BrokerageIndustry News

Short sales, REOs rule in Las Vegas

Distressed properties make up more than 70 percent of transactions

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While some metropolitan areas are seeing stagnant sales activity, the Las Vegas residential real estate market saw more than twice as many home sales in September, 3,603, as it did in the same month in 2006, when 1,740 homes sold, according to the Greater Las Vegas Association of Realtors, which covers Las Vegas and surrounding areas in Southern Nevada. "Our market actually is quite vibrant in Las Vegas. Unfortunately, it’s vibrant in a less-than-positive fashion," said Rick Shelton, GLVAR's president and broker-owner of Better Homes and Gardens Desert Properties in Las Vegas. "In other words, in every transaction it's not a win-win -- one side always loses" because of the prevalence of distressed properties, he said.  "The good news is we have a lot of transactions, unlike some markets in the U.S. right now, but those probably only took a 10 to 15 percent price decline from peak market whereas we took a 50 percent price decline from peak market, s...