[dinandriver]

I used to live in Las Vegas up until a few years ago. Anyway, I remember when everything went up to about $200 to $250 a SF. I don't have access to the MLXchange anymore so I can't see in detail what all is going on but I do hear of properties selling for $100 to $125 SF. To what extent is this true? Can you find them in Green Valley, Sothern Highlands, Silverado Ranch, West Las Vegas?
Thanks in advance!

[Kabrasco LaFonz]

Yes, very true. It would be hard finding a prop in Green Valley in that range, but the others are definitely feasible. I've been getting a small portfolio together, and since I seek to rent right away that price range is a nice sweet spot because rent is basically covering the monthly $ outlay. On props I've bid on, I've had my offer accepted on about 1 out of 4. If it's a nice place, and listed at $100/sqft, don't expect it to go off at that price. I've gotten into "give us your highest and best" battles in which I usually am unwilling to go over list by more than $10K or so, and get outbid. Many banks are using shockingly low list prices as a marketing tool to generate more walk throughs on the property.
A month back I bid over list on a $121/sqft prop in Seven Hills, I went up to $126/sqft... it turns out someone else offered $10K over at about $130/sqft and I just couldn't make the numbers work to outbid them. A nice place, and recent comps suggested that it could have gone for $140/sqft or so but the bank was in a rush. So some areas are holding value better or course.
In the NW lists of under $100/sqft are commonplace, but I don't know what they typically go off at since I don't pursue NW properties.
Condos are still a bit over that range. If you see a condo you can scoop up for $110/sqft it's probably in a bad complex, or needs allot of work. I personally have a half stake in a condo I bought in 05' (I'm underwater, but luckily that's the only thing I bought at the bubble), but besides that I'm not really making an effort to get another one. Condos do rent mighty quick though, with a lot less hand holding than a single family structure.

The nice thing (or bad thing depending on how you look at it) is that with lending standards having gotten brutal, and the obvious economic problems right now, I don't think there's any real hurry to scoop up a prop at these prices if that's something you are considering.

[mooven]

And if this thing hasn't hit bottom yet, then under $100 per/sqft will be more common.

[dinandriver]

That's really great (deppending on how you look at of course). I got out of Las Vegas at the end of 04, sold everything I had, then moved all my money to the Portland real estate market when it took off 2005, sold everything end of 06. Now my money's in Macau wich is doing really well and I'm thinking of selling at th eend of this year to buy back in Vegas if the timing is still good. For some reason I feel that Vegas is very near a bottom at the point. I've beed pretty good at picking tops of markets but I have to say that bottoms are a lot harder to pick and I would say it's almost impossible...

[tortoise]

Related article . . Builders will look at stockpiling lots soon