Downtown Las Vegas NV Real Estate Market Information |
When The Mirage, the first Mega-resort, opened in 1989, it started a movement of people and construction away from downtown Las Vegas to the Las Vegas Strip. This resulted in a drop in tourism from the downtown area but many recent projects and condo construction has seen an increase in visitors to downtown.
A concerted effort has been made by city officials to diversify the economy from tourism by attracting light manufacturing, banking, and other commercial interests. The lack of any state individual or corporate income tax and very simple incorporation requirements have fostered the success of this effort.
Having been late to develop an urban core of any substantial size, Las Vegas has retained very affordable real estate prices in comparison to other western U.S. cities. Consequently, the city has recently enjoyed an enormous boom both in population and in tourism. |