If you want to explore rewarding investment properties or diversify and augment your portfolio, the Las Vegas luxury real estate market is one of the best places to start looking.
Here are the top five ways that luxury real estate in Las Vegas promises incredible possibilities for investors:
- Demand is on the rise
Las Vegas has always been attractive because of the glitz and glam associated with the city’s vibrant atmosphere and lavish lifestyle. In recent years, with nearby real estate markets like Los Angeles and San Francisco seeing local home prices skyrocket, relocating to Las Vegas instead makes a lot of sense.
Demand for residential properties in Las Vegas is steadily increasing. The US Census Bureau counted Las Vegas among the 15 fastest growing cities in the country between 2017 and 2018, citing a gain of 9,016 new residents during the period.
This encouraging trend makes high-end residential properties even more attractive opportunities to maximize profits from rental income or property sales.
Las Vegas offers luxury home choices to match any lifestyle. Those who enjoy fast-paced living will find the condo high-rises lining the Strip ideal places to experience the best of modern urban luxury. Exquisite amenities and strategic locations make upscale residential buildings like Turnberry Towers, Sky Las Vegas, Veer Towers, and the Waldorf Astoria intelligent choices for a lucrative condo property investment.
Buyers looking for some peace and quiet have plenty of options, as well. Master-planned communities like the affluent neighborhoods of Summerlin and Henderson offer a more private and laid-back environment.
- Affordable luxury property prices
Las Vegas has the advantage of being a prestigious and coveted destination – thanks to its renowned entertainment scene and lifestyle – while still remaining a relatively affordable real estate market in the southwest region. Compared with home prices in other major metropolitan like Los Angeles, New York, and San Diego, property prices in Las Vegas are a steal.
These numbers from the National Association of Realtors illustrate the relative affordability of real estate in Las Vegas:
| Metropolitan area | Median sales price of existing single-family homes (as of Q1 2019) |
|---|---|
| Las Vegas-Henderson-Paradise, NV | $298,900 |
| Los Angeles-Long Beach-Glendale, CA | $548,600 |
| San Francisco-Oakland-Hayward, CA | $930,000 |
| San Diego-Carlsbad, CA | $620,000 |
| New York-Jersey City-White Plains, NY | $362,400 |
| National average | $254,800 |
- Tax advantages
- No personal income tax
- No corporate income tax
- No tax on medicine or food for human consumption, such as grocery items and fresh produce
Nevada has one of the lowest property tax rates in the United States. At only 0.77%, this is well below the national average of 1.19%.
The low property tax rate is one of many exclusive tax benefits the state offers its residents. Other advantages include:
All these factors help lower the cost of living in the city and create great investment opportunities for local and international buyers.
- Strong economic growth
Las Vegas has recovered well from the last economic recession, rebounding with strong growth in a number of areas including real estate. The exceptional turnaround made the city attractive to people looking to relocate, as well as businesses looking to set up shop.
Employment is another major driving factor behind the strong local economy. The influx of prolific enterprises like Zappos.com give residents a wealth of high-profile and high-income job opportunities. Rising tech companies such as ELEKS Software and Aristocrat Technologies also give young professionals opportunities to climb the corporate ladder in globally relevant companies.
Even the sports industry is making an impact. National Hockey League expansion team, the Vegas Golden Knights, launched their inaugural campaign in the 2017-18 season, while Women’s National Basketball Association team, the Las Vegas Aces, relocated from San Antonio in 2018. The National Football League’s Oakland Raiders franchise is also set to relocate to Las Vegas by 2020.
- Positive real estate market outlook
Realtor.com has been highlighting Las Vegas as one of the top 10 housing markets in the United States since 2018. As projected, the city’s real estate scene continues to grow, with 2019 seen as one of the city’s best years yet. This year is expected to see appreciating property values, increasing housing inventory and population, and greater employment opportunities.
Discover incredible investment opportunities in Las Vegas today with help from the local experts at Leading Vegas Realty. We would be more than happy to answer your questions and guide you toward your goals. Call us today at [ai_phone href=”+1.702.545.6050″]702.545.6050[/ai_phone] or email [mail_to email=”Emily@LeadingVegas.com”]Emily@LeadingVegas.com[/mail_to].
