Learning the basics of Las Vegas real estate will help you to purchase responsibly. You will know when the best time to acquire property is, and how you can look for a house that meets all residential requirements. In addition, you will also be able to speculate future trends with some degree of accuracy.
Major Residential Areas
Las Vegas is known for its luxurious grandeur. Along The Strip lie several high rises that are ideal for the lavish metropolitan lifestyle the city has to offer. You will also find the Sky Las Vegas along The Strip. This apartment provides all the facilities of a fully-furnished apartment and the lifestyle that comes with it.
If you are looking for condominiums, City Center is the place you should be visiting, not to mention the City Center skyline which is another piece of architecture worth looking at.
Long-term Investments in Las Vegas Real Estate
Many people perceive Las Vegas as an entertainment city and nothing else. Hence, they do not consider purchasing residential property in this city.
However, while it is true that Las Vegas is home to dozens of casinos, hotels, malls, and parks, it also has sufficient amenities for daily living. For instance, did you know that Las Vegas has more libraries than any other metropolitan city in the US?
The city’s education level is impressive, as about 80% of residents have senior high school and college education. The student-to-teacher ratio in 2012 was 18:1. So just keeping the education statistics in mind, you can actually consider investing in an apartment or condominium in Las Vegas as a permanent residence.
Current and Future Trends
Ever since the recession, the Las Vegas property market faced high rates of foreclosure. Many speculated that property prices will continue to fall in 2013. However, others were of the view that 2013 will be the year when the market will resurge, and currently, prices are going up.
However, the current mode of property buying/selling is short sale. It entails a lengthy procedure which many are willing to go through. This is because the local inventory is currently low. Those who want to sell off their property without short sale will have to wait till banks start foreclosure.
But even though prices are going up, recovery seems weak. Various factors come into play, and limited lending, government legislation, and the overall economy will play their part to slow recovery down.
Ryan Crighton, a real estate expert in Las Vegas wrote this article about Las Vegas real estate.
February 26, 2013 at 6:50 pm Comments (0)