There is an old Irish saying……nothing ventured, nothing gained. Las Vegas real estate is on sale right not but you have to know what you are looking at when you take a hard look at a home.
Yes, you are going to see some mold, trash, cluttered yards, dead grass and maybe even holes in the wall as you work through some Las Vegas Foreclosures. But, you have to be sanguine about the process and realize an ugly home today may mean cash in the bank later! Yes, you may have to factor in some repair costs as part of your purchase price but these will eventually generate a return for you.
Much of the Las Vegas real estate around is is to put it bluntly distressed. There are a lot of houses in disrepair and some neighborhoods that are down on their luck as well. And, this is not all the homeowner’s fault, many of these homes are bank owned (taken over by the bank) and the banks just don’t have the staff and resourcing to keep up with the amount of inventory they are dealing with.
Distressed Las Vegas real estate typically sells for discounts of 10-50% below comparable well maintained homes. Based on our financial calculations we believe some significant portion of the market is below what the replacements costs are for a comparable home – meaning, a builder can’t duplicate a home your buying for the price you are paying for it now.
The picture of risk versus reward should be emerging. These are lovely homes that just need some TLC, a loving owner or caring investor, to put it simply a family to turn a house into home again – this is Vegas baby, and we are coming back!
