October 1, 2023

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Transforming Houses Into Homes

Your Dream House Is a Reality With Luxury Homes in Las Vegas

There has never been a better time than now to begin investing in luxury homes in Las Vegas. For many people, a dream house has been just that – a dream. But because of the recession, investors and homeowners are now in a position to make their real estate dreams a reality.

Unlike the real estate boom that began in 2005, recent trends have indicated that investors are taking a more thoughtful and studied approach to their investments.

Who is Investing in Real Estate? This is a buyer’s market, but with some interesting caveats. First, financing is in short supply for anyone hoping to turn back the clock and flip a house in a circa 2005 style. Instead, many of the properties are purchased by first time homeowners who are primarily interested in finding a single family home for sale.

This leads to the second caveat – successful investors are purchasing these formerly expensive homes with cash. According to an October 12, 2010 report from Property Wire, foreign investors are especially eager to take advantage of the “bargain prices” of the American real estate market.

Finally, as the Baby Boomer generation begins to reach retirement age, many are looking for new homes and some are willing to pay cash for homes so as not to be tied down by a mortgage. In fact, a September article from U.S. News and World Report listed Las Vegas as the #2 spot for retirees to purchase a home, with Phoenix in the #1 position.

Deciding What Real Estate Property to Invest In There are so many choices in the luxury real estate market that it is easy to be swayed by the obvious. The prices on new homes have been slashed, and for the average family, these homes are sometimes ideal.

On the other hand, luxury foreclosures or short sales may be a better option for experienced investors. These houses, often less than 5-years-old, are already outfitted with premium fixtures and flooring and are in well-established neighborhoods like Summerlin or Green Valley. The stress of purchasing and renting a property will be somewhat mitigated by not having to worry about making the upgrades that renters in these neighborhoods expect.

In Core Logic’s U.S. Housing and Mortgage Trends report published in September 2010, analysts said that distressed properties are at the head of the pack for real estate sales. In addition, the Las Vegas real estate market leads this trend with 61{7fcbeda410c9f02a886f83a59a5af911565ec7141a170d397df667872a958d9e} of all sales listed as foreclosures or short sales.

Keeping this in mind, it is imperative that investors take care when timing their investment strategy, while at the same time also avoiding hasty decisions by working with a luxury broker or realtor. The timing is a balancing act and will require a great deal of research. Nonetheless, it will be worth the effort and the long term financial yields.