Las Vegas has a long history of being a weekend escape for Californians and its star studded A-list movie stars and singers dating back to the ‘Rat Pack’ days of the 1960s. Today Las Vegas is seeing a mass migration of Californians due to cost-of-living, tax laws and job growth. According to the Las Vegas Chamber of Commerce(LVCC) data over 30% of all home buyers in Las Vegas are coming from California. They are discovering a better lifestyle at almost half the cost of living as compared to say San Francisco.
According to Numbeo.com it takes around $3,800.00 in Las Vegas, NV to maintain the same standard of life that will cost 7,824.20$ in San Francisco, CA. But for those who are making the move to Las Vegas, the big reward may be moving from a 2000 sqft. home to a 4000 sqft. home for the same money. This drastic comparison in cost to live is driving luxury homes sales in Las Vegas. According to LasVegasRealEstate.org, everyday for the last 2 years a luxury property has been put in escrow for over $1 Million.
“There are buyers that can buy a mansion just in the savings they make by moving to Las Vegas”. – William Margita
William Margita, a celebrity Las Vegas luxury homes real estate agent, comments “There are buyers that can buy a mansion just in the savings they make by moving to Las Vegas”. ESPN did a report showing NFL Raiders quarterback Derek Carr will save approximately $8.7 million in taxes as the NLF team relocate to Las Vegas. Las Vegas is already home to Floyd “Money” Mayweather who recently made over $400 Million in a boxing exhibition in Las Vegas. Mayweather owns several properties in Las Vegas to include a penthouse at the Palms Place.
Margita who has 21+ years experience in real estate says “People are able to really take advantage of the Nevada tax laws and reinvesnt that money in their own investments – its a win for everyone”. The gaming industry is one of the largest business economies in the world and it funds roads, schools, parks, and local services. Las Vegas has no personal income tax, low property taxes and one of the lowest cost-of-living indexes in the USA. Some taxes present in other states are not even present in Nevada. During the worst recession in recent history, Las Vegas was sited as an “Oasis in the Desert” in Forbes.
“Buyers from New York are going from a box to a penthouse for half the price” says Ashley McCormick, a Las Vegas real estate agent with Urban Nest Realty. McCormick specializes in Las Vegas strip condos for sale and large luxury penthouses with strip views. McCormick was recenlty published on Fox5News for a 12-point infographic showing Las Vegas growth and development. She says her clients are finding not only a better value in Las Vegas but a better lifestyle. Most all high rise condo buildings have valet parking, fitness room, pools, spas and access to the world famous Las Vegas Strip.
Las Vegas itself is on track to have over 43 million tourist this year, over 20,000 conventions and 10,000 future job openings for development. The luxury home community with most sales for 2017 is currently The Ridges Las Vegas located in Summerlin. Summerlin Las Vegas has been ranked since 1995 as one of the best mater-planned communities in the world. It consist of 22,500 acres and has recently opened up Summerlin south to development. For more information on the Las Vegas real estate market visit https://www.lasvegasrealestate.org/
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/
