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Month: August 2017

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Experts Report Rise in Eviction Rate in Southern Nevada

Experts Report Rise in Eviction Rate in Southern Nevada

LAS VEGAS, NV – While the Las Vegas real estate scene is on the rise – and has been for the better part of a year now, with both record demand and prices in both the housing and rental markets following the mid-2000’s recession – there has also been a recent spike in a related field; that of evictions – as the growing Southern Nevada economy struggles to keep in step with increased costs of living.

Clark County currently averages approximately 82 evictions a day; over 30,000 renters were evicted from their residences in 2016, which represents a whopping leap of 43 percent from the same period in 2009.

After the burst of the housing bubble in the middle of the first decade of the new millennium – resulting in properties that had been snatched up by investors sitting dormant for years without buyers or renters – the recent real estate boom has brought money, new businesses, and enthusiasm into the Las Vegas area, and with that surge of prosperity has come a corresponding surge in the demand for housing options…and likewise, an increase in prices that some residents are having difficulty keeping up with.

According to recent reports, Clark County currently averages approximately 82 evictions a day; over 30,000 renters were evicted from their residences in 2016, which represents a whopping leap of 43 percent from the same period in 2009. And when the experts weigh in, the same answers to why this is happening keep coming up…it’s a matter of rising lodging costs in Southern Nevada while the economic benefits of the recent housing boom and influx of investment capital have yet to filter down to an appropriately comparable raise in salaries for the general public. While investors are currently making a killing in Vegas, those living paycheck to paycheck have yet to experience a relief from their financial pressures.

Las Vegas also has slightly tighter eviction deadlines than in other areas of the country, which leads to less time for tenants and landlords to iron out any issues that they may have; according to reports, landlords can issue a five-day eviction to tenants, and in reverse, landlords have 14 days to address a grievance issued by a tenant. Another difference is that, while many other states require a landlord to file a summons and complaint and initiate a court action, in Nevada a tenant needs only to be served with the initial eviction notice; it is then up to them to go to court and file a tenants affidavit, essentially reversing the process compared to many other states. This is another factor that accounts for the rising amount of evictions in the area, because when it comes down to it, most people will attempt to avoid court whenever possible, even if it means the loss of their dwelling.

Experts are anticipating the increase in construction of housing in Southern Nevada will contribute to the lowering of prices for both homes and rentals in the area, and with that a corresponding decrease in the number of evictions. Essentially, Las Vegas is going through a period of intense growing pains as past years of dormancy have left it ill-prepared for its current record-breaking expansion. However, some argue that the equilibrium between housing costs and worker earnings has already been lost to such a degree that government intervention may be required in the form of aggressive affordable housing policy at the state and local level.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas 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.

Thousands of New Las Vegas Residents Driving Up Rental Demand, Home Prices

LAS VEGAS, NV – The revitalization of Southern Nevada in the past year has seen a mass exodus of new residents flock to the region looking to take advantage of the now-booming economy and its subsequent burst of rapid job growth, and when an area – especially a hotbed of economic activity such as Vegas – sees such an influx of new blood, one thing holds true…those people need places to live.

One of the money-making aspects of the Las Vegas scene that has seen the biggest boost in recent months is in real estate, and with so many new residents arriving on a near-daily basis, the housing market has been literally struggling to keep up; rentals in particular are growing scarce, and what apartments and homes are left are experiencing a fast increase in rent prices in direct response for the massive demand.

Properties that are actually listed according to current market norms – that is, fairly norms – are going like hotcakes, according to reports. However, the increased activity in the Southern Nevada real estate game is creating a cutthroat atmosphere where competition for properties – rentals especially – is at an all-time high and climbing, and as a result, rent prices are shooting upwards as investors and landlords are striking while the iron is hot, looking to finally make a good return upon the properties they’d been previously sitting upon after the housing bubble burst in the mid-2000’s.

One of the driving factors in the increase of rental prices is due directly to the increase of home purchases, experts say; as houses sell faster and faster, prices increase, and as prices increase, those with more limited means are forced to turn to rentals instead for more manageable monthly costs. Rentals are also attractive to single people and those who are looking to test the job waters in the region before fully committing to setting down roots.

Las Vegas real estate is getting to the point that simple lease renewals for long-time residents are resulting in extra bucks being added to the agreement – anywhere from $50 to $200 – even if no additional services or additions have been made to the property; it’s all about supply and demand, and the Las Vegas real estate market is not one for treading water these days, according to reports. While Vegas is attractive to many for its thriving economy and job market, in addition to the relatively low cost of living as compared to much of the United States, the growing rental prices are proving to be a hurdle that have some new and long-time residents re-calculating their budgets and re-evaluating expenses to keep up.

