Real Estate Profile
Preface & Thesis Statement 1- The United States Profile 1.1 Income 1.1.1 Gross domestic product……………………………………………………………………… 1.1.2 The Human Development Index (HDI)…………………………………………………….. 1.2. Costs of Labour index……………………………………………………………………………… 1.3. Labour Indicators…………………………………………………………………………………… 1.4. Currency ($) & purchasing power……………………………………………………………….. 1.5. Living Costs………………………………………………………………………………………… 1.6. Tax……………………………………………………………………………………………………. 1.7. Monetary Stability Index…………………………………………………………………………… 1.8. Transportation ………………………………………………………………………………………. 2. Las Vegas Profile 2.1. Demographics & Language indicators………………………………………………………………… 2.3. Income………………………………………………………………………………………………………. 2.4. Housing Market…………………………………………………………………………………………… 2.5. Supply of skilled labour………………………………………………………………………………….. 2.6. Unemployment rate………………………………………………………………….............................. 3. Office Market in Las Vegas 4. Famous Buildings in Las Vegas
A Historical Overview of the United States of America
The United States originated in a revolution which separated it from the British Crown. The constitution, drafted in 1787, established a federal system with a division of powers which has remained unchanged in form since its inception. The USA, now, is the world's foremost economic and military power, with global interests and an unmatched global reach. America's gross domestic product accounts for close to a quarter of the world total, and its military budget is reckoned to be almost as much as the rest of the world's defense spending put together. The country is also a major source of entertainment: American TV, Hollywood films, jazz, blues, rock and rap music are primary ingredients in global popular culture. The US contains a highly diverse population, the product of numerous and sustained waves of immigration. Ethnic and racial diversity - the "melting pot" - is celebrated as a core element of the American ideology. The 1964 Civil Rights Act outlawed racial and other discrimination, but race continues to be a live issue. Thesis Statement This project shall explain and summarize the United States of America's profile in terms of some points, serve in collecting a real estate informational scheme, such as: Country Income, Costs of living index, labour indicators, Exchanging rates and international purchasing power, tax, living costs, Transportation etc. On the other hand, the project shall provide a short analysis of one of the major Areas in The States (Las Vegas) and its cities in terms of Demographics, language indicator, Income, Housing market, Transportation / Accessibility, Supply of skilled labour and unemployment. Also, three major buildings reveal the area's Real Estate nature according to the previously mentioned points will be explained and described. Data from numerous sources have been collected to create as complete and interesting profiles of US and one of its major States (Las Vegas) about residents (race, income, ancestries, education, employment, housing market...).
1. The US Profile
1.1 Income: 1.1.1 Gross domestic product (a) Definition: The gross domestic product (GDP) or gross domestic income (GDI) is defined as a basic measure of a country's overall economic performance. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has come under increasing criticism and many countries are actively exploring alternative measures to GDP for that purpose. It can be determined in three major ways, all of which should in principle give the same result. They are the product (or output) approach, the income approach, and the expenditure approach. The most direct of the three is the product approach, which sums the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of the product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers," colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Example: the expenditure method: GDP = private consumption + gross investment + government spending + (exports − imports) (b) Gross Domestic Product per capita (GDP / National Production) -- The average income of a typical person in each nation. This figure is reached by dividing the Gross Domestic Product by the population. The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $46,900 = around 31,113 EUR. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. The war in March-April 2003 between a US-led coalition and Iraq, and the subsequent occupation of Iraq, required major shifts in national resources to the military. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices between 2005 and the first half of 2008 threatened inflation and unemployment, as higher gasoline prices ate into consumers' budgets. Imported oil accounts for about two-thirds of US consumption. Long-term problems include inadequate investment in economic infrastructure, rapidly rising medical and pension costs of an aging population, sizable trade and budget deficits, and stagnation of family income in the lower economic groups. The merchandise trade deficit reached a record $819 billion in 2007 and $821 billion in 2008. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and other industrial corporations. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover.
United States GDP Growth Rate United States Gross Domestic Product (GDP) contracted 2.30% over the last 4 quarters. The United States Gross Domestic Product is worth 14204 billion dollars or 22.91% of the world economy, according to the World Bank. The economy of the United States is the largest in the world. The United States is a market-oriented economy where private individuals and business firms make most of the decisions. The federal and state governments buy needed goods and services predominantly in the private marketplace. This page includes United States GDP Growth Rate chart, historical data, forecast and news.
Sep Dec Average -3.13 0.43 2.13 2.65
2009 -3.30 -3.80 -2.30 2008 2.00 1.60 0.00 -1.90 2007 1.40 1.90 2.70 2.50 2006 3.00 3.00 2.20 2.40 1.1.2. The Human Development Index (HDI)
HDI is an index used to rank countries by level of "human development", which usually also implies whether a country is developed, developing, or underdeveloped. The American Human Development Index is an indicator of well-being that allows for "apples-to-apples" comparisons between congressional districts, states, racial/ethnic groups, and men and women. It is a composite measure of three dimensions of human development: longevity, access to knowledge and standard of living. A modified version of the global HDI, the American HDI uses life expectancy calculated from official U.S. government mortality data to measure longevity, a combination of educational attainment and school enrollment to measure knowledge, and median personal earnings to measure standard of living. The scores and rankings of the American Human Development Index are not comparable to those of the global UNDP HDI, which uses a different set of indicators. The purpose of the American Human Development Index is to allow for comparisons of states, congressional districts and other population groups within the U.S. - not to compare the well-being of U.S. population groups to the well-being of people in other countries. UNDP already ranks the U.S. overall in its list of all the countries in the world; right now, the U.S. ranks #15th in the world on this global scale. The Human Development Report series advocates a shift away from a sole focus on economic growth as an end in itself and income as the final measure of a person‘s well being. This approach considers both income and growth as important means for human progress, but also looks at other things people value that do not show up in growth figures such as a quality education, a long and healthy life, personal safety, a secure livelihood, and a say in decisions that affect one‘s life. The broad purpose of the American Human Development Project and its report is to introduce and champion the human development approach and index and to spur a non-partisan conversation, based on apples-to-apples data, about why such strikingly different results have been achieved. With colorful graphics and accessible language, the report is designed to appeal to a broad audience and to mobilize support for action to address key issues Americans really care about: a quality education, secure livelihoods, decent healthcare, and economic, personal, and community security.
