deemed reliable but not guaranteed. Information supplied by the Las Vegas MLS. Please use the information below for your source for Great Las Vegas Real Estate!

Paul Francis, CRS
Las Vegas Foreclosure Homes
702.592.3058

Specializing in Las Vegas Foreclosures and helping Las Vegas Homeowners with Short Sales in the Great Master Planned communities of Las Vegas.

Las Vegas Foreclosure Homes

Las Vegas Bank Owned Real Estate Agents continue to be busy as the number of Las Vegas Bank Owned homes available for sale on the Las Vegas MLS continues to climb.

As of today, proud Bank Owners have 5,415 Las Vegas Homes, Condominiums and Townhomes (6 Manufactured Homes) available for sale.

• 4236 Single Family Homes
• 821 Condominiums
• 352 Townhomes
• 6 Manufactured Homes

For a breakdown on price ranges available, you can visit this Las Vegas Real Estate Trends blog. For your own list of Las Vegas foreclosures (ABSOLUTELY FREE!!) on the Las Vegas MLS with criteria that meets your needs, you can visit this Las Vegas Foreclosures request page.

Paul Francis, CRS
Las Vegas Bank Owned Homes
702.592.3058

We are often asked "What the Listing Inventory" is for Las Vegas real estate and it's often cited in the local news such as the Las Vegas Review Journal.

I never have really liked basing a decision to buy Las Vegas real estate because of the amount of inventory available and that's because there are so many more factors that are more important in my opinion... like..um... does it make financial sense?

Back in June of 2004 when the Las Vegas real estate inventory numbers were ridiculously low, it was pretty common to hear that "you've got to buy now, we are running out of homes", land, etc.. Appreciation was going through the roof and it seemed buyers were buying anything that had a roof on it -- no matter what the price was. (And honestly, I still have to shake my head and consider some of the new subdivisions thrown up to meet the demand a travesty that they were even approved in the first place.) All of a sudden, everybody became an expert in real estate investing, ARM's started being the preferred method of financing.. and here we are today. (If it was really all so easy... everybody would have been millionaire real estate investors decades ago.)

With a normal real estate market, Available inventory can be a somewhat important gauge but it's important to understand who it affects the most and that is the Las Vegas real estate seller. Low inventory, less competition in showing your home to prospective buyers. More Inventory, more competition... simple as that. Las Vegas real estate buyers do not have to buy under either condition and if prices don't make sense.. it's as simple as not buying and inventory levels will eventually go back up and balance it out. (I never remember a shortage of rental homes available or a big spike in rents so it's not like people did not have a place to live. And yes.. I did rent homes out during this entire period and the phone was never ringing off the hook with a line of people waiting to move in.)

Unfortunately, auction concepts applied to the entire real estate industry does more harm then good in the long run.

Las Vegas real estate has not been a normal market for quite some time. We went from an extreme sellers market to an extreme buyers market and all the while, New Las Vegas home builders were adding to the inventory trying to keep up with the artificial demand. (You've got to buy now, appreciation is 20%+ a year, prices go up with each phase... all the wrong reasons to buy.)

Regardless of what's happened in the past, here is what's happening today that you need to be aware of. Listing inventory being reported in the Las Vegas Review Journal has been going down but it's still the wrong gauge to base your buying decisions on and that's because of Las Vegas Short Sales, the number of Las Vegas homes being taken off of the market due to the sellers giving up on getting their price, the number of homes that are still on the market that are way out of the selling activity range, Las Vegas bank owned homes that are going to be coming on the market and the number of Las Vegas short sales in a contingent/pending status that may never be approved by the bank.

In other words, Las Vegas is still not a normal real estate market and basing your Las Vegas real estate buying decision based on inventory reports may not be in your best interest. Buying Las Vegas real estate because it makes financial sense is...

Yes... there are multiple offers coming in on bank owned Las Vegas homes that are priced below current market value but not on all of them and then let's not forget the ridiculous offers submitted for Las Vegas bank owned homes which still count as offers even though they are not worth the paper they are written on. Some of the terms and quotes I've read such as "feeding frenzy" would make you think you are missing out on something. Were you really missing out on anything if you did not camp out for days waiting to buy a new home during that supposed "VIP Grand Opening"? (I've never seen so many VIP's.) Would some people have paid the prices they did if they had the time to actually contemplate it and not fear that the 500 buyers behind them on the "VIP List" were going to buy it if they did not? These were all auction concepts (get several people in one place at one time and create urgency) and they were based on the reporting of low inventory. (Long story on how that was created and events in 2001 played a factor in this.)

In my opinion, it's been the best time to buy since early 2004 and that's because of prices... but don't get caught up in it and buy for the wrong reasons. Is it better then late 2001 or early 2002 on a pure investment analysis? My opinion.. No... and that's where inventory comes into play. Will we see the same opportunities we saw in 2001/2002? Tough to say with all of the uncertainty that still needs to be played out so I can't honestly say to wait. But, I can't tell you that you have to buy now either and I certainly don't advise our clients to up the bid in a multiple offer situation if it goes above our strike price.

