Las Vegas Developers Ramp Up New Home Construction to Meet Growing Demand in Southern Nevada Region

LAS VEGAS, NV – With Las Vegas real estate seemingly outdoing itself at every turn brokers and developers have been struggling to keep up with mounting demand for homes and rental units as more and more families, entities, and corporations literally pour money and resources into the Southern Nevada region.

According to recent mid-year reports, new homes sales in Las Vegas are at their highest level since 2008; in Clark County in June of this year, developers closed on 832 sales of new homes, which brings the total for the up to 4,267. This represents an increase up 22.4 percent over the same period in 2016. In addition, the median price of homes closed on in June was approximately $339,603, which represents an increase of 3.7 percent from the year before.

In addition, the sheer number of new home construction permits pulled in June was an impressive jump not only from 2016, but for the last decade as well, as permits for 1,035 new homes were pulled by developers, the highest amount since July of 2008. Given this number, builders seem more than likely to achieve an impressive goal once the year is out; Clark County, but the time 2017 comes to an end, stands to have over 9,000 new homes within its limits, a situation that impatient potential homeowners are itching to be made into a reality.

Clearly, the efforts of developers and builders has been redoubled since last year as new home construction levels are up a staggering 20 percent in the first half of 2016. And while those numbers may seem truly impressive – and they are, especially considering the massive dry spell the Southern Nevada region has been through since the housing bubble burst – those numbers are still shy of the sheer magnitude of development Las Vegas saw in the years leading up to the real estate crisis in the mid-2000’s, where the first six months of 2006 saw an astonishing 18,800 homes constructed. Of course, many of those homes went on to sit and essentially do nothing as the real estate market plunged into a stupor, the result of the mass recession that held much of the country in its icy grip.

However, as things have slowly improved, homes began to sell once again; soon, even a genuine surplus became not enough as businesses, jobs, and money began flowing back into Vegas, and soon demand was pushing development back into overdrive once again.

Soon, if things continue to progress as they have recently, we may indeed see construction levels as they were back in the early-to-mid 2000’s, bolstered by a growing economy and job market – with entities such as Amazon, the soon-to-be Las Vegas Raiders NFL football team, and more moving into the region.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – While much hoopla has been made over the greatly increased demand – as well as prices – of the Las Vegas housing and rental market since the region’s recovery from the mid-2000’s burst of the housing bubble, another real estate commodity that has been on the rise is that of master-planned community sales; many such developments throughout Southern Nevada have seen a vast influx of buyers in the past year, so much so that a shortage is starting to take shape to rival the demand in the private housing and rental market.

What is a master-planned community, you may ask? Simply put, it is a type of residential plan that includes an out of the ordinary number of recreational amenities such as parks, golf courses, lakes, bike paths, and jogging trails. The scope of the plan is typically large scale and the number and variety of amenities clearly separates it from a normal plan for a housing subdivision. Some of these communities cater to older homeowners, especially in the 55 year-old and higher range, yet some are inclusive of all age ranges as well.

Among the hottest selling of these communities is Summerlin, located in the Las Vegas Valley of Nevada. A development of The Howard Hughes Corp., Summerlin lies at the edge of the Spring Mountains and Red Rock Canyon, on the western periphery of Las Vegas in unincorporated Clark County. The community occupies 22,500 acres and includes a variety of land uses, including, residential, commercial, recreational, educational, medical, open space, and cultural. According to recent reports, units in Summerlin experienced strong sales throughout the first half of 2017 – 470 new home sales, representing a 28 percent increase over the same period in 2016 – making it seventh-highest best-selling among master-planned communities nationwide.

Summerlin has been experiencing a recent glut of expansions in the form of new “neighborhoods” in face of strong sales; Affinity by William Lyon Homes, Caledonia, Trilogy by Shea Homes, Reverence and more either have or will be opening in the near future. Caledonia, Summerlin’s most recently-opened addition, features homes in the mid-$300,000 range and targets families of all ages; Trilogy by Shea Homes is due to launch in several months, and targets the 55-plus community.

Another master-planned community in the Las Vegas area that is boasting impressive growth in the midst of Southern Nevada’s ongoing real estate boom is Cadence Henderson by developer The LandWell Co. , which has ranked in the top 25 nationally for new-home sales in recent surveys. Much like Summerlin, Cadence is actually made up of numerous smaller neighborhoods, each constructed by a different contracted building company and each with their own unique allure and draw for specific segments of the population, including the 55-plus community Heritage. Each neighborhood offers numerous municipal amenities that typical private homes generally do not, including a 50-acre Central Park, six-lane lap pool, and 2,000-square-foot splash pad. And again, much like Summerlin, Cadence Henderson is planning a host of additions and expansions to handle their booming sales and growing population in the region.

