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Oct 07, 2008, 12:17:50 PM

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Entrepreneur Forum > Entrepreneur - Other Ways to Make Money > Real Estate and Mortgages

Las Vegas Real Estate Market Dying

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Topic: Las Vegas Real Estate Market Dying (Read 621 times)

MrMango

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Nov 19, 2007, 10:33:25 AM

So this is what the opposite of the boom looks like

http://www.klas-tv.com/Global/story.asp?S=7182711

Quote

That's according to several professional traders and national economists monitoring the valley's real estate market. Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate Las Vegas is sliding toward the country's largest price decline. Some are predicting as much as a 20-percent drop in home prices by 2010.

The impact is being felt by buyers, sellers and realtors. Last month, the world's leading Century 21 realtor filed for bankruptcy in Las Vegas.

Realtors say they are feeling the pinch. Kelly Kuntz bought a real estate business last year as the housing market was starting to crash. He calls the situation dreadful. He says although he has plenty of work, he won't make any money this year.

Ouch...so hopefully you dont have to move for years if you live there. Too bad, my wife and I bought an investment property there two years ago. Weep

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Nov 19, 2007, 10:21:38 PM

Las Vegas is a nice place to visit but I don't think I want to live there as it's a hectic state with too much excitement. Maybe when the market drops, it's a good time to invest there.

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MrMango

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Nov 20, 2007, 02:49:52 AM

I think a lot of people like myself got fleeced by the bright lights and enormous expansion going on in and around Vegas and didn't see the boom wasn't sustainable. After all, you're buying real estate in the desert after all, it's not like buying oceanfront property. Even worse, when the economy is down and the UD dollar is so low, people aren't paying for ritzy vacations to places like Vegas.

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LibertyX

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Argentina

Jan 15, 2008, 06:23:41 PM

The luxury industry is still doing well in Vegas but the pesonal home market is tapped. My parents just bought a condo in the Vegas area.

nothing here for you to see

moebius

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Feb 20, 2008, 10:24:55 PM

I guess it all depends on if you're buying or selling right now. Seems to me the buyers have the advantage if they have the cash.

MrMango

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Apr 01, 2008, 12:54:18 AM

It's only gotten worse. Las Vegas and Miami topped out the markets as far as losses go.

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Vidal

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Apr 01, 2008, 01:21:32 AM

I think Tuson Arizona was in that list. Miami and Las Vegas, I'm not suprised.

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MrMango

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Apr 07, 2008, 05:59:37 PM

It doesn't seem to be getting any better at the moment but it depends on who you talk to. If you talk to a real estate agent, they will tell you different than a real estate speculator.

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los

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Apr 07, 2008, 11:02:03 PM

Like any market The property market will have fluctuations of both high and lows. Being that property prices all over have risen so high over the last few years it is natural they will will at some point stablise, even drop.

To say the market is dying is pessemistic, for it will again recover once demand = supply etc

If i were you, i would wait until the prices appear to not be going any lower then buy buy buy.

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