About Las Vegas' Manhattan

Renters are becoming buyers finally as resale purchase prices drop and economic conditions in the valley are preventing high numbers of new incoming residents to move here. This has softened rental prices slightly as many investors are buying all cash in the market currently and then renting. More homes available for rent (higher supply) and less renters (lower demand.)

Units Leased:

• November 2011: 2290
• October 2011: 2399
• September 2011: 2535
• August 2011: 2750
• July 2011: 2396
• June 2011: 2485
• May 2011: 2376
• April 2011: 2342
• March 2011: 2307
• February 2011: 2253
• January 2011: 2002
• December 2010: 1889
• November 2010: 1887
• October 2010: 2119
• September 2010: 2171

Average Monthly Rental Rates:

• November 2011: $1328
• October 2011: $1355
• September 2011: $1279
• August 2011: $1422
• July 2011: $1434
• June 2011: $1765
• May 2011: $1257
• April 2011: $1207
• March 2011: $1497
• February 2011: $1501
• January 2011: $1449
• December 2010: $1563
• November 2010: $1184
• October 2010: $1308
• September 2010: $1480

Median Monthly Rental Rates:

• November 2011: $1095
• October 2011: $1100
• September 2011: $1145
• August 2011: $1125
• July 2011: $1125
• June 2011: $1150
• May 2011: $1150
• April 2011: $1100
• March 2011: $1100
• February 2011: $1100
• January 2011: $1100
• December 2010: $1100
• November 2010: $1100
• October 2010: $1150
• September 2010: $1100

Las Vegas Area remains a Landlord's Market in the Rental Sector for the Las Vegas Valley.

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Last Month's Las Vegas Area Rental Home Report

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Search for Rental Homes:

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Who doesn't love a complex with gargoyles on the roof? Manhattan is just off South Las Vegas Strip (Zip Code 89123). It is guard gated, has a community pool, spa, clubhouse, basketball court, playground, and a fantastic green space in the center (Central Park). Also, a very nice BBQ area.

Interior hallways, elevators, underground parking are some of the other details of this gorgeous complex.

Las Vegas Condos - slideshows and information.

Well, pictures speak louder than words. Here they are:

Welcome Home To GUARD GATED South Las Vegas Community:  Manhattan Condo! 

• 234 Condominium Homes
• Ranging from 817-1729 Square Feet
• Built from 2006-2007 by Gemstone
• Community Amenities Include:  Pool, Spa, Clubhouse & State of the Art Fitness Center

Other amenities just minutes away:  World Famous Las Vegas Strip (Entertainment and Employment Centers,) UNLV, McCarran Airport, 15 & 215 Freeway Entrance Ramps.

Manhattan Las Vegas is a great condo project on the south strip - about 3 miles south of Mandalay Bay. Most unit sold during the 2005 heydey at around $ 350-$00k for a 2 bedroom unit, brand new. The complex is guard gated and has a great gym, lovely grounds, and is really conveniently located with plenty of new shopping, especially the new Turnberry Towne Center Mall.

VIEW ALL MANHATTAN RESALES HERE

Now that we have a flurry of foreclosures, mainly due to the fact that these properties got caught in the cycle where there were no more investors to flip to, there are a slew of foreclosures at less than $200k for the same units that were priced at twice that brand new, when purchased at preconstruction fpricing rom the devloper!

Plus, these condos rent quite well, in an average of 30-60 days at prices of $1 psf or more. The investors are plentiful - Gobbling up the repos like candy. Today, I noticed that 2 of these very attractive repos were reduced $30k each and the listing agent had a note in the comments - "CASH ONLY - BOM".

I called his office to ask what was up with the cash only deal on a $ 169k property and he said that due to the level of investors being over 35% -( it is now up to 38%) no lender will touch the property. His last deal fell apart after the lender requested the condo cert.

So as attractive as these condos are, with cash buyers the only game in town, I expect prices will decline some more. Lesson learned: Ask what the investor/owner occupied ratio is and do not show buyers who need a loan any of those properties.

If there are any lenders out there who know differently, please CONTACT ME: 702 376-5220

Las Vegas Real Estate Market Trends

Most buyers ask me, "When do you think the Las Vegas real estate market will reach a bottom?". I was not given a soothsayer's license when I became an agent. What I can provide buyers is sales stats and facts that will help them draw their own conclusions. Today's article in the Las Vegas Review Journal:

Market Bottom? - CLICK TO READ?

presents several different outlooks and opinions from market gurus. I tend to agree with agent, Steve Hawks, who said that the market bottoms will be different in the various sectors. I placed an offer on behalf of a client on Friday on a very aggressively priced 2 bedroom Manhattan condo ($ 164,000) , selling at 50 cents on the dollar ( based on original purchase price). The bank had received 7 offers, 5 of them all cash, in 2 days. Could this be a bottom ? I would say so. So while all the "waiting for a bottom buyers" are on the sidelines, the bottom for Manhattan Condos on the south strip is pretty much near - because of the multiple buyers at those levels. And the numbers of units sold in the past month, as well as the rental histories showing that these condos rent in 30-60 days for prices quite similar to high rise condos on the strip - while the HOA dues are only $249/mo - half the price of the high rise HOA dues. The numbers pencil out - the investors are all in!

It helped that this particular condo was on an interior lot - first floor within walking distance of the club house - with grassy areas in front - and was a totally upgraded unit with cherry cabinetry - stainless appliances and all the goodies. So while the bottom looks close in these luxury units, 3 miles south of Mandalay Bay, we are playing the waiting game in other high rises. Research & Market Facts will give buyers the complete picture.

TO VIEW ALL RESALE CONDOS IN MANHATTAN on the SOUTH STRIP - CLICK HERE

CONTACT LAUREN STARK for All your Las Vegas Luxury Property Needs

702 236-8364

www.LasVegasLuxuryHomes.com