In a real estate market that rises and falls quicker than the luck of a black
jack player, it's hard to tell when the best time to invest in real estate
is. This is made even more difficult in tight economic times like these. Don't
feel you need to run across the border to be an Ontario first time home buyer,
you'll find Lady Luck smiling at you when you invest in North Las Vegas
real estate.
For those unfamiliar, North Las Vegas is a city located just a few miles from
Las Vegas itself. Home to over 200,000 residents, North Las Vegas is the fourth
largest city in the state. For potential buyers in the area, the city also provides
an opportunity better than any slot machine in a Vegas casino. The average listing
price of homes in North Vegas is currently sitting at $154,000, which is more
than half off what you would pay for a home in nearby Las Vegas, which is currently
sitting at $334,000. Though they're no Coboconk cottages, many of the
homes in North Vegas are newly built, and more than suitable for any family.
Many of the residents in North Las Vegas are employed in the casinos, restaurants,
and other entertainment or retail facilities in Las Vegas. Though there is a
small commute into Las Vegas, the amount of money saved on housing costs alone
more than makes up for the time, as shown by the increase in population. Since
2000, the population of North Las Vegas has nearly doubled from 115,000 to approximately
220,000. Moving faster than most Milton Ontario homes, sales of properties
in North Vegas have increased by over 16% in the last year, a trend that reflects
both the draw of affordable housing near Las Vegas and the increase in foreclosed
properties.
With the current economic downturn, many homeowners are being forced to sell.
This is terrible news, clearly, for homeowners and great news for homebuyers.
Unlike pricey Toronto lofts, foreclosed properties tend to move quickly and
at a lower average cost than most market properties, allowing the buyer to save
a great deal. In North Vegas, there have been 7, 819 foreclosures and much of
those have been sold for a price far below what their owners would have pulled
in last year.
Potential homebuyers have a wonderful opportunity in North Las Vegas. For anyone
who loves the nightlife and excitement of Sin City, but can't afford the
price of admission, North Vegas gives them a chance to live the life at half
the price. If peace and quiet are your thing, homes in Hudson Valley back
east might be more your speed. But if you're after the good life, a life
of glitz and glamour, then why not roll the dice on North Las Vegas!
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