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Casinos and Real Estate: Gambling in Sin City (Las Vegas)

 

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Las Vegas is an unique extravagant city. Everything that you would expect from a world-class metropolis, and more, is right here for your pleasure. First and more than anything else Las Vegas is known for its casinos. With the casinos come the most exciting, extravagant production shows. Many of the World's most famous entertainment personalities will have appearances in Las Vegas. Las Vegas truly is a city that never sleeps.

Some comments on the casinos:

The bigger casinos on or right near the strip will be more expensive, have higher minimum bets and from my own experiences, it is hard to take money out from them. In contrast, if you go to the smaller casinos around Fremont St or in old Las Vegas you will find smaller minimum bets and, less crowds and – in my opinion – have a better time. Many of the smaller casinos are threatened by being bought by the big chains. By the way, the Fremont street experience is now called Viva Vision.

Some comments on Las Vegas Real Estate:

In the recent years (2001 – 2005) Las Vegas has been the fastest growing city in the United States. In late 2003 and 2004 investors from out-of-state – many of them Californians unloading their stock options – purchased second and third homes for investment purposes in Las Vegas. Here the median home prices in Las Vegas for a resale (used home, often only 5 years old), each number for the 4th quarter:

2002: $140,000
2003: $171,300
2004: $281,400

The prices since quarter 4 / 2004 have not gone up much more. At this time that rumors were flying everywhere that a real estate bubble in Las Vegas was bursting and prices were going down. However, prices have gone up in 2005 now (slower) and it currently (May 2005) looks like by q4 we would see an 18% increase in 2005.

2005: $332,052 (prognosis)


Between 06/2003 and 09/2004 most houses got at least a dozen of offers above asking price on the day of putting it on the market. We’re talking about the average single family home here, priced in the median range. High-end homes on golf courses which may go for twice that price are a different market.
Houses stay on the market slightly longer now, maybe 2 weeks on average. This is still pretty fast compared to a situation the author found himself in when he had his German downtown condo listed for 8 months (2001).



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