I am not surprised at all!

Read some of Las Vegas New Construction reports from mid September 2007 till mid November 2007.

Las Vegas new construction is moving.  Two weeks ago we were seeing standing inventory to 6 month builds in the entry level single family new construction market.  Today we are seeing waiting lists and price increases.  Oh yes I also "got the memo" from one new construction representative that "their product is selling quickly and you (as in me, the Realtor) have no leverage anymore".

Go ahead, laugh, the market sucks right? 

Rents are rising, rental vacancies are low and for people who can buy right now,  there is no disparity in some areas.

Laugh even harder! 

You aren't the only buyer out there (I know it is hard to believe!) so if you want to be a professional buyer (one that likes to look and offer but never buys) and find a property that is priced REALLY low make sure you  lowball 50 cents on the dollar, ask for the family farm, firstborn, closing costs, rate buydowns.  Oh don't forget the refrigerator and washer and dryer.  The all cash investor will sneak up behind you and steal that property that you think is yours for the taking.

People think I am joking when I tell them there are certain new construction and resale markets that are moving.  They also think I am joking when I tell them that the vacancy rate is low for rentals and that rental prices are being pressured upward.

Who is really going to have the last laugh? 

Save the lowballs for the submarkets that have high inventories, be realistic when you are going in submarkets with low inventories.