Las Vegas Nevada Real Estate Blog

The Las Vegas economy is growing strong!  Las Vegas welcomed more than 33 million visitors in 2007, while average daily room rates increased by 12%.  McCarran International Airport processed a record number of 40.2 million passengers.  The Nevada Gaming Control Board reported statewide gaming revenue for Clark County as a 4% increase.  More than 68,000 new residents moved to Clark County in 2007.  The Retail, Commercial and Industrial Real Estate segments have increased throughout 2007, with more than 7 million square feet of new retail space currently under construction.  The Las Vegas Strip has seen the addition of new resorts, casinos and luxury high-rise condominiums, with several new properties set to open in 2008.  And Clark County welcomed its 2 millionth resident this year!  The Real Estate market is recovering from the recent “slump” with an increase last month in new home sales, new home building permits and an increase in existing home sales. Downtown Las Vegas is experiencing re-growth and renovation, with the development of “Districts” that will completely change downtown Las Vegas.  The vision of involved developers includes the 61 acre Union Park’s The World Market Center, Lou Ruvo Alzheimer’s Institute and Performing Arts Center.  The Entertainment District includes Fitzgeralds, Golden Nugget, Lady Luck and The Plaza casinos.  The Downtown Connector MAX Line is the Las Vegas Monorail’s expansion from Las Vegas Strip to Downtown Las Vegas.