Foreclosures have fallen in Las Vegas, ending the first quarter of 2019 at 74% below the same quarter in 2008. Small investors late to the game still call – after they wasted money on a seminar – and breathlessly tell me they want to buy a foreclosure. Well, we all do. But fortunately, homeowners who survived that brutal recession market are in much better health, value-wise. There are 128 REOs on the MLS in Vegas today.
(Info courtesy of the World Property Journal, Image courtesy of Wikimedia.)
Las Vegas home prices continue to rise despite the abundance of inventory. As we told you earlier, the median home price hit $300,000 again last month. To expand on this, prices are up 7,.1 percent from March, 2018 to March, 2019. Well I don’t at all expect my investment properties to increase at an annualized rate above 15%, it’s interesting to note that prices rose 1.3% between February and March, 2019 according to World Property Journal.
I’m a huge fan of downtown restaurants, so it was great to see a story on one of my faves, Good Pie, in the LVRJ yesterday. Owner Vince Rotolo is recognized for his awesome gluten-free pizza. I could care less about gluten-free pizza, but Vince is a rock star pizza maker and downtown restaurateur. I recommend grabbing a Good Pie if you haven’t yet. Try the Grandma-style crust. You can thank me later.
(Courtesy of the Las Vegas Review Journal.)
Lake Mead is rising, at last! The lake is expected to be more than half full this year. Since January 1, Las Vegas has already exceeded our average precipitation for an entire year. Before you accuse me of being a climate denier, I don’t make this stuff up – I just bring it to Las Vegas fans. This comes from the U.S. Bureau of Reclamation.
(Image Courtesy of Wikimedia.)
As always, I would love to discuss how these things impact your real estate world. Call or text me! 702.279.2466 – Robin
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