A few years ago it seemed like everyone was making money off the real estate market.  The housing market was hot and real estate agents were cashing in.

As more friends of friends got rich off of real estate, people began to take notice.  The number of real estate agents in the Las Vegas area more than doubled between January 2003 and January 2007, according to the Greater Las Vegas Association of Realtors.

Realtors had an easy job of finding buyers for several years, but the recent downturn in the market has given real estate agents in the greater Las Vegas area a bitter taste of reality.

However, with the downturn in the real estate market across Las Vegas, many real estate agents are finding it difficult to survive.

Agents must cover advertising and other costs of listing a condominium or home, and as fewer buyers are on the market, agents face more expenses in selling homes.

The next few months will be a moment of decision for many real estate agents around Las Vegas.  Rising costs and lower sales of Las Vegas Condos could force even more realtors to look for work elsewhere.

Technorati Tags: Real Estate Agents Las Vegas, Las Vegas Real Estate Market 

Many Las Vegas condominium projects are being cancelled due to tough financing requirements and lower than expected interest in many projects around the city.

Many banks and lenders are establishing requirements for a certain amount of preconstruction sales before continuing from the planning stage to the construction phase. A common level for preconstruction sales is 75 percent of total units to be constructed.

The Curve, a large condominium project planned for the West Village, is one major condominium development that has never left the planning stage.

The West Village will be one of the largest new master planned communities in the city. Developers of the Curve planned to build two 18-story condo towers with retail development on 42 acres.

Developers were only able to sell a little over a half of the available units, meaning that lenders would not extend any more credit. With refunds already in the bank, and construction at the site ended, the Curve goes back to being simply a dream.

The Las Vegas real estate market is going through a difficult period. Foreclosures are up and many projects, particularly in the suburbs, are having a hard time finding new funds.

However, many major projects, such as Stephanie Village in Henderson and many major high-rise condos downtown are still underway. There are still many new Las Vegas Condos for Sale around the city.

Technorati Tags: Las Vegas Real Estate, Las Vegas Condominiums, Las Vegas Preconstruction Condos, The Curve

Buyers looking for a good deal on a home in Las Vegas may find what they are looking for this weekend at the auction for sixty foreclosed homes in Las Vegas. The auction will take place at the Fiesta Henderson Hotel and Casino on Saturday at 10 am.

The auction is organized by the website RealEstateAuctionByOwner.com. Buyers can look at different properties that will be on the auction block.

Foreclosures of Las Vegas homes and condominiums are up around the valley. According to RealtyTrac, the number of foreclosures in Las Vegas has doubled over last years totals.

With so many foreclosures on the market, many owners are looking for the best way to sell their home. Banks are also looking to recoup the loan value of the home and are often willing to take a small loss.

The real estate market in Las Vegas is seeing an increase in inventory and the time it takes to sell a home. Prices have been dropping in the last few weeks and fewer sales have been reported.

Buyers could finally see prices for Las Vegas condominiums and single family homes that haven’t been seen in the last few years.

Technorati Tags: Las Vegas Home Auctions, Las Vegas Foreclosures, Las Vegas Real Estate Market