1.2. Costs of Labour index The labour cost index measures, on a quarterly basis, the development of labour costs per hour worked. Labour costs are subdivided into their main components, that is the costs of gross wages and salaries and non-wage labour costs. Two Real Jobs Salary at Capgemini Financial Services USA Average annual salary of a full time junior employee as per FSS (Government vs. Private Sector)
Financial Manager Governmentaverage: $95,257 Nationwide average: $96,620 Average annual salary of a full time senior employee in the FSS (Government vs. Private Sector) Accountant Government average: $74,907 Nationwide average: $58,020 Comparative analysis of average annual salary of some senior full time employees in the US*
Job Net Monthly Income
constant 2005 US$ (1)
Gross Monthly Average Income ($) 8,561 6,197 6,103 5,884
Gross Annual Average Income ($) 102,732 74,364 73,236 70,608
Gross Annual Average Income (EUR)
Dentist average salary Engineer average salary Professor average salary Airline Pilot average income Computer Programmer average salary Teacher average salary Physiotherapist average salary Accountant average salary
PPP $ 6,164 PPP $ 4,710 PPP $ 4,638 PPP $ 4,206 PPP $ 4,141
$ 6,164 $ 4,710 $ 4,638 $ 4,206 $ 4,141
PPP $ 4,055 PPP $ 3,434 PPP $ 3,370
$ 4,055 $ 3,434 $ 3,370
5,266 4,402 4,321
63,192 52,824 51,852
Gas-Electricity-Water average income Mining-Quarrying average income Construction average income Manufacturing average income All Sectors median income
PPP $ 3,691 PPP $ 2,961 PPP $ 2,584 PPP $ 2,372 PPP $ 2,313
$ 3,691 $ 2,961 $ 2,584 $ 2,372 $ 2,313
4,732 3,748 3,230 2,928 2,821
56,784 44,976 38,760 35,136 33,852
Full-time and part-time employees, 2005
1.3. Labour Indicators Working time is the period of time that an individual spends at paid occupational labor. Unpaid labors such as housework are not considered part of the working week. Many countries regulate the work week by law, such as stipulating minimum daily rest periods, annual holidays and a maximum number of working hours per week. The standard business office workweek in the United States is from Monday through Friday, 40 hours per week. However, many service providers are open for business on Saturday and Sunday as well. The annual working hours in the U.S., either 2,088 hours or 1,928 hours is often used as a standard work year for HR purposes. The latter figure accounts for 20 work days of annual leave. Full year (no leave) Work hours -- 2,088 Work week -- 52.2 Work days -- 261 Full year (with leave) Work hours -- 1,928 Work week -- 48.2 Work days -- 241
Number of days off in FSS per year "US law does not require employers to grant any vacation or holidays, and about 25% of all employees receive no vacation time or holidays: No-Vacation Nation. For employees that do receive vacation, 10 working days with 8 national holidays is fairly standard. Members of the US Armed Services earn a total of 30 vacation days." Even though most company gives their employees a week or two days off/vacation - it's still extremely low + it's not even required. Most employees don't even get paid for it . Working days lost per 1000 employees (Example: Accident cases) According to Johnson Matthey‘s definition of an accident for the purposes of his report is any acute unplanned event that causes harm to individuals making them unable to attend work on days after the date of the event. Accidents are further subdivided into accidents that result in more than three days work lost and those that cause three or less days to be lost. Accident incidence rates are calculated based on the rate of these accidents per 1,000 employees.
The following metrics are used in the report: Incidence rate for all lost time accidents in the year = ((number of greater than three day accidents in the year + number of ‗three day or less‘ accidents in the year) x 1,000) ’ (average number of employees in the year). Incidence rate for greater than three day accidents in the year = (number of greater than three day accidents in the year x 1,000) ÷ (average number of employees in the year). Lost work days per 1,000 employees per year = (total lost work days in year x 1,000) ÷ (average number of employees in the year). Frequency rate for all lost time accidents in the year = ((number of greater than three day accidents in the year + number of ‗three day or less‘ accidents in the year) x 100,000) ’ (number of hours worked in the year).
Labour productivity employed in FSS per year Labour productivity per person employed is defined in this dataset as real output (gross value added) divided by total employed persons. Data series are available for all countries except Iceland. Discussions about the current crisis often present events in a sequence, such as that the US sub-prime crisis in August 2007 triggered a major inter-bank credit crisis, which transformed itself into a general credit crisis, the latter having an impact on the real economy and overall business and consumer confidence. The United States has achieved this since 1995, the EU15 have fallen well short – averaging only 2.3%. United States Unemployment Rate United States unemployment rate stands at 10.20 percent of the labor force. The labour force is defined as the number of people employed plus the number unemployed but seeking work. The nonlabour force includes those who are not looking for work, those who are institutionalised and those serving in the military. The economy of the United States is the largest in the world. The United States is a market-oriented economy where private individuals and business firms make most of the decisions. The federal and state governments buy needed goods and services predominantly in the private marketplace. This page includes: United States Unemployment Rate chart, historical data, forecast and news.
