Market Update: Las Vegas Real Estate Prices Continue Growth While Inventory Shortages Cause Sales Slowdown

LAS VEGAS, NV – As an example of scarcity not being able to keep up with demand, the ongoing housing shortage in red-hot real estate market Las Vegas has begun to take its toll on sales; while reports indicate that prices on houses and apartments continue to rise, the lack of available options in the market – and the inability of local developers to continuously produce new units at a pace which adequately satisfies demand – has caused a slight cool-down on home sales in the region.

As of current time, Las Vegas possesses less than a two-month supply of homes available for sale on the market; for any given area’s real estate market to be considered “balanced,” a six-month supply is typically called for. And it’s this imbalance – coupled with ever-increasing demand thanks to a rebounding economy and subsequent growing populace – that is driving home the fact that there are simply not enough homes for sale in Southern Nevada.

Part of the overall issue is that, while numerous developers and contractors are going about the business of constructing more properties, they are simply proving unable to keep up with demand at a sufficient pace given the rapid expansion of the market in the last few years, according to a statement by Greater Las Vegas Association of Realtors President Christopher Bishop.

I’ve heard reports saying that they can’t employ enough people to build enough homes to keep up with the supply and demand. I wouldn’t say the market has slowed down. I would say the effects of the shortage have now caught up with us,” he said. “Sales have continued to go up over the last few years, even as our inventory has been going down. But with fewer homes on the market each month, it seems like it was only a matter of time before it started to affect sales.”

Currently, the median price for a single-family home in the Southern Nevada region during the month of February 2018 was approximately $275,000; this represents a 3.8 increase from the previous month and an impressive 14.6 percent jump from the same period one year prior. Meanwhile, the median price last month of townhouses and condominiums was $150,000, a whopping increase of 27.1 percent from February 2017. All told, the grand total of homes, townhouses, and condominiums sold during the month of February 2018 came in at 2,704; this represents an overall decrease of 5.4 percent from 2017, although the sales of condos and townhouses did rise 1.8 percent.

All in all, this news merely proves that Las Vegas real estate is hot, and shows no sign of cooling down in the near future. Clearly, more resources need to be allocated into the region to up construction rates to satisfy an ever-present and ever-increasing demand as Southern Nevada continues to grow and prosper.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? 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 Stratosphere Hotel-Casino in Las Vegas is due for a major upgrade in the form of a $140 million renovation courtesy of new owners Golden Entertainment, who acquired the property in 2017. The work is to be carried out over the next three years, according to reports.

The improvements will take major and much-needed steps to renovate and upgrade the existing 1,100+ rooms, add new restaurants, and provide an overall modernization of the resort. The work is expected to take place over three separate phases, with each one taking approximately one year; the initial phase, scheduled to begin in the second quarter of 2018 at a projected cost of $32 million, will see 317 of the establishment’s  hotel rooms receiving a full remodeling effort, as well as the addition of a viewing lounge giving guests an expansive overlook of the casino floor, a gastro-pub, an overhaul to the observation deck, brand-new signage on the exterior and a new rewards center and area for VIP guests to register for stays.

Phase two will kick off at the start of 2019, with an additional 452 hotel rooms being remodeled. Also, a new steakhouse restaurant and Starbucks coffee house will be added, the casino floor will be re-done, and the general design and architecture of the resort will be tweaked and updated to reflect a more modern aesthetic.

2020 will see the third and final phase of the Stratosphere’s remodeling, with the renovation of 364 remaining hotel rooms and the additions of more eateries in the form of a noodle bar and a food hall. More casino space will be added with attractions aimed at drawing in a younger demographic, a revamped showroom, and adding space for a proposed convention center by redesigning the mezzanine level.

However, that isn’t all when it comes to the possibilities presented by the Stratosphere renovation; there remains an additional 16 acres of property surrounding the resort that will lend itself to future expansion efforts if so warranted. So far, reports indicate that the work on the Stratosphere, when complete, should deliver approximately 20 in returns on the initial investment.

Golden Chairman and CEO Blake Sartini noted that the abundance of construction and revitalization projects currently in the works on the Las Vegas strip have been generating a great deal of fresh tourism and foot traffic in the area, creating the perfect environment and timing for this investment into the Stratosphere.

“Large-scale projects on the north end of the Las Vegas Strip – including Genting’s Resorts World, the expansion of the Las Vegas Convention Center and the investment to complete the former Fontainebleau — are bringing traffic and infrastructure to our doorstep at the Stratosphere,” Sartini said. “In addition, the population in the Las Vegas Valley continues to grow to new highs while local unemployment of 4.9 percent is at its lowest level in quite some time and wage growth remains healthy.”

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – In a city where seemingly every building or attraction is constantly fighting for your attention, the one that may rise above them all in terms of spectacle will be opening its doors in 2020, as plans for the futuristic music venue MSG Sphere – due to begin construction later this year – was revealed to the public this week.

The MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

Judging by the conceptual renders supplied by the Madison Square Garden Company, the MSG Sphere, once completed, will truly be a unique attraction in a city known for many, as well as an unbelievable sight to behold in its own right. The exterior of the sphere will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured. In addition, images of Las Vegas taken via a camera system could be projected upon the sphere as well.

