It’s no secret that my beloved Las Vegas has seen some pretty rough times over the past few years. Real Estate prices took a dip so deep even Jacques Cousteau was having trouble seeing the bottom of the proverbial ocean. As the economy worsened on a ultimately global level, Vegas felt the crunch (and is certainly still feeling it…). Mega Resorts that were once know for their endlessly deep pockets have spent the past year basically giving everything away to get patrons in the door. The Las Vegas “Vertical” market that once thought the “sky was the limit” got a horribly healthy dose of reality and most never even made it near the “sky”. We all know the rest…
But something new and strange is happening. I read the Las Vegas Review Journal article yesterday on home prices rising. Seems as if writer Hubble Smith is on the same path I’ve been thinking about for the past few months.
MSNBC reports show National Home Sales up 7.2% in July- The largest monthly increase in at least 10 years.
And even Federal Reserve Chairman Ben Bernanke made the bulls happy campers this morning, stating that the Global Economy is recovering.
Although I keep reiterating the fact that my crystal balls is broken, changes-are-a-comin’ Las Vegas. The air even feels different. -Heidi
The RJ’s story really does tell it quite well. Home prices are inching upwards. Inventory of homes is basically 
non-existent (a three week inventory on Bank Owned properties- what does that mean? It means that if no new homes were placed for sale, there would be NO homes available in THREE WEEKS!).
Investors (the real ones- not the 2005- 06 fly-by-night wanna-be flippers) are scooping up homes like they’re getting them for FREE. These guys know good things NEVER last forever. They see the window of opportunity closing and they are surely swooping in.
Yes, it’s still quite tough for a first time homebuyer to take full advantage of these remarkable deals. Cash talks. It’s the investors with all of the dough. But… it’s not impossible for Betty and Bob buyer to take advantage. Today.
If I had to be a betting person- and Vegas STILL is the place to be one of those… I might just place my money on Spring-Summer ’10.
I’ve had visitors in town over the past few weeks. I’ve been to McCarran Airport a few times. It’s Busy. I’ve been to Hotel/Casino after Vegas Hotel/ Casino. They’re Busy. Yes, these out-of-towners that make this Glorious City what it is are getting deals and steals to come visit us. But they’re coming. And the more they come, the more Las Vegas inches towards that much needed relief we’ve all been looking for.
A Vegas Comeback of sorts. The “New Normal”.
