Question is, which recovery? Richard Lee knows the market is gaining momentum; but, he realizes the spectrum of submarkets are all recovering very differently, making it nearly impossible to generalize about Vegas real estate, as a whole.
One recovery is the gradual return of new-home construction;
On the commercial side, there's a surge of new ventures (like The Linq) on the Strip. And, there's a glimmer that emerging business development (such as Shops at Summerlin) can begin to turn the tide for commercial real estate.
"Great signs," according to Richard Lee, "but, it won't be a real 'recovery' until the whole Vegas market is moving forward at the same time, at the same pace."
Lee remains cautiously optimistic that recoveries across the real estate market signal an overall turnaround. "But," he cautions, "converting this restart to a solid future takes a realistic grasp of what works, and what's coming. That insight is how we'll avoid repeating our mistakes."
"Before the economy blew, nearly any Vegas real estate deal could turn into a windfall. These days, understanding where the market is headed, and why, is essential to succeed. Opportunities are emerging. There's a ton of money to be made. But, smart decisions and informed investing are key to being successful, going forward in Las Vegas."
Lee concludes, "With shared insight, we can avoid repeating mistakes, and help drive today's emerging recoveries toward an overarching recovery, putting Las Vegas on track toward another wave of real growth."
To that end, Richard Lee will host gatherings of Las Vegas decision makers, through 2013. These "Square Table Roundtable" summits offer a setting in which investors, industry and community leaders can put the market in perspective;
Like to take part? See Lee at the NAHB International Homebuilders' Show, this week; or, email RLee@TicorTitle.com with your thoughts, questions and comments about moving the Vegas market forward.
More info? Email Barbara Kenig (barbarakenig@
RICHARD E. LEE BACKGROUND
Richard Lee is Vice President, Director Major Accounts for Ticor Title of Nevada.
Over three decades, he has come to be a touchstone for the Las Vegas real estate community; the go-to guy for insights, information and industry resources. Through times of constant change, Richard remained a consistent, trusted voice on whom leaders rely.
Lee's insights help his industry plan and market products and properties across the state. His sought-after presentations guide decision makers, and his broad outreach informs everyone from top politicians to individual real estate agents.
"I heard it from Richard Lee," carries real weight when discussing Las Vegas. Whether new homes, commercial real estate, existing residential or development land, Richard has his arms around the market and what it takes to get deals done.
Lee is an Idaho native and a graduate of prestigious Brigham Young University. He serves as a Board of Directors member for both the Boy Scouts and Southern Hills Hospital in Las Vegas.