Real Estate Agent Sees Opportunity in Downtown Las Vegas - 8 News NOW

Real Estate Agent Sees Opportunity in Downtown

Posted: Updated:
Richard Emanuele Richard Emanuele

LAS VEGAS -- A recent study by Applied Analysis showed the neighborhoods east of downtown Las Vegas are the most impacted when it comes to the high number of vacant homes and people who depend on social services.

Some investors believe that makes the area a perfect place to buy.

Developments like Zappos which is moving into the old city hall building and the construction of the Downtown Grand are giving some people high hopes. One realtor believes surrounding neighborhoods will make a comeback because of the downtown revitalization.

It's hard for some to see past the signs of old age on most downtown homes. The homes were built decades ago.

"I wound up acquiring the two up top here on the Mayfair tract, this one over here, the yellow one, and recently just purchased this one," said Richard Emanuele with Simply Vegas Real Estate.

He sold his Summerlin home and put nearly everything he has into buying downtown homes for investment.

"Everybody says downtown is the hardest hit zip code but if you show me a vacant property or hard hit zip code, I'll show you opportunity," he said.

He owns 13 houses in one of the most economically depressed areas of Las Vegas. He buys a house low, spends between $20,000 to $40,000 fixing it up and then rents or sells the home. Emanuele is betting the downtown revitalization project will have a ripple effect on the neighborhoods around it.

He believes the neighborhoods are a magnet for young professionals who want to live close to where they work.

"It would be so cool to move somewhere new and be able to build a community," said Jasmine Gow, who is with a group of young entrepreneurs from New York. They are touring the downtown area. They were invited by the Downtown Project which is hoping to attract tech start up companies to Las Vegas.

"I definitely see a lot of young professionals coming down to work here because of the investment initiatives Tony Hsieh and the Downtown Project have to offer," Gow said.

Emmanuele says he can tell the neighborhood is changing and it is paying off for him.

"The opportunity down here is incredible. I started buying houses down here three years ago for $26,900 for a three bedroom, two bathroom, they're worth roughly 80 to $85,000 a piece right now."

Zappos company officials say they plan to move into their downtown headquarters in a few weeks. More than 1,500 employees will work out of the old city hall building.

  • Las Vegas NewsLas Vegas NewsMore>>

  • BREAKING: Rollover crash shuts down Russell Rd. at LV Boulevard

    BREAKING: Rollover crash shuts down Russell Rd. at LV Boulevard

    Friday, August 22 2014 1:48 AM EDT2014-08-22 05:48:58 GMT
    LAS VEGAS -- Metro Police are investigating a single vehicle rollover crash with one person ejected near South Las Vegas Boulevard and West Russell Road.According to police, the crash happened shortly before 10 p.m. Thursday night. It appears the red truck was carrying multiple passengers and the driver was under the influence of alcohol and ejected from the vehicle. The driver was transported to a nearby hospital with non-life threatening injuries.The southbound lanes on Russell Road are shu...More>>
    LAS VEGAS -- Metro Police are investigating a single vehicle rollover crash with one person ejected near South Las Vegas Boulevard and West Russell Road.According to police, the crash happened shortly before 10 p.m. Thursday night. It appears the red truck was carrying multiple passengers and the driver was under the influence of alcohol and ejected from the vehicle. The driver was transported to a nearby hospital with non-life threatening injuries.The southbound lanes on Russell Road are shu...More>>
  • CEO: UMC cutbacks necessary to stay afloat

    CEO: UMC cutbacks necessary to stay afloat

    Thursday, August 21 2014 7:40 PM EDT2014-08-21 23:40:55 GMT

    University Medical Center is facing its biggest employee cut in recent history, with 285 layoffs. This move affects both employees and patients at the financially-struggling, county-run hospital.

    More>>

    University Medical Center is facing its biggest employee cut in recent history, with 285 layoffs. This move affects both employees and patients at the financially-struggling, county-run hospital.

    More>>
  • Metro camera eyes crime at north end of Strip

    Metro camera eyes crime at north end of Strip

    Friday, August 22 2014 2:31 AM EDT2014-08-22 06:31:41 GMT

    There is something you may have noticed if you've driven by the new SLS Las Vegas hotel-casino on the Strip, a mobile camera is sitting in plain sight right on the corner.

    More>>

    There is something you may have noticed if you've driven by the new SLS Las Vegas hotel-casino on the Strip, a mobile camera is sitting in plain sight right on the corner.


    More>>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.