While private dwellings – both stand-alone homes and rental apartments – have experienced booming sales and massive growth recently, exclusive planned communities such as Summerlin and Cadence Henderson are also feeling the benefits of the boost the local economy as well; their individual planned expansions in light of such business will only offer more housing options to both existing and new Nevada residents as jobs and money continue to filter into the area, ensuring that the boom Las Vegas is experiencing is no mere passing fad.

Whether you are real estate buyer, seller or investor – if you’re interested in Master-Planned Communities here in the Las Vegas Valley, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Las Vegas real estate scene is hot right now; according to reports, demand is far outstripping supply in terms of both housing and rental units, with prices soaring and continuing to increase ever since the Southern Nevada area has recovered from the housing bubble burst of the mid-2000’s. Jobs are increasing, the economy is stabilizing and beginning to flourish, and big-name businesses such as Amazon and the NFL are setting up shop in the region, galvanizing current residents and inviting a virtual flood of newcomers from out-of-state looking for a fresh start.

While these factors are no doubt a good thing for Las Vegas, the latest real estate boom has brought a negative with it that local officials are currently scrambling to combat- squatters, people who break into vacant or empty dwellings and live there illegally until they are removed by property owners or authorities. There are a number of reasons squatting is an issue in Las Vegas currently, but while homelessness is an issue that any major city has to deal with in one way or another, the main reasons have already been touched upon in this article- the general lack of housing options and the ever-rising prices of the ones that are currently available.

In Las Vegas, however, the issue of squatting is increased by the fact that the mid-2000’s housing crisis has left numerous homes simply abandoned or foreclosed upon; more so than the national norm at the moment, and thus ripe for the picking by anyone looking for a place to crash illegally. But while squatting to some may merely appear to be a harmless pursuit of somewhere to live, to others – legitimate property owners – it’s proven to be a hardship, and one that local government is looking to address in a hurry.

One area couple, according to reports, has been involved in a nearly year-long dispute with a number of squatters that have been regularly breaking into a former office that they had previously used for a family business; despite sinking money into boarding up the property and constantly calling the police, the couple nonetheless noted that in the last several years, there have been at least 30 break-ins, and that their patience is wearing thin to the point that they are considering selling rather than deal with the headache.

Recently, people squatting in a downtown Las Vegas house caused a fire in the dwelling, causing approximately $75,000 in damage before local fire department crews were able to get the blaze under control. Thankfully, the damage was contained to the individual property in question; no injuries were reported, and the fire prevented from spreading to other adjacent units. Some area realtors have actually started carrying weapons when visiting properties listed for sale, just in case they have an untimely – yet rare – encounter with a squatter; more often than not, they simply walk into the aftermath of their unwanted presence, consisting of discarded food and clothing items, and occasionally, minor damage to walls, doors, or cabinets.

Although squatting is mostly contained to small, specific areas at the moment, local officials are looking to head off the problem before it becomes more widespread and problematic; especially as it related to maintaining local property values. The Las Vegas city council is currently putting together a registry that identifies and classifies currently vacant homes that run the risk of being taken over by squatters, and then taking steps to secure those properties, which typically consist of ones that have been abandoned or foreclosed upon and are currently in-between owners and, thus, are not currently subject to regular use by legitimate parties.

In addition, the City Council has passed laws stiffening penalties for squatting and/or aiding squatters, and has organized a dedicated squatter task force that allows officials to not only keep up with the activities of potential squatters, but actually keep ahead of them. In addition, more work is being done, including setting up coordination across municipalities in order to form an organized front against such activities. In the meantime, real estate experts suggest not advertising a property as being vacant with a for sale sign on the front lawn or window, and to refrain from posting the street address of any available property on a publicly-accessible real estate website.

Need real estate information on the fast-evolving Las Vegas market? Free residential market appraisal? Property management assistance for investment homes in the area? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the Las Vegas real estate market continuing its meteoric rise – both in home and rental demand and their subsequent prices (after recovering from the burst of the housing bubble of the mid-2000’s), it’s only natural that families and businesses – as well as tourists – begin to flow back into the region; developers who have been snapping up residential properties have begin to turn their attention to retail, as well.

There’s one constant in any populated area: people need to buy things. And as a result of the influx of workers and their families into the Southern Nevada region looking to take advantage of the booming economy and the fact that corporations (such as Amazon), sports teams (such as the Raiders), and other business entities are taking up shop in Las Vegas and are in dire need of employees, real estate developers and investors have begun building new retail establishments and rehabbing old ones that have fallen into disrepair after being closed up and abandoned during the recession several years ago. After all, no one wants to live in an area where they can’t run to the corner market for a container of milk if they need it, do they? So, with an increase in population and residents, also is a coming equal increase in clothing stores, restaurants, bars and other necessities of modern living.

