Why is the Las Vegas real estate market so hot these days?

Question

http://www.myspace.com/lexusdevotee

Answer 1

3-4 thousand people a month move here. tons of jobs. good weather. California got too expensive. No income tax. Why would it not be hot?

Answer 2

authentic sources is the total pits. we've the optimum domicile foreclosure in the country. Unemployment is merely over 13% and transforming into. State, county and cities have frozen hiring. The comments element out 2300 agencies bypass bankrupt each month. The malpractice coverage for the medical community is amazingly intense. docs look to flow away to smaller communities the position they can make a similar for far less paintings. BTW far off from the vacationer aspects we've a everyday city and that i huge-spread the position I stay I actually have large pleasant, worrying acquaintances.

Answer 3

It has calmed way down compared to what it was 2 years ago. It is now a buyers market and less and less people are moving here. Its a good time to buy but not a good time to sell. 2 years ago 6,000 people were moving here a month and 600 were moving out. There was tremendous growth all of a sudden. It has really died down compared to what it was (thankfully). So now, there are a lot of builders (KB Homes, Pulte, etc etc) that are sitting on all of these pre-built homes with no one to sell them to. Many of them are offering to pay all of the closing costs and no commission. Pretty good deal. Ends up saving about $30,000 and a lot of time.

Answer 4

it's a bubble. initially more new constructions, price goes up, then investors goes in, price goes up more, and more investors goes in. i went to las vegas last year and spend a day to look at their market. there are average 2 houses for sale on the same street, and each house is on the market for a long time. just my personal opinion. i won't test las vegas market unless there is a 40% of more price drop.

Answer 5

It comes down to a large migration from other parts of the country to here, but particularly California. Mostly Californians, used to paying more for housing, have artificially driven median home prices skyward. Quite frankly, those of us who already live here resent it. If you are a seller, then the market is yours. If you are a buyer, Heaven help you!

In 2000, the average price for a single family home was $135,600: http://www.city-data.com/housing/houses-Las-Vegas-Nevada.html

http://www.census.gov/Press-Release/www/2002/dp_statement_NV.html

http://www.reviewjournal.com/lvrj_home/2002/Jun-10-Mon-2002/news/18922646.html

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In 2006, the average price for a single family home is now a whopping $333,117: http://www.reviewjournal.com/lvrj_home/2006/Jun-04-Sun-2006/business/7730279.html

http://www.klas-tv.com/Global/story.asp?S=4996444

The following are facts garnered in CNNMoney.com's 2005 Best Places to Live, followed by others: http://72.14.203.104/search?q=cache:kUOZ1d5MLmUJ:money.cnn.com/best/bplive/snapshots/39912.html+2006,+average+home+price,+las+vegas,+nevada&hl=en&gl=us&ct=clnk&cd=8

http://www.klas-tv.com/Global/story.asp?S=4996444

http://money.cnn.com/magazines/moneymag/moneymag_realestate/snapshots/237.html

http://www.lasvegassun.com/sunbin/stories/commentary/2006/jun/04/566657462.html

Answer 6

It's been soft/down for over a year!


Keep in mind...........

Times and markets are changing!

In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???

This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.

From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!

With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!

For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:

Times and markets are changing!

In California with average homes selling well over $500,000, a 20% decline is $100,000! In any market 'timing is everything'! So, could you afford a loss of 25% of your investment all because of poor timing???

This last up cycle was 10 years in many parts of the country. The downcycle now started in CA, Wash DC, NYC, Vegas and other hot areas of the past are all soft and getting softer.

From 1990 to 1996, the average home in San Diego lost 20% of its' value! The cycle we are now enterng looks like it could well exceed that on the downside!

With all the 100% financing, interest only loans, EZ qualifing etc...even a slight decline will cause many to be unable to sell for the amount due on their loans!

For some great 'insider' articles on the San Diego real estate market, which I believe will apply to any of the hot real estate markets of the past five years.....visit:

http://sandiegofsbo.blogspot.com
http://www.brokerforyou.com/blogger/index.html
http://www.brokerforyou.com
http://www.san-diego-for-sale-by-owner.com
http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us
http://www.la-jolla-real-estate.info
http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com
http://www.sacramento-real-estate-broker.com

Answer 7

Just like Phoenix, weather is nice.

Answer 8

It is so "hot" because it is in a dessert !!!