From Mortgage Daily News May 13, 2010, "As usual Nevada, Arizona, and Florida topped the list of states with high foreclosure activity. This was the 40th straight month that Nevada had the dubious distinction of being number one. One in every 69 housing units in the state received a notice in April, more than five times the national average, and there appears to be no end in sight. Overall activity increased 10 percent since March and REO activity was up 57 percent.

Mesquite Nevada real estateThere are currently around 350 active residential properties for sale on the local multiple listing service as Real Estate For Sale. This does not include the listed properties in Bunkerville, Logandale, Overton, or Mesquite Properties listed with Las Vegas agents.

Over half of the Mesquite NV homes for sale are sitting vacant, this lack of cash flow will lead to more foreclosures! This vacancy rate is bleeding the market to death. Patient buyers will be rewarded when the glut of bank owned properties start coming to the market, they are holding back right now. The distress is accelerating.

Adding more homes for sale to the market supply side pressure, builders pulled from The City of Mesquite 105 new single family home building permits during 2009, and 51 more in first quarter of 2010.

There are now many resale homes listed for sale at Sun City Mesquite today, a new historical high for listed resales. Average asking price for these resale homes is around $160 per square foot. 14 homes closed through MLS at Sun City during the first quarter, at an average price of $142 per square foot.

The rules at Sun City do not allow you to put a "For Sale" sign inside your own home that can be seen from the street through the window. This one rule alone, inhibiting your ability to expose your property to the market may be cause to think twice about doing business with Pulte Del Webb and Sun City Mesquite. From a buyers point of view it gives a very deceptive perception of the actual market, it looks like there are no resale homes for sale.

When you visit any project like Sun City, they count on selling the "sizzle" and your impulsiveness to purchase now, TODAY! Hire an agent to go with you, attend a Mesquite Market Smart Buyers Seminar.

It is a great time to buy, if it fits your needs now and in the future and is well within your budget. Over extended retirees are some of the saddest people I meet, caution and prudence will set you free and make you happy. BE A SMART BUYER!

Sun City Mesquite saw the first "Notice of Default " filed within the development since opening 3 years ago in December 2009.

Most people are interested in what their home is worth, not how many are selling in the neighborhood. The bottom will ultimately be measured by home values in Mesquite. From my view, the market is beginning to settle, sold prices keep dropping. Listed asking prices have come down this year. Yet a record numbers of failed listings continue. It is the distressed properties that are selling for the most part. There is an inventory log jam developing with bank owned properties, they are slowly releasing them onto the market, as they continue to release this inventory patient buyers will be rewarded.

A growing number of Mesquite homes for sale property listings are being listed by banks with out of town agencies who are not members of the local Mesquite MLS. Of course the local agents generally use the local MLS and therefore may not be aware that these properties are even being offered For Sale.

The banks that are doing this clearly don't have a clue! This is the result of shoddy work by the contracted loss mitigation companies, and the banks themselves not doing their due diligence.

Mesquitemarket's Blog

During the first quarter 2010 the market averaged 12% of the listed homes for sale in the Mesquite MLS were listed as "Bank Owned Foreclosure or Short Sale, there are many more out there. This is a distorted number. There are many non Mesquite MLS agency listings which are mostly bank owned and not available in the Mesquite MLS system. while over 50% of the current total pending transactions were REO or short sales.

There appears to be a wave of bank owned properties just now beginning to be listed and available to the buyers. It looks like this will continue increase over the next few months. Foreclosures jumped up in the first quarter of 2010 and this inventory is months from the market, but it is coming and the deals may just get better.

Looking strictly at Mesquite single family homes for sale during the first quarter 2010, seller's and their agents continued to have the single family homes listed at an aveage price over $330,000 or $155 per square foot, well over 5 times the annual income of 70% of the people who live in Mesquite. The median asking price is was above $266,000 or $146 per square foot. Many ASKING prices seem to be increasing at this point, and this will continue to inhibit any real or meaningful recovery in sales numbers until sellers wake up and get real, buyers beware.

