The Las Vegas real estate market is picking up steam, as I predicted in the fall. Prices are still falling, making this a great buyer's market.

I'm showing quite a few homes in the 89081 zip code to second-home buyers and investors lately. This is not the swanky address that comes to mind when buyers are looking for location. It's a North Las Vegas zip code and home to Steve Wynn's old Shadow Creek Golf Course. What's attracting buyers are the nearly-new REOs selling for $74 to $84 per square foot for 2,700- to 3,200-square-foot homes, some in gated communities.

In one 89081 neighborhood, I'm showing nearly new REOs in the same development where construction workers are putting the finishing touches on new homes! It's a pity for the neighbors, who paid twice as much for their identical home 18 months ago, but the price of REOs -- and the proximity to I-15 and the Strip -- makes this a great neighborhood for a second home.

My client, Gui, is trying to buy a home in this area. We're in another "highest-and-best" situation, where a bank responds to multiple offers by asking buyers the top price they are willing to pay. This happens frequently now on the hottest properties in very good condition; competition is becoming so fierce on these that being the first offer in doesn't mean anything. The bank will sit on offers for the best deals, knowing a dozen more offers will soon follow. It's not unusual for these properties to sell for asking price or above; after all, they are priced well to begin with.

Fortunately, buyers who are willing to do a little rehabbing can find plenty of hot deals where the competition isn't as great. Since these properties are so new, many just need a fresh coat of paint and new carpet.

Of course, Summerlin and Green Valley are still considered the most desireable areas, and will always be a solid investment. The 89081 zip code, and other distressed-but-newer communities, can offer more buyers the opportunity to pick up that Las Vegas vacation home at a price they can afford.

I took a day off yesterday to watch the Super Bowl. I still haven't recovered, and I'm not sure that I will any time soon. No, not the alcohol...I recovered from that quickly. It's the heartbreak. I don't know if I can ever watch football again. I'm a fair weather fan, no doubt--the last time I got excited about football was when Joe Montana led the 49ers to the Super Bowl. (Uh-oh ... could it be that I just like gorgeous quarterbacks?).

It's very rare that I'll watch a full season of football. My 84-year-old mom is the real sports fan in our family and I got my passion for Joe Montana from her, a passion shared by my five sisters and one of my brothers. When Joe left for the Chiefs, I exited the sport. But then Tom Brady came along ...

I learned much more about the strategy this year. But what the hell happened yesterday, I sure don't know. As all my friends know, I'm very competitive. I don't have to understand a game to pick a side and start screaming my support. But I invested a lot of time and passion into Tom Brady this year, and I'm not so sure I want to do that again next year. Not unless George Clooney ends up quarterbacking a team. Any team.

Talk about Fantasy Football ... wait until my female friends see the team I put together.

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