Las Vegas homes for $60 a Square Foot?
Since the beginning of the Las Vegas housing downturn back in 2006, I've told folks to expect Las Vegas home prices to revert back to 1999-2000 levels - an average of ~ $60-$65 a square foot. Early on, many laughed and thought it impossible. These days however, though we're not quite there yet, many are alarmed at how quickly my outlook is panning out to be future economic reality.
Allow me to share with you a few examples of what I'm talking about:
The first property I'd like to show you is:
Realtor.com listing Detail 9565 GONDOLIER ST, LAS VEGAS, NV 89178
Located in Mountains Edge, a Master-Planned Subdivision on the South side of town, this home offers a new buyer 5 Beds, 3 baths and 4,449 Sf of luxury for $379,900 - approx $85 a square foot.
Note: This home is currently bank owned - they swallowed $763,636 in unpaid debt on 7/15/2008. Thus, you can get this home for 51% off what the bank actually owes
The second property is:
Realtor.com listing Detail 6224 FOXHUNT ST, Las Vegas, NV 89130
Located in the "New-North" side of town (off No. I-215 and I95), this home offers 5 beds, 3 baths, and 4331 Sq Foot on .52 acres of land for $335,900- approx $77.5 a square foot.
Note: This home is also bank owned and they assumed $695,628 in unpaid debt on 1/28/2008. So, this home is being offered for 52% off what the bank assumed
The third property is:
Realtor.com listing Detail 9022 GREEK PALACE AV, LAS VEGAS, NV 89178
Once again located on the south side of town - in the Mountains Edge, Master Planned Community - this 5 bed 3 bath home of 4,264 Square Foot is being offered at $325K - $76 a Square foot
Note: This home is privately owned - the individual paid $640,717 to Ryland Homes back in March 2007. So, this home is actually being offered at a 49% discount from the 2007 purchase price.
The last property is:
Realtor.com listing Detail 9308 HARROW ROCK ST, LAS VEGAS, NV 89143
Located in the far North West side of the Valley, this home offers 9 Bedrooms, 4 baths and 6,087 Square foot of living space, situated on .21 acres - for $388,550 - $63 a Square Foot
Note: Once again, this home is bank owned and they assumed $641,860 of unpaid debt on 3/20/2008. Current price is 40% off what the bank assumed.
Though the examples above are the exception and not the rule (yet), prices here are falling fast and I don't think it will be long before my ultimate price outlook comes to fruition.
Note: For personal integrity sake, and ease of sorting through thousands of listings, I chose newer, larger homes in desirable locations for my examples and could have showed better overall deals per SF, but due to bad locations and/or home conditions, that would not have honestly served my readers.
Feel free to look for yourself: Link to homes in Las Vegas > 4,000 SF (If you look at the link, note the first listing comes to $58 a SF, but it's in a crappy area; listing #3 is a great deal, but the home was built in 1984, etc)
Currently, there are over 28,000 for sale in the Valley and the median price is down > 30% YoY(thus far).
With foreclosures increasing by the day (I have them on both sides of my beautiful Toll Brothers rental property w/pool - and there are many more throughout this gated neighborhood) - I figure we're around 50-60% of the way to the ultimate bottom for Las Vegas house prices.
Bottom Line: $60-$65 SF median prices are nearly here...
If/when any of my readers are interested in buying here in the Valley, I would highly recommend a fantastic realtor friend - a hard working man of integrity, who has more than gone out of his way in the past to help out my family when faced with a difficult housing predicament. I've used many realtors throughout the years and can unequivocally state "he's the best"
Give him a call - you won't be disappointed.
Realty One Group and a member of Foreclosure Express