Canadians Investing in Las Vegas Property
Canadians Are Investing Heavily in Las Vegas Property
Today, more and more Canadians are investing in Las Vegas property whether for a second home or for investment property. At one time, Canadians looked for homes and investment property in the state of Arizona; however, with prices of homes drastically lower than ever in the Las Vegas, many are now looking to buy in the Las Vegas area.
Canadians like other investors in the US are realizing that now is one of the best times to find a wide array of properties in the Las Vegas area at prices that are practically stealing the property. A matter of fact, finding awesome properties that at one time sold for $400,000 is now selling for $200,000, what investor in his right mind would not jump on the chance to buy investment property in Las Vegas.
For anyone looking to purchase investment property in Las Vegas including Canadians, you will need the expertise of a local real estate agent that will be able to show you all the communities in and around Las Vegas that are available. Some of these homes are in sought after communities such as Summerlin, Green Valley, Henderson, Lake Las Vegas, and Seven Hills, to name a few. Not only will an investor be able to choose the location of their rental properties but also the style the property they desire including ones on a golf course, age restricted, ranches, condos, townhouses, and gated communities.
As you look for your second home in Las Vegas, you will need an experienced Las Vegas Realtor that will be able to find the home that fits your lifestyle along with all the amenities you deserve. For any investment property search, you need a Las Vegas real estate agent with talented negotiating that will stay one-step ahead of your competitors. Owning investment property in Las Vegas is an excellent opportunity as many people have the desire to live in the area where they are quality educational opportunities, fun family activities, several employment options, and summer like weather year round.
Canadians are looking for property in Las Vegas for all of the above reasons. Dennis Smith, the president of Home Builders Research stated, “I think we are getting more Canadians than in the past simply because of the affordability,” …“I have been talking with some of the sales and marketing people of builders, and they tell me more Canadians are looking at properties.”
Smith went on to explain that the “median price of resale homes in Las Vegas in February was $145,000, which as stated by Smith numbers is down $10,000 from January and $90,000 from February 2008. That contrasts with the $120,000 median resale price in Phoenix.”
D.R. Horton a builder in the Las Vegas area stated, “Affordability has put Las Vegas back in the picture,”…“For a long time, I think, when (Canadians) think of Arizona, they think of desert and warm weather. When they think of Las Vegas, they think of casinos. They forget about the warm weather and desert.”
Tom Deinet, a Realtor with Century 21 Barrett stated that, “Properties are selling for half what it would cost to build them,”…“You will never see this again.”
18 Comments to Canadians Investing in Las Vegas Property
Comments
hm..do the global crisis impact the house sale in vegas?
hmm…that’s interesting. That is quite the way for a Canadian to travel, but I can certainly understand the allure.
D.R. Horton a builder in the Las Vegas area stated, “Affordability has put Las Vegas back in the picture,”…“For a long time, I think, when (Canadians) think of Arizona, they think of desert and warm weather. When they think of Las Vegas, they think of casinos. They forget about the warm weather and desert.”
It’s funny how people forget about the dessert when they think of Las Vegas. Real estate prices have definitely gone down but that has not resulted in a maddening surge in number of buyers interested in investing in property. Only the ones who are buying a second or a third home are interested (that’s where Canadians also step in).
Is there a pattern in people from surrounding states also buying second homes in Las Vegas? With just 25,000 difference in median prices, Las Vegas has definitely threatened Arizona real estate market.
Not only is Vegas such a great place for Canadians to pick up a vacation home there dollar has been very nice over the last month or so. Their dollar was almost at .93. That is not as high as a year or two ago when it hit par, but much better than when it was in the high 70’s 6 months ago.
Besides for the buyers, they are typically older and have grown children who will also use the home. Now imagine your in Canada, freezing your butt off and your folks say, hey lets go where it’s warm to our vacation home. Would you rather sit in an Arizona town that rolls the streets up at 9:00pm or the entertainment capitol of the world. Easy flights, the best restaurants and shopping, entertainment and a lot of fun.
I work with a lot of Canadian buyers and this always comes into play. Vegas always wins!
I am a canadian and currently in Vegas on vacation. I have seen some houses and the price is very attractive. I would like to know more about investing here: property management, tax consideration and funding consideration.
Can you give me some advices? Are there accountants and property management company/agents I can meet while I am here for the next a couple of days?
Thanks.
Las Vegas properties used to be a good investment, are the prices up? I was hopimg one day to retire there. Nice weather.
Property prices are beginning to climb again however unbelievable deals are still available. At least for now.
I heard two for the price of one in Vegas! Is this true? Is it really that bad down there? The Vancouver BC market is on the up again. If i can bag two homes in one it maybe worth every penny……. long term. Maybe a move South is due!
We have had a few Canadians looking in the Tulsa Real Estate Market in the past few years.
If you put an offer on a condo and there is acceptence, does the buyer still have a chance to get out of the deal?
An attorney would need to review the contract to better answer that question.
Generally speaking, once all parties agree in writing you have a biding contract unless contingencies were in the offer and contract that we not met.
If either party to the contract attempts to back out the other party may sue for performance and depending on how the contract is written, a Buyer could forfeit any deposit or “earnest money”.
Again, I am not an attorney and do not give legal advice so I suggest that you consult with an attorney before taking any action.
The drop in home prices has opened the door to more Canadians buying vacation homes and investment property in Las Vegas, Affordability has put Las Vegas back in the picture of real estate investment once again…
May be it has been a bit difficult for Canadians to stay over there, that’s why they are considering Las Vegas as their second home.
hi there,
I’m a freelance writer in Vegas, working on a piece for the Toronto Star (largest paper in Canada) about Canadians buying homes in the Valley.
Are you selling a lot to Canadians, or getting many inquiries from Canadians?
Let me know if you’re available for an interview. It wouldn’t take long, and the Star has a million-plus audience.
thanks for your help,
Kathleen
702.539.1250
I think this is not only the story of only Canadians, las vegas is the place where every one wants to live. I like that place becasue it doesn’t need any introduction. Anyways keep it up and keep continue.
it’s good news to hear that people are becoming interested in buying new construction again. Hopefully better times are ahead. I guess the prices and features of the homes doesn’t hurt either. Good Luck.
The housing market has practically come to a standstill despite the consequences brought by the economic crisis. Glad to know that Las Vegas still manages to do better.
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