Sunday, 05 April 2020

Development Trends of Las Vegas Real Estate Market

Written by Posted On Monday, 11 July 2016 00:26

The article was provided by a Las Vegas real estate owner and a manager of the Mega Jackpot casino.

Las Vegas economy is still trying to get back to the surface and recoup the financial and real-estate loses after the notorious crash or “Bubble Burst” back in 2008. People are constantly talking about the slowly but surely wake from the crisis, however, even though the situation is balanced and steady for now, the resurrection doesn’t seem to happen finally. There are some ups for sure, but LV is still not a friendly place for posting a “for sale” sign.

We think that the first true problem right now, since the prices are to some point fairly low, seems to lie in the county’s bad real-estate reputation. If you were now on a journey around the globe asking people questions about Las Vegas, they would probably say that it reminds them of gambling, partying ‘till morning, and here and there you’ll hear the “Strip”, hence most of them have never traveled to the area and have seen it only in TV shows and movies. Rarely anyone sees it as a city with culture, educational system and a place they can live in. 

The second issue is that it’s harder more than ever for the market to create a new impression now that the online business is taking over the world. That's the opinion of a marketing specialist of a large-scale project vagascasino.com. Let’s face it, the worlds’ future is the Internet and virtual reality, meaning that people choose to invest rather in, for example, a gambling site then in a land-based casino.

What Buyers Should Consider

Buying now or developing a partially-built real estate can turn out to be a profitable investment. Why? When the economy starts getting better for good, you’ll be picking fruits from your property by renting or selling it. Still, this is more of an advice for a real-estate agent to consider than for a family with children who probably don’t think of risking their belongings and moving to a not child-friendly area. The closest it gets to being convenient for children are the Henderson and Summerlin communities that are interchangeable at their price point.

A father whose identity I prefer not to reveille stated: “I would be happy to move to LA if you’d asked me 10 years ago. Back then I imagined myself living in a city of entertainment, but it all changed when our girl joined us. Right now, when I need to take many aspects into consideration when moving, I wouldn’t risk investing into a de-centralized, lukewarm market”.

Families are often struggling whether to buy or to rent. One middle-class family needs about 25% of the average salary to afford a suitable home, which is not so bad compared to San Diego where we are talking about a twice as high percentage. Yet again, the LV County’s unemployment percentage is not decreasing below 9.9% (2.5% above the national rate) and this is not a low digit regarding the number of citizens living in the area. The customers take this as a big “no” when thinking about moving to Las Vegas.

 

Yes, there are people who travel to other areas to do their jobs but you must really love the area in order not to move out in this case. Not to mention that you probably won’t find jobs other than in a restaurant, hotel or perhaps in the entertainment or gaming industry which is definitely a limitation. Orange County has focused on innovations and knowledge, which recovered their situation like nothing else and following such an example would make differences. 

Positive sides of investing:

 

  • The market is doing well for the last two years and doesn’t seem to be getting any worse in the future. Moreover, the prize range can only increase, therefore, if you already want to buy do it now and know that there are a lot of fair deals for you.
  • Mortgage rates are somewhere between 2.7 and 4 percent depending on the product.
  • An average house is fairly affordable for more-less $190,000.

 

What Sellers Should Consider

We consider that the best advice can be learned from people experienced in the area, so please consider the following thoughts on the subject given by the two businessmen who own different belongings:

- The real estate agent in Las Vegas agent told me:

“If your property is attainable and you know to whom you are selling, there is no such market that won’t turn out beneficial, just know how to use the situation. My typical clientele are common, middle-income citizens, therefore, I cannot offer unrealistic prices.” 

- Regarding the topic of online over land-based business I had some talk with the online gambling site (the site is devoted to casino reviews) owner who stated:

“Las Vegas is still a profitable market at least when it comes to the gambling business, but this won’t last forever. If I imagine myself in the casino visitors’ shoes, I would rather spend time in the privacy of my home and enjoy my favorite game at peace than waste all the necessary expenses on my way to a real casino.” 

We would conclude that going either way can definitely result in a productive manner, but you need to play smart and stay at the top of your league. 

 

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