During the heady days of 2006, you’d need a median $200,000 to get into a Las Vegas condo or town home, according to Zillow. Values dropped precipitously after that to a low of about $60,000 in early 2012.
As of this posting, the median value of a condo has bounced to $79,900, up almost a third in the 12 months ending July 2013. This number consists of the estimated value of properties that are not on the market and those for sale.
- The median list price for a condo is $90,000, up more than 20 percent for the year. The median sale price is $90,300, up almost a third. Note how sellers are getting slightly more than they asked for from eager homeowners-to-be.
- The lowest median sale prices are in Sunrise Manor at $51,500. The highest are on The Strip at $294,600.
- The biggest yearly gain is in The Lakes at 169 percent to $198,800. The smallest gain is in Michael Way at 2.7 percent to $56,500.
If these prices don’t convince you to invest in the ever-rising prices of a condo, how about the affordable interest rates? Assume that you’re interested in a condo worth $90,000, have a great credit score of 740 or above, and want to put down 20 percent with no points. Here’s what you can expect to pay, according to Bankrate: (click the link and be sure to tell Spencer Valerio you are working with Alan Taylor)
- For a 30-year fixed loan, the annual percentage rate (APR) ranges from 4.38 to 4.72 percent in Las Vegas. This yields an estimated monthly payment of $449 to $463.
- For a 15-year fixed loan, the APR goes from 3.38 to 3.79 percent yielding payments of $638 to $649.
- For a 5/1 adjustable rate mortgage, which means payments are fixed only for the first five years, the APR runs from 3.07 to 3.34 percent. Monthly payments go from $386 to $423.
These are only examples. Your actual rates and payments will vary.
If you, or someone you know, is looking to purchase or sell a home in Las Vegas or Henderson, please contact me anytime for more information about our current market or the home buying process. I’m available, 7 days, 8 AM – 9 PM.
Click HERE for the latest, Up to date, neighborhood market analysis and statistics of various Las Vegas Communities and Schools.
Alan Taylor | REALTOR®
Prudential Americana Group, REALTORS ®
10777 W. Twain Ave. SUite 333
Las Vegas, NV 89135
Author: Alan Taylor