05/10/2011
The big money being bet on Vegas:
Sin City saw homes sales soar in March to reach a five-year high, boosted largely by investors and cash buyers of discounted properties. Bargain foreclosure prices, depreciated values and even low new home sales have absentee buyers flocking to Las Vegas.
Home sales held at a five-year high for the Las Vegas region in March amid unusually strong activity among investors, cash buyers and others targeting sub-$100,000 homes. The median sale price fell as foreclosed properties accounted for a higher share of the resale market, a real estate information service reported.
In March, 4,953 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County ) - the highest sales tally for any March since 2006, when 8,486 sold. March sales were up 27.3% from February and up 1.6% from March 2010, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.
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