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.

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.

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.

In 2002, Las Vegas was considered one of the best buying opportunities for real estate.  Home and some condo prices were in the $100,000 to $200,000 range and affordability was considered to be very good.  Then came the recognition of how Las Vegas real estate was undervalued in comparison to California and what happened next is history.  Now in 2009, Las Vegas real estate has once again rolled back to 2002 price levels according to John Restrepo of Restrepro Consulting Group.  What does that mean for the buyer of Las Vegas real estate, especially Las Vegas luxury real estate? Opportunity knocks once again.

During April 2009, prices for luxury high rise condos, especially Las Vegas luxury high rise condo foreclosures, have attracted buyers all over the world.   With a limited number of luxury high rise foreclosures in Las Vegas in the Strip resort corridor area, things have heated up.  Buyers are now experiencing multiple offer situations and losing out on opportunities to buy Las Vegas luxury foreclosures in the high rise condos near the Strip.  Luxury Strip Resort area high rise foreclosure condos under $500,000 are highly targeted now for purchase by cash buyers.

For example, Luxury Realty Group just sold a two master, two bedroom luxury high rise condo in beautiful Turnberry Place for $192 a square foot at $422,000.  High rise developers tell us you cannot build luxury high rise condos for that price anymore.  This particular luxury condo was a Turnberry Place high rise condo foreclosure and the buyers was driven to purchase because they believed prices in Las Vegas were near the bottom of the market for such luxury level high rise condos.

Similar buyer perspectives are now occuring in Sky Las Vegas where only a handful of luxury high rise foreclosures are on the market.  Our buyers are frustrated as several have recently lost out on buying Sky Las Vegas condo foreclosures due to multiple offer situations.  

Contemporary luxury Turnberry Towers high rise condo towers are another very popular community our foreclosure buyers have targeted.   Prices have rolled back for Turnberry Towers luxury condo foreclosures in some cases to a 40% to 50% price reduction over the original purchase price.  One of our Turnberry Towers luxury condo foreclosure cash buyers just purchased a two bedroom condo under $500,000 that has balconies on either side of the tower.

With multiple offer situations now occuring in some cases for luxury Strip Resort area high rise condo foreclosures, we expect to see an increase in the number of high rise foreclosure condo buyers entering the market for the rest of 2009.

I thought it was just Luxury Realty Group experiencing a sudden rise in international foreclosure buyers.  What are these international foreclosure buyers targeting?  Clearly Las Vegas luxury high rise foreclosure condos have been the international focal point over the past two weeks.

We first experienced a buyer from Switzerland who wanted to buy a foreclosure in Sky Las Vegas, Turnberry Towers or Turnberry Place.  Of course when luxury high rise condo foreclosures now show prices as low as $200 a square foot you can imagine the strong interest level.  High rise developers tell us that just the hard costs to build a new high rise luxury condo are north of $300 a square foot.  When you add the soft costs like permits, architectural renderings and marketing you can imagine the real replacement cost numbers per square foot.

So far Luxury Realty Group has represented buyers from Germany, Switzerland, New Zealand, England and Canada over the past three weeks making offers to buy Las Vegas luxury high rise condo foreclosures.  Was this just a fluke or is trend beginning to happen?

In speaking with the doormen and concierge of the prime Las Vegas Strip area residential high rises, we learned the number of real estate agents showing luxury condo foreclosures has been significant recently.  So significant that one high rise condo tower employee told me they are having to add additional staff to handle the valet parking for real estate agents and their clients.

Does this mean Las Vegas is reaching a bottom for luxury high rise condos?  No one knows for sure but what we can see is a sudden high demand for the very few luxury high rise foreclosure condos.

If Las Vegas luxury high rise foreclosure condos are of interest to you please contact Bruce Hiatt today.