REO & Foreclosure Blog

I feel like I just stepped out of a time machine after travelling back to 2003. That was when I first moved to Las Vegas from New York. The real estate market hadn’t reached the bubble phase yet but the market was strong. Entry level new homes were selling for about $90 per square foot with premium homes in the $100-125 range. Resale homes were going for about the same price depending on age and location. The buyer’s choice was to purchase a resale home that was ready now or buy a new home that could be tailored to their individual taste but required a wait of six months or more before it would be completed.

I was one of those who opted for the new home. I purchased it in February of 2003 and it was completed in September of that year. In the time it took for the builder to complete the home, the prices of the same model had increased by about $30,000, or about 8%. That number pleased me because it indicated that the market was appreciating nicely. It turned out that I had bought my home just before the boom took hold.