Bruce Hiatt, Broker for Luxury Realty Group, a boutique Las Vegas luxury real estate brokerage, presents surprising statistics in his 2011 year-end video report.

Bruce Hiatt, broker of Luxury Realty Group in Las Vegas, published his latest Las Vegas real estate market report this week.

Nevada’s statewide shadow foreclosure inventory by the banks and lenders was reported to have a seven month supply by the National Association of Realtors USA state level report in March, 2011. Is that trend showing in Las Vegas?  You decide for yourself.

As of May 7, 2011, the number of single family homes, townhomes and condos on the market available for sale in Las Vegas and Henderson is 13,919 per the Greater Las Vegas Association of Realtors (GLVAR) MLS system.  Historically, that number has been significantly higher.  Overall, 26,833 homes and condos are either available or under contract.

The number of homes and condos under contract (contingent or pending) is 12,914, roughly respresenting a most surprising forty-eight percent (48%) of the market.  A high percentage of those Las Vegas and Henderson homes and condos are by cash buyers from all over the world.  Regardless whether cash or mortgage loan buyers, a trend towards a sellers market may be occurring.  On a month over month comparison starting this year, it appears we may be trending towards a four (4) to five (5) month supply of Las Vegas real estate.

Let’s look deeper.  Of the total Las Vegas and Henderson homes and condos available for sale as of May 7, 2011, 9,489 are short sales and foreclosures.  By foreclosures, we mean REO or bank owned; not just starting the foreclosure process.  That’s sixty-eight percent (68%) of the available Las Vegas and Henderson homes and condos for sale are either short sales or foreclosures.

Of the Las Vegas and Henderson homes and condos under contract, 11,091 are short sales and foreclosures.  That represents eighty-six percent (86%) of the homes and condos under contract as of May 7, 2011 as being either a short sale or foreclosure.

Challenges to these statistics include items like short sales often take months to complete; however, several banks have been streamlining their short sale and foreclosure processes lately with some closings occuring in weeks than months.  Other challenges include the rumors of increased volumes of bank and lender shadow inventory soon to be released in the Las Vegas and Henderson markets.  Nonetheless, with what appears to be a trend of less time on market, such shadow inventory would potentially serve to swing the pendulum from a slightly sellers market trend that appears to be occurring to a buyers market for a short while.  That assumption is based on continued strong interest by buyers for short sales and foreclosures.

The last point we wish to tell you is about price points in time.  We’ve been monitoring certain Las Vegas neighborhoods for our investor clients.  It appears in some of these neighborhoods the sale prices are at or below 1996 prices.  If there’s continued statistical evidence like this in the months ahead then we believe Las Vegas and Henderson home and condo prices may be in an overcorrected mode.  Only time will tell us where all of this is headed but one thing for sure is these are very interesting times in Las Vegas and Henderson for the savvy, ready to act buyer.  Is that you?

How can we help you find that great Las Vegas or Henderson home and condo?   Please contract Bruce Hiatt at (702) 456-7080 today and let us tell you about our great services for you.

Copyright 2011, Luxury Realty Group LLC.  All Rights Reserved.

Luxury Realty Group, a boutique Las Vegas luxury real estate brokerage, has done a makeover on its Las Vegas luxury condos website, www.LuxuryVegasCondos.com.

www.LuxuryVegasCondos.com has seen many transformations since the early 2000’s.  Now with its new makeover in progress, buyers seeking Las Vegas luxury condos can search by specific high rise tower.  More changes are in the works per Luxury Realty Group that will give buyers a great website for researching Las Vegas luxury condos for sale, especially foreclosure condos and short sale condos.

The world of Las Vegas luxury real estate just got better in April.  Bruce Hiatt, broker of Luxury Realty Group, is now the exclusive luxury real estate member in Las Vegas for the Haute Living Real Estate Network.  With Haute Living, a publication and website designed for the uber wealthy, you cannot apply to be a member as it’s an exclusive invitation only network.

Haute Living and Luxury Realty Group fit well together with emphasis on Las Vegas luxury real estate.  Likewise for Luxury Realty Group’s luxury real estate websites such as Fine Vegas Homes.

Are you kidding me?  Do you really believe you can buy a Las Vegas luxury condo on the Strip under $140,000?  Well per the Greater Las Vegas Association of Realtors MLS listings you can.

