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Frequent Advisor
Tom T.
Posts: 40
Registered: ‎07-03-2011

Condo sales heating up?

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Since I bought my condo in May I've kept a close watch on how many units are for sale (active not under contract) in the complex.  I figured as the supply went down prices should start to rise.  Generally there have been around 6 2 bed 2 bath, 2 3/2 and 3 1/1. out of 352 total units this doesn't appear too bad to me.

 

Right now there are three 2/2 and one 3/2 and no 1 bedroom units.

 

What do you think are things heating up?

 

Thanks for your input.

 

 

Moderator
Matt Keebler
Posts: 182
Registered: ‎05-09-2011

Re: Condo sales heating up?

Welcome to the ZipRealty community!  Thank you for posting in the forums.

 

I will contact one of the local agents to see if they are able to answer this question for you.

 

Matt Keebler

Client Care Specialist

ZipRealty, Inc

1.800.CALL.ZIP

team@ziprealty.com



ZipRealty Agent Council
Brad Snyder
Posts: 172
Registered: ‎03-30-2010

Re: Condo sales heating up?

The market is certainly busy, and you are correct that the inventory has been down. Not sure how that trend will continue but certainly a good sign. Many of the units that are on the market get multiple offers. There are some really good signs for our market.

Frequent Advisor
Tom T.
Posts: 40
Registered: ‎07-03-2011

Re: Condo sales heating up?

It's been almost a month,any update? I'm not seeeing the same level of activity.

 

Thanks for any opinions.

 

 

 

 

 

 

Occasional Advisor
Coylim Y.
Posts: 6
Registered: ‎06-03-2011

Re: Condo sales heating up?

There was a news release a few days ago that home/condo prices will continue to slide due to continuing unemployment situation and bad economy and I noticed that almost everyday there are new foreclosure homes for sale release by the banks.  It has been predicted that home prices will not hit bottom until these two conditions improve. 

Frequent Advisor
Tom T.
Posts: 40
Registered: ‎07-03-2011

Re: Condo sales heating up?

We spent last week furnishing our condo and doing minor fix ups.  Love every thing about the community so far.  It didn't hurt that the weather was perfect.

 

Had my nephew over to see it, he is a 15yr vet of Metro and he loved the security and location.  In fact they are considering buying a 1 bed unit for their daughter who is going to UNLV.

 

I see more and more indications that the market I bought into is turning around slowly.  Last week four units came off the market and no new ones.  That leaves only two 1 bed and two 2 bed available, lowest level since I've been watching.  Generally there were 8-12 available.  There are still plenty of forclosures in the pipe line ( I watch that also) but no new forclosers added. 

 

My opinion is that recovery will be uneven with lower priced units with quality locations going first.

 

Just my thought would be interested to hear others.

 

 

Occasional Advisor
contest4dr
Posts: 6
Registered: ‎11-11-2011

How is it going now for you?

To Tom Tyson/Mooseotl:
 You've asked some good questions and doing the leg work to see what's happening around you. 
When you say units are off market, would it mean that bank owned/or investors are holding on/delaying selling?  It's just not a complete story if the units are off market but remain empty. 
Do you care to email me because I have a few more questions from one buyer to another? 
Thanks!
contest4dr@gmail.com    -aden.
Frequent Advisor
Tom T.
Posts: 40
Registered: ‎07-03-2011

Re: How is it going now for you?

Aden,

 

When I see a property removed from MLS then I check the clark county site to see if a Deed was registered and at what price.  I do see some removed that were not sold.  Conversly I see some sold that were never listed.

 

I also monitor that site to see if any new ones have entered the foreclosure process.  Right now I'm watching three condo communities in the South West.

 

The only patern I've seen is fewer active listings and fewer entering forclosure.  I'm not sure if this is the result of Fannie and Freddie changing gears or an actual improvement.  I'm not getting too excited because it's a short time frame and I haven't seen prices move up yet.

 

Tom

Occasional Advisor
contest4dr
Posts: 6
Registered: ‎11-11-2011

Re: How is it going now for you?

Very good research and legwork indeed my man.

 

Do you know if investment clubs like http://www.prosperreia.com  are good?  Thanks for your reply sir.