[NU2LV]

We have been looking for a condo in the Summerlin area for the past several months and it appears the the pricing has gone up drastically in the past 6 months. Is it all of Vegas or just the area we are looking at?
A condo sold for 60K in Dec. and a similar one just sold for 85K +30% in 6 months!!

[tbill618]

I am looking at homes in Henderson and i have noticed a pattern. A few homes will come up in an area for sale then go under contract and a few days later a few more come on. This is consistent with banks slowly releasing inventory in order to keep prices from tanking. But I haven't really seen price increases, yet. There are about 4X as many houses under contract as for sale. At that pace it won't take long for prices to rise.

I am sure that the condo market is much more competitive because of investors.

[airics]

What condo was 60k in summerlin..? Must be older..

[lvoc]

I believe he actually means near Summerlin...403,404,405,102

[NU2LV]

Vegas and Buffalo

[Everdeen]

Prices are crazy right now. I think it started around January.

[Alert 2012]

These slightly rising prices don’t portend a housing comeback. Instead, the seasonally adjusted figures illustrate that since March 2009, we’ve been bumping along the bottom of the housing market, just as we did for six years after the last housing bubble burst in 1991.
Among metropolitan areas with more than 1 million people in 2000, Boston and Denver were two of the 10 most-educated, with more than one-third of adults with college degrees.
Detroit and Las Vegas are among the least-skilled large metropolitan areas; only 16 percent of adults in Las Vegas had college degrees in 2000. Las Vegas was the easiest bubble to call, because there are few barriers to building in unincorporated Las Vegas and outside the urban core

Cheap homes make it easier for young families to buy. Given that our public policies tend to be rigged against the young, who will have to pay the cost for our current deficit and extraordinary spending on Medicare, I can’t begrudge them the benefit of lower housing prices.
In the long run, we should expect to see prices stay low in most of the U.S. We have an abundance of land. The U.S Census reports that there were 117 million households in 2010. So every U.S. household could have more than an acre of land and we’d all still fit into Texas.
I see no reason to think that this period of housing-price stagnation will be shorter than the six-year stagnation of the 1990s. I hope that housing prices continue to be modest for decades so that ordinary Americans can afford to buy, and I see little good in government policies, like the homebuyer tax credit, intended to artificially boost housing prices.
My greatest hope, however, is that prospective buyers have learned the lesson of the past decade: Housing prices go down as well as up. The right reason to buy a home is not as an investment, but as a place to live a fulfilling life.

[airics]

That's what I thought "near Summerlin"

[NLVgal]

Originally Posted by Alert 2012

These slightly rising prices don’t portend a housing comeback. Instead, the seasonally adjusted figures illustrate that since March 2009, we’ve been bumping along the bottom of the housing market, just as we did for six years after the last housing bubble burst in 1991.
Among metropolitan areas with more than 1 million people in 2000, Boston and Denver were two of the 10 most-educated, with more than one-third of adults with college degrees.
Detroit and Las Vegas are among the least-skilled large metropolitan areas; only 16 percent of adults in Las Vegas had college degrees in 2000. Las Vegas was the easiest bubble to call, because there are few barriers to building in unincorporated Las Vegas and outside the urban core

Cheap homes make it easier for young families to buy. Given that our public policies tend to be rigged against the young, who will have to pay the cost for our current deficit and extraordinary spending on Medicare, I can’t begrudge them the benefit of lower housing prices.
In the long run, we should expect to see prices stay low in most of the U.S. We have an abundance of land. The U.S Census reports that there were 117 million households in 2010. So every U.S. household could have more than an acre of land and we’d all still fit into Texas.
I see no reason to think that this period of housing-price stagnation will be shorter than the six-year stagnation of the 1990s. I hope that housing prices continue to be modest for decades so that ordinary Americans can afford to buy, and I see little good in government policies, like the homebuyer tax credit, intended to artificially boost housing prices.
My greatest hope, however, is that prospective buyers have learned the lesson of the past decade: Housing prices go down as well as up. The right reason to buy a home is not as an investment, but as a place to live a fulfilling life.

Very well-stated. Thank you for your input. I hope people read it and take it to mind when buying a home.

[Oldwestgambler]

The prices have gone up and the suppy has gone way down. I believe the reason is the recent laws that make banks have things in order before foreclosing has caused the market for condos to dry up. I also believe people are waking up to the amazing deal these condos are. My friends didn't believe me that they could get a very nice condo in Vegas that use to cost $220,000.00 plus in 2007, now own it free & clear for the same price of a nice new car. There are still a lot of deals out there, but you have to write good offers and have cash in hand or financing ready to go. Don't get an agent you can't reach, because when a deal enters the market, you need to be able to write offers day or night.

We purchased two and one is an investment rental and the other a vacation home. We got good deals because one was short sale and the other bank owned. I didn't let recent price increases keep me from looking for the best deals. They do pop up, but you have to be ready and act fast. Best of luck!