LAS VEGAS MARKET

LAS VEGAS MARKET PLACE -
We had breakfast with Keith our contact from Las Vegas this morning. He provided a lot of very useful information about that market which we will now move forwards on and look more closely at the numbers.
The Las Vegas market is in quite a different place to the rest of the States for a number of reasons.
* The forclosure process is a lot less, in other states over 12 months, and now they are backloged with 2 years of foreclosures to deal with in some cases. Las Vegas the foreclosure process only takes 90 days.
* Las Vegas was the first market to be hit, so will be the first market to fully recover
* Las Vegas still has a growing job market, 750 families (I think) per month moving to Las Vegas to work
* There is inventory of 25,000 homes to be sold. There is 15,000 Realtors in Nevada, so if each Realtor only sold 1 home the oversupply would be gone immediately
* There is a shortage of land on which to build homes
* Las Vegas is an international market place
* Las Vegas has a better tax rates
* A lot of the foreclosures do not require any rehab

I will be working with Keith in the coming weeks to look at some specific examples and will share this information to you when it comes to hand.

My final thought - a tax deductibe trip to Vegas to look at ones rental property each year - not that sound like fun!