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October 31, 2005
Real Estate Prices Soaring in Las Vegas
Even Houses in Previously Undesirable Areas Go For Big Bucks
One thing that Jim and I noted when we were in Las Vegas in January was that there was a huge amount of construction on new houses and condominiums both in Las Vegas and throughout the surrounding area. So it's no suprise to read that Las Vegas is experiencing a real estate boom. There are 93 new luxury condominium projects either planned or under construction currently and I'm sure there are any number of other projects, both housing and non-housing related that are planned for the area as well. Las Vegas is undergoing a tremendous amount of growth and since there isn't that much land in the most desirable areas, near the Strip, those properties that are even remotely close are going for huge amounts of money. The increased development of areas close to, but not directly on, the Strip will probably end up meaning that even areas that for years were full of crime and prostitution will undergo a transformation in the future. There are a lot of people who probably stand to make a tremendous amount of money in the years to come in the Las Vegas area, including some homeowners who bought their houses for a lot less than they're worth now.
Posted by silverdsl at October 31, 2005 10:14 AM