Las Vegas Real Estate News

Las Vegas Valley Home prices have basically fallen off a cliff -- which, of course, means it is a great time for buyers.  

Foreclosures continue to be a significant part of home sales.  Most of the resales were foreclosed properties.

In the Spring of 2010  home prices  in a few neighborhoods stabilized.  Condo prices are astonishingly low because there are so many foreclosures. The peak average price was reached in June 2006.  Now it is almost "name your own price"--condos are listed at about 50% below the peak.

High-Rise Condo Buyers.  If you are planning to buy a high rise condo, you would be advised to look at resale condos.  There are many on the market and many of these have never been lived in. So you may get a virtually "new" condo for a very, very attractive price.  You may also find that original builders of new condos are less interested in negotiating a reduced base prices -- but are willing to offer incentives such as upgrades.

Taxing News. Currently, Nevada has no personal income tax, no inheritance or estate taxes. Property taxes run about 1%. In the lat session the Nevada State Legislature placed a cap on the amount property taxes can increase based on rising property values. 

What Las Vegas Neighborhoods Do Real Estate Agents Find Most Desirable?   Desert Shores and Summerlin tied for #1 in a recent survey of Las Vegas real estate agents.  The average price for a resale home in Summerlin as of the end of September, 2008, was $319,000.  In Desert Shores it was $179,000.

Where In The Valley Is It? If you would like to know where various communities are located in the Las Vegas Valley, click here for a neighborhood map that will give you the general location of Summerlin, Siena, Lake Las Vegas, Green Valley, The Northwest, Henderson West, Sun City Anthem, etc.

For information about small lot sizes, click here.