It would be hard to count the number of times we’ve emphasized the stellar economic profile of Southern Nevada in relation to the market for Las Vegas homes. All the evidence points to the fact that our local economy is relatively impervious to the normal cycles of economic activity. The “product” that is Las Vegas can truly be described as unique from virtually every point of view. This in turn explains a solid decade of economic performance statistics that have consistently lead the nation. Along these lines, we would like to draw your attention to the most recent post in one of our favorite blogs. Jan O’Brien, Director of Strategic Growth and Development at Prudential Americana Group, Realtors takes up the issue of economic strength in Southern Nevada with a story entitled Las Vegas #2 on List of America’s Best Jobs in Hottest Markets. Please enjoy her blog and don’t forget to spend time on her website!

The Southern Nevada economy has consistently ranked as one of the top growth engines in the entire country for the better part of a decade. One of the most important components of the Las Vegas success story is McCarran International Airport. Would you believe that an airport in the middle of the Nevada desert is ranked fifth busiest in the United States and tenth busiest in the entire world? The MS Las Vegas Real Estate Blog has been repeating the same thing for over two years now and it gets more obviously true every day. Las Vegas, Nevada is THE next major American metropolis and there’s just no doubt about it. Read on and learn more about our technologically advanced airport, one of the finest and most efficient in the world, and tell us if you’re not convinced about our future metropolitan status.

McCarran International was the first airport nationwide to tap into CUTE technology. Common Use Terminal Equipment (CUTE) is one of those advanced McCarran features that you’re literally not supposed to notice. What does CUTE do? Every ticketing counter and every gate station in the entire airport can be used by any airline in the McCarran mix. The flexibility provided by such a system means that everything from last minute gate changes to sudden airline bankruptcy filings can be responded to quickly and efficiently. Resources can be redeployed to newly open desks and terminals “on a dime” simply because all terminal equipment is Common Use. McCarran International Airport is also first in the nation to adopt RFID tags instead of barcodes for luggage. Radio Frequency Identification (RFID) tags are 99% accurate, which can be highly appreciated by anyone that has ever lost a highly important piece of luggage while traveling. Because the technology is so advanced and so reliable, the TSA has approved three non-airport luggage drop-off locations in the Strip corridor to facilitate tourist travel more conveniently. This is quite an accomplishment in a post 9/11 world. McCarran International has also begun construction on the fourth wing of the ever expanding D concourse, a project that will add nine additional gates. Even more significant is the development of the new stand-alone Terminal 3, slated for completion in 2011. Self sufficient operationally, Terminal 3 will have 14 gates and it’s own arrival, departure and ticketing functions independent of the main terminal.

What results have been achieved by all this hard work, new construction and technological development? McCarran International Airport was recently rated highest in overall passenger satisfaction for the large airport category by J.D. Power and Associates. How impressive is that? The tremendous ability of McCarran International to “keep pace” with the growth and development of Greater Las Vegas is but one of many reasons that we feel so confident about the future of the Las Vegas real estate market. The Michelle Sterling Team at Prudential Americana Group Realtors is at your service should you decide to purchase a Las Vegas home and become a participating member of the next great American city!

Over 300 Las Vegas real estate agents and brokers were recently whisked to the 16th floor of the newly unveiled ($365 million) Building B at World Market Center for a gala event featuring Streamline Tower luxury condos. Mark Stark, CEO of Prudential Americana Group Realtors, kicked off the evening with a fantastic presentation that captured the tremendous potential inherent in the 14-billion dollar Downtown Redevelopment Plan. Las Vegas is nothing less than THE next major American metropolis. A key component of this stunning urbanization process is the revolutionary transformation of our downtown corridor. As Mark pointed out to the assembled guests, the revitalization of Downtown Las Vegas seeks to fulfill a vision very much “on par” with the Gaslamp Quarter in San Diego or Miami’s South Beach district. It’s never wise to bet against Las Vegas……and you can be sure that this town will provide the perfect mixture of brains, guts, cash and audacity to make the “Downtown Dream” a reality. In fact, it’s already happening, which brings us back to Streamline Tower.

