Raiders' move to Las Vegas could bring more expensive real estat - FOX5 Vegas - KVVU

Raiders' move to Las Vegas could bring more expensive real estate prices

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A rendering of the Las Vegas Raiders' stadium. A rendering of the Las Vegas Raiders' stadium.

Las Vegas could be getting more expensive with the Raiders coming into town.

Uri Vaknin calls it the "Raiders Effect." He and his real estate company, KRE Capital LLC, said they realized years ago this would be huge because he has to sell the idea of Las Vegas before he can sell a condo.

"This was like the last box we needed to check to make Las Vegas a world-class city," he said. "Our sales numbers have doubled ... the Raiders are a part of the momentum."

Vaknin also attributed UNLV's growth and the Vegas Golden Knights as reasons why people are going to want to buy property sooner rather than later.

"We're one of the last few great cities that have affordable housing," Vaknin said. "It's mind boggling for a Californian where $350,000 doesn't even get you a 400 square foot studio, so they're seeing this as their greatest real estate opportunity."

Many also said they expect the area around the Raiders stadium to change. The eastern edge of the stadium is surrounded by the Las Vegas Strip. To the west, the stadium is surrounded by industrial warehouses.

Clark County Commission Chair Steve Sisolak said the board would need to approve a zoning change before warehouses might be able to sell their properties for a big chunk of money in order to make room for shops and restaurants.

"I looked at Mandalay Bay and said to myself, 'MGM could not be happier than they are in this moment right now!'" Vaknin laughed. "It's an economic force multiplier. It's not just a stadium. It's jobs. It's people who come here."

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