Las Vegas Homes News

Jan. 19, 2007
Copyright © Las Vegas Review-Journal

Study has state second in U.S. in December, finds one foreclosure per 392 homes

THE ASSOCIATED PRESS

RENO — A new report by a California tracking firm said Nevada had the nation’s second-highest foreclosure rate in December.

The report by RealtyTrac found that there was one foreclosure for every 392 households in the Silver State, second only behind Colorado. The national average was one in 1,055 homes, the report said.

The report also found a wide disparity between Northern Nevada and Southern Nevada.

According to the report, Washoe County had 32 homes, one for every 4,498 households, in some stage of foreclosure in December, about four times better than the national average for that month.

Read the rest of this entry »

Jan. 14, 2007
Copyright © Las Vegas Review-Journal

Despite housing slump, sales of seven-figure homes grow

By HUBBLE SMITH
REVIEW-JOURNAL

It’s a buyer’s market in Las Vegas — unless you’re looking at luxury homes.

While the median price of an existing home has flattened for the past year and may even be poised for a decline, the high-end market is soaring.

James Beasley of Sotheby’s International Realty just picked up a $12 million listing for a penthouse unit at Turnberry Place, the four-tower luxury condominium complex on Paradise Road. It’s priced at about $2,000 a square foot, or twice the starting prices at Trump International Tower.

Read the rest of this entry »

Jan. 10, 2007
Copyright © Las Vegas Review-Journal

By JENNIFER ROBISON
REVIEW-JOURNAL

It’s become a familiar refrain.

Housing in Las Vegas is woefully overpriced. Home builders have created too much inventory, and investors desperate to flee the market are dumping entire subdivisions on the resale market. The supply glut will send home values in Southern Nevada tumbling in the next few quarters, perhaps as much as 8 percent. Or 9 percent. Or 21 percent. Or 28 percent.

The local real estate market has thus far held steady, but that hasn’t stopped a prominent national publication from delivering fresh prognostications of housing doom and gloom in the Las Vegas Valley.

Fortune magazine’s soothsayers, who include analysts from Moody’s Economy.com and Fiserv Lending Solutions, are predicting that housing prices in Las Vegas will fall 6.6 percent in 2007, and shed an additional 8.1 percent in value in 2008.

Read the rest of this entry »

Jan. 09, 2007
Copyright © Las Vegas Review-Journal

Median dips 2 percent in December; inventory falls for second straight month

By HUBBLE SMITH
REVIEW-JOURNAL

Las Vegas median home prices dropped to $306,100 in December, down 2 percent from the same month a year ago, and the inventory of homes for sale shrank for the second straight month to 17,834, the Greater Las Vegas Association of Realtors reported Monday.

Realtors sold 1,644 single-family homes during the month, a 32.5 percent decline from a year ago.

The number of homes for sale on the Multiple Listing Service decreased 9.6 percent from 19,729 in November and is down from a record high 23,474 in October. It’s still up by a third from last year. Read the rest of this entry »