[quote=briansd1]Are you predicting increasing prices this winter?
I think the holidays are more about people having fun. The buyers in Vegas want to be landlords, not residents. And being a landlord has downsides that many are not prepared for.
Anyway, banks are foreclosing again and approving short sales.[/quote]
I don’t know if prices will increase there (due to massive “shadow inventory” trickling out) but feel you will have to compete everywhere against all-cash investors from out of state.
EVERY CO mtn town I stayed at least one night each in last summer (six towns in 2011) had individuals and couples in the breakfast room and in the jacuzzi at night headed for Phoenix and Vegas to buy up rentals for their “retirement income” and to possibly use for a vacation home (LV) or for their children/parents to rent from them. Some were from CO and others were from the midwest and WY (traveling thru CO). ALL were in search of deeply-discounted bargains and (presumably) prepared to consummate cash deals on the spot (if they found something). Ages were 55-65 who were driving all gamut of (expensive) SUVs and even motorcycles!
Just like us, they were staying in chain lodging everywhere, taking advantage of the “free night” promotions and accumulating lodging points and using them!
The Rockies are but just one little corner of the world. En route to my brethren two weeks prior to visiting the Rockies, I observed my Albuquerque motor lodge also filled with the same type of folks with the same goals … albeit coming from the Eastern Seaboard, the South and the Southwest part of the country en route to LV and Phoenix, but didn’t have as much time to converse with them.
These individual-investor types don’t typically fly. A lot of them just retired (or one of the couple did) and drive their own vehicles (often luxury 4WDs) and MC’s so they can see all the country and attractions they couldn’t see while a worker-bee and maybe also see grandkids or other relatives on the way up and/or back home :=]
