Las Vegas Foreclosures
Las Vegas High Rise Second Homes
- HENDERSON, NV, October 02, 2007 - With the high price of foreign real estate, investors are bargain shopping in the United States to take advantage of the favorable rate of exchange while it lasts. One of the most popular housing areas being scrutinized is the
Las Vegas real estate market, according to Diann Tonnesen, long time local agent with Prudential Americana Group Realtors. "Over the past few weeks we have suddenly been deluged with requests from Canada and the UK in particular. Most seem to be looking for second homes that are relatively inexpensive compared to their home countries."
Foreign currencies, which have posted significant gains against the US dollar in recent weeks, have international investors eyeing the depressed US housing market looking for bargains investments and affordable second homes. Canadian currency got a boost after a report showed the economy expanded for the third straight month in July. It climbed above $1 on September 20th for the first time since November 1976, and Canadians are flocking across the border.
Gold also broke through to a fresh 28-year high as the dollar hit a new record low against the euro. Weakness in the dollar has supported strong rises in gold in recent weeks. Gold often moves counter to the US currency as an alternative asset for investors. And the euro has soared to an all time high against the dollar. For the first time since it began trading, the euro now buys one dollar and 40 cents, having started out at almost the same value. In addition, the Pound Sterling hit a one-month high against the softer dollar, peaking as high as $2.0331 in trading.
"Though the news media has been touting Las Vegas as the one of the markets most likely to crash after high appreciation rates, the decline in prices seems to be stabilizing due to the continued steady growth of 6,000 new residents each month and an expanding labor shortage as more of the multi purpose mega projects like the
MGM City Center come online. As our labor shortage problem worsens over the next twelve months and as another year of baby boomers hits retirement age, we are expecting a spike in prices towards the end of 2008," said Ms. Tonnesen.
But currently prices are still at a three year low with the number of foreclosures to choose from providing a bonanza for those with cash.
Las Vegas new homes builders are offering incredible incentives as well in order to move standing inventory so they can go on to new projects. According to local real estate manager Annette White, "They are offering foreign nationals favorable financing with 30% down at American lending institutions despite the recent credit crunch. Foreign residents can even obtain financing with 10% down, good credit and local employment."
One of the most popular investments for the international buyer seems to be the mixed use high rise projects going up along the Las Vegas Strip and in downtown Las Vegas. In addition to the luxurious high rises in the MGM City Center and the Cosmopolitan, mid rise urban lifestyle developments like Sullivan Square and Manhattan West are also gaining in popularity. Prices range from the high $200s to over $5 million for some of the penthouse properties, with a wide range in between for preconstruction. Amie Hawthorne, another agent with Prudential Americana Group Realtors adds, "We have seen some great steals to be had in the growing resale market in developments like Panorama and the MGM Residences where buyers intended to flip quickly rather than hold long term. They bought at the top of the market and now they just want to get out."
To receive assistance negotiating the best deals on
Las Vegas Homes or
Las Vegas Condos, please call our office at 702-985-7654 or visit our web sites. The Tonnesen Team of Prudential Americana Group Realtors has been helping families for over 24 years call Las Vegas "home."
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