Nevada Real Estate >> Las Vegas Real Estate Specialist: REO Prices sliding downward.

REO Prices sliding downward.

We are seeing a slide of foreclosure prices which I really didn't expect until the end of this month or November. They do have stiff competition with the new construction market.

I visited one of these steals out in the heart of old Green Valley today. Three car garage, over 1800 square feet with a pool for $269K. Rental comps suggest a leased rate of $1800-2200 . It did have deferred maintenance issues so it depends on how far the new owner would go to do repairs to what it's rental value would be in the end. Supposedly they have four offers on this property and two other agents were showing it at the same time I was there.

Who says nothing is moving in this market?!?!

Disclaimer: Picture is not of actual house I was showing :)

All the Best,
Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

 

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8 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • October 14 2007 06:47PM

Comments

Renee, it sounds like a great "Buy and Hold" market out there.
Posted by Patricia Kennedy (Evers & Company Realtors) over 4 years ago

I think in this market if a home is priced right then the buyers will come.

Pats Win big over Dallas. Chiefs win too!!!

Posted by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty) over 4 years ago
The REO prices in Long Beach are still too close to market, wondering when the banks will start unloading them so they can put more of their inventory up.  They are just priced too high and have too much deferred maintenance right now for what they are.  
Posted by Laurie Manny (Long Beach CA Real Estate) over 4 years ago
Buy - HOLD - Repeat ... the only strategy that  works. Great post on pricing.
Posted by Nancy Moeller (Seven Gables Real Estate) over 4 years ago

Hopefully with the reduction in prices we can blow out this inventory!  Now if the Damn Mortgage Banks would cooperate we may be able to turn this sucker around!

Posted by Rey Gallegos FHA, VA, Home Loans Las Vegas, NV (W.J. Bradley Mortgage Capital LLC (NV License # 504)) over 4 years ago

Renee,

It's uplifting to see so many offers and showings of that house, regardless of the price. It tells us that things may be stirring in the right direction. The potential rent for the home sounds great, too.

Posted by Esko Kiuru over 4 years ago
Renee - Movers and shakers sell in every market and you are a mover and shaker!
Posted by George Tallabas - Idaho Real Estate (RE/MAX Advantage) over 4 years ago

Patricia:  Splendid!  I have two bundled meetings this month, that is HUGE!

Jay:  Can you believe?!!?!?  How about Dr Tom being named the athletic director at UNL.  I do have to say my other "DR TOM" did very nicely for me in fantasy this week :wink:

Laurie:  They have no choice but to follow new construction if they want to sell.  They aren't rock bottom but they are sliding!

Nancy:  YES!  Thanks for stopping by!

Rey:  Single handedly, eh?  LOL!  Stuff is moving, just not at a high pace or quick enough.

Esko:  This is getting exciting!

George:  AWWWWWWWW a tired one at that! 

Posted by Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale) over 4 years ago

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