Southern Nevada continues to outperform the US market, ranking in the top ten in many segments. It’s important to note that the Asian investor segment is almost non-existent and may not return despite any trade deal reached. To our knowledge, government permission is required to move more than $20,000 outside of China, and China is strongly encouraging its citizens to reinvest at home vs. abroad.
If you are a seller, especially at Waldorf, this must be factored. Purchase prices have risen to the point where renting these properties provides lackluster cash flow, so appreciation is the only factor making it a viable investment property and considering Asian and US-based investors make up 70%+ of Waldorf Sales, the buyer pool has shrunk significantly and prices are leveling off, despite claims made by a bombastic onsite Realtor.
Most of our Waldorf clients are seeking residency, so investment variables are not a factor.
I would argue we are headed for a “flat market”; however, luckily, we have California as a neighbor, and their governments’ neverending quest to extract every penny possible from high-net-worth individuals creates a huge demand for luxury properties in Las Vegas.
- To Address Homelessness In California, A Tax Hike Is Inevitable
- NY And CA Spend Billions More In Taxes Than TX And FL — And Get Worse Results
- The Furor Over California Fuel And Real Estate Taxes
- As Pensions Break The Bank, Californians Face More Tax Hikes
North Strip Corridor
Las Vegas Condo Appreciation | Prior Six Years
Las Vegas Condo Rent Rates | Prior Six Years
Las Vegas Area Economic Metics
- Nevada ranks #2 in resident population growth
- +48,337 residents in 2019
People Migrating From The Following States (Top Five States:)
- California 36.3%
- Florida 6.1%
- Texas 4.7%
- Arizona 4.5%
- Illinois 3.8%
Retirees Relocation by State:
- Nevada ranks #5
Top Cities For Retirees:
- Henderson ranks #1 (we expect this to continue as two new Del Webb Sun City communities are under construction.
- Las Vegas ranks #9
- Spring Valley (Las Vegas area) ranks #10
- Las Vegas job growth ranked 10th in the US however, we anticipate moving up considering there were no new/large projects which opened in 2019 and we have Resorts World, three new convention center spaces and The Drew all at various stages of planning/construction.
- Education/Health Services
- The unemployment rate has lowered from a US high 14% to 3.5%
- Personal Income Growth ranked #3 at 5.7%
- Population +15.9%
- Unemployment -9.2%
There are projects in all sectors of the Las Vegas Strip corridor, which we believe will add value to adjacent condominium towers, and this type of investment may be more appealing than a wildly fluctuating stock market. Contact us for price-to-rent ratios for each tower and detailed opinions.