Vegas Golf Getaway for $58 per Square Foot

This 4 bedroom 2 bathroom home in North Las Vegas was posted on RealtyTrac with a list price under $200,000, a 52 percent decrease from the $415,030 the foreclosed homeowner purchased it for as a new home in 2006. With 3,375 square feet, the listing price comes out to a rock-bottom $58 per square foot. That's well below the price per square foot of any recent sales in the vicinity (see comparable sales list below).

Given its golf-themed street name and proximity to several golf courses (two are within two miles), this property could make a good second home or vacation home for retirees or anyone else looking to stay in Las Vegas regularly to golf or visit the city's many other tourist attractions.

View Property Details (Free trial membership required for lien & loan history, full sales comps and other details).

The property originally fell into default in July 2008. At that time, the homeowner was already behind more than $12,000 in mortgage payments on the $332,024 first loan. The property was originally scheduled for a public foreclosure sale (Trustee's Sale) in November 2008 and eventually transferred back to the foreclosing lender for $304,429 in December (presumably that was the remaining balance on the first loan and the second loan of $83,006 was wiped out by the foreclosure). The lender had listed the property for sale by January 2009, meaning the entire process from default to relisting the property after the foreclosure took about six months -- relatively quick considering the backlog of foreclosures that many lenders are dealing with.

For more information about the Las Vegas real estate and foreclosure market, check out the March 2009 edition of the Foreclosure News Report, which includes an in-depth analysis of the local market, along with perspectives from local foreclosure investors, real estate agents and market researchers. The March Foreclosure News Report will be available March 16, and you can subscribe to the newsletter today to have it mailed to your address.