As of January 24, 2011, there are two one bedroom luxury condos at Sky Las Vegas, located on Las Vegas Blvd in the Strip area, for sale under $140,000.  I will caution you however both are short sales and short sales may or may not happen depending on many factors including approval by the lenders involved.

With the media and news focused negatively on the Las Vegas luxury real estate foreclosure news these days, the positive foreclosure news is being overlooked.  Yes, there is such a thing as positive Las Vegas luxury foreclosure news.

With Canadians buying Las Vegas luxury foreclosure condos due to their Loonie being close to par with the US dollar, Asian countries experiencing increasing wealth and targeting Las Vegas luxury foreclosures to buy, and global investors realizing how low luxury real estate prices have fallen in Las Vegas, it’s no surprise that Las  Vegas is currently experiencing a renewed interest lately in its luxury foreclosures.

Having performed research for an investor in the Miami and San Diego markets, suprisingly the prices per square foot for luxury high rise condos are higher than Las Vegas.  That may explain at least one reason why buyers are increasingly focused on the Las Vegas luxury foreclosure condos priced in the $100’s and $200’s a square foot.  Think that you cannot buy a luxury foreclosure condo in beautiful Las Vegas Turnberry Place in the $100’s a square foot?  Luxury condos that at the real estate peak were selling above $500,000 or in some cases near $1 million are now priced from the low $200.000’s and higher for foreclosures.

Contact Bruce Hiatt at 702-456-7080 PST and let him create a special Las Vegas luxury foreclosure condo search just for you.

Las Vegas existing home sales just finished its 12th consecutive month of increasing existing home sales.  That respresents an 86% increase of existing home sales from March 2008 to March 2009.  While many of the existing home sales were comprised of Las Vegas foreclosures, the overall improvement in Las Vegas real estate sales is good news overall for that region of the country.  It is also a good sign for the Las Vegas luxury real estate market as it too is now showing signs of recovery.

These newly reported statistics, courtesy of  SalesTraq, are consistent with the increased number of buyers contacting Luxury Realty Group since March 2009.  These buyers are primarily cash buyers who are seeking luxury high rise condo deals such as foreclosures.

46 percent of Las Vegas luxury foreclosure condos are under contract as of May 4, 2009.  So the media would have you believe that 46 percent is a huge number but guess again.  Across the Las Vegas Resort Strip or near Strip corridor of Panorama Towers, Sky Las Vegas, Turnberry Towers, Metropolis and Turnberry Place there are a total of 28, that’s right, 28 bank owned luxury high rise condos.  Of those, 13 are under contract and the number under contract is growing lately.  Where are the tons of bank owned foresclosures the media keep broadcasting about Las Vegas?  Must be single family homes as it clearly isn’t the luxury high rise condos near or on the Strip I mention in this blog post.

We just closed a foreclosure luxury condo in Turnberry Towers with our buyer from New Zealand.  This was a cash deal just like our other recent buyers looking for that good Las Vegas condo foreclosure deal.  Another cash buyer, this one from Switzerland, just grabbed a great two bedroom luxury foreclosure in Sky Las Vegas.  Maybe buyers in the US are hesitant about buying but the foreign buyers are targeting Las Vegas luxury foreclosure condos lately and getting the good ones. 

If you have interest in buying a luxury high rise condo foreclosure in Las Vegas please contact us soon.  Statistics are showing us limited supply continues to be the case for luxury high rise foreclosures lately.  Las Vegas luxury real estate appears to be gaining momentum lately and we hope you are considering Las Vegas as your new home, second home or vacation home.

Las Vegas luxury high rise condo foreclosures continue to attract foreign cash buyers.

Luxury Realty Group has seen a significant increase in foreign cash buyers of foreclosure condos in recent weeks. Further, these foreign buyers are from countries not typically buyers of Las Vegas luxury foreclosure condos such as Switzerland and New Zealand.

The most sought after luxury foreclosure condos by foreign buyers are located in Sky Las Vegas, Turnberry Place and Turnberry Towers. Typical prices purchased approach 50 cents on the dollar of the original purchase price.

For the latest Las Vegas luxury condo foreclosures you can find such properties by specific high rise.

Contact Bruce Hiatt at (702) 456-7080 x201 for more foreclosure information.