Ron Costa

With the US dollar as it is, Canadian investors are flocking into the country to pick up real estate bargains, and right now they're looking mainly at Las Vegas condo foreclosures

There's A Reason Las Vegas is Condo Foreclosure City - Opportunity! And Canadian investors are heading the charge into this dynamic and extremely profitable real estate venture. The fact that the US economy has done a number on Las Vegas real estate, combined with the weakening of the dollar has made Las Vegas the city of choice, as more and more Canadian investors are moving their Canadian dollars south into the city that never sleeps.

More homes and condos are in foreclosure in Las Vegas than anywhere else. However, they say every time a door closes, another one opens up. That's the thinking behind the mindset of the Las Vegas real estate team that's developed a brand new blog dedicated to providing Canadian real estate investors with Las Vegas foreclosure bargains.

While the team at www.vegasforeclosurecondos.com also provides high cash flowing, high yielding real estate investments for their clients and investment club, their main focus is searching out the many Las Vegas condo deals currently in foreclosure and providing that information to their investor base.

Today's charter post is a classic example. It showcases a great bank owned condo in the restigious 89113 area code of Las Vegas priced at under $100,000. It's deals like this that will hopefully keep Air Canada busy flying their Canadian investors into the Las Vegas area as they continue to accumulate wealth and use the strength of their currency to their advantage.

This website is their resource for wealth generation. In addition to foreclosures, the signing up as a subscriber gives Canadian investors access to high yield, low risk investment opportunites that are not available elsewhere.

Opportunity's knocking... will you answer the door? Subscribe to get Las Vegas condo foreclosure deals. In this economy, you can't afford not to.

... Okay, so it's not a high rise. But here's a property you have to take a look at if you're in the market for a bargain. It's a 2 bedroom, 2 bath unit with a balcony and garage located in the prestigious 89113 zip code in Las Vegas, Nevada - located right down the street from the private Spanish Trail Golf Country Club.

This property is located in a gated, plush community with three luxurious pools surrounded by palm trees and lush landscaping; private bar-b-que area, spa, clubhouse, billiards room, two story work out facility with sauna, tennis court, security; all in a prime location one block from the 215 and 10 minutes to Strip, 15 minutes to airport; less than one mile from a new state-of-the-art hospital, a block from a proposed Stations casino, across the street from gaming, walking distance to shopping, restaurants, grocery stores, nail salon, yogurt, etc.

At $99,900 - this is a bank owned property looking to make deals right now. That's not a misprint - less than $100K!!!! You couldn't possibly ask for a better deal than this. They say pictures tell the story, so have a look at these and then contact me immediately for status (it may already be gone by now).

Speaking from a real estate agent's point of view, it's becoming more and more increasing clear that banks are manipulating the multiple listing service (MLS) into their own personal auction service. It's about time that some kind of control needs to be placed on MLS price points as a result. Here's what's happening in the Las Vegas real estate market right now:

You take a high end property in foreclosure with nice amenities (on the golf course for instance) with tons of upgrades which the bank offers for "only $50,000" on the MLS. A luxury home for a bargain, right? Ladies and gentlemen, start your offers! What a deal!

Buyers go to Realtor.com and see these low prices and think they're getting a deal. Then, when they place an offer, they immediately get a fax from the seller (bank) saying the property is in a multiple offer situation (and why not - everyone's seeing these amazing low prices), and they (the bank) now want a new offer which is the client's (buyer) "highest and best offer".

And guess what happens to the "great deal"? Can you spell SCAM? The effect is that banks are allowed to auction off their properties without actually admitting what's really going on! Now the buyers are all turned off by the rules of this new game and walk away with a bad taste in their mouth, with further distaste for the real estate agent and the bank.

Whether it's Las Vegas high rise condos or regular residential real estate, don't us real esate agents actually have to PAY for the MLS? Shouldn't we be offering real deals to clients without the pie in the sky hopes of a bank accepting some ridiculous short sale outcome that probably will never close in the first place? Should clients have to put up money that has to sit for months before banks decide to accept or reject the deal as their "best offer"?

What on Earth is happening here?

Yes, El-Ad's project on the former Frontier property has been put on hold. But their partner Nochi Dankner doesn't seem too concerned. Danker's just recently refinanced and upped their stake in the Queensridge high rise condo project in Summerlin and also have their eyes on the Tivoli Village project next door to the tune of $850 million.

Then there's the Africa Israel group, who acquired the former "W Hotel" (and Las Ramblas for that matter) site and are in the process of moving that project forward with a whole new design at a considerable cost.

And we all know how active Dubai has become in this Las Vegas high rise condo market.

Truth is, there's a lot of foreign investment happening in Las Vegas RIGHT NOW, mostly by groups out of Israel, where top level real estate analysts say they are "unmoved" by the doom and gloom media reports we hear each day. Word on the street says planning for the Plaza project will be ready in less than a year, so bet on that project happening as hopefully the economic conditions will be a bit more positive.

Heed the words of Segi Eitan, the CEO of "Property and Building", a major holding of Nochi Dankner's IDB group:

"If you want to make money in life, you have to take risks. There's no such thing as reward without risk. Looking backward is no great trick. I remain optimistic about the success of this project... These are some of the best luxury high rise condos constructed in the city. When the storm passes, these condos will go at the speed of a missile launch."

Translation: Queensridge is a winner! Luckily for you and me, we don't have to be on the other side of the world to see what's happening right here in the Las Vegas real estate marketplace - we can get involved with just a click of the mouse!