Las Vegas real estate insiders discuss the local marketplace
Every quarter Southern Nevada housing experts meet up to talk about pressing issues in the industry and as is well-known now there are a lot of them to get into. It's aptly called the Crystal Ball housing outlook. Couple of items in the last meeting stand out for further commentary and deliberation.
One of them is new home construction. The real estate boom in Las Vegas was at its hottest roughly from 2004 to 2006. Right in the middle of that, or 2005, local builders produced 38,000 new homes when consumer demand then justified only 25,000, reports SalesTraq, a real estate research shop. That amounts to 13,000 houses out there that would not find an owner any time soon, a serious case of over-building. It's easy to see from that why the housing market here tanked so badly. It also causes many to scratch their heads over builders' ability to forecast demand. What happened to that important piece of business planning?
Please click on the link to read the entire article.
One of them is new home construction. The real estate boom in Las Vegas was at its hottest roughly from 2004 to 2006. Right in the middle of that, or 2005, local builders produced 38,000 new homes when consumer demand then justified only 25,000, reports SalesTraq, a real estate research shop. That amounts to 13,000 houses out there that would not find an owner any time soon, a serious case of over-building. It's easy to see from that why the housing market here tanked so badly. It also causes many to scratch their heads over builders' ability to forecast demand. What happened to that important piece of business planning?
Please click on the link to read the entire article.
1 comment:
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