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Las Vegas Nevada Real Estate History:Las Vegas is now the most popular travel destination in America and in 2005 40 Million visitors came to Vegas to gamble and play. With the tourists comes growth and jobs for Las Vegas, but real estate prices have risen in the past 5 years and many wonder how high they can go. Today Las Vegas has almost 2 million residents - that # has almost doubled in the last 10 years and shows no sign of slowing down (currently 200 people move to Las Vegas everyday). The median home price in Las Vegas now is $310,000 which will get you an average house with 1700 sq. ft (3 bedroom, 2 bath and 2 car garage - with no yard). 5 years ago you would have been able to buy that same 3 bedroom house for about $185,000 (prices have gone up that much recently in Las Vegas). Land now sells for about $550,000 for a buildable acre of property in Las Vegas (Clark County) and that plays a major role in the way homes are being built in Las Vegas. The average new home in Vegas comes on about a tenth of an acre if you are lucky, some developers are decreasing the lot sizes on new homes to less than that. Las Vegas first became famous back in 1911 when Nevada legalized gambling and people started to visit Vegas in hopes of striking it rich (nowadays people in Vegas think of real estate to make them rich). Las Vegas turned 100 years old in 2005 and it appears the city is not going to slow down as downtown and the nearby areas are seeing a rebirth. If you want to learn about Vegas and its real estate history check out the Las Vegas Review Journal at lvrj.com. The current real estate market in Las Vegas has slowed down a bit and today there are over 20,000 homes for sale - not including new homes. A lot of local residents are looking into buying a new home because many builders (KB Homes, Ryland, Astoria) are offering great incentive packages for buyers. Some builders and developers are offering upgrades (flooring, pool, landscape) that are worth between $10,000 and $40,000. For more information on new and resale homes check out realtor.com where you can search over 20,000 listings on the market today.
Las Vegas Residential Real Estate - Homes, New Homes, Condos, Townhomes:Las Vegas has seen a huge housing boom over the last 5 years and it has affected the price on every type of property - homes, condos, townhomes and even condo conversions. Almost all of the big name home builders have taken part in supplying homes to the Las Vegas area. KB Homes, Ryland, Pulte, Toll Brothers, Beazer, Pardee, Del Web, and Centex have all built and sold thousands of homes in Clark County over the past 5 years. Many local residents in Vegas are choosing to buy a new home for various reasons. For KB homes in Vegas check out www.kbhome.com where you can gather information on any house you might have an interest in buying. Some people like the idea of having no repair issues with a new house, and other families like the community feeling with a gated neighborhood and extra amenities (pools, clubhouse, gardener, security, etc.) Today in Las Vegas you can still purchase a brand new home in Mountains Edge (a new master planned community in the southwest) for about $285,000 which will give you 1500 sq ft of living space, a garage, a tiny backyard and most importantly a brand new house. You can find a similar resale house for about $285,000, but the older homes tend to have a bigger backyard and sometimes the lot size can be almost double that of a new home. It really just comes down to buyer preference and the individual needs of the family who will be living in the home. New homes are great because you won't have to worry about repairs and fix it stuff, on the other hand older homes are better suited for people who want more privacy and space. Another option that many home buyers (especially first time home buyers) have embraced is the idea of buying a condo or townhouse. These are great alternatives to buying a single family home for those people who can't afford the large mortgage payments every month. A 2 bd / 2 bth condo (townhome) in Las Vegas will cost you about $185,000 if you purchase the property in a decent neighborhood like Spring Valley (of course you can find condos for a lot cheaper if you are willing to live in a run down area). The home owner fees on a property like this will run you $100 a month on average - not bad when you consider everything that the $100 covers like landscaping, pools, and the overall look of the complex.Las Vegas Investment Homes/Property:Do you want to buy