Las Vegas Luxury foreclosures and short sales are not quite as common as foreclosures in lower price ranges, but for a lucky few the deals are quite impressive.   Las Vegas has seen a huge hit in our home real estate market, some areas as much as 65% depreciation.  The luxury market is not immune to the affects of the real estate market either, however they are somewhat insulated. What is the major difference between a short sale and a foreclosure?  A short sale is when a seller is trying to sell their property for less than what they owe on it.  This process can take anywhere from 60-180 days for the bank to approval the sale of the property.   A foreclosure is when the bank has taken ownership of the property through the foreclosure process.   You can read more about short selling by visiting http://www.LasVegasShortSaleConnection.com.  With luxury homes, the short sale process can be a little long and frustrating for buyers, but the benefits can far outweigh the negatives.  If you'd a control freak like me, a short sale might drive you bonkers, but some of these prices are unbelievable.

Currently, there are 29 homes over $1 million that are in short sale status in the multiple listing service in Las Vegas.   There are 14 properties that are over $1 million that are bank owned or foreclosed homes.  One in particular is a property on 634 St. Croix.  This property is massive!  Over 12000 sq ft, with 6 bedrooms, 7 baths, a theater room, pool and spa, overlooking the golf course in Macdonald Ranch Foothills.  Such a stunning property that is bank owned! Take a look at a few of these pictures:

There are currently 29 properties over $1 million that are short sales:

There are currently 14 properties over $1 million that are foreclosures:

If you would like information on any of the properties listed above, please contact me toll free at 1-866-589-1646.  Remember, buyer representation is FREE and I would be happy to help you anyway I can.  

Felipe Crook

Prudential Americana Group Realtors

Certified Short Sale Professional

Las Vegas, Nevada 89117

1-866-589-1646