DuPont Registry – Las Vegas – Living in a Land of Investment Opportunity
When the country’s economy began its freefall, Las Vegas posed itself as eloquently as it could while its housing market took a showgirl belly flop.
The bottom came fast and furious as real estate values plummeted. Short sales and foreclosures became everyday buzzwords when describing the state of the Las Vegas housing market.
The lingering question is, “Has Las Vegas hit the bottom?” The answer is yes.
Vegas has hit the bottom, but the rebound is happening just as fast and furious as the fall.
The vast majority of closings in the Las Vegas valley are REO or bank owned properties, and the number of single-family homes currently available pales in comparison to the foreclosures and
short sales added to the market monthly.
However, the good news is the number of foreclosures is declining, and combined with the limited inventory of single family homes, Vegas is actually facing a housing shortage. There are now more investors attempting to purchase low-priced REO homes than there are homes. As REO inventory
shrinks and short sales the norm, investors now have the ability to purchase quality investment properties that produce strong ROI and cash flow. Plus, banks are refining the short sale
process making it shorter and more efficient.
With inventory lowering and savvy investors gobbling up inventory, home prices are beginning to edge up consummate with supply and demand.
Understanding that Las Vegas still has a long way to go to rival the pricing market of four years ago, if one is looking to purchase a home that was selling for a $1 million and is now
offered at $400,000, Vegas is indeed the city of opportunity. As our esteemed mayor, Oscar Goodman noted, “Vegas is making lemonade out of lemons.”
If you are thirsty, take a sip now. There is no doubt the quenching feeling will be your ROI in a few short years.