Las Vegas Real Estate News

Total decline in median price of homes could top 50 percent

Moody’s Economy.com projects the total decline in the market will reach 52 percent by the end of the first quarter of 2010, says Mike Helmar, director of industry services and an economist who oversees Nevada forecasts.

2 February 2009
By Buck Wargo

Prediction: Las Vegas home-price decline will hit 52 percent

How much further do Las Vegas home prices have to fall? It’s the pressing question on the minds of homeowners concerned about the value they are losing on their properties and potential buyers, who are waiting on the sidelines before they purchase.

30 January 2009
By Buck Wargo

Experts say housing’s future is cloudy

No one has a crystal ball when it comes to Las Vegas housing. One of Las Vegas’ leading analysts predicts the housing market will reach its bottom in the first quarter and suggested prices don’t have much further to fall. But Steve Bottfeld, executive vice president of Marketing Solutions, tempered his own prediction by urging people to be wary of forecasts about the housing market. Speaking at his Crystal Ball seminar Jan. 22 at Texas Station, he said what’s happening in housing is uncharted waters.

30 January 2009
By Buck Wargo

Astoria, Concordia stop work

Astoria Homes, one of Las Vegas’ largest private builders, announced it stopped constructing homes after lenders foreclosed on three of its neighborhoods. The locally based builder laid off 17 people last week and is down to 17 employees — a tenth of the 170 workers it had at the height of the housing boom in 2005-06.

30 January 2009
By Buck Wargo

Foreclosure crisis also hitting renters hard

Constable Earl Mitchell locks the door to a residence during an eviction Tuesday in Henderson.

For Henderson Constable Earl Mitchell, it’s an easy day. As the department tasked with enforcing court-ordered evictions, Mitchell and his deputies have a trying, and occasionally heartbreaking, job — one that has only become worse as Southern Nevada has slipped into the stranglehold of the foreclosure crisis.

30 January 2009
By Jeremy Twitchell

Out of pain, a shot at gain

Prospective homebuyers look over a house Saturday. Auctions often offer homes that are deeply discounted but show signs of despair.

A large home auction this weekend unveils a sad tableau of our widening foreclosure market: Houses and condos of varying values, sizes and conditions scattered across the Las Vegas Valley and throughout the Silver State available for fractions of their worth. There’s the 5,700-square-foot estate home in a lush, gated Green Valley community that was once valued at $1.45 million that could potentially be had for about one-third that price.

29 January 2009
By Brian Eckhouse

Index shows further decline in home prices

More news on the troubled Las Vegas housing market is out today and it confirms what industry observers are saying: Prices here tumbled in the final months of 2008 at a rate greater than in most other cities.

27 January 2009
By Steve Green

Units aren’t closing so Trump says: Rent ’em out

With the condo-hotel market hard hit and many prospective owners unable to close on their units, Donald Trump has decided to lease units at the Trump Tower for up to one year as furnished apartments.

24 January 2009
By Buck Wargo

Nevada remains first in foreclosures in 2008

The Las Vegas metropolitan area ranked second in the nation last year for its rate of foreclosures, while Nevada held its top spot in the nation.

23 January 2009
By Buck Wargo

Analyst: Tough housing outlook

One of the valley’s leading housing experts said the Las Vegas market will continue its poor performance in 2009 and may be a couple of years away from a recovery.

23 January 2009
By Buck Wargo

Trump Tower’s shift to apartments could become trend

With the condo-hotel market hard hit and many prospective owners unable to close on their units, Donald Trump has an innovative solution. The real estate developer has decided to lease units at the Trump Tower up to one year as upscale furnished apartments.

23 January 2009
By Buck Wargo

Foreclosures are top housing obstacle

Home show: Attendees browse exhibits at the National Association of Home Builders show at the Las Vegas Convention Center on Jan. 20.

A group of economists at a national homebuilders’ conference predicted the housing market will continue to struggle in 2009, but held out hope it could stabilize by end of the year and begin a slow recovery in 2010. But the same economists suggested it will be another two to three years before the market starts to return to any sort of normalcy.

23 January 2009
By Buck Wargo

Big drop in prices boosts home sales

Fueled by foreclosures and a 37 percent drop in median price to $205,893, the existing-home market ended 2008 with 31,727 sales, 38 percent more than in 2007. Combined with declines in 2007, the median home price has fallen 45 percent since February 2007 when it was $288,000.

23 January 2009
By Buck Wargo

Home sales increase with lower prices

December was not supposed to be a good month for home sellers. But it turned out to be a season of surprises as sales throughout the valley surged for the fourth consecutive month compared to 2007.

22 January 2009
By Jeff Pope

Office construction slows to crawl in 2008 as vacancy rate keeps climbing

The Las Vegas office market has been hit hard by the recession. The amount of new space completed in 2008 was 36 percent of its 2007 level and the total space leased was half of what it was in 2007, according to Patricia Nooney, managing director of CB Richard Ellis, a commercial brokerage.

16 January 2009
By Buck Wargo
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