Investors Snatching Up Bargains In Las Vegas Real Estate Market

Posted on December 14, 2008
Filed Under Las Vegas Real Estate |


While the Las Vegas Real Estate market may still be a bit shaky, wise investors and consumers are snatching up bargains left and right. Some neighborhoods have shown a leveling off in prices, while many others are still declining, although slower than they were just a few months ago.

Many of these investors and consumers that are looking for great deals are finding them in the Las Vegas Timeshares and Las Vegas Condo market.

Even with the economy in the shape that it is, it seems that there is a pool of buyers out there that know a bargain when they see one.

From what I've been seeing, the Las Vegas Timeshare market is having a lot of movement. As some timeshare holders need to get rid of their timeshares due to economic issues, some are looking for those coveted weeks that are hard to get, especially the last week of the year from Christmas to New Years. These weeks seem to have stayed steady in the market and a few have even made some money off of their timeshares for that week.

As for the Las Vegas Condo market, again, those with money to spend are looking for bargains. Many Sellers are deciding to hold onto their condos. Whether this is because they do not want to take less than what they paid or they're waiting for the real estate market to do an U turn and head back up, it's hard to say. Many new condo units are sitting idle. Some construction on certain units have even come to a halt as money gets scarce. The exception is units available on the Strip. These always seem to have a demand, even in a down-turned economy. The Strip is just an attraction that many people with money can not resist.

The residential market is still experiencing ups and downs. Foreclosures are still running rampant in many Las Vegas neighborhoods. This has attracted real estate investors from all over the U.S. and even International investors that plan on staying in it for the long haul.

The boom that UNLV economist had predicted to start in August of this year hasn't materialized and many newcomers to Las Vegas are deciding on renting rather than purchasing. This is good for landlords and many of the foreclosures are being picked over by investors looking for rental properties.

Realty Trac estimated that there were 81,000 foreclosures in September across the U.S.. A staggering 71% increase over last year. A lot of those were in Las Vegas. But is there a Silver lining behind this cloud? Many experts in Las Vegas think so. But remember, many people in Las Vegas also believe they're going to strike it rich at the Casino's!

The truth is that we probably have a ways to go before we see the Las Vegas Real Estate market head back up. The one bright spot in this whole thing is that the smart investors, those who know a deal when they see it, are in Las Vegas and they buying...buying residential homes, condo's, land and even timeshares. Don't count out Las Vegas Real Estate, just proceed with caution!

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