It was just a matter of time before the supply and demand of the condominiums in the Las Vegas Valley caused the prices to rise. We are very familiar with the current condo market and are used to seeing multiple offers on these properties. One of the main reasons that this market is seeing so much action is because the buyers can actually see a positive cash flow if they wish to rent them out. We are seeing condos that sold for over 200k just a few years ago now going for under 100k. Be sure and do your homework if you are planning to buy these as an investment. Many of the complexes do not allow you to rent your unit out and may have other rules that restrict investors. In other communities, renting is allowed with very little restrictions. Another very common problem with Condos is the Home Owners Association. A large percentage of these associations have class action law suits for construction defects against the builder. If you are trying to get an FHA loan or have been pre-approved for an FHA loan, you can’t get this type of loan if there is litigation. These are just a few reasons why you will want help from an experienced professional. This market is like a moving target that changes on a daily basis. Here are other things to consider when shopping for condos.

• Are the units purpose built condominiums or are they converted apartments?
• What is the ratio of owner occupied units verses rentals?
• What increases has the property had recently in the HOA dues and is there a cap?
• Do the HOA dues include water and garbage?
• If you are planning on renting it out, is it in an area of town that will be easy to find tenants.
• Property Management companies are a good resource for information.
• Ground floor units are more desirable to senior citizens.
• Units with garages are in high demand
• Bidding wars are common in this market. If you don’t like them, this market is not for you.

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Buyers have a lot of choices in today’s market and probably the most important decision is picking the right company to represent your best interests. Many of our clients give us feedback and the number one answer is experience in the Las Vegas market. Most clients want a Realtor that is full time and knows the foreclosure market well. Las Vegas is still at the top in foreclosures around the nation. The reason is because we were the fastest growing city in the nation for many years and the investors saw Las Vegas as the place to buy. A large percentage of the investors bought homes with little or no money down and when the bottom fell out, and they could not sell, they walked away. The banks had to foreclose and much to their dismay were forced into the real estate business. We will see more foreclosures over the next several years but we do feel that the prices will steadily increase. Supply and demand will dictate the prices as well as the interest rates. We are seeing current increases in activity that has been sparked by the news that interest rates are expected to increase shortly. Here are a few reasons why you need professional help in your quest for one of these great bargains.

• We are one of the few Real Estate companies in Las Vegas that are considered experts in foreclosure pricing.
• We have a working relationship with many of the banks. They pay us for our Broker price opinions, (BPO’s).
• Since we help set prices, we know what offers are more likely to get accepted.
• The object of writing an offer is to get the property at the best price that gets accepted.
• The offers that actually get accepted are the ones that work for the seller.
• Remember, the banks are taking a loss, don’t rub salt in their wounds.
• Remember the golden rule; “take some and leave some”.
• You will need an expert to write the offer. If your offer does not look professional, it will not be taken seriously.
• An experienced agent will not get you into a bidding war.
• Stay in your price range and have fun.