Las Vegas Retirement Community
Las Vegas real estate market – 2006 Reflections
As another year comes to a close it’s a great time to ponder what 2007 will bring to the Las Vegas real estate market. Perhaps 2006 reflections will give us a clue of what we have to look forward to.
There’s more to Las Vegas than neon lights, casinos, and late night entertainment. It’s also a wonderful place to put your roots down. Here is a state with no state taxes, low unemployment, lots of recreation and parks, and terrific neighborhoods to raise your children in. And it’s apparent that this little secret is out says the Las Vegas real estate market of 2006 statistics.
If you prefer the look and feel of a country club atmosphere just head to North Las Vegas and check out the North Las Vegas real estate market where you will find planned communities designed for active adults that want to make Vegas their home or perhaps even retire here – after all the weather’s perfect. The Las Vegas real estate market reflected just that last year.
Based on the most recent Las Vegas real estate market information collected from the MLS records it appears that the house prices in the Las Vegas real estate market are still very close to what they were in the latter part of 2005.
During 2006 the Las Vegas real estate market saw the average single family dwelling was selling around the $340,000 for a one bedroom home, $370,000 for a three bedroom home, and $520,000 for a four bedroom home.
The Las Vegas real estate market also saw town homes and condos come in around the $250,000 figure. And although no numbers are presented for commercial development there was at least a 20% increase on average over what the Las Vegas real estate market saw in 2005.
It’s interesting to note that although the selling price for 2006 was up the Las Vegas real estate market saw a decrease in the actual number of homes that sold although for those houses that did sell more than 65% sold in less than 60 days.
You might be surprised to discover that the average family income for 2005 was just over $50,000 and the medium household income average was around $45,000. These numbers would indicate that the average purchasers where not wealthy but in fact living on a modest income.
The Las Vegas real estate market caters to three different markets two of which fit the average earnings criteria – those that have retired living on a fixed income and your average younger family.
Then there is one third of the market that fits the criteria of wealthy. This group finds their home in Vegas for a variety of reasons – entertainment, business and investment opportunities, climate, and location. Whatever the reason that brings this group to the area to explore the Las Vegas real estate market they know exactly what they want.
The Las Vegas real estate market is a lucrative market that can provide a home now and an investment for the future.
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About the Author
p>Joel Teo writes on various financial topics including
Investment Properties in Las Vegas
. Learn more about
Investment Properties in Las Vegas
in our Real Estate
I am the father of a young adult living in Las Vegas. I am a senior, she wants me to move there. Should I?
What makes this hard is I miss my daughter and would like to live near her, but not in Las Vegas. , I am a widower and have no friends or relatives where I now live, although I do like my home and home area. Here there are many educational, cultural, sporting and other activities. Many are free. I have a nice home and don’t mind living alone (I enjoy it). I am not lonely, most of the time, and keep busy in my retirement. The pluses to moving are: my daughter is my only child and wants me there and wants to help me as I get older. I am a widower and could move to an adults only community to meet more people. Inportant to live near her, as I get older. Housing is a little less expensive there; the weather is tolerable; there are places to visit (public library and casinos).
The negatives: Casinos and gambling (money and wealth – lack of or too much) seem to be the only things valued in Las Vegas, the weather is terrible – broiling hot in summer and cold in winter. Not much to do.
I’ve been living in the area over 25 years. I moved here in my early 40s after retiring from the Navy. I look at the casinos the way that people in Michigan look at the car plants: they are the factories. Nothing more. Nothing less. And the bulk of them are zoned into three areas. Most of the casinos are not in Las Vegas. The famous Strip is in Winchester and Paradise. I live 15 minutes due east of Bally’s Hotel and Casino. It might as well be in a different state. Once you get five blocks either side of the Strip you are in middle America.
The weather is only really hot for three months out of the year. But, we have 347 days of sunshine a year. Right now the entire northeast is buried, freezing and will be iced-up soon. My biggest problem is taking care of the leaves falling from the mulberry trees. Winters are generally in the fifties during the daytime, falling to near freezing at night.
We have more senior centers and senior activities than you could ever imagine. I have three centers with a ten to fifteen minute drive from my home. Inexpensive bus tours galore to points in the area and throughout the West. A Senior Citizen monthly pass on the transit system is $20 a month and that gives you unlimited ridership on a 51 route system, ten routes of which run 24/7. Tuition for all courses at the university and the community college is free for those 62 years of age or older.
We have a huge library system and those who have cards from the local library district can use the university’s library as well. In addition, every concert, play and musical offered at the university’s performing arts center or the City of Las Vegas’ recreation facilities has senior citizen discounts.
I live ten minutes by freeway from our minor league baseball park, thirty minutes from Lake Mead and forty five minutes from the lodge and ski facilities on Mount Charleston. Plus, I live less than 15 minutes from the airport and can use my flight privileges on a major airline due to my daughter being a flight attendant with that carrier.
I was born and raised in Brooklyn, New York. I couldn’t ever imagine having to return and live there ever again.
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