MSG Sphere, a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip; Photo credit: The Madison Square Garden Company

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed. Interactivity will be emphasized via high-speed wi-fi access for each and every seat, enabling concertgoers to constantly and easily document their experience on the social media platform of their choice, posting comments, photos, and video clips to their followers with ease.

Inside, a 180,000-square-foot ceiling will feature massive video screens for attendees to watch, and a floor-installed bass speaker system should appeal not only to those taking in a concert, but club-goers on evenings when electronic dance music acts take the MSG Sphere stage, giving the music venue a multi-genre and event capability.

And in addition to the MSG Sphere being dazzling to behold in a visual sense, it’s also planned to be just as impressive from an aural perspective as well; the venue will feature an acoustics technology developed by the German company Holoplot known as “beamforming audio,” a technology that sends sound directly to a specific location via planar audio waves. Going beyond the experience of standard stereo speaker systems, the transmission of audio using beamforming tech is being touted as so precise that individuals seated in the same vicinity could hear completely different sounds while taking in the same performance.

Parking for the venue will make use of facilities at nearby casinos, utilizing 12,101 spaces divided up among the Venetian, Palazzo and Sands Expo Center garages as per zoning and land use permits issued in February by Clark County city commissioners; in addition, owners of the MSG Sphere will create an additional 304 spaces on their own property to supplement their parking needs.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Huntridge Shopping Center, located in downtown Las Vegas at 1116 E. Charleston Boulevard, has a reputation for being on the “wrong side of the tracks,” so to speak. However, J Dapper, the owner of Dapper Companies, is about to change all that with an extensive remodeling of the property which has local residents strongly voicing their support.

In 2016, Dapper purchased the 62,000-square-foot center from owner Paul Kellogg – who also runs the Huntridge Tavern on the property – for $5.2 million, and has since been planning a massive face-lift to the property that has only recently begun to take shape. With the planning stage complete, Dapper has recently been wooing several high-profile retail, dining, and entertainment entities to set up shop in the center in order to complete his vision of a fancy, high-end, and artistic addition to downtown Vegas.

Dapper is no stranger to the historic Huntridge neighborhood of Downtown Las Vegas; to date, they have invested at least $10 million in three commercial real estate properties in the vicinity of Charleston Boulevard and Maryland Parkway, including the $2 million renovation of the Gamblers Book Shop, which Dapper as referred to as a “passion project.”

As for the Huntridge Shopping Center, Dapper has said that he’s approaching the impending remodeling with a flair for the dramatic; seeking to bring out and highlight the property’s mid-century design aspects with a modern twist and a family-friendly atmosphere, including a large, $375,000 neon sign in the Googie style, which is a retro-futuristic aesthetic that was popular in the 1940’s through the 1960’s. The eye-catching style, which emphasized up-swept roofs, curvaceous, geometric shapes, and bold use of glass, steel and neon, was embraced by Vegas of years past, but has been largely abandoned in recent decades.

New tenants to the Huntridge Center, which are expected to help revitalize the property and attract traffic, include several eateries such as an Asian-themed restaurant, a Wingstop chicken franchise, and an establishment by Restaurateur Harwell. In addition, several original tenants remained after the sale, including a pharmacy and barber shop; both have been relocated to other areas of the center in an effort to re-shuffle tenants to make room for new additions, and both are in the process of being remodeled as well. Other business holdovers also include the aforementioned Huntridge Tavern and a thrift store.

Dapper also purchased other properties adjacent to the Huntridge property, including a former drum shop, a residential fourplex, and an empty commercial building; some of these buildings will be incorporated into retail aspect of the shopping center, while the fourplex is in the process of being torn down to make room for additional parking.

Another process Dapper has used in attempts to drum up new interest in the Huntridge Center is the addition of Food Truck Fridays, which involves a number of vendors on wheels who visit the property on certain Friday afternoons to peddle their tasty wares, including Blue Mahoe BBQ, Bulldog is Unleashed and Dazzling Bistro.

The Huntridge Shopping Center remodeling and revitalization efforts are expected to be complete in early-to-mid 2018.

Looking for information on the fast-growing Las Vegas market? Interested in whether or not Vegas is moving into your theme of living style and entertainment values?  Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas’ transformation into a major player in the national sporting scene (the region has already successfully lured popular NFL team the Oakland Raiders into the fold, come 2020), continues to chug along as a home-town Pacific Coast League baseball team recently announced they have broken ground on a brand-new, state-of-the-art facility sure to attract many new fans in the near future.

Minor League Baseball the Las Vegas 51s – named after the infamous Area 51 military base located 80 miles north of Vegas – broke ground on Friday, February 13 on the Las Vegas Ballpark, a $150 million, 10,000-seat stadium located in Summerlin, with construction due to be completed in time for the start of the 51s’ 2019 season.

In April 2013, the 51s – formerly known as the Las Vegas Stars until they were re-named in 2001 – were purchased by Summerlin Las Vegas Baseball Club LLC, a joint venture of Howard Hughes Corp. and Play Ball Owners Group. The group’s intention was to eventually move the 51s to a new stadium in Summerlin. In October 2017, the Las Vegas Convention and Visitors Authority approved a 20-year, $80 million naming rights agreement to help pay for a new $150 million ballpark, which is expected to include 22 suites, a center field pool, kids’ zone, and several bars. The stadium will be owned by the Howard Hughes Corporation.

The team won their only division title in 2002, with the team posting the best