Year 2009 2008 2007 2006
Jan 7.60 4.90 4.60 4.70
Feb 8.10 4.80 4.50 4.80
Mar 8.50 5.10 4.40 4.70
Apr 8.90 5.00 4.50 4.70
May 9.40 5.50 4.50 4.70
Jun 9.50 5.60 4.60 4.60
Jul 9.40 5.80 4.70 4.70
Aug 9.70 6.20 4.70 4.70
Sep 9.80 6.20 4.70 4.50
Oct 10.20 6.60 4.80 4.40
6.80 4.70 4.50
7.20 4.90 4.40
Number of graduates in the US / National population The educational attainment of the U.S. population is similar to that of many other industrialized countries with the vast majority of the population having completed secondary education and a rising number of college graduates that outnumber high school dropouts. As a whole, the population of the United States is spending more years in formal educational programs. The education levels of the United States population reached an all-time high, according to Census 2000.1 Of the 182.2 million people aged 25 and over on April 1, 2000, 80 percent had a high school diploma or more, and 24 percent had completed at least a bachelor‘s degree.
1.4. Currency ($) & purchasing power Purchasing power parity (PPP) is an economic technique used when attempting to determine the relative values of two currencies. It is useful because often the amount of goods a currency can purchase within two nations varies drastically; based on availability of goods, demand for the goods, and a number of other, difficult to determine factors. PPP solves this problem by taking some international measure and determining the cost for that measure in each of the two currencies, then comparing that amount. More than 20 years ago, the ―Big Mac index‖ was established as a way to compare currencies against the United States dollar. Basically, the prices of Big Macs in several countries are collected and converted to U.S. dollars using the exchange rate. Then, the price of the Big Macs in these countries is compared to the U.S. price to determine ―purchasing-power parity‖. Afterwards, the purchasing-power parity is compared to the actual exchange rate to determine the valuation of the dollar as evenly valued, undervalued, or overvalued. The US dollar is ' overvalued,' mostly against the Chinese renminbi and some other Asian currencies, according to a new study published on Wednesday. But the dollar slid to its low in 2009 on June 1 against the euro and a basket of currencies amid optimism the prospect of a global economic recovery boosted riskier assets. "The principal counterpart to the overvalued dollar is the undervaluation of the Chinese renminbi, which would have needed to appreciate about 21 percent on
a weighted average basis and about 40 percent against the dollar to achieve equilibrium," said the study by economists William Cline and John Williamson. 1.5. Living Costs Cost of living in the United States can differ depending on location and lifestyle. Big cities like Los Angeles, New York and Chicago tend to have high costs and quality of goods and other commodities but there are also a number of states offering lower standards of living. Several people from all over the world want to move into the country because of the very high salaries as well as the abundance of job opportunities. The United States is the richest and most powerful nation in the world. At present, it ranks 1st in terms of economy and quality of life. The current GDP of the nation is over 13 trillion euros with a per capita GDP of over 44,000 euros. The United States has the 3rd largest space area in the world and although the cities are wellpopulated, there are still plenty of land in nearby towns, farms and the countryside. New York City is currently the state with the most number of people and is the most expensive city to live in followed by Los Angeles, Chicago and Houston. Cost of food, household items and entertainment can vary but overall, almost all people can afford these comfortably. Majority of Americans enjoy good quality of life with high net income. The government also asks for state and government income tax from all immigrants, locals and foreign visitors. The U.S. Consumer Price Index (CPI) is a time series measure of the price level of consumer goods and services. The Bureau of Labor Statistics, which started the statistic in 1919, publishes the CPI on a monthly basis. The CPI is calculated by observing price changes among a wide array of products in urban areas and weighing these price changes by the share of income consumers spend purchasing them. The resulting statistic, measured as of the end of the month for which it is published, serves as one of the most popular measures of United States inflation; however, the CPI focuses on approximating a cost-of-living index not a general price index. The CPI can be used to track changes in prices of all goods and services purchased for consumption by urban households, i.e., of the consumer basket. User fees (such as water and sewer service) and sales and excise taxes paid by the consumer are also included. Income taxes and investment items (like stocks, bonds, life insurance, and homes) are not included. The index measures inflation faced by consumers who live in urban areas designated by the U.S. Bureau of the Census. On a seasonally adjusted basis, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent in October, the U.S. Bureau of Labor Statistics reported today. The index has decreased 0.2 percent over the last 12 months on a not seasonally adjusted basis. The seasonally adjusted all items increase largely reflected advances in the indexes for energy and for new and used motor vehicles. The energy index rose for the fifth time in the last six months,advancing 1.5 percent as the indexes for gasoline, fuel oil, naturalgas, and electricity all increased. The index for all items less food and energy rose 0.2 percent in October, the same increase as in eptember. The indexes for used cars and trucks and for new vehicles both rose sharply and together they accounted for over 90 percent of the increase in the index for all items less food and energy. The indexes for airline fares and medical care also increased, while the shelter index was unchanged and the indexes for apparel and recreation declined. The food index also increased in October, rising 0.1 percent after declining in two of the previous three months. The index for food way from home increased slightly, while the food at home index was unchanged. Within the food at home group, the index for dairy and related products rose significantly, while the fruits and vegetables index declined for the fourth straight month. 1.6. Tax The federal government of the United States imposes a progressive tax on the taxable income of individuals, partnerships, companies, corporations, trusts, decedents' estates, and certain bankruptcy estates. Some state and municipal governments also impose income taxes.
