(February, 2009 Las Vegas real estate report)

For March 2009 Las Vegas market report click here!

Las Vegas home sales in January 2009 were down -11% from December. Approximately 70% of these homes sales were foreclosures by banks (REO’s). The median price of a Las Vegas home fell -8.6% in January from the previous month. We will continue to see additional listings hit the market in coming months as a new batch of R.E.O.’s enter the market. Look for prices to continue their decent at least through March 2009. A number of institutions stopped foreclosures during the Christmas months. These moratoriums on foreclosure have now ceased and we will see increase in Bank owned homes (R.E.O.’S) around March of this year.

The Federal Government estimates that we are over half way through the sub-prime foreclosure crisis and starting another large group of loan foreclosures known as “Alt. A” or cafeteria loans. Las Vegas is experiencing increased unemployment and under employment which will result in additional foreclosures. The number of sold homes in Las Vegas actually decreased from December in January by -11% which can be attributed to normal holiday down turn of activity in the market.

With the still heavy inventory of homes available on the market and over 65% of these homes are vacant R.E.O.’s (bank repossessions). Las Vegas homes can be purchased substantially below the median price making Las Vegas an excellent Buyers Market.

Canadian and U.S. citizens can buy Las Vegas Homes at prices they previously could only dream about. We are seeing the numbers of Las Vegas homes selling to Canadians, Chinese and other foreign buyers at unprecedented rates. Even though the currency exchange rate has narrowed to more traditional levels the steep discounts in real estate in Las Vegas have proven to be a great opportunities for foreign investing.

I would also like to invite you to contact me in person for specific opportunities in this exciting Buyers market.

Max Schmidt
702-334-2200

Contact Max and let him know what you are looking for here NOW!

Source: Greater Las Vegas Association of REALTORS®

Las Vegas Real Estate Market Charts

Las Vegas listing history to Jan. 2009

Median home sales price history Las Vegas real estate through Jan. 2009

I read an article today in the Las Vegas Sun newspaper concerning real estate prices and the values you can find. Here is a link to the article

Las Vegas luxury homes are on Sale!

http://tinyurl.com/dndn33 .

I was personally in a home yesterday in one of the most exclusive guard gated private communities in Las Vegas (hint-Dion lives here).  This home was for sale in August of 2007 for $2,250,000.  Today the asking price is below $725,000.  There is nothing wrong with this house and it is wonderfully decorated with views of the golf course and a pond!

Another home in another neighborhood in the desirable Henderson Green Valley area.  This home is located in a guard gated community but is located behind additional security gates in the most exclusive area of the community. It was for sale in January of 2007 for $1,595,000. Now the asking price is under $850,000!

One of the most desirable neighborhoods in Anthem has a luxury home with a golf course view and over 100′ of built-in cabinets and book cases. I comes with an appliance package that is befitting a home of 3 times its price.  It was forsale in December of 2007 for $1,395,000. The Seller is now asking under a million for this home and its over 5,000 sq. ft. of luxury home!

It’s not just the low and mid-range homes that are on sale.  If your moving from other parts of the country you can save a huge amount of cash by buying in Las Vegas right now. Contact me for more information on quality luxury homes in your desired price range.