Tech Companies Create a Housing Boom in Nevada.

The housing market has been improving statewide throughout Nevada, and we expect around 50,000 people to arrive to the area in the next five years, according to the Nevada Association of Realtors. Prices have rebounded to just over half of pre-recession highs. Foreclosures and short sales have dropped to 6% in the two major cities combined markets. Demand has finally caught up to the supply and now it is getting harder and harder to find available homes. Residential development is still possible in Nevada due to its diverse landscape. From high desert surrounding Reno to the lush pine forests of neighboring Lake Tahoe, the natural sights are sure to please many. A typical Reno home now sales for $299,250, nearly double the price from the city’s recession low in January 2010 when homes fetched a meager $167,000, according to data from the Northern Nevada Regional multiple listing services. Luxury prices in Reno soared 20% year over year, according to special report on luxury sales release by Redfin last month. The Seattle-based brokerage firm says that average luxury home in Reno sales at around $1.1 million – cheaper than nearby San Francisco, where the average price for a luxury estate is $5.9 million. One has to remember that San Francisco is a mere 1 hour flight away and a 3 1/2 drive. Jet Blue now has a direct flight from Reno to New York as well.

Nevada is going under a transformation and there are more than just electric car companies that are a part of it. Dozens of companies have begun to move their operations to the state, many to the Tahoe Reno Industrial Center. Wal-Mart also has a 1 million-sqft. distribution facility there. Also located in TRIC is Las Vegas-based Switch and their data center, the largest in the world once it is completed. The Amazon distribution center and the Apple data center are also additions to the Reno community. A Palo Alto-based company, Tesla is building its $5 billion, 10 million-sqft. Gigafactory in northern Nevada in order to produce the lithium ion batteries that run their vehicles.

The Economic Development of Western Nevada (EDAWN) is continuing to focus its efforts on stimulating business, which thereby increases visitor count. Please watch this new video produced by Edawn on THE NEW NEVADA. The RSCVA has partnered with EDAWN, UNR, the City of Reno and the Regional Transportation Commission in order to market the region at a national level. There has also been increased awareness to the region due to newly added air services to and from Reno. For example, in June Southwest will begin nonstop Reno flights to and from Orange County. In addition to these, Reno-Tahoe has seen a snowy winter that has attracted ski bums from all over and promises a high water level on Lake Tahoe for summer adventures like rafting, kayaking, boating and water sports. Here is a  Economic Presentation

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