LAS VEGAS, Nev. -- With the focus and frenzy of bargain shoppers on Black Friday, Hunter and Rosalyn Wu and their realtor, Lisa Weber, search for a steal in neighborhoods tagged with markdowns -- foreclosed homes throughout the valley listed for sale at auction.
"People always say, ‘In real estate, you go in when the blood is in the street -- even your own blood,'" said Hunter.
The sanguine tint of the southern Nevada real estate market attracted the investors from Texas. They're eager to turn stagnant inventory into short term and long-term profit by way of the low bid. "It seems like the banks are motivated now for getting the houses moved through," said Rosalyn.
From a house bought off the block in April, one of five they acquired at auction this year, the Wu's speculate on the June event. Already pre-auction sales have significantly reduced selection. The team settles on some 50 possible purchases with the hope of actually closing on four.
"With the auctions, it is what it is. When you're paying cash, no holds barred. It's just the wild, wild west and let's make our bid, let's do our homework and then go from there," said Weber.
Minimum bids, some as low as $500, don't stay in the triple digits long. The amplified cadence exceeds the list price on property after property as the Wu's glimpse the first sign of a seller's market. "I don't think we've ever done so much adjusting. We kept looking at our notes," said Rosalyn.
Hours into the auction, finally, four walls within reach -- 4617 Bradpoint with a winning bid of $127,000. Add the 5-percent buyer's premium and the total falls $30,000 below list price.
"About 25-percent more than I anticipated, but I have to go with the flow," said Hunter.
The auction sales are contingent on seller confirmation and the Wu's learned recently the bank did not accept their bid.
Back in the ballroom, an even thinner crowd does little to shift momentum. "Hopefully the prices will solidify and go up, but if not, we'll be here for the next opportunity," said Hunter.
The Greater Las Vegas Association of Realtors says the Wu's experience follows the most recent trends. The median price of a single-family home remained unchanged between May and June. No more declines offering hope that the market may be stabilizing.
