bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 2898  >> 

Trustee s Sale Becomes Best Buying Option as Home Prices Rise in September





As you may know I have been very heavily involved in the Las Vegas real estate market for the last six years, both as a private investor and as a licensed real estate agent. As an agent specializing in undervalued properties, I have sold homes and condos to both owner occupants and investors at great discounts...before and after the bubble burst.

The current Las Vegas market represents one of the greatest buying opportunities that we have ever seen in real estate. Prices have over-corrected as a result of the credit crisis and have come down to levels that are way below builders' costs. We are seeing condos selling at about $35-$45 per square foot and single family homes selling as low as $50 to $60 per square foot. From October of 2007 to May of 2009, the average median home price in Las Vegas fell approximately $10,000 per month...every month. As prices began to stabilize in the summer of 2009, investors realized that a bottom was arriving and began to flood back into the market. This past summer saw record sales volume in the Las Vegas valley. There were over 3700 closes in both June and July, 2009...beating even the previous monthly highs set in the summer of 2004, at the height of the bubble. Of these closings, 45% were cash deals and 40% were to investors (as opposed to owner occupants)...these numbers also exceed the percentages posted in 2004.

This extraordinary demand for great properties at great prices in Las Vegas caused the median home sale price to increase in September...the first increase in the Las Vegas market in over two years. September also saw sales taper off slightly. The general consensus, however, is that this decline is not because of a reduction in demand, but rather because of a drastic reduction in supply. In September only around 1800 homes were returned to bank ownership through the foreclosure process. In contrast, 3358 single family homes sold in this same month. Since almost 70% of all these sales were on foreclosure/REO properties, this represents a situation where more homes are being sold than are coming on to the market. The prices are low, the demand is high and, as a result, prices are starting to creep up on these REO sales. In addition, we are seeing multiple bid situations on almost every REO property that comes up for sale. These circumstances are making finding good deals by buying REO properties very difficult.

The most viable option at this time for acquiring properties below market value is at the trustee's sale. Once the owner of a property passes his 90 day notice of default period, he is issued a notice of trustee's sale. After the NOS, or notice of sale, is given, the owner has 21 days to cure the default or the property will be sold to the highest bidder at the trustee's sale. Buyers at the trustee's sale in Las Vegas are currently picking up properties for a discount of about 20% under the already heavily discounted REO listings that are setting current market values. For example: If a home sold in 2007 for $300,000, and it is now worth about $100,000 on the REO retail market, it may be picked up at the trustee's sale for around $80,000. This would represent a buy price of approximately 25 cents on the dollar from the highs of just a few years ago.

I have spent the last several months working with a handful of investors and have made several purchases through the trustee's sale. Buying at the trustee's sale represents not only a great opportunity for the buy and hold investor to purchase properties for cash flow, but also represents the only viable opportunity for flip investors in Las Vegas to actually resell a property for a quick flip profit.


About Author Glenn Plantone :

Glenn Plantone is a foreclosure and short sale expert, full time real estate investor and licensed real estate agent in Las Vegas, NV. He has appeared on several radio and television shows and in print discussing real estate trends and opportunities. 702-938-8888 or gsplantone@gmail.com For detailed information on local and national real estate trends visit Glenn's blog & website: http://www.viewpointequity.com http://www.vegasforeclosures.blogspot.com


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/183859


Article Added on Saturday, November 7, 2009
LD
Other Articles by Glenn Plantone

Shrinking Inventory Necessitates New Buying Strategies
The Las Vegas real estate market has endured an amazing roller coaster ride in the last ten years. Homeowners in the Las Vegas valley saw very modest price appreciationthroughout the 90's and the early part of this decade. In 2003, sales began to pick up and by 2004 Las Vegas was the hottest market in the United States. Prices shot up to astronomical new heights only to come crashing down a few years later. The 2007 and 2008 season saw the Las Vegas real estate market become as cold as...

