Las Vegas in the next 10 years will explode!

[Adam Jaken]

Hi guys and a happy Saturday to you all. 
I think there is a huge opportunity in Las Vegas right now especially with what is set to arise in the horizon. Here is a list of all things I have seen going on in Las Vegas. 
 Las Vegas will have its first major national sports team (NHL). Faraday Future is a new electric car company that is building a huge manufacturing facility, (not putting a lot of emphasis on this because it can possibly flop you know like Fisker). Another huge thing that possibly will happen is Las Vegas will get a stadium built and have their first NFL team. (again not really relying on this either because it has not happened yet but they are in talks). 
There are a few new hotel projects planned on the strip and if those pan out successfully I can see a lot more development in the future. (10 years from now). WYNN announced it will build a man made lake and a new tower by 2020. Genting Resorts is most likely going to build a new resort called Resorts World. 
Downtown LV also seems to have a lot of revitalization even though it has its very slum parts it seems like it is headed in the right direction. 
Nevada will be voting in November to legalize marijuana usage for any one over 21 years of age and looking at Colorado and the HUGE tax/business benefits it has brought to them. If this passes it is a potential opportunity for huge growth. 
One thing that is kind of scaring me is that these huge companies are building apartment buildings and track homes all over the Las Vegas valley. I don't know if this is a good thing or bad thing. I just hope they don't over build like last time and have to much inventory on hand which will end up pushing down prices. (coupled with bad loans) 
Also if interest rates move up (which i think will happen when the new president comes in to office) that will also push down home prices, but in general now is a a great time to buy i think. The price to return aspect is 5-6% in A neighborhoods. 
I would appreciate any feedback on any of the points i have made. (negative or positive) :) 
Thank you all for taking the time to read my post and providing feedback, you guys are awesome! 
Have a great day and god bless!!

[Bill R.]

I think there are a lot of different factors being discussed here.  Some are related and some aren't.  

@Francis Rusnak: Vegas is going to be a tough market unless you're willing to rehab. Unfortunately, you're several years too late to the market to be able to walk into A and B neighborhoods and pick them up for pennies on the dollar. Institutional investors have already picked over many of the best deals years ago. And what's left has a bunch of competition even if you're looking to rehab so unless you're sending postcards and yellow letters it's going to be difficult to find anything in the MLS that cash flows or that can even be bought and rehabbed to cash flow.

Not impossible.  Just difficult.  Even if you're trying to buy short sales and foreclosures there's a ton of competition.  

There's no inventory on the market right now.  Maybe an agent can give some stats but I think existing home inventory is around 3 month supply.  Healthy is considered 6 months.  

@Matt R.:  Yes, they keep building A neighborhoods, so if you buy A today it likely will be the B neighborhood of tomorrow.  Unlike a lot of other places, you rarely see someone buy an old property and strip it down to the sticks.  It does happen but it's difficult because so much of the map is controlled by HOAs.  Who wants to take an old home to the sticks and have to rebuild a house that looks exactly like all of the other homes in the neighborhood?  It just doesn't make sense.  

Most of the A and B areas are master planned communities.  Even the custom homes aren't really custom.  

You can find non-HOA controlled properties but most are currently in pretty rough areas. They tend to be the older parts of Vegas. While there are pockets of nicer neighborhoods within those older areas would you rather have something in a nice, new A neighborhood surrounded by other A neighborhoods or start building an A neighborhood in the middle of a C neighborhood?

With so much relatively cheap dirt available, it's rare to see anybody go back and fix up the old parts.  

Not saying you can't find total rehabs happening or that you can't find pockets of stuff going on but it's just very difficult to find.  Developers just keep building these huge master communities with cookie cutter homes and people keep scooping them up.  

And everyone talks about the BLM (government) land keeping things in check but there's still so much unused land.  Literally there is nothing for 2 or 3 miles on Las Vegas Blvd, the world famous Strip, from South Point to the M Casino (the price of the raw land is too high to build anything other than high income generating properties like casinos but nobody is building casinos).  To the east you have thousands of acres of empty land and then Lake Las Vegas and multi-million dollar properties. To the North you have North Las Vegas which still has tons of buildable land.  And Summerlin just keeps growing to the north-west with A neighborhoods.  

There's no shortage of land and there won't be for a long, long, long time.  There's just too much of it.  

@David Faulkner Agree that Vegas has tended to have a boom or bust cycle but they do seem to be trying to diversify.  As more and more tourist income comes from non-gaming activities at least it's less dependent on gambling.  Of course, it's still highly dependent on tourism in general which can be very boom or bust.  

In terms of attracting other major industries, you've got the Tesla stuff going on in northern-NV but that doesn't really help the Vegas economy much.  

Real future growth will be highly dependent on Vegas attracting industry other than tourism related businesses.  What that is, I don't know.