Have Prices Fallen Enough to Buy in Las Vegas?
Now may be the best time ever for investors to buy a home in foreclosure-slammed Las Vegas, says Glenn Plantone, whose National New Builds company based in Vegas specializes in undervalued markets."Since the beginning of 2008 the inventory of homes listed in the multiple listing service (MLS) has been slowly decreasing, while the volume of sales has slowly been picking up," he says, adding. "the average price of these homes has been dropping by about $10,000 a month." Thus, as of September 20008, homes with 20% down payments and fully amortized loans will now once again" make sense. Pantone, who says he is a full-time investor and a licensed realtor, declares that Vegas home prices are "as low as 30 – 50 cents on the dollar," making a purchase now a "great cash flow play." He also cites statistics indicating the migration into Las Vegas by residents continues unabated, providing a ready made buying public.