According to the Greater Las Vegas Association of Realtors and Clark County property records, at least 25 houses in the Las Vegas area changed hands for more than $3 million in the last 15 months through March of this year. At least 7 of these sold at a loss or through foreclosure. In 2009, 14 homes sold for more than $3 million with only one sold at a loss. In the first quarter of 2011, 30 Clark County homes with loans of $1 million or more were repossessed or bought in foreclosure sales. This was an increase of 33% from the first quarter of 2009.
A notable example is the home once owned by Nicolas Cage. The actor purchased the seven-bedroom home for $8.5 million in 2006, but the property was in foreclosure by January of 2010. The next owner purchased the property for $4.2 million and has placed it on the market for $7.9 million, an "unrealistic" price according to the broker handling the listing.
The growing number of high-end homes in the Las Vegas area facing foreclosure or selling at a loss may be attributed to homeowners choosing not to stay in their homes even if they can afford to. Why pay the mortgage on an $8 million loan if the home is now worth millions less? Homeowners may feel cheated out of their money and may choose foreclosure or a short sale in lieu of staying in the property at such a high cost.
As the number of upscale homes in the area drop in price, the number of sales has increased. Residential property sales were up 8.2% in March from the previous year.
In the face of foreclosure and overwhelming debt, it is important to consider your options. A bankruptcy attorney at the Long Island law firm of Jacoby & Jacoby can offer applicable information and sound advice based upon your unique financial situation and concerns. The firm handles foreclosure defense and bankruptcy proceedings for consumers throughout Long Island.
Contact a foreclosure defense lawyer at the firm today.