Reason #1: Home prices are starting to spike upOne of the main indicators if a city’s economic growth is on the brink of boom is the rise on the prices of residential properties because it means that more and more people are finding the place as a great option to live in. The demand for the supply increases, so the price increases as well. Just recently, the Greater Las Vegas Association of Realtors reported that the number of unsold Las Vegas real estate properties dropped at 30% over the past year. This means that more and more people are starting to consider living in Las Vegas lately.
So why do these people think that it is a good time to buy units in Las Vegas luxury condos even if the prices are starting to hike up? The answer is this: because the prices will soon double, triple, or maybe even quadruple once Las Vegas reached its economic peak. The residential properties’ prices may be high as of press time, but not yet too high. The high rise towers’ prices today are still affordable compared to their estimated prices in the future.
Reason #2: No income tax and corporate income taxAs most people know, the state of Nevada is able to fund itself through the income generated by the gambling businesses and tourism industry in the area. In 2011-2012 alone, sales and use taxes from gambling and tourism made up 71% of Nevada’s revenue. Because of this, individuals living in Nevada no longer have to pay income taxes. There are no corporate income taxes as well.
Since there is no income taxes to pay for, it means you get to keep all of the financial fruits of your labor. Las Vegas has become an attraction to many people and several individuals and families moved in to live in the tax-less state. So if you are one of those who would prefer to live in a state where you do not need to pay taxes, you might want to consider looking for a real estate property in Las Vegas.
Reason #3: The accessibility is unbelievableLiving in Las Vegas provides a different level of convenient access to most things. For one, Las Vegas luxury condos are closely located to the best casinos, shopping centers, and restaurants. There are also several job opportunities as business establishments are right next to one another.
Las Vegas is not just about entertainment and commercialism. Remember that there are many academic institutions around for parents seeking quality schools for their children, as well as fun educational destinations—from state-of-the-art zoos to world-class museums.
For the nature lovers, it is good to know that tourist spots literally surround the area as Nevada is blessed with amazing natural land and water formations that are being preserved and protected as the state’s national parks and conservation areas.
Additionally, Las Vegas itself is very much accessible from different parts of the country and from different parts of the world as the McCarran International Airport provides direct flight to and from Las Vegas. Thus, living in Las Vegas decreases the hassle and inconvenience of having connecting flights before reaching your destination. Moreover, living in a place where there is easy access to almost everything and everywhere provides a more affordable travel cost.
If you would like to know more about living and purchasing a residential property in Las Vegas, feel free to contact and seek assistance from real estate agents based in the city.