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postheadericon Road to Recovery Started

How is real estate doing in Las Vegas?  Depends who you talk to!  There are definite signs of recovery and optimism in the air!

Las Vegas Homes are backAfter nearly a two year gaming slump, the city's tourism numbers are climbing and room rates are on the rise.  Does the improved gaming and tourism numbers mean Las Vegas has begun to rebound from the recession?  A better indication is the job market.  As the job market improves, people start to buy homes. 

The sale of homes, condos and townhomes totaled 46,879 last year compared to 28,618 the year before.  Home prices have begun to stabilize as inventory of homes declines and we see investors and home buyers competing for good deals..  The Las Vegas commercial market is viewed as still being distressed.  The market is going to have to work thru existing inventory and rents increase before any new construction is considered and that could be not until the year 2015. 

The commercial market is going through a period of re-pricing. The floor in pricing won't be seen until there are more transactions.  The buying and selling market are pretty much at a standstill wile the rental market is still negotiating downward.  We are seeing more businesses wanting to set up shop and bargain hunting for great space at a good price. 

For financially well positioned buyers and all cash buyers, the Las Vegas market continues to be a wealth of opportunity as Las Vegas has much better recovery prospects than other regions of the United States, particularly the Midwest and the Northeast.  Make no mistake, Las Vegas is the entertainment capital of the world and will make a full recovery.  When it does, today's smart buyers will reap the benefits of investing now.
 

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