The once infamous show the Sirens of TI was a rebel rouser group of sensuous and titillating sirens tantalizing a band of renegade pirates and an infamous Blackbeard! The popular show closed in 2013, it is now buried in the deep seas of the former treasure, TI Las Vegas. In 2019 Treasure Island joined the Radisson Group and became Treasure Island Hotel & Casino. The ship’s captain to this day steady’s the bow and preserves the stern of TI’s iconic presence on the Las Vegas Strip.
As a long-time resident and real estate agent in Las Vegas, there are always truly inspiring and interesting stories to be told of Las Vegas’ past, present and future outlook. I want to take this time to ask you to join me in exploring, not only the stories, but the beautiful homes that Las Vegas, Henderson, and Boulder city areas have to offer. Whether you’re looking for a new place to live, work, or invest, Las Vegas has something for everyone. Okay, you might be wondering, after that sirenic opening, where are all the flashing lights?
As a former resident of the beautiful state of California, an optimist, and a licensed CA real estate agent, I have some capacity to speak about California with respect. I’m also empathetic to the challenges the state and its people are facing as a whole and I’m an observer of change; this is not a political viewpoint. This instead is an open siren call, an invitation to every human everywhere, to a beloved California and every corner where capacities are being pressed beyond limits and where there’s a real need to find that release; and for some, an escape!
If you live in California, you may feel the pinch of some recent and new tax policies. CA’s Governor “is seeking to impose a 1% wealth tax on household wealth over $50 million and 1.5% on wealth over $1 billion” and “apply an exit tax for several years after you leave the state”, according to a Bloomberg article. CA citizens are spending their dollars to pay for the state's budget deficit, a projected $68 billion in 2024! Forging ahead, CA Governor announces other spending measures, this demand on an already over-bloated deficit with unfunded liabilities surely and without guess, careens CA’s budget deficit further out of control.
Are there any foreseeable mechanisms, any bumper rails that will assuage or can stop gap the bloodletting? It’ll depend on “if” California wants a do-over; many like it the way it is but many are starting to wrestle with the wrongs of an alleged ill-played governance. It would require implementation of extreme spending cut measures just to make a ding in a deeply flawed and fiscally systemic crisis. Once upon a time people used to move to California in droves but along their now stacked and cracked infrastructure the road of reversal yields massive numbers heading down the highway looking for adventure, elsewhere!
In an op-ed published by John Cox, Fox News, the journalist likened CA Governor’s outrageous spending and nonchalant negligence to a “Fiscal Armageddon of its own making”. Cox goes on to say, “A toxic combination of wild spending – a doubling of the state budget over the past 10 years after inflation and population growth – coupled with a steeply progressive tax system that generates most of its revenue from a tiny sliver of the population has yielded a staggering projected deficit of $68 billion this fiscal year.”
I love California just as much as anyone, but it’s observable to any eye looking, that California is facing a gaunt inability to pay back its rising deficit and its becoming laser focused on the back of your hard-earned money. If you’ve lived in California for a little or a long time, one thing is for sure; your pockets are shrinking quickly and the projected long term visual, doesn’t seem like it’s going to get better anytime soon!”
California isn’t the only state making headlines. All things lovely grow in the state of Nebraska, don’t they? Recently and at the behest of Senator Bostar, he introduced LB1183. If passed, LB1183 could put equity positions of homeowners in a precarious position. As much as it blurs the line of duties, obligation and responsibilities of county tax assessors, local governments, and viable initiatives to reduce property taxes for Nebraskans, one must also ask is this really in the best interest of property owners? This will certainly change how past assessors have been put into office, by the people’s vote, if passed, this position will be served by appointment instead, this isn’t necessarily a win-win for the people! Whenever governments want to get that close to your money, it’s a good idea to ask why!
In a recent article published in Newsweek by Giulia Carbonaro, “if LB1183 passes it would put local counties in the real estate business and likely limit excessive valuations” by proxy of tax assessment and a built-in conversion to an offer to purchase. If the seller decides to sell, the local county’s assessment would give the homeowner a 90-day window to accept the assessment as the purchase price. This could put a new spin on the old adage got milked, further damping down a would-be seller’s future home equity.
