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Moving to Las Vegas | Real estate market of VegasBY: Jessica | Category: Others | Post Date: 2009-06-12
Although prices of Vegas properties have fallen drastically, I see no reason why prices can go up or stabilize anytime soon. So I am not being able to accept the argument that we have the bottom yet. Prices have fallen more than 50% from the peak in most areas.
Things to consider when moving to Las Vegas. Also facts about Las Vegas real estate market.
1. Bank moratorium on foreclosures expires, so bank foreclofure notices which were temporarily haulted go out again. That may lead to further reduction in real estate prices.
2. Lack of jobs and people continue to lose them during 2009 recession.
3. A high percentage of people are behind their mortgage payments. More to follow as even people with good credit are giving up.
4. Large number of homes are vacant.
5. Real estate lending standards are very tight.
6. People are visiting Vegas lesser and other cities like Macau will eat into LV's tourism share.
7. Vegas has a limited supply of water, lake mead can run dry in 10 years or so.
8. Las Vegas Crime rate is high. Drug, smoking and alcohol usage is relatively high.
9. Lack of well paying jobs, so even if prices have come down they are still very costly for most locals.
10. Lack of good schools.
11. Bad weather - too hot in summers.
12. Lack of nearby tourist destinations - The Strip, Mount Charleston, Lake Mead and Red Rock Canyon. Thats it !!
13. Limited public transport facilities outside the Strip and adjoining areas.
I plan on moving to Las Vegas since housing is so much affordable now. Also, I feel that Vegas is a great retirement destination for baby boomers and therefore prices will eventually rise.
Additional advantages of Vegas include to know if you are moving to Las Vegas.
1. No state tax.
2. Plenty of casinos (Major advantage).
3. Plenty of good golf courses.
4. Several guard gated communities like Rhodes Ranch and Summerlin which are much safer.
5. Business friendly environment, yet most companies are dependent only on gaming and construction.
6. Low humidity, so the heat does not feel too bad.
7. You can get a good home in Las Vegas for $200K in a nice neighborhood. A condo may cost as low as $100K. Some projects like city center can cost $400K to over a million. I would personally recommend staying away from the strip.
8. Utility costs are low.
9. Real estate taxes are also low. Although, car registration fee is high.
10. There are atleast two high speed train projects which will connect Las Vegas to Southern California. That will certainly lead to jump in Las Vegas real estate market. Construction on these projects have not yet started but atleast one will be accomplished.
11. If US dollar goes down (high probability), we will see a high influx of international tourists because visiting Vegas will be much cheaper.
12. Las Vegas international airport is one of the best in United States and it is very close to the Strip (the main gaming area).
13. Vegas is not a very big city, you can usually reach from Point A to Point B in maximum 30 minutes. Some parts can get very congested during certain times of the day or when tourist season is at its peak.
14. Lot of entertainment shows, cheap food buffets, legal prostitution (restricted), boating at lake mead and several other activities.
Please add your own comments about Las Vegas life and what you think about the future of housing
VIVA LAS VEGAS !
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