Why Invest in Las Vegas Real Estate Now?
Before deciding whether we should invest in Las Vegas real estate, let us examine the current state of affairs for real estate there. Is it a good time to invest in real estate now? Vacant space available for retail business is 53 million square feet at the moment. It is about 12% of the total retail space. The vacancy rate for office space is 20% or more. Residential and commercial properties are facing foreclosures in large scale in the next one year. The life line of Las Vegas is the gambling industry. It is now in a poor shape. The number of visitors to the city at present is about 8% lower than last year.
In spite of all these there are some silver linings. They are:
- • The economic downturn will bottom out soon.
- • The absence of state tax is helpful to the investor.
- • The ever-expanding tourism of Las Vegas.
- • The Air Force Base expansion taking place in Nevada.
The property prices will reach the bottom soon if it is not already there. There are plenty of foreclosures in the market. You can get most of them for a song now. If you invest in them now and hold it for some time, a fortune can be made of it. The state of Nevada has no personal tax or corporate tax. Once the economic turnaround appears the tourists will return in their multitude to the attractions of Las Vegas. The continued expansion of the Air Force Base will increase the demand for housing property. Now, when the prices are at the lowest, is the time to invest in Las Vegas real estate.