Notorious for being the worst hit region in America during the great economic downturn of 2008, Las Vegas is finally beginning to climb its way out of trouble. Both the new and used properties of the hottest neighborhoods in Las Vegas are moving fast. Another thing, wages and employment rates are rising. The entire state of Nevada has a long way to go, but the trend is positive.
A Sea of Foreclosed Homes and Underwater Mortgages
Mass job cuts and wage reductions spurred a trend of missed home loan payments that would change the way residents would acquire or rent properties for the next decade or more. For those whose income remained strong enough to make payments, having a home that became devalued due to what was happening to the neighbors meant that few were untouched. Do you continue massively overpaying for your home? When is enough, enough? In this environment, whole subdivisions became owned by banks.
Thankfully the economy turned a corner in recent years. Creditors filed nearly 18000 default notices for Nevada homes in 2009; more recently the number was more like 1800. On the subject of being underwater – over 70% of all Las Vegas area homeowners were underwater on their mortgages. The number today is closer to just 20%. Over time it is a reasonable assumption that this will continue to improve. Las Vegas homeowners are leading the way for one of the fastest economic recoveries in the nation!
What it’s All Worth
Las Vegas home values are rising and there is much room for continued growth. This is a great time to invest. Median home value for all of Las Vegas, Nevada was $198700 as of the middle of 2016. This was almost a 10% jump from the previous year!
Where to Live in Las Vegas
Downtown Las Vegas
Downtown Las Vegas is one of the hottest communities to live in for millennials, young entrepreneurs, and trendy artists looking for an audience. This is as close as a Nevada resident can get to a truly “walkable city”. Very trendy entertainment options are to be had, and conveniently located living spaces. Donwtown lost a lot of the Vegas casino tourism to The Strip in the 1970s, so the area has developed a character that is a contrast of all the newer trends in employment. Zappos is the highest profile employer here, and their leader Tony Hsieh is also involved with the http://www.downtownproject.com/, which is a comprehensive initiative to further revitalize the downtown scene.
This is one of the greatest communities in the Vegas area for those who want to remain close to the outdoors. You won’t believe the kinds of scenery you can live in while still technically being a resident of Las Vegas. You will have Red Rock Canyon and many parks to play in (approximately 150!) and forget about concrete and street lights for as long as you wish when you live in the Summerlin neighborhood. The history of Summerlin is pretty unique; it was a master planned community from the mind of the late titan of cinema Howard Hughes. There are some high dollar value homes in this community – into the millions. Still, you are only a half an hour drive from the Las Vegas Strip.
South Las Vegas
This community is great for students and young families just getting their start. It may not be a tourist spot, but it is a destination for people looking for a great real estate deal. Homes and yards can be bigger yet affordable in South and Southwestern Las Vegas. It manages to be both out of the way and yet located close to major freeways and the airport. One thing we can say about the character of this neighborhood is that it is changing fast! It was not long ago this whole area would be described as a place for cowboys. Now you have gated communities and coffee shops. While South LV has its share of chain businesses, the residents have established several mom and pop operations that give entertainment in South Las Vegas some local charm.