The Future Of Las Vegas Real Estate
What is going on with the Las Vegas housing market? With high rollers taking a hit in the condo industry and developers having concerns with the future, some are saying things are looking bleak.
However local real estate experts are saying things aren’t as bad as they seem and are scrambling to put things in perspective.
This is not an easy thing to do. Especially with more high profile condo projects halting sales by the day. Recently the $3 billion Las Ramblas luxury hotel and condominiums halted sales. The planned casino was even backed by Hollywood heavy weight George Clooney and is still in trouble.
Local real estate investors are saying things are not dire. Others are not so sure what to expect from the Las Vegas market.
3 Comments to The Future Of Las Vegas Real Estate
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I am thinking of buying a house in Vegas Feb -2011.Thinking the market will bounce back ? ” Corp has to much money invested in the town for it to go under ” the water situation is a little concerning ? Any thoughs on my situation . Please advise. Thank the Cooke family
Las Vegas real estate is currently at historic lows. I personally feel that we are close to (if not at bottom). The market here will rebound. Looking at history I watched California prices plummet in the 80’s only to rebound stronger than ever. The recession in the 80’s with its hyper inflation made it difficult nationally for buyers to purchase homes so they were forced to rent. While home prices increased significantly, the average Joe/Jane could not afford to buy during this period. This forced rental prices through the roof (supply and demand) which in turn benefited investors tremendously.
So history is now repeating itself. We are seeing the bottom of the market and are about to go through a period of hyper inflation due to the US Treasury running printing presses 24/7 (again, supply and demand). Astute investors know this. They realize that while the US Dollar continues to fall in value, real estate will soon start to climb in value. So they are dumping dollars into real estate BEFORE prices on property increase and the value of the dollar drops further.
Hope this helps.
Seems like the Vegas housing market has improved since ’06 — but in general, the housing marketing seems to still be a bit slow.
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