How times have changed! Even during the Las Vegas high rise condo boom, we expected the good times had to end - but not many anticipated such a hard landing. Now, we're seeing foreclosures all around us and the high rise condo market is performing poorly at best, where many would-be condo owners are either in foreclosure or walking away from 6-figure deposit money.
The residential market feels it first, then the commercial sector comes next. That's why we've developed a brand new website at www.CommercialREOs.com in addition to our Las Vegas residential foreclosure site.
The forecast on foreclosures is still gloomy (from a bank and owner perspective, that is). I'm looking for indications of a market turnaround and hope to see some price stabilization probably sometime in 2010, which means we'll have to weather an extremely challenging 2009. That means for investors looking to take advantage of some pretty nice deals, the playing field is now wide open, both on the residential and commercial sides of the table - especially if you're an all-cash buyer. Always remember that the ecomonic structure of Nevada (and Las Vegas in particular) will allow us to bounce back much quicker than other states facing similar economic challenges.
Speaking of which, how would your life be different if you invested in Home Depot when it was first introduced? I've got a truely unique commercial concept that has that same dynamic future for growth, so contact me (name and phone number please) if you're an accredited investor and would like to hear more.
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1 comment:
FYI One Las Vegas is in forclosure.
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