Appraisal Articles 2019 Free Appraisal Articles for Appraisers and the Public
It’s been about a year since the City of Henderson approved the sale of about 55 acres located north of Inspirada on the West side of Executive Airport Drive and also south of St. Rose Parkway for what will be a Las Vegas Raiders practice facility . The property closed in June of 2018 and they have broken ground on the practice facility that has been budgeted for around $ 100 million that was part of the $ 1.9 billion stadium price.
Like the stadium itself, located to the north of Russell Rd. and west of Interstate 15 Highway the practice facility in Henderson will generate a lot of excitement in the coming years. For those who have located in Inspirada it’s like having a professional football team locate right in your back yard. It will be like heaven for many football fans! But I’m sure that there are some who are not really looking forward to the traffic.
Of course everyone wants to ask an appraiser if the practice facility will positively impact their property value in the same way that the stadium is having a positive economic effect on real properties in its surrounding area. It’s my personal opinion that even a practice complex that employs maybe 250 individuals is going to be seen as positive by most businesses and some nearby residents. As far as positively influencing property values, when it’s finished appraisers can make some comparisons and make that determination. I anticipate that the Practice complex will have a positive influence on the area but not as dramatic an influence as the much larger Stadium on proximate industrial properties.
Las Vegas and Henderson have waited a long time for professional sports teams to finally arrive. There have been many years when having a team or teams was talked about but simply rejected by Las Vegas or by the leagues. Las Vegas was considered to be too bad an influence on players. I always thought that was rich, it assumes that players have absolutely no self-control. There was also a lack of support from casino management / owners that assumed that national sports teams would take people out of the casino, which was not considered to be a positive thing, but times have changed and many who now come to Las Vegas don’t come to gamble.
None of the old reasons made a lot of sense today and having the Las Vegas Golden Knights Hockey team here has dispelled most of the concerns and proven that a professional team can make it in Las Vegas. The competition for seats is more intense here that I like, you can’t get a seat for $ 25 on a discount like you can in Phoenix, but it’s better to see them intermittently than not at all. I’m sure the competition to see the football games will also be intense, and of course the Strip casinos already have blocks of seats reserved.
The practice facility will be a popular place for those who closely follow the NFL team and its individual players. You can get a lot of entertainment following the team during their practices and it won’t cost you hundreds of dollars and a battle to get parked.
Gambling on sports has become a common thing, it has been an acceptable practice in places like the UK for many years, and I don’t see problems if the team is isolated from it. Only time will tell how well national teams coming to Las Vegas is in the long run, but I can’t imagine it will be as big a deal as many have thought .
So Las Vegas, with national teams in place, will again become unique. Indian casinos and casinos in many other places like Atlantic City have materialized but Las Vegas will have an amazing combination of thousands of rooms (more than anywhere else), gambling, live entertainment and shopping that exists nowhere else.
For more appraisal information contact Glenn J. Rigdon MA, MRICS, IFAS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas (http://www.appraiserlasvegas.com), or http://www.horizonvillageappraisal.com, or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/
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