Changes in Las Vegas Real Estate

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. I watched my stocks 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 tech stock crash.

Anyways... in 2001, we had another phenomenan happen. At the time, I was getting ready to go on a listing appointment for a great home in Gibson Springs in Henderson. We had purchased the home for these sellers and an unfortunate circumstance forced them to have to relocate and they needed to put the home up for sale. Luckily, we had gotten them a fantastic deal to begin with so the owners did have equity in the home.

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. It was certainly odd considering the time of day. When we arrived to our listing appointment... that's when we found out about the shocking news.

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 housing values in this neighborhood 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 of lax lending standards would not have taken place.

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

Update....

This Home Has Just Closed Escrow!!!  (12/08/2008)

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