Nationwide Report Predicts Real Estate Gains for Nevada - 8 News NOW

Nationwide Report Predicts Real Estate Gains for Nevada

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Downtown Container Park. Downtown Container Park.
Artist drawing of The Shops at Summerlin. Artist drawing of The Shops at Summerlin.

LAS VEGAS --  The southern Nevada real estate market is expected to see a rebound in 2014. One success story is the downtown area which is attracting new businesses and developments.

According to a report by the Urban Land Institute, southern Nevada real estate could see a new beginning in 2014. The report, Emerging Trends in Real Estate, looks at the whole country and forecasts the future of real estate.

A shining spot for southern Nevada is the downtown area where the Container Park recently opened offering a new place to shop, dine, and play in old Las Vegas.

"I've worked downtown for the last 12 years, 13 years, and just seeing the change in the last five years even, it's been fantastic," said Imran Anwar.

"The idea for us is create places, epicenters of parking, epicenters of activity, and to get people on their feet," said Zach Ware with the Downtown Project.

The project is just one local success story. Across town, The Shops at Summerlin development is also progressing. New housing construction has also picked up around the valley.

"The end of the cycle is in sight, but we're not quite there," said Anita Kramer, the vice president for Urban Land Institute.

She examined the Las Vegas real estate market and compared it to other major cities. Las Vegas ranked 38 out of 51 markets.

"But we're up 12 places from a year ago, and I think that's a key indicator," said Marcus Conklin with UNLV's business school.

Las Vegas falls into the "fair" category, but Conklin says that is much better than in the past.

"We've been ravaged the last four or five years here in southern Nevada, relative to real estate and the real estate economy."

The market is seeing growth, from downtown to Summerlin where the Howard Hughes Corporation is creating what's billed as one of the premier regional mixed-use development sites in the United States. The development begins the creation of a downtown Summerlin.

"There's a Dillard's and Macy's in this project. All of that is under construction. There's a third department store pad," said Tom Warden with the Howard Hughes Corporation.

The experts predict 2014 will be much better than 2013 for real estate.

"I'm certainly hopeful," Conklin said.

San Francisco took the top spot this year for real estate development. Detroit was at the bottom of the list.

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