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Las Vegas Real Estate: High Stakes or High Gains?
Las Vegas Real Estate has certainly become a buyer's market in recent months, especially for condominiums. Real estate investors grabbed property at just about any cost during the real estate boom this past year, boosting prices 137 percent over 2000 levels, states USA Today's Noelle Knox. In fact, an astounding 60 percent of January through March property buyers took high-risk loans just to qualify, based on statistics gathered by LoanPerformance, a mortgage finance and securities risk management firm.
While inflated home prices pushed real estate out of range for the average home buyer, Las Vegas condominium and single-family home contracts are now being cancelled left and right. Single-family sales plummeted 17 percent this spring and nearly 25 percent state-wide, compared to just six percent nationwide. Plus, there's a hefty seven-month supply of Las Vegas homes on the market. New construction homes, nearly half of all city-wide real estate sales, have flattened. This means, according to basic supply and demand, sellers are hard pressed to unload their property and buyers have a tremendous advantage.
In this warm, desert city where 80 percent of condo owners are investors, home buyers can still purchase a comfortable two-story family home on about a half-acre of land for around $330,000. The median home is complete with 1,677 square feet of living space, three bedrooms and 2.5 baths.
Whether you're looking to invest or settle into your first home, the Las Vegas real estate market is a strong option.

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