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Las Vegas Review Journal
Item April 25, 2008
by: Hubble Smith
Business
A home with no money down. Banks are willing to help by paying down payments and closing costs, he said.
“I speak to Realtors daily that are blinded by the dismal news like deer in the headlights,” McGarry said. “They simply don’t know what to do in this market. Could you imagine if the 17,000 Realtors in Las Vegas found just one first-time home buyer this month? We could potentially take out 50 percent of the homes that are on the market. What an easy fix.”
Las Vegas has its problems, but so does the rest of the nation, said Jim Letchinger, president of JDL Development. The Chicago-based developer is building the 113-unit Mercer mid-rise condos on west Tropicana Avenue near the Las Vegas Beltway.
“It’s not just Las Vegas, though it may seem like it,” Letchinger said at Crystal Ball. “Vegas is suffering from a temporary – and I stress, temporary – correction.”
He said most of the failed condominium projects in Las Vegas were “fundamentally flawed,” a bad product in a poor location.
The real estate “gold rush” is clearly over, but the market will move on and eventually become stronger and better, Letchinger said.
“I guarantee you every home you buy is going to be worth more down the road. I can’t say when – three years, six years – but in the history of the world, land prices go up,” he said.
“Las Vegas is a unique city unlike any other city in the country and always will be. Take advantage of it. Stick it out and you’ll be successful,” he also said.