Las Vegas Real Estate Investments
Historically low prices have brought investors back into the Las Vegas real estate market. Single family homes are showing a positive cash flow with minimum down payments as required by lenders, and the return on investment is favorable. Most of the properties sold under the $150k mark are being bought by cash investors, stabilizing prices in that range.
Multi-family investors have also become very interested in the Las Vegas market because supply, due to condo conversions and demolition for redevelopment, has not been keeping up with demand for the last six years, creating a ripe market. Combined with a larger rental demographic due to foreclosures, occupancy rates are running in the high 90% range and rents are rising at a 4% annual clip, a trend that is expected to sustain itself given subprime mortgage meltdown and the fact that while supply is catching up with current demand, it is not catching up with the backlog from previous years.
Historical multifamily construction deliveries for the Vegas Valley average 7,000 to 8,000 units per year, with absorption tracking pretty closely. In 2005, however, new supply was negative by up to 4,000 units. Succeeding years didn’t necessarily see negative supply, but they also didn’t keep up with demand, according to local market reports. As a result, there is not much multi-family product on the market at any given time.
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