Las Vegas Real Estate Slump Represents Opportunity for Investors, Consumers, Long Islanders Looking to Relocate
April 21, 2008
(Las Vegas, N.V.) For anyone that might have been sleeping for the last year and a half, the Las Vegas real estate sector is part of a huge slump that has been affecting the economy across the nation. With NAI Horizon’s recent decision to close down their Las Vegas office, the reality of this situation has really began to hit home for Las Vegas Real Estate agents.
As of publication, according to the internet site GlobeSt, there are now reports that NAI has quickly reopened a smaller Las Vegas Office with fewer agents. Nevertheless, top local agents like Tony Sena of North American Realty of Nevada say colleagues are no doubt feeling the squeeze.
Optimistic, Sena stated “I know the market seems like a real wreck right now, but one man’s financial burden is another man’s opening shot at future wealth - which has always been historically true with any market; especially the real estate market.”
“Las Vegas is reaching close to rock bottom and opportunity is available to people that just wasn’t available a year ago in the real estate market. It is time that people that have the extra cash start looking at making purchases in the market because slumping markets have to rebound at some point in time.” said Sena.
Real estate companies in the United Kingdom predicted a slump a couple of years ago, and in advance, started saving some of their capital to make purchases when the slump hit its peak. They did so and now that the UK is showing signs of slowly coming out of the slump, these companies look like financial geniuses. The same opportunity appears to be available now in Las Vegas and it’s a great time for investors or anyone with the extra cash to take advantage of it.
The main reason that a move right now is considered a good one is the basic principle of rebounding. While the United States may be in the middle of an economic recession triggered by the collapse of the housing market, the fundamentals of the economy are strong. The United States remains the single most stable economy in the world and its GDP is still larger than all other nations combined. For these two reasons, the United States is going to rebound at some point and when it does people who moved into the market at the bottom will be the ones that benefit from real estate markets like the one in Las Vegas right now.
“Economies operate on a cycle of boom and bust, especially extremely open free markets like the ones that exist in the States. Those that get in at the end of the bust are the ones that make the most money and many analysts believe that one of those periods of opportunity is now hitting the Las Vegas real estate market.” said Sena.
Posted by News LI Editor · Edited by Brianna - Filed Under Money
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One Response to “Las Vegas Real Estate Slump Represents Opportunity for Investors, Consumers, Long Islanders Looking to Relocate”
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Kind of a misleading story. Yes NAI closed down but it had nothing to do with the market. NAI is a commercial real estate firm and this area of real estate is still very strong in Las Vegas. Their corporate office wanted more control of the operations and the current franchise owner felt like he was not getting anything in return for the NAI name. He has since left the company and started his own firm. I don’t think he would have risk so much to open a new firm if the market was bad. Las Vegas does have many residential issues but with over 6,500 people moving here a month and our excesive Strip growth (over 20 billion currenly under construction just on the Strip with many more things about to break ground) the “experts” say that we will be in a housing shortage by the end of 2009.
- Posted by: Richard