It has been said that “as California goes so goes the nation”. So it comes as no surprise that the Bell Weather State has identified Las Vegas as the hot new real estate market.
“Californians are gobbling up the Las Vegas luxury real estate market,” says Lee Medick, luxury real estate specialist and partner in Luxe Estates Collection. “They know the deals are here” Lee stated.
As evidence, in the first three weeks of January, Medick’s Brokerage has put $19 million in escrow for Vegas luxury homes with each transaction being a cash buyer from California.
Lee is quick to point out the unmatched advantages of the Las Vegas market including; “no personal income tax, low property taxes (1% of the purchase price) and a state with a very low cost of living” Medick continued “Las Vegas simply delivers more bang for the buck than any other large city”.
That “bang” includes the excitement of world class entertainment, casinos, fine dining, and a surprising sophistication for the arts and culture. Las Vegas has become an increasingly attractive place to live, with a renovated downtown, cultural activates, world-class shopping, recognized college-prep schools, and a climate that beckons outdoor activities.
“There’ll always be a mystique to Las Vegas,” says Medick, but as casinos have become increasingly popular outside this gambler’s Mecca, the city was quick to diversify by offering both corporate incentives and affordable rewarding lifestyles to employees resulting in the relocation of non-gaming companies as PepsiCo and Zappos .
Lee also commented “thanks to former mayor Oscar Goodman, the original downtown has been superbly renovated with beautiful malls, a hip arts district, and the Smith Center , a world class performing arts venue offering ballet, plays, and concerts. “
Other than “three months of hot,” which Medick admits to with a laugh, the climate is delightful; cooler in the evenings, warm during the day.” Perfect for sports enthusiasts who enjoy excellent golf and tennis and beautiful outdoor swimming pools.
For home buyers: “Prices are the lowest they’ve been in the past ten years,” she says, adding, “Homes in the $50,000 to $300,000 range? They’re just gone; selling in six days, on average, with multiple offers.”