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Vegas Real Estate
 
Volume is down but used-home prices inched past the $200,000 mark last month. The median price of single-family homes sold in September through the Greater Las Vegas Association of Realtors’ listing service was $202,500, up 1.3 percent from August and 12.5 percent from a year ago. This trend will not continue through the winter.
 

While home sales picked up last month, first-time buyers, a critical component for a sustainable recovery, remained on the sidelines. They accounted for 29 percent of sales for a third straight month, below the 40 percent to 45 percent that is considered ideal by economists. Investors are still driving the real estate market but they won't be for long.

 
Switching strategies from renting to selling, I think this is a good move. Fremont is bustling and there is more demand for upscale housing near the area. By the time leases have expired next summer, they will be primed for selling.
 
This trend will continue as the boarded up hotels along Fremont street get converted to cute and interesting hotels. All the prostitutes and drug dealers are getting pushed along towards boulder highway.
 
Inspirada, with about 1,350 homes so far, is currently planned for 8,500 homes but nowhere near completion and will take years. Developers built houses en masse without buyers in place in 2006. But today, they typically break ground only after a buyer steps up, a slower, more cautious approach.
 
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While traveling Eastern Europe I got a chance to interview property managers from different nationalities. Curious as to what other countries are like? Here is a proeprty management interview from Istanbul.
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Book To Be Released
Foreclosure

A Fist Full of Properties

Estimated release date will be December 1st. This book was written for property management companies - tips and techniques for a profitable business.