The sale of condominiums (condos) in Las Vegas have rose since July of this year as real estate investors and first time home buyers have continued to reach out for the foreclosure deals that are hitting the market.
The median price of a condominium in Las Vegas was 4% higher than it currently is which marks the lowest point in the last ten years. This is good news for those who want to own a condominium in the city of Las Vegas.
There are numerous condominium deals in Las Vegas foreclosure market as prices are bottoming out and dropping. Real estate investors from all over the world are lining up to get a piece of the action.
According to recent statistics, there are almost 70% of the Las Vegas condos that were resold as foreclosure homes in the month of July alone. These were homes that were foreclosed within the last year. In April, the sale of foreclosed condos peaked at an all time high of about 73%.
In the city of Las Vegas condominium resale properties were from foreclosures and short sales. In the cities of Henderson, Green Valley, North Las Vegas and Summerlin, people can choose from high to mid rise for an amount that is less than forty cents on each dollar using the prices from the year 2006.
In previous years, the condominium deals in Las Vegas foreclosure market that were located on South Las Vegas Boulevard were going for more than $100 per square footage, but not is either going for that or a little below, which is unprecedented. This new development has caused many Las Vegas builders to shun the idea of moving forward with their building projects because the costs of building would be too much compared with the current selling prices.
There are even many hotel condominium deals in Las Vegas that are going for less than thirty fives cents on each dollar. If you want to get a piece of Las Vegas city life and the money that a hotel condo can bring in, then now is the time to buy.
Before buying one of these condominium deals in Las Vegas foreclosure market, be sure to do your due diligence because many of them are older models and will require inspection. Consider also the type of condo fees that you will have to pay to cover the usual amenities. Do your research. If you are a real estate investor who wants to rent the condo, then someone else will be paying your condo fees for you.