Mesquite NV real estate continues to move. New home building permits in Mesquite NV are ahead of last years numbers. Much of this can be attributed to Sun City Mesquite, the new, 55 plus active adult community being developed by Pulte Del Webb.
Home prices are being impacted by Sun City Mesquite as well as building permits. Last month they closed nearly 20 homes with an average price of $149 per square foot. This new home price is far below what many paid over the last four to five years in Mesquite NV.
The number of vacant, relatively new homes remains very high, speculators caught by the market. Rental unit vacancy rates are also high and rents appear to be coming down. The numbers of properties on the notice of default list appear to be growing, which may lead to a wave of foreclosured properties in the future.
Mesquite NV is located 90 miles Northeast of Las Vegas NV and 40 Southwest of St George UT and has a great deal of appeal to the retiring boomer generation. Mesquite NV offers an excellent climate, no state income taxes, many golf courses, and casinos. The challenge seems to be the affordability issue.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702 346-7200
435-862-5951
Homes, condos and town homes in the Mesquite, Nevada real estate market continue to come down in price. Buyers making offers and walking away from counters are becoming more and more common. Many sellers are pulling property off the market and inventory of available units is going down. Not so much as a result of sales but rather, sellers deciding to stay put.
Sun City Mesquite seems to be selling at about 30% of their original sales projection numbers but at prices way below anything they ever dreamed of. The average price for 2007 at Sun City was $150 per square foot. It appears they will have to continue to discount prices to keep it going.
Affordability for many of the buyer's today remains a primary concern. Those baby boomers are becoming less secure about their financial futures, with health costs, gas prices, and over general inflation of the cost of living.
In Mesquite, Nevada the answer may have to come from the cost basis in the land, and that has shot through the roof with the past few years of speculative frenzy. There are 1000's, maybe as many as 14,000 lots sitting out there in the market, some completely developed some in the process. Many of these lots are going to end up bank owned.
The banks are going to have to take some big hits, huge loses, to allow builders in at a price point that will allow them room for building costs and profit, and still bring an affordable product to the market. Some buyers will still come in blind and pay cash without an appraisal, but the gouging party is about over.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702 346-7200
435-862-5951
The Mesquite Nevada market is continuing to see very good traffic numbers of "Lookers". However the inventory continues to grow along with the number of "off the market" and vacant properties. Bank owned REO properties are beginning to affect appraisals as they sell and close at lower prices.
The Sun is still shining in Mesquite and the state of Nevada still does not have a state personal income tax. The baby boomer's are still retiring and those are the "lookers" coming through the model homes. They appear to me to be at greater risk of making a price mistake today than possibly ever before.
Anixous, hungry agents with little experience to any market other than what was here over the past five years are quick to say this is a "GREAT DEAL". Maybe it was relative to two year old pricing but not today! The consumer needs real, honest, and current assessments to make good decisions.
This approach by the agents is hurting the markets ability to come back faster because the consumers are not as stupid as many agents seem to think. They are walking away, shaking thier heads and saying, "I think we will wait and see what happens this fall". If you read between the lines, what they are really saying is "Tell me the truth, help me make real and current informed decisions, not market hype!"
Wake up agents, do your homework, and become a real market information resource. Overly optimistic hype about how good things are, and what a great deal it is, makes the consumers (buyers) think we are trying to mislead them.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702 346-7200
435-862-5951
Looking for Land for sale with Water Rights? The U. S. Census Bureau projects that Nevada will lead the way in population growth over the next 25 years, including Lincoln County, to more than double its population - 114 %. Lucrative tax incentives and a robust economy continue to attract new residents to cities throughout the state. Nevada is one of a handful of States that does not have State Income tax making Nevada more popular than some other states.
Lincoln County Nevada is an Old Western wonderland. Since less than three percent of the land is privately owned and ninety seven percent is public lands, the supply is very limited. Located less than two hundred miles north east of Las Vegas, Nevada and at elevations from 3000 to above 8000 feet above sea level, this cooler mountain climate is extremely desirable as a get away. The number of people who will make Lincoln County their primary home is expected to grow dramatically in the future.
Water in Lincoln County, as in many parts of the world today, is one of the most valuable resources. Water laws and water rights can become very complicated, caution and facts are recommended here. It is our most valuable resource. Visit Lincoln County Land Market for information.
The access to, and availablity of, recreational opportunities in and around Lincoln County are nearly endless. From Lake Mead to Zion and Escalante Grand Stair Case National Parks to The Las Vegas Strip and none of them are even in Lincoln County. With over ten thousand square miles of mostly public land and five Nevada State Parks, you could spend a life time exploring.
Lincoln County borders Southern Utah, and is not far from the Arizona Strip (North Rim of The Grand Canyon), some of the most Beautiful and unpopulated land in America.
Rachael, Nevada is located in Lincoln County and is home to the Extraterrestrial Highway. Pahranagat National Wildlife Refuge and many Old West Mining Ghost towns are also located in Lincoln County.
Rich in American frontier history with its mining and railroad past combined with the large amount of public lands, Lincoln County Nevada has unique appeal equaled by very few places.
Due to the projected demographic shifts in the future including the baby boomer generation retiring, growth in Lincoln County on a percentage basis is expected to exceed any planning model available anywhere. This will create unpresidented challenges and opportunities.
Land For Sale with Water Rights, Flatnose Ranch offers a very unusual opportunity.
Flatnose Ranch
Chris Miller
Mesquite GMAC Real Estate
Mesquite NV 89027
702 346-9050
It is a tough market, tough on the people in the market. It may look like it is about land and buildings and money but it is really about the people. It is about where they live, work, play, and raise families.
In over thirty years of working with people and their real estate, I have never seen so much fear and pain. It is hard to watch. People are the reason I love the real estate business. The opportunity to meet and help so many interesting and different kinds of people makes all the rest of it worth it. All of the hard work and problems that must be solved.
I have sold vacant bank owned foreclosures, but I did not know the people that lived there, until recently. Today, I know too many people who are being told they must move out. Too many people who are being pushed into bankruptcy. Too many people being humiliated, whole families of people.
Of course it was people who created the current market conditions. People from Wall Street to Main Street and some of their less admirable motivating desires drove this market. History is full of greedy disasters.
The concept of negative equity has always been around, but rarely seen. Lending guidelines generally kept people from getting into payments they really could not afford. So generally speaking something bad had to happen to cause foreclosure and bankruptcy. A failed business, health, substance abuse, something went wrong.
Not today, no nasty reasons required today. It is simply people caught up in the fact that; too many people bought too much real estate, with too many bad loans. In the process paid too much for it.
It is a whole lot less fun to consult without good answers when the questions are about "how can they get out from under this thing." Questions like, "where are we supposed to get the money to sell this house?" or "What is going to happen if we can't make these payments?"
The forces in the market, supply and demand, will find a balance. The market will find its bottom. Opportunities are being created, but these opportunities are coming at a high price, a price paid in people as well as dollars.
Chris Miller
Mesquite GMAC Real Estate
Mesquite NV 89027
702 346-9050
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Mesquite Nevada Real Estate, 32+ Years Real Estate, Experience you can trust. Nevada farm and ranch land with water rights, irrigated land, cattle ranches, agricultural land. Market reports available
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