Sound complicated? It is...We are dealing with mentalities, an increase in commodity prices, a slowing down of the national economy and even award winning internationally known economists are at odds of what is exactly going on.. Sorry, but I have to laugh when somebody gives a definite answer on this topic when investors far more educated with Master degrees from world famous business schools can't give a definite answer.

But.. if you buy right to begin with, you should be able to weather the storm. In other words, buy for the right reasons. Experienced real estate representation can help you determine if your reasons are the right reasons.

My wife and I are primarily a referral based real estate service and look at things a little closer... We have to because our business is based on previous clients and their referrals since 1997 and the long term trust of our clients is everything. We can't always tell you what you want to hear, but we certainly tell our clients what they need to hear.

As always, you can contact us with the following information below.

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
702.592.3058

My thoughts and current news for Las Vegas real estate and the whole real estate confusion:

Stimulating the economy by giving away money probably is not the best long term solution IMO. What really needs to be done to stimulate and build a solid foundation of investing in real estate in the United States. Lowering the capital gains tax for REAL ESTATE INVESTORS draws interest from true investors which would certainly help clean up the FIASCO currently going on.

Invest more money into renewable energy Southern Nevada Goes Solar. The technology is there. Invest in it.

Moody's reports Nevada is in a recession along with four other states that make up 25% of the U.S. Economy. Ironically, Nevada is producing over 80% of the nation's gold production and Gold just hit $1,000 an ounce, an all time record high.

And finally, Real Estate Property Taxes. Cities are scrambling to make up revenue lost from the slow down in real estate sales to pay for pensions, the government and whatever. Coming soon to a city near you.

My opinion, but Las Vegas is going to be a fantastic place to live in the coming years when you consider the fact the Billions of Dollars of private money being invested into Las Vegas.

Paul Francis, ABR,CRS
Coldwell Banker Premier
www.LasVegasRealEstateHome.com
702.592.3058

The Annual Las Vegas Appreciation Map

Aw yes, it's the dreaded time of year when the Las Vegas review journal releases their zip code map showing appreciation or depreciation rates from the following year.

I don't know if anybody ever reads the article that goes along with it but as the creator of the map will even tell you:

"I've said before that there's nothing sacred about the ZIP code appreciation map," Murphy said. "We just do it that way because it's convenient and interesting."

Unfortunately, the media loves creating headlines because headlines sell. Anybody with a background in marketing 101 knows this and due to headlines, this map has been associated with "appreciation" rates for years. Trust me, every year I get the e-mails with the subject "Las Vegas Appreciation" rates from various title companies with the handy map attached to benefit my clients.

I've even seen it used by Las Vegas real estate agents to show that the hottest zip code to buy is in so and so because it had the highest "appreciation rate" according to "the map". And, we even see references across the web that appreciation rates went up last year and you need to invest here. (Real estate investing is a lot more complicated then chasing appreciation rates as speculators have found out.)

And, I get the calls from buyers that really don't understand what the map means or know Las Vegas real estate but want to buy in the zip code with the best numbers. Which tells me that there are far more people out there using the map and various other charts and tools to seek out their next great investment.

In reality, the percentages are based on a comparison of the median price for sold residential properties compared to the year before. In the mix could be condos, luxury homes, luxury condominiums, etc..

And, if you really know Las Vegas real estate, then you know that in any given zip code there could be a new development with plenty of new closings that can have an impact on the entire zip code.

Here is a perfect example and a quote from the Las Vegas Review Journal article:

"Some areas defied the odds. ZIP code 89109, with 178 sales in the second half of the year, showed 46 percent appreciation from $349,515 in 2006 to $510,000 in 2007."

Umm.....There was absolutely nothing defying about it. The 89109 Zip code is home to the new Turnberry Towers Luxury Condominiums East Tower that closed on all of the new condo contracts in the second half of 2007. It's a very simple explanation for the 46% "appreciation rate" as reported by the Review Journal but for whatever reason, there is no mention of that in the article.

As plenty of speculators have learned by now, take appreciation rates or depreciation rates reported in the media as reporting on information that has already happened. As shown on the "appreciation map for Las Vegas", even zip codes within a city can have all kinds of different ranges and within these zip codes, there can be several different factors that can have an impact on what's being reported.

Last quarters reported median sold prices (closings) give you no idea what Today's asking prices are such as Rhodes Ranch Bank owned homes or future developments taking place that enhance an area such as parks, hospitals and unique shopping districts.

Your Las Vegas Real Estate agent should.

Paul Francis, ABR,CRS | Coldwell Banker Premier | Las Vegas Real Estate | 702.592.3058