Jan. 23, 2012
LAS VEGAS HOUSING MARKET INVITING
TO MANY FOREIGN INVESTORS
The risk of deeper recession in European
could encourage more Europeans to invest
in U.S. real estate markets such as Las
Vegas, an economist for Trulia.com said.
Las Vegas ranks number 8 among U.S. cities
for international buyers, Trulia reported.
" The United States in general looks like
a safer investment bet than Europe."
"Europeans will spend less on nearly everything,
but for those Europeans who are in a position
to invest, U.S. real estate assets could turn
out to be safer than European stocks, bonds
Las Vegas has two things going for it -
global recognition, and affordability.
Prices have fallen more than 60 percent from their peak.
The median condo price was $58,550 in December 2011 and single family homes were at $120,000.
"San Francisco is a great global destination
but lacks the great real estate deals that
are rampant in Las Vegas."
A local Vegas Realtor said she sees a lot
of Canadian investors and expects European
investors to increase in numbers.
The three most expensive homes in the U.S.
last year were bought by European Billionaires
and their heiress daughters.
Greece, despite their financial crisis, showed
a 17.8 percent increase in U.S. real estate
investing followed by Italy with 7.2 and Spain
with 3.1 percent.
"This suggests that many of these Europeans
aren't just looking for a home away from home.
Instead, they are looking to take their money
and fly the coop,"