Our town is exploding with growth once again! The positive signs are everywhere. Our population is growing, unemployment is at its lowest rate in years, and tourism numbers are predicted to hit an “all time high” in 2016. And we certainly can’t overlook the tremendous amount of construction activity which has occurred, is occurring, and that which we hope will occur?
I thought it would be good to take a quick look at the construction growth activity in order to give us a glimpse of how our futures in the real estate industry may look over the next few years. Remember that the future belongs to those who prepare for it today!
PROJECTS COMPLETED LAST YEAR: The Linq, The High Roller, Rock-N-Rio, The Grand Bazaar Shoppes, Downtown Summerlin
PROJECTS RECENTLY COMPLETED OR UNDER CONSTRUCTION: T-Mobile Arena, “The Park”, Union Village, Switch $1-billion enlargement, The Global Business District (aka the expansion of the Las Vegas Convention Center), and let’s not forget to mention the recent opening of IKEA and the nearcompletion of the new Ainsworth Gaming building
PROJECTS COMING SOON: Faraday Future, Project Neon (the expansion of the Spaghetti Bowl), Resorts World Las Vegas, Alon Casino, Fountainbleau, the newly announced Music Events Arena to be built by Sands Corp., and how about the possibility of a new football stadium, etc., etc.
To me, this is a mind-boggling amount of construction and represents over $5 billion of investment activity. My guess is that if any other city in America with a population of just over 2 million had half of this growth, they would be elated.
It’s time for all of us to contemplate what is going on in our town, and to prepare for what’s coming. The most successful business people (and let’s face it, Realtors are business people), look into the future and see their organization not as it is, but as it can become.
We will see a major influx of new residents, we will see a multitude of new jobs being created, and we will see consumer confidence return. And the results for us will be “increased home buying activity.”
We should all be thinking out our strategies of how we are going to benefit from the business increase which is coming! George Orwell said “Who controls the past controls the future. Who controls the present controls the past.” It’s probably a good time for all of us to evaluate our current business models and prepare to get busy!