Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Condo sale is going strong in Las Vegas and Florida.

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July 09, 2005

Condo sale is going strong in Las Vegas and Florida.

The numbers are simply staggering. Condos are being built as we speak, snore, swim and whatever else. Condo sales in Las Vegas are simply crazy. They build them overlooking hotels on the strip. They still appreciate more. A friend bought a studio overlooking Bellagio for $700,000 and 9 months later it is $800,000.

In Florida it is even worse. Folks are sleeping on the streets overnight to get a shot at the best units. Any condo under a million goes very fast. At least there you can get an ocean view.

How that all can be bought even with all the influx of US and foreign money is mind boggling. More and more creative financing likely, especially for condo flippers.

Some smart people are sitting on the side with few billions ready. There are few vulture funds waiting for foreclosures, bankruptcies and construction projects that never going to finish.

Condo bubble may be coming soon ....

Posted in Mortgages at July 9, 2005 10:18 PM

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