While the number of foreclosures in the Las Vegas residential housing market is no secret, what is not widely reported is the short time most of the foreclosures spend on the market before they are placed under contract.

Even in this difficult lending environment properties are moving so quickly that it makes you wonder if savvy buyers have more confidence in the market than lenders and the press.

Case in Point:

In the luxury home community of Red Rock Country Club on the western edge of Las Vegas we have seen a steady stream of short sales and foreclosures.  The golf course homes in particular are being placed under contract quickly.  This is making sales for the non-distressed homes difficult.

It begs the question of how deep this down cycle will actually be in the Las Vegas market.  Tens of thousands of jobs are still being created, home builders have significantly reduced the rate of new home construction and short term flippers are being flushed out of the market.

Only time will tell, but it is quite possible that 2008 will be looked back upon as one of those periods in time where home-buyers will be wishing they had moved against the crowd.

We are Tom Garcia and Amy Garcia of Luxury Realty Group. 702-360-6645 

www.VegasLuxuryLiving.com

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