Now you won't find the same thing in some of the luxury communities, like Lake Las Vegas real estate for example. While prices for condos and homes in Lake Las Vegas are heavily discounted like other areas of the valley, the HOA fees have not gone down at all. So even though you can get a Lake Las Vegas condo for $150,000 that originally sold for over $400,000 new, the HOA dues are still several hundred dollars a month.
Going back to the title of this post, the reason why I feel the market has bottomed out is a result of the above mentioned investor frenzy over the last year and a half, and the new law that was passed regarding foreclosures. Nevada passed a law restricting banks from foreclosing on property without all of the necessary documents in order. They must prove the hold the note among other things, which has slowed down foreclosures significantly.
The end result is now it is common place to have multiple offers placed a property...not unlike the boom years of 2005 and 2006. Prices are creeping back up and we are on our way back to a normal market in a few years. Thanks for stopping by my Las Vegas real estate blog and check out our other site for the latest Vegas real estate news.