Nevada Real Estate-- Crisis And Opportunity Article

	1888 Articles Home \| Finance Articles \| Real Estate Articles	Real Estate RSS
Nevada Real Estate-- Crisis and Opportunity

In Las Vegas, at least three major condo projects have been hold, including the Ivana, named after Ivana Trump. Of course Las Vegas, Nevada has been in a series of huge development projects for the past 15 years and even longer. MGM Mirage has started their project on the downtown strip.

Author: Henry Adams

Article Tools:

Different condominium projects continue in Carson City, Nevada, while others in Las Vegas have been terminated. A developer plans to construct 48 townhouses on nearly 4 acres of land in Carson City. An existing development, Parkway Manor, in northeast Carson City, is being converted into condominiums, with about 25 percent of its renters retained, in a total of 176-units. Various safety renovations are being done as part of the conversion.

However, in Las Vegas, at least three major condo projects have been hold, including the Ivana, named after Ivana Trump. Of course Las Vegas, Nevada has been in a series of huge development projects for the past 15 years and even longer. MGM Mirage has started their project on the downtown strip. The housing slowdown has hit here too, with the inventory of homes for sale up 33 percent from a year and some decreases in prices have occurred. Over 95 projects are in the works or planned, with one bedroom condos going for about $400,000 each.

Many other teachers and civil servants have problems buying houses at all. Same for firemen, policemen and nurses, it’s too expensive. They can’t keep up with the people employed in the casino industry. There is a definite need for affordable housing. The state legislature just drafted a bill to build affordable housing on Federal land. Real estate experts predict prices will be stagnant; the area will soon be a real estate dead zone. This may be hard to believe with the huge casino tourist center, and increasing jobs of over 19 percent last year, plus the incentive of paying no state income taxes.

According to Fortune Magazine, the average price of a home in Las Vegas is $300,000, but that average home is only worth $230,000 so as an investment they are overpriced. This is after several years of huge by percentage land price increases, with some areas going up over 50 percent in a year or so. Of course in 2004, when interest rates were low, things were selling unbelievably fast. Homes are staying on the market a lot longer than that. Realtors claim that with the large job growth, people keep coming in to town and need a home. Also foreclosures are up. Part of the increase of housing on the market is resold houses that were foreclosed on. People got exotic mortgages of Interest Only payments, then the payments ballooned up after three to five years. Most sellers are reluctant to lower their list prices. Some are throwing in incentives, from new carpets to a pool installed.

Elsewhere, mega-projects continue to be planned. Now on track is the development called Coyote Springs, which is on land an hour’s drive northeast of Las Vegas. The land is a former weapons testing land that was converted to real estate land by complex negotiations involving the Congressmen and Senators of the State. The tract is planned to be a 67-square mile city that will be home to over 200,000 people. The development is to include stores, services and 16 full golf courses. It is 5 miles wide and stretches 13 miles along the east side of U.S. 93 between parallel mountain ranges.

About Author

Henry Adams is a writer on legal and real estate issues for http://www.millionsaver.com (Las Vegas real estate), http://www.homesparadise.com (real estate nationwide) and
www.golfcourseparadise.com (golf course communities).

Article Source: http://www.1888articles.com/author-henry-adams-699.html

Nevada Real Estate-- Crisis and Opportunity