Las Vegas Returns to 2002 Real Estate Prices
Posted by Bruce Hiatt - April 10th, 2009
Categories: High Rise Condo Foreclosures, News
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.
Bruce Hiatt, Broker, CRS can be reached at 702-456-7080 x201.
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