Las Vegas Real Estate Info

The Las Vegas Sun published an article on the Clark County moratorium on mobile home park conversion. The dwindling supply of affordable housing in the Las Vegas Valley has the Clark County Commission on the verge of restricting property rights of mobile home park owners. The commission is considering placing an 18-month moratorium on the conversion of mobile home parks to high-rise condos or other uses.

Critics say the ordinance — intended to protect poor, disabled and elderly mobile home park residents from homelessness — would single out park owners with restrictions that don’t apply to anyone else. The ordinance, scheduled to come before the commission Feb. 8, would ban redevelopment of all mobile home parks, including projects that are consistent with existing county codes and zoning. Other property owners face opposition only if their projects don’t meet codes or require a zoning change or special-use permit.

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Las Vegas Appraisers are scoffing at the idea that the Las Vegas Housing bubble will pop. The article cites the following Las Vegas housing cycle:

• In 1905, the City of Las Vegas started with only 30 people. Even then, naysayers said the city would not last.
• In 1955, surrounding Clark County had grown to over 25,000. Life magazine published a big cover story asking, “Las Vegas – Is the Boom Overrated?�
• In 1995, when the population topped 1 million, bankers were warning against loaning too much money to prevent “over-building.�
• Nevada has shown the fastest population growth in the nation for 18 years straight.
• In 2005, abut 7,200 people moved here every month, that’s 86,500 in just one year.
• In 2025, about 1.5 million MORE people are expected to be living in the Las Vegas Valley.

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Las Vegas is second only to Walt Disney World as the favorite vacation destination in the United States. Last year the city drew nearly 30 million visitors and estimates show it will exceed that number this year. The largest city to be developed in the 20th century continues to grow by about 4,000 people per month.

What attracts them to the area? The abundance of jobs, the beauty and affordable master planned communities or the freedom from state taxes?

The answer is: All Of the Above.

New home sales are relatively low, restaurant and buffet dining is cheaper in some places than preparing a meal at home, entertainment and night life is abundant and the weather in this desert oasis is sunny nearly every single day of the year.

Sounds like a paradise, right?

For many it is and while gaming is a $5.5 billion dollar business, there are more businesses coming into Las Vegas every day. There are manufacturing plants, corporate offices and mega-resorts settling in that are not on the strip. The options of Las Vegas living are limitless and that is what attracts people to Las Vegas.

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