This article from CNN Money lists hot areas of the country that have experienced housing downturns - the idea being that these markets represent good buying opportunities. The Las Vegas luxury condo market is discussed and a few important facts are discussed:
- Only 10% of the condo projects that were planned actually got built.
- The condo projects that did see the light of day sold out quickly with 30% going to foreign buyers.
- Most of these condos are located near the strip and fetched prices over $1 million.
While this does mean that in a few years there will be ample units in resale it does not mean that prices are going to be any better. Las Vegas is hot (today especially at 108) and those luxury condos will appreciate with time, making them virtually inaccessible for most of us.