If you’re thinking it’s a good time to get back into the Las Vegas Real Estate Marketing, you could be right! “The future for Las Vegas has rarely looked brighter,” exclaims US News & World Reports’ recent Las Vegas Housing Market Forecast. “Las Vegas has defied the skeptics with a combination of adaptability, resilience and optimism.” The full article is well worth the read, but here’s a brief synopsis.
“Although made famous for its world-class casinos and entertainment offerings, the unlikely success story of this region in the middle of the Mojave Desert now includes a variety of major league sports teams (with perhaps more on the way), an economy that has expanded beyond hospitality and amenities that reach far beyond The Strip and continue to attract outdoor enthusiasts from throughout the country.”
— Due to the region’s strong population and employment growth, a favorable business climate that’s extending beyond hospitality and continued interest from investors, the region’s housing market could recover faster than other housing markets with weaker economic fundamentals.
— The market may see a substantial increase in sideline buyers, those who held off on entering the market.
— Although most new homes tend to be single-family detached units on their own lots, for now, the more affordable new homes for sale are mostly townhomes and condominiums.
— Nationally, experts say a real estate crash is unlikely, but the market’s gradual decline may well continue into 2023. “Appropriately enough, Vegas may have better luck than the country overall.” According to Knock, an online house-buying company, and reported in Bankrate, Las Vegas will have the country’s third-hottest buyers’ market in 2023.
— Las Vegas continues to enjoy a relatively strong job market up over 43,000 year-over-year to 1.08 million jobs as of December 2022.
— Because a balanced market includes from four to six months of supply depending on demand, Las Vegas could be described as a slight buyer’s market.
— For just the month of January 2023 year-over-year, the supply of homes for sale rose by 3.25 months, or an increase of over 240%.
— Home prices ‘remarkably stable’ in March, say Las Vegas Realtors in an April 2023 report. According to the report, the median sale price of homes in Southern Nevada [in March 2023] was $425,000 for single-family homes and $260,000 for condos and townhomes, as the local housing market in 2023 remains “remarkably stable,” per the Greater Las Vegas Association of REALTORS’ President Lee Barrett, who also commented that the latest statistics show “strong underlying interest and demand for owning a home here in Southern Nevada.” Barrett went on to comment: “Southern Nevada was one of the first places to experience this recent shift in the housing market. It seems logical to me that we may also be among the first to come out of this recent slowdown.”
“More prospective homebuyers are emerging from a ‘buy or don’t buy’ bubble that was created from the constant talk of recession,” said long-time real estate marketing executive Shahn Douglas, who currently serves as chief marketing officer for DK Las Vegas. DK owns Juhl, the modern loft-style high-rise condominium community that spans an entire city block in downtown Las Vegas.
Douglas notes that while Juhl has consistently seen a steady stream of buyers interested in the lifestyle that can only be found at an urban luxury condominium community like Juhl, recently there’s been an uptick in serious inquiries. “As people do their research and realize the level of good news emerging in regard to the Las Vegas economy, the real estate market as a whole and specifically the condo market, they are accelerating their plans to purchase condo-homes in the region.”
She goes on to comment that Juhl continues to see an influx of buyers from California and now buyers from the east coast who are attracted to walkable urban areas such as downtown Las Vegas.
Juhl’s lifestyle, which epitomizes modern urban living, is within walking distance of both world-class and neighborhood-centric entertainment, restaurants, art galleries, nightlife and shopping as well as a central location for access to the city’s cultural attractions and Las Vegas’ professional sports venues. For more information on downtown Las Vegas check out the city’s recently launched “Down for Anything” campaign that illuminates the area’s diversity, inclusiveness, and ethos of opportunity.
Juhl has a limited number of condo-homes remaining. Juhl’s urban-inspired condos offer dozens of flexible floorplans from the low $300,000s to mid-$600,000s featuring 700 to 1996 sq.ft. of living space including two-story brownstones, one- and two-bedroom flats, unique two-story Penterraces, and live-work residences.
In addition to its highly desirable flexible floorplans, Juhl homebuyers enjoy such luxury amenities, such as:
— Full-service concierge and
— Onsite dry cleaning
— Two-story fitness center with pool and Strip views
— Resort pool with cabanas, a spa, and a firepit
— 10th–floor vino deck with Strip views
— Co-op working lounge
— Alfresco movie theater
— Private pet walk
— Summer kitchens and grilling stations
— 24-hour security and
— Electric car charging stations
Juhl offers low down payment and VA financing options. For more information visit juhllv.com or Call us at 702.816.5466
