Las Vegas Luxury Real Estate Tops 2016 Market
Betting against the house is a Las Vegas tradition. Legends surface around tales of those who buck the system and gamble against all odds. It’s the Las Vegas history, after all. The long shot that pays off, or a calculated risk that pays dividends, either way, there is cause for celebration.
Our post-bubble Las Vegas luxury real estate market is also a risky investment, but one national real estate website, Trulia is betting on Las Vegas to place in 2016. They “placed” us as No. 9 in their list of top markets to watch. Trulia based their standings on our job market, Millennial purchasing power, and affordability.
One other interesting slant in their decision to name Las Vegas as a market to watch was inbound vs. outbound home searches. Trulia reported that Las Vegas has four inbound home searches for every single outbound. That means for every one person looking to move from Las Vegas; there are four searching for housing to move to Las Vegas.
Of course, not all searches will end with a move, but the sheer number of people looking at property here tells a bigger story.
Tales From A Las Vegas Resident
Living in Las Vegas over the past two decades, I have noticed a shift in migratory patterns. Twenty years ago, Las Vegas was booming with tourist activity, and the Strip was the ultimate destination for bachelor parties and gaming. There were other attractions, but the main focus was advanced recreation.
Employment was primarily tourist related, and it still is a major contributor, with hotels, restaurants, and retail providing thousands of hours a week in wages.
Then, after we were all safe from the Millennium Meltdown when the clocks rolled to 2000, the landscape began to change. Corporations moved the Valley from California, bringing employees and local jobs. Construction increased, enter more jobs, and need for housing.
The master-planned community concept began to catch on, causing increased demand for housing and construction.
You see where I’m going with this, right? The influx of people and businesses to Las Vegas changed the physical landscape as well as the perception of the city. “Sin City” was evolving, and leaving its bad boy reputation behind.
Pop Goes The Bubble
We were hit hard by the financial crisis in tourism, housing, construction, and home prices. These are all tied together for Las Vegas, as tourism spurs our economy to keep moving in the right direction.
As Las Vegas luxury real estate goes, there were still buyers and sellers, but they were cautious and wanted a lot of value in any transaction. Again the landscape shifted, but this time, it was an international influx of money and families buying luxury real estate in Las Vegas. The U.S. was in a recession, but there were plenty of foreign companies and executives that were still on top of their game.
These new expats brought money and culture to Las Vegas. You will see their influence in the restaurants, shops, and even signs around town in several languages in addition to English. New money, new culture, new ideas, and a new start for Las Vegas.
Shoes, Apps, and Train Cars
Fast-forward to today, and you will see the landscape of Las Vegas evolving yet again. This round, though it is technology and innovation that is spawning change. The Downtown Project infused with capital from Zappos CEO, Tony Hsieh, revitalized downtown Las Vegas in ways we never thought possible. Hsieh has not only created a fun environment with Container Park, but he has also generated interest in entrepreneurial ventures, subsidized by Zappos and other Angel investors. This creative energy is attracting artists, dreamers, and hard working small business owners to downtown.
It’s amusing to think about how a Gold Rush settler would view a local attraction built entirely of train cars. Speaking of the containers, a Las Vegas company produces those you see at Container Park, another way innovation is revitalizing an industry.
The Future of Las Vegas Luxury Real Estate
Personally, I believe that Las Vegas will always be a contender in the luxury real estate segment. There are so many benefits of living here, and that gives Las Vegas an almost universal appeal. Yes, I’m biased. But, referring to the number of people searching for property here, I’m not the only one who thinks living in Las Vegas is great.
Contact me today for the insider’s tour of Las Vegas luxury real estate.