Imagine yourself securing the residential status provided by the premier Las Vegas high rise condo development in the downtown entertainment district. Streamline Tower residents will soon indulge in 21 stories and 275 units of luxury high-rise living at the intersection of Fremont Street and Las Vegas Boulevard, the very heart of downtown! Imagine finding yourself just steps away from classic casino action, a wide variety of casual and gourmet dining venues, hip watering holes and red-hot nightclubs. Streamline Tower places you in the middle of the action that IS the downtown experience. Need to escape the intensity of it all? Chill-out on the rooftop pool-deck and savor expansive views of the surrounding mountains by day and the shimmering Vegas lights at night.

Already very much part of the downtown culture, Streamline Tower is the exclusive high-rise sponsor (and WiFi provider) for the inaugural Vegas Grand Prix. The 2007 Vegas Grand Prix (April 6-8) is a three day downtown non-stop party dedicated to the sport of racing. Scheduled special events include extreme sports and stunt demonstrations, a charity gala starring Jay Leno, a celebrity poker tournament and the feature event, the 2007 season-opener of the Champ Car World Series.

Pretty exciting stuff in what is arguably the most exciting city in the world.

Greater Las Vegas is the fastest growing upscale residential market in the country. Las Vegas luxury homes of every style and variety have exploded across the desert landscape over the past decade. There is no better recognition of the power, potential and depth of the Las Vegas luxury real estate market than the development of World Market Center. The contract furnishings and interior design industries have found a new home right in the epicenter of the next major American metropolis. It’s no accident that Las Vegas, Nevada was chosen as the site for 12 million square feet of state-of-the-art exhibition space. World Market Center will reach completion in 2012 and be comprised of eight monumental structures spread across a 57-acre campus. How much progress has been made thus far? Weighing-in at $345 million, Building B has just been completed and features 16 floors of cutting-edge showrooms (300 total). As you may have guessed, Building B is the second fully completed structure and construction on Building C is already well underway! Take note of another important factor in this story……economic diversification. You won’t find a single slot machine anywhere in World Market Center. Las Vegas is quite simply the next MAJOR American metropolis. Want a piece of the action? MS Las Vegas Real Estate is standing-by with a team of real estate professionals fully prepared to present every residential facet of the most dynamic city in the world.

I can’t help but wonder as to why politicians and the news media are so intent on blaming subprime lenders for changing conditions in the mortgage market. Why can’t people take more responsibility for their own personal financial decisions?

The sub-prime mortgage market has taken a real beating in the last few weeks. More and more investors are pulling away from the market. Wall Street is cutting-off lines of credit left and right. But ask yourself, is this the whole picture, the totality of the situation? I honestly don’t think so. Let’s face it, many borrowers were less than prudent in terms of over-extending themselves financially. Unfortunately, some real estate investors and borrowers have been doing and saying amazing things to get their hands on a property and a corresponding loan. Purchasers who jumped on the red-hot Las Vegas real estate bandwagon without the proper education, guidance and financial discipline are the ones who are now in trouble. It’s a safe bet that you know (or have heard of) someone who cannot make their current mortgage payments. Put simply, they have not managed their credit potential in a prudent fashion.

A typical non-prime loan is fixed with a hard prepayment penalty for a period of two or three years. This gives the borrower that two or three year window to work on their credit and financial profile. If handled correctly, the two to three years would be used to improve credit scores and debt ratios. After this “opportunity window”, borrowers should ideally be in a position to refinance into a prime rate loan. Sadly, I have noticed that for some borrowers, the prudent advice provided by true lending professionals (such as myself) ends up forgotten immediately after the close of their new Las Vegas home loan. Consequently, the two to three year “opportunity window” flies-by……but the client’s financial profile has not improved. Clients need to be continually reminded that their future depends on making prudent and productive financial choices after the closing of their loan.

Subprime mortgage lenders serve a great purpose in a dynamic economy. But the moral of this story is simple; mortgage products should be utilized prudently and in the way in which they were intended and designed. This is the type of advice and guidance all my clients receive. I hope your mortgage professional does the same. If not, maybe it’s time we had a chat.

