With its ever-growing world-class entertainment, dining, cultural experiences, and increasing home sales, Las Vegas is quickly regaining its status as the ultimate international destination. In addition to being a top vacation destination, the real estate market is beginning to rebound and luxury homes are leading the way.
Las Vegas was rated the #1 city to buy a vacation home in 2011 by CNBC.com.
The CNBC.com article stated: “Of course, casinos are the main reason people come here but the sheer grandeur — and gaudiness — of some of the hotels is worth the visit alone. Glittery interpretations of New York, Paris, Egypt and Italy, plus exotic animals, dancing fountains and even a sinking pirate ship are sure to make you go ‘wow’ at least once! There’s also a lot of great high-end shopping here and for the adventurous, jeep tours of the red rock canyons nearby.”
Las Vegas is a city frequented by Californians and international travelers alike. These two groups are not only visiting, but also purchasing homes in this recovering market.
“International visitors are one of our identified growth markets,” said Rossi Ralenkotter, president and CEO of the Las Vegas Convention and Visitors Authority (LVCVA). “Our goal is to increase the international market share to 30 percent over the next 10 years.” “The international demand for Las Vegas demonstrates the global reach of our brand,” said Ralenkotter. “Additionally, working with McCarran International Airport, we continue to create more accessibility for the international traveler by securing more non-stop flights from key countries.”
More than half of the homes sold in Las Vegas are purchased by out of towners. The majority of those buyers are from California. This makes Marketing Las Vegas luxury homes to Californians and international buyers a must in this market.
According to Dataquick, “Absentee buyers – mainly investors and vacation-home buyers – purchased a near-record 51.0 percent of all Las Vegas-area homes sold in July.” The Dataquick article goes on to state, “In July, 46.5 percent of all absentee buyers in the Las Vegas region were from Nevada, while 53.5 percent had mailing addresses outside of Nevada, according to public records. Topping the list of states where these out-of-state investors and second-home buyers came from was California (29.4 percent of all absentee buyers).”
Its proximity to the McCarran International Airport along with thousands of flights daily to major connector cities like Los Angeles, Dallas, New York, Seattle, Miami and other business hubs, has made Las Vegas the ideal convention locale. More than 19,000 businesses and organizations hold conventions there each year, citing the city’s stunning sophistication and central connectivity as a selling point. Its reputation as The Entertainment Capital of the World remains intact, with the city experiencing unprecedented growth in the last several decades.
The growth isn’t all bright lights on the Strip, either. Nevada is among those states without state individual and corporate income taxes. It also boasts highly rated public schools, family friendly living, and premier gated communities such as Spanish Trail.
Take a look at this amazing Las Vegas estate: www.26Vintage.com. Then, take a gamble on what may soon become a sure bet: Las Vegas real estate.
For more information on buying or selling a luxury home in Las Vegas, please contact Kofi Natei.