Example of a tax computation in the US Income tax for year 2009: Single taxpayer, no children, under 65 and not blind taking standard deduction;
$40,000 gross income - $5,700 standard deduction - $3,650 personal exemption = $30,650 taxable income o $8,350 × 10% = $835.00 o ($30,650 - $8,350) = $22,300.00 x 15% = $3,345.00 Total income tax = $4180.00 (10.45% effective tax)
Note that in addition to income tax, a wage earner would also have to pay FICA (payroll) tax (and an equal amount of FICA tax must be paid by the employer):
$40,000 (adjusted gross income) o $40,000 × 6.2% = $2,480 (Social Security portion) o $40,000 × 1.45% = $580 (Medicare portion) Total FICA tax = $3,060 (7.65% of income) Total federal tax of individual = $7,240.00 (18.10% of income)
Corporate income tax In the United States, the federal corporate income rate for the year 2006 varies between 15 and 39% depending on taxable income. But since 1999, when Treasury announced the "check the box" system many corporations can elect to be treated as a pass-through entity, thereby skipping the entity level 35% tax and having all income pass through to the shareholders. This is the tax treatment that the much discussed "S" corporations receive; but now many more types of state-law corporations may avoid double taxation by "checking the box". Dividends are also subject to a lower rate of income tax in the United States. Property Tax In the United States, property tax on real estate is usually levied by local government, at the municipal or county level. The assessment is made up of two components—the improvement or building value, and the land or site value. In some states, personal property is also taxed. A tax assessor is a public official who determines the value of real property for the purpose of apportioning the tax levy. An appraiser may work for government or private industry and may determine the value of real property for any purpose. When assessing a residence, the appraiser investigates the selling prices of all other similar houses in the county, the cost of replacing it if it gets destroyed, and the most appropriate price that the house should sell for. Then, the appraiser assigns a value which typically lies within this calculated range. Average property tax in some US states % State United States Alaska Alabama Arkansas Average Property Tax Rate 1.38 1.80 0.65 0.88
Arizona California Colorado Connecticut District of Columbia Delaware Florida Georgia Hawaii Iowa 1.7. Monetary Stability Index
1.21 0.68 1.08 1.72 1.31 0.68 1.20 1.52 0.40 2.15
Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply. In the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short term interest rates.
Private commercial banks
When money is deposited in a bank, it can then be lent out to another person. If the initial deposit was $100 and the bank lends out $100 to another customer the money supply has increased by $100. However, because the depositor can ask for the money back, banks have to maintain minimum reserves to service customer needs. If the reserve requirement is 10% then, in the earlier example, the bank can lend $90 and thus the money supply increases by only $90. The reserve requirement therefore acts as a limit on this multiplier effect. Because the reserve requirement only applies to the more narrow forms of money creation (corresponding to M1), but does not apply to certain types of deposits (such as time deposits), reserve requirements play a limited role in monetary policy. US highest lowest yield on government bonds The U.S. Treasury issues five types of debt securities. They differ from each other in their maturities, in the frequency with which they are offered, in the interest rates they pay, and the way in which the interest is paid. But they share the reputation of being absolutely safe. The most common issues are bonds, which have 30-year terms, notes, available with 2-, 5- or 10year terms, and bills, available with 13-, 26- or 52-week terms. The others are Treasury STRIPS, which are government zero-coupon bonds, and cash management bills, which are infrequently issued short-term securities. Treasury bonds, sometimes called long bonds or benchmark bonds, are sold three times a year in February, August, and November, and pay the highest interest. Notes with 5- and 10-year terms are available in those three months and also in May. The 2-year notes are available once a month, 52week bills every four weeks, and the other bills weekly. Treasury issues are sold in $1,000 increments, and you can invest as little as $1,000 or as much as $1 million. You can buy and sell directly, through a program known as Treasury Direct. But like other debt securities, Treasury's are traded in the secondary market after issue, and their prices fluctuate to reflect changing demand.
Long Term U.S. Government Bond Yields Past Present and Future
1.8. Transportation The United States has the world's largest network of highways, including both the Interstate Highway System and the U.S. Highway System. At least one of these networks is present in every state and they interconnect most major cities.
USA Interstate Highway System: Miles/Kilometers Opened from 1988 to 1995 Miles Cumulative % of 1995 Opened Miles Miles During Year Opened Opened 1988 145.2 42,004.1 98.2% 1989 432.2 42,436.3 99.2% 1990 95.6 42,531.9 99.4% 1991 64.5 42,596.4 99.5% 1992 95.3 42,691.7 99.8% 1993 49.7 42,741.4 99.9% 1994 7.6 42,749.0 99.9% 1995 15.1 42,764.1 99.9% Congressionally Designated System 42,794.5
Source: Federal Highway Administration
Kilometers Opened Cumulative During Kilometers Year Opened 233.8 67,639.5 696.0 68,335.4 153.9 68,489.4 103.9 68,593.2 153.5 68,746.7 80.0 68,826.7 12.2 68,839.0 24.3 68,863.3 68,912.2
2. Las Vegas (Nevada) Profile
2.1. Demographics Population Las Vegas is the most populous city in the U.S. state of Nevada. The latest statistics show more than 1.1 million people live in the Las Vegas Valley and more than 1.4 million reside in Clark County. The median age for people living in the Las Vegas Valley is 41.2 years. The median income per household is $36,357. As of the census 2 of 2000, there are 14,565 people, 5,588 households, and 3,559 families residing in the city. The population density is 748.8/km² (1,938.2/mi²). There are 6,366 housing units at an average density of 327.3/km² (847.1/mi²). The racial makeup of the city is 54.21% White, 0.99% African American, 1.96% Native American, 0.61% Asian, 0.10% Pacific Islander, 37.19% from other races, and 4.95% from two or more races. 82.94% of the population are Hispanic or Latino of any race. There are 5,588 households out of which 33.0% have children under the age of 18 living with them, 36.0% are couples Marriage is a relationship that plays a key role in the definition of many families. Precise definitions vary historically and between and within cultures, but it have been an important concept as a socially sanctioned bond between people who (usually) are living together, 21.2% have a female householder with no husband present, and 36.3% are non-families. 30.4% of all households are made up of individuals and 9.7% have someone living alone who is 65 years of age or older. The average household size is 2.48 and the average family size is 3.08. In the city the population is spread out with 26.4% under the age of 18, 13.3% from 18 to 24, 26.2% from 25 to 44, 21.2% from 45 to 64, and 12.8% who are 65 years of age or older. The median age is 34 years. For every 100 females there are 90.4 males. For every 100 females age 18 and over, there are 86.2 males Population Statistics by age
Population by 2008 - City - Density
558,383 4,154/sq mi (1,604/km2)
2.3. Income The median income for a household in the city is $24,214 = 16.083 EUR. , and the median income for a family is $29,797. Males have a median income of $26,319 versus $21,731 for females. The income per capita income for an area may be defined as the total personal income in an area, divided by the number of people in that area. A ranking of the top 10 countries, according to the 2004 CIA World Fact book (in US dollar) # Luxembourg $55,100 # Norwa for the city is $12,619. 27.8% of the population and 24.3% of families are below the line. The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. People who have an income below the poverty line have no discretionary disposable income, by definition. The actual monetary value of. Out of the total population, 35.7% of those under the age of 18 and 20.1% of those 65 and older are living below the poverty line. 2.4. Housing Market Las Vegas is behind Atlanta, Denver and Phoenix if you're looking to rent property. It cited the same oversupply issues plaguing the Las Vegas housing market. Las Vegas went from one of the nation's tightest vacancies at 2.9 percent to one of the most overstocked at 4.9 percent. Rents in lower level units rose faster than the higher end, and it cited how unsold condos have come back into the rental pool. Real Estate Market Data Total Housing Units Average Home Price Median Rental Price Owner Occupied Rental Units Vacant Units Home Gain Agents
Source: U.S. Census Bureau
Las Vegas 181,797 $181,162 (120,256,12 EUR) $618 (410,442 EUR) 51% 41% 8% 690
Housing Quickfacts Total Housing Units Total Housing Units – The total number of housing units in Las Vegas,NV, where you might apply for home refinancing loan.
