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The Housing Market in Las Vegas

July 31st, 2011

The housing market’s bursting bubble has had a dramatic and rippling effect on our economy. That effect has been felt particularly hard in the Las Vegas valley. Nevada, in fact, has the highest foreclosure rate in the country and has been consistently on of the worst unemployment rates in the country.

According to Standard & Poor’s report on May 31st, Las Vegas-area home prices fell yet again in March. Prices in March were down 1.1 percent month-to-month and down 5.3 percent annually. According to S&P’s reports, Las Vegas-area homes are now at May 1999 levels.

As a Las Vegas resident it is disheartening to see one “For Sale” or “Foreclosed” sign after another as I drive through my neighborhood. This past week my next door neighbors, a family of four, abruptly left. No goodbye, no nothing. It kind of hurt, but what hurts more is the 30-year-old TV and what appears to be the destroyed parts of a recliner they left in their yard. Just like that, I live next to a junkyard.

It’s sad that a family was forced out of their home, but they obviously weren’t concerned with how it affected me, their neighbor, so a tear I do not shed. Maybe they weren’t facing bankruptcy, maybe they won the lottery and are eating caviar and sipping champagne (probably not), who knows for sure. One thing is for sure, a neighbor abandoning their home and leaving garbage on their yard can’t be good for my home value. Though, I rent, so what do I care, right?

Well, maybe I should care. All these empty homes and foreclosures got me thinking. Has the market finally bottomed out? Is now the time to buy? Will the market start to stabilize soon? Can I make the right move for once? Maybe I should do some research and find some answers to these questions…

Among all the depressing economic statistics there are some signs of economic recovery in Las Vegas. For example, Chapter 11 and Chapter 7 personal bankruptcy filings are down 11 percent from January 2010 to January 2011. And according to the 2010 Census, the Las Vegas population has surged to 1.95 million people and averages 6,000 new residents monthly. These residents just aren’t in my neighborhood. » Read more: The Housing Market in Las Vegas

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Posted in Foreclosures

Tags: bursting bubble home Housing personal bankruptcy filings

Naples Luxury Homes

July 31st, 2011

Naples luxury homes and Naples real estate in general has some very powerful demographic drivers that continue to fuel Naples real estate demand. The first boomers turned 65 in January and according to active seniors real estate developer Del Webb, many are considering Florida for a new home. Naples homes for sale specifically have been heavily shopped this year as sales figures continue to show increased demand in this luxury real estate community. Sales last month for luxury homes were up significantly for the fifth straight month and also up sharply for the 12 months ended May 2011. Foreclosure properties now make up a small part of total sales. In the coming two decades, boomers will start flooding the market on the supply side up North, while fueling new demand for Naples Florida properties.

Florida foreclosures have been plentiful, but not these days. Today it might be better to describe Florida as the land of “under-priced” real estate. It was recently reported that a full $3 billion of Florida real estate value was slashed in Florida. Meanwhile, international buyers purchased $40 billion last year in U.S. homes. There has been a lot of interest in Naples Florida real estate according to one recent poll by Trulia, a website leader in MLS syndication on the internet. Naples luxury homes came in number seven (7) in the top 20 real estate markets that interested international buyers.

There are really two markets in the U.S. today, specific Sunbelt properties markets, and other markets. Only specific Sunbelt markets are doing well today. The mortgage interest tax deduction is a big benefit for people in higher tax brackets. At retirement time, no mortgage means your monthly expenses are reduced, and you have some equity to leverage whether through a reverse mortgage, or other line of credit. The Naples foreclosures opportunity is pretty much over here, especially for Naples condos for sale as there is only a nine month supply. Demographics and affordability along with the Sunbelt location are the drivers here and that will remain for next two decades. » Read more: Naples Luxury Homes