Las Vegas Real Estate News

Q&A: Steve Bottfeld, housing market analyst

Steve Bottfeld, executive vice president of Marketing Solutions, talks about Las Vegas housing.

Steve Bottfeld is not afraid to share his opinions on the Las Vegas housing market even though he admits being right has been tougher in recent years for most prognosticators, including him.

29 May 2009
By Buck Wargo

Report: Nevada's 31 percent home price drop tops nation

Bad news about Nevada home prices and foreclosures continued to roll in Wednesday and Thursday. A federal agency that tracks home prices said Nevada led the nation in price declines between March 2008 and March 2009, with Nevada prices falling 31.1 percent.

28 May 2009
By Steve Green

Transfer order doesn’t wait for real estate to rebound

Air Force Maj. Brian O'Neill bought his North Las Vegas home at the height of the real estate boom, but is now being transferred and forced to sell. The home is worth less than half what he paid for it. He's hoping to recoup some of his losses through a government stimulus program.

Brian O’Neill bought his house in Aliante in April 2006 for $360,000. It’s now worth less than half that. His is a familiar story in the Las Vegas Valley, but he’s in a worse predicament: Uncle Sam has ordered him to move.

27 May 2009
By Megan McCloskey

Report: Home prices haven't reached bottom

Las Vegas-area home prices declined in March at a greater rate than in February; and a national survey today found the U.S. housing market has not yet hit bottom.

26 May 2009
By Steve Green

Analyst predicts new-home recovery in 2012

The Concord Group, a national real estate consulting firm, says foreclosures of existing homes, like these in Henderson, are making it hard for builders to sell new homes. The company thinks the local new-home market will recover within three years, later than some local experts predict.

A national real estate advisory firm is handing out predictions about when the new single-family home market will recover in Las Vegas: in three years.

25 May 2009
By Buck Wargo

Focus Property maintains its Edge in U.S. home sales

With a little more than 1,100 new-home sales through the first three months of this year, competition has been fierce.

22 May 2009
By Buck Wargo

Price of existing homes drops to ’98 levels

The price of an existing home in Las Vegas in April fell to its lowest level since 1998, but the decline generated the most sales since the peak of the market in June 2006, according to statistics released this week by SalesTraq.

22 May 2009
By Buck Wargo

Underwater mortgages mount

More than 80 percent of the homes bought in Las Vegas from 2005 to 2007 are underwater, a reflection of the danger that still lingers for the housing market.

22 May 2009
By Buck Wargo

CityCenter condo prices not bending to market

A sales executive talks about Veer towers during a January 2006 media open house. So far, 432 condo and condo-hotel units have sold at Veer. The average price per unit at Veer, Mandarin Oriental and Vdara towers is $1,250 per square foot, four to six times as much as other luxury units have sold for in Las Vegas recently.

Buyers of CityCenter condos are urging the project’s managing partner, MGM Mirage, to lower prices on the units by 30 percent to 50 percent to better reflect the valley’s sagging condo market. MGM Mirage is balking at the idea — at least for now. Some buyers — many of them signed purchase contracts more than two years ago — are bracing for an uncomfortable confrontation with the company late this year.

21 May 2009
By Liz Benston

Report: Vegas home prices at 1998 levels as sales surge

Homes are more affordable in Las Vegas. The price of an existing home in April fell to its lowest level since 1998, and the drop generated the most sales since the peak of the market in June 2006, according to statistics released Tuesday by SalesTraq.

19 May 2009
By Buck Wargo

Lower prices keeping this home-sale sector hopping

The 3,198 Realtor-listed home sales in April were the most sales since August 2005, and a whopping 78 percent more than sold in April 2008.

18 May 2009
Las Vegas Sun

Park Highlands developer files for court’s protection

The vacant desert at left was to be developed as Park Highlands, a 2,675 acre community in North Las Vegas. Work began in 2007 with the expectation that people would begin moving in in 2008. This February, the projection for completion of the first homes was moved to 2010. Now, who knows?

Work on the project began in January 2007 with the expectation that residents would start moving in by the end of 2008.

18 May 2009
By Mike Trask

Saving the master plan

Inspirada, a master-planned community in Henderson, is shown May 11, 2009.

Master-planned communities in Southern Nevada have taken some hits during this recession, and their struggles haven’t eased. Planned communities have long been part of Southern Nevada’s landscape, fueled in part by BLM auctions of federal land. The master-planned communities are paying the price for the sharp drop in demand for new homes. Despite sluggish sales for new homes, planned communities are taking a bigger chunk of the overall sales than a year ago.

15 May 2009
By Buck Wargo

Consultant says Las Vegas headed in right direction

Dan Van Epp remains active in Las Vegas real estate circles.

15 May 2009
By Buck Wargo

Foreclosure filings drop

Las Vegas and the rest of the state have gotten a slight reprieve from foreclosures.

15 May 2009
By Buck Wargo
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