Yes, it's been very busy in Las Vegas Real Estate, and for me personally. It's been a while since my lost blog post, as I was back to class to get my Las Vegas Property Management License, in addition to the increase in client calls.
So how busy is it for Las Vegas Real Estate? As reported in the Las Vegas Review Journal, the last monthly sales record was in June 2004 with 4,414 homes sold during the housing boom. June 2009 sales closings reached 4,702, and the current resale home inventory at a 3 year low. The market is very active with both home buyers and investors seeing opportunity. All have been grabbing up the bargains, and for first time home buyers, the up to $8,000 tax credit.
Of course having this busy of a housing market can have it's down-side for buyers. The increased competition has created multiple offers coming in. A trend that appears to be happening in many of the former boom markets of the southwest. As I mentioned before, bank owned properties appear to be priced to attract attention and create bidding wars. The key is to be persistent, work with an agent that is up on the market and the suggestions they can offer, and not to overbid.
While the economy hasn't recovered, there are some bright spots on the horizon. Hard Rock Cafe's new strip location is hiring 500, and another 500 or more hired for the Mandarin Oriental hotel opening later this year. This is in addition to the 12,000 hires for MGM City Center, that this CNN video reports will create 40,000 jobs from the project. Demolition has also begun on the CIM Group's Lady Luck Las Vegas, with that project currently scheduled to begin later this year.
This Las Vegas employment news has encouraged real estate investors. Some analysts believe the Las Vegas housing market has hit bottom, with the only question being how long it will be there before prices head back up. While impossible to predict the future, these appear to be some positive signs.
If you are interested in relocating to Las Vegas or would like more information on Las Vegas real estate, please email me, Roberta LaRocca, at email@example.com,
or call 702-354-8988. I look forward to hearing from