Las Vegas Condos Real Estate - Luxury High Rises-Foreclosures

Panorama Towers-SKY Las Vegas Condos-Turnberry Towers-TRUMP-Allure-Signature at MGM Grand

Featuring Foreclosures Listings for Las Vegas Luxury real estate: High Rise Condos, Lofts and Custom Homes in Anthem Country Club, Seven Hills, Lake Las Vegas Etc.

Welcome to LasVegasCondoBargains.com™ - Where you can easily view up-to-date listings of foreclosure condos, high rises, and luxury properties in Las Vegas including pre-foreclosures, short sales, bank owned homes & repos & more!

We are the Stark Team, the #1 top selling luxury high rise condo real estate agents in Las Vegas, having sold more luxury high rise condominiums and won more awards than any other team of agents in the Las Vegas High Rise condo market. We are the truth seekers and the truth tellers. We take great pride on our reputation and our integrity. Having lived and invested in Las Vegas for over 37 years, and with combined experience as Las Vegas real estate agents of over 30 years, the STARK TEAM is one of the most knowledgable authorities on the Las Vegas luxury high rise condominium real estate market. OUR CLIENTS COME FIRST, which is why we do so much repeat and referral business. We are here to help potential Las Vegas luxury condo real estate buyers and investors seeking high rise condos in the Las Vegas Strip or South Strip areas make the correct buying decision.

We are here as well, to help luxury high rise and condo owners/sellers make the right selling decision. But today is a different era in the real estate market, not only here in Las Vegas where foreclosures abound, but around the country and in many areas of the world. To put in bluntly, the current market is in a full blown worldwide financial crisis.

For the past months, Las Vegas has led the nation in foreclosures, mostly in single family homes. This trend has now started to slowly spread to the luxury high rise condominium market. It is not as bad as Miami, where the high rise market was so overbuilt there, that many buildings in Miami are dark (investors/flippers who bought condos but no one lives in them), or many buildings in Miami where almost entire buildings are in a foreclosure status. It has been said that it will take 10-20 years for the Miami market to right itself. We doubt this will be the case in Las Vegas real estate.

The Las Vegas high rise condo sector of the market is fortunate in that numerous high rise towers were not built in Las Vegas. Those who purchased high rise condos and lofts in Las Vegas in 2006-2007, bought at the high end of the Las Vegas real estate market cycle. And they are stuck in a worsening situation. To gloss it over otherwise is not truthful, and we at the Stark Team are the truth seekers.

The Stark Team did most of its luxury condo sales during the 2004-2005 time frame, when the Las Vegas high rise market was in its nascent stage and prices were reasonable. We make it a policy to place our clients first in first-stage pricing. We were able to make sure our investors and future luxury condo owners received very early pricing & or discounted prices.

Unfortunately, not many foresaw the current credit crisis. Money was freely flowing with extremely low interest rates and rampant mortgage fraud. The Federal Reserve and other federal banks around the world were attempting to overcome the stock market crash of 2000-2001 and the 9/11 tragedy by effectively giving money away at very low rates. That has come home to bite them in a big way. Dozens of major mortgage companies are now out of business. Banks and brokerages around the world have written off approximately $200 billion in bad mortgage paper and it is estimated when it's all over, some $500 billion - $1 trillion will be written off. It is estimated that $2 trillion will be withdrawn from the lending environment. That is serious money. Not only has the sub-prime mortgage market blown up, but the credit crisis is now spreading to the Alt-A and prime mortgage markets. Money has dried up, especially for jumbo loans as these loans can't be sold to Fannie Mae or Freddie Mac.

The Las Vegas luxury high rise real estate market is a jumbo loan oriented market, since many units sell for well over the $417,000 jumbo cutoff amount. So unless you have stellar credit and are willing to put up a hefty down payment, jumbo loans will be hard to come by. The credit crisis is not only upon us here in the United States but is spreading throughout the Western world.

Why? It's because banks and brokerages around the world bought our sub-prime paper sold to them by the snakes of Wall Street, who wanted to get the bad paper they created off their balance sheets and spread the risk. How unfortunate for all of us as this has created a dollar crisis by essentially printing money at an alarming rate and in turn creating an energy crisis since oil is priced in dollars. The more dollars created and/or printed, the higher the oil price goes as oil producers are paid in cheaper and more worthless dollars. Why bring up a dollar and energy crisis when talking about the Las Vegas High Rise real estate market. Because it is all related as to the price one should pay for a luxury high rise condo or loft in Las Vegas.