Las Vegas 427,333
Urban Housing Units Urban Housing Units – The number of urban housing units where you might compare Las Vegas interest rates. Rural Housing Units Rural Housing Units – The number of rural housing units in Las Vegas,NV, area where you might compare mortgage offers. Median No of Rooms Median No of Rooms – The median number of rooms in Las Vegas,NV, where you might apply for a home equity loan. Median Year Structure Built Median Year Structure Built – The median year a house was built in Las Vegas,NV, where you might purchase a home.; Median Rent Median Rent – The median rent in Las Vegas,NV, where you might rent or purchase housing. Median Value of owner occupied Housing Units Median Value of Owner Occupied Housing Units – The median value of housing units where you might apply for a Las Vegas mortgage. Median Price of vacant Housing Units Median Price of Vacant Housing Units – The median price of empty housing units in Las Vegas,NV, where you might refinance your home. Total Housing units no mortgage Total Housing Units No Mortgage – The total number of housing units that have no mortgage in Las Vegas,NV, where you might purchase a home.
2.5. Supply of skilled labour The following is a 2008 statistic shows Las Vegas supply of skilled workers 2.6. Unemployment rate
The state Department of Employment, Training and Rehabilitation said the 13.1 percent compares to 12.3 percent in June and to 6.9 percent in July a year ago. Statewide, unemployment rose from 12 percent in June to 12.5 percent in July with 179,300 persons jobless. People Quick facts Male High School Graduates Male High School Graduates – The number of male high school graduates in where you might apply for a Las Vegas,NV home equity loan. Female High School Graduates Female High School Graduates – The number of female high school graduates in where you might apply for Las Vegas,NV home loan. Males with Bachelor's Degree Males with Bachelor's Degree – The number of males who hold bachelor‘s degrees in Las Vegas,NV, where you might compare mortgage offers. Females with Bachelor's Degree Females with Bachelor's Degree - The number of females who hold bachelor‘s degrees in Las Vegas,NV, where you might find low interest rates. Males with Master's Degree Males with Master's Degree - The number of males who hold master‘s degrees where you might compare interest rates on Las Vegas mortgages. Females with Master's Degree Females with Master's Degree - The number of females who hold master‘s degrees in Las Vegas,NV, where you might apply for a mortgage. Las Vegas 98,571 NV 185,797 U.S. 24,054,948
3. Office Market in Las Vegas
According to a Grubb & Ellis, Property Solutions Worldwide, internet publication entitled ―Office Market Trends Las Vegas: 1st Quarter 2007‖: ―With approximately 406,000 square feet of newly completed office product, 2.7 million square feet under construction and 341,000 square feet of absorption in the first quarter, the Las Vegas office market is off to a healthy start. However, sluggish residential sales in 2006 caused a slight decline in both employment and population growth. This trend may push vacancy upward over the course of the year as the market adjusts. The southwest submarket is booming with approximately 1.1 million square feet under construction. Lease rates for Class A product in this submarket jumped dramatically in the first quarter, while Class B rates rose only slightly. Despite these increases, activity was high with almost 300,000 square feet of absorption and a steady vacancy rate of 11.8 percent. Access to Summerlin, Henderson, McCarran International Airport, the Las Vegas Strip, three new hospitals and large amounts of new residential growth have made the southwest submarket one of the most popular places to do business. Availability reached a new peak of 7.9 million square feet, a condition that is expected to remain elevated through the next several quarters. Compared to one year ago, vacancies are up 4.3 points from 12.4 percent, while vacancies 24 months prior were hovering at 9.5 percent. The 10-year average vacancy rate is approximately 9.7 percent, 7.0 percentage points lower than the level reported in the second quarter of 2008. n addition to the existing inventory of 47.3 million square feet, the market is anticipated to expand by another 3.6 million square feet, or 7.7 percent, during the next year based on the amount of space in projects already under construction. In addition to active projects, plans for another 4.7 million square feet remain on the drawing board in the form of planned projects. The outlook for the Las Vegas office market is bright. Large Class A projects such as the 150,000-square-foot Charleston Pavilion Centre on West Charleston, the 285,000-square-foot Molasky Corporate Center on City Parkway, and the 239,000-square-foot addition to the Hughes Center, located at 3883 Howard Hughes Parkway, are expected to finish construction this year. While these popular projects are already mostly preleased, the remaining space will fill up quickly. Class A product in Las Vegas continues to grow to meet the demands of tenants and buyers, with many more projects coming through the pipeline this year.‖
By year-end 2006, the spec office inventory stood at 34.1 million square feet in 1,637 buildings and eight submarkets. In 2006 alone, approximately 3 million square feet of new space was added. Most of this new office space was located in the southwest (1.3 million square feet) and northwest (615,000) submarkets. More than half of the new space in 2006 was Class C, while Class B represented 30 percent of these additions, medical additions were 17 percent and Class A space had no additions. The forward supply floodgates also opened in 2006, with upwards of 6.7 million square feet either under construction (2.8 million square feet) or planned (3.9 million square feet). If all 6.7 million square feet of this forward supply were completed (an unlikely event), it would increase the valley’s spec office inventory by 20 percent. To put this amount in perspective, it would take nearly 3 years to absorb all of this space at 2006’s net absorption of 2.5 million square feet. Additionally, if all available space in existing buildings is thrown into the mix, it would take more than 4 years to absorb. Most of this under construction and planned space was for Class A and Class B product. Rental Values - Annual
New comers tend to have an easy time finding employment and affordable housing. The overall cost of living is 20% below the national average, and apartment rentals are generally affordable. A recent survey found the following average prices for Las Vegas apartments for rent: studio apartments go for an average of $5400 = 3.593.18 EUR, one bedroom for $ 6900 = 3.594 EUR, two bedrooms for $ 8580 = 5.711.14 EUR.
