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2012 Housing Growth

Happy 2013 Las Vegas. The new year is already bringing excitement not only because congress got the fiscal cliff taken care of but for Las Vegas there are many projects in the works. These projects are good news for the valley, since the recession hit building projects have been stagnant and Nevada’s bounce back has not been easy. Not only do us desert dwellers have such projects as sky wheels and water parks to look forward to but the housing market seems to be climbing back as well. Since Las Vegas bared the brunt of the worst housing crisis in history it has been unclear what would happen next. With the  market crash houses were left at 60 percent of their values leaving banks and homeowners in desperation. So what now? 2012 showed real promise for the Las Vegas housing market. Houses still are not worth what they were during the time period before 2008 when the inflation bubble was being taken advantage of by banks, buyers and sellers. Realtors had a great year in 2012 and are looking forward to 2013. Since people have been forced from their homes and banks are refusing to forgive or adjust mortgages they are being left with thousands of empty houses they need to get rid of. Of course this is happening at rock bottom prices which makes me wonder, wouldn’t it have been easier to work with the homeowners? Also, there has been an influx of residents from California who refuse to ride out the recession any longer in the Golden State.

Most properties being sold are in the lower end of pricing but there is always those luxury buyers and you have to admit Las Vegas is still luxurious. So we have put a list together to show the six most expensive home sales in Las Vegas for 2012.

  • 1. 7 Falcon View Court, Las Vegas

    Sale recorded: Sept. 11

    Price: $8.35 million

    Description: Two-story, 10,650 square feet, five bedrooms, seven bathrooms. Built in 2009. Features a porte cochere, motorized glass pocket doors, double island kitchen, wine room and theater.

  • 2. 9401 Kings Gate Court, Las Vegas

    Sale recorded: July 16

    Price: $7 million

    Description: Two-story, 15,802 square feet, five bedrooms, seven bathrooms. Built in 2002. Has theater and fitness rooms, an elevator, a lazy river pool and an eight-car garage.

  • 3. 30 Olympia Hills Circle, Las Vegas

    Sale recorded: May 31

    Price: $5.6 million

    Description: Two-story, 14,148 square feet, eight bedrooms, 13 bathrooms. Built in 2009. Has an elevator, marble floors, home theater, hand-painted ceilings and a wine cellar that holds more than 600 bottles.

  • 4. 5 Promontory Pointe Lane, Las Vegas

    Sale recorded: May 2

    Price: $5.15 million

    Description: Two-story, 12,496 square feet, five bedrooms, nine bathrooms. Built in 2009. Sits on a Summerlin hillside overlooking the valley. Includes a 480-bottle wine cellar, six-car garage, theater, game room, security cameras around the perimeter, a 12-person spa and an outdoor kitchen.

  • 5. 5100 Spanish Heights Drive, Las Vegas

    Sale recorded: Jan. 19

    Price: $4.5 million

    Description: Two-story, 14,306 square feet, seven bedrooms, 11 bathrooms. Built in 2003. Former home of actor Nicolas Cage. Has 16-car garage, an elevator and a theater room. Master bedroom has a balcony and a sitting room.

  • 6. 45 Hawk Ridge Drive, Las Vegas

    Sale recorded: Aug. 16

    Price: $3.7 million

    Description: Two-story, 7,016 square feet, four bedrooms, six bathrooms. Built in 2009. Located on the eighth green of Bear’s Best Las Vegas golf course.7. 8 Morning Sky Lane, Las Vegas

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1 Comment (+add yours?)

  1. Elena
    Mar 03, 2013 @ 01:18:46

    My wife and I have been renters since mnoivg to the Seattle area. The earliest that we could have bought a house was in 2006. We have kept postponing the decision till now (and into the foreseeable future).Buying a house is not just a purely economic decision for me; I won’t buy a house just because it’s priced favourably, if the location, builder, or any number of other factors are not to my liking.I pay for my 3 BR apartment an annual rent of about $18000 (including parking and trash). I also pay about $180 for renter’s insurance per annum. Over the past 4 years (including 2010), I have paid about $72000 for my shelter. My place of work is a block away from my apartment.I have been tracking several 10 s of houses of interest to me over the past several years. Among them, there is not a single one which hasn’t fallen in Zillow value by more than $72000 over the past 4 years. Many have fallen in value by more than $100000, and some, by more than $250000.In addition, the interest rates have come down in my favour, from 2006 till now.Therefore, in strict restrospect alone, I have been better off renting than buying.Is there a fallacy in this line of reasoning?AS Rate this comment: 0 0

    Reply

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