Reinventing itself – yet again. That’s Las Vegas for you. It’s always been a bit of a microcosm of American ingenuity; that ability to create something new and desirable out of what’s near at hand. It happened when the seeds for the city were first sewn back in 1905, took off again with the start of Hoover Dam, kept growing with the arrival of Nellis Air Force Base, and took full advantage of the prosperity sweeping the country following World War II with the glamorization of gambling.
As Rick Piette, owner of Premier Mortgage Lending observes, “During the 80’s, the Las Vegas Strip transformed itself from a California getaway weekend into a world class destination resort city. And because all those people had to live somewhere, construction for both housing and commercial properties boomed. And boomed. And boomed. And then it got quiet in 2007.
“Things got tough,” Piette continues, “but slowly and steadily Southern Nevada has been on the mend, and the evidence is everywhere you look. Data, statistics, and news reports continue to show that despite the reservations the rest of the country may have had about Las Vegas’ recovery – it’s returning to firm ground more and more every day.”
With major financial investments under way in the city – from the new Elan Resort & Casino and Resorts World, to the expansion of the Las Vegas Convention Center and McCarran airport, and the addition of the new Las Vegas Arena (that could see the first major sports franchise come to town soon) – it’s clear that those with the money still see Las Vegas as a good bet.
“But it’s not only tourism-related projects that have been lowering the local unemployment rate – which is now below 7% and still dropping,” Piette reveals. “New industry is finding its way into the city and making a difference in the local economy, as well. Tech and data companies are establishing a firm base in Las Vegas, while office, retail and entrepreneurial services have now surpassed their pre-recession numbers. ”
In response, it’s only natural that the housing market would be bouncing back, as well. Construction workers are now in high demand, and new and used home sales have been on a steady upward trend for some time, effectively leveling out the playing field for both buyers and sellers.
For those who play the numbers game based on news headlines, it’s important to keep in mind that even what might at first seem to be bad reports – aren’t necessarily so.
“One example is the recent announcement that Las Vegas once again topped the foreclosure rankings nationwide,” reports Piette. “But in truth, this is a direct reflection of a recent Nevada Supreme Court ruling that is effectively forcing the hand of banks to begin clearing out their foreclosure pipelines. These are properties that filled their books during the recession and banks have been holding onto them for years. Far from being a negative, however, it’s the gradual return of these foreclosed homes to the market will help Las Vegas reflect a more accurate housing status – and one that keeps both supply and demand of homes from rising too high or falling too far.”
So what does all this financial investment, building and expansion activity, improved job market, and housing recovery really mean for Las Vegas?
“It means what those of us who call Las Vegas “home” have known for a long time,” Rick Piette explains. “It’s a great place to live – for growing families and retirees, for young professionals just starting out, and for those looking for opportunity. We enjoy over 300 days of sunshine every year, a great sense of community, and let’s face it – you have to try really hard to get ‘bored’ in this city.
“The fact is, Las Vegas is more than a just a tourist destination. People come from all over the country to find, start, or create a better life here. And we like to think the role Premier Mortgage Lending plays in helping that happen makes a difference,” Piette adds.
“After the recession hit and so many lost their homes, we created our “Another Chance Nevada” program that helps people regain the pride of ownership as soon as one day after short sale or foreclosure,” he explains.
“And now that many have had the time to recover both their finances and credit histories – we are proud to offer a true “No Fee” mortgage loan – which means no origination, underwriting,, document or other ‘junk fees’. So buyers are able to keep on the path toward financial recovery without paying unnecessary loan fees that can add up to $5-$10,000 or more out of their pocket.”
The bottom line is that your bottom line matters to the people at Premier Mortgage Lending – and that’s one of the reasons for their new “KnowBeforeYouOweNevada.com” website. Visit the site to learn more about your protections as a consumer and how you can (and should) save money on your next mortgage loan.
Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.