We’ve touched on the Las Vegas real estate market numerous times before and still remain optimistically bullish on the area and its vast future prospects.  As the desert oasis continues to be a mecca for all types of tourists – gamblers, families, and thrill seekers alike – the area’s economy continues to thrive around both the tourism and the businesses required to support that diverse industry.

But while Vegas does have tons of upside potential, it’s also quite important to remember that the real estate bubble has wreaked havoc in the market too.  The bottom line?

Don’t fear Vegas, but be skeptical.

I recently ran across a blog post titled “Reasons to Move to Las Vegas.”  While it does have a few good points, notice how it’s also loaded with hyped up and glamorous factoids.  Read on as I practice what I preach and take a critical view of some of the claims outlined in the post. 

The Claim:  “Yahoo Internet – Las Vegas is Top 50 Most Wired Cities”
The Full Story:  The only thing I can find to back this claim up is a 7th place ranking in this article from 2002.  Five years in tech is like an eternity.

The Claim:  “Money Magazine - #1 Place to Live in America”
The Full Story:  I don’t know when this ranking took place, but for 2007, Las Vegas doesn’t appear to be on the list.

The Claim:  “Las Vegas is at the infancy stages of all the high rise development”
The Full Story:  While some new residential high rise projects are currently in the works, many existing project have had a hard time selling their inventory of available spaces.

The Claim:  “No State Income Tax, No Unitary Franchise Tax, No Inventory Tax, No Personal Income Tax”
The Full Story:  These statements are indeed true – Nevada has awesome tax advantages.  Until now, the tourism and gambling industries have paid the way.  Unfortunately this free ride probably won’t last forever.

The Claim:  “Money Magazine - #1 Fastest Growing City”
The Full Story:  Again, I can’t seem to find the facts from Money Magazine to back this one up.  While it was probably true at one point, I’m thinking things have slowed down a bit over the last couple of years.

So while I’m certainly not refuting that Vegas is a great place to live, there is a point I’m trying to make…

Don’t believe everything you see or hear, especially when it comes to Las Vegas real estate.  Be a skeptic and do your due diligence before seriously considering the market.