Las Vegas, the fabulous gaming capital of the world, is one of the hottest housing markets in the nation. Despite dire predictions that have surfaced in the national market, the Las Vegas housing market remains strong and stable. In February of 2005, the Bureau of Land Management auctioned off 1,700 acres of undeveloped land for a whopping $287,000 per acre. The median price of a home in Las Vegas rose to $310,000 in November 2005 which is a $2,000 increase from the previous month.
Although approximately 7,200 new residents pour into the Valley each month, unemployment remains low and the economy in this exciting city is healthy. The Las Vegas Valley consists of four cities: Las Vegas, North Las Vegas, Henderson and Boulder City. Each city is comprised of a number of different vibrant communities offering their own amenities.
If you are planning on buying a home in any of the communities in the Las Vegas area, you will want to sign up with a broker who is a member of the Las Vegas Multiple Listing Service (MLS). This listing is administered by the Greater Las Vegas Association of REALTORS.
When a property is listed for sale with an agent, it is assigned an MLS number and added to the MLS computer data base with all its relevant details and a picture of the property. At this time, the number of single family homes included in the MLS are in excess of 7,000. This information is not available to the general public and can only be accessed by realtors, lenders and appraisers. Consequently, on order to avail yourself of all the homes included in this data base, you must work with an MLS broker.
The data base changes daily as new homes are added and those that are sold removed. In addition, property tax records are stored on this same MLS data base. For this reason, you will want a broker whose data base is continuously and automatically updated so that lot size, year the house was built, living area and current taxes are correct and verifiable.
GREEN VALLEY
Green Valley is a master-planned community in the City of Henderson on the southeast side of the Las Vegas Valley. This family-oriented area boasts a number of top-rated public and private schools as well as being the home of the University of Nevada, Las Vegas (UNLV). Green Valley also has a library, a number of parks, hiking and biking trails and a new recreation center. For avid golfers, the community of Lake Las Vegas features four golf courses, two of which were designed by Jack Nicklaus. Golf Digest Magazine named the South Shore Course one of the top 10 private golf courses in the United States.
Shopping and restaurants are many in the local community and the Galleria Mall adds a further note of sophistication to the shopping and dining experience. Homes in this area range from $250,000 to over $4,000,000.
HENDERSON
This community is located on the Southern edge of Las Vegas, the fastest-growing metropolitan area in the United States and is the second largest city in Nevada. It is situated seven minutes from the Strip and one mile from Lake Mead.
Some of the benefits of living in Henderson:
· One of the lowest property taxes in Nevada.
· Third best place to retire in the United States.
· Sixth best place to have a home-based business in America.
· Certificate of Excellence for Financial Planning for 19 years running.
· Known for having "small town values with big city efficiency".
The population of this master-planned community is 210,000 and the median age is 35.9 while the median home price is now $375,000.
SUMMERLIN
Another delightful master-planned community is Summerlin, which is located in the Western foothills of the Las Vegas Valley. One of the earliest adoptions of desert landscaping, development began in 1990 by the Howard Hughes Corp. and is expected to be completed in 2020. The size of this community is 36 square miles. As of November 2005, there are 92,000 residents in Summerlin which is situated 12 miles or 20 minutes from the famous Strip.
Summerlin is comprised of 17 villages in various states of development; ultimately these villages will number 30. These are thoughtfully planned neighborhoods with a unique selection of individual homes, town homes, condominiums and apartments. And each village has a distinctive type of architecture and design which is obvious in the landscaping and streetscapes.
Additionally, Summerlin is one of the few communities in the country that are home to performing arts dance troupes and a performing arts center such as the Donald W. Reynolds Cultural Center - Nevada Ballet Theatre.
For ten of the last eleven years, Summerlin has been America's best-selling master-planned community with home prices beginning in the $300,000 range.
BOULDER CITY
This community is an oasis in the desert. With a population of just under 15,000 residents, Boulder City offers a quiet and relaxed environment although it is only 20 miles from the glamorous and exciting Las Vegas Strip. Originally built to house workers on the Hoover Dam just a few miles away, Boulder City has the quaint charm of a small town along with a low crime rate. In addition, this is the only community in the State of Nevada where gambling is not permitted.
This picturesque town has unique shops, antique stores and quaint restaurants and the Historical District is typical of the community in the 1930's.
Average home sale: $238,000 +
Average household income: $65,671
Median age of residents: 47.0
