LAS VEGAS (KSNV & MyNews3) -- A new report by SalesTraq shows home values dropped in all but three of the 56 zip codes in Las Vegas last year.
What the numbers tell us is that from Main Street to mansion row -- this recovery looks very similar no matter what side of town you call home. News 3s Mackenzie Warren has more on the report.
A palatial home in Spanish Trail can be yours for a cool $14 million. The estate is complete with 12 bedrooms and 16 bathrooms. It sits on more than one acre of land and is a reminder of how Las Vegas once was.
It’s up for auction on Friday. Nick Leonard, with Concierge Auctions is courting investors. When asked if he think he’ll get the listing price he answers, “Who knows.”
“Show up and bid. I think the opportunity starts below $14 million. We'd love to get $14 million but if someone wanted to buy it maybe they already would have. The bottom line is the highest bidder here on the 24th owns the property”
Leonard says the owners aren’t in any kind of distress. He says a high-end auction is just one technique to aggregate some competition. “We'll drive up the bidding with some people that really want to own this thing.” But the volatility of the market is king and even the owners of this castle aren't likely to get what they want. And so goes the story for the rest of the valley.
In neighborhood after neighborhood, median home prices from 2010 to 2011 took a nosedive. The numbers may seem to point to a "double-dip", but Paul Bell, past president of the Greater Las Vegas Association of Realtors disagrees. “It seems very unlikely,” says Bell and believes inventory is playing to our favor.
“There are pockets that are showing much more improvement due to the tightening of supply of housing,” Bell says.
Today, there are fewer than 8,000 single family homes on the market. Basic supply-and-demand tells you a shrinking inventory will drive prices up—good for homeowners, but bad for investors. And while Bell says investors are the backbone to our recovery, just like anyone in real estate, he's taking it one step at a time.
“We see the next six months is still favorable for investors.” So when will your home values go up? Bell says it's tough to tell. It’s a story of neighborhoods. He advises people to take a look around at how many foreclosures are on your street and also how well the homes are maintained.
