I got GREAT news at the the latest Crystal Ball Seminar which was held on April 24th at the Texas Station! it looks like Las Vegas will be coming out of the housing slump sooner than predicted by national economists. Steve Bottfeld, consultant for Market Solutions and local real estate guru says that the current window of opportunity to pick up the deep discount Las Vegas foreclosures may be over as early as October of this year!!!

As a matter of fact, our local MLS inventory on single family homes is down significantly. Around Thanksgiving of 2007 it was at an all time high of 25,000 active listings, but as of this week there are approximately 19,800. And new home inventory is way down as well since builders have not been pulling nearly as many new permits for the past two years. With all the new projects going up on the Strip like the MGM City Center, Cosmopolitan, Echelon and Fountaineblue, it is estimated that by 2010 there will be more than 120,000 new jobs generated in our local economy! Those people will all have to live somewhere, no matter if they rent or buy homes. Now the "experts" are actually predicting that by 2011 we will have a housing shortage and will experience another mini boom of appreciation. Leave it to Las Vegas to beat the odds and come out ahead while the rest of the country is floundering.

Personally I am buying up all the Las Vegas real estate I can get my hands on and I am encouraging my clients to do the same, while I am telling my sellers to sit tight if at all possible. Interest rates are still low, and the banks are practically giving away homes compared to two years ago. Prices on "deals" are comparable to what we were paying in the beginning of 2004 before all the craziness started. In December I attended an auction and picked up a unit in V at Lake Las Vegas for about half of its original cost.

I am also really excited about the possibilities with the redevelopment of downtown Las Vegas. On Thursday, the city also formally inaugurated a new urban core on a 61-acre, undeveloped parcel of land called Union Park. More than $6 billion in mostly private money has been announced for five ambitious projects: an Alzheimer’s research center, a 60-story international center for jewelry trading; a hotel by the celebrity chef Charlie Palmer, a casino-resort, thousands of residential units and square feet of office space, and, as its centerpiece, a $360 million performing arts center. Coupled with all the new businesses and clubs going in along Fremont Street plus the Outlet Mall and World Market, this whole area is really changing. I recently bought two Las Vegas condos at VERGE, a midrise project being developed on Main Street just north of the freeway.

So like Steve Bottfeld, I am bullish on the future of Las Vegas and happy to be living in one of the hottest spots in the country, both literally and figuratively. Check out some of the great steals on my web site at: Las Vegas Homes for Sale

Tags: Las Vegas Real Estate Las Vegas Homeslas Vegas Condos Las Vegas Foreclos

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