state of las vegas real estate is one of the fastest growing markets - by Jason

State of Las Vegas Real Estate

State of Las Vegas real estate is one of the fastest growing markets for investors due to the high appreciation rates in home prices over the last few years. During the first half of 2004 some of Las Vegas' most sought after neighborhoods experienced a 30% rise in house prices. Las Vegas has been one of the top markets for real estate investors over the last decade; that trend shows no signs of changing any time soon as more and more developers look to cash in on one of America's most fascinating cities. People are still flocking to Las Vegas for the many entertainment options, casinos and while there many of them are also buying real estate.

Known as the gaming capital of America, Las Vegas has benefited tremendously from the growing fascination with gambling and the sudden surge in popularity of Poker across the world. To cash in on this, developers have been converting apartments into condominiums and building taller and taller buildings on the world famous Las Vegas strip. Average prices for single-family homes in Las Vegas are above the national average, but the costs for a condo are still reasonable. The thing that attracts most people to Las Vegas is jobs in the gaming industry. The need for workers also creates a need for housing options, which is why the state of Las Vegas real estate market has been so active over the last few years.

The market has shifted to buyers over the last twelve months which is good news for investors looking to get into Las Vegas. Sellers have to negotiate down prices in order to sell because of the vast array of choices being given to investors. The investment strategy for the Las Vegas real estate market has become one of buy and hold, rather than buy and sell for a quick profit. Patience is the key for investors currently and some are turning to the rental market to find renters who can offset the investor's monthly costs. If you are an investor with a large amount of capital then waiting for the market to shift again is an option, but be prepared to wait for a couple of years.

There are many developers with projects in Las Vegas right now, but only about 30% of those projects are expected to be completed, mainly due to lack of construction workers. In addition to the casinos, Las Vegas is also blessed with great parks, good schools, modern neighborhoods and friendly people. With the job market in the city still very strong it is unlikely that the housing market in Las Vegas will sour in the near future. Investors are still buying property and developers are still offering many new choices for the public to choose from the state of Las Vegas real estate.