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The news is covered with stories about the subprime problems, but these statistics do not tell the whole story. The number of single-family homes listed for sale in Las Vegas dropped to 22,005 in December from 23,494 in November, the Greater Las Vegas Association of Realtors reported. Inventory is up 23.4 percent from December 2006.
In Las Vegas the job market is growing; there will soon be an additional 40,000 hotel rooms open, which will create many new jobs. Thousands of people are moving to Las Vegas to work, creating a tighter housing market.
Many smart investors are snatching up condos in Las Vegas. The median price for condos is down 5.1% compared to last year and sales of Las Vegas Condos are up 14% from a year ago.
President of the Greater Las Vegas Association of Realtors, Patty Kelley, said "Real estate is local. Even though we get lumped into the national numbers, it's what is happening today in Las Vegas that matters. We're down right now, but in 2008 we see some positive things on the horizon. You can get a tremendous buy out there!”
Smart investors know that now is the time to start buying properties. Good deals aren't limited to distressed properties facing foreclosure; some sellers in the market just want or need to liquidate their assets.
Wall Street cheered when the Federal Reserve slashed half a percentage point from the federal funds rate, this is the interest rate banks charge other banks.
Cutting the funds rate, which affects credit cards and home equity lines of credit, was intended to ease credit pains related to the mortgage meltdown. However, it might provide more of a psychological boost to consumer confidence than a tonic for the ailing housing market. This also provides investors with incentives to invest because they will get better deals on mortgages and pay less in interest on loans.
ONE Las Vegas is a prime example of a hot moving condo property. Their ambitious five building community is well underway and selling ample units. To learn more about Las Vegas Condos pleas visit http://www.one-lasvegas.com
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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