Yuri Katz, Real Estate Pro in Los Angeles, CA

To all Las Vegas fellow agents/brokers: how much lower is the market can possibly slide?

Asked by Yuri Katz, Los Angeles, CA Tue Feb 7, 2012

Most of Vegas areas are already way below the cost of development. People buy condos on their credit cards like groceries. What's next?

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4
Jaime Irving’s answer
BEST ANSWER
I think the answer to this question depends on the price range and the area of town. Working with buyers in the mid $100's I have seen it level out, and get very competitive. The cash buyers in this range are creating multiple offer situations, which will eventually begin to increase the value of these homes. Yuri, you are completely right... homes are way below the cost of develpoment now, and it seems new construction homes are at an all time low, with great incentives. As far as homes in the $600's + I think there is still room for prices to decrease. That has been my experience within the last 6 months.
1 vote Thank Flag Link Wed Feb 8, 2012
Las Vegas Median Home prices have already bounced off the bottom based on stats and charts that are current unlike the 2 month old Case-Schiller reports.

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0 votes Thank Flag Link Sat Mar 31, 2012
Don't really have a crystal ball that works here. We are having an "inventory situation" going on right now so we may not see declines for quite some time. That is until servicers can figure out new guidelines on foreclosures thanks to AB 284
0 votes Thank Flag Link Thu Mar 29, 2012
Yuri: The 7 day and 90 Chart show Las Vegas Real Estate prices have turn + WAY UP. The main stream media and especially Case-Schiller Index are reporting numbers from Dec 2011. They are not here on the ground experiencing the rebirth of properties in good locations. rents are rising nicely, and the qualified buyers can get a mortgage payment cheaper than renting. BUT they have to wake up firt.

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0 votes Thank Flag Link Tue Feb 7, 2012
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