The Ruppies are coming, the Ruppies are coming!
No, it’s not the latest music group. It’s a new phrase coined by sociologists by combining the three words (yuppies, urban and retirees). Yup, you can trade in your Yuppy card right along with your company badge when you pick up your first retirement check and buy a place in the city.
It seems that these sociologists are studying where people move to when they retire. This study from Wake Forest University was done by a gerontologist who studies people age 60 and older and their migration patterns.
So what the heck does this have to do with Las Vegas real estate? Well according to the Dean at the Erickson School of Aging Studies at the University of Maryland. Retirees want warm climate, ease of mobility, safety, stable cost of living, low taxes and recreational amenities. OK, so do you have to be retired to want all this? I think not!
Surprise! Las Vegas is the number two place that Ruppies are choosing to live, with Phoenix as number one and West Palm Beach Florida as number three. Do you think maybe the Sunbelt is popular?
Let us examine what Las Vegas in its latest transformation has to offer these Ruppies now and in the near future.
Warm climate- There is dry heat and wet heat. Many people don’t like changing their blouse/shirt every 30 minutes and would rather be in a dry heat with less pollen and insect problems. In Las Vegas one can always find a cool (air-conditioned) inviting place to go hang out. After all, Las Vegas was invented because of air-conditioning.
Ease of mobility-
· Roads- Right now Las Vegas is expanding its road capacity almost as fast as it is growing, but it is still falling behind. The State estimates it needs another $7 billion to meet the road expansion needs for the next 10 years. The legislature is working through this issue now. But let’s talk public transportation for a minute. Las Vegas is rapidly integrating the latest public transportation systems to meet the retiree needs.
Double-decker buses- “The Dueceâ€, so this isn’t exactly high tech but it has raised the quality of riders on the CAT (Citizens Area Transportation) System. Where these buses have been deployed many more tourists and middle class working people have started riding these buses with views. It also cuts back on the number of buses needed which means less pollution and traffic congestion.
· Max System- This is a hybrid of a train and a bus. The system combines the platform and pre-purchase ticket concept of a train system. The driver sits in a in an area centered at the front of the hard tired train. Electronic sensors take over the driving when the Max train approaches each terminal allowing for the train to dock within one inch of the platform. The trains have emitting sensors that give them priority with traffic lights, getting the riders to their destination, fast and cheaper than if they drove. Phase I of this system is already partially deployed. Currently a Max System is running from the Nellis Air Force Base to the Downtown terminal for over 2 years. This was the initial test of the system that has been met with great success. It allows for an easy adjustment in Max trains to meet the needs of rider demand. The system is currently in the process of being expanded from the downtown terminal to a new terminal at the far end of Boulder Hwy. in Henderson. Phase II- A proposed new dedicated lane and private road system is in the design phase that will us old railroad right of ways along with special lanes on current streets and include the west side of the Las Vegas strip along the backs of the hotels through downtown art and office districts and extend to the north end of the City of North Las Vegas and South to the City of Henderson. This dedicated Max road system will operate very similar to a light rail system. The roads will have barriers that raise and lower to allow the Max trains access while denying access to regular traffic. The Max trains will have preference when crossing streets allowing speeds of up to 60 mph.
· Monorail- What if you could get off your plane and onto the monorail and ride the monorail to a station near your condo or hotel. That is what is currently in the works. The next extension of the monorail is to the airport. Plans are in place to take it North to Downtown Freemont Street and beyond to Cashman Field with many stops along the way. Monorail officials agreed to move ahead on plans to extend the monorail to McCarran International Airport and resorts on the west side of the Strip. Construction on the $1.3 billion plan could begin as soon as next year and triple the length of the existing system.
· Bullet train- Yep a 300 mph magnetically levitated train every 20 minutes. The city of Victorville, California officials hope to break ground next year with a completion date of 2015. The California transportation Authority wants it extended to Anaheim in Orange County. This will make Disney Land and the beach an easy day trip.
Safety- Manhattanization of Las Vegas is creating high-rise and mid-rise condominium structures complete with high security impounds. Generally, they include 24 hour security guards, alarm systems, surveillance systems, walls and security gates. Their locations are all over the valley with the primary consideration of upscale locations with plenty of shopping and amenities. From a residential home stand point, Las Vegas has many guarded security gate neighborhoods, as well as electric key code gated communities to choose from.
Stable cost of living- We live in the land of the discount everything! From “T†shirts to buffets, Las Vegas has for the most part had a stable cost of living when comparing it to the rest of the U.S. We have had some substantial increases in real estate prices recently, is that bad if you already own a home here? We are going to have additional increases in the next few years due to employment demands and Ruppies.
Low taxes- Gaming pays most of our taxes. Need I say more than Nevada has:
· No personal income tax.
· No corporate income tax.
· No probate tax.
Recreational amenities- How about dinner in the world culinary capitol, shopping in one of the worlds top retail destinations? Catch a Vegas style show, a French Circus, art gallery, museum, or a Broadway Musical. Perhaps a weekend on a houseboat on Lake Mead or a hike in Red Rock Recreation area would be fun. There is skiing on Mt. Charleston and ATV riding in the deserts that surround us. The NASCAR races on the north side of town or 18 holes of golf on some of the world most enjoyable courses. Night clubs, gaming, some of the world best pools, all of which are right here in Vegas. Explore a ghost town, river raft the Colorado, ride a donkey to the base of the Grand Canyon. Or just lay down for a great massage and pampering at a world class day spa. Spend an evening hopping jazz and comedy clubs in the new gaslight district.
If that’s not enough, you’re just minutes away from one of the world great airports with destinations all over the globe.
If you didn’t notice, I did not mention shuffle board, lawn bowling, bridge clubs or the crafts room. These are available here but, many Ruppies are much more active and have better health than any preceding generation in the history of man. You can always catch a poker game or Bingo 24/7 here.
Las Vegas is transforming itself into the new LIFESTYLE CITY FOR THE 21st CENTURY. So, it stands to reason that if you build it, they will come. The Ruppies are coming, the Ruppies are coming!
For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.