The Las Vegas real estate market may be ground zero for the nationwide foreclosure disaster, but it is also the prime target for aggressive residential real estate investors from all across the country and all over the world. Despite current economic conditions, large amounts of investment dollars seeking long-term value are flowing like a river into the market for Las Vegas foreclosures. Why would this be so? Clearly the expectation is that as the U.S. economy recovers, Las Vegas will regain it's footing and continue to move forward as a uniquely successful city that draws people (as both visitors and residents) like the magnet it has always been.
Is the foreclosure banking scandal involving all those "robo-signer" issues slowing things down or significantly impacting the transactional process for Las Vegas homes? The answer is absolutely not. The paperwork issues that have landed the banks in so much hot water center around the 23 "judicial foreclosure" states where those paperwork procedures apply. Nevada is one of 27 non-judicial foreclosure states and this latest bank-based firestorm does not really apply to us at all. What then is the driving force that does apply and accounts for the tremendous level of cash-based investor buyer activity? Simply put, at these prices real estate investors can positive-cash-flow foreclosure homes in Las Vegas right from day one. This highly attractive financial incentive is central to understanding why our market is so active.
1 comment:
Good news for the Las Vegas though we all know that the economic conditions of the world is not that good they're still attracting investors to have investment.
best regards,
seattle area
Post a Comment