Las Vegas, Top Market to Buy in 2008

Las Vegas was just named as 1 of the top 5 real estate markets to buy in 2008 according to Entrepreneur.com. I believe the reason is because of the massive expansion that is taking place on the Las Vegas Strip. According to the Las Vegas Review Journal, the Las Vegas Strip will create over 113K new jobs over the next 5 years due to the opening of several major projects, such as Project City Center. The creation of all these jobs will have a significant impact on the Las Vegas Real Estate Market!

The local economy cannot absorb all those new jobs which means we will begin to see an increase in people relocating to the Las Vegas Valley to fill these new jobs. What this means is, there will be a huge need for housing. The current housing inventory will begin to fall as more homes are sold compared to new homes coming on the market. This will allow for home prices to stabilize and over the next few years, home prices should start rising!

If you are a buyer or investor looking to purchase a Las Vegas Home, the time is now before home prices stabilize!

2007 Coming to a Close in Las Vegas

As I write this, 2007 is drawing to a close and we are only a few days away from ringing in 2008! 2007 brought a tumultuous year to the Las Vegas Real Estate Industry. We saw a record number of Las Vegas Foreclosures, lenders closing their doors, loan programs disappearing and even a few major real estate companies filing for bankruptcy. So the question remains, what can we expect to see in 2008?

I believe foreclosures will maintain the level we are seeing as more adjustable rate mortgages adjust, loan guidelines tightening and more real estate companies filing bankruptcy. However, they were will be great opportunities for buyers in the Las Vegas Real Estate Market! Just a few years ago, many buyers were being priced out of the market and now, they have an opportunity to find a home they can afford. New real estate companies will open shop with more of an emphasis as a virtual office thus driving costs down for sellers.

Being a survivor of 2007, I am anxiously awaiting 2008 :)

Las Vegas - No Better Place for Investing

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. 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 handles the Tourism marketing and promotion of the area. Its annual Visitors Survey provides detailed information on visitor numbers, spending patterns and resulting revenues.

Many technology 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.

Population growth means that the housing construction industry is vitally important. In 2000 more than 21,000 new homes and 26,000 resale homes were purchased. Early in 2005 there were 20 residential development projects of more than 300 acres each currently underway making Las Vegas a great destination for investment.

There are plenty of top Las Vegas real estate companies and fine, reputable real estate professionals in Las Vegas to help you purchase an affordable home or find an investment property. If you have questions or would like to research the area further click here for Las Vegas Real Estate or you can contact us for detailed information about local neighborhoods.

Las Vegas City Limits

Out of the Approximate 1.8 million people who live in the Las Vegas Valley, 600,000 actually live inside Las Vegas city limits. Over 700,000 people live in unincorporated areas governed by Clark County, and another 465,000 live in incorporated cities such as North Las Vegas, Henderson and Boulder City.

Las Vegas is situated on the arid floor within Clark County. The surrounding environment is dominated by desert, vegetation and some wildlife. A concerted effort made by city officials to diversify the economy from tourism by attracting light manufacturing, banking and other commercial interests.

In early 1990s the city's rapid growing population, the new Chinatown of Las Vegas was constructed on Spring Mountain Road. Chinatown initially consisted of only one large shopping center complex, but the area was recently expanded for new shopping centers that contain various Asian businesses

With this Strip expansion, the downtown area which has maintained an old Las Vegas feel began to suffer. The Fremont Street Experience was built in an effort to draw tourists back to the area and has proven to be popular in that regard. The multi-level Neonopolis, complete with 11 theaters, was built to offer more retail opportunity and services.

Many high-rise condo projects have also been underway as the downtown area is transforming into a livable neighborhood. On April 2005, the Internal Revenue Service (IRS) operation from the far west of the city to a new downtown building was opened. The Internal Revenue Service (IRS) move is expected to create a greater demand for additional businesses in the area, especially in the daytime hours.

Things to Do in Finding a Best Las Vegas Real Estate Agent

First, just make sure you do not go with the first real estate agent you meet. Search around and really check the background of the agent before you go with them.

Second, if you're searching for Las Vegas real estate investments just to be sure to go with a brokerage that specializes in that market. Not every brokerage is up to date on the finest investment and preconstruction developments in the city and this can be dangerous for the investor.

Third, several Las Vegas real estate agents are aggravated by their bottom line instead of their clients. Remember all Las Vegas developments pay differently and many times the bad projects pay more because they're harder to sell. If you're not careful you can get caught with a terrible investment while making your real estate agent a vast commission.

