City of Las Vegas | Las Vegas Real Estate
Located in Clark County, Las Vegas is the largest city in the state of Nevada. Also commonly known as “Sin City”, Las Vegas hosts a thriving resort, gambling, nightlife, international restaurant/cuisines and vacation center. There are over 600,000 residents in Las Vegas and the city is in the top 30 most populous cities in the US. The entertainment capital of the world has something for everyone, and many companies, associations, clubs, and conventions host annual events at the Las Vegas Strip. This city hosts the top international hospitality industry in the nation.
For the past several years Las Vegas has had some of the highest foreclosure and short sale rates in the nation. With this instability, high percentages of distressed real estate listings, and an abundant supply of Las Vegas real estate for sale, prices hit rock bottom. According to the Las Vegas association of Realtors, this steep decline in the housing market is at an end. Though there are still foreclosures and short sales in Las Vegas, there has been a decline in the percentage of distressed listings. See more about the Las Vegas real estate market below.
Las Vegas as a city is not very old, only established a few years after 1900. It wasn’t till after 1930 that Las Vegas really started to boom. Gaming and the building of the Hoover Dam was in this decade which brought many more residents to the area. After WWII Las Vegas started gaining popularity for gambling, flamboyant hotels and ostentatious entertainment. New things continue to flock to Las Vegas and Casinos, hotels, nightclubs continue to population the Las Vegas Strip.
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Businesses are also moving to Vegas! These businesses are taking advantage of great tax structure set up in Nevada and no state income tax for their employees. There are also less restrictions and rules for employment in Nevada which gives businesses more freedom to grow their products and services. The many conventions and meetings hosted in Las Vegas allows many of the businesses in Las Vegas to easily get international advertising by participating in the various conventions.
Las Vegas is not only home to a booming hospitality and entertainment industry, but it is also home to many retirement communities. Many of these retirees come to Vegas because of the dry weather and low cost of living. Many active adult communities, 55+ communities, and retirement communities can be found in the Las Vegas Valley.
Many of these communities are located inside a master planned community with golf courses and gated entries. Howard Hughes and many other builders purchased large plots of land and designed the entire community before building started. This allows many residents to live in a community where their every need is only a few minutes drive away.
More about Las Vegas Real Estate
Many real estate investors come to Las Vegas to invest in residential properties. This is due to the fact that Las Vegas is a very transient city and homes are cheaper that many areas of the United States. During the crash of the housing market, many investors were able to purchase bank owned homes and short sales at a very low price. Investors continue to purchase homes today as the housing market in Las Vegas is on the rising as well as job growth.
Thanks to many contributing factors, the median home price had risen 9% from November 2014 to November 2015 and have continued to rise into 2016. Currently the valley’s median real estate listing price for houses is $220,000. This is the price that has not changed for months. This median real estate listing price was just a few hundred more than the United State’s average real estate listing price for single family homes. Having a median home price above the US national average was a huge milestone for Las Vegas as it showed that the Las Vegas real estate market is healthy and stable again after several years of sky high percentages of foreclosures and short sales. Due to the rising prices, 2015 saw a major decline in investors from the beginning of the year to the end of the year. This is an indication that the market is more stable and that there aren’t as many homes that are “dirt cheap.”
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