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Las Vegas city and community leaders are scheduled to hold a news conference Tuesday to announce the creation of the Coalition to Make Homes Possible. Records indicate that Golden Knights forward Jonathan Marchessault and his wife, Alexandra, sold their Summerlin house last week and bought another home less than a mile away. Southern Nevada homebuilders made more than 11, net sales last year, the most since , according to figures from Las Vegas housing tracker Andrew Smith, president of Home Builders Research.
Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide. During the COVID pandemic , cities and towns that rely on business and convention traffic have been particularly hard-hit. For example, Las Vegas plays host to some of the biggest conventions across all industries, most of them filling up the large hotels and casinos along the famed Las Vegas Strip.
Most of the major events for have rescheduled, and some of 's most anticipated events, including the annual CES conference in January, have switched to a virtual format. All this has been devastating, not just for hotel businesses but for all businesses that serve the millions of tourists who visit each year.
But is there hope? All of these changed plans have had a direct impact on the entire economy of Las Vegas. In September, total hotel occupancy reached The big casino brands have been feeling the pain. Revenue per available room RevPAR was down Gaming revenue in Clark County for September tells an interesting story. While Las Vegas Strip revenue was down by Part of the reason for this is that while air travel has slowed dramatically, traffic hasn't fallen nearly as much, and locals are taking advantage of the entertainment options in their own town.
The real estate market is as hot in Las Vegas as in other areas. Sales of these homes were up While the Strip is temporarily seeing reduced traffic, that may not continue. Las Vegas is more than just the Strip, and it's also more than the hospitality business, although hotel businesses are the largest private employers in the state.
While air travel is down dramatically, traffic by car was up by 8. That's a signal there's still interest in traveling to Las Vegas. For Las Vegas, as with many other tourism-dependent markets, so much depends on how fast vaccines and treatment protocols can arrive. The lure of Las Vegas as a vacation and conference destination should return, and many real estate investors are still willing to place their bets on the city.
Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. Find out how you can get started with Real Estate Winners by clicking here. Deidre Woollard is a writer and editor with two decades of experience covering all aspects of real estate from luxury … Learn More. Advertiser Disclosure We do receive compensation from some affiliate partners whose offers appear here.
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We see the highest number of real estate listings taken in the Months of June through October and then they taper off. Winter has the least amount of listings and while buyers tend to be in shorter supply, those that are shopping are generally serious buyers. And homes look amazing during the holidays in Las Vegas. This is not including condo sales, townhome sales, or sales in nearby cities such as Las Vegas and Henderson.
We expect to see a continuation of limited inventory with the influx of out of state buyers. Buyers need to be prepared to take action fast with their best offer when buying Las Vegas Real estate in The southwest area of Las Vegas is booming. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website.
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Southern Nevada homebuilders made more than 11, net sales last year, the most since , according to figures from Las Vegas housing tracker Andrew Smith, president of Home Builders Research. The Las Vegas housing market defied logic in , but at least one thing mirrored prior years: The gap between the most- and least-expensive house sales was enormous. Plans call for 1, residential units, around , square feet of commercial space, and underground parking.
Las Vegas was turned upside down by the coronavirus pandemic in , and the real estate market was not spared the turmoil. But there were still some notable transactions this year. The Henderson City Council approved a resolution formalizing its intent to sell nearly 9 acres of city-owned land on St.
January 30, - am January 30, - am. January 23, - am January 25, - am. January 16, - am January 18, - am. Massive mixed-use complex in southwest will take years to finish. January 8, - am January 8, - am. Top 10 real estate deals of