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Five Weeks of Inventory Left in Las Vegas Homes Sales
The housing market continues to make a rebound in Las Vegas with the inventory almost depleated and continuous sales pushing prices upward.
"This market in Las Vegas has taken so many directions in the past six years, foreclosures, then short sales, next came investors for cash only properties, recently first time home owners, and finally now past home owners want to re-enter the market before prices become too high, exclaims Khalilzadegan. Rising prices for all types of real estate is Las Vegas is a very real possibility because of the extreme interest that has culminated over the past 6-7 years and amazing state tax haven that Las Vegas provides for residents.
In addition to the above reasons, large scale investors such as Istar Residential at The Martin High Rise Condo Tower, formerly Panorama III, and Ladder Capital a New York Investment Firm at Veer Towers City Center have made large investment purchases of empty condos and are re-branding and re-marketing them to match the market requirements for well managed, luxury properties in prime real estate locations such as the Las Vegas Strip in Nevada. The Martin High Rise Condo Sales has skyrocketed into the extreme comeback role with a three million dollar investment into common area enhancements and a huge jump in sales. Veer towers Istar group just introduced sales two weeks ago and has 17 units under contract within the first week!
"I have witnessed the rebranding process first hand and believe that buyers are finally getting the excitement back in finding a great piece of real estate that fits their needs but also has value in the current housing market" said Khalilzadegan. Buyers are aware that the pricing is beginning to really move with a new report out from the Pew Center that shows housing pricing rose almost 15% during the 2012 year. Buyers are aware and moving in an optomistic pattern but they expect the product to match their needs," he went on to say.
The inventory of available high rise condo units is really shrinking to an all time low as well as the single family homes and condos. There are currently 15,492 homes in Las Vegas available on the MLS listing service but only 4620 of them are truly available, the rest all contingent or under contract. That boils down to approximately only 5-6 weeks of inventory left in Las Vegas to sell or purchase.
"Rising home prices were the big story of the year," said Dave Tina, president of the Realtors association in a recently published article in the LVRJ on Jan 8, 2013.
To get more information about this trend and to see properties that fit your needs in Las Vegas NV call Steven Khalilzadegan 702-810-6039 or send him a quick email at Stevencrm@
Page Updated Last on: Feb 13, 2013