Las Vegas Real Estate Investments - Is the Boom Over or Just Getting Started?
Real estate investors flocked to Las Vegas during the first six months of 2004 and drove prices up an unprecedented 35% in some parts of the Valley according to top Century 21 agent Diann Tonnesen. And she predicts that the beginning of 2005 will see more of the same.
Buyers found themselves in multiple offer situations as they competed against up to ten other hopefuls for a dwindling supply of homes. Much of this money was being shifted out of the California market where rental income had hit a ceiling due to the high prices, and savvy investors were liquidating their properties in order to take advantage of the better cash returns Las Vegas and Henderson real estate investments could offer.
Most new home builders quickly placed a moratorium on investor purchases to prevent future competition from buyers who "flipped" their new home purchases and cashed in on quick profits.
In order to make its winning bid Focus joined forces with seven homebuilders who will develop the parcel as a master planned community. The homebuilders included KB Home, Toll Brothers, Woodside Homes, Kimball Hill Homes, Pardee Homes, Meritage Homes and Beazer Homes.
In addition, local residents who had already toyed with the idea of moving out of state decided to cash in on the bonanza profits as well. Through the end of October the supply of Las Vegas homes for sale increased steadily, investor purchases settled back to a normal pace and prices even decreased slightly as the market stabilized.
"Las Vegas has barely scratched the surface of the luxury condo market," said Bruce Langson, a Las Vegas native and developer of Las Vegas Central. He said there's a 20,000-unit deficit of Las Vegas condos at this time. Even famous actors like Leonardo DiCaprio are purchasing units for their own private residences as they become available.
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