Las Vegas Real Estate: The California Connection

The California and Las Vegas real estate markets have a symbiotic relationship that has been very beneficial for both parties in the past five years.

(PRWEB) January 17, 2005 -- Webster's dictionary defines a symbiotic relationship as one that is "the intimate living together of two dissimilar organisms in a mutually beneficial relationship". How can you say it any better than that? There can be no doubt but that California and Las Vegas are radically dissimilar organisms. It's equally the case that the relationship is mutually re-enforcing in an economically dynamic way. In no part of the Las Vegas economy is this more true than residential property. Before we examine the reasons, let's take a quick look at the current status of the California real estate market.

The West Coast is absolutely smoking, no question about it. The median price of a California home increased 23% from a year ago and now stands at an amazing $473,000. The month of November saw a record breaking number of sales of single family homes. What is driving this demand? A strong economy that continues to create strong consumer demand, combined with the mortgage rates that remain encouragingly low by historical standards. In short, a record year for home sales and home prices. The best of both worlds.

Southern Nevada (Las Vegas and vicinity) has a residential real estate profile that more than matches California. The 2004 Las Vegas housing market shattered all previous records for home sales and price appreciation. The best of both worlds. No coincidence here. Just take a look at the map. Las Vegas is 45 minutes by plane and 4 hours by car from anywhere in Southern California. Geography is the basis for the symbiotic relationship that sets the theme for this article. Hanging around out in the desert is fine as long as you are in the backyard of the worlds fifth largest economy. That's right, the State of California is the fifth largest economy in the world.

How does this benefit Las Vegas residential real estate specifically? At MS Las Vegas Real Estate http://www.mslasvegasrealestate.com we are constantly working with California based investors that want to expand their holdings to include our market. What kind of opportunities do they find? Let's begin with median prices. As you now know, the median price of an existing California home is $473K. The median price for an existing home in Las Vegas is approximately 250K. An investor that cashes out a California property can realistically turn around and buy two homes for the same money in Las Vegas. Considering the 53% price appreciation of Las Vegas homes in 2004, this is an option that many investors found attractive. Real estate portfolio adjustments of this nature require a highly liquid market environment. Again, the volume of home sales broke all records in both states last year. The ability to liquefy equity gains in both markets remains impressive to say the least. Symbiosis at work.

Not to be forgotten is the new resident to the Southwestern United States who considered California only to be overwhelmed by sticker shock. The MS Las Vegas Real Estate team http://www.mslasvegasrealestate.com is working with clients on a regular basis who seek to enjoy the close proximity of Southern California while benefiting from the pricing and tax benefits of living in a Las Vegas home instead.

Please feel free to contact us at www.mslasvegasrealestate.com should you have any questions.

MS Las Vegas Real Estate
Michelle Sterling
Liberty Realty
7674 West Lake Mead
Suite 150
Las Vegas, NV 89128
Office: 888-349-2595
Direct: 702-349-3009
Website: http://www.mslasvegasrealestate.com/
Email: e-mail protected from spam bots

Please see our previous reports on the Las Vegas Real Estate market:
Las Vegas Real Estate: Are Starter Homes out of Reach for your Kids?
http://www.emediawire.com/releases/2004/12/emw192243.htm

Las Vegas High Rise Condos: Up, Up and Away
http://www.emediawire.com/releases/2005/1/emw194830.htm

Las Vegas Real Estate - The Global Perspective
http://www.prweb.com/releases/2004/12/prweb191709.htm

The Market for Las Vegas Real Estate: The Case for Underlying Strength
http://www.emediawire.com/releases/2005/1/emw193837.htm

Las Vegas Real Estate: Straight Up in More Ways Than One
http://www.prweb.com/releases/2004/12/prweb191930.htm

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