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Market Conditions in North Las Vegas : Real Estate Advice

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Activity 9
Thu Feb 19, 2015
answered:
I own and manage several homes in Southern Las Vegas, Green Valley, Green Valley North, Silverado Ranch, Mountains Edge Summerlin etc.

I also manage and own a few homes in North Las Vegas as well.

Just to give you and idea the amount of homes we own and manage is over 200. So the statement I am giving you is based on that number and not one or two homes and or opinion. it is based on my actual numbers.

Rents in North Las Vegas are about the same they wee last year. During the last three months I have seen a decrease, seasonal of about $50.00 to $100.00 below prime market last year. This should and or will rectify itself next month. In short no increase and only a marginal decrease depending on the area in North Las Vegas.

As a whole the rents have gone up to the tune of about $75 to $85.00 in Southern Las Vegas.

For a 3 bedroom 2 or 3 bath house that was $1400.00 last year we are now getting $1475 to $1480.00

I hope this helps.

If you need anything in the future please let me know.

Respectfully,


Becky Cordova
702-612-1584
... more
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Sat Mar 22, 2014
Renee Burrows answered:
It depends on the ownership interest of the home. Some townhomes can be detached!
1 vote 3 answers Share Flag
Tue Jan 28, 2014
Kevine answered:
I know this post was from a couple years back. But whats your thoughts on the market now. I am looking at buying either single family or multi unit cash. What is the best return right now with 10 or greater? Thank you

my email is
kevn9876@yahoo.com

Kevin
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Tue Aug 21, 2012
Michael Parks answered:
They been talking about the so-called "shadow inventory" for years now, but the last time I've seen a significant surge of bank owned listings hit the market was around summer of 2009. When that happened we seen a small downward drop in prices for a brief period. After less than six months the prices began stabilizing & moving upward. I personally believe the whole Shadow Inventory fear is significantly over-blown. Yes, there are a number of homes that are behind on mortgage payments, and yes many of them will eventually become foreclosures at some point in the future, but based on currently low inventory, high demand, low prices, and low interest rates; we are in a position to absorb a large number of homes when/if this shadow inventory ever arrives.

The reality is if you want to buy a home in the next couple of years the current market doesn't appear to be changing any time soon. The good news is that the prices are so low most home buyers are paying less than they would to rent a similar home in our market. The interest rates are at historically low levels as well (you can lock in a 30yr mortgage under 4%), and eventually you'll see appreciation (real appreciation, non-artificial). So I still believe it's an excellent time to get in the market if you're a long-term buyer but you'll have to adjust your mindset to the current market conditions as things will probably remain this way for a while.


Michael Parks
Broker (CDPE, CSP)
http://www.LasVegasHousingExperts.com
702-818-1700
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Wed Apr 25, 2012
Robert Jr DeNormandie asked:
Thu Feb 23, 2012
Frank Diaz answered:
http://www.trulia.com/blog/taranelson/2012/02/5_smart_upgrades_for_underwater_homes
0 votes 2 answers Share Flag
Wed Apr 21, 2010
Shawn Gibson answered:
Hello,

It really all depends on the type of home. Short sales dont stay on the market long due to how well they stand against most REO's. They tend to be much nicer for the most part. Any property over 200k in this market to include for sale by owners tend to stay on the market much longer. There are just to many homes available under 200k. We are looking at an averyage of 30 days for short sales and close to 90 days for REO's and 30 days averyage on for sale by owners. If you are interested in purchasing or listing your property, please contact me with your information to better assist you.


Shawn Gibson
Keller Williams Realty
Direct: (702) 806-6823
Fax: (888) 452-0933
Web: www.sgsellsvegas.com
Blog: www.sgsellsvegasblog.com
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Mon Aug 17, 2009
Wademan answered:
I just check houses that sold in my area (green valley) that sold for more then 80k less then I paid for mine a year ago and there house tax where more then mine. I paid 209k for my house Aug 2008 same house next street over sold for 145k . my tax is 1755.00 a year the othere house that sold june 2 2009 taxes are 2000.00 a year how can this be?? ... more
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Mon Dec 22, 2008
Ron Johnson answered:
Peggy,

I will pull up some properties that are recent comps to your house and email them back to you. You may also want to check to see what the assessed value is for your house for the 2009/2010.

I just received my notice of value from the assessors office in the mail today. The taxable value of my house dropped 28.5% from what it was for the 2008/2009 tax year. Your taxable value should drop as well. This will take effect for the 2009/2010 tax year which starts on July 1, 2009.

I can pull up some recent sales for you if you wish. Please email me your full property address and I will email you the most recent comparable sales.

Ron Johnson
Elite Realty
702-595-9743
rjrenv@cox.net
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