Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Las Vegas Strip High Rises

Las Vegas NV Area Sales by Type: Short Sales, REO, Standard Sales for July 2011 (includes Henderson & North Las Vegas)

Las Vegas Area Sales by Type

Las Vegas Area Sales by Type

Las Vegas Area Sales by Type History

Las Vegas Area Sales by Type

Las Vegas Area August  15, 2011 Active Listings by Type

  • REO: 3285 (24%)
  • Short Sale: 6129 (46%)
  • All Other: 3984 (30%)

Las Vegas Area Short Sale, REO & Standard Sales

 

July 2011 Sales by Type:

  • REO: 2071 (53%)
  • Short Sale: 813 (21%)
  • Other: 1044 (26%)

This is just a guide for consumers to see what types of properties are closing vs what is listed. Currently we have the most closes in the REO sector and the least inventory in the REO sector and it is an extreme seller's market.

Click here to see last month's Listing and Sales Type Report

Click here to view the most recent stats

What Areas Do You Cover for your Las Vegas Area Real Estate Market Reports?

General Las Vegas Area Real Estate Market Reports are for MLS Areas 101-606 (the average consumer probably asks, what’s that?) It means that I cover the cities of Las Vegas, Henderson, North Las Vegas including unincorporated Clark County Townships of Whitney, Paradise, Winchester, Enterprise, Sunrise Manor & Spring Valley. They do NOT cover the areas of Boulder City, Pahrump, Laughlin, Moapa or Mesquite.

View More FAQ About My Las Vegas Area Real Estate Market Reports.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

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Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

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8 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • August 18 2011 09:16AM

Las Vegas, NV Area December 2009 High Rise Inventory Update

Las Vegas Area High Rise Rental Condos

Las Vegas High Rise Rentals:

  • 243 Listed 1/15/2010
  • 20 Under Contract 1/15/2010
  • 31 Leased December 2009 
  • 7.8 Months Inventory

Las Vegas High Rise Condos For Sale

Las Vegas High Rise Resales:

  • 650 Listed 1/15/2010
  • 242 Under Contract 1/15/2010
  • 84 Closed December 2009
  • 7.7 Months Inventory 

This Market is extremely volatile due to the boutique nature and lack of financing.    Read last month's report here.

This report is compiled by using data from the GLVAR MLS. Data is gathered by the "VERTICAL" field and the "RESIDENTIAL" field using "CON" as subtype and  "HIGHRIS,LOFTLIV,PENTHSE" equals any for building description.  12/3/2009 NOTE:  The high rise portion of the RESIDENTIAL field is being phased out into the VERTICAL field currently.  Information is deemed reliable but not guaranteed.

Read the most current market report for the Las Vegas High Rise Sector right here.

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

4 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • January 31 2010 10:41AM

Las Vegas High Rise Inventory Update: Five Years of Inventory! November 2007

We have seen the Las Vegas, NV high rise real estate market have a phenomenal (and scary) jump in inventory in the last several months.  For several reasons:

  • Too many speculators in that market.  They want to close n flip.  They are not interested in holding, renting or living in them.  Each time a building closes, we see an increase of inventory.
  • Mortgage market madness has reduced the amount of loan products available to jumbo, second, vacation or investor type property owners. The ones who have very little money down and marginal credit, that is.  So the buyer pool for both resales and new went kaput.  Loud and hard too.

Here are the high rise stats:

Rentals:

  • 343 Listed 11/20/2007
  • 15 Under Contract 11/20/2007
  • 29 Leased 10/18-11/18/2007
  • 8.7 Months Inventory
  • Monthly Rates:  Low:  $695; Median:  $2800; High:  $11000

Resales:

  • 844 Listed 11/20/2007
  • 74 Under Contract 11/20/2007
  • 14 Closed 10/18-11/18/2007
  • 60.2 Months Inventory

Resale inventory is down from 72 months inventory one month ago. Sales have not risen dramatically, only two more units than last month.  Inventory has just reduced slightly.  The rental inventory of 8.7 months is staggering when you compare it to the entire market of rentals that hovers around 3 months of inventory.

I think it is apparent that many purchases are completely speculative = not enough demand for living in.  Some rent prices just barely cover the owner's HOA.

Since July speculators have been bailing from their new construction high rise escrows because of lack of mortgage products for funding.  They are also leaving their steep deposits at the builder and not looking back. 

Unless demand for high rise LIVING increases over speculation, we will be seeing a major correction in this part of our market.  We  have a little over 14000 units under construction with another 50000+ more on the drawing board.  Every time a building closes, we see 20-50% of that building go on the market.

The beautiful part about this is that when you put the pen to the paper for land and development costs, it costs about $1800/square foot.  You can buy right now with the median price being in the mid 500's for a square foot.  Will deflated dollar against foreign currency be able to bail us out?  Is Las Vegas unique enough to attract those foreign investors?

View Last High Rise Update (October 2007) 

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

16 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • November 20 2007 07:10PM

Las Vegas High Rise Condo Rentals: Some Great Opportunities for Renters!

There are currently very slim pickings in the las vegas single family rental home market.  The absorption rate remains very low when you look at the entire rental market in Las Vegas (hovers between 2.7-3.2 months.)  It is definitely a landlord's market.  When you look at some areas in particular, like the Rhodes Ranch area, the absorption rate hovers between 1.2-1.5 months.

One rental sub-market that *is* a renter's market and provides great opportunities for renters is the high rise condo rental market.

There are currently 325 available rental units (10/26/2007) with only 9 under contract (10/26/2007) and only 41 units leased between 9/22-10/22/2007.  This equates to 7.9 months of inventory and a Renter's Market!

Prices for Las Vegas High Rise Condo Rentals range from $1145-19000 a month.  The median rental list price is $2795/month. 

What this all translates to is a more pleasant renting experience as you have more negotiating power and less frustration from having to turn  in multiple applications!

We can help you make your next move whether it is a rental or a purchase. 

For the Las Vegas Rental Home process explained please go to:  www.LasVegasHomeRentals.info 

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

0 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • October 26 2007 09:59AM

Las Vegas High Rise Resale Absorption Rate Reaches Alarming Levels

The absorption rate for high rose resale condos has jumped from 29 months in August to a whopping 108 months of inventory in September.

Stats for High Rise Condos were pulled from the GLVAR MLS.  Information deemed reliable but not guaranteed. 

For August Numbers:

  • Listings 8/27/2007:  759
  • Under Contract 8/27/2007:  67
  • Closed Between 7/15-8/15/2007:  26 
  • Months Inventory:  approx 29 

For September Numbers:

  • Listings 10/12/2007:  865
  • Under Contract 10/12/2007:  70
  • Closed Between 8/16-9/16/2007:  8 
  • Months Inventory:  approx 108

I know I kept wondering if I had my values wrong when I was pulling these stats also! 


 

copyright 2006-2011 Renee Burrows, REALTOR®, The Force Realty  702-966-2494

Blog Disclaimer Important Notice

Realtor/MLS Member, NAR, NVAR, GLVARAccredited Buyer's RepresentativeSeller Representative SpecialistSenior Real Estate SpecialistAt Home with DiversityResort & Second Home Property SpecialistShort Sale Foreclosure Resource


 

What is my Las Vegas Home Worth?          Las Vegas Homes for Sale     Las Vegas Rental House


     

Las Vegas Real Estate & Homes for Sale on Facebook     Las Vegas Real Estate & Homes for Sale on Twitter     Las Vegas Real Estate & Homes for Sale on Wordpress

 

 

 

 

2 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • October 12 2007 11:43AM