The Las Vegas Business Press is reporting that the Las Vegas homebuilding industry is sagging.
Please check the Freestanding Investment button on the right side bar and see what I am talking about!
And as always...
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388. Thanks!
"The Las Vegas homebuildingindustry sagged to a record-low 3,793 new-home closings in 2011, a 30 percentdecrease from the previous year, Las Vegas-based housing research firmSalesTraq reported in December FastFacts," according to the Las Vegas Business Press.
This is a bad sign for all those residential Home "Investors" acquiring properties and then trying to "Flip" them. You are better off NOT buying a house at this time, say I.
And, since, "There were 384 new-home permits issued in December, bringing the total to 3,740for the year, a 15 percent decrease from 2010. Those are the worst numbers for new-home sales and permits since SalesTraqbegan tracking the market in 1992, company President Larry Murphy said," published Monday in the LV Business Press. And, with "The median price of a new home dipped to $211,265 in December, down 3.5percent from a year ago, but up $4,000 from the previous month," This means that buying a home in Las Vegas could result in a loss of equity and prinicpal in the coming and the next year.
Is that Bad News for Las Vegas Commercial Real Estate? I don't think so, say I. Because there are several quality real estate investments that could be long term, lucrative investments IF bought NOW while we are near the bottom. And, a +/-9.5% Cap Rate is one of the better rates across the US.Please check the Freestanding Investment button on the right side bar and see what I am talking about!
And as always...
For Information about Las Vegas Commercial Investment Property, contact David Howes at: david@davidhowes.net OR 702-501-9388. Thanks!