Thursday, Sept. 5, 2019 | 4 p.m.
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As Las Vegas continues to grow and attract new residents, the dynamics of the city are evolving and transforming the criteria for homebuying. “We’re seeing a shift now with less people wanting to live in the suburbs. Buyers are looking for connected communities in urban areas, which can offer a sense of authenticity, a lock-and-leave lifestyle and more freedom in being able to walk or bike places,” said Uri Vaknin, partner at KRE Capital, which owns the DK Las Vegas portfolio of condos.
There’s also an increasing number of people seeking a residence based on the proximity to their favorite teams. “Professional sports aren’t something we’ve had in Las Vegas before, and now that we do, people are responding to that,” Vaknin said.
In addition to the South Strip area near the stadium, Vaknin identifies Downtown Las Vegas as another hot spot in the city. “Downtown has been changing for a while now, and it keeps getting better. The city has made a major commitment to creating complete streets where people can walk, bike and sit outside. It’s made a huge difference in the quality of life for those living there,” Vaknin said. “People want to live in places where their lives can be enriched, and they want to be connected to other people and culture. What’s happening Downtown is a great example of that.” Museums, galleries, small businesses, independent shops, restaurants and bars are all centrally located Downtown, as is Cashman Field, home of the Las Vegas Lights.
The Raiders’ arrival in Las Vegas is expected to drive economic growth, increase infrastructure and boost tourism. According to the Southern Nevada Tourism Infrastructure Committee, Allegiant Stadium will result in nearly 6,000 new jobs and $231 million in wages. New businesses are popping up in the area around the stadium as well. “There’s already development happening. Those old warehouses near the stadium are being turned into bars, beer halls, event centers and more,” Vaknin said.
Having an NFL team may also be stimulating real estate, at least in some pockets of the city. “At One Las Vegas, people are buying ‘gameday condos’ because of the proximity to the stadium,” Vaknin said. “People are seeing that it’s a valuable area to be in and will continue to grow once the Raiders arrive. He also notes that some buyers from California were inspired by the Raiders’ move and decided to follow suit.