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The Las Vegas Real Estate Market Is Softening
By plrprousers | January 27, 2009
Las Vegas real estate saw an enormous pricing bubble, much like San Diego, Los Angeles, New York City, Lake Tahoe, Aspen and the Florida Keys. Prices kept rising to incredible levels, but people kept paying so realtors and builders kept cashing in. Eventually, the economic recession, rising fuel and food costs and the mortgage meltdown occurred like a perfect storm, sending many unfortunate borrowers into foreclosure and leaving overzealous builders and house flipping investors with an unprecedented inventory. They say “time heals all wounds” and this is particularly true of Las Vegas NV, where the situation has become much more reasonable.
Southern and northwestern real estate in Las Vegas is a hot buyer’s market right now. There are 25 new-home subdivisions in southern Nevada selling single-family houses for less than $200,000. Boulder Ranch in southeast Las Vegas and Silverado Ranch in the south both have a large range of single family detached homes that are well under $200,000. According to www.salestraq.com, the lowest priced Las Vegas community is Sapphire Springs by Richmond American, which offers a 1,136-square-foot, two-bedroom, 2.5 bath home in the Northern Valley of Las Vegas for just $153,990 (down from $198,990 in February 2007).
The second-best offering is Encantos by Storybook Homes, situated in the Eastern Valley, offering a 1,271-square-foot, two-bedroom, 1.5 bath house for $169,965 (down from $199,240 in February 2007). The next best single-family neighborhoods include: Villas at Cambridge by KB Home in the Northwestern Valley ($174,990), Entrata by William Lyon in Pahrump ($177,000) and Avenues at Tapestry by Astoria in the Northwestern Valley ($179,990). Check out http://CampbellRealEstateLV.com/blog/?p=24 for an excellent listing of the lowest priced communities in Las Vegas Nevada.
Some people come to Las Vegas Nevada for lifestyle rather than affordable housing. According to The Las Vegas Review Journal, The northwest (west of the 95 Freeway) is the most affluent neighborhood in Las Vegas real estate, followed by Summerlin, the southwest segment near the Spanish Trail Country Club and Henderson West (the southeast part of the Las Vegas Valley). For people who want the Las Vegas hotel style living, there are many gated communities offering country club lifestyles with private golf courses, swimming and fitness facilities, tennis courts and zero maintenance, such as Red Rock County Club, Anthem Country Club, Southern Highlands, Canyon Gate Country Club, Spanish Trail Country Club, Las Vegas Country Club, Lake Las Vegas, Queensridge, Tournament Hills, Eagle Hills, Scotch 80s (near the strip), Country Club Hills, Canyon Fairways and Painted Desert. Summerlin and Desert Shores are said to be the most desirable neighborhoods to live in because they’re quiet and affluent hideaways just steps from all the excitement and glamour of the Las Vegas Strip.
There are many websites focusing on Las Vegas real estate. This website, www.theneighborhoodhometeam.com, offers a wealth of information on neighborhoods, lifestyles and other preferences to help you find the Las Vegas Nevada home of your dreams. Checking out www.craigslist.org is a good place for newcomers who just want to find a roommate or a rental apartment close to the Las Vegas Strip and Vegas jobs. You can also browse the MLS listings at www.lasvegashomes.com as well. The most important thing is that you read up, take your time to browse and be sure you’re planning to stay for the long haul. The days of house flipping are long gone!
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