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Welcome Home To Gated SW Las Vegas Community:  Cottages at Southern Hills!

• 136 Single Family Detached Homes
• Ranging from 1323-1557 Square Feet
• Built in 2004-2005 by Ryland

Cottages at Southern Hills Community Amenities Include:  Greenbelt Areas.

Close to Southern Hills Hospital, Faiss Middle School, Tenaka Elementary School, Red Ridge Park, Retail, Restaurants & Professional Offices.  Also Close to the 215 Freeway Which Provides Good Proximity to UNLV, McCarran Airport & South Strip Employment and Entertainment Centers.

As I worked my REO market report last month, I meant to write this blog. Good thing I keep a blog diary of ideas :)

REO is not going away in the Las Vegas Valley. It is just emerging as another life form. A more expensive life form that I have dubbed the "Investor Trustee Sale Flip." AKA "Corporate Owned," "Investor Owned", etc. What this means (in a nutshell) is that individuals and investors and investor pools are purchasing properties at the "foreclosure sales" (or trustee sales as they are known here) and the properties are not "going back to the bank."

They are going in the hands of trustee sale purchasers who may do several things: live in them owner occupied, rent them out for a long term hold or rehab and flip or just flip.

SO if you are drooling over a property in your neighborhood that you want and you know it is in foreclosure and are waiting for it to hit the market, you may want to think again. It may not hit the market in the form of a traditional "REO listing". It may hit the market in the form of the flip or not at all if it ends up being rented out or owner occupied.

The investor trustee flip usually commands a higher sale price than REO on the resale market. Welcome news for neighborhood homeowners...........not so welcome news for buyers looking for a "bargain."

Time to fish in a new pond!