Recently, per Ray Germain, investment property broker for Marcus & Millichap in Las Vegas, the 16,000 square foot Walgreen’s store located at Convention Center Dr and Las Vegas Blvd, was sold. The sale price equated to $1,736 a square foot, the highest price paid per square foot for a single-tenant leased drugstore in the USA. Similar priced properties have sold in Miami and New York City for less.

This same property sold for $12.2 million in 2004. This sale price was $27.8 million. Still betting against the return of Las Vegas? Careful where you place your money now in this amazing city.

As of May 7, 2011, the number of single family homes, townhomes and condos on the market available for sale in Las Vegas and Henderson is 13,919 per the Greater Las Vegas Association of Realtors (GLVAR) MLS system.  Historically, that number has been significantly higher.  Overall, 26,833 homes and condos are either available or under contract.

The number of homes and condos under contract (contingent or pending) is 12,914, roughly respresenting a most surprising forty-eight percent (48%) of the market.  A high percentage of those Las Vegas and Henderson homes and condos are by cash buyers from all over the world.  Regardless whether cash or mortgage loan buyers, a trend towards a sellers market may be occurring.  On a month over month comparison starting this year, it appears we may be trending towards a four (4) to five (5) month supply of Las Vegas real estate.

Let’s look deeper.  Of the total Las Vegas and Henderson homes and condos available for sale as of May 7, 2011, 9,489 are short sales and foreclosures.  By foreclosures, we mean REO or bank owned; not just starting the foreclosure process.  That’s sixty-eight percent (68%) of the available Las Vegas and Henderson homes and condos for sale are either short sales or foreclosures.

Of the Las Vegas and Henderson homes and condos under contract, 11,091 are short sales and foreclosures.  That represents eighty-six percent (86%) of the homes and condos under contract as of May 7, 2011 as being either a short sale or foreclosure.

Challenges to these statistics include items like short sales often take months to complete; however, several banks have been streamlining their short sale and foreclosure processes lately with some closings occuring in weeks than months.  Other challenges include the rumors of increased volumes of bank and lender shadow inventory soon to be released in the Las Vegas and Henderson markets.  Nonetheless, with what appears to be a trend of less time on market, such shadow inventory would potentially serve to swing the pendulum from a slightly sellers market trend that appears to be occurring to a buyers market for a short while.  That assumption is based on continued strong interest by buyers for short sales and foreclosures.

The last point we wish to tell you is about price points in time.  We’ve been monitoring certain Las Vegas neighborhoods for our investor clients.  It appears in some of these neighborhoods the sale prices are at or below 1996 prices.  If there’s continued statistical evidence like this in the months ahead then we believe Las Vegas and Henderson home and condo prices may be in an overcorrected mode.  Only time will tell us where all of this is headed but one thing for sure is these are very interesting times in Las Vegas and Henderson for the savvy, ready to act buyer.  Is that you?

How can we help you find that great Las Vegas or Henderson home and condo?   Please contract Bruce Hiatt at (702) 456-7080 today and let us tell you about our great services for you.

Copyright 2011, Luxury Realty Group LLC.  All Rights Reserved.

www.LuxuryVegasCondos.com has seen many transformations since the early 2000’s.  Now with its new makeover in progress, buyers seeking Las Vegas luxury condos can search by specific high rise tower.  More changes are in the works per Luxury Realty Group that will give buyers a great website for researching Las Vegas luxury condos for sale, especially foreclosure condos and short sale condos.

Haute Living and Luxury Realty Group fit well together with emphasis on Las Vegas luxury real estate.  Likewise for Luxury Realty Group’s luxury real estate websites such as Fine Vegas Homes.

As of January 24, 2011, there are two one bedroom luxury condos at Sky Las Vegas, located on Las Vegas Blvd in the Strip area, for sale under $140,000.  I will caution you however both are short sales and short sales may or may not happen depending on many factors including approval by the lenders involved.

With Canadians buying Las Vegas luxury foreclosure condos due to their Loonie being close to par with the US dollar, Asian countries experiencing increasing wealth and targeting Las Vegas luxury foreclosures to buy, and global investors realizing how low luxury real estate prices have fallen in Las Vegas, it’s no surprise that Las  Vegas is currently experiencing a renewed interest lately in its luxury foreclosures.

Having performed research for an investor in the Miami and San Diego markets, suprisingly the prices per square foot for luxury high rise condos are higher than Las Vegas.  That may explain at least one reason why buyers are increasingly focused on the Las Vegas luxury foreclosure condos priced in the $100’s and $200’s a square foot.  Think that you cannot buy a luxury foreclosure condo in beautiful Las Vegas Turnberry Place in the $100’s a square foot?  Luxury condos that at the real estate peak were selling above $500,000 or in some cases near $1 million are now priced from the low $200.000’s and higher for foreclosures.

Contact Bruce Hiatt at 702-456-7080 PST and let him create a special Las Vegas luxury foreclosure condo search just for you.