Las Vegas’ housing market is bouncing back with higher prices, rising values and a growing pipeline of construction plans. But not everyone is thrilled with a key reason for the upswing: investors.
Cash buyers, backed in some cases by Wall Street investment funds, are snapping up cheap houses left and right to turn into rentals. The demand has squeezed inventory and pushed up prices, as practically every home listed for sale gets multiple offers.
The median price of a previously owned single-family home sold in April was $167,000, up almost 31 percent from a year earlier, the Greater Las Vegas Association of Realtors reported.
Meanwhile, 1,633 new homes were sold in the region last quarter, almost double the same period last year, according to Las Vegas-based Home Builders Research. Local builders pulled 1,793 permits in the first quarter, also nearly double last year’s period.
Here is a sampling of local homes that were sold in May, ranging from a lavish Summerlin mansion to a small home without an attached garage off Eastern Avenue. Sources include Clark County property records and Zillow.
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53 Soaring Bird Court, Las Vegas
Price: $3.3 million
Price per square foot: $461
Sale recorded: May 9
Built in 2007, this six-bedroom, 7,156-square-foot Summerlin mansion has backyard waterfalls, floor-to-ceiling glass panels, a wine cellar and a theater room. The master bedroom has direct access to the pool area, which includes a fire pit, a built-in barbecue and a kitchen. The estate also has a casita.
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9101 Alta Drive, #904, Las Vegas
Price: $1.225 million
Price per square foot: $395
Sale recorded: May 3
This 3,100-square-foot condo is in One Queensridge Place, a luxury high-rise development near Summerlin. The one-level condo has three bedrooms and is flush with communal amenities. One Queensridge, comprising two 18-story towers, has valet parking, indoor and outdoor pools, wine lockers in a climate-controlled cellar and a 23-seat movie theater.
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2352 Martinique Ave., Henderson
Price: $630,000
Price per square foot: $131
Sale recorded: May 3
Built in 2006, this two-story, 4,805-square-foot house is on a 0.21-acre lot. The master bedroom has a balcony, and the backyard has a pool and spa. The home is on the southern fringes of Henderson, about a 10-mile drive from the Eastern Avenue entrance to the 215 Beltway.
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1801 Plaza De Cordero, Las Vegas
Price: $245,000
Price per square foot: $74
Sale recorded: May 8
Ancient by Las Vegas standards, this two-story, 3,301-square-foot house was built in 1978. It has four bedrooms, three full bathrooms and two fireplaces. It has a backyard pool, but marketing photos show the water was drained.
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2894 Violet Lane, Henderson
Price: $65,000
Price per square foot: $57
Sale recorded: May 7
At just 1,144 square feet, this ground-floor unit in a fourplex has two bedrooms and two full bathrooms. It was built in 1982 and was bought a few weeks ago by a married couple from Australia. The previous owner bought the house in September 2006 for $184,900 — almost three times higher than what the Australians paid.
