Las Vegas Sun NewsInvestors take big bite out of Las Vegas housing supply
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10 October 2012
9:01 p.m.
Las Vegas’ housing supply shrunk rapidly this past year as cash investors bought homes in bulk so they could rent them out.
Homes listed for sale in the valley fell by 35 percent during the year ending Sept. 30, according to a report today from Seattle-based Zillow. In the “bottom tier” of pricing, where first-time buyers typically try to find a house, inventory shrunk by nearly 38 percent.
The “middle tier” inventory shrunk by 39 percent, while the “upper tier” decreased by 30 percent. Zillow did not provide price ranges for the tiers.
Housing inventory fell nationally by 19 percent, including 15 percent in the bottom tier and 22 percent in the upper tier.
Cash investors, often from Southern California or Phoenix, have been buying large numbers of cheap homes in the Las Vegas area — usually ones that plunged in value in recent years — and renting them out.
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More rental houses is exactly what we need. This is why neighborhoods in this city suck. Renters don't care and neither do investors from California or phoenix.
The rich get richer and the poor poorer. And so the story goes.
Lot money from China coming in to buy these homes, from what I understand.
Buy cheap crap made in China (that doesn't make you any happier, despite what Tony Hsieh says) on credit cards, people that make money off that cheap crap come and buy your short sold or foreclosed upon home and rent it back to you.
This is the new American dream.
Lots of houses coming back onto the market due to low appraisals and mortgage refusals. Second leg down has now started.
@asad
the rich are much smarter than the poor and make much better decisions.
I am a cash investor looking to mine some Las Vegas real estate gold.
leave a message here if you want to partner in real estate investments.