Booming Las Vegas Economy
Booming Las Vegas Economy and Real Estate Market
All across America, we are seeing a buyers market and of course many scary words coming from the mouths of analysts. However, the economy is beginning to boom in Las Vegas and so is the real estate market. There are several new projects under way in the downtown area of Las Vegas and along the strip that will have the casino industry alone needing 113,500 workers in the next few years just for the 45,000 new hotel rooms that are in the planning or construction stages. Some of the huge projects on the table for Las Vegas include City Center, Palazzo, Encore, Echelon Place, Station Casinos, Turnberry Associates Fontainebleau, and the Trump International Hotel and Tower. Along with the casinos, there are many condo communities planned that will be self contained so residents have all they need in one location and the excitement of Las Vegas just outside their urban community.
It is being estimated by the Southern Nevada Homebuilders Associations that the need for housing will be increasing beginning in 2008 all the way through 2012. A matter of fact, there will be a demand for around 177,400 housing units. The demand is going to be high and this means that the real estate market is about to take an uphill climb in Las Vegas since it is believed there will be a shortage of housing opportunities by the year 2009.
The economy in Las Vegas is still very strong without much change. In addition, to the strong economy there are many billion-dollar projects in the works. In July of 2006, Nevada was at the top of the list in job growth and is still going strong.
Prices of Las Vegas homes have gone down just a bit with the median price at $280,085 in December whereas for the same time last year the median price was at $337,781. Las Vegas has 95 high-rise construction projects on the drawing board or in some stage of construction with the smaller unit’s prices around $400,000, which is on average around $1,000 per square foot.
If you are watching for a change in the real estate market and the economy for America, keep your eye on Las Vegas. They are leading the pact by working on creating new jobs and more urban style living.
One Comment to Booming Las Vegas Economy
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The Krause Evans Group,
How are things going now? I heard late this summer that things looked like they were stabilizing in the Las Vegas market. Did that trend continue or have things now gotten worse.
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