Las Vegas, Nevada Rental Data (Static October averages for the entire city of Las Vegas) Prices July – November 2009
If you are going to rent or lease an office in Las Vegas; you should understand the following terms and required documentations: -- You should keep a file of all papers, notes, and receipts relating to your tenancy, including your lease, canceled checks, and letters to or from your landlord. You should also document any steps or actions you take when you are involved in some kind of dispute or when you are seeking some kind of agreement. READ AND UNDERSTAND YOUR LEASE Your Lease A lease is a legally binding contract between a landlord and a tenant that grants one party possession and use of another party's property for a given period of time. The lease is the basis of the landlord-tenant relationship and sets forth the terms of possession, such as rent, length of time of possession, and rules governing the tenancy. Before entering into a rental agreement (whether oral or written), make sure you understand everything you are promising. As soon as the lease is signed, it is enforceable, even if the tenant never moves in. Read The Lease And Understand It -- If you do not understand a clause, ask management to explain it to you. Know The Lease Term -- Leases usually have a six month to one-year term. If you plan on moving sooner, contact management as soon as possible. Unless the landlord releases you from your lease, you are obligated for the entire lease period. You normally MAY NOT sublet your apartment, or allow anyone else to live in your apartment other than you and the family/household members listed in your lease. Know Who Is Responsible For Repairs -- The landlord has to make repairs BUT the landlord may make you pay for repairs which you caused by your own (or your guest's) negligence. Written Lease You will be given a copy of your written and fully executed lease when you sign your lease. Points to Check in Your Lease Dates of Tenancy -- The beginning and ending dates of your tenancy show the lease period during which you've the right to possess the premises and the obligation to fulfill all the conditions of your lease. Rental Payments -- The amount of rent and the due date is clearly specified. Rent is due on or before the due date each month. Sometimes there is a grace period; after that you may have to pay late fees. If you do not pay your rent (without making arrangements with management) you can be evicted. Rent Increase -- A tenant is protected from rent increases only if a your lease provides for a fixed rent or a specific rental period. Security Deposit -- The specific amount required for the security deposit should be clearly stated, as well as any conditions for its return. The landlord must return the deposit after you move out. If you have a pet, you may pay an additional "pet" security deposit. Repairs -- Perhaps the most important point to examine in a lease and discuss with the landlord is the responsibility for repairs. The landlord is responsible for repairs - large or small, unless caused by the negligence of the tenant (or his/her guests). Move-In Condition -- When you sign your lease, you accept the premises "AS IS," meaning in the present condition. Your apartment should be clean and in good order and repair at the time you sign. You and management may inspect your new apartment before you sign your lease, and complete a move-in check list, which you both sign. MAKE SURE YOU GET A COPY OF THIS MOVE-IN CHECK LIST. When you move out, you and management will use this checklist to inspect the apartment. Obligations for Cleaning -- Your apartment should be clean when you move in. You will be required to keep the apartment in clean condition while you live in the premises. Common Areas and Yard Work -- Management is responsible for the maintenance of common areas and for trash removal. You are responsible for removing trash and garbage from your apartment and disposing of it in the appropriate trash area in the building. Utilities -- Will you be paying for the power usage and, in some apartments, the gas usage. You must arrange with the utility company for service before you move in. The utility company can give you an estimate of the cost of utilities. Written Notice -- Your lease may state that you must give 30 days' WRITTEN notice of your intent to vacate. If you fail to give notice, and move out, your lease contains a clause which stipulates that you are responsible for an additional month' rent. Make sure you understand and follow the amount of written notice you will be required to give before ending your tenancy. Landlord's Access -- Your lease allows management to enter your apartment at any time, in the event of emergency, and with your prior consent, for repairs and maintenance and other specified reasons. Your right to
privacy is protected under your lease. But, you must cooperate with management to allow management to enter to make repairs or inspections. Management must give you reasonable notice and obtain your consent prior to entry, except in cases of emergency. You are NOT allowed to put your own lock on your door without management approval and management MUST have a key to fit the lock. Cleaning -- Most state's law allows the landlord to withhold from the security deposit actual costs for cleaning or deterioration over and above normal wear and tear and for "cleaning contracted for by the tenant." You are responsible for leaving your apartment as clean as when you moved in when you move out. Subletting or Assignment Clause-- If your lease states that subletting or assignment ARE NOT allowed, only you and the members or your family/household who are certified and listed on your lease may live in your apartment. Community Policies -Your lease may include rules of behavior such as pet and noise rules. You may also be provided the House Rules, Police and / or Procedures. If the rules change, management should provide the changes in writing. Be sure you read and understand the Community Policies, especially those dealing with guests, security and time restrictions, so that you will be aware in advance. Rent Increases Management must give proper written notification in order to raise the rent for the next lease period (this notice is normally given 30-45 days prior to lease expiration). You will be expected to pay the increase beginning with your new lease period. Release from Your Lease If you have to move before the end of your lease term, you and your landlord must agree to release you from your lease. If you end your lease properly, in accordance with the provisions of your lease, the landlord will remove your name from the lease or will void your lease and