Posted August 30, 2017 in Buyer Info,Buyer Purchases,Just Sold,klinger,Real Estate Advice,Sport
One of the most exciting things happening in Las Vegas real estate news is the coming of Las Vegas’ own football team – the Raiders. Selecting the parcel of land where the Raiders Stadium will be located caused a chain reaction of other land purchases in the surrounding area – for top dollar. Though the Raider’s new stadium will not be finished till 2020, many investors have turned their eyes toward the land surrounding the stadium.
One parcel of land sold for almost 3 million dollars per acre, a value that is several times higher than the average acre sold price in the area. Other investors have made offers on surrounding sections of vacant land and there are still vacant lots in close proximity to the stadium. Needless to say, many involved in the Las Vegas real estate market are interested in what happens next with real estate in the area surrounding the location of the future stadium.
The housing market in Las Vegas has had several years of fantastic growth and experts are astounded at the ways the home values in this city have taken off. Being one of the cities hit hardest by United State’s housing market crash, homeowners who were underwater on their home several years ago are appreciating the increase in home values. There have been several clients at Nevada Desert Realty who have called requesting information for a Las Vegas short sale but have been able to get their home sold traditionally as their home value was higher than they had originally thought.
The rising prices in the Las Vegas housing market is partly to do with the increase of residents moving to the valley for work. Many companies have come to Las Vegas to take advantage of Nevada not having a state income taxes and having more relax laws compared to California and other surrounding states. The idea of Las Vegas having their own football team is just another indicator that Las Vegas is growing in stability and becoming a place on the map that offers more than just gambling and partying on the Strip. Many are hopeful that having the Raiders come to town will also bring other sport companies to Las Vegas, meaning more jobs and even higher demand for real estate.
There have also been several out of state buyers purchasing condos in the area of the Raiders Stadium. While most experts aren’t holding their breath for any major influx of vacation condo investors, Las Vegas still offers low-cost real estate for those looking for a vacation condo or home. People involved in Las Vegas real estate are also interested to see if members of the Raiders team or any of the team’s extensions make any big purchases in the area. The team, coaches, and other major participants will bring over 50 millionaires to the Las Vegas Valley.
Another way that the Raiders coming to Las Vegas may boost the housing market in Las Vegas is the vacation property managers and landlords. Since AirBnB and other vacation rental websites have given the power of owning investment property to any homeowner, many have gotten excited at the idea of owning multiple properties. With the Raiders moving to Las Vegas, the potential for booked vacation rentals will increase which may increase the amount of interested investors with the idea with purchasing in Las Vegas. Las Vegas is still relatively cheap compared to most big cities, and the idea of purchasing condos “near the action” before they potentially skyrocket in price has attracted many eyes. Those who are interested in purchasing a condo near the future stadium may also try to wait as long as possible so they can purchase when the stadium is closer to being completed so they don’t have to worry about vacancies.
If you are interested in investing in property near the Las Vegas Raiders Stadium, be sure to contact Nevada Desert Realty at 702-509-1446. We can help you find residential or commercial property for sale near the Raider’s Stadium. If you are looking for vacation rentals, we can help you purchase and find a longer term tenant until you are ready to use the condo as a vacation rental.
