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September 19, 2014

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Las Vegas real estate: Houses you can (or could) buy for under $150,000

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Steve Marcus

A home for sale at 227 Marks St. in Henderson, April 9, 2012.

Bargain prices and low interest rates have combined to escalate activity in the Las Vegas residential real estate market.

The number of residential properties in the valley available for resale is just over 6,000, down from a recession-era high of 22,000 properties, according to numbers from the Greater Las Vegas Association of Realtors.

Here’s a look at some properties that are or have been listed for sale under $150,000 in the Las Vegas Valley.

    • A home for sale in Henderson.

      List Price: $129,900

      This two-story home in Anthem Highlands in Henderson offers 1,628 square feet of living space at a list price of $129,900, a steep discount from the $450,000 the property sold for in 2005.

      Built in 2004, the home, at 2908 Rothesay Ave., has three bedrooms and two and a half bathrooms.

    • A home for sale in Las Vegas.

      List Price: $119,900

      Located in the gated Stallion Mountain community, this 1,223-square-foot, one-story Las Vegas home has two bedrooms and two baths.

      A traditional sale, the home, at 3504 Osprey Ridge Court, is listed at $119,900 and is touted as having easy access to community parks, a pool and an exercise center.

    • This 2,200-square-foot home near Tropicana Avenue and Jones Boulevard offers four bedrooms, two and three-quarter bathrooms and a three-car garage.

      Closing Price: $149,000

      This 2,200-square-foot home near Tropicana Avenue and Jones Boulevard offers four bedrooms, two and three-quarter bathrooms and a three-car garage.

      The home, which was built in 1978 and recently renovated, also contains a wet bar, granite counters and vaulted ceilings. It recently sold for $149,000.

    • List Price: $149,900

      An 1,800-square-foot home with three bedrooms and two bathrooms, this one-story Henderson property at 227 Marks St. is listed at $149,900.

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    1. We entered the Real Estate market in the Vegas valley ten months ago. I'd like to assure readers that you actually cannot purchase a "short sale" house of any quality for the list price.

      We made first-day-listed offers on three homes such as mentioned in the article for the exact listed price and were "out-bid" by outside investors.

      We tried adding $20k to list prices of homes in the $160k asking price range and were still out-bid. Finally, we got lucky and are currently in escrow for a home listed for $159k that we offered $189.5k to gain acceptance.

      If you're looking for junk, there's plenty out there, but move-in-ready homes aren't selling at the listed prices.

    2. The banks will jerk you around to no end on short sale homes. JCrumpley is right, your chances of buying a short sale near list price is virtually nil. Number one consideration above money and condition of home...make sure it's in a good neighborhood. Location, location, location. Everything else is way behind that, especially in Las Vegas. Avoid NLV like the plague.

    3. Considering how our AG is actively prosecuting at least one party "responsible for the filing of tens of thousands of fraudulent documents with the Clark County Recorder's Office between 2005 and 2008," the titles to many foreclosed homes are still up in the air. That's @ http://www.vegasinc.com/news/2011/dec/05...

      With MERS 1) being on half or more of those foreclosed deeds of trust, and 2) a federal court in Oregon has recently voided a deed of trust because MERS was on it, with their AG taking the same point to the Ninth Circuit, many buyers face the real possibility the wrongfully foreclosed homeowners will be knocking on their doors wanting their homes back.

      At least our AG is trying to do the right thing. Too bad she's only going after Bank of America, LPS and a few notaries. This fraud is so massive with so many players it may take decades to sort out. Thank Big Finance and lax federal regulators for that.

      "If you're going to take my house away from me, you better own the note." -- Joe Lents (who hasn't made a payment on his $1.5 million mortgage since 2002) in Bloomberg's 2/22/08 "Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish"

    4. Many current and future homeowners realize that parts of the real estate market are snapping back. Perhaps not all the way back but that too could be called a good thing. Many buyers want good design--good floor plans and energy efficiency like insulation, upgraded windows, roof overhangs, locations for lifestyle. Unless you can do the repairs, remodeling, cost calculations most prefer to let the owners / banks fix it up, get it up to code. Let the Flippers work with the distressed properties.
      And then again, long-term renters get zero return on their investment so breaking even on a home sale is a good thing. Making $50-200K a better thing but you have to be in the home for years. That's a good thing too. Fewer speculators and buyers buying for function and lower living costs.

    5. Killer's point is worth noting. By allowing perjured documents to be recorded, we have clouded the titles to pretty much every property that has gone through foreclosure. Without real backup, the Trustee's Deed is "wild" -- and subject to being defeated in litigation. "Caveat Emptor."

    6. 6,000 available houses left in the entire valley, I might have been born at night, but it was not LAST NIGHT. I perform due diligence assessments for residential/commercial property transactions here in the valley, and have for the last 12 years. The Realty Assoc. wants to generate a little price increase it appears by claiming that inventories are dropping as houses get scooped up. IF that were the case and there were only 6,000 houses left available in inventory on the market you can rest assured that Pulte, KB, Lennar (etal) would be building right now, but as we know......that IS NOT THE CASE. How about we print stories that are factual instead of these little snippets based on spurious numbers that really do not reflect the actual market conditions.

    7. "By allowing perjured documents to be recorded, we have clouded the titles to pretty much every property that has gone through foreclosure."

      lericgoodman -- our Supreme Court confirmed this in 2008's Torrealba v. Kesmetis: "an improperly notarized instrument is void." A thorough examination of the chain of title and iron-clad title insurance are needed by every prospective buyer. And trust no one!

      "Why don't the banks want us to see the paperwork on all these mortgages? Because the documents represent a death sentence for them..... in America, it's far more shameful to owe money than it is to steal it." -- an article from the November 25, 2010 issue of Rolling Stone by Matt Taibbi "Courts Helping Banks Screw Over Homeowners"

    8. I put Las Vegas, Nevada into realtor.com and these are the results:

      15,279 nearby properties found

      Try it yourself.

    9. Once you cull out all the properties selling for cash only to foreign buyers or commercial companies, those that need lots of work (dollars), those that don't fit your needs and those that aren't in your desired location (location, location), it is slim pickins.

      Unless you're a cash buyer, most folks are well served by getting pre-approved (not pre-qualified, big difference) by their lender of choice, preparing a list of priorities and locations for them and their realtor and pursuing properties that are ready to move in both from the condition/amenities needed standpoint but also restricting your offers to sellers ready to do business along the lines of your requirements.

    10. Be careful when buying short sales and even bidding. There are still scams out there. One being that you give a higher bid. Someone else gives a lower bid. The bank is told the lower is the only one so the bank agrees. That person buys it and sells it to you almost immediately for your bid. Flipping is still alive.