When housing is at a premium, to get a good idea of what the market is like, we must first look at what the developers are doing in residential and condo developments.

I see that many Las Vegas real estate developers are slashing prices and giving huge buying incentives. Upon closer inspection it seems that the developers that are heavily leveraged are seeing the end and don't want to be consumed by interest or carrying costs.

I would tend to proceed with caution in Las Vegas. Altough many of the high end condo's on the strip still seem to be selling, overall we feel that the market conditions are prime for a re-adjustment and perhaps some great deals may be had in the next few quarters as prices come down.

Overall Las Vegas is redeveloping itself and because of this Las Vegas real estate will be able to withstand a complete meltdown like in California. An estimated 6000 families are moving in and out of Las Vegas on any given day, therefore there is a huge market for homes. This fact alone will provide some insulation and stabilize the market for years to come.

If you are new to Las vegas or thinking about a move we suggest that you employ a realtor - a good one. Find a reputable realtor and tell them the location and specifics you are looking for. We can usually get a good feel for a realtor by how well and how often they follow up, phone calls, property stats, etc. Usually the bad ones upon first meeting will expect you to do all the work and call them when you find something of interest. Anyone can show their personal sales figures but what you want most is local knowledge and how well they communicate with you. This quickly weeds out the good and the bad.

Also, by getting a newspaper and calling homeowners directly can give you the pulse on the market right away. Who knows better than people that live in that market everday as to what's really going on. Ask some questions, but most importantly listen carefully!