For all of you out there wondering whether or not buying real estate in Las Vegas is a good investment at this time, given the rather sluggish market, let me give you my take on the venture.
Although I admit, I may be a bit biased, since I am a gorgeous Las Vegas home currently listed for sale, but I must say that it is my belief that the pessimistic projections for our fair city, conjured up by economists and strategists who don’t even live or work here, are significantly skewed. No matter what the so-called “experts” are predicting for us over the next two years, by rights, I place Las Vegas in the same category as some of the other major cities, such as Los Angeles, New York, Chicago, Washington DC, et al.; cities that are not experiencing the extreme housing slump that the rest of the country seems to be experiencing.
Let me explain… Though Las Vegas has never really been considered “in the same league” with New York or Los Angeles, I think evidence of some similarities, with regard to economic growth and stability, which in turn affects real estate assessment is clear, if we just look. We’re virtually “recession proof” here in Las Vegas; in fact, no matter what kind of turmoil the rest of the world is experiencing, no matter the inflation rate, the soaring gas prices, the trials and tribulations of airline travel, no matter what…, people still come to Las Vegas, whether to live here or just visit. In fact, we’ve got more than 5,000 people moving into our valley every month, and more than 37 million people are visiting each year. Job growth is strong here, because of our unwavering tourism that drives our rock-solid economy, and that’s a significant point in our favor. To quote a line from Field Of Dreams, “If you build it, they will come.”
However, just for the record, I will say that I’m not completely sold on the concept of “Manhattanizing” the Las Vegas Strip, with high-rise condos expected to sell at 5th Avenue prices. I’m not at all sure that’s what the hordes of new home buyers moving here each month are looking for, and it’s no surprise that so many of those type projects have been cancelled or put on hold.
New-home-building has dramatically slowed down as well, and many new projects have been cancelled altogether, hence reducing the available inventory, which in turn creates more of a demand for resale homes.
Mortgages are still at an all-time low, which acts to stabilize this somewhat volatile market and keep the economy healthy.
I hope my calculations are on target… After all, I am for sale! So, check out my previous posts, for more information and pictures, and please do check out my FSBO listing at https://www.forsalebyowner.com/20527277.
Until next time…
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