How is residential market in Las Vegas?
William asked:
I am curious, aside from people who work for those casinos and hotels, is there anyone else who call Las Vegas home? Retirees?
I am curious, aside from people who work for those casinos and hotels, is there anyone else who call Las Vegas home? Retirees?
And how is the rental market there?
Answers appreciated!
Holly
Tags: Hotels, Las Vegas, Residential Market
January 3rd, 2009 at 9:44 pm
This article appeared in Jan2007
I agree that although real estate has slumped a bit, and the short term outlook is cautious (because if the current liquidity scare), the long term outlook for Las Vegas is good.
I believe that Las Vegas is the west coast’s version of Florida for retirees. No state income tax, low cost of housing (on a relative basis), and a destination city to lure friends and relatives to visit.
A lot of service industry jobs for sure — because of the casinos. But these service industry personal will need professionals (doctors, dentist, lawyers accountants) to support their needs.
The problem up until now has been a shortage of land. But the BLM is releasing some up for development.
If you are an investor, it might make some sense to purchase a previously used home, in which the present owner is in difficulty. If you get a good price today, and hold it for the longer term, you’ll do OK.
Just know that Las Vegas is a growing city with minor boom bust within the upward trend. Its built up fast now, it will slow down, and then it will play catch up again later.
January 5th, 2009 at 4:23 pm
Las Vegas has experience one of the largest appreciations in the US. As a result of such appreciation, additional homes are beginning to supply the Las Vegas area. Newly built homes, and communities are cropping up in the vast desert. With the increase of new supply to the market. Finding an affordable new housing situation will be easy for renters. Also with the increase in supply, renters will be able to aggressively negotiate lower rent.
January 8th, 2009 at 8:45 am
I am in the home building industry and can tell you things have slowed immensley.
yes, it can be a rental market…as people in LV are also losing their homes to foreclosures and need a place to live.
don’t let LV fool you…its not all retirees there….the last 10 years or so, LV has become quite the city for families to move to and businesses as well—especially since there is no state taxes.
good luck