The demand for Las Vegas real estate at current prices is hard to overstate. Desirable Las Vegas foreclosures are attracting 10-20 offers on a regular basis. Las Vegas homes (on a median-price basis) have dropped all the way back to 2002 levels. Are we coming to the end of the housing crisis in Southern Nevada? Have the majority of foreclosure properties in the Las Vegas market been absorbed by the recent deluge of buyers already? Certainly not. This painful unwinding of the greatest speculative real estate spiral in modern history is still a few years away from being fully accounted for and rectified. However, this is still the southwestern United States, and the baby boom generation is just now surging towards retirement in the greatest numbers this country has ever seen. Sustainable demand over the long-term for residential real estate in Las Vegas, Nevada (at prices that reflect economic reality) is something we believe in. Take a look at this recent headline from Reuters…
NEW YORK, July 7 (Reuters) – Sales of residential homes in Las Vegas, one of the hardest hit regions in the three-year U.S. housing slump, soared to a record high in June, according to published reports.
Sales of single-family homes and condominiums jumped nearly 87 percent to 4,702 in June from a year earlier, the Greater Las Vegas Association of Realtors said on its Web site.