2 Las Vegas zip codes hot for house flippers - FOX5 Vegas - KVVU

2 Las Vegas zip codes hot for house flippers

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LAS VEGAS (FOX5) -

Las Vegas is full of hidden treasures, some of them in the real estate market.

RealtyTrac reports two zip codes in particular are popular with people who buy older homes and flip them to a younger crowd.

The zip codes in question are 89169, near Maryland Parkway and Desert Inn Road, and 89119, in the area of Sunset and Paradise roads.

A homeowner in 89169 put $20,000 worth of renovations into a house, and it's now selling for $189,000.

"I think they recondition them, resell them, and turn a little profit," said Craig Jamison, who has been living near Desert Inn and Eastern Avenue since 1990.

Jamison said he watched home prices in his neighborhood plummet during the recession. Investors are now scooping up foreclosed houses and quickly flipping them.

"In this two-block radius I walk on every day, I see probably 10 to 15 houses [with] ‘for sale' signs out there," Jamison said.

Many of the newly renovated homes are being snatched up by first-time home buyers.

"Their reason they're talking about those two zip codes is they are in the center of town," said Iddo Gavish with Gavish Real Estate.

Gavish said the attraction is that the homes are near the Strip and the campus of UNLV.

"That first-time homebuyer, approved to buy a home but doesn't have the extra cash to rehab once they move into it, if they're buying a home that's already been rehabbed, they're set to go," Gavish said.

Gavish said renovating existing homes is a smart move for homeowners, even if they don't sell. They can still rent out individual rooms in homes near UNLV.

"If you're renting out a home closer to [places of employment], closer to UNLV, typically you can get a higher rent," he said.

Currently, about 41 percent of people between 24 and 35 years old in the U.S. are homeowners.

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