Why Buy Las Vegas Condos and Town Homes for Sale Now?

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)

Search ALL Las Vegas Condos and Townhomes For Sale Here

search ALL Las Vegas condos and townhomes

  • 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.

You want to buy Las Vegas condos and town homes for sale before prices and interest rates rise, so contact us right away.

 

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.

702.340.6686

Click HERE for the latest, Up to date, neighborhood market analysis and statistics of various Las Vegas Communities and Schools.

TAKE ME DIRECTLY TO THE FREE MLS SEARCH PAGE.

Alan Taylor | REALTOR®
Prudential Americana Group, REALTORS ®
10777 W. Twain Ave. SUite 333
Las Vegas, NV 89135
Cell: 702-340-6686
Office: 702-340-6686
Fax: 702-507-0095
E-mail:AlanSellsLasVegas@Gmail.com
Website:
AlanSellsLasVegas.com

Alan Taylor, Prudential Americana Group REALTORS ®Agent to the biggest
celebrities in the world……..You!

Author: Alan Taylor

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