Carl Christensen is a Home Loan Consultant with MJM Home Loans powered by Countrywide. He can be contacted at Carl_Christensen@MJMHomeLoans.com

Can you stand it? Doom and gloom, doom and gloom! You can’t turn on the TV or pick up a magazine without getting hit with another “sky is falling” residential real estate story. MS Las Vegas Real Estate would like to talk for a minute about the future of the job market in Las Vegas and the pace of development on the Las Vegas Strip. Between now and 2012, the Las Vegas Strip is adding 45,000 new hotel rooms spread across four new billion-dollar mega resorts. According to analysis performed by Deutsche Bank Securities, the Las Vegas casino/resort industry will add approximately 113,500 new jobs to the local economy during this next phase of Strip development. The four projects we are referring to are the Palazzo, the Encore, Project CityCenter and Echelon Place. Here’s the most amazing part of the story! At current growth rates, the population of Southern Nevada will fall short of these massive hiring requirements. How short? The projected shortfall is 25,000 of the 113,000+ jobs coming on line over the next five years. What’s the plan? Same as it’s always been….build it and they will come. It’s a sure bet that people looking to improve their economic future will flock to Las Vegas from “less economically stellar” parts of the country. It’s also a sure bet that a new Las Vegas home will be part of the picture for many of our new arrivals. Don’t imagine for a minute that these are 113,000 low paying jobs. Nothing could be further from the truth!

The Tennis Channel Open returns to Las Vegas at the Darling Memorial Tennis Center in northwest Las Vegas. This years tournament will span eight days from February 25th to March 4th and features 32 players including 2006 defending champion James Blake. The tournament was previously held for the past nineteen years in Scottsdale, Arizona. The tournament has always attracted top players such as John McEnroe (1986 winner) and Andre Agassi, who has won the tournament four times. Total prize money at stake is $500,000 and tournament organizers are expecting upwards of 70,000 fans over the eight day period. Pitching in with the effort will be 400 local volunteers dedicated to making the Tennis Channel Open a success again this year. Come on, admit it, you had no idea that you could watch live championship tennis in Las Vegas as a stadium spectator! The MS Las Vegas Real Estate blog continues it’s never-ending series….Las Vegas is a real city. We talk to people every day that are considering the purchase of a Las Vegas home. Again and again, clients want to know if there is a life to be lived in Las Vegas beyond the neon and the casinos. Well, rest assured that the answer is an emphatic yes! What lifestyle do you have in mind? Give us a call and we’ll turn you on to all the things that make your residential dreams a reality…..right here in Las Vegas, Nevada!

We did it! The NBA All-Star Game was a huge success! Las Vegas showcased this fantastic sporting event with a style and flair that no other city could possibly match. It should go without saying that it was a sellout crowd of 15,694 in the Thomas & Mack Arena. The Western Conference cruised to an easy win (153-132) thanks in large part to the MVP performance of Kobe Bryant. But the game itself was only part of the show. Christina Aguilera performed at halftime, Danny Gans sang the national anthem and Wayne Newton sang “Viva Las Vegas” during the player introductions. The entire show was broadcast in 210 countries, which took no less than 10 satellite television trucks (five times more than usual). What did the NBA big-shots think of it all? “We couldn’t imagine a better reception, and we thank you for it,” NBA Commissioner David Stern said after the game.

MS Las Vegas Real Estate can tell you for sure that it was our pleasure to be host-city for such a prestigious sporting event. How much pleasure? The All-Star extravaganza brought in an estimated $26 million in revenue over the weekend. It took over 6,000 hotel rooms (spread out between seven hotels) just to handle the cast and crew of All-Star weekend. More than 25,000 tourists descended on Las Vegas specifically for All-Star weekend. Food and drink sales at Thomas & Mack Arena hit a new record ($160,000), shattering the previous record of $135,000 set during National Finals Rodeo. Pretty amazing stuff from the most amazing city on the planet!

The fourth annual list of brand winners and losers from marketing firms Landor Associates and Penn Schoen & Berland has been released and Las Vegas is right at the top! The survey asks 2,017 consumers to rank 92 brands that are most familiar to them and MS Las Vegas Real Estate couldn’t be more ecstatic about the results! “Las Vegas has taken the cake as THE destination for people of all ages and parts of the country to vacation and beaten out such stiff competition as New York City and Miami,” the report said. Holy desert destination Batman! It’s very simple, the foundation that supports the market for Las Vegas homes is the performance of the Las Vegas economy. Believe me, we’re humming right along and we haven’t heard any loud popping noise (the so-called housing bubble). What were the exact ranking results for the 2006 survey? Google was number one, followed by Las Vegas, iPod, YouTube and eBay. That’s right, Las Vegas finished one spot ahead of iPod! The Michelle Sterling Team at Prudential Americana is also thrilled about the number one ranking of Google as a brand! How come? Our website occupies a truly dominant position on the Google search engine for hundreds of search phrases that represent the Las Vegas residential real estate market. Lucky for us? Well, not really. Take one look at our world-class website and you’ll understand why we’re at the top of our game…and the top of Google!

