No, a rebound isn't happening right at this minute, but it appears there are a number of those getting prepared for it to come. Just a short while ago I mentioned that I saw a quick blurb hidden away in the Las Vegas Review Journal that quoted John Burns Real Estate Consulting. There it stated that they know of home builders, some that even had declared bankruptcy, that are "licking their chops" and gathering equity partners to prepare to buy up foreclosed residential lots in what "they anticipate as the land-buying opportunity of this generation." This was one of several positive Las Vegas Real Estate news stories that are often buried in the news media.
Now there's more of the same, according to Sullivan Group Real Estate Advisors. They are quoted as saying they had done a study that discovered a number of builders and investors are actively seeking finished lots and raw land for future development. Their estimates indicate there is only a year's supply of available building lots for new home construction once the market returns. The entire story is here in the Las Vegas Business Press.
Another article recently appeared in the LVRJ, titled 'Change is Coming: Experts say now is the time to buy'. In this article they say they anticipate a 'thaw' in the credit freeze and think it's doubtful that you'll find any better deals in 2009 than today. There's also a comment from one of the experts interviewed that envisions the potential for housing appreciation in 2010 or 2011. I think you'll find that most Las Vegas Real Estate agents have been saying for some time now that the values available in today's market are exceptional.
So while there obviously isn't a rebound at the moment, it appears there are a number of people anticipating the real estate market in Las Vegas turn around. Not for the quick flippers, but for those in a more stable, longer term investment. For those priced out during the wildly escalating prices of the past few years, today's prices may offer them an opportunity to purchase.
While it's impossible for anyone to predict exactly when any real estate market will rebound, as it also points out in that last article... if you wait for good news to make it to the front page headlines, you've missed it, it's already happened.
<<<< UPDATE >>>>
Some other stories just out today, 11-11-08. This one from the LVRJ about Las Vegas home sales... "Home Inventory Shrinks; Sales Surge" Now in Breaking News, they add that the number of foreclosures in Las Vegas have fallen according to Foreclosures.com. This comes on the heels of the announcement of a private and government plan to help homeowners avoid foreclosure. If that succeeds fewer foreclosed properties would be entering the market, potentially stabilizing prices and could allow for a faster market rebound.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at firstname.lastname@example.org, or call me at 702-354-8988. I look forward to hearing from you!