Realtor99’s Weblog

This is the latest Las Vegas Real Estate Market Report from www.NARREIA.com (National Association of Residential Real Estate Investment Advisors). For the week of July 29, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS.

To view the full Inventory Report CLICK HERE

Available – 2,874 (-21 , Last Week 2,895
Under Contract – 2,549 (+42 , Last Week 2,507
Days of Supply – 34 (-1 , Last Week 35
Short Sales – 2,478 (+32 , Last Week 2,446

For More Information on Las Vegas Real Estate contact Makea Turner REALTOR, Certified Short-Sale Professional With Realty One Group (702) 542-1883 or you can email me TurnerMakea@cox.net You can also visit my website http://www.BuyOrSellLasVegasForeclosures.com
http:www.TheView99lv.com

Since January 1st the Las Vegas High Rise Condo market has had 20 re-sale transactions. Half of those sales were in developments that are strictly residential and the other half were from Condo Hotel developments like MGM’s Signature Towers. The new year has brought many challenges for our city to over come. Foreclosures have swept the valley leaving no community untouched. As previously reported there has been an increase in Bank Repossessions in our High Rise Condo market which in turn has made prices drop significantly making it an awesome time to purchase. Out of the ten strictly residential High Rise Condo re-sales 7 were bank owned properties which had an average Days On Market of 90 days. The 10 Condo Hotel re-sales that were recorded had 7 Bank Repossessions as well with an average Days On Market of 51 days.

These numbers may not seem like the best in the world considering the amount of inventory that is currently for sale on the High Rise Condo re-sale market. One thing that I can say I see happening in the near future is that a wave of Bank Owned High Rise Condos will hit the market with prices that will be close to the prices that we are seeing REO High Rise Condos listed & selling at currently. Some may say that prices will continue to drop even lower in the next couple of months but I feel that we should see a huge increase in interest in our High Rise Condo market which will bring back the demand for these types of properties meaning that prices will start to rise. I can not speculate on a specific time frame of when the demand and prices will start to rise but from my professional view point I can say that interest is rising while more and more REO High Rise Condos come on the market with prices that can’t be ignored.

The down side to buying a REO High Rise Condo here in Las Vegas is that you run the risk of not having the best view. Yes Bank Owned High Rise Condos are allot more affordable than traditional High Rise Condo re-sale unites but if you want a certain view or specific unite style you may come up short with a Bank Owned High Rise Condo due to that fact that the REO High Rise inventory is substantially less than traditional re-sale High Rise Condos. Unlike the single family housing sector here in Las Vegas Bank Owned High Rise Condos do not surpass the traditional sales on the re-sale market. Thats the latest Las Vegas High Rise Condo news for you so learn and enjoy.

Condo hotels have had great success and failure through out the United States with in the last decade or so. New to Las Vegas Condo Hotels offer a unique way for investor and vacation home owners to take part in some of the action and receive some awesome results. Currently we have 4 major Condo Hotel opportunity’s here in Las Vegas and each one has it’s pros and cons. They are Trump International Las Vegas, Palms Place, The Signature At MGM, & Platinum. Each are beautiful and amenity rich but which is the best right. Well in my opinion they are all the best each in their own ways. I have been able to locate a couple of videos on a few developments mentioned above.See what the media and actual owners say about these Condo Hotels. Contact me today to learn more about how you can take advantage of the amazing opportunity’s that Condo Hotels offer to owners by calling me directly at 702-542-1883
or click here to send me a e-mail.

Over the last few months the media has been trying to for some reason discredit the Trump International Las Vegas property. I can’t believe some of the things I’ve been hearing lately about Trump & the whole Las Vegas High Rise Condo market, it’s just ridiculous and must STOP! This week I will be reporting on things that should get more coverage than the BS they blast all over the air waves and smear on the front pages of their newspapers. Don’t get me wrong the internet is becoming just as bad as the main stream media, but you’ll hear more about that this week. Trump International Las Vegas is a fantastic property that has done very well considering the tightening of lending restrictions and the subprime fiasco. I have not purchased a Trump International Condo Hotel unite but i have watched Trumps Las Vegas masterpiece become a reality in an almost flawless effort. Although escrow is being closed on Condo Hotel unites at Trump International there remains very few on the re-sale market signifying buyers have bought at Trump International Las Vegas with the intention of hold on to their properties instead of flipping. Trump International Las Vegas has defiantly introduced the Trump style to us all here in Vegas and in my opinion i feel people are welcoming him with open arms minus the few skeptics & non believers. Check out how the media first reported on the latest information from Trump International Las Vegas & then watch how Donal Trump handled it in true Trump style. Keep up the good work Mr Trump and continue to build amazing standard setting towers around the world.