It’s official, just under 3.4 million people visited the Greater Las Vegas Valley in October, up 2.5 percent from the previous record for the month set all the way back in….2005! The record count in October increased visitation thus far in 2006 to a total of 32.7 million people, up 1.1 percent from the same point last year. The average daily room rate for October also increased by a whopping 28% over 2005 to $135 a night. This kind of data continues to make our case for the strong fundamentals of the Las Vegas economy. The foundation of the Las Vegas real estate market is quite simply, economic performance in Southern Nevada. We continue to outperform the national averages by a significant margin and Las Vegas homes continue to provide outstanding value.

Station Casinos Inc. has just received an $82-per-share offer from a group led by Chairman and Chief Executive Frank Fertitta III; his brother, President Lorenzo Fertitta; and Colony Capital LLC. Station Casinos is a Las Vegas-based company that owns and operates 16 casinos that depend on Las Vegas residents as their PRIMARY source for customers. The Leveraged Buyout Offer (LBO) calls for the assumption of more than $3.4 billion in debt to complete the transaction. At MS Las Vegas Real Estate, we would like to ask you to think about this stunning announcement for just a few minutes. How in the world could you have any expectation of paying back $3.4 billion unless you were HIGHLY CONFIDENT about the future growth and economic prospects of Las Vegas? Additionally, it’s simply not enough that the Fertitta brothers feel sure (to the tune of billions) about the future of Las Vegas and the disposable income of the local population. The consortium of financial players fronting the $3.4 billion have to be equally convinced, which they apparently are! What this proposed transaction adds up to is yet another huge vote in favor of the future economic prospects of Las Vegas, Nevada. The best time to pay attention is when people vote with their wallets. Project CityCenter is another great $7 billion example of the same “roll of the dice”. The temporary downturn in the market for Las Vegas homes is just that, temporary. The long-term future of the Las Vegas real estate market is something that we’re more than willing to stake our reputation on. The “smart money” is aggressively hunting for opportunities in this market with the expectation of significant future returns. The Michelle Sterling Team at Prudential Americana is assisting a number of clients in the search for outstanding value in a challenging environment. Just like the Fertitta brothers, our own future economic prospects are tied-in directly with the growth and prosperity of this great city! I’m sleeping just fine, thank you. This is an EXCELLENT time to be looking at Las Vegas homes for sale, both new and resale. Our knowledge and experience are at your disposal.

The Commerce Department reported today that home builders started construction on new houses at a seasonally adjusted, annualized rate of 1.486 million in October, down 14.6% from September and the slowest pace since July 2000. Also, data for September and August were revised downward. Construction of new homes slid to a six-year low in October, a sharper-than-expected drop that prompted some forecasters to revise downward their estimates of nationwide economic growth. How are these nationwide trends playing themselves out in the market for Las Vegas real estate? With 7,885 new residents a month, 5.5 percent job growth and strong tourism numbers, the Las Vegas economy is humming along nicely despite the residential downturn. Our tourism index is up 5.8 percent from a year ago and the passenger count at McCarran International Airport topped 4 million in August, the third time in the last 12 months that we’ve hit that stratospheric level. Here’s the strongest indicator of all that the market for Las Vegas Nevada real estate is well secured for the long run, a further $30 billion of development is slated for the Las Vegas Strip over the next 10 years! Project CityCenter alone accounts for $7 billion of that total. Turning back to the matter of Las Vegas homes for sale, builders are doing what they must to cope with any temporary downturn, namely slashing prices and giving away upgrades! This is a great time to put The Michelle Sterling Team at Prudential Americana to work for you! We’ll bring our knowledge and experience to bear in negotiating a smoking deal for your new Las Vegas home. Builder incentives are popping up all across the Las Vegas valley that can save you thousands! Now is a great time to become a part owner of the next great American metropolis!

