Raiders bring more millionaires to Las Vegas

LAS VEGAS - When the Raiders move to Las Vegas, the "Raider effect" will be something our economy has never seen before.

For example, the team is bringing 53 players who earn an average of  $2.1 million each, and about 20 assistant coaches who make $400,000 each.

Many will be buying pricey homes and luxury cars -- and now -- you're beginning to see why real estate agents and car dealers can't wait for 2020.

Chances are, many of the Raiders are going to want to "live large" in Las Vegas.

 For example, wide reciever Michael Crabtree made a cool $7 million in salary last year. How big of a home will he want?

There is a 23 year veteran of the Vegas real estate wars that would love to show him a few.

"It really is going to mean great things for all the industries across the board," said Devin Reiss, Coldwell Banker Premier Realty. 

He can't remember a company that's moved to town with more highly compensated employees.

"We've brought in other industries, but not with the same kind of buying power," he said.

And since NFL players aren't known for scrimping, the sweet spot, will likely be Las Vegas' high-end market.

"If you look at properties that are listed over $5 million, we only have about 40 properties on the market, so you got to think some of these higher end players are going to want a real nice place," Reiss said.

Across town, UNLV economics professor Stephen Miller is less enthusiastic about the Raider effect.

"To an economist, the real question is OK, but are they going to live here? Are they going to be full-time residents?"

The professor makes a good point, the average NFL career is short, and not every player takes up residence in the city where he plays.

"But you also have to think in Las Vegas, this is different than anyplace else, first off Nevada, the no income tax, Las Vegas being a place where players can get to other cities extremely easy, of course the great hotels restaurants, all the things to do," Reiss said.

Even if only half of the Raiders players invest in Las Vegas, that new money will certainly give the high-end real estate market a boost. But will it affect average home buyers?           

"Are we going to drive the average price of homes because of these people moving to the valley, I don't think so," Miller said.

And before the Raiders get here, the Vegas Golden Knights will be playing with a 23-man roster and an average NHL salary of $2.4 million each.

Some of the wealthiest people in the world already live in Las Vegas. Soon, we'll roll out the welcome mat to even more of the rich and famous.      


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