Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
Analyzing market value starts for an appraisal report begins with an assumption that there is a market, that there are buyers and sellers. While we are slowly starting to move out of a dark period when few of us could even prompt a potential buyer to look at a real property, we still have not reached a point where there are a sufficient number of buyers and sellers to call what is going on a market for some property types. Apartment closings dropped to zero in April 2020 as did office closings. Vacant land sales volume, while way down from 2019, has continued through the COVID-19 pandemic although many fewer properties are being sold.
POSITIVE TRENDS SFR sales prices in Las Vegas per continued to increase through mid-May, 2020 per Realtor data and today the median price is near $ 310,000 or $ 168 per square foot (SF) of gross building area (GBA). When you exclude new homes and only consider previously owned homes the median is $ 305,000. This trend is great news if you are an owner, but not so great news if you are a buyer looking to acquire a home in the Las Vegas area.
Water rights in Nevada “have the standing of both real and personal property” since a water right or fractional water right interest can be conveyed after it has been specifically excluded from a source property via a conveyance deed. That means that a water right must be specifically excluded via a deed of conveyance from a real property or it will run by default with the land it is associated with.