Southern Nevada housing market has recently been through plenty of agony. Despite low mortgage interest rates sales of single-family houses, condominiums and townhomes have been slow, especially in the middle and upper ends of the price scale. Sinking values have attracted first-time buyers and real estate investors to rummage through the bulging inventory in the lower end of the marketplace and grab property, often foreclosures, at huge discounts. Sin City's housing supply is still way too high and needs to come down further to give the market a chance for recovery.
One group that has been moderately active in the past on the Las Vegas real estate scene is the Canadians and they are now returning to take a look at what's going on. Prices have receded all the way to the early-decade levels, making them very competitive with those in Phoenix where Canadians have historically bought more vacation homes than here. Lower pricing in Arizona has long been the main attraction for them, but it appears the gap is fast closing.
It's also argued that Phoenix has cheaper golf than Las Vegas. If Phoenix indeed has a small edge on green fees, Southern Nevada can smoothly overcome that by a decent entertainment menu, and then some. In addition, here it's possible to talk in the thick of night with the ghosts of Sinatra, Elvis, Howard Hughes, Bugsy and the rest of them.
Mortgage money for Canadians in Nevada is still available, despite the unpleasant fact that the marketplace is having a terrible time. As expected, the requirements have tightened up quite a bit from those they were used to a few years ago. Good credit, decent income and a sizable down payment is a solid starting point. Right now only second, or vacation, homes can be financed, leaving serious investors to eagerly wait for the time when they also will be invited to the table.