Las Vegas real estate

Las Vegas, nicknamed Vegas is most well known as being the entertainment capitol of the world. It is the most populous city in Nevada and is ranked the 28th most populous city in the United States. This internationally renowned city for gambling, shopping and entertainment is the 5th most popular foreign destination in the world, as well as being the top summer destination in the US and also the top gambling destination in the world.

Over 1.41 million residents call Vegas home, though they're joined by 2.4 million visitors each month who pack into the 142,000 hotel rooms in Southern Nevada. Vegas accounts for nine of the ten largest hotels in the world.

The Las Vegas real estate market is one of the most unique in the United States. The expansion of casino gaming and resort areas of the city constantly drive the demand for more stores, restaurants, hotels and houses. Clearly, this would also create a constant demand for real estate properties. The two areas where development is in demand the most would be the famous Las Vegas Strip as well as the Downtown section of the city. The expansion of The Strip was somewhat suspected, but the demand for real estate in the Downtown area has a welcome surprise. It is believed that in the next few years there will be a strong demand for close to 200,000 homes.

Real Estate Laws

There is a myriad of federal, state, county and local laws which restrict what you can do with the real property that you own. Enforcement of these laws typically resides with various governmental agencies which are responsible for keeping you in compliance with these laws. The three most common restrictions imposed by government are:

  • Zoning - restriction on the use of the property as to residential, industrial, agricultural, or commercial purposes are very common. The size and height of improvements attached to the property are likewise subject to restriction.
  • Environmental hazards - what materials can be stored on the real property as well as who is responsible for removing environmental hazards from real property (such as asbestos, lead paint, petro-chemicals, radon and toxic wastes) are government regulated.
  • Public easement and right of way - a portion of the real property may have to be left open for others to use. Easements and right of way are used to allow access to other property, to provide for roads and sidewalks, and to enable electric/gas/telephone/sewer lines to be installed.Violation of government law can result in fines, penalties, injunctions and even criminal prosecution resulting in you being sent to prison.

    • Non-government restrictions

    In addition to laws established by the government, there may also be private party agreements and other restrictions controlling what you can do with your real property. For example, a real estate developer may sell homes in a subdivision or condominiums subject to restrictive covenants in the purchase contract (typically referred to in Real Estate World, as CC&R--covenants, conditions, and restrictions).

    Real Estate Broker

    One of the most complex and significant financial events in peoples' lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.

    A Real Estate Broker is a term which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy.Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.Agents and brokers spend a significant amount of time looking for properties to sell. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission.

    Types of services that a broker can provide

    Since each state's laws may differ from others, it is generally advised that prospective sellers or buyers consult a licensed real estate professional.

    Some Examples:

  • Comparative market analysis (CMA) - an estimate of the home's value compared with others. This differs from an appraisal in that property currently for sale may be taken into consideration (competition for the subject property).
  • Exposure - Marketing the real property to prospective buyers.
  • Facilitating a Purchase - guiding a buyer through the process.
  • Facilitating a Sale - guiding a seller through the selling process.
  • FSBO document preparation - preparing necessary paperwork for "Sale By Owner" sellers.
  • Full Residential Appraisal- but only, in most states, if the broker is also licensed as an appraiser.
  • Home Selling Kits - guides to how to market and sell a property.
  • Hourly Consulting for a fee, based on the client's needs.
  • Leasing for a fee or percentage of the gross lease value.
  • Property Management.

    • Real Estate Investment

    In good times when the prices were doubling and tripling in a matter of months, it was a good idea to invest in the property market. But as with the stock market it is very difficult to predict the vagaries of the real estate market. There are several investors who put their money into the property market thinking it was a safe bet. Now these very people find it difficult to either earn returns on their investment or invest in new projects as their money is struck.

    But one area of hope for such investors is that rentals in the corresponding period increased appreciably. Especially after 2006, when they increased from 75 percent to 100 percent, in both the residential and commercial segments of the real estate sector. Though, it is not easy to rent out every kind of accommodation it is still an option that investors can explore in the short and long run. Factors like location and condition of the house make a difference in the ability of a property to earn good rentals.

    But for owners of houses who had bought property solely for the purpose of earning good and quick returns, monthly rentals on a middle level property like a 10 marla house are not enough to be used or reinvested in new projects. Such owners could not explore the concept of 'Zero rental'. The owner of a house rents it out to a tenant who does not pay rent. Instead, the tenant pays a part of the total market price of the property as premium to the house owner for using the accommodation for a fixed period of time. At the end of this time frame the owner of the house repays the full premium to the tenant and gets the house back for his own use.

    This is the mutually beneficial situation for both the buyer and seller. A part of the investment originally made by the seller is recovered by him so he can invest it in some other project and he can also earn a fixed interest on this amount.As for the prospective buyer high market prices make it out of reach for him to buy a house of this own. The best he can hope for is to own a smaller house that does not match his standard of living. So, in such a situation he too can opt for the Zero Rentals concepts.

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    With the money he has saved to buy a house, the prospective buyer can be a tenant in a house matching his standard of living by paying an amount to the owner as premium for a fixed period. So, while his savings are increasing he gets back his original savings deposited as premium for a fixed period. Another expected advantage of this system is that the tenant of the house is likely to maintain the home in a better position than he would have were he in a normal rental situation. This is mainly because a large chunk of his savings is deposited with the owner as premium and security.

    This concept is likely to work fine for the residential segment but in the commercial segment it might pose problems as it is generally not easy to get a commercial property vacated.