I was contacted recently by a report from the Financial Times about Luxury Foreclosures in Las Vegas. Her spin on the foreclosure market was that buyers are now getting the cream of the crop because of the worsening economy. Here's a little excerpt from the article:

Las Vegas real estate agent Felipe Crook confirms that upmarket foreclosures are "a hot commodity" in his city, estimating that about a quarter of the 510 luxury homes that changed hands last year were foreclosures or short sales, in which the owner sells at a price below the value of the outstanding mortgage, with bank approval so both parties can avoid the hassle of foreclosure. Penthouses with mountain views and a gated mansion in a golf course community are among the homes he sold for around $1m each, half their value three years ago. Still, "property that is aggressively priced is getting multiple offers", he says.

To read the full article, click here "Repossessed Riches" by Judith Matloff. I'm very grateful for this perspective on our current market. There are so many wonderful opportunities in our market. There were over 3500 properties sold in March 2009! Prices are below "pre-boom" levels and some are even back to prices in the 90's! It's a great time to buy, please call me toll free at 1-866-589-1646 or email me at felipe@felipecrook.com

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