In this moment you may not even be dreaming of Las Vegas but at a potential breaking away point that only you know; you may need or by then, want, to consider somewhere else to settle in and grow. Las Vegas is a great alternative for Californians or for anyone who would like to keep more dollars in their pockets while enjoying a lower cost of living.
Nevada doesn’t have state income tax, estate tax, or inheritance tax. In offering so many tax and monetary benefits to her residents the sales tax in Nevada is higher, at 6.85% state tax rate and 8.375% total sales tax rate in Las Vegas on most non-food items, restaurants meals and drinks; however, services and most groceries are not taxed.
Nevada has low property tax rates, one of the country’s lowest. A recent Wealth of Geeks article plugs Las Vegas at number 4 on the top 25 best places for property tax (0.55%): following HI (0.29%), AL (0.43%) and CO (0.52%). Las Vegas has the advantage of being an affordable cost of living and she still ranks lower than the national average. Likewise, she’s below the US average in housing, utilities, transportation, and health care costs, but you’ll find costs for entertainment and recreation are slightly above. The average home value in Las Vegas according to an article published in the Las Vegas review journal currently is “$400,354, which is much lower than the average home value in California, at $771,160.”
A recently published report in the Las Vegas Review Journal said, “The Las Vegas housing market is also poised for growth in 2024. According to Zillow, the market could see a 1% drop in home prices in 2024 but an increase in sales from 2023, …”. The article continues, “the Las Vegas Valley will have the 12th hottest real estate market in 2024” and that the market showed "promising signs of growth" compared to last year.
Nevada has a sunny and mild climate, the average annual temperature is 69 degrees Fahrenheit, and 4.2 inches of annual rainfall dapple the desert. You can enjoy abundant recreation, outdoors, cultural activities, casinos, and nightlife. There are world-class shows, natural and wonderful attractions, national and state parks; The desert has a naturally captivating beauty and the surrounding mountains and nearby lake share in her glory. There are so many options that make this silver state a great place and Las Vegas a vibrant and dynamic home for many.
Explore Las Vegas homes built in traditional, mid-century mod, modern styles and with a variety of architectural charm and character, especially in the historic-vintage-classic neighborhoods. If modern, contemporary, custom, or new construction are more your vibe we’ve got that too! We have 55+ living, golf communities, luxury lifestyle sites and burgeoning properties for our millennials too! Her atmosphere is inviting, she is a diverse and friendly community welcoming newcomers from all walks of life.
As a local Las Vegas real estate agent, I invite you to take advantage of this amazing opportunity to explore and discover what Las Vegas has to offer. I would love to journey along with you to help you find the perfect location and home for your needs and budget. I have extensive knowledge and experience in the local housing market, and I can guide you through every step of the real estate process. I can also provide you with all the facts, local data and market insights to help you make well-informed decisions and the most of your adventure.
Please contact me today if you are interested in learning more about Nevada, buying or selling a home in Las Vegas or are looking for an adventure but are unsure where you’d like to land. I’d love to hear from you, engage in lively conversations of discovery, answer your adventurous questions, and probe your inquisitive minds. Are you ready? Let’s find your Vibe!
Bloomberg Tax, Mar 17, 2023, by Michael Nathanson: “California Wealth and Exit Tax Shows a Window into the Future”
Redfin, Jun 7, 2023, by Ryan Castillo: “Is Las Vegas a Good Place to Live, the Pros and Cons to help you Decide”
Wealth of Geeks, Jan 19, 2024, by Jenna Gleespen: “25 of the Best States for Property Taxes in 2024”
Fox News, Jan 15, 2024, by John Cox Op-ed: “California’s Insane Spending means Epic Debt and maybe an Unpleasant Surprise for Wealthy Residents”
Newsweek, Jan 15, 2024, by Guilia Carbonaro: “Property Taxes Could Plunge Under New Property Tax Proposal”
Las Vegas Review-Journal, Jan 15, 2024, by Patrick Blennerhassett: “how Hot is the Las Vegas Market”
Wikipedia, Treasure Island Hotel and Casino
Photo by Guido Coppa on Unsplash
Disclaimer: The opinions and subject matter are solely the viewpoint and/or vivid imagination of the author and agent who’s passionate about real estate, people and events, topics and policy pertaining to real estate that may affect homeowners’ rights, property values and communities. Smart living is for all people to thrive everywhere!