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Buying Foreclosures in Las Vegas Has Never Been Easier!

By Glenn Plantone

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Published: 28Jan2009
Word count: 434
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In its January 11th, 2009 issue The New York Times heralded Las Vegas as its "Frugal Destination of the Year," proclaiming that "Las Vegas has been buffeted by the economic crisis, and deals are plentiful along the Strip." According to Dr. R. Keith Scher, director of the Center for Business and Economic Research at the University of Nevada, occupancy rates in the city's 141,000 hotel rooms are down 15%. This results in great deals on accommodations all along the spectrum...from the high end 4 and 5 star properties through the bargain destinations downtown. The Times says that restaurants and shows are also getting in on the act, with performances like Cirque du Soleil offering discounted tickets for the first time in history.

And if bargain food, lodging and fun aren't enough reason to visit Sin City, Las Vegas also happens to be the largest foreclosure market in America. Properties are selling for 30% of their highs two years ago and are showing strong cash flow for the first time in decades. Now is definitely the time to stay, play and buy in Las Vegas.

As a full time real estate investor, I have been buying and selling in the Las Vegas market for the last 5 years, and the deals that I have seen in the last several months have been better than ever before.

Here are just a few examples of recent transactions that I have brokered for my clients:

7461 Enviable Ct. - This is a 3 BD/3BA, 1300 sq. ft. property that was listed at 109K. We negotiated down to 90K with a cash purchase. The property should rent for around $1395 which, even had the client needed to secure a loan to purchase, would still provide for monthly cash flow between $500 and $700.

Regent Condominiums Unit 1105 - This is a 2BD/2BA, 1247 sq. ft. condo that we wrapped up at $64,000. It sold new in 2004 for $163,400. We secured a renter for the property at $965/mo. the day it closed escrow. This resulted in a positive cash flow for the buyer of over $600 per month.

9502 Milkweed Canyon - This is a 4BD/2.5BA, 1559 sq. ft. home that sold new in 2006 for 257K. We picked it up at 107K. It should rent for between $1200 and $1500, resulting in a positive cash flow on a traditional P&I loan of $490 to $620/mo.

These are incredible opportunities and we are having tremendous success negotiating with sellers to bring already bargain properties down another 10 - 20% from their list prices. This is definitely a great time to buy in the Las Vegas real estate marketplace and we expect the opportunity to continue for another several months at least.

Glenn Plantone ViewPoint Equity Office: 702-405-6481 Mobile: 702-769-9872 http://www.worldbuilds.com

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