Will the prices in Las Vegas reach level of the year 2003?
John Vanhara When I look at Las Vegas residential market I can really imagine that the prices will reach level of the year 2003 in the next 12-24 months.
There are currently 23,000 homes on the market. When I started in real estate in year 2001 we had about 8,000-9,000 homes on the market. That was considered as healthy number and it was also pretty stable number.
Then I saw number of homes drop to around 3,000 homes. Now we are have 23,000 on the market. What about sales? It is dead! I cannot believe the newspaper statistics when they say the sales dropped few percentage points. The reality is that the sales dropped dramatically. What will happen in 2007? Whoever will figure this out will make a lot of money:-)
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