an investment property (or 2nd home) in Las Vegas Nevada? If you answered yes, you are one of the thousands of people who have flocked to Vegas over the last 5 years to buy real estate. Las Vegas home prices went up over 25 % in 2004 and went up over 18 % (on average in 2005). With appreciation rates hitting double digits year after year it is no wonder that Las Vegas became a hot spot for 1st time investors and experienced buyers also. There are still some good deals in town when it comes to investment homes, condos, or even townhouses - you just need to pick the right zip code. Certain zip codes like 89146, 89147, 89145, and a few others all showed appreciation gains above 30% in 2005, which helped put a lot of equity in 1st time home buyers pockets. If you are looking to get financing for your home or investment property check out www.nevada-homeloans.com where you can request up to 4 free loan offers. Many investors in the Vegas market are still buying condos, either the new hi rise type or the old fashioned 2 story kind. A 1 bd / 1 bath condo in Las Vegas will cost you about $150,000, but when you add your HOA fees (Home owners association fees- if you have not heard of them they are monthly dues to pay for the upkeep in the community) your mortgage will be over $1000 a month even with good credit. That is a lot of money to pay per month to live in a 1 bedroom/ 1 bath condo - on average about 700 sq ft. The average rent for a 1 bd apartment in Vegas is $800 which makes it nearly impossible to buy a condo and find renters who will pay enough monthly to cover your mortgage note. There are still some great deals in Las Vegas and a good website for finding investment properties for sale online is lasvegas.craigslist.org.
Las Vegas Commercial Real Estate:Like the rest of Las Vegas commercial real estate prices have gone sky high. 10 years ago there was not a lot of activity in Las Vegas except for tourism, but today that has all changed as businesses (and people) are moving into Nevada from California. With no state income tax and tax breaks for businesses there are a lot of Californians who are slowly deciding to give up on the golden state and head east to Las Vegas. A great website for Las Vegas commercial real estate is sos-worldwide.com/sos/us_city/Las%20Vegas_office_space_us.html. The website offers many properties for rent or for sale and it is usually updated on a weekly basis. In Las Vegas today a 10,000 sq ft commercial building located within five minutes of Las Vegas Blvd. will rent for $9000 a month (pretty expensive unless you have been in the commercial market for a while). Las Vegas is a great city to live in and invest in, but commercial real estate is something that most people should leave for the experienced investors.
Las Vegas Rental Market - Houses, Condos, Apartments:The Las Vegas apartment and home rental market has gone crazy in the last 3 years. An average 1 bedroom / 1 bath unit in Las Vegas now rents for $800 a month (getting closer to Los Angeles and California prices everyday). 3 years ago the same 1 bd apartment was renting for $600 per month - a 33 % increase in only 3 or 4 years. Most of the huge (corporate) apartment complexes in Las Vegas are very nice with great amenities like pools, spa, workout room, party room, and even tennis courts. Due to the high number of apartments that have been converted to condos, many residents are choosing to rent a condo from a private owner to save on the rent payment. Condo conversions can be found all over Las Vegas and a 1 bd/bth can be found for about $775 a month on average. A lot of times living in a condominium is a better deal for the money than an apartment is, but finding a nice condo for rent can be a challenge. If you have a family and want to rent a house in Las Vegas (maybe with pets, or need for a garage) you can rent a 3 bedroom / 2 bath house in a normal neighborhood like Spring Valley for about $1150 a month. Check out backpage.com for more rental listings in your area. These 3bd/2bath houses are only about 1250 sq ft. and don't offer much of a yard for the kids to play in, but Vegas is no longer cheap and it's only getting more expensive. Las Vegas is expected to have over 2 million people living in the city by 2008 and with over 5,000 new residents moving in every month don't expect your rent payment to go down.
Las Vegas Top 10 Cities:1. Spanish Trails 2. Summerlin 3. Pecole Ranch 4. Green Valley 5. Anthem Hills 6. Desert Shores 7. Henderson 8. Seven Hills 9. The Lakes 10. Aliante
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