In its issue of 11 January 2009 The New York Times announced in Las Vegas as "Frugal Destination of the Year", proclaiming that "Las Vegas has been shaken by the economic crisis, and offers are abundant along the strip. "According to Dr. Keith Scher, director of the Center for Business and Economic Research at the University of Nevada, occupancy rates in the city's 141,000 hotel rooms are 15%. This translates into better accommodation deals across the spectrum … high-end units 4 and 5 stars through the center of bargain destinations. The Times says that restaurants and shows are also in on the act, with performances like the one offered by the Cirque du Soleil discount tickets for the first time in history.
And if food negotiation, accommodation and entertainment are not reason enough to visit Sin City, The Vegas also happens to be the largest market of foreclosure in the U.S.. Properties are sold 30% of their maximum of two years ago and are showing strong cash flow for the first time in decades. Now is definitely the time to stay, play and shop in Las Vegas.
A full-time real estate investor, I have been buying and selling on the Las Vegas market over the past 5 years, and agreements I have seen in recent months has been better than ever.
Here are just some examples of recent transactions that have negotiated for my clients:
7461 enviable Ct. – This is a 3 BD/3BA, 1300 square feet of property listed at 109K. We have negotiated to 90K with a cash purchase. The property should rent for about $ 1395, though it had the client needs to get a loan to buy, still be used for monthly cash flow between $ 500 and $ 700.
Regent Condominium Unit 1105 – This is a 2BD/2BA, 1247 square feet condominiums that ended at $ 64,000. It was sold in 2004 for new $ 163,400. We have secured a tenant of the property at $ 965/mo. closed the day tank warranty. This resulted in positive cash flow for buyers of more than $ 600 per month.
9502 Milkweed Canyon – This is a 4BD/2.5BA, 1559 meters square house new ones that were sold in 2006 for 257K. Picked up at 107K. It must rent for between $ 1200 and $ 1500, resulting in a positive cash flow in a P & I traditional loan of $ 490 to $ 620/mo.
These are incredible opportunities and we are enjoying great success negotiating with sellers to make and properties of the negotiation for another 10 to 20% of their list prices. This is definitely a good time to buy in Las Vegas real estate market and look forward to continuing to others several months at least.
About the Author:
Glenn Plantone
ViewPoint Equity
Office: 702-405-6481
Mobile: 702-769-9872
http://www.worldbuilds.com
Article Source: ArticlesBase.com – Buying Foreclosures in Las Vegas Has Never Been Easier!