Las Vegas Real Estate Market: When Is Real Estate A Good Deal?

Saturday, February 16, 2008

When Is Real Estate A Good Deal?

I'm sure if you ask ten different realtors what makes a property a good deal, you'll get ten different answers. Everyone has different priorities, sees the amenities and features differently, and pictures the yard and neighborhoods another way. Yet, everyone can usually agree on one basic thing -- if the price per square foot is a significantly under the price in the area and the property is in reasonably decent condition, its a good deal.

I have been doing research for some cash buyers and investors, all asking for great deals. In speaking with them, I ask them a variety of questions to narrow down what they feel is a good deal. The answers include desirable features such as a pool, certain neighborhoods, certain age, and top price. The one thing they seldom ask is when I send them properties, what makes them a great deal -- to me, it also has a lot to do with market value.

In 2005, if you could find a nice house under $150 a square foot, that was a great deal. You hoped the house would have enough square footage, a nice yard, and not need much if any work done to it to make it the house of your dreams. If you were lucky, it was newer with vaulted ceilings and close to great schools and shopping. Wow, what a difference 3 years makes.

Las Vegas has been on and off the top of the foreclosure market list, never being farther down than 5th. That's not a distinction we're particularly proud of, but we're trying hard to offer clients a great opportunity to take advantage of while they can. This, like all good opportunities won't last. So just for fun, I'm including a link to newer properties in a very desirable part of LasVegas known as Henderson that are $100 a square foot or under (almost all are bank owned foreclosures). If this is something you'd like to take advantage of, you should do it now while this opportunity still exists. This really won't last long.