[007 license to sell]

Some good news and bad news in the Vegas housing market and the surrounding area's.

Some home prices come up as ZIPs with largest declines see rebound

In some parts of the Las Vegas Valley, home prices have recently gone up — by double digits. But the median price of homes and condos remained steady at $135,000.

[007 license to sell]

Here is the latest report from the Brookings Mountain West on the future of job growth in Las Vegas and the surrounding area's as well an update on what is happening with housing prices.

Report: Jobs won’t return to pre-recession levels for 7 years

The Mountain West region, which includes Nevada, is on pace to wait another seven years before job levels return to those before the recession, according to a report released by Brookings Mountain West.

[007 license to sell]

Good news and bad news reported in the Las Vegas Sun today regarding foreclosure in Aug 2010 for Nevada. Foreclosures are down but Nevada is still number 1 in foreclosures in the US.
Number of foreclosures in Nevada continues to drop

[AudiodesignNYC]

What's up everyone? Long time lurker, first time poster and being this is by far the post populated thread I figured I'd post here.....

I'm interested in getting some info on certain sections of Vegas, 89129 and 89149 mostly...I'm going to be coming there in the next 4 weeks with the intention of buying a condo/townhouse to move into once my wife finishes her schooling early next year. Now, being that I've lived in a couple of 70+ year old sardine cans masquerading as apts. and having to pay $1000 a month for priviledge the last 12+ years just about anything is a huge upgrade in my eyes.

I'm looking at a couple of 3br condo townhouse types in the 70-100K range built in the last 5 years and being it's a buyers market it seems, now that sales seem to be back on the decline, I'm looking deal now.

Now, let me be clear, I'm not one of these investment house flipping type's who drank the kool aid and got had in this whole mess.....I'm looking for a permanent place to call home and keep in the family after spending my life being an Army brat and living all over the place. Despite all the negativity in regards to your city right now, I think it's pretty damn cool overall and generally like to take a negative and turn it into a positive experience with a little honest effort and reasonable expectations and am fully confident that this will be no different for because as the old adage goes.....if you can make it in New York.......

Anyways, back to my point..... a 3br property.....with the eventual intentions of having my father in law take it over in a couple years when he eventually moves out there with us and we buy an actual house. I generally like all the data I've read about those 2 zip codes and 2 areas in particular have caught my eye, because they fall within my range I'm willing to spend and seem pretty nice from the pictures I've seen ( I have also been to vegas a couple times in the last couple years so I am somewhat familiar with the city itself and not just the strip which I could care less for) of some of the units and the crime stats don't seem to be too bad.... Now I would like to get some firsthand accounts from anyone who may have more insight as to why they both have quite a few available and have been on the market for a few months.

They are the High Noon @Elkhorn Ranch triplexes and The Cliffs on lone mountain road along with a few others between the 2 areas. Does anybody know the real deal with these places or condo/townhouse like them in the area? Not to mention HOA's assosiated with them as I really couldn't find much on that. I'm also looking for a realtor, an honest and upfront one to work with who respects and understands that I am not going out of my range and have an excellent BS detector.... have already prequalified and SHOULD be approved in the next couple of days for a TBD property being that I don't have one place settled on quite yet. I do plan on hitting the ground running once I get there by have all the places I want to look at ready and hopefully appt's scheduled and would like put an offer on something by the end of Oct. Another question, realistically....how long does it usually take to close on a place on average? And no I'm not interested in short sales if I can avoid it because I know they take forever.

Ok, that's enough typing for one post...My apologies to anyone who fell asleep halfway through it......

Lookin forward to the responses I get as I enjoyed all the different points of view, sparring sessions and general rabble rousing while sifting out the nuggetts of informational gold and insight this thread contains Thanks again!

[Robustus]

AudiodesignNYC:
Don't know anything about those two zips, but regarding timeframe, I can tell you that I just closed on a foreclosure purchase a few days ago, and the process was 55 days from offer to closing. And for me, that included getting a mortgage approval (and I'm self-employed, which made that even more laborious than usual).

Where in NYC are you coming from? I'm moving to Vegas from Jersey City, but I lived in Brooklyn (Bushwick) for a couple years. I hear ya on the $1000/mo for a pathetic excuse for an apt. My mortgage in Vegas is going to be wayyy less than I'd pay for a small apt virtually anywhere in NYC.

[AudiodesignNYC]

I'm in the Marine Park area myself. Yeah, rent here is pretty much the worst...For what I'm looking for, my total payments will nearly be half of my rent so it's really a no brainer. Bushwick is now pretty expensive too since Williamsburg is now pretty much maxed out next door. And to all you people who talk about some of the bad neighborhoods in Vegas.... 10 years ago Williamsburg and Bushwick were pretty much run down and ghetto, some of the absolute worst areas in NYC.....Nowadays, Billysburg is pretty much the trendiest, most vibrant area (and no I'm not one of those annoying hipster types hehe) in the whole city and Bushwick is coming up fast behind it and that's kind of the way I look at this whole mess, with time, things will work themselves out and the opportunistic will a take a chance, and some interesting things will happen over time.......

[eventusstultorummagister]

Relative to this threads topic:

20-city index shows Las Vegas alone in home price decline

20-city index shows Las Vegas alone in home price decline - Las Vegas Sun

[Swigchow]

What is the foreclosure mix in Las Vegas? There seems to be a huge increase in number of properties on the auction sites.

[007 license to sell]

[SIZE=5]As you can see by this report that inventory is growing and sales have slowed.[/SIZE]
[SIZE=5]Las Vegas Real Estate Market Report: 09/22/10[/SIZE]
[SIZE=5]

This is the latest Las Vegas Real Estate Market Report from [/SIZE][SIZE=5]www.NARREIA.com[/SIZE][SIZE=5] (National Association of Residential Real Estate Investment Advisors). For the week of September 22, 2010, data is obtained from the Greater Las Vegas Association of Realtors MLS.

Single Family Residence (SFR)
Available – 11,743 (+184, Last Week 11,559)
Under Contract – 10,859 (-75 , Last Week 10,934)
Days of Supply – 32 (+0, Last Week 32)
Short Sales – 13,196 (+43, Last Week 13,153)

Condominiums and Town Homes (CONDO/TH)
Available – 2,692 (+25, Last Week 2,667)
Under Contract – 2,614 (+6, Last Week 2,608)
Days of Supply – 31 (+0, Last Week 31)
Short Sales – 3,106 (-17, Last Week 3,123)

Combined SFR + CONDO/TH
Available – 14,435 (+209, Last Week 14,226)
Under Contract – 13,473 (-69 , Last Week 13,542)
Days of Supply – 32 (+0, Last Week 32)
Short Sales – 16,302 (+26, Last Week 16,276)[/SIZE]

[007 license to sell]

Even though this article is addressing what is happening with defaulted home owners this is what is happening with distressed properties in and around Vegas except it's even worse. It's interesting that the people in this article purchased distressed homes in 2008 and now are losing thier homes as well as the ones that purchased during the housing boom.

[SIZE=2]Walking away with less[/SIZE]
[SIZE=-1]A new wave of distressed home sales is rippling, more quietly this time, through American cities and suburbs.[/SIZE]
[SIZE=-1](By Dina ElBoghdady and Dan Keating, The Washington Post)[/SIZE]