The overseas property portal Homesgofast.com has seen a sharp rise in international investors seeking investment property in Las Vegas. The US housing market is seeing foreclosures and mortgage default rates hitting record levels. It appears that overseas investors are seeking to capitalise on the situation by investing in the worlds entertainment capital city
Las Vegas may be attracting overseas investors for a number of reasons. It is said that rental demand is high owing to numerous condo conversions and demolition for redevelopment and population growth. The Las Vegas market at this time appears to be in short on supply of rental property. The demand for the last few years has created a ripe market. As a result, occupancies are running in the high 90% range. The subprime mortgage situation could actually be beneficial to this demand.
Nicholas Marr CEO Homesgofast.com‘Emerging now as a real hot spot in the US is Las Vegas. We have had a sharp rise in investor inquiries specifically looking to buy in Las Vegas. I spoke to one investor who recently put his money down on a luxury Las Vegas apartment. It was clear that it was a mixture of elements that got him looking for his cheque book. They ranged from low prices, good rental market to the fact that he had been to Las Vegas on a holiday.’
See more at overseas investment property blog
Sean Conlon (www.conlonandco.ie) who runs a billion-dollar property empire in Chicago highlights the opportunities in the US at this time
“The current downturn and repricing going on in the American economy is providing potentially the biggest real-estate buying opportunity I have seen in 20 years,” he told a conference in January. “It is the perfect storm.”
With the U.S. dollar at its weakest level in decades, international buyers are chasing housing bargains in Las Vegas eager to take advantage of their purchasing power and the declining property prices
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