Realty Times Feature Article by Blanche Evans

Las Vegas is reputed to be the fastest-growing city in America. Take a gamble and wait, or place your bet on today's home prices in this top-ten relocation destination.

Las Vegas is all about the future and economic growth; and with a brief past, holds little sentimentality. For example, where else can you watch hotel implosions online?

But with its emphasis on what's new and exciting, the city sports one of the largest new home construction Meccas in the country. With tourism development now the area's leading employment source -- only begun in earnest after World War II, Las Vegas lacks the large amounts of aging housing stock that most other relocation destinations have.

The same amenities that make it one of the greatest vacation/convention destinations in the country also make it a great place to live and work.

"New home communities are popping up in the Northwest, in the Southwest...just about anywhere land is available," says Realtor Ronni Land. "Builders continue to increase their prices on a regular basis, thereby driving up the price of resale homes as well. Sellers are selling their homes quickly (if priced correctly) and the buyers are buying them at a lower price than they will next month - a true win-win situation."

Says Realtor Daniel Butterworth, "With buildable land running low and with estimates of between 5,000 and 7,000 new people moving to Las Vegas every month, I would have to say the trend is skewed towards a seller's market.

"That doesn't mean that there's not a lot of opportunities for buyers. Many Las Vegas homeowners have had 10 percent plus appreciation in recent years - and the future continues to look very bright for those looking to buy or invest in the hottest market in the country."

Offers Realtor Frank Gargano, "There are 15,000 acres currently spoken for in master-planned communities, 6,800 acres of land controlled by McCarran International Airport under a Cooperative Management Agreement, 14,600 acres of land on a slope of 10 percent or more and 8,200 acres of infill, or land available in older neighborhoods."

"The most expensive housing in Las Vegas is going up in Summerlin and Anthem, the two strong master-planned communities developed by Howard Hughes Corp. and Del Webb, respectively," he says.

Realtors Chuck and Jan Dalton share some interesting statistics:

• Annual recorded new home sales - 22,940 in 2001. Year-to-year increase 12%. Projection for 2002 = 22,000, Projection for 2003 = 23,000.
• Median new home prices - end of 2001 the median new home price was $178,920. This is a year-to-year increase of 10.6%. New homes captured 35% of the market.
• Average price per sq. foot in Jan. 2002 was $98.83.

• Median resale home price at end of 2001 was $138,408, a year-to-year increase of 6%. Projection for 2002 is also 6%, which translates to $146,712.
• Recorded new and resale home sales - by end of 2002, the total transactions should be over 60,000.

"I think we're getting ready for another great year," say the Daltons.

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the 25 Most Influential People In Real Estate.

Published: May 1, 2002

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