Las Vegas, NV (PRWEB) October 15, 2008
With 3,563 real estate owned properties in Las Vegas taken back by lenders in just September alone (and over 22,500 in all of 2008), Las Vegas has certainly seen its share of condo foreclosures. Contrast that to 7,704 total in the same period a year ago, and it's clear the "foreclosure flu" has hit Vegas hard. Now there's a website dedicated to providing a resource for investors interested in taking advantage of this discounted market at http://www.VegasForeclosureCondos.com.
For those looking for Las Vegas condo bargains, the short-term condo foreclosure inventory is staggering. In fact, pre-foreclosures in Clark County in September amounted to 6,565 - compared to 5,360 in August - and totaling 49,364 for the year which has already shattered last year's pre-foreclosure total of 33,953. Combine that with 9% of all homes in Las Vegas being in foreclosure, you can draw a positive conclusion that excellent real estate bargains can be had in this market.
So while Nevada's pre-foreclosure rate is up to 77.8 filings per 1000 households, an increase of 115 percent from last year, some are seeing opportunity rather than doom and gloom, mostly foreign investors, who are flocking to the Las Vegas condo market for great deals and bargains which can be found at the VegasForeclosureCondo.com website.
While obviously not good news to those losing their homes, Canadian investors - who are seeing much more purchasing power from the Canadian dollar versus the American dollar - are the ones who are turning this scenario into opportunity by entering into the Las Vegas condo foreclosure marketplace by storm.
Since Canadian banks never issued sub-prime mortgages, the Canadian real estate market has been capable of absorbing the cost of unsold units and has not suffered mass foreclosures. Toronto is the center of economic power in Canada, and is one of the more dense cities on the continent with a highly effective public transport system. Couple these with the fact that Canada is expected to profit the most from the advent of global warming, and you have a vibrant city whose real estate market and home values have nowhere to go but up. And now they are looking at Vegas as their suburb!
Could it be coincidence that Southwest Airlines are adding more Las Vegas flights to and from Canada to accommodate a new agreement with Canada's WestJet Airlines?
As the nation's financial markets struggle to regroup in the wake of the credit melt-down, those investors (whether they be from Canada, Dubai, or just high net worth individuals living in the States looking for foreclosure bargains) now have an online destination they can visit for access to great Las Vegas foreclosure condo deals by visiting http://www.VegasForeclosureCondos.com.