Changes in Las Vegas Real Estate

I first earned my Nevada real estate license and became official in July of 2001. Just to give you a recap of what happened that year, the United States was in a recession. The stock market had taken a big hit with the Dot.com bust in 2000. My dreams of retiring by 32 went down the tubes as I watched my stock charts sink like the Titanic with the hope that it was something only temporary and that some lifeboats would magically appear and rescue them from the Abysss.

Yep... I lost a lot of money following stock picks from the so called experts in the name of Money Magazine, Smart Money, AOL forums (remember those?) etc... I learned from that experience and learned from one of Peter Lynch's books that if you are reading about a great tip about a stock in the mainstream media... it was time to sell. Boy.. was he right.

Unfortunately, I read that book after the crash.

Anyways... shortly after receiving my Nevada Real Estate license and having a license to practice real estate, we had another phenomenan happen. At the time, I was living in Summerlin and I was so excited and psyched to go on another listing appointment. I had my license for a little over a whole two months and I had a lead from some people who had to sell in a great location in Gibson Springs in Henderson. (Ok... I'll be honest.. my partner and mentor sold them the house a year earlier and they needed to relocate. This was going to be the first listing where I was flying "Solo".)

I remember that morning and doing everything that I could to make sure that this new Las Vegas Realtor was the person for them. I would sell their home... and I had all of the market reports to support our price. I pretty much spent the whole morning memorizing EVERYTHING that I was going to say and present. I was so wrapped up... I did not even have the TV, Radio or the Internet on. (Besides that... my mentor was coming along and she is TOUGH and expects everything to be perfect.)

On our way from our Summerlin Home to Green Valley... something seemed strange. We left early expecting traffic (this is before the Summerlin to Green Valley beltway) and shot down Desert Inn. No cars and no traffic. Something seemed strange.... When we arrived to our listing appointment... that's when we found out about the shocking news.

Obviously, like many civilized people felt around the world... it was an absolutely shocking event. It was absolutely incredible as we all had disbelief on our minds that something like this could happen. We watched the events on TV, the tragedy and the shock.

We shared these moments together and came to a realization that there were more important things in life then just taking a listing... The extreme uncertainty of what was going to happen to Las Vegas with the loss of tourism was certainly scary to say the least.

We ended up signing the paperwork with a delayed date because we did not know what was going to happen...

It was time to take pictures of the home after the horrific event. It was 9/11. I'll never forget the seller (Shawn) asking if he should take out the American Flag and if it would be appropriate to have old glory flying during the pictures. Obviously to the right you know my answer.

What happened after the tragic event of 9/11 was absolutely amazing. Obviously, Las Vegas has always been a city with perceptions that tourism was everything and without tourism, it would be a city with no hope. No future... no means of income to survive. Absolutely no way Las Vegas could survive without tourism... right?

Obviosly people were afraid to fly. Casinos were freaking out... people were getting laid off. We waited and President Bush made an incredible speech at Ground Zero. In case you forgot, you can visit the speech that gave everybody in the United States hope and passion by following this link --> http://www.youtube.com/watch?v=f4BkzuV0LYE

Five days after this speech, we put the home up for sale for $165,000. Over $15,000 what the sellers paid for it one year earlier. (Back in the days before any "flip that house" shows were out.) We had an offer on it within 6 days and closed on it within 29 days of listing it. Considering the circumstances... incredible to say the least.

The buyer? Somebody who worked for a Bank and had 100% certainty that everything was going to be Ok.

And then... seven years later on 9/11/08 I go on a listing presentation and come across our newest Las Vegas listing in Henderson.

The exact same floorplan in the exact same neighborhood. It even faces the same direction. Heck... I probably could have gotten away with using the old picture.

Strange? Coincidence? I don't know... what I do know is it's only listed for $209,900 which is less then a 4% annualized appreciation rate from Seven Years ago.

The point of the matter is that current pricing for Las Vegas homes is falling right in line with what it would have been (even a little bit lower) if all of the nonsense would not have taken place.

It's time to buy some Las Vegas Real Estate.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: