Categorized | Residential

Cheaper Home Prices Making Las Vegas More Attractive to Business Owners

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Aside from Detroit, there has been no city hit harder by the real estate crash than Las Vegas. However, with prices at their lowest point in over twenty years, the area is once again starting to become increasingly attractive to business owners.

Many companies are considering relocating their headquarters to the Las Vegas area to take advantage of the city’s low real estate prices. That news could very well enable the embattled city to finally rebound after years of decline. The declining prices that have brought great suffering to the area may now bring highly paid corporate executives to Las Vegas, thus potentially boosting it’s image.

Low real estate prices are not the only factor that makes Las Vegas an intriguing option for business relocation. The city’s high unemployment rate has created an abundance of excess labor, thus making it possible for companies to save on costs associated with wages. The city also offers competitively low property taxes.

Housing costs in the city have plummeted nearly sixty percent in the last five years. Commercial properties have faced a very similar decline. The decline has led Las Vegas to become the most affordable city in the nation. For many businesses, cutting costs has been essentially to maximize profit in the current economy, and as such, Las Vegas has become increasingly attractive. In fact, many developers have reported that queries made by companies interested in moving their businesses to the area have more than doubled over the past year. That number may continue to go up as more and more executives realize the bargains available in the city

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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