Page 3 - 2016 Las Vegas Residential Real Estate Report

At one of our real estate sales meetings in early 2017, I shared a thought-provoking ranking from Vegas Inc’s Book of Lists: 2017 Conventions.
The list compiles the Top 50 Conventions taking place in our city throughout the year. We’re all
well aware of the top two conventions we enjoy each year...SEMA and CES, which increase the headcount in our valley by 160,000 and 177,000 during their respective dates. What other city
has the infrastructure to handle an eight-percent increase in its population over the course of a long weekend without even batting a showgirl-sized eyelash? But I digress as the real news exists at
the very bottom of the Top 50 Conventions List.
To make the cut, conventions must have a minimum of 10,000 attendees. Think about that. An organization must have more than TEN THOUSAND PEOPLE to rank 50th on the list. That’s a small city, a reality that makes you say “WOW!”
How fortunate is Las Vegas to be the go-to for conventions of all sizes, and to host world-class dining and shopping, thrilling outdoor adventures, sporting events, adult and family vacations, bachelor/bachelorette weekends, and almost any other escape a human being could dream of? When Kevin Costner so famously stated in the motion picture Field of Dreams “If we build it, they will come,” who knew he was talking about Las Vegas and not an Iowa corn eld?
MESSAGE
With nearly 43 million visitors in 2016, Las Vegas visitor statistics continue to be at all-time highs, which, in-turn, lends itself to greater opportunities for more dining, more shows, more excitement.... and more sports! That’s right. For the rst time in our city’s history, we’ve landed a major professional sports franchise, the Vegas Golden Knights of
the National Hockey League.
Excitement is everywhere. But not just for the people buying tickets to a game or a buffet. All of these opportunities require a greater infrastructure and ultimately more jobs to be lled. Last year
Las Vegas’ employment market came back with
a vengeance beating pre-recession highs. These employees require places to reside and our apartments and investors have enjoyed higher rental rates year over year. Rental demand remains high and supply is being added slowly. All of these factors, plus the desire for the American dream
of homeownership that never surrenders, has continued to fuel a dynamic, unrelenting real estate market that you can dive deep into by perusing this report chock full of statistics and information regarding every segment available.
Bob Hamrick
Chairman & CEO Coldwell Banker Premier Realty
CHAIRMAN’S
EXCITEMENT IS EVERYWHERE. BUT NOT JUST FOR THE PEOPLE BUYING TICKETS TO A GAME
OR BUFFET.