Just in case you were wondering (highly doubtful), consumer spending accounts for 75-80% of U.S. economic growth. The number is really that big. Consequently, 75-80% of economic growth in your city or town is also based on consumer spending. Las Vegas is no different, believe me. We’re probably the king of consumer spending! Who doesn’t like to spend money in Las Vegas? With that in mind, consider some of the latest economic statistics for Southern Nevada. Sales tax figures released last week show statewide taxable sales jumped 6.2 percent in August compared with August 2005. Clark County (that’s us!) led the way with an increase of 6.5 percent for the same period. For first two months of the fiscal year, Clark County is 7.1 percent ahead of last year. Not such a big deal you say? Well consider this fact; The statewide increase this August is a bigger accomplishment than it seems, because taxable sales for August 2005 were up 12.7 percent over August 2004. Even if we had just kept pace with last years number, that still would have been very solid! These sales tax figures prove that consumer spending in Southern Nevada (Clark County) continues to get progressively stronger. Have you recently read anything about the residential “housing bubble” that is so dangerously inflated in the market for Las Vegas homes? With the strongest economic growth in the nation and 6,000 people a month still moving to the valley, we’re really not worried. Las Vegas real estate is a solid investment. Just ask MGM Mirage! Project City Center is a $7 billion bet on the future of the market for Las Vegas luxury real estate and Las Vegas hi rise condos. Forget the doomsayers and become a part owner of the next great American metropolis. Believe me, it’s Las Vegas, Nevada.

MS Las Vegas Real Estate would like to introduce you to the $750 million Town Square regional lifestyle center presently under construction on Las Vegas Boulevard just south of Mandalay Bay. This amazing 117 acre development is a partnership between Turnberry Associates and Centra Properties. Town Square will feature over 150 retail stores and a dozen restaurants. The design theme of Town Square is centered around old-fashioned American “Main Street” convenience and charm. Town Square will also provide a 20 screen movie theater and a venue for concerts and special events. The original plan called for a small hotel, but demand for premium office space was so strong that the developers decided to go ahead with a full 400,000 square feet instead. Just take a moment and consider what that says about the future economic prospects of Las Vegas and the market for Las Vegas homes! Town Square Las Vegas is due to open in late 2007. We’ll keep you updated on their progress!

After three years of hard work and who knows how many schmoozing sessions, two local businessmen have pieced together a prime 70-acre parcel of land between the Stratosphere Tower and the Charleston Blvd Arts District. MS Las Vegas Real Estate congratulates Robert Reel and Thomas Prato, who formed TR Las Vegas LLC to provide the basis for this endeavor. The name of this incredible feat of negotiating prowess is “Project Neon Lights” and local analysts have valued their parcel at eight million dollars an acre! This historic opportunity to become a major player in the revitalization of Downtown Las Vegas is being marketed to development companies world-wide. Robert Reel emphasizes that the size and scale of Project Neon Lights makes it suitable for a mixed-use development that could include a hotel-casino, retail shops, high-rise condominiums and other commercial buildings. The truth is, the Las Vegas real estate possibilities are endless. As we keep saying over and over, Las Vegas is the next major American city. Grab your 70 acres while you can!

The economic outlook in Las Vegas, although moderating from a previously torrid pace, is still a picture to be envied by other metropolitan areas. There’s no question that the market for Las Vegas homes is cooling off a bit, which is a good thing! However, the commercial sector of the Las Vegas real estate market is still turning in impressive numbers. The dollar value for commercial building permits in June jumped 154.4 percent from the same month a year ago to $179.6 million, even though the number of permits remained about the same, a UNLV research center reported last week. In addition to this, taxable business sales and gaming revenues continue to grow impressively, up 9 and 11 per cent respectively. The employment picture is also bright. Nevada businesses created 6,400 private sector jobs in July and Southern Nevada’s total employment grew 5.9 percent from a year ago to 923,400. Last but not least, our population growth continues to outpace the national average by a significant margin. When you combine strong business revenues with solid gaming profits and an economy that continues to create jobs, chances are that any economic slowdown will be moderate and short-lived. Southern Nevada continues to outperform compared to the national averages and Las Vegas continues on it’s trajectory towards major metropolitan status. Believe me, this is the next great major American city!

