Las Vegas prices are falling by around 10% per annum right now, so any new build will almost certainly be over priced. The US is undergoing the biggest period of price adjustment for 20 yrs. Foreclosures haven risen massively and there is a huge stock of unsold inventory in markets such as Florida, California and Las Vegas.
This may be a useful linke for you.
http://media.corporate-ir.net/media_files/...r_2008_ERET.pdfHere are some stats on the state of the market (sorry about format).
Metro area
Overall Strength of Metro Area
Change in housing inventory*
Months supply**
Price change***
Employment outlook****
Loan payments overdue*****
Atlanta
Moderate
13%
11
-.7%
Strong
5.21%
Boston
Moderate
-8.3%
5
-3.6%
Weak
3.53%
Charlotte, N.C.
Moderate
19%
7.8
4.3%
Strong
3.69%
Chicago
Weak
3.3%
10
-3.2%
Weak
3.47%
Dallas
Strong
0%
5.9
-.1%
Strong
4.53%
Denver
Moderate
-3.8%
5.7
-1.8%
Average
3.71%
Detroit
Weak
12%
19
-11.2%
Very Weak
5.3%
Houston
Strong
12%
6
N/A
Strong
4.60%
Jacksonville, Fla.
Weak
11%
12
N/A
Average
4.49%
Las Vegas
Weak
21%
18
-10.7%
Average
6.38%
Los Angeles
Weak
33%
N/A
-8.8%
Weak
4.06%
Miami-Ft. Laud.
Weak
20%
29
-12.4%
Average
7.15%
Mpls-St. Paul
Moderate
17%
8
-5.5%
Average
3.57%
Nashville
Moderate
26%
5.9
N/A
Average
3.62%
New York
Moderate
6.2%
N/A
-4.1%
Very Weak
3.71%
Orange County, Calif.
Weak
28%
9.2
N/A
Weak
3.26%
Orlando
Moderate
24%
17.5
N/A
Strong
5.44%
Philadelphia
Weak
3.8%
8.7
N/A
Weak
3.24%
Phoenix
Weak
23%
12
-10.6%
Weak
4.29%
San Diego
Weak
20%
N/A
-11.1%
Weak
3.99%
San Francisco
Moderate
42%
6.6
-6.2%
Average
2.91%
Seattle
Moderate
50%
4.9
3.3%
Average
2.13%
Tampa
Weak
13%
16
-11.8%
Average
5.31%
Washington, D.C.
Moderate
26%
7.5
-7%
Average
3.91%
I am also a first timer when it comes to property investment, I have been looking at investing with World Capital Partners new La Piazza project in Las Vegas , I have seen the comments on this forum but they were all made last year and I am still undecided. World Capital Partners state that they have been involved in other projects in the region, has anyone had experience of these ? all comments and advice would be welcome.