Finally, an article with a positive analysis for Vegas - If you read between the lines and follow the train of thought - by the end of 2009 - Vegas real estate prices may begin to enter an upswing.
Having lived here since 1972 - there is one thing I can say for sure and that is that the people keep - a - coming. Sure there are sectors of the market that have a low absorption rate, such as the high rise condo sector, but there are oodles of entry level homes moving into pending & contingent status daily, and the high end custom home sector - glutted that it is with inventory - still has folks shopping daily for a luxury home at 2003 bargain price levels - 30% off their peak. We still have about 3-5000 people moving here a month. With housing starts way down - the resale segment of the market in Henderson and Las Vegas may be poised for a turn around as soon as this time next year. It's just a numbers game. And pretty easy to see the trend. It's the lack of financing that could but a damper on a reversal.
Our team is swamped showing properties - there is no lack of buyers for Las Vegas properties - just a tad of a stalemate between what the seller's want and what the buyer's are willing to pay. Almost every buyer we are working with these days is All CASH & in these days of tight lending....CASH IS KING. It is a tough market in which to be a seller. For every 3 Sellers willing to hold and try to "wait the market out" - there is one willing to liquidate and reposition assets, take the hit & drive the comps down. Its a CASH buyer's dream market. Can we tell where the bottom is? No way! We were not given a crystal ball along with our real estate licenses. But my bet is that Vegas will have a great comeback...it always does! When? Time will Tell.
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