Las Vegas Sun NewsCalifornia buyers going after sales of Nevada homes
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26 July 2011
3:41 p.m.
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Out-of-state buyers — led by Californians — accounted for one-third of Las Vegas home sales in June in a reflection of the demand by investors and vacation-home buyers.
Absentee buyers, including investors who live in-state, purchased 46 percent of all homes sold in June. That figure is down from the record 49.9 percent in March, according to statistics released by San Diego-based DataQuick.
Of June’s absentee buyers, 34 percent had a mailing address in Nevada, and 30 percent were based in California, DataQuick reported. Most of the remaining out-of-state buyers were based in New York, 5.6 percent; Pennsylvania, 3 percent; New Jersey, 2.4 percent; Utah, 1.9 percent; and Florida, 1.8 percent.
Three 3 percent of all Las Vegas homes sold in June were bought by foreign buyers based on public property records, which can undercount the actual number, DataQuick said. Of those foreign buyers, 78 percent were from Canada, and 11 percent were from Australia. Buyers with addresses in Israel and China were 8 percent of the total.
Absentee buyers paid a median price of $94,000 in June, which is below the overall median price of $115,000. Those buyers have been seeking value in the housing market — 51 percent of the homes were purchased with cash.
Investors and others paying cash focused on lower-priced homes, with 41.1 percent of June sales priced less than $100,000, the biggest percentage since the housing market started its correction.
Foreign buyers paid a median price of $110,000 for existing homes and $67,900 for resale condo units, DataQuick reported.
Distressed sales, a combination of foreclosures and short sales, accounted for 68.5 percent of existing home sales in June.
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California...gang members you mean.
How soon they forget how investors were part of the original problem and now here we go again :( I've already talked to people who have offered 30,000 above asking only to be beat out by a California investor with cash. The person who wanted to buy the house wanted a home to live in - the investor was only looking to increase their rental portfolio.... and the neighborhood in general will be the real loser.
In my neighborhood investors are from everywhere in the U.S. plus China and Israel. I've met a few who are buying now with plans to retire here. These homes are being well maintained and rented out to good neighbors. I think these new residents will add to the character of our neighborhood, where most people know their neighbors.
Zoning is the greatest problem in Las Vegas, where politicians think every road should be lined with strip centers from end to end. Communities built around clustered neighborhood centers are the most successful centers. Current zoning assures the failure and long term viability of most strip centers. I think Las Vegas is blessed with some of the dumbest (or possibly corrupt) local politicians. With our so called News Media we'll never find out for sure.
All you whiners about investors need to quit crying. They are supporting our local housing economy with a minimal drain of resources. How many cars and kids do you think these people are adding to our overburdened infrastructure??
People that live locally will find another house without a problem. Many of the lucrative homes listed on the market are offered at well below market value in hopes of luring a bidding war. Expect to add $10-15k if a home is lowballed on the market.