As a 35 year Las Vegas resident, I have watched the Las Vegas valley grow and evolve into a world class destination city from a small desert town. Having relocated to Vegas from NYC in 1972, I have witnessed the city and especially the Las Vegas strip re-invent itself several times over.
At present, we are in yet another evolution into vertical high rise condominium growth due to the scarcity of land. (I watched tonight's episode of The Sopranos and if you watch Tony's Las Vegas visit, you will see the crane's galore in the Las Vegas skyline). Billions of dollars are being poured into development along the Las Vegas strip:
MGM Mirage City Center Las Vegas - $ 7 billion
Boyd Groups Echelon Place ( the former site of the Stardust) - $ 4 billion
Las Vegas Sands Corp New Palazzo Tower at the Venetian
Steve Wynn'e Encore Resort - The new Tower next to Wynn
The Donald's amazing golden glass 64 story towers - Trump Towers I & II
The Fontainebleau Resort by Turnberry
The Cosmopolitan Resort ( One of our favorite new high rise condo hotels)
Our town has been in a boom ever since 1972. The growth doesn't stop. It seems to be exponential. We now have over 5000 people relocating every month and in the summer that number usually peaks at 7500. New jobs are created daily, unemployment is low, the state's budget has a surplus and all you need to do is get in your car & drive around the valley - cranes are in the air, cones are on the roads which seem to be in a constant state of widening & construction, teachers are being recruited from all around the country and all economic indicators are reflecting a booming economy for Las Vegas & Henderson.
Land acquisition prices are high due to the lack of available land. We are unlike the Phoenix market which as at least 15 years of growth before it reaches the valley's edges. In Vegas, development has reached the tops of the mountains with master planned communities such as Anthem at the edge of the Black Mountains in Henderson, Red Rock Country Club & The Ridges reaching the Red Rock Mountains of Summerlin, Mountains Edge & Southern Highlands at the Southern perimeter, and Centennial Hills to the north, and Inspirada, the newest master planned community to hit our market.
Developers are competing for small infill parcels onto which they will build denser development, more lofts, condos, mid-rises and high rises. Please visit this site often to read all about the latest news in Las Vegas real estate. It is not all doom and gloom here as we read in the press from the folks who sit at their desks back east & write about over saturation & other misguided concepts. Yes - there is a glut of resale inventory on our market here as there is in other cities, But publicly traded national home builders have cut down on their building permits and we have the population influx to absorb what is currently on the market - and that will take a number of months.
We have a number of savvy investors who are predicting that the "bottom" of our market will be this summer and are patiently waiting on the sidelines to take advantage of the current Buyers Market. I tend to agree with them. Once the current supply of investor flips and resales are absorbed, I believe we are set for another round of significant appreciation. Each new hotel that opens requires 10,000 employees.
The fact that Las Vegas has no state income tax & the Sin City stigma has wained and Vegas has become one of the world's top cities for dining, entertainment & shopping, we have a tier of luxury buyers that are entering the market more than ever before. The preconstruction condo units at the Mandarin Oriental Hotel at MGM CityCenter Las Vegas sold out in 2 weeks at prices of $ 1.4 million plus and priced at upwards of $1500 per sq. ft. What does that tell you? These were not reservations, but hard contracts. Those statistics are not indicative of a real estate slump - I would call that a mega boom. So as Kirk Kerkorian and the team at MGM Mirage take Las Vegas real estate development into a new architectural renaissance, other developers, equally as visionary, such as Glenn, Smith and Glenn, are developing SULLIVAN SQUARE a new "suburban urban" cores 6 miles from the strip to house the droves of people who continue to move here each here.
Welcome to Las Vegas Real Estate - 21st Century Style!
Contact The Stark Team.
June Direct: 702 376-5220
Lauren Direct: 702 236-8364
Travis Direct: 702 232-5376