As we head into this New Year here is a recap on Las Vegas Real Estate trends we’ve seen this year:
Las Vegas Foreclosures have become very affordable – our price per square foot for some homes/properties is at levels we haven’t seen in 3-5 years or more in some area; prediction: we think our market is close to bottom in pricing or “trying to form” a bottom as we say in real estate speak.
Las Vegas Foreclosures are driving the market - approximately 50% of our sales are bank owned properties – prediction: we think this will continue through much if not all of 2009, but the pace may slow depending on actions taken by our state and federal governments, what happens to the overall economy, how aggressive the Obama administration is with helping consumers, etc.
The national media has been beating up Las Vegas and Las Vegas Real Estate like a pinata; prediction: this may continue into 2009 but we hope some editors will wake up and smell the roses and realize Las Vegas is dissimilar from many markets.
Our historical lows for mortgage rates are generating a lot of refinance deals and some new sales; prediction: we believe these low rates will start to drive more real estate transactions, driven in part by (we anticipate) more positive news about our country and local economy as we move through 2009.
Chaos creates risk and opportunity - we are starting to see more and more investors and international clients buy Las Vegas real estate; prediction: we believe this will increase moving forward into 2009, especially if the US dollar continues to weaken against other currencies.
Good Las Vegas Foreclosure deals abound in this market but you have to do thorough due diligence, have financing in place and work with a realtor/broker who is Foreclosure savvy (trained and experienced); prediction: this isn’t going to change, 2009′s market will be similar to 2008; i.e. cash is king, know what you are buying, work with a realtor who is a leader in the field.
Our unique business climate, getaway destination for tens of millions, unique entertainment and lifestyle choices make Las Vegas a world class city; prediction: this is not going to change – hang on to your IPhones this is Vegas baby and we are coming back………
To prospective new clients/partners/friends/readers – we wish you the Best of the New Year!
