A condo east of the Strip is boarded up and, months after the owner died, still has furniture, clothes, oxygen tanks, a grimy stovetop and dishes in the sink.
It’s also one of the cheapest homes for sale in Las Vegas, priced just below $40,000. And when it went on the market, listing agent Mike Rich said, several offers came within hours.
Las Vegas home prices are rising fastest among major cities. Single-family houses comprise the bulk of the market and command higher values than attached homes, but condo and townhouse prices are rising twice as fast.
The median sales prices of previously owned single-family houses was $295,025 last month, up 12.2 percent from a year earlier, while the median for condos and townhomes was $174,000, up 24.3 percent from a year earlier, according to the Greater Las Vegas Association of Realtors.
But there are plenty of cheaper options around town. Here are five of the lowest-priced homes for sale in the valley, according to the GLVAR and Zillow. They’re all condos — and on the market for the price of a nice car.
— 585 S Royal Crest Circle, unit 9
Asking price: $39,990
The previous owner died in March of chronic obstructive pulmonary disease brought on by smoking, according to court records, which indicate he died at home. The 624-square-foot condo is a mess, but Rich, of eXp Realty, said it has drawn plenty of interest, mostly from investors.
Rich said it is the cheapest listing he’s had in his roughly four years as a Las Vegas real estate agent, and it doesn’t offer a big commission.
But he views it as an opportunity to meet buyers and sellers and to “service my hometown,” he said.
— 1405 Vegas Valley Drive, unit 70
Asking price: $52,500
This 671-square-foot condo near the Las Vegas Country Club has one bedroom and one bathroom, and was built in 1971, county records show.
“INVESTORS/FLIPPERS LOOK,” a listing says. “PRICED TO SELL!“
— 4955 Jeffreys St., unit 212
Asking price: $56,000
Spanning just 462 square feet, this one-bedroom condo near UNLV – listed in county records as 4955 Jeffreys Ave. – may be small, but its volatile history mirrors the market.
Built in 1983, it sold for $79,000 in 2006 during the bubble. After the market crashed, it went into foreclosure in 2010 and sold for just $8,000 later that year, property records show. It last sold in 2015, for $28,000.
— 615 S. Royal Crest Circle, unit 3
Asking price: $56,000
This 624-square-foot condo also rode Las Vegas’ real estate roller coaster. It sold for $79,000 in 2005, went into foreclosure in 2010 and then sold for just $19,000 in 2011, property records show.
— 1405 Vegas Valley Drive, unit 342
Asking price: $59,880
The 671-square-foot unit sold for $24,000 in 2016 and was flipped last year for $49,900, county records indicate. The condo features tile and carpeting “throughout,” a listing says.
“A Must See!”
Contact Eli Segall at email@example.com or 702-383-0342. Follow @eli_segall on Twitter.