In fact, the rental game in Vegas is getting so lucrative that private homeowners are getting in on it, and not always legally. Residents in increasing numbers are renting out their own homes to new residents and tourists and moving to rentals themselves in order to cash in, while local government has been cracking down on such arrangements when learning of them. Neighbors of such properties have been especially vocal in their complaints regarding the so-called “party houses” with out-of-state visitors often playing loud music and drinking late into the night. The city of Las Vegas recently created a hotline for residents experiencing such issues to file complaints that are then followed up by, if warranted, with fines issued for violations of city code.

Indeed, Vegas has become a hotbed of rental activity, and anyone with the business savvy has an opportunity to make some impressive profits. Need rental information on the fast-evolving Vegas market? Free market appraisal? Property management assistance? Feel free to give us a ring at 702.376.7379 so we can answer any questions you may have.

Florida Tenant is Killed by Landlord During Eviction

Florida Tenant is Killed by Landlord During Eviction

In Winter Springs, Florida, a Landlord’s son was removing the tenant’s belongs from his parent’s property when the tenants showed up. The tenants had been served with eviction paperwork giving them until August 23rd to vacate the property. The male tenant and the landlord’s son got into an argument while the tenant’s girlfriend called the police. While she was on the phone with the police dispatcher she advised the landlord’s son had a pistol on his hip. A short time later as she spoke with the dispatcher, the landlord’s son allegedly drew the weapon and fired several shots at the male tenant and unfortunately he succumbed to his injuries later that day at the hospital. The landlord’s son was later arrested and charged with first degree murder, even though he’s claimed it was self defense.

I’m not familiar with Landlord/Tenant law in Florida but I would assume the landlord’s son had no business removing the tenant’s belongings. According to the news article, the tenant had until August 23rd to vacate the property which leaves me to believe the landlord’s son violated the law by removing the tenant’s belongings prior to the eviction date. When landlords are not familiar with their state laws regarding Landlord/Tenant, they can unknowingly be violating their tenant’s rights.

This is why it’s very important to be familiar with your state’s laws pertaining to Landlord/Tenant and if not,  you should hire a licensed property manager to manage your property. If you decide to manage your property without the use of a property manager and find you need to begin the eviction process, hire an eviction service that knows the laws. This also could prevent the landlord and tenant from any unnecessary confrontations during the servicing of the notice.

If you are in need of a property manager, call Shelly Fryer with Shelter Realty at 702.376.7379 or if you need of an eviction service, call Brittany with Las Vegas Eviction Service at 702.279.6470.

Numerous Investments Continue in Las Vegas Valley; Corporate America Banking on Revitalization of Southern Nevada Region

LAS VEGAS, NV – When the housing bubble of the mid-2000’s burst, few areas in the United States felt its devastating affects as acutely as Las Vegas, Nevada; for years, vast amounts of empty properties sat unwanted, and surrounding retail businesses – whose very livelihood depends upon local residents to buy their goods and services – suffered, and for many, closed for good.

Fast-forward to the summer of 2017, and Vegas is now in the middle of a housing boom – the likes of which the region has not experienced in over a decade; approximately 4,300 new-home sales were closed by builders in Clark County through June of this year, and the peak median sales price from the period before the bubble burst – about $338,600 in summer 2007 – has already been surpassed twice in 2017 alone. The simple fact is that both real estate and the local economy in Las Vegas is on the mend in a big way, and with those near-daily gains comes money, businesses, and – of course, people, many of whom are clamoring to buy houses and rent apartments in record numbers. And when you have people, you need retail…hence its recent rapid growth in Las Vegas as well, despite the fact that retail is otherwise experiencing an overall downturn elsewhere in the nation; this speaks volumes about the fertile soil for business that is shaping the local economy so dramatically.

Numerous investments are being made in Las Vegas; real estate is obvious, but retail is attracting more than its fair share of capital as well, with some companies and chains banking big on the revitalization of the Southern Nevada region. For instance, Chicago-based real estate investment company JLL Income Property Trust, and affiliate of real estate services firm Jones Lang LaSalle Inc., recently sank $63 million into Montecito Marketplace, a 190,000-square-foot shopping center located on Durango Drive. The center boasts Kroger subsidiary Smith’s Grocery as an anchor, and also has clothing retail and popular eateries as tenants. Given the large sum JLL Income Property Trust paid for the acquisition, obviously they have faith in the economic climate of Las Vegas and the number of people it is drawing to live here.

