Is it an all-time property buying opportunity in Las Vegas?
Real estate investment in Las Vegas, Nevada continues to post steady high growth compared to other states in the US because of the absence of personal or corporate state taxes on real estate investors. Resale homes are moving at a record high, and new construction of residential buildings eats up approximately 4 acres daily, government records show.
Zero taxes naturally entice businesses to relocate to the area, bringing more employment and higher wages.
Unemployment rate in Las Vegas remain one of the lowest in the US and real property continues to increase in value.
According to the the National Association of Realtors, the average sales price increased 7.3% in the entire US over the last twelve months. Las Vegas Valley property, meanwhile, has increased 20-60% in many areas in the same time period.
Houses in Las Vegas that sold as recently as November of 2003 for $190,000 are now sold for more than $300,000 in some areas. This may seem to be quite an increase, and Las Vegas real estate is still a good investment compared to the other metropolitan areas around the US.
Moreover, the strategy of transitioning from being the “Gambling” capital of the United States to the “Entertainment” capital is successfully bringing in more visitors to Las Vegas. It has increased tourism revenues substantially, prompting hotel and casino operators to place more emphasis on both adult and family entertainment.
The advent of mega-resorts in Nevada in 1976 is a conscious effort of hotel-casinos to become a full-blown destination resort for travelers, vacationers, gamblers, conventioneers, and all members of the family.
This strategy was adopted when in 1976, casino-style gaming was legalized in Atlantic City, N.J., thus making Las Vegas casino owners realize that Nevada could no longer claim exclusive rights to casinos. This hastened the beginning of another era for the Strip -- the mega- resort.
Mega-resorts in Las Vegas include the 3,049-room Mirage Hotel-Casino and the Grand Slam Canyon, an entertainment park.
The presence of these mega-resorts has caused continuously all time high economic and population growth in Las Vegas. Records show that more than 6,000 plus new families move to the Valley every month.
With the population growth and the influx of real estate investors from all over the US, the real estate market in Las Vegas is naturally experiencing an all time high buying mode.
Zero taxes naturally entice businesses to relocate to the area, bringing more employment and higher wages.
Unemployment rate in Las Vegas remain one of the lowest in the US and real property continues to increase in value.
According to the the National Association of Realtors, the average sales price increased 7.3% in the entire US over the last twelve months. Las Vegas Valley property, meanwhile, has increased 20-60% in many areas in the same time period.
Houses in Las Vegas that sold as recently as November of 2003 for $190,000 are now sold for more than $300,000 in some areas. This may seem to be quite an increase, and Las Vegas real estate is still a good investment compared to the other metropolitan areas around the US.
Moreover, the strategy of transitioning from being the “Gambling” capital of the United States to the “Entertainment” capital is successfully bringing in more visitors to Las Vegas. It has increased tourism revenues substantially, prompting hotel and casino operators to place more emphasis on both adult and family entertainment.
The advent of mega-resorts in Nevada in 1976 is a conscious effort of hotel-casinos to become a full-blown destination resort for travelers, vacationers, gamblers, conventioneers, and all members of the family.
This strategy was adopted when in 1976, casino-style gaming was legalized in Atlantic City, N.J., thus making Las Vegas casino owners realize that Nevada could no longer claim exclusive rights to casinos. This hastened the beginning of another era for the Strip -- the mega- resort.
Mega-resorts in Las Vegas include the 3,049-room Mirage Hotel-Casino and the Grand Slam Canyon, an entertainment park.
The presence of these mega-resorts has caused continuously all time high economic and population growth in Las Vegas. Records show that more than 6,000 plus new families move to the Valley every month.
With the population growth and the influx of real estate investors from all over the US, the real estate market in Las Vegas is naturally experiencing an all time high buying mode.
posted by realestatevegas | 9:54 PM
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