Las Vegas foreclosure properties up for sale are gaining worldwide attention as home buyers, as well as investors, continue to discover that some of the lowest prices in over 20 years are located in Las Vegas. Trulia research reported, and LasVegasRealEstate.org confirmed, that Las Vegas homes have the #1 price-to-rent ratio in America.
Even though appreciation has remained flat for many communities, immediate cash flow in the rental market is driving excitement, showing 10% and better returns for experienced buyers. Realty One’s Ashley McCormick has seen an increased interest from foreign buyers, as well as retirees, taking advantage of the affordable prices. In addition to that, foreign buyers are looking to compound on the benefits of purchasing second homes against a weak U.S. dollar while retirees are looking to get the best value for their remaining dollars in popular communities starting at $100,000.
Regardless, Las Vegas foreclosures are proving to be the deal that discerning buyers decide on after doing their research. McCormick is also advising buyers to take note of the niche markets in order to see the positive impact these cash purchases are having as well as the long term effects they may have on Las Vegas real estate market trends. High rise condos in Las Vegas are standing out as the dominant niche with 90% all-cash buyers. In addition to that, low priced units are being taken off the market, forcing prices to show both the first signs of appreciation since the recession hit as well as the stability the debt-free property owners bring to the community.
The average medium price of a home for sale in Las Vegas is currently$119,000 with 50% of homes for sale in the city being purchased entirely with cash. As a result, the Vegas economy is enjoying more residents with extra income to shop, dine and explore the city’s world class entertainment. In addition to that, the extra income brought by these buyers creates a cycle that benefits the service industry that largely contributes to the rental population of Las Vegas.
Source: PR Web – Las Vegas Real Market Receives Over $720 Million Cash in Last 3 Months According to LasVegasRealEstate.org