Short Sales vs REOs
As of September 2009, the nation's supply of REO homes has begun to shrink, even in foreclosure capital Las Vegas, NV. As investors flood back into distressed markets, we are seeing multiple bid situations for most REO or bank-owned foreclosure properties coming back onto the market. With demand exceeding supply, it is becoming harder and harder for investors to purchase REO properties at discount prices. Also, with the Obama administration offering hefty incentives for banks to help...

Short Sales Increasing
Over the last year, many of my clients have asked me about the feasibility of short sales...both from a seller's perspective, as a way out of an upside down property; and from a buyer's perspective, as a way to acquire properties below market rate. Up until recently I have advised most of my clients away from short sales...as a buyer or as a seller. The reason was simple: lots of time invested, small chance of success. As a rule, since the housing bubble burst and the credit crunch began,...

Cash Is Truly King in Las Vegas Real Estate
Over the last 5 years I have sold a lot of real estate in many different markets nationwide. In 2003 droves of investors came into the Las Vegas market and purchased single family homes and condos. In 2004 the scene repeated itself in the Phoenix market. In 2005 markets like Albuquerque and Austin had a large amount of investors snatch up new construction homes. In 2006 the Carolinas became hot and east coast investors invested very heavily in many markets in Florida. All the while I was...

The Bottom is Near if Not Already Here
Since it peaked in early 2007 the Las Vegas housing market has been falling. During most of 2007 the median home price stayed aloft while foreclosures and inventory continued to pick up. Home owners and investors not wishing to face reality left their homes on the market but very few of them actually sold and most were unwilling to lower their listing prices. So, inventory continued to grow. From median price highs of around $300,000 at the end of 2007 the median price has been falling nearly...

False Bottoms Or When the Tail Wags the Dog
For the last 18 months real estate investors, market analysts and other experts have speculated as to when the long awaited bottom for the beleaguered real estate market would finally arrive. Rather than offering guesses as to how long the down market would last, I have tried to focus on identifying the signs of a bottom approaching, so that myself and my investors would be able to identify this buying opportunity as it arrived. If you have followed my articles and blog posts, you have noted...

Historic Investment Opportunities Rival Those of the Great Depression
I will tell you how to become wealthy. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful. Warren Buffet We are currently facing the greatest economic downturn since the Great Depression. Individuals and corporations alike are tightening their belts and refusing to spend money...holding on to whatever they have in an attempt to weather the storm. Certainly prudence in this economic climate is wise. But what should also be remembered is that many of the great...

No New Building In Las Vegas Great For Investors
I recently ran across an article (which will appear below) in the Las Vegas Review Journal that discussed the stall in new construction of apartments in the Las Vegas Valley. This lack on new construction is coming on the heels of falling rent prices and rising vacancy rates valley wide. At first glance, falling rents and rising vacancies might seem like bad news for private investors. But consider this: There are fewer than 1000 new apartment units slated for construction in 2009 and only 148...

Buying Foreclosures in Las Vegas Has Never Been Easier
In its January 11th, 2009 issue The New York Times heralded Las Vegas as its Frugal Destination of the Year, proclaiming that Las Vegas has been buffeted by the economic crisis, and deals are plentiful along the Strip. According to Dr. R. Keith Scher, director of the Center for Business and Economic Research at the University of Nevada, occupancy rates in the city's 141,000 hotel rooms are down 15%. This results in great deals on accommodations all along the spectrum...from the high end 4...

Government s Financial Stability Package Unlikely to Help Most Las Vegans
With much adieu the government announced on Tuesday February 10th that over $75 billion would be spent trying to help as many as 9 million American homeowners avoid foreclosure. This will be accomplished through government sponsored loan modifications and refinance options. One glaring problem with this plan for those on the West Coast is that it restricts loan modification and refinance help to those who owe no more than 105% of their home's current market value. In states like California,...

Click here to see More Articles by Glenn Plantone
Publishers / Webmasters
Article ID: 183859
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


180 Users Online!!
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Email Marketing Solutions Provided By AwareIndia







Company IDS