Belleview, which has other Valley communities, is marketing its condos to Canadian buyers, primarily in Alberta.
The Canadian dollar is strong in the United States, and Alberta’s economy is flush with oil and gas profits, DeSouza said. He grew up in Toronto and lived in Calgary before coming to Arizona in 1992.
More than 30 percent of recent sales have been to Canadians, DeSouza said
Even though housing prices are still falling, some bargain hunters are already getting to work. What takes patience these days is the financing
Shelli Lowe, managing partner of the Integra Realty Resources office in Las Vegas, told CPN that the Las Vegas economy is in as bad a shape as she has seen in more than 30 years as a commercial appraiser. “Never has it been like this,” she said
Casino business is down, local unemployment is 6.4 percent, airlines are cutting back on flights to Las Vegas, and there’s a three-and-a-half-year supply of homes in the local Multiple Listing Service. In addition, Lowe said, the office vacancy rate is 16 percent, and that’s being driven in significant part by the contraction of Las Vegas area real estate, title, mortgage and construction companies.
Lowe also pointed out that, on a base of about 130,000 hotel rooms in metro Las Vegas, another 30,000 are currently under construction.
Echelon – Las Vegas
Boyd gaming halts $4.75 billion project in Las Vegas
Vegas is feeling the pinch of the economic slowdown in the US – as it will with gamblers staying home to deal with their own real estate woes – though all it means is that there will be a terrific opportunity coming up for smart investors to pick up properties in the next 12 months – if only I could predict the low but then I wouldn’t be doing this blog…
http://www.reportonbusiness.com/servlet/story/RTGAM.20080807.wrusmortgage08/BNStory/Business/home
It’s been a while since my last posting – much has happened – loonie went below par – loonie went back to par and now it’s in a free fall down to 94 cents – ouch – and the Canadian housing market is showing weakness – in Vancouver no less !!!
But the snowbird states (Florida, Arizona and Nevada) still offers Canadians good opportunities to buy that Vacation or Retirement home – only now ‘Cash is King’ and money talks. So what if you loonie is down 10% - houses are upto 50% off and still falling in Coral Springs, Phoenix and Las Vegas – I love real estate….
Posted in Uncategorized
Tagged Arizona real estate, Florida real estate, Foreclosures
A word of caution – not all US markets are the same – Seattle has escaped the carnage suffered by Las Vegas, Sacramento and Phoenix.
Noted Financial Post columnist Diane Francis has been writing recently on the housing woes in the US. The most interesting note in her column today is that, in her opinion – which I value highly – things will get worse before they get better – which means better deals are some time away – Florida in some markets has given away all the gains since 2004 – upto 50% off from peak highs – wow !!!
Orlando has always been known for its theme parks but some tourists are now heading to the Sunshine State for a different type of excitement.
The condominium market is about to get worse as many cities brace for a flood of new supply this year — the result of construction started at the height of the housing boom.
Posted in Uncategorized
We are now starting to see the effects of the Subprime crisis on all the various participants who profited in the low interest rate induced boom but were left holding either the paper or assets such as investment property…
