Homes Las Vegas – Emerging trends in the Las Vegas Real Estate Market
Homes Las Vegas – Real estate markets nationwide have been going through the worst downturn since the Great Depression. The Las Vegas region where real estate development was particularly feverish during the 1990s and early 2000s has been one of the hardest hit regions and continues to see softness in many pockets of the market.
However, some newly emerging trends are promising for homes in Las Vegas. With home prices in the region hitting lows not seen since January 2000, Las Vegas homes and Las Vegas condos look increasingly affordable or even outright ‘steals’ for some sophisticated and motivated buyers. Many of the houses and condos for sale in Las Vegas are high quality, recently built homes and given the dramatic slow-down in new developments in the area, these homes will remain attractive for many years to come.
Investors and foreigners – who are further enticed by favorable currency exchange conditions – are taking notice. While Las Vegas has long been a primary destination for many Canadian tourists, our Northern neighbors have started to visit the city not just for the famed Las Vegas casinos, but also for the Las Vegas condos for sale and even the many beautiful and unbelievably cheap homes for sale in Henderson Nevada. Summerlin homes are also attracting interest. Canadian interest has been so strong that some agents report that up to one-third of their clientele arrives from across our Northern border.
However, it is not just Canadians who find the combination of abundant inventory of high quality and affordably priced properties in one of the world’s most famous entertainment Meccas, which also happens to be in a breathtakingly beautiful and exciting natural surrounding. Japanese real estate investors who have also made significant purchases in the Miami condo market toured the Las Vegas real estate market. Las Vegas houses for sale are one of the most searched items by foreigners according to Trulia.com, as well.
US investors are also becoming more active in Las Vegas. While they are still cautious about the market, several recent events indicate a more optimistic approach to the market here: recent auctions of commercial real estate and even real estate notes have been more successful than expected. Investors also started to get involved in the luxury niche of the market: high-end houses for sale in Summelin have started to see more action, as well.
Investors, foreign and domestic alike emphasize Las Vegas’ unique qualities that are expected to contribute to its real estate revival, as well: its special status as the world’s entertainment capital, its low taxes and its dynamic population growth that can continue – although at a slower pace – even in the face of job market weaknesses as Las Vegas with its warm climate and many activities will continue to attract the retiring Baby Boomers. The consensus is clear: Las Vegas will be back. Increasingly more people are starting to think that the comeback has already started.