Southern Nevada - with communities of Mountains Edge, Summerlin, Henderson, Southern Highlands, North Las Vegas, Anthem and Green Valley - condominium segment bubbled up a little later than the single-family side, but its slide became equally devastating once it hit the slope down. Mortgage financing dried suddenly up, oversupply was horrendous and the mauled global economy forced many would-be buyers to the sidelines. The usual menu that real estate disasters are made of.

Now, though, things are cautiously looking up for the Las Vegas high-rise condo market. Sales in the third quarter climbed a decent 7%, as was reported by SalesTraq, a Las Vegas research boutique. Looking at it another way means that now 45% of all luxury condominiums in town are effectively sold, up from 38% at the end of the second quarter. True, the increase is well received and offers optimism down the road, yet it still leaves a monstrous block of vacant units out there, 55% in all. Undoubtedly that is a lot of inventory seeking qualified and willing buyers.

Las Vegas mortgage lenders continue to be very selective toward high-rise condominium projects on and off the Strip. Among the key issues they are wary about are unacceptable owner-investor ratios, unstable values and all sorts of legal problems.

The condo-hotel concept that also made a grand entrance to the Southern Nevada real estate market this decade and subsequently collapsed has no mortgage takers at all at the moment. It really is more like an investment vehicle that got off to a great start when the global economy was humming along and the Las Vegas market full of promise. And then the rosy environment changed in rapid order and wrecked everything. It's predictable that it will recover last from all the housing sectors in Southern Nevada.

Anyway, at least the regular Las Vegas condo market is now tentatively tiptoeing out of the doghouse. Improved availablity of mortgage financing would make the road forward more sustainable.

Summerlin October 2009 Real Estate Resale Market Report:

• Listings (11/15/2009):  694
• Under Contract (11/15/2009):  595
• Sold October 2009:  170
• Month's Inventory:  4.1

Absorption is slightly higher than Las Vegas Valley.

Since Last Month's Report:

• Listings DOWN -2
• Pendings DOWN -18 
• Sold Units UNCHANGED

Last Month's Summerlin Report

Most Current Summerlin Market Report

Question:

What is the Canyon Gate development in Summerlin like?

Answer:

There are plenty of luxury communities in Summerlin. As you have probably seen, Canyon Gate is one of them. There is no sense repeating what you have already seen posted here, but I can tell you that now is the time to buy. I see by your name profile that you are "Just Looking". Here is an interesting statistic for you about the Canyon Gate Gated Community in Summerlin straight from todays Las Vegas MLS search I just performed...Market Analysis ReportProperty Type: Residential Status: Contingent Offer, Exclusive Agency, Active-Exclusive Right, Pending Offer Number of Properties: 3

There are only 3 homes on the market and all are under contract: $699,900, $700,000, and $750,00. 1 is a Las Vegas Short Sale and the other 2 are regular sellers.

What this shows is that people in that community are staying! That's always a good sign for a community. Not only that, there is only 1 closing showing in the Canyon Gate Country Club Community as well.

Obviously people like this community and want to stay. If you have any desire to get in that community, you should retain the services of a Summerlin Real Estate Specialist to put you on a search that alerts you and the Las Vegas Realtor as soon as a property is listed. This costs you nothing to do and is more accurate than the automated real estate sites. In Las Vegas, the seller or the bank is still paying the commissions.

Hope this helps and Good luck with your search. If you would like a Summerlin Real Estate Specialist, please call me - Lori Wekerle, at 702-604-7739 or e-mail lori.wekerle@gmail.com. Feel free to use the link attached to this message to search for Summerlin MLS listings on our MLS Search and view our Summerlin Real Estate Informational Pages and Featured Listings.

Lori Wekerle
Internet Marketing Manager
Coldwell Banker Wardley / Real Estate School of Nevada
www.teamcoldwell.com - www.realtyschool.com
702.604.7739 FAX 702.432.1652
lori.wekerle@gmail.com

MY LINKS
Facebook: http://www.facebook.com/lori.ballen
Twitter: http://twitter.com/CBWardley
Active Rain: http://activerain.com/ballenteam
Wordpress: http://wardley.wordpress.com
You Tube: http://www.youtube.com/teamcoldwell
Search the MLS Live at http://www.lasvegasmlsproperties.com
Get Las Vegas Short Sale Help at www.savemefromlasvegasforeclosure.com

Welcome Home to Gated NW Las Vegas Communities:  Pacific Crest Condominiums

Pacific Crest Condominiums is a gated condo community in Summerlin, Northwest Las Vegas near the corner of Covington Cross & Crestdale.  Community Amenities include:  a playground, swimming pool, spa, exercise facilities (gym) and a clubhouse.

Pacific Crest is close to many amenities - Restaurants, Shopping, Summerlin Hospital and the Summerlin Parkway Entrance.  Summerlin Parkway has easy access to the 95 Freeway which provides excellent proximity to downtown Las Vegas Employment and Entertainment Centers.

There are exactly 274 condominium homes in Pacific Crest Condos ranging from 732-1471 square feet (most have garages too!). Pacific Crest Condos were built in 1998 as apartments and were converted to condominiums in 2004.

Las Vegas Listing- Condo - Just Sold - Summerlin area Short Sale Sold

This condo closed recently for $64,900.

This was a Bank of America Short Sale. (Yes, we can close Bank of America Short Sales!)

If you are looking to list your home on the in the Las Vegas area give me a call.

Dawn Barrier

Century 21 Aadvantage Gold

2 offices to serve your needs (North and South)

Las Vegas, Nv

Dawn Barrier | Century 21 | (702) 812-4550 8324 Charleston Blvd #1031, Las Vegas, NV Las Vegas Condo, Summerlin Area, Beat the Bank, Short Sale Listing 1BR/1BA Condo offered at $59,900 Year Built 2006 Sq Footage 862 Bedrooms 1 Bathrooms 1 full, 0 partial Floors 1 Parking 1 Car garage Lot Size Unspecified DESCRIPTION As you walk into this Pulte built condo with direct access garage you will notice that this condo has been well taken care of and is almost like new. The kitchen has Corian counters beautiful Oak cabinets, dishwasher, refrigerator, stove and microwave. A breakfast bar ready for a couple of barstools. Custom diagonal set Tile floors in kitchen, dining area, entry, main living area, laundry room. This is a spacious condo not far from shopping, like Boca Park and the Summerlin area. Easy trip to Red Rock, golf, recreation. There is a dining area/nook that has sliding glass doors that go out to the covered patio. Large laundry area with washer and dryer shelving, extra storage space. There is also huge walk in storage area for bikes,etc. Located in a Gated Community that includes a nice pool to take a dip in or just lounge around. Nice well kept mature landscaping with trees and grassy area. This would be Great for a First Time Home Buyer, a nice Vacation-2nd home or even an Investment property as well. Modern Ceiling Fans & Lighting. see additional photos below PROPERTY FEATURES Central A/C Walk-in closet Tile floor Living room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Washer Dryer Laundry area - inside Balcony, Deck, or Patio COMMUNITY FEATURES Swimming pool(s) Gated property OTHER SPECIAL FEATURES COMMUNITY INCLUDES POOL ADDITIONAL PHOTOS Photo 1 Photo 1 Photo 2 Photo 1 Photo 1 Contact info: Dawn Barrier Century 21 (702) 812-4550 For sale by agent/broker Equal Opportunity Housing

http://www.LasVegasDawn.com

Las Vegas Short Sale Agent