Las Vegas, Nevada is dynamically greater than any other city anywhere on the planet earth. It is not only an opinion, but it is also a proven fact for the following reasons:
1) Las Vegas has an economy that is growing rapidly ever day and revolves around itself. Other than its gaming and convention visitors, its internal factors, the support staff this city needs to go on, will never slow down or subside. Las Vegas is a destination highly sought after world-wide. This is proven by the events of 9/11. As parts of the rest of the country and world took years to get back on track economically, Las Vegas was back to normal within a few months.
2) This "revolving economy" has everything to do with this city's attractiveness to families from all over the world as a place where anyone has a chance to start over, get a great paying job, and build the ability towards home ownership in a relatively short time. This revolving economy has to do with the "Catch 22":
a) people are moving here
b) they need place to live
c) they need to go to work, buy food, see doctors, send their children to school, buy and maintain a car, entertain themselves and the family....shall I go on?? (this is what I refer to as "Support Services"...the business and people they employ to provide these services to the masses that are moving here).
d) Support Services...an army of people here working to support the others that are coming here to do the same thing they are doing...a catch 22. As you can see from my last blog on the Economic Indicators here in Las Vegas (January 17), currently there are at least 30% less houses available to the public, both in new construction and re-sale, as there were 12 months ago, with 1000+ people arriving to Las Vegas weekly to make this their home. Now these statistics are straight from the Review-Journal, which I'm sure does their homework on information received before publishing an article.
3) Supply & Demand: What shot prices thru the roof a couple of years ago was supply and demand, or economics 101. More supply and less demand = lower prices; less supply and more demand = higher prices. From the numbers, we are slowly moving back towards that direction. I don't think we will go to a full blown frenzy like 2003-2005 ever again, but we can creep up to a very lucrative level for sellers and this is why I think from December '06 to May '07 will be a very good time to buy.
Now, please, I cannot stress enough for you to do your homework (due diligence) and research the information from here. I still beleive that prices can come down a little more, but will that happen before they go up, and just how much will they come down? I am sure from dialogue and research that the market is not finished "correcting itself" and that this will probably end and prices go on the incline by Spring '08, but will prices already be out of reach for 1st time buyers?
Please contact me with any questions, comments, suggestions, and all feedback is welcome.
Eddie Stern
MillionSaverHomes.com
Las Vegas, NV
702.205.8363
cesrealtor@yahoo.com
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