February 6, 2018
California has long been a target market for Southern Nevada real estate given the Golden State’s high taxes, high cost of living, high home prices and traffic congestion.
Californians have been coming to Las Vegas in droves for an improved quality of life, and today, that is more true. According to a recent Redfin.com report, Las Vegas is a top destination for home searchers from California, and the largest share of incomers came from high-priced coastal cities, including Los Angeles, among others. And at communities like One Las Vegas, the twin 20-story condominium towers on the south end of Las Vegas Boulevard, Californians make up more than 20 percent of homeowners.
“Generally, gold is considered to be more sought-after than silver, but when comparing the homebuying markets of California — the Golden State — with Nevada — the Silver State — silver easily takes the win,” said Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased One Las Vegas in 2013 as DK Las Vegas.
“Not only are we seeing Californians uproot their lives for our city’s unrivaled 24/7 entertainment and dining, cost of living and less traffic congestion, they are choosing Las Vegas for their ability to get more for their dollar, especially when it comes to buying a home. At One Las Vegas, we offer more than just luxurious amenities, spacious floor plans and location. We offer a unique sense of community and energy unrivaled in the valley.”
According to a recently released report by realtor.com, there is tangible data showing Las Vegas to be the nation’s No. 1 market for real estate this year and that it’s expected to grow about 8.7 percent, nearly 2 percent more than the rest of the top 100 markets.
The Standard & Poor’s CoreLogic Case-Shiller national home price index released last fall revealed Las Vegas home prices rose 6.2 percent in September from a year earlier, the largest gain since June 2014, more evidence that Las Vegas homes are in demand. With One Las Vegas homes starting in the high $200,000s, pricing remains competitive, and buyers are encouraged to explore the community now, while residences are still available and interest rates low.
Best friends for 50 years, Cathy Conger and Suzette Stutton, both originally from Fountain Valley, California, bought in 2016 a two-bedroom home with mountain views and a floor plan that offered dual master bedrooms.
“Working with the One Las Vegas team made the process smooth and easy — from helping us select flooring upgrades, new appliances and walking us through the financing application process,” Stutton said. “They stood by us every step of the way.”
Globetrotters originally from Orange County, Ron and Shannon Bahra planted roots at One Las Vegas last summer, crediting the amenities, expansive views, spacious floor plans and the community’s lock-and-leave feature for their buying decision.
“Our passion has always been to travel the world, and ever since we moved into One Las Vegas, we have been living the dream. In just the first few months after moving in, we visited Argentina, Rio and even spent some time exploring the beautiful islands of the West Indies. With One Las Vegas’ security, we know our home and our belongings will be exactly as we left them,” Ron Bahra said.
Ward-Fowler, who jokingly refers to herself as a five-star woman, said, “I have always wanted to live in a high-rise community because of the lifestyle and amenities. My dad was a huge Raiders fan, so there is no better way to honor his legacy than to follow his favorite team to Las Vegas. I even have my own private storage, which is not only a rarity for a high-rise but a huge advantage for the belongings I don’t need every day but don’t want to let go. I wake up every morning and soak in the panoramic views of the mountains, and every night, I enjoy the glittering lights of the Strip from my balcony. I couldn’t feel more at home here.”
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