Oscar Goodman speaks on declining inventory in Las Vegas
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During the recent meeting of the Las Vegas Real Estate Insider Club this October, they invited the Las Vegas Mayor, Oscar Goodman as their keynote speaker. Famous for his previous stints as being a high profile defense lawyer for the Las Vegas mob, the wowed the crowd with fascinating stories about his ex-clients and his likeness for the movie industry. Unfortunately, some guests that has not previously pre-registered has to be turned down due to the space constraints of the top floor of Newport Lofts, located in downtown Las Vegas.
Most of his topic was geared towards the status of the real estate business in Las Vegas. According to his observation, the Mayor said that the number of sales remain high since June and the number of foreclosures is steadily declining, this however resulted in a shortage situation in the real estate business. According to him, more people are now looking to buy low-priced REO homes than there are homes to sell them. This clears up why investors and realtors are facing numerous offers and bids try to acquire home in the past couple of month. Now as the REO declines slowly, the mayor has found that a change in direction is now required to provide his investor clients with the continued ability to purchase quality investment properties without having the price bid up to levels incompatible with strong cash flow.