Historically, Nevada has profited by its proximity to its neighbor to the west. With that state experiencing high housing prices and other issues, many people move to Las Vegas or Reno in the hope for more affordable housing and better circumstances overall.
However, some residents of Nevada are now concerned that this influx of people, and wealth, are not always and everywhere good things. Immediate concerns are heavy traffic and schools that have grown too fast to be as effective as they could be.
In the long term, people are concerned that Nevada will begin experiencing the same difficulties with housing as California, with only the wealthiest people being able to actually afford home ownership and many forced either in to homelessness or practical homelessness.
Only time will tell exactly how the current direction of the real estate market will affect Nevada’s economy and culture. Certainly, amid the concerns, there are opportunities for real estate investors of all sizes. There may particularly be opportunities for those who want to provide affordable housing for average working folks who have called this state home for decades or even generations.
Being a real estate investor, however, often calls for a dive into complicated legal issues, particularly if there is some sort of dispute or if something unexpected happens to one’s property. An experienced attorney in the area of real estate law is therefore a valuable member of an investor’s team of professionals. They can help navigate zoning and permit issues as well as unanticipated real estate disputes or insurance matters.
Source: Las Vegas Sun, “California housing problems are spilling into Nevada,” Conor Dougherty, March 22, 2018.