In late August of 2011 there were 812 properties for sale in Summerlin. Almost 25 per cent of these were foreclosures. According to trulia.com, the average listing price was $225,868 and the median sales price was $122,000. There were 2737 recent sales.
There is good inventory supply and most buyers are repeat buyers. Craigslist shows a plethora of Summerlin properties available from $100,000 to over $3.8 million.
Summerlin is the largest master planned housing community in Las Vegas. Developed by Howard Hughes, over 90,000 residents now occupy Summerlin and the large area encompasses five different zip codes. Summerlin is made up of nine villages and all commercial development is strictly controlled.
As students of real estate know, the Las Vegas area was hit hard by the crash of 2008. Along with the Miami and Phoenix areas, Las Vegas properties are still losing value. While Summerlin is a unique and a great place to live, property values are still declining there.
Foreclosures, short sales and bank owned real estate are the best places to begin the search for a Summerlin home. With distressed properties that comprise 25 per cent of all listings, great deals can be found. For example, 8912 Signal Terrace Drive is an MLS property listed at $111,000 which boasts an 8250 square foot lot.
Regardless of what some professional real estate agents claim, multiple offers are not the norm. Competition between buyers is generally not occurring as there is more supply than demand and that fact obviously puts pressure on prices.
Those who wish to live in a seriously planned and unique residential area would be advised to check Summerlin homes for sale today. The summer selling season is now past and bargains are plentiful.
Will home prices continue to fall? Should a potential buyer wait?
Good stock market investors realize that the bottom of any given market is almost impossible to call. If one purchases a Summerlin property for $150,000 today, it is possible that it could be purchased for $145,000 next year. However, 10 years from now, when real estate does recover, that $5000 savings may be dwarfed by a huge gain. Yes, prices may continue to fall a little while longer, but potential buyers should look at this market now, since the bottom may be very near.
