Foreign Nationals Investing in Las Vegas
We have been seeing a trend of foreign nationals investing in the Las Vegas Real Estate Market. With the dollar at an all time low, foreclosures at an all time highand Las Vegas Real Estate prices at levels we haven’t seen since 2003-2004, foreign nationals are finding great investment opportunities in Las Vegas. The majority of the foreign nationals that we have been working with of late are from Canada.
I was speaking with a Canadian client the other day and it appears that there is alot of media coverage in Canada about the which real estate markets are ripe for investing in the United States and Las Vegas is at the top of the list.
According to Dan Green with “The Mortgage Report,”
- Foreign national mortgages are still available in the United States
- Downpayment requirements are low — 10 or 20 percent, depending
- Interest rates are reasonable and are not “monthly adjusting”
- There’s no forbidden property types — condo, condotels, and multi-units are all okay
Even though Dan Green has stated that there are some programs that require as little as 10% down, I haven’t seen or heard of these programs. The best I have found for any of my clients was 25% down. But with lender guidelines changing almost daily, I would recommend that you speak with a local Las Vegas Loan Officer like Mark Madsen.
If you are thinking of investing in Las Vegas Real Estate, take advantage of the home prices while you can as we all know, home prices will eventually rise! You can begin your search for homes for sale in Las Vegas by clicking on the link below:
Tags: Foreign Nationals, Las Vegas, Las Vegas Home Prices, Las Vegas Real Estate, Las Vegas Real Estate Market
October 11th, 2008 at 4:28 pm
They are helping to keep supply down and demand up. Hopefully it will help overall.
October 14th, 2008 at 2:15 pm
From what I have been seeing lately, the US dollar has been gaining ground on the Pound Sterling, the Euro and other currencies. The dollar had been weak in the past and that made US investments attractive. However, real estate values are still low so foreign investors still need to be looking here.
October 18th, 2008 at 10:58 pm
We were seeing a lot more buying activity in the Phoenix area from Canadians in the last several months but recently it seems to have died off. With the Canadia’s dollar losing its value against the US dollar, $1 Canadian = $.84 US as of Friday I think the US real estate market is less appealing. Back in July the Canadian dollar was worth as much as $.96 US dollars.