Vegas Real Estate News

Retro is making a comeback. Speaking of retro, one thing Las Vegas is known for, especially on the Las Vegas strip is demolishing old buildings. It is has become a spectator sport of sorts here, with the event being televised and drawing thousands of people to watch. That's not the case when it comes to housing developments. There are several neighborhoods developed in the 60s and 70s that are still the same as the day they were built (well, mostly). A good example of a great vintage neighborhood would be Rancho Bel Air. Most Rancho Bel Air homes were built in the 1970's, although development in the neighborhood has continued up to this year. Back in the day, Rancho Bel Air was one of the most elite neighborhoods in Las Vegas at one time.

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Sadly, Las Vegas has another claim to fame---the foreclosure capital of the United States according to latest figures in Market watch. The Las Vegas real estate market has been inundated with short sales and foreclosures the last several months. Other areas are also seeing the same thing, although on a much smaller scale. I was talking to my friend Ken Smith, a Realtor in the Chicagoland area. The Barrington real estate market has also seen an increase as well. It seems consumers everywhere jumped on the sub prime lending wagon. Comparatively the numbers are a lot smaller than in Las Vegas and every market will have some foreclosures and perhaps a few short sales as well. With so many consumers buying homes they really couldn't afford combined with the current state of the economy, I think we'll see a lot more of the same unless the government steps in.

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