We’ve all heard the talk: “Real estate in Las Vegas is tanking.”

My father in upstate New York commented that the majority of what he sees and reads about real estate development has a negative slant when it comes to Las Vegas.

We all know properties depreciated last year. And we all know that was after several years of rapid appreciation. This is an open market and adjustments are going to occur.

This week I heard one of my neighbors put their 2,900 square-foot, 4 bedroom, 3 bathroom home on the market just to see how long it would take to sell while they considered moving and finding a new home. Two days and two walk-throughs later they had an offer, followed by another offer. In three days their home was sold. Now they’re scrambling to find somewhere else to live and will most likely close on the home with the new owners then rent it back from them for a period of time until they’re able to get everything arranged.

My point in relating this story: as colder temperatures make way for warmer weather, the sleepy Las Vegas Valley real estate market is beginning to awaken. This activity is one of many signs I see pointing to another upswing in 2007.

Of course time will tell who’s right and we all know no one can predict outcomes with complete accuracy. Still, a bet on Las Vegas real estate still has pretty good odds in my book.