The very finest Las Vegas luxury homes go on parade in just a few weeks! Its time again for the annual Parade of Las Vegas Homes and this year the tour includes 12 breathtaking custom residences from every part of the Las Vegas Valley. This is your opportunity to rub shoulders with experts in every facet of design, architecture, construction and landscaping. The finest residential craftsmen will be featuring and discussing their very best work. Tickets just went on sale at RC Willey for twenty five dollars. Your ticket covers every location and every day of the event. If you’re in the market to purchase and/or upgrade Las Vegas luxury real estate, this is an event that you just can’t miss.

Centennial Hills real estate can be found in the northwestern section of the Las Vegas valley. It’s an expansive and inviting community with great recreation and lots of continuing growth. As you might expect however, not all of this growth is purely residential.

The Centennial Hills community was recently chosen as the location for the new “Great Mall of Las Vegas” that is just now beginning development. At 1.6 million square feet, this is going to be one of the largest and most elaborate malls in the entire country. How typical is that for Las Vegas? The design is slated to be a combination of indoor and outdoor features that you can easily incorporate considering the weather we enjoy all year. The indoor section will be three stories high with major department stores providing the bulk of the floor space. The outdoor component of the Great Mall of Las Vegas is a very interesting mix of restaurant, retail, office and Las Vegas real estate. Intentionally designed in a similar fashion to The District at Green Valley Ranch, this portion of the development will actually include two mid-rise Las Vegas condo towers and 900 loft-style Centennial Hills homes. The project is being developed by Triple Five Nevada, the builder of Boca Park at Charleston and Rampart boulevards and the developer of Peccole Ranch.

Stay tuned to the MS Las Vegas Real Estate Blog for continuing updates as this exciting project continues to move forward.

Have you got a Panda Express restaurant in your neighborhood? Let me ask you this, have you got 50 in your home town? Panda Express just opened it’s 50th store in Vegas last week. No kidding. In fact, Las Vegas is one of the top three U.S. cities that Panda has slated for maximim growth potential in coming years. They are planning to open a dozen more in just the next two years! I know what you’re thinking, how many of these Panda joints are in casinos? Turns out, quite a few. In our defense, we do have these things inside malls and neighborhood shopping centers like regular America does. You can even find mini Panda places inside certain grocery stores (usually next to the Starbucks!). But yes, Panda Express has invaded the casino turf as well. If you think about it, it’s perfect for hard core gamblers, as if we had any of those. You can get a two item combo “to go” and eat while you play the slots. Who knows, your fortune cookie might bring you luck!

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.

Have you ever wondered how your own piece of the Las Vegas Real Estate pie compares to similar properties in other parts of the Las Vegas Valley? Better yet, have you found yourself wondering how Las Vegas Real Estate compares nationally to other cities of similar size? While much has been made of the fact that the Las Vegas market is among the hottest here in the States, how do we look from a global perspective? The question carries more weight than mere curiosity. At MS Las Vegas Real Estate, http://www.mslasvegasrealestate.com/ we speak to clients based in Europe and the Pacific Rim on a regular basis. It seems that overseas investors are interested in American diversification for their portfolios in ways that extend well beyond stocks and bonds. Based on residential appreciation rates for Las Vegas Real Estate over the last five years, it’s no wonder that global investors take time to investigate our market in particular when examining their U.S. investment options. The question is, when examined from a global perspective, how do we look?The first key to understanding the true significance of the residential property market in the Western World is to look at it’s size and velocity. The total value of residential property in the First World is approximately 60 trillion dollars. The amazing part of this story is the fact that almost 20 trillion of that value has been added in the last 5 years. This is almost twice the rate at which global equities have increased over a similar time frame. But who’s hot and who’s not when you look at the world map?Believe it or not, the hottest thing going right now is the market in South Africa followed closely by real estate stalwart Hong Kong. Australia has been on a tear for the last couple of years but has recently cooled down significantly. Ditto for Great Britain, where a multi year run-up has recently stalled out. The volume of sales in the UK has dropped dramatically in the latest quarter and prices are actually starting to fall back a bit. By contrast, France and Sweden are still strong and on the upswing. Joining that group is the United States, where the average price of a home nationwide gained 13% this year. California and Washington D.C. have made above average gains (approx. 20%), but pale in comparison to the residential market for Las Vegas Real Estate. It’s no wonder that we speak to so many overseas investors at MS Las Vegas Real Estate. If the goal is diversification into U.S. residential property, Las Vegas is not a market to be overlooked. Our firm stands ready to deliver a level of service and local expertise to satisfy the most demanding global investor.Please visit our website located at http://www.mslasvegasrealestate.com/ for more information.

