Las Vegas Real Estate So Hot Even Burnt-Down Houses Are Flying Off The Market
LAS VEGAS, NV – It seems that that real estate in Las Vegas is getting so in-demand that even the shell of a burnt-out house will sell in near record-setting time. A scorched and gutted one-story home, located off Cheyenne Avenue east of Interstate 15, features numerous boarded-up windows and no roof, back door, or many walls to speak of, but that didn’t stop a buyer from swooping right on in and picking it up as if it was a brand-new luxury condo.
After the (former) residence was listed on the open market on July 22, six buyers almost immediately submitted offers for it, and while four of them attempted to low-ball the owner – who listed the property as an “investment opportunity” – two agreed to his asking price of $90,000 for the burnt-out wreck of a house. Currently, the owner is under contract to sell to one of the investors.
Thanks to low interest rate home loans, investors have been snapping up homes in the Southern Nevada region for months, with 3,000 having been sold in the second quarter of 2021; this represents a whopping increase of 280 percent from the second quarter of 2020, when sales dropped during the midst of the COVID-19 pandemic.
The owner of the burnt-out house, which was constructed in 1963, had originally acquired the property last September several months after it had burnt down due to a fire. Originally, the man planned on using the remains of the home – which are still in usable condition, and building a new home upon them. However, the owner said he found himself with too many other projects at the time, coupled with the fact that contractors are in high demand right now.
Finding himself on a waiting list for rebuilding the home that could have taken months, he instead decided to take his chances on listing it in hopes that individuals who specialize in rebuilding homes would be interested in picking it up, which is exactly what happened.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.