This feels like the eye of the storm to me, we may have had an increase in activity due to tax buyer credits in Mesquite, but my guess is there is another leg down for prices in 2010 as the bank owned real estate begins to flood the market.The tax credits may have pulled buyers from the future market place. As the artifical stimulus in the real estate market fades you may need a seat belt on because the market will likely feel like it just hit a brick wall.

There are some condo/town homes asking over $250,000, mostly town homes. Caution, some of these properties have the highest HOA fees in town. These High HOA Fees can inhibit your ability to resale these units, narrow the market of buyers. Possibly more important you should know why the fees are so high. Private roads, building exteriors, poor management, expensive landscapes, gate expenses, etc. Remember you can attend board meetings, review meeting minutes, understand CC& R and HOA rules and restrictions, etc. If you buy and did not take the time and effort to understand, you do not have much room to complain. If you understand you may or may not buy! Be informed.

Mesquite MLS shows around nine condos/town homes closed per month or (112) during 2008 with a median price of $183,250 or $145 per square foot. Mesquite MLS shows around thirteen condos/town homes closed per month or (160) during 2009 with a median price of $111,000 or $90 per square foot.

The Mesquite Market saw 195 total homes closed through the Mesquite MLS for 2008 with an median price of $251,065 or $157 per square foot. For 2009 the median sold and closed price for a single family home in Mesquite MLS was $200,000 or $123 per square foot, with 222 total. Cash Buyers GET an Appraisal!

Attend an "Mesquite Market Smart Buyer" seminar to learn why.

Search Mesquite, NV MLS Mesquite Homes and Condos For Sale

City of Mesquite issued 378 permits to build new single family homes in Mesquite during 2008. Mesquite MLS including Bunkerville recorded 197 total sales of single family homes including a total of 92 new single family homes sold and closed. Inventory of homes available continues to grow, many are not listed but in distress in Mesquite, NV. Just look at the average asking prices and compare it to the real selling prices.

Competitive supply and demand data for Mesquite Nevada real estate is a form of market trend data, one that is more closely tied to a particular or local market, therefore it is neighborhood specific. It is a fundamental rule of appraisal that supply and demand affects value.

Inventory, competition, new home building, foreclosures, and vacancy are driving prices down in the Mesquite Nevada real estate Market. Based on the developed lots available, and those coming back to the market at much lower cost basis from bankrupt speculators, this competitive market should continue for years.

Builders and the City of Mesquite ignore solar orientation. In this climate western exposure during the summer is intense. During the planning stage of subdivisions and homes this issue can be addressed and dealt with to maximize winter warmth and summer cooling. This is an age old passive solar concept and very simple. Yet subdivisions are planned and approved and homes built with complete disregard. Unknowing consumers suffer the consequences in comfort, utility costs, and re-saleability.

Not a solar panel in sight, Mesquite is a very sunny place, yet not a single builder offers any type of solar application. Passive solar can be applied by something as simple as proper orientation to the sun. Greener boomers may be a wake up call for future builders in Mesquite. Unfortunately many will just pass Mesquite by on their search for a more efficient and sustainable lifestyle. The new carbon tax will focus retirees more on their fixed ongoing "housing costs", HOA dues, Taxes, Utilities, and SID's. Electric costs for heating and COOLING can be dramatically reduced. This is going to require more cooperation and support from the City of Mesquite and Overton Power Electric Co-op.

The number of distressed properties and sellers is increasing. Banks and sellers are holding out and playing a waiting game with the buyers. They have their fingers crossed that the buyers will begin to feel urgency and pressure from tax credits and starving agents promoting the best deals available. It is my view the prices will go lower and the deals for the buyers will get better over the next six to twelve months. If you are financing you need to consider the interest rate risk, rates move up modestly during this time frame. Think and talk price per square foot, compare price per square foot, then think about HOA and SID costs. Be informed, Be a Smart Buyer!

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Chris W. Miller

·  Independence Realty

·  8275 S. Eastern Ave. #200

·  Las Vegas, Nevada 89123

·  702-525-0585 Office

·  435-862-5951 Cell

·  702-361-2547 Fax

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