Cedar Village – Apartments of Choice
There are rumors and opinions that the Las Vegas real estate market is heading for a crash. I beg to differ. I agree that the rise in rates has not been as high lately as it was in the dizzy days of the past two years, but that is because certain projects were overpriced and if there is a drop, it is only making the prices more realistic. Investors in Las Vegas properties will still make a decent profit because the number of people coming to Las Vegas is only increasing everyday. Las Vegas real estate investors should expect a lower rate of appreciation compared to the last two years.
Nevada has shown the fastest population growth in the nation for the past eighteen years and in 2005, about 7,200 people moved here every month making that almost 86,500 in just one year. The number of tourists in 2005 touched a staggering 40 million.
The economy is booming here because of tourism and the construction jobs available. A growing economy and population will continue to drive real estate prices upward. Inflated prices have created a demand for housing under $200,000 and there are over thirty high-rise condominium projects currently under construction. This has also led to the conversion of 15,000 apartment units to condos. Out-of-town buyers will pick up most of these condominium units that range in price from the low $200,000s to several million dollars.
The high-rise development has not had …