Raiders move to Las Vegas.
Who would’ve thought we’d be getting an NFL team and a NHL all in the span of a few years? Not me! There are sure to be hundreds of articles written, speculating about the impacts of the Raiders move to Las Vegas and having professional sports in the Las Vegas valley. Some impacts are more concrete than others, such as the effect it will have on tourism and the hospitality sector.
One area where it’s speculated to also have a major impact is the already tight Las Vegas Real Estate market. Already we are starting to see some hype around what the Raiders move to Las Vegas and the accompanying stadium construction / stadium itself will mean to local commerce and housing markets. Let’s take a look at some of the possibilities.
What happens when A low inventory housing market has an additional 150,000 to 200,000 person influx? Good things… if you are already a homeowner! The population increase paired with an existing low inventory will force prices higher as more people compete for fewer available homes.
An NFL team brings with it a very large support staff. From trainers, PR personal, cheerleaders to office staff, each team employees upward of 1000 people. Stadiums also carry a large number of employees. The Dallas Cowboys new stadium, for example employs up to 4,00 people! Couple this with the NHL’s newest expansion team the Las Vegas Golden Knights, and you have a influx of permanent residence that’s in the range of 10,000 new residents, and that’s just direct employees of two professional sports teams or their respective stadiums.
The number of new construction jobs is forecasted to be around 100,000 – 200,000 new jobs for the Raiders stadium alone. Many of these will be on a temporary basis, the construction timeline is around 2 years for the stadium. Again Professional teams have a very large infrastructure that comes with them, such as training facilities and office buildings for staff. It will not be just the stadium that needs to be built prior to the teams arrival. The Las Vegas Golden Knights have a home in the T-Mobile Arena already in place, but all the support facilities are yet to be started. With the start of construction on the Resorts World project also beginning, Vegas is looking at another boom similar to the growth spurts of the past decades.
What this means for homeowners
If you are currently a homeowner it’s already a great time to sell, as prices have been climbing for months. If you are a homeowner who is facing foreclosure or hardship of another kind, now is the time to sell as houses are moving quickly.