BluefoxToday blog : New single-family houses again affordable in Las Vegas

New single-family houses again affordable in Las Vegas

It was only a few years ago when affordable housing was one of the great draws in Southern Nevada. Despite the city growing at a breath-taking pace supply and demand stayed in sync and kept real estate prices relatively stable. And then suddenly the secret was out of the bag, sometime in 2003 and 2004, and speculators in particular moved in to ply their trade and began driving prices ever higher. The ensuing frenzy predictably ended in a bust that still prevails.

Those home builders who are still operating in Las Vegas have drastically revised their business plans to survive. Not too long ago the median new home price was heading well past the $300,000 mark, but in doing so slowly started to become unrealistic to many buyers. The market eventually tanked, as we well know, and values are now marching the other way. Going toward where the annual household incomes can afford them again. To read the entire article, please click on the link in this paragraph.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 12 commentsEsko Kiuru • November 19 2007 08:20PM

Comments

Esko, I enjoyed your town last week. I hope for better days for all and in short order.
Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) almost 11 years ago

It's amazing.  We are back to waiting lists and 6-10 month builds + price increases for entry level homes.  Went into contract with another new construction yesterday.  I also am having activity on my two listings (YAY!) I am LOVING THIS!

I can't say we are turning yet but there are a bunch of smiling real estate professionals in Las Vegas today ~ the ones that know what is going on that is :wink:

Was a pleasure meeting you last week Esko! 

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 11 years ago

Hi Esko,

IMHO one of the benefactors of the declining/sluggish market will be future home owners. There is always good with the bad. In the long-run, it's likely more will be able to afford home ownership.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) almost 11 years ago

Frank,

Vegas entertainment seldom disappoints. Real estate market does right now, but we'll come out of it.

Posted by Esko Kiuru almost 11 years ago

Renee,

Excellent news. Let's splash the waiting list update all over the national media and get this thing turned around. Wasn't the Crib Suite party fun while it lasted?

Posted by Esko Kiuru almost 11 years ago

Lynda,

The declining prices will definitely widen home ownership base, which is good.

Posted by Esko Kiuru almost 11 years ago
Esko I posted about it on Saturday, I am hoping Reuters picks up on it from blogburst.  That would be beautiful!!!  My website activity has gone through the roof in the last two weeks along with inquiries.  It's too soon to tell, sooner than I had expected, but it sure feels good :)
Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) almost 11 years ago
Aloha Esko, It was really cool meeting you last week.  I spent a little time while in Las Vegas looking at the market.  Some very interesting dynamics going on there.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) almost 11 years ago

Renee,

Hopefully Reuters, or someone, picks up on it. It's real good news for us.

Posted by Esko Kiuru almost 11 years ago

Randy,

It was a good party and good meeting you and some other notable AR bloggers. The market is soft, although there are signs of improvement, as you may have noticed in Renee's comments here.

Posted by Esko Kiuru almost 11 years ago
Esko, what goes up must come down and with some balance over time better days are ahead for Las Vegas real estate.
Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 11 years ago

Gary,

The market is coming back to where it belongs.

Posted by Esko Kiuru almost 11 years ago

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