Las Vegas Real Estate Blog

The Century 21 First-Time Homebuyer Index revealed that for many, the American “Dream Home” is a new, suburban single-family home located in the southern United States. Other key findings in the study included:

(1) Location preference: 46% suburban; 39% rural, and 15% urban
(2) Construction: 78% prefer newly constructed homes
(3) Geography: 27% prefer the Southwest; 23% the Southwest, 19% the Northeast, 17% the Midwest, and 14% the Northwest.
(4) The top reasons for buying a first home include: 35%– Need more room/space; 24%–Desire to build equity; 12%–Marriage; 10%–Need for privacy; and 4% job relocation
(5) Housing Costs and Financing: 78% expected to pay less than $250,000 for their first home. The average home price among respondents was $215,000.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 3%

October marked the first month that median prices for existing homes sold declined in the past six months. The median resale price in October was $285,000 down $5,000 from the previous month. However, median prices were still 11.1% higher that a year ago.

David Ehlers, chairman of Las Vegas Investment Advisors, suggests that Las Vegas residential real estate in general and high-rises in particular may be “on the verge of a major upheaval.” To read more, click here

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 15%

A new phenomenon in the real estate industry is the idea of apartment-condo conversions. Home Builders Research is predicting that apartments converted to condominiums in 2005 will account for 750 to 1,000 of new-home sales. Overall, this represents between 28,500 and 30,000 sales.

In Las Vegas alone, there are at least 10 apartments to for-sale condominiums in the works with three communities actively selling. These conversions appear to fill the marketplace demand for more affordable housing. Past success for these types of conversions has been limited. However, more and more homebuyers, squeezed out of home buying due to rising prices, are looking at apartment-condos as a possible solution.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 18%

The economy may finally be recovering. A private research company, The Conference Board, recently cited falling gas prices and an improved job outlook as the primary factors leading to increased consumer confidence. In November, consumer confidence rose to 98.9, up from 85.2 in October.

The increase in consumer confidence also seems to be impacting the housing market. The Commerce Department reported that sales for new single-family homes shot up 13% in November, making it the biggest one-month gain in more than twelve years.

However, the jump in new home sales puzzled many analysts who were predicting a decline in new homes sales resulting from an increase in mortgage rates. It is possible that November’s surge is a result of buyers rushing to buy their home before the market rates climb even higher.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 10%

A new idea in real estate called Condotels is sweeping across the Las Vegas Valley. These unique real estate opportunities are part hotel and part luxury condominium. These buildings offer the ability to lease each individual unit when the owner or main resident is out of town. The Condotels offers an on-site leasing agent to rent out the fully furnished condos to Las Vegas visitors.

These units allow you to add additional income to your property when it is uninhabited. The professional management agency will take care of all the paperwork and legwork, relieving you of any extra effort. Some of the current Condotel projects are the Palms Place, Cosmopolitan, and the Aqua Blue. For more information on these properties, click here.

For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.

Popularity: 12%

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