Las Vegas Rental Market and other news
short updates on Las Vegas
Posted: July 13, 2011 by John McClelland
Some short bullet points on recent news:
- Slot machine revenues have increased for three months. Reported gaming revenue in May showed a year-over-year increase (although baccarat accounted for much of this). -CNN Money ranked Las Vegas as a top city to purchase rental properties. Noting our obvious bias, we do agree with their assessment based on the strong rates of return we have been observing in the market and by our own clients.
-Local commercial analyst, Dave Dworkin has noted minor decreases in the vacancy rates for both office and industrial, a welcome sign following many quarters of turmoil.
-Existing home sales in the Valley experienced very large increases, with single family homes posting almost 8% year-over-year increase, despite a tax credit still be in place last year, which likely pulled some demand forward. Homes continue to trade with prices nearly flat, with a mildly recognizable downward bias still in place. Investor sales continue to be about 50% of Valley sales, with good returns acting as pheromones for yield seekers.
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