would enter into a new lease agreement with the new tenant. This will end your liability for future rent or damages. The landlord will return your security deposit to you, and will collect a new security deposit from the new tenant. This is the safest and clearest arrangement for you. Security Deposits The landlord may deduct from the deposit for the following: Any unpaid rent or utility bills owed by the tenant. Payment for damages to the premises beyond "normal wear and tear" ("Normal wear and tear" is that deterioration which occurs based upon the use for which the rental unit is intended, without negligence, carelessness, accident, or abuse of the premises or equipment or chattels by the tenant or members of his household or their invitees or guests). Any other breach of the lease causing financial damage to the landlord. Return of Your Security Deposit If you have fulfilled all the terms of the lease (including giving the landlord proper notice, if required), have paid the rent in full and on time, and have left no financial obligation to the landlord, and have left your apartment in the same condition as when you moved in, minus "normal wear and tear," you are entitled to a full return of the security deposit. The tenant should either collect the security deposit in person or leave a forwarding address with the landlord so that the landlord can return the deposit. Discrimination A landlord may not discriminate against you on the basis of "race, creed, color, sex, sexual orientation, age, marital status, religion, national origin, ancestry, pregnancy, parenthood, custody of a minor child, or mental or physical disability of the individual or such individual's friends or associates. . . .". In buildings developed especially for certain populations- such as elderly and handicapped, and/or low income families/households, the law allows landlords to restrict residency within the government specified guidelines for those buildings. The law prohibits denial of housing to an (eligible) individual, charging different (than certified) rents or deposits, requiring different lengths of lease, or establishing different lease conditions, on the basis of the above listed categories. Discrimination also includes racial, ethnic, religious or sexual harassment, and evicting under standards not applied to tenants of another race, national origin, etc. "Steering" is likewise illegal, i.e., showing minorities, foreigners, the handicapped or families with children some apartments but not others, or putting them in another building or on a separate floor. Under federal and state laws, there are special requirements for the handicapped. A tenant may not be refused or treated differently because he/she uses a wheelchair or a walker, and landlords may not refuse or charge any deposit for a guide or service dog. Landlords must also make reasonable accommodations in rules, practices, policies and procedures to accommodate the handicapped, (such as reserved parking near the entrance). In apartments designed for the mobility impaired, structural changes are made to enable the handicapped tenant full enjoyment of the premises. In addition, the law requires that landlords must also allow handicapped tenants, at the tenant's own expense, to make reasonable structural changes to the apartment, (such as widening a door or installing grab bars), if the change is necessary to give the handicapped tenant full enjoyment of the premises.
The Las Vegas apartment and home rental market has gone crazy in the last 3 years. An average 1 bedroom / 1 bath unit in Las Vegas now rents for $800 a month (getting closer to Los Angeles and California prices everyday). 3 years ago the same 1 bd apartment was renting for $600 per month - a 33 % increase in only 3 or 4 years. Most of the huge (corporate) apartment complexes in Las Vegas are very nice with great amenities like pools, spa, workout room, party room, and even tennis courts. Due to the high number of apartments that have been converted to condos, many residents are choosing to rent a condo from a private owner to save on the rent payment.
4. Famous Buildings in Las Vegas
The Venetian Resort Hotel Casino
The Venetian is located on Las Vegas Blvd. opposite The Mirage. New hotel tower for the Venetian The Venetian has begun construction on a 1,000 room hotel tower atop its parking garage. The expansion also includes 150,000 square feet of meeting and conference space. Reported 8 September 2002 General - There are 3,036 guest rooms in the first phase of the Venetian. Each of the 3,036 standard guest rooms are suites providing an 700 square feet of living space with a marble foyer entrance, crown molding, baseboards and wrought iron railings. The tower is 35 stories or about 480 feet tall. The Venetian gets a lot of convention business since it connects to the Sands Epo Center and the large suites are enticing to the convention visitors. Rooms
Luxury Suite - 650 sq ft, sunken living room. The "Standard" room. Bella Suite - 750 sq ft, sunken living room. Railto Suite - 1,100 sq ft, two queen beds. Piazza Suite - 1,456 sq ft, living room, formal dining area.
Phases- the Venetian will have 6,000 rooms making it not only the largest resort in Las Vegas but making this $1.2 billion ($2.5 billion for both phase 1 and phase 2) Venice-themed mega-resort the largest hotel in the world. There is the 3,036 guest rooms in phase 1 followed by another 3,000 suites in phase two. The two towers will connect to the Sands Expo Center. There will be the 11 acre pooldeck, 5 swimming pools, and a 63,000 square foot spa. The Venetian officially opened phase 1 Monday evening 3 May 1999. The Venetian is located on the property of the old Sands Hotel which was imploded in 1996. Phase 1 The Venetian Hotel tower. The Grand Canal Shoppes 500,000 square foot in-door shopping mall 116,000 square foot casino The Venetian Congress Center, a 500,000 square foot meeting and convention facility adding to the Sands Expo Center. Phase 2
The Lido Hotel tower Additional 300,000 square feet of in-door mall space Second 116,000 square foot casino. Shops and Restaurants
500,000 square feet of shopping, restaurants and entertainment areas
140 retail shops The Grand Canal Shoppes' 140 high-end outlets offers upscale retail merchandise along a 1,200-foot reproduction of Venice's famous waterway, set beneath a 70-foot ceiling
Italian Landmarks: The Campanile Tower serves as an entrance through which a people mover will carry visitors over the Rialto Bridge and the Bridge of Sighs to the second level The Grand Canal Shoppes entrance. The exterior facade includes gondolas bobbing in The Venetian's Grand Canal in front of the Doge's Palace casino entrance.
