A city's economy starts with employment and jobs. Las Vegas is in the enviable position of just opening Steve Wynn's fabulous Luxury Hotel Casino Enterprise called "Encore" 2000 plus jobs.added. Fountain Blue coming on board later ths year with 2500 jobs and City Center on board 4th quarter 2009 or ist quarte 2010 with a staggering 13000 jobs.
A great time to invest in Las Vegas. Remember Las Vegas is the last to be affected and the first to pull out of adversity.
In summary spread your investment to 4 areas and your risks with worst case scenarios will neutralize . All areas should involve purchasing Bank Owned foreclosures.
Call Steven Schultz Broker Agent with Windermere Prestige Properties for free consultation. 702-280-1990
or email email@example.com
You and your group are very astute in selecting Las Vegas as the location of your sizable investment. I would suggest you start with a couple of units at the Mandarin Oriental at City Center because of very high demand - the Harmon would be a good second option also at City Center. I would then look for infill land opportunities in the southwest or northwest that are zoned residential or commercial and are in the path of current or future development. This strategy would offer you diversification, cash flow and future appreciation potential! Check out my blog to see my reasons why Las Vegas is a great place to invest in real estate!
This is definitely one of the best Buyer's markets that Las Vegas has ever seen for residential Real Estate. There are certainly some great deals to be had right now. Len is right... Our commercial market seems to be holding up very well. Because of the economical and business/tax benefits of Nevada, Vegas has never really seen a dramatic shortage of new commercial ventures and developments.
Since you want to spread your risk... I would recommend picking up some Commercial and Residential property to diversify your Real Estate portfolio.
Real Estate is always speculation... but with the growing concern of land scarcity for future Residential building in Las Vegas, it may be nice to pick up a couple of Custom homes homes on nice sized lots. 1/2 acre + and especially 1 acre + lots are becoming more and more of a rarity it seems.
I have some great ideas I would love to email you for you to take a look at. I also would be happy to email you some great sources of info on the Las Vegas market. If you are interested... just shoot me a quick email at JSalsbury3@cox.net or you can visit my website below to contact me.
I hope this is of some help... I look forward to hearing from you.