What is going on in the Las Vegas real estate market you ask?

Las Vegas Lifestyle

Las Vegas Lifestyle

I get this question quite frequently and most people who ask are very surprised at the answer.  Las Vegas is experiencing tremendous sales activity and in the month of June an all-time sales record was exceeded.  The number of resale homes available to be purchased is around a three months supply at the current consumption rate.  Clients of mine who travel to Las Vegas from out-of-town are amazed at the quality of life here and the low prices of homes.  The local Las Vegas Review Journal recently reported that Nevada is in the top ten states in the Nation for the best Economic Outlook.  Right now in Las Vegas we have more resale homes under contract then are available to purchase and it costs less to own a home than it costs to rent!  These are both indicators that the current housing market is undervalued because when you consider the tax benefits and appreciation potential of owning a home it should cost more than renting.  You also must insure a home in Las Vegas for more than the current prices because it will cost more to rebuild if damaged! 

I think that our low tax structure will most assuredly be a driver of our economic growth as is our warm climate since 7918 people in the US turn 60 every day(according to the US Census Bureau) !  When the Baby Boomers retire they will be looking for warmer climates and environs that have low tax structures which Nevada and especially Las Vegas have.  This is not a political blog but with the Bush tax cuts expiring next year and the current Administration’s expansion of government higher taxes is a certainty!  Those in the highest tax brackets in the higher tax states like New York, New Jersey and California may be facing tax bills in excess of 50% including property, income and business taxes.  Nevada is one of the states with the lowest tax burden and we just FELL a notch and are now number four in the Nation for lowest business tax environment!  And as proof of this more high net worth individuals are moving to Nevada and relocating their businesses here in growing numbers. 

Major Institutions are also investing in the Las Vegas community:   the prestigious  Brookings Institute just announced a joint initiative with UNLV to improve the quality of life in the US Southwest with an emphasis on Las Vegas,  and the World-Renowned Cleveland Clinic, partner in the Lou Ruvo Center for Brain Health  in  Symphony Park in Downtown Las Vegas is starting a feasibility study on head-quartering a Clinic location within Symphony Park. 

Las Vegas is a great place to live and will make a great place to relocate, purchase your second or vacation or investment property!  Please leave me any questions or comments in the space below and make sure to visit Vegasdreamsellers.com!

I just attended the Southern Nevada Housing Day…

Dennis Smith, President of Home Builders Research (Courtesy of Las Vegas Review Journal) I just attended the Southern Nevada Housing Day 2008 conference for members of the local home building industry.  This event was attended by myself and about 700 real estate, building and development professionals.  I was there to hear the economists speak on the health of the local economy and real estate market.  The keynote speaker was Bernard Markstein, director of forecasting and analysis for the National Association of Homebuilders.  Mr. Markstein is a very knowledgeable man and spoke mainly about the National economy and housing market -I however,  was there to hear the local perspective.  Mr. Dennis Smith, President of Home Builders Research, Inc.of Las Vegas delivered just that,  a detailed analysis of the local housing market and when or if a bottom has been reached. 

Mr. Smith said that since the supply of both resale and new housing are contracting and the demand being steady we are either at the bottom or very near it.  “Any recovery will not be in a “V” shape but a flat bottom “U”!”  Meaning that we could be here in the bottom for a while before sales and prices pick up but it may take until end of 2008 or 2009 before we see much in the way of relief!  So if you are a buyer or thinking about buying real estate in Las Vegas your time is slowly ticking away to take advantage of the current price levels!  Like I have said before, the time to buy is now and we may never see prices this low again in Las Vegas!  Even a recent post on the Trump Blog states “The truth is, now is a great time to invest in real estate! Whether it is for your primary use or investment, there are great deals to be had.“!  (Remember about the data in my recent post)  So search for real estate on Vegasdreamsellers.com and leave me a comment, ask questions or just chat!

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