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Las Vegas Real Estate Report
> Las Vegas Real Estate
Las Vegas Real Estate
The Las Vegas real estate market has been one of the hottest in the country for some time. Over five thousand new residents move here every month, attracted by the affordable yet high standard of living, year-round desert sunshine, the high rate of employment, and the close proximity to a wide range of recreational outlets. The market also attracts many investors, hoping for regular rental income or a quick turn-around profit as housing values steadily increase.
There are restrictions on water use due to the yearly rainfall of only four inches, which sometimes creates complications in development plans, as the Nevada water authority has some say in issuing building permits. However, this did not prevent the Las Vegas real estate market from breaking yet another record last year, this time in building permits issued. Land costs are high, but as of early 2004, this is offset by low interest rates, and corporate land buyers are competing with homebuilders for property.
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Las Vegas real estate prices are still very affordable, and the absence of city or state income tax has proved quite attractive to new residents and businesses. A new Las Vegas real estate transfer tax took effect Oct. 1, 2003, which more than doubled the tax to $5.10 for every $1,000 property valuation. Requirements for new home loans have become stricter in recent years, prompting more residents to remain renters; rents for Las Vegas real estate are very affordable.
Many companies that have nothing to do with tourism or the gaming industry are choosing to establish a presence in Las Vegas, creating an increasing need for commercial Las Vegas real estate. They are drawn in part by the favorable tax situation: there are no corporate income or franchise taxes, and no inventory or unitary taxes.
The Las Vegas real estate market consists of a number of sub-markets
throughout the valley; the two main sections are east of The Strip
and the areas west of The Strip. The most popular areas to live are
suburbs miles away from the Las Vegas Strip, although condos in the
city are gaining in popularity as the shortened commute time of living
right in the city becomes more popular. New Las Vegas real estate
development continually claims more of the valley, with suburbs sprawling
out in every direction, as far as 20 miles toward the foothills past
I95. North Las Vegas, a city in its own right, is currently the fastest-growing
city in Nevada. There are also many master-planned communities in
the Las Vegas valley, with higher-priced Las Vegas real estate,
the most popular of which has been Summerlin, located in the northwest
foothills. Others of note include Lake Las Vegas, Queensridge, Desert
Shores, Peccole Ranch, The Lakes, and Seven Hills. We really like
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