Most people would never guess that a city labeled as “Sin City” with a slogan “What Happens in Vegas, Stays in Vegas” would be the #1 destination in the USA for the family “Thanksgiving” holiday. A new 12 point infographic recently released by LasVegasRealEstate.org illustrates what is happening in Las Vegas, and its unprecedented. Las Vegas has recently broke its tourism record and on track for over 43 Million visitors for 2017. Its is #1 in the USA for conventions with over 22,000+ just last year and construction is booming with an estimated 10,000 future job opening.
William Margita, an industry leader and Las Vegas real estate agent, says “This perfect storm has been years in the making by some very smart people”. Margita mentions the 2013 “Preview Las Vegas” event that is held once a year to Las Vegas Chamber of Commerce members. Coming out of the worst recession in USA history that started in 2007, Las Vegas reinvented itself in 5 years and had a new vision 2.0 vision. By 2012 Las Vegas had located and assembled a team to rethink the future of Las Vegas. Margita says the recession may have been the best thing to ever happen to Vegas, forcing it to reinvent itself into what you see now in 2017.
Ashley McCormick, Celebrity Real Estate Agent in Las Vegas, comments on the amount of sales in $1-Million dollar plus Summerlin luxury homes and Las Vegas penthouses for sale. McCormick says “Current owners are hesitate to negotiate or drop the list price due to all the growth and projected businesses”. McCormick has a strong history with of over 20 years in the industry and a recognized agent in Las Vegas strip condos. There are currently no new high rise developments in Las Vegas and the strip view units are in demand. She adds that currently foreign buyers and investors make up over 20% of sales and that Las Vegas is a global brand and leader for international real estate.
McCormick goes on the add that “California residents are currently 30%” of the buyer and investor market and historically has been because of cost of living and taxes. Nevada has no personal income tax and according to Numbeo.com and stated on the Infographic that Las Vegas is more affordable that other US major cities. McCormick adds that the impact of the NFL Raiders moving to Las Vegas will also drive up the percentage of buyers from California. Some of the Professional players, coaches and staff have already mentioned they are looking forward to no personal income tax which could be millions a year in income for some players like NFL Raiders quarterback Derek Carr.
“Derek Carr stands to save $8.7 million in taxes with the Raiders moving to Nevada “ ESPN
Three new developments mentioned in the Infograpgh and under construction right now attracting worldwide attention include the already mentioned NFL Raiders stadium ($2Billion), Resort World Resort Casino($3-7Billion) MGM new convention space($185Million) and possibly The Wynns new paradise park($2Billion). Each of these projects tell a different story of growth for Las Vegas all leading to the same completion year of 2020. It is estimated that Las Vegas currently is in need to fill 10,000 jobs over the next 3 years to complete these projects. Margita says you can not refute the numbers based on tourism, population growth, development and jobs.
For the for inforgraphic image see: https://www.lasvegasrealestate.org/uncategorized/infograph-las-vegas-real-estate-market-2017/
About LasVegasRealEstate.org
LasVegasRealEstate.org is a top rated source for Las Vegas real estate news and market updates to include all MLS homes for sale in Las Vegas, NV and surrounding cities and communities to include Henderson, NV & Summerlin. William Margita of Simply Vegas is has over 20 years experience as an agent, speaker, writer and real estate coach. He can be reached for questions, concerns or bookings at 702-882-8240 https://www.lasvegasrealestate.org/
