by M. Anthony Carr
Is the slump over for condo sales in Las Vegas? Having been designated as one of the leading foreclosure cities in the United States several times this last year, sales are edging up and prices holding steady.
The Las Vegas Sun reports condo sales were up in July by 18 percent compared to the same time as a year ago. Buyers seem to be moving off the sidelines as prices have slipped 31 percent over the last year. Nevertheless, buyers want to live and own in Las Vegas. The number of homes sold between May and July for the Las Vegas area is up 28 percent, according to Trulia.com, a home sale data tracking site.
Buyers may be moving in today for higher gains predicted in the future. National Association of Realtors Chief Economist Lawrence Yun recently labeled Las Vegas as one of the markets which will increase gains between 10 and 50 percent over the next five years.
The local economy is setting up for bigger growth in the next four years from jobs created in the hotel-resort industry -- upwards to nearly 100,000 more positions by 2012, according to numbers from Deutsche Bank Securities, Inc.
Published: August 18, 2008
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Mr. Carr has covered real estate since 1989. He is the author of