The Doge's Palace - This building was the seat of government and housed the law-courts and public archives of Venice. Nearly all of the significant moments in Venetian history centered on this building. Campanile (Bell) Tower - at 315 feet tall, the world's most famous bell tower is a cornerstone of St. Mark's Square. While it was originally designed in 1496, it has been rebuilt numerous times. The Rialto Bridge - One of the romantic symbols of Venice. Legend has it that if you kiss your mate on this bridge, your love is destined to last forever. The Ca D' Oro (Palace of Gold) - One of Venice's most elegant palaces, it is the gem of Venetian Gothic architecture. Its name is attributable to the gilt finish that once covered its walls. The Bridge of Sighs - Many prisoners awaiting trial crossed over this gateway between the Doge's Palace and the New Prison. The Contarini Palace - A noble palace known for its ancient grandeur and Desdemona of Shakespeare's Othello fame. St. Mark's Square - The religious, political and social heart of Venice, this square contains the most famous buildings of the city: The Basilica of San Marco, The Doge's Palace, the Campanile Tower, and the Library of St. Mark. Restaurants
Canaletto - Venetian ristorante by the creators of Il Fornaio. Lunch and dinner. Lutece - Elegant casual. French cuisine. Dinner. Pinot Brasserie - French/Californian Bistro. Joachim Splichal's. Lunch and dinner. Postrio - Woldgang Puck's San Francisco restaurant. Contemporary American cuisine. Lunch and dinner. Star Canyon - Texas Cuisine combines Cowboy, Southern, Southwestern Latin influences. Lunch and dinner. Tsunami Asian Grill - Pan-Asian cuisine and sushi bar. Lunch and dinner. Valentino - Contemporary Italian cuisine. Dinner. Zeffirino Ristorante - Italian seafood. Lunch and dinner. Delmonico Steakhouse - Emeril Lagasse's all American steakhouse. Lunch and dinner. Royal Star - California Asian cuisine and dim sum specialties. Lunch and dinner. P.S. Italian Grill - Light, affordable Italian cuisine. Lunch and dinner. Grand Lux Cafe - Owned and operated by the Cheesecake Factory. 24 hours. WB Stage 16 - American, Mediterranean, Asian, European offerings. Lunch and dinner. Taqueria Canonita - Mexican dishes in a New American ambiance. Lunch and dinner. Noodle Asia - Dim sum and noodles. Lunch and dinner. Canyon Ranch Cafe - Healthy spa cuisine. daytime hours.
Tintoretto Bakery - Bakery specialties, coffee. Morning till late.
C2K Entertainment facility Four level 1,700-seat theater which often has featured headliners and resident continuously running shows earlier in the evening and then later in the evening (after 11:00pm) the theater turns into a night. Tickets for regular shows available at the C2K box office. Call the front desk for information on special events and headliners. Charo - "Bravo" is ahigh energy dance and comedy with sultry rhythms starring Charo. Monday through Saturday. Dark Sundays. Melinda - "Melinda The First Lady of Magic." Thursday through Tuesday. Dark Wednesday. 6:00 p.m. The female magician performs amazing original illusions in a multi-million dollar production featuring dancers and variety acts. $55, $77 (ages 12 and under $22). Showroom at the Venetian. Signed, Sealed, Delivered - Show opens 3 June 2002. The music of Stevie Wonder. There will be a 10 piece band and eight dancing performers. Chaka Khan to be show's first headliner. A new headliner every four to six weeks. Convention facility 500,000-square-foot meeting center plus the neighboring Sands Expo with 1.6 million square feet. Casino 116,000-square-foot 100 table games 2,500 slot machines Management The Venetian is a property of the Las Vegas Sands, Inc., a hotel, gaming, and retail Mall Company headquartered in Las Vegas.
Tallest Buildings in Las Vegas NV.
Height Floors Year ft (m)
This structure is included for Stratosphere comparative Tower purposes.
Fontainebleau Resort Las Vegas*
Tallest observation tower in the United States, second-tallest in the Western Hemisphere after the CN Tower in Toronto; secondtallest free-standing structure in 1996 the U.S. west of the Mississippi River, after the Kennecott Smokestack in Utah; has been the tallest structure in Las Vegas and Nevada since 1996 Under construction; the Fontainebleau Resort was topped out in early 2009, becoming the 2009 tallest building in Las Vegas and the state of Nevada. Tallest building constructed in Las Vegas in the 2000s Tallest completed building in Las 2007 Vegas and Nevada; tallest hotel in Las Vegas
Encore at Wynn Las Vegas
Tallest residential building in the city
USA Profile; Wikipedia, the free encyclopedia USA Department Of commerce online Library. http://www.trade.gov Las Vegas Profile; Wikipedia, the free encyclopedia United States". The World Factbook. CIA. 2009-09-30. https://www.cia.gov/library/publications/the-worldfactbook/geos/us.html. Retrieved 2009-10-11. "U.S. POPClock Projection". U.S. Census Bureau. http://www.census.gov/population/www/popclockus.html. Figure updated automatically. "Population Finder: United States". U.S. Census Bureau. 2000. http://factfinder.census.gov/servlet/SAFFPopulation?_submenuId=population_0&_sse=on. Retrieved 200712-20. "United States". International Monetary Fund. http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weorept.aspx?sy=2006&ey=2009&scsm=1&ssd= 1&sort=country&ds=.&br=1&c=111&s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC%2CLP&grp=0& a=&pr.x=64&pr.y=8. Retrieved 2009-10-01. "Annual Estimates of the Resident Population for Incorporated Places in Nevada, Listed Alphabetically: April 1, 2000 to July 1, 2008" (CSV). United States Census Bureau, Population Division. 2009-07-01. http://www.census.gov/popest/cities/tables/SUB-EST2008-04-32.csv. Retrieved 2009-07-24. "Annual Estimates of the Population of Metropolitan and Micropolitan Statistical Areas: April 1, 2000 to July 1, 2008". U.S. Census Bureau. 2009-07-01. http://www.census.gov/popest/metro/tables/2008/CBSAEST2008-01.csv. Retrieved 2009-07-24.