Finding Home Bargains in Las Vegas

For the 59th month in a row, Las Vegas was No. 1 in foreclosures, according to RealtyTrac. It’s hard to turn on the TV, read a newspaper (if you’re a certain age) or run a Google search without hearing about Las Vegas’s real estate woes.

The world also heard about houses that sold for $375,000 in 2006 selling for $131,000 today.

Well, all of that is true. However, here’s what’s not: Buyers assume that because Las Vegas is a hotbed of foreclosures and prices are down by 6o percent, it’s easy to “steal” a house in the valley.

I’m working with several investors as well as savvy couples who plan on retiring in the valley shortly. To both groups, getting the lowest price is critical to their success. Here’s the reality for house hunters based on my recent outing:

  • Most of the houses today are selling below their replace cost. (Good)
  • There are a lot of houses to chose from–over 20,000 in fact. There were 8,000 in the MLS when the boom started in 2004. (Good)
  • Quite a few of these houses need significant work before you would want to live in them. I’ve seen houses where the entire kitchen and all the bathrooms were empty. Cabinets, sinks, commodes-GONE! (Good or Bad depending on your feelings about home repair. Me, I’m a serial remodeler…)
  • It takes quite a bit of searching to find the diamond in the rough. Plan on lots of outings. (Bad)

The perfect house at the perfect price is out there for you and we at eXp know how to find it. But it is hard to find a four bedroom house with a three car garage in a gated community with granite countertops built in the last 10 years 15 minutes from the Strip for $150,000. And that’s a good thing for us locals who are committed to this community regardless of the equity we still have left in our homes.


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