The outcome is not all Las Vegas real estate agents are created equal and if you're not careful you can get an agent that is not well educated in the preconstruction, vacation home, or investment real estate industry.

On the other hand, when you invest in real estate in or around Las Vegas, just be sure to compare property values and rents. Financial statistics only go so far and the best measure of a property's market value is frequently the sale prices of nearby properties of the same size and condition. The same holds true for area rentals. A low price can frequently be justified by a sensible rent and renters who can afford a high rent can afford to buy instead, so sensibly priced rent is a need or the renters will just buy their on property.

Tax laws may change so don't base your tax investment on current tax laws. The tax code is constantly changing and a good investment is a good investment regardless of tax kick backs. The right property with the right financing is what you should look for as an investor and not tax breaks. You must master one form of investing before moving on to the next. Start in an investing form you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, preconstruction condominiums, or multi unit apartment buildings, you'll gain from experience by specializing in one aspect of the investment real estate industry before moving on to the next.

Enterprise, Nevada Real Estate

Enterprise, Nevada is an unincorporated township in Clark County. It is comprised of about 14,000 people, many of whom work right on the Strip. In the 2000 census, the approximated population was 14,676. It is located southwest of the Las Vegas Strip and conveniently has plenty of transportation options.

Cold weather is one reason the entire Las Vegas area has become so popular. If you want snow though, then the mountains that ring Vegas will provide that. Sun is the order of the day, with more than 330 days of sun a year. If having fun is your idea of pleasure, then you will find yourself in Enterprise. With everything from themed casino malls, to family entertainment to "ghost towns" not far away, with the strip, and the all the hands-on museums for the kids, there is something to do and see every hour of the day or night.

Enterprise is also located far enough from the Strip that safety is not an issue. Once you get past the Strip, Vegas is really like any other city in the United States, with many subdivisions, families and homes that reflect a conservative lifestyle. Home choices are almost limitless such as apartments, condos, cluster homes and large single-family homes, there is something for everyone. Homes in this area are very reasonable with a large 2,500 square foot home in a gated community, with full amenities (like pool and tennis courts) for $200,000. Other, larger more luxurious homes can sell for as high as one million. Land is also available, for those who wish to build their dream home.

The average home price is $200,000 while houses range from $120,000 to $1,500,000. Housing types available include Single Family, Residential, Commercial, Lots & Land, Investment Properties, Town Homes & Condominiums.

Las Vegas is one of the most technically advanced cities in the United States, and has many employers, from the casinos, to the service industry and everything in between. It seems no matter what your talent, you will find a way to be used and seen in Enterprise. Las Vegas is the city of lights, and Enterprise is the place the showcases all the best that the greater Vegas areas has to offer.

Summerlin Nevada Real Estate

Summerlin is a 23,400 acre (94.6 km²) planned community being built by Howard Hughes Corporation in southern Nevada. It is along with the western rim of the Las Vegas Valley near the Spring Mountains and Red Rock Canyon National Conservation Area. It includes certain kinds of land uses such as residential, commercial, educational, medical, etc. As of December 2003, Summerlin's population was 84,350.

It has been the fastest growing Master Planned Community in the country for the past 8 years. Located along the western rim of the Las Vegas valley, this community offers a unique lifestyle to its residents. It consists of several villages of residential properties, schools cultural centers, shopping, parks, trails, professional and medical facilities and golf courses. More than one-third of Summerlin's acreage is designated as open space, which includes parks, trails, golf courses and nature trails.

Summerlin is one of the best areas in Las Vegas to invest in real estate. It has the largest assemblage of golf courses in the northwest, including the Badlands, Painted Desert, Los Prados, and Angel Park. It has been known as a shopper’s choice to shop at Meadows Mall and the Sahara Pavilion oasis nearby. There are also several neighborhood casinos, such as Santa Fe Station, Fiesta, and the Texas Station offers fine dining and gaming making it more convenient for residents who would prefer not to drive to the Strip. Apartments are plentiful, especially in the area of Sahara Road near Arville Street. The condominiums and town homes in Summerlin for sale typically range from $250,000 to $450,000, whereas single family homes for sale typically range from $330,000 to $4,500,000. On the low end, the housing can start as low as $230,000 and go up as high as $16,000,000. Land for sale in Summerlin typically averages from $1,400,000 to $4,000,000 per acre. Available real estate includes single family homes, multi family homes, condominiums, town homes, new construction and new development, golf course communities, active adult and retirement communities, luxury estates, residential vacant lots, commercial and investment properties.
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