Values in Las Vegas’ 89109 thrashed just as new condo project tries to close escrow.
Posted on March 10th, 2010 by admin
Aaron Auxier discusses the 2009 Home Value Percentage Map recently released by First American Title Company in the Review Journal. Sadly, according to the map, zip code 89109 was the hardest hit area in town with a 60% depreciation in 2009 (approx. twice as bad as many of the city’s other areas). Aaron explains that the news is disheartening, especially as a new developer is currently trying to close escrow on the contracts of their Las Vegas Strip condo units (which were sold for upwards of $2,000 a square foot during the pre-construction boom).
Aaron points out that it’s frustrating that 89109 shows such a slouch and how the true replacement cost numbers, as well as intangibles of why developers are hesitant to sacrifice their prime Las Vegas Strip land for residential high-rise condominiums are rarely reported.
In good news, while new projects attempt to close escrow at double and possibly triple the price, buyers are using this time to swoop up on resale units (many times short sales or REOs) at properties such as Panorama Towers, Sky Las Vegas, and Turnberry Place.
Finally, Aaron informs buyers why they need to research what TRUE Buyer’s Agency means to their purchase, and the dangers of walking into one-sided, on-site developer’s agents (and hearing their spin).
Duration : 0:3:54
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