The second quarter Manpower Employment Outlook Survey was released last week for Greater Las Vegas. How do things look? Southern Nevada businesses plan on hiring additional workers in the coming months for sure. A full one third of firms surveyed expect to add staff while two thirds have every intention of holding steady. Here’s the amazing part of the story, none of the companies surveyed had any intention of decreasing employment whatsoever!

The Las Vegas housing market sits on a very solid foundation of strong economic growth. Better yet, intense competition for skilled labor of all kinds is creating natural upward pressure on wages and benefits. Any narrowing of the gap between the median price of a Las Vegas home and the median income level of Vegas wage earners is a definite plus! For those who like to prognosticate about the Las Vegas real estate bubble, consider this; Las Vegas has lead the entire nation in employment growth for the last three years running.

Now we’re fifth! McCarran International is the fifth busiest airport in the entire country! 2005 was an amazing year for both passenger traffic and the Las Vegas economy. Our total count came in at 44,280,190 passengers which gave us the number five spot! Atlanta was first, Chicago second, Los Angeles third and Dallas/Fort Worth was fourth. Just think for a minute about some of the big names that we beat! How about Denver International, Sky Harbor in Phoenix, San Francisco International and Kennedy Airport in New York! The Las Vegas economy performed tremendously in 2005 as well. No surprise there! We’re a city that depends on visitors, and when your airport is rolling strong, the local economy rolls right along with it. The market for Las Vegas homes is a direct reflection of these robust economic conditions. There’s plenty of money being spent in Las Vegas and plenty of money being made! Las Vegas real estate continues to benefit from this amazing transfer of dollars that floods into our valley every day. Las Vegas, Nevada is well on it’s way to becoming the next major American metropolis…bet on it!

The projections are in, and it looks as if the trade show industry will be running strong straight through 2006! Tradeshow Week Magazine has completed a survey of CEO’s and various other industry big shots and asked them to forecast revenue and growth potential this year. This is big news for Las Vegas, no question about it. This is also great news for Las Vegas real estate and for the people employed by the trade show industry locally who would like to buy a home. How’s this for a number? Las Vegas Hotel/Casino Resorts raked in $7.5 billion in revenue from the convention crowd last year. We’re talking everything from rooms to cigars to blackjack to fine dining on the corporate charge account. Convention revenue is a very big deal and Las Vegas is the #1 convention destination in America for 11 years running. With three of the largest convention halls right here in our town, Las Vegas can host multiple mega-conventions simultaneously! No other city in America can do that! Just another reason why this blog continues to advocate for the market for Las Vegas homes. When that $7.5 billion was spent last year, a good portion of it went into the pockets of residents that work in the industry. Many choose to invest in their future by purchasing a Henderson home or a North Las Vegas home or a Las Vegas home. That’s right, Southern Nevada is actually made up of three mutually compatible cities! Please visit our website at www.mslasvegasrealestate.com

More great news for the market for North Las Vegas homes! CDW Corporation has chosen the booming City of North Las Vegas as the location of it’s newest (and largest) distribution center. The reseller of computer and technology products plans a 513,000 square foot distribution center that will service mail-order customers throughout the entire western United States. At more than eleven acres of total floor space, the new CDW facility will also be the largest single-building structure in Southern Nevada! It should be pointed out that North Las Vegas was chosen by CDW after an exhaustive search that covered a multitude of states and locations. Regular readers of the MS Las Vegas Real Estate Blog already know that the City of North Las Vegas is the fastest growing mid-sized city in America! This new facility serves to further highlight the Las Vegas Valley as a great place to do business. The market for Las Vegas homes continues to benefit from the strength and diversity of the local economy. North Las Vegas real estate in particular becomes more and more attractive as the city continues to grow and prosper. Please visit our website at www.mslasvegasrealestate.com