We believe that consumer confidence is improving and therefore the retail and real estate will improve in 2011. Our beliefs are based on facts. In November, sales contracts to purchase homes increased for the 4th straight month. These increases mean closed sales for January and February, as lag time is about 2 months. (If the sale is a short sale, which make up 28% of our market, the time to close is 3 to 6 months.) The retail sales reporters are estimating an increase this year over last year. The hotels in Las Vegas are 98% full for this New Year's weekend. Over 300,000 visitors will celebrate New Year's Eve in Las Vegas! Unemployment applications are lower according to the national numbers. Las Vegas really took a hit in the construction market and our unemployment is still 14%. Not sure what the 2010 fourth quarter Las Vegas unemployment numbers will tell us. There are still an average of 100,000 new visitors in Las Vegas every day. The Hospitality industry still needs people to handle that volume. The Las Vegas Convention Authority says that the convention business for the first quarter of 2011 has increased over 2010. More convention visitors means more business for retailers, hotels, restaurants, and casinos.
We love Las Vegas and defend it with our heart and soul - but please know - our crystal ball is filled with factual data! But off the record, when we put our ear to the ground we hear a strong pulse for our economy that is reminiscent of the Nineties, when home prices brought investors, second-home buyers, retirees, and first-home buyers to Las Vegas. If you visit www.indeed.com there are 20,315 job postings for Las Vegas. 2,555 job postings are for the casino industry. Those casino jobs include food and beverage, computer department, casino worker jobs, etc. The 14% unemployment encompasses over 60,000 construction jobs that were lost in the past three years. The construction industry may continue to suffer for a couple more years until the New Home industry starts to pick up. When we say Happy New Years, we're putting 2 thumbs up! The 2 thumbs up are "11" and up is a big "Yes, we will have a better year ahead."
Las Vegas Home Price Comparison
Home Builders Research: 2010: Median Existing Home Price $120,000 2009: Median Existing Home Price $126,000 2006: Median Existing Home Price $200,000 Existing Home Prices have dropped 60% since 2006.
Las Vegas Home Owners Tax Savings for 2011
If you own a home in Las Vegas, the deadline to file for a Tax Appeal is January 17, 2011. Contact Michele Shafe, assistant director of the Clark County Assessor's Office. The average savings in taxes could be over $830.00 per year, depending upon when the home was purchased. The Las Vegas tax rate is around 1% of the the value. If the home is worth $100,000 the annual property tax would be approximately $1000. If the home dropped $26,000 in value, the savings would be $260 per year.