The LasVegasCondoBargains.com ™ site each day tracks new listings, price reductions, and foreclosure listings in high rise condos. Essentially, we make it our business to track foreclosures and luxury condo deals for the high rise condo predators out there looking for the ultimate buy.

For those sellers still holding on and pricing their luxury Vegas high rise condos well above the price they paid for them, we fear they are in deep denial. Especially those sellers who just closed on their units within the past year. What these sellers refuse to understand is that there is no way an appraiser will appraise a unit someone just recently closed on for the $50-$200k higher price the seller is seeking. The banks have been burned to the tune of hundreds of billions of dollars. The banks will NO WAY accept that higher appraisal. So for example, if you just closed on a high rise condo unit for $700K and are asking a selling price for $800-$850K, you WILL NOT GET THAT APPRAISAL FROM ANY BANK. So, as a seller you will have to find an all-cash buyer to take you out by bypassing the banking loan process. Essentially, as a seller, in today's credit crunch real estate market, your unit is only worth what you paid for it. And in many cases it is worth less. You can essentially wipe out 2006-2007 real estate prices, because we're back to pre 2001-2003 real estate prices.

For those buyers seeking out preconstruction deals, our opinion is that they don't exist for Las Vegas hotel-condo projects at this point in time. Sure, construction costs are soaring in Las Vegas and as a potential preconstruction buyer, you will be paying for those soaring costs. But ask the hotel-condo project owner what the future rental program split is.

When you buy a Las Vegas hotel-condo, you are essentially buying an income property. Many folks are buying this kind of property to be placed into the hotel rental pool where you share in the profits. Most hotel-condo splits are 50/50, but when you take in all the hidden costs and other restrictions, you are really winding up with about 35%-45% of the split. And that's before paying for mortgage costs and taxes.

Our advice is to Buy from those who took the plunge and bought the preconstruction unit, took possession of that unit, and have now priced that unit for TENS OF THOUSANDS OF DOLLARS below what they paid for that unit.

Lastly, it is estimated that over the next 6-7 years, the supply of hotel rooms on the Las Vegas Strip will increase by approximately 35,000 units. New magnificent units are being built at Wynn Resorts, The Palazzo Hotel (next to the Venetian Hotel), Trump Las Vegas, The Cosmopolitan Resort, MGM City Center, The Fontainebleu Hotel (near Turnberry Place), MGM City Center North, etc.

We recommend the purchase of residential Las Vegas high rise condominium units in SKY, Panorama Towers, Turnberry Place, Turnberry Towers & Allure ONLY at bargain prices. The only hotel-condos that we recommend for purchase today are those at the Signature at MGM Grand hotel-condos that are now selling, in many cases for as much as $500k or more under original cost!

So be careful out there. BUY BARGAINS. BUY FORECLOSURES THAT MAKE SENSE. BE THE LAS VEGAS CONDO PREDATOR (tm). Ask The Stark Team about the LUXURY CONDO deals and foreclosures in the Las Vegas High Rise real estate market. We are the pioneers for high rise investors and condo buyers. WE ARE THE DEAL MAKERS.

If you are a large investor or hedge fund manager seeking BULK CONDO deals, contact us. We know all the developers on a first name basis. If you are seeking a luxury home, loft, luxury condo on or near the Las Vegas Strip or downtown, we can make your dreams come true for the right price.

If you are a Seller and struggling to sell your unit, you need to talk to us. We can help.

Las Vegas Condos Real Estate-Vegas Strip High Rises & Luxury Homes News

The Cosmpolitan Las Vegas News Report from Las Vegas Business Press - 6 days ago
Ever since Deutsche Bank has foreclosed upon Bruce Eichner's Cosmopolitan Resort Las Vegas Condo Project - the channels of communication have been virtually non existent between the new regime and the condo buyers, real estate agents, and the press. For such an iconic project, with a tremendous presence in the heart of the Las Vegas strip, news has been totally non existent.Primely located across Harmon Boulevard from the new MGM CITYCENTER, the views from these towers are some of the best in Vegas.A good thorough investigative report was released in the Las Vegas Business press this week.PLEASE CLICK TO READWe took this photo from The Beach Club Tower at the end of 2008. Love the tower's shadow in the Bellagio Fountains!Looking for a Vegas Strip Vicinity Condo or Foreclosure?Visit:www.LasVegasCondoExperts.comwww.LasVegasCondoBargains.com702 236-8364 702 376-5220

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