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Las Vegas . . .      Our Home, Our Business

We Welcome New Team Member

 The Sauter Companies welcomes Michael A. Gallegos to our brokerage team. A graduate of USC, Mike, a CCIM candidate, has been active in Las Vegas Real Estate Brokerage since 2003 where  he was a top producer for Marcus & Millichap.
Clark County Surpasses 2 Million

According to state demographers and UNLV economists, Clark County surpassed 2 million residents sometime in October 2007. The population in Clark County has doubled since 1994  and quadrupled since 1981.

To understand who is moving to Las Vegas, UNLV used some probability studies and population data to profile the possible 2 millionth resident.  The following is what they arrived at:

He is about 38 years old and earns about $43,800 per year. He has a high school diploma and at least some college education, if not a bachelor’s degree. He is married or has a live-in girlfriend and is more likely to rent his home than own it.

 

 
Record Number of Visitors in 2007

A record 39.2 million tourists visited Las Vegas last year leaving behind $11 Billion in gaming losses. The number was up about 300,000 visitors from 2006 even though the number of rooms did not increase.
Las Vegas Homes Still Unaffordable

 Although Las Vegas has seen a significant drop in the median price of single-family homes a study by the Center for Housing Policy says that homes are still unaffordable to many.  According to the study, in Las Vegas, an annual income of $94,410 is needed to afford a median price home of $278,000.

Market Sector Overview
 
                            2000             2007         %Chg

Apartments (>10-Unit Buildings)         

Number of Apartment Units       142,138         155,085           8

Average Vacancy Factor              8.65%           7.81%          (9.7)

Average Monthly Rent                 $745             $883           18.5

Retail Market

No. of Properties                         243              252             3.7

Total Sq. Ft.                           38,170,478     40,316,667        5.6

Percent Vacant                           3.5%            3.3%          (5.7)

Avg. Lease Rate (NNN)              $1.56            $2.17           39.1

Office Market

No. of Properties                        1,057            1,881            78

Total Sq. Ft.                           30,985,552    38,024,741       22.7

Percent Vacant                          10.6%           12.9%          21.7

Avg. Lease Rate (FSG)                $1.88            $2.51           33.5

                                          Source: The Sauter Companies & Las Vegas Perspective

A Look Back
 As we begin 2008 we wanted to take a deep breath and look back and see how far we have come over the past 7 years in Las Vegas, still one of the country’s most dynamic cities.                                      

                                                  2000           2007     %Chg

Clark County Population:              1,428,680    1,996,542   28.44

Hotel Rooms:                                 124,270      132,947     6.54

Hotel Rooms Under Const:              7,459         46,227     83.86

Annual Visitors:                              35.85M      39.197M    8.54

Median Price of a Home:              $155,455     $310,600   49.95

Annual Average Salary:                   $38,060      $53,704     29.13

Convention Visitors:                      3,301,705   6,209,300   46.83

High Rise Condos:                              0               22         N/A

Condo Conversions:                            0               61         N/A

Unemployment Rate:                       4.50%        4.80%      6.25

 

 

 

 

 

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