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Cornell Real Estate Review

Article Title

Land Rush in Las Vegas

Abstract

[Excerpt] Introduction
For decades, Las Vegas has been a favorite destination for fun-seekers who yearn for the glitz and glamour that personifies ‘The Strip’. While visitors came by the millions, few took the step of making Sin City their permanent residence. Oh, how times have changed! Best known as the gambling center of the world, Las Vegas has grown from a desert way-station situated in one of the harshest climates in the United States to a desert oasis that draws over 70,000 immigrants a year. The rapid expansion of the population in Las Vegas has created one of the hottest real estate markets in the country. Between the second quarter of 2003 and 2004, the price of single-family residences in Las Vegas increased by more than 52%, the greatest 12-month increase ever for any metropolitan area2.

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