Cedar Village - Apartments of Choice
There are rumors and opinions that the Las Vegas real estate
market is heading for a crash. I beg to differ. I agree that the
rise in rates has not been as high lately as it was in the dizzy
days of the past two years, but that is because certain projects
were overpriced and if there is a drop, it is only making the
prices more realistic. Investors in Las Vegas properties will
still make a decent profit because the number of people coming
to Las Vegas is only increasing everyday. Las Vegas real estate
investors should expect a lower rate of appreciation compared to
the last two years.
Nevada has shown the fastest population growth in the nation for
the past eighteen years and in 2005, about 7,200 people moved
here every month making that almost 86,500 in just one year. The
number of tourists in 2005 touched a staggering 40 million.
The economy is booming here because of tourism and the
construction jobs available. A growing economy and population
will continue to drive real estate prices upward. Inflated
prices have created a demand for housing under $200,000 and
there are over thirty high-rise condominium projects currently
under construction. This has also led to the conversion of
15,000 apartment units to condos. Out-of-town buyers will pick
up most of these condominium units that range in price from the
low $200,000s to several million dollars.
The high-rise development has not had a direct affect on the
local housing market. The strong economy has seen to that but
the dramatic increase in price of starter homes has resulted in
many young families and retirees seeking rented accommodation.
The city has a growing labor force of construction workers and
workers to fill new positions in the growing entertainment and
hospitality industry. Most of them seek rental housing at least
to begin with. There is an acute shortage of apartments in Las
Vegas and apartment demand is expected to increase rapidly. One
of the most incredible rises in the real estate market was the
346-unit apartment complex that sold for $12,750,000 in April of
2004 and then resold in January for $40,500,000.
There is very little land available for development in the
central part of Las Vegas and if you are working in the city,
you may not want to move too far out. In east central Las Vegas
near Stewart Avenue and Mojave Road, you could find just what
you are looking for in Cedar Village Apartments on East Cedar
Avenue. This is a gated community with a gated entrance having
remote controlled access. Security is further enhanced by the
presence of foot patrol. The apartments range from one to three
bedrooms and have large eat in kitchen, well equipped with
dishwashers etc. The rooms are fitted with vertical blinds, air
conditioning and free satellite TV. Most have either a balcony
or a patio and there is laundry facility as well.
Common facilities include playgrounds, a swimming pool and hot
tub and spa and there is convenient public transport as well.
The only snag for animal lovers is that they have a no pets
policy. Nevada Housing Division recommends the complex and
assists in finances.