Las Vegas offers planned communities as well as luxurious condominiums.
Some real estate agents assert that there has never been a better time to purchase Las Vegas, Nevada, homes. In fact, the market may have hit rock bottom. Currently, homebuyers in the Las Vegas area are witnessing prices that have not been seen since 1998, with the average home price at $125,000. This price is 57 percent lower than prices were at during the height of the market in 2006, according to the Realty One Group.
Many cite Las Vegas as a good place to move and invest, because it is one of America's fastest-growing cities. The United States Census estimated a 15.1 percent population increase between April 1, 2000 and July 1, 2006. Most recent census estimates, from 2006, suggest that approximately 552,539 people reside in the city of Las Vegas. The city of Las Vegas sits in Clark County, Nevada. In 2008 Clark County was home to approximately 1,865,746 people, which is a 35.6 percent increase from 2000. Overall, Las Vegas and its surrounding areas are growing.
The best buy for the dollar is in foreclosures. While there are still foreclosures to be had in the Las Vegas area, they are decreasing in numbers. Between April and May 2009, there was an 8.33 percent decrease in the number of foreclosures in the city of Las Vegas. While overall foreclosure statistics have improved in the city of Nevada, North Las Vegas saw a 6 percent increase in the number of foreclosures, according to research done by ForeclosureListings.com.
The Las Vegas area is home to several comprehensive, master-planned communities, such as Summerlin, Seven Hills, Las Prados and Anthem. Summerlin is a community located on the western side of Las Vegas. It consists of 22,500 acres of land. It is home to 100 parks and 150 miles of trails. Other community amenities include leisure centers, childcare, public schools, private schools, schools of higher education, shopping, dining, hotels and churches. Homes in Summerlin range from the low $300,000s to the millions. Seven Hills, located on the Southeast side of Las Vegas, offers Italian Renaissance and Spanish Eclectic styles. The community includes 22 acres of parks and a golf course. Prices range from the low $300,000s to over $1 million. Los Prados is an affordable community, with age-restricted and non age-restricted areas. Amenities include pools, a clubhouse, tennis courts and a recreational center. Upon completion, the Anthem community will house 7,000 homes in its various neighborhoods, including Anthem Country Club, Sun City Anthem and Coventry at Anthem. Anthem is located in the Southeast portion of Las Vegas. Some of the communities are age-restricted and some focus on families. Homes in this region range from the high $300,000s to over $1 million.
The condominium market has struggled alongside the housing market. As of February 2009, nearly half of the 15 high-rise communities in the Las Vegas Valley had less than 60 percent of their units sold, according to the Las Vegas Sun. The condo-hotel community seems to be suffering the greatest losses. Some developers have slashed condo prices as much as 50 percent. While the current condo market is lackluster, some real estate executives see a light at the end of the tunnel and are hoping that the market has bottomed out.
Purchasing a home is not always in the prospective buyer's best interest. In high-cost areas, it may be better to rent a home than to buy. Until the recent collapse in the housing market, Las Vegas enjoyed rising home values. In fact, home values were rising so quickly that many prospective buyers found themselves priced out of the market. Recently, however, the value of Las Vegas, Nevada, homes has dipped sharply. Between March 2008 and March 2009, prices dropped 31.1 percent, creating a fairly accessible housing market for first-time and seasoned homebuyers, explains the Las Vegas Sun. Recently, a representative from the Greater Las Vegas Association of Realtors suggested that rent is costing more than a monthly house payment. Ginnie Mae provides a calculator to determine whether buying or renting is the best option.