How do you recognize a real steal of a deal? (RSD) Well... if a condo at the Panorama high rise project is listed at $300K, it's a real steal deal - especially since that's just the listed price (you'll probably be able to get it under that amount! Interested?).
Buying a high rise condo at a $100K discount that is already 12 to 24 months old is a REAL STEAL DEAL! Think about it: do you think the developers could build a high rise with the intention of selling each unit for $299K? Do you think the developers could even cover their construction costs by selling beautiful units such as these at those prices? NO WAY!
If you have champagne taste and can only afford beer, there are situations developing in this market that are perfect for you. Remember, despite what you read in the paper, there are still 40 cranes in the sky, there's million dollar construction going on, and 100,000 jobs are on their way. Continue to read this blog or subscribe to our deal service for the lastest RSD's we come across.
According to R.Keith Schwer of the Clark County Economic Research team:
So if you're not getting a RSD, then just sit tight, wait it out, and don't buy anything unless the deal is a steal. Good times await!"The difficulties of getting housing back on its feet will not come quickly. Indeed, it is possible that we may not experience much of a recession or depression, but the subsequent recovery may not be much either. The new Strip properties in 2009, however will likely be robust enough to push the local economy into the next expansion phase, regardless of the drag in 2008."
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2 comments:
For the people who are already in the market and have been watching their property values going down, what do you recommend? Do you see the values coming back up any time soon?
I've commented in the past, as you probably know I bought a condo during the real estate peak. In your opinion, does my unit have a chance of appreciating above what I bought I for? Will this be a 10+ year process to break even?
Thanks
I'm not sure what project you bought into and at what price, but I think we're still in for a rough 12-18 months that will present a very significant challenge to the real estate market in general. That being said, I do think Las Vegas will be one of the first markets to recover and I expect it to recover in a very big way. In general, yes, I think there's an excellent chance of high rises bought even last year willl appreciate above their purchase prices, and I don't even think it'll take 10 years to do so. I predict in a 2 year timeframe that you'll see another high rise buying frenzy here in Las Vegas. The challenge for individual unit owners now is will they be able to wait it out and carry their units in the interim, which unfortunately, is looking pretty bad...
By the way, for those of you interested in preconstruction investing with minimal risk, I have a website devoted to such a program which I'm sure you'll find quite interesting. Click here
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