I think the market has discounted all the news for the next 15 years in the Vegas market.
I beg to differ, but time will tell. These are 4 to 5 thousand new residents moving here every month, regular as clockwork. Quite a few workers from the wrecked Mississippi casinos have moved or are planning to relocate in LV, as just one example of this. Businesses are moving here to escape the tax and regulatory hell of California and other unfriendly environs. Unemployment is low. Job growth is high.
Housing prices, even with the explosion in the last couple of years, are still quite reasonable compared to coastal CA counties. And lastly, in contrast to the Phoenix area, there is a land constraint here, as LV is mostly surrounded by mountains and there's not much room left to stretch out. That, along with the cachet of owning property here, explains the escalating land prices and the many tower projects that have and will be built.
I'm quite sure that the RE bubble will indeed pop in many areas, but not here, not for quite a while, IMO.
Many from Florida that have moved their have mentioned many negatives and actually prefer Florida.
To each their own, but you couldn't pay me enough money to live in that muggy, sweaty, humid climate. I don't like the summer heat here, but FL's even worse, as far as I'm concerned. |