Las Vegas’ Chinatown is also getting in on the retail growth in the region, with developers breaking ground on Shanghai Plaza, a 80,000 square-foot, 4.3 acre, shopping center that will take the form of four two-story buildings that will be located on Spring Mountain Road. Additionally, Shanghai Plaza is slated to feature traditional Asian a architectural designs once completed.

Retail on the world-famous Las Vegas Strip is also in the midst of a growth spurt, as retail and gambling resorts often work well hand-in-hand, as one can attract customers to the other and vice versa. Examples include a 75,000 square-foot high-end shopping center being constructed by Wynn Resorts, as well as Grand Canal Shoppes’ the Venetian, a retail extravaganza that recalls the majesty of the Italian waterways as shoppers are able to visit restaurants and stores via actual gondolas. And whereas such a large and tightly packed amount of retail in one area might normally be a disadvantage for all, in Vegas – which boasts 40 million visitors annually – there’s more than enough business to go around.

Real estate growth and retail growth often go together hand-in-hand, as both attract people who need both; with the recent property-buying explosion in Southern Nevada reaching heights not seen since the late-90’s/early 2000’s, it’s a safe bet that Las Vegas’ fortunes will only continue to flourish.

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.

Investment Dollars Continue Flow into Las Vegas Real Estate

LAS VEGAS, NV – When a previously-downtrodden region is experiencing a serious upturn in terms of real estate demand and subsequent value, it’s only natural that investment dollars will begin to flow like finely-aged wine into such an opportunity; thus is the case with Southern Nevada, which is boasting a massive growth spurt over the course of the year after the mid-2000’s burst of the housing bubble laid waste to the local real estate market for nearly a decade.

With demand for housing and rental units skyrocketing and supply unable to currently keep up with demand, combined with a growing economy in the form of new businesses and jobs popping up in the region, Las Vegas is fast becoming the best bet for investment opportunities in the United States, and money-men are indeed sitting up and taking notice.

According to recent reports, The Blackstone Group – a name that should be familiar to anyone residing in the area (as the New York-based firm has been very active on the local real estate scene for some time now), recently purchased the southwest valley’s Elysian West apartment complex for the sum of $106.5 million, representing one of the highest prices ever paid for such a property in Las Vegas. The 466-unit complex cost Blackstone approximately twice the market average, according to reports, but given the fact that it occupancy level was nearly full – it was 96 percent at the time of its sale – and the cutthroat rental market in Southern Nevada forcing prospective tenants to be willing to pay more than usual for an apartment, the move was seen as a nonetheless very sound investment.

But during the same period of time – early August, 2017 – two other investment groups threw their hats into the Vegas housing ring with noteworthy purchases as well; DiNapoli Capital Partners of California acquired Palms at Peccole Ranch, a 404-unit apartment complex located on Charleston Boulevard, for $62 million. Again, as a distinct sign of the times, Palms at Peccole Ranch was 95 percent occupied at the time of its sale, and – as with Blackstone’s purchase – DiNapoli paid over the market average for their acquisition. But again, with local families, individuals, and new transplants to the area fighting over table scraps in terms of real estate, the investment by DiNapoli again can be seen as quite sound in the long run. And not to be outdone, another New York-based investment firm – Abacus Capital Group – paid out $24 million for Sterling Court, a 237-unit apartment complex in Clark County.

However, it’s not just rental space that’s in high demand in Las Vegas – the many businesses that are moving into the area due to the booming economy are obviously looking for space to operate in as well. In addition to the housing and rental markets, demand has been rising for industrial space in the region, especially smaller start-ups that are looking to set up shop and begin the process of growth by establishing roots in the community and hiring local prospects as they increase in scope. As a result, many owners of real estate in industrial areas are rapidly setting out to refurbish their properties to accommodate these companies; for example, Harsch Investment Properties is currently transforming 17,000 square foot property they own into several smaller units approximately 2,000 square feet in size, with the division intended to attract start-ups looking to begin small and work their way up.

As you can see, the rapid real estate and corresponding economic growth experienced by the Las Vegas region is creating a circle of growth; housing and rental demand and prices are growing, attracting businesses and investors that, in turn, create yet more demand, and so on. The bottom line is, of course, if you have money to invest, Las Vegas appears to be a great place to do it.

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.