Las Vegas went from the hottest market in the country in 2004 to the coldest in 2007 and back to the hottest again in 2008 as homes are selling at about 50 cents on the dollar from highs just a few years ago. Not only do homes once again cash flow but the potential appreciation play is huge as building permits are at a 25 year low.
Once inventory of foreclosures is eaten up, builders will not be able to ramp up production fast enough to handle the amount of homes needed for the 5400 people a month that continue to move into Las Vegas. With 40,000 new rooms being built in town estimates in the range of 300,000 new jobs will be created in that time. As an eventual shortage most likely will occur demand will exceed supply and economics 101 will dictate that prices will once again rise in Las Vegas.
If you are looking to get back into real estate feel free to call Glenn to discuss the scenario that is now taking place in the Las Vegas marketplace.
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