Archive for June 20th, 2006

Las Vegas Real Estate: Past, Present and Future

Tuesday, June 20th, 2006

The City of Las Vegas has a rich and interesting history. It also has a number of truly incredible accomplishments over the past decade that continue to impress nationwide. The Las Vegas Real Estate market has benefited tremendously from a residential buildingboom that shows little sign of slowing down. This has been based on a poulation explosion in the State of Nevada that is going on it’s 19th year. The market for Las Vegas homes has benefited handsomely from thistrend. Real Estate in Las Vegas has been a highly profitable endeavor for lucky Las Vegas home owners. Our residents combine their good fortune with agenuine enthusiasm for the Las Vegas lifestyle. At MSLas Vegas Real Estate we look forward to sharing with you the joys and the benefits of owning a Las Vegas home. First, a little historical background on our great city.The Las Vegas Valley was originally settled by Mormon missionaries between 1855 and 1865. As with most outposts in the West, the defining moment that brought Las Vegas into full fruition was the arrival of Union Pacific railroad. This was the year 1905, and when the Union Pacific auctioned off some surplus land parcels, Las Vegas began it’s journey to the city it is today. Can you imagine the value of those original parcels of Las Vegas real estate today? The fledgling city of Las Vegas pulled through the Great Depression better than most thanks to the WPA and the enormous Hoover Dam project. After the completion of the project, many workers and their families decided to stay on and make Las Vegas home. Ironically, the birth of the tourism industry in Las Vegas came from the Hoover Dam rather than gambling as you might have guessed. Even by todays standards, the Dam is an engineering and consrtuction marvel and continues to draw millions of tourists each year. Politics plays a starring role in the development of Las Vegas as a great city, which should come as no surprise. A few unsavory characters made their mark early on as well, which comes as no surprise either.The Nevada Legistlature officially made Las Vegas a city in the year 1911. The Las Vegas Chamber of Commerce was founded that very same year. Without the mighty Union Pacific, neither advance would have been possible. The big moment that changed the West and later the entire world was the legalisation of gambling by the State Legislature in 1931. The El Rancho Las Vegas became the very first piece of Las Vegas real estate devoted to gambling and entertainment. A few years later, some guy you probably never heard of (Bugsy Seigel) opened a place called the Flamingo on New Year’s Eve for him and his “pals”. Bugsy and his Hollywood buddies needed a place to “play” and decided to call Las Vegas home for discreet adventures. Next thing you know, it’s 1989 and Steve Wynn opens the Mirage to rave reviews and predictions of bankruptcy within six months. You know the rest of that story. Mr. Wynn picked up where Howard Hughes left off and bet hugely on Las Vegas tourism and Las Vegas real estate. His success continues to this day.We come now to the most recent part of Las Vegas history and the astounding growth and development of our great city. Las Vegas holds the heavyweight title as the “Gaming and Entertainment Capital of the MilkyWay Galaxy” and the distinction is richly deserved. According to the U.S. Census bureau, the State of Nevada has led the nation in the rate of population growth for 18 years in a row! Almost 70% of the Nevada population lives in Southern Nevada (Las Vegas and vicinity), so as you can see, Las Vegas real estate has benefited tremendously from this population explosion. The market for Las Vegas homes has expanded in lock step with the population. The Las Vegas valley now rivals the most sought after communities in Florida as the number one destination for retirement living. As the baby boomer generation increasingly migrates to their rest and relaxation locale, Las Vegas retirement homes have become a prime destination. This is yet another stimulant for the Las Vegas real estate market. An attractive combination of great weather, great entertainment, world class shopping and some of the finest restaurants anywhere has made Las Vegas real estate a fabulous investment as well as an enjoyable living experience.