Homes in Las Vegas - Market Conditions
Las Vegas has been a preferred location for second homes for the affluent almost since its conception. Now the playground in Las Vegas for the rich and famous is transitioning into a thriving second-home market for the “Boomers.”
Las Vegas, NV (PRWEB) December 8, 2004 -- Baby Boomers are discovering Las Vegas is not just a great vacation spot. The “Boomers” have started to flood the Las Vegas second-home market. Las Vegas is now giving some of the more traditional second home markets like Arizona, Florida, California, Colorado, South Carolina, North Carolina and Hawaii a real run for their real estate dollar.
Home prices have been stabilizing in the Las Vegas real estate market in the last 45 days due to inventories returning to an industry norm, you can look for the second-home markets to thrive during the winter months. This will unfortunately reduce housing inventories here in the Las Vegas Valley, but hopefully not to the low we experienced in the second quarter that drove real estate housing prices in Las Vegas to a record high.
With a substantial decrease in housing permits issued in October and November we could easily see housing inventories decrease to a level this coming spring that drove homes for sale in Las Vegas up over 30 percent in the second quarter of this year. The anticipated “bubble” burst simply did not happen as prices for homes in Las Vegas simply stabilized and sales continued to be robust.
Why the increased interest in Las Vegas for a second home? While there are many reasons the most predominate seems to be the value of our real estate market. Compared to the traditional second home markets in Sarasota, Myrtle Beach, Destin, Austin Texas, San Diego and Tucson, Las Vegas homes offer more home for the money and has recently out preformed many of these markets on property appreciation.
While the majority of second-home owners in the Las Vegas real estate market purchase property exclusively for their own use, there is a growing number that rent these properties out the majority of the year. These owners lean more towards the investment side of the Las Vegas homes market and are simply enjoying their property as a vacation home while their real estate investment receives a healthy annual appreciation.
One of the fastest growing sectors of the second-home market is Las Vegas Condos. This seems to be more a practical decision for many home owners based on time available.Condos in Las Vegas have less home owner requirements for maintenance than do single family homes. Not only is this desirable as an absentee owner while out of state, it also allows them more time to enjoy all that Las Vegas has to offer while they are here. There are many “Boomers” that prefer spending their free time on the famous Las Vegas Strip instead of cutting grass or trimming hedges.
According to the National Association of Realtors, consumers in their 40s and 50s will be responsible for 100,000 to 150,000 housing starts for the second-home market each year through 2010.
Las Vegas Developers have further tapped into this niche market by offering Luxury Condominiums, golf communities and age restricted communities in Las Vegas.
Regardless of reasons for wanting a second-home, you may want to consider the Las Vegas housing market before investing. In a town known worldwide for gambling,real estate in Las Vegas has proven itself to be a safe bet!
To learn more about this incredible housing market contact one of our Las Vegas specialist with Century 21 Advantage Gold @ 702-300-1004 or visit us www.mygorealty.net
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