About Las Vegas' Crystal Bay South

Apologies to the first time buyers that qualify for the tax credit that I may offend here. I am ecstatic that this credit is expiring. Las Vegas has very little inventory and the frenzy that the tax credits have created the last year has caused havoc in our market.

I am hoping that this will not be renewed in my market (at least for now) so that we can build more inventory. Right now, we need about 20000 (that's TWENTY THOUSAND) new units on the market to turn this from a dire sellers market to a stable market.

Prices have not risen from the seller market conditions which occurred last spring. This is mainly due to new units continuing to flood the market and extremely high buyer interest absorbing it.

I believe current low pricing will help stimulate and sustain high buyer interest.

I saw a blip of appreciation with no concessions during the last tax credit expiration in October/November. People were paying well over and receiving less concessions than the benefit amount.

If you are one of those tax credit first time or move up buyers and you are sorely disappointed: At least as a consolation prize you may not have to pay too much and maybe even get your closing costs paid. Oh another thing - you may not have to fall in love with so many homes and waste so much time and energy by writing offer after offer after offer.

To me, it's all a wash in the end.