Residential and Office Developments
The city of Las Vegas Nevada purchased 61 acres (247,000 m²) of property from Union Pacific Railroad in 1995 with the goal of creating something that would draw more tourists and locals to the downtown area. The Union Park Development, other promising residential and office developments have begun construction around downtown Las Vegas. The new condominiums and high rise projects have changed the entire Las Vegas skyline dramatically in recent years. Many large high-rise projects are planned for downtown Las Vegas as well as the Las Vegas Strip.
The primary drivers of Las Vegas real estate and its economy have been the confluence of tourism, gaming, and conventions which in turn feed the retail and dining industries. The Las Vegas Convention and Visitors Authority is the one who handles the Tourism marketing and promotion of the area. The annual Visitors Survey provides detailed information on visitor numbers, spending patterns and resulting revenues. The technology suggests that many companies have either relocated to Las Vegas or were created there. Las Vegas has had a high concentration of technology companies in the electronic gaming and telecommunications industries.
The population growth means that the housing construction industry is important. In 2000 more than 21,000 new homes are built and 26,000 resale homes were purchased. In early 2005, there were 20 residential development projects of more than 300 acres each currently underway making Las Vegas a great destination for investment.
Currently, abundant amount of inventory, which is causing Las Vegas Home prices to fall. This will continue to see home prices dropping into late 2008 and then home prices should begin to level out. As we enter 2009, we will see many of the Las Vegas Strip projects nearing completion.
It is being said that properties in Las Vegas, Nevada now rival Southern California, Florida and Hawaii. The Manhattanization of Las Vegas is going vertical at the same time new suburban communities are coming on line and while the national Real Estate Market remains flat to down.
The primary drivers of Las Vegas real estate and its economy have been the confluence of tourism, gaming, and conventions which in turn feed the retail and dining industries. The Las Vegas Convention and Visitors Authority is the one who handles the Tourism marketing and promotion of the area. The annual Visitors Survey provides detailed information on visitor numbers, spending patterns and resulting revenues. The technology suggests that many companies have either relocated to Las Vegas or were created there. Las Vegas has had a high concentration of technology companies in the electronic gaming and telecommunications industries.
The population growth means that the housing construction industry is important. In 2000 more than 21,000 new homes are built and 26,000 resale homes were purchased. In early 2005, there were 20 residential development projects of more than 300 acres each currently underway making Las Vegas a great destination for investment.
Currently, abundant amount of inventory, which is causing Las Vegas Home prices to fall. This will continue to see home prices dropping into late 2008 and then home prices should begin to level out. As we enter 2009, we will see many of the Las Vegas Strip projects nearing completion.
It is being said that properties in Las Vegas, Nevada now rival Southern California, Florida and Hawaii. The Manhattanization of Las Vegas is going vertical at the same time new suburban communities are coming on line and while the national Real Estate Market remains flat to down.
posted by realestatevegas | 6:34 AM
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