The newest updates of retail development in Southern Nevada is the recent ground breaking on the Ellis Island Hotel, Casino & Brewery on Koval Lane east of the Las Vegas Strip, which is expanding on an existing property with the goal being to attract and accommodate increased foot traffic in the area – especially tourists – with amenities such as a restaurant, bar and beer garden. The rise in pedestrians in the area that is prompting expansion is due in-part to local residents and visitors who are looking for other areas to socialize then just the famous strip; as consumers spread outward towards the eastern resort corridor, more resources are being allocated to courting their patronage.

Other examples of the development of the eastern resort corridor to lure in tourists and residents is the recent opening of Topgolf at MGM Grand, a entertainment venue with a high-tech driving range and swanky lounge with drinks and games; MGM also announced their intention to expand the square footage of its convention center as well. In addition, the Las Vegas Convention Center is slated for expansion after the recent purchase of the Riviera, which is slated for demolition.

In other Southern Nevada retail developments, the Rainbow Dunes Centre – a popular shopping center located in at the northwest corner of Spring Mountain Road and Rainbow Boulevard, now abandoned and dilapidated, is facing the prospect of having new life breathed into it. Currently an eyesore stripped of every ounce of copper from the boarded-up stores which used to welcome numerous customers to establishments such as K-Mart, the current ownership – Golden Legacy Las Vegas in Milpitas, California (who until recently seemed quite uninterested in selling) have announced they’ve hired a listing broker with the intention of selling the property or entering into a business venture with a new partner at the helm.

The 7.6-acre property was originally constructed in 1983, and the loss of a major “anchor tenant” – K-Mart, closed its doors in 2003 – and lead to the eventual closure of the entire shopping center, as additional tenants left; up till 2009, none remained, leaving Rainbow Dunes to do nothing but gather dust. But the recent announcement that Golden Legacy Las Vegas is now interested in restoring the shopping center to life – its currently the source of complaints to the city council on a regular basis due to its state of decay and speaks volumes about the increased emphasis on retail development in Las Vegas.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After the so-called pop of the housing bubble in the mid-2000’s and subsequent crash of the real estate market, the last year or so has seen a resurgence the likes of which have not been witnessed in quite some time, with a spike in the local Southern Nevada economy fueled by new businesses and jobs taking up residence in the region, in addition to rapidly-rising demand for housing and rental units. As always, demand sets ever-increasing value and prices; according to recently-published reports, property prices continued to climb as Las Vegas moves into a very real house shortage.

The report reveals that 4,297 properties – consisting of condominiums, townhomes, and single family homes – sold for premium prices on the open Las Vegas market during May of 2017. The median price range of houses that sold in the region during that month was $250,000; this represents a 3.3 percent increase from April ($249,000) and an increase of 13.3 percent from the same period of time one year ago.

The rise in prices and the heavy activity on the sales front, of course, only spells good tidings for the recovery of the Las Vegas economy and real estate market, especially if you’re an investor; however, it can also represent a significant hurdle for those on a budget looking to purchase a home for the first time in order to start a family. As an example, a recent article chronicled the efforts of Kierra Jemison, a single mother of four children, as she attempted to navigate the Las Vegas housing landscape for an affordable home for her family after being forced out of a previous rental. With a very strict budget – Jemison is looking for something with four bedrooms to the tune of $200,000 – she set out with a sense of hopeful anticipation, but soon found herself frustrated and demoralized after 30 house tours and five offers saw her no closer to her goal, as she found herself outbid at every turn in an incredibly competitive marketplace.

Very quickly, prospective first-time homeowners in Southern Nevada are finding it harder and harder to find a property under the $300,000 mark. New construction, however, looks to address the lack of housing and rental options; Lake Las Vegas, up until recently, was considered a lackluster investment in terms of real estate, yet it has recently seen a number of housing projects in the works, with as many as six developments stated to be completed and entered into the marketplace within the next year. However, while this will certainly help to address the scarcity of real estate options – Las Vegas currently has a two-month supply of homes on the market, whereas a balanced market typically has a six-month supply – the subsequent prices of these new developments stand to mirror the current marketplace. For example, one of the Lake Las Vegas developments in the works – CalAtlantic Homes Regatta Pointe – will feature homes in the mid-$300,000 range.

In the meantime, prospective homeowners on a budget, such as Kierra Jemison, will have to continue to fight it out with other like-minded individuals in a marketplace that is currently seeing explosive growth and expansion; however, with big-money investors in droves setting up shop in the region and real estate prices continuing to climb ever-higher, competition for affordable housing options will remain fierce.

If you’re looking to purchase a home here in the Las Vegas Valley, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.