Back in 2005 when the Hoover Dam Bypass first began construction the Las Vegas real estate market was booming at an alarming rate. With a low inventory of Las Vegas homes available to buyers the price of a Las Vegas home for sale climbed. The Las Vegas jobs market was in great shape as anybody who wanted to work could find a job. Also, a Las Vegas mortgage was easy to come by. An applicant could simply state what they earned and then qualified for a mortgage to purchase real estate in Las Vegas. At this time a buyer had easy access to buy Las Vegas properties in any of the Las Vegas zip codes.
Las Vegas real estate agents were busy driving these buyers to houses for sale in Las Vegas and also to condos for sale in Las Vegas. Real estate investors poured into Sin City to buy Las Vegas properties and then simply placed the investment property back on the market to flip and reap a big time profit. As the price of homes in Las Vegas increased more people got into the act. More people started buying more Vegas real estate because more Las Vegas property meant more easy money. Appreciation was taking place and there seemed no end in sight.
Las Vegas relocation was in full swing and suddenly many people started to buy Las Vegas mansions. Luxury homes of Las Vegas were quickly being built as well as new luxury Las Vegas condos. It was a time for homeowners to upgrade to a better lifestyle and what better way to do it than in luxury Las Vegas homes.Meanwhile, there was talk of the new bridge that was being built across the Colorado River. When the bridge was completed it would mean easier and quicker travel to and from Las Vegas and Arizona. The combination of a booming Las Vegas housing market and the Hoover Dam Bypass meant for bedroom communities in Arizona. Land was dirt cheap on the Arizona side and so developers started purchasing large tracts of land in the Arizona desert. Then individual investors began to go in and purchase lots just to be ready for when the new bridge would be completed.
During this time there was a tremendous amount of growth happening. On the southeast side of the valley Lake Las Vegas began to bloom as well as Henderson Nevada real estate. In the south part of the valley southern Highlands was building thousands of houses for sale in Las Vegas. On the west side of the valley Las Vegas home builders were busy expanding Summerlin real estate with the largest master planned community in the United States. Then there was an explosion of north Las Vegas homes being built on what was considered cheap land.
As the Hoover Dam Bypass inched along during the next few years Las Vegas Nevada real estate continued its torrid pace. It seemed like each day there were new announcements of major Las Vegas real estate developments in the local paper as well as on local TV stations. The building of City Center Las Vegas was disclosed and it would mean employment for thousands of locals. Las Vegas condominiums like Turnberry Place and Trump Towers would be built. However, this is just a sampling of what was taking place with Las Vegas real estate.
During this period everyone came to know about about Vegas real estate. It was big news and a time of prosperity. Ocassionally, one would hear about what was happening with the Hoover Dam Bypass. Then in about 2007 there came talk of a real estate bubble. Many so called real estate experts in the Las Vegas valley denied any possibility of a Las Vegas real estate market crash and in fact many of these experts provided proof of why a crash would not and could not happen.
As we know Las Vegas realty has taken a hard turn. However, the new bridge inches along as if ignoring the rise and fall of Las Vegas real estate. Even tho there has been a ton of the Las Vegas foreclosures and Las Vegas short sales in the past few years time moves on and the Las Vegas real estate market continues to change as well.
Men built Hoover dam during the Great Depression and today we marvel at its engineering as well as mans’ effort and ability to create such a wonder. Generations before us who endured the Depression wondered if happier days would ever come. Better days did come. Today there are many people wondering when our economy will take a turn for the best. However, there are some people who are able to take advantage of a down Las Vegas real estate market and purchase a Las Vegas home or Las Vegas condo at incredibly low prices. How long will this Las Vegas sale last? Nobody knows for sure and that includes the many so-called real estate experts. However, someday and hopefully soon we will be able to cross that bridge.
The new Hoover Dam bypass is due to open sometime in 2011. Currently, the two sides of the $160 million dollar bridge are taking shape.
The bridge is 900 feet above the Colorado River and will carry a new section of US section of US Route 93 past the bottleneck of the old road which can be seen twisting and winding around and across the dam itself.
When complete, it will provide a new link between the states of Nevada and Arizona . In an incredible feat of engineering, the road will be supported on the two massive concrete arches which jut out of the rock face.
The arches are made up of 53 individual sections each 24 feet long which have been cast on-site and are being lifted into place using an improvised high-wire crane strung between temporary steel pylons.
The arches will eventually measure more than 1,000 feet across. At the moment, the structure looks like a traditional suspension bridge. But once the arches are complete, the suspending cables on each side will be removed. Extra vertical columns will then be installed on the arches to carry the road. The bridge has become known as the Hoover Dam bypass, although it is officially called the Mike O’Callaghan-Pat Tillman Memorial Bridge, after a former governor of Nevada and an American Football player from Arizona who joined the US Army and was killed in Afghanistan.
Work on the bridge started in 2005 and should finish next year. An estimated 17,000 cars and trucks will cross it every day.
The dam was started in 1931 and used enough concrete to build a road from New York to San Francisco . The stretch of water it created, Lake Mead , is 110 miles long and took six years to fill. The original road was opened at the same time as the famous dam in 1936.
An extra note: The top of the white band of rock in Lake Mead is the old waterline prior to the drought and development in the Las Vegas area. It is over 100 feet above the current water level.
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Bob and Jackie Simmons
The Realty One Group