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Las Vegas Real Estate

By: Tony Sena

Las Vegas, widely known for its glitzy lights and boasting as the entertainment capital of the world, also offers the hottest realty market in the United States. Most Las Vegas homes for sale have seen an average of 30% increase in sales from the previous year, this was in the first half of 2004 alone. And it continuously experiences an unprecedented growth. The rate of new construction actually moves up at approximately 4 acres daily.

As Las Vegas is steadily making itself knows as the “Entertainment Capital”, with a transition from only being a “Gambling Capital.” Hotel and casino operators are integrating more on family entertainment. This move has apparently increased the flow of tourists and visitors, providing revenues.

Also, the Las Vegas Valley area, having no personal or corporate state taxes, has driven businesses to transfer their investments here – which translates to more employment and higher wages. Expectedly, the economy flourishes anew and the real property values rise.

The National Association of Realtors tracks the number of existing homes sold. As reported, for the last 12 months, average sales price increased to 7.3% nationally. In Las Vegas Valley, the increase has been 20-60% in many areas at the same time.

Large Developers have imposed various restrictions on residency. Developers are currently going slow on pre-sales to adjust pricing as the market changes, ensuring bigger profits.

There is an estimated of 6,000 families that relocate to Las Vegas Valley per month. With the growth of population and entry of real estate developers, the Las Vegas market is experiencing a very progressive and highly thriving real estate business.

According to a thirteen-year veteran in the real estate industry, Rhonda McMillan, the outlook near term is good. With anticipated interest rate hikes, potential home owners are making their moves now.

Article Source: Main Articles

Tony Sena of www.senasellsvegas.com is a full service real estate agent specializing in relocation to the Las Vegas Valley. Tony has lived in Las Vegas for 29 years and is a former Henderson Police Officer. He is very knowledgeable of the area and has over 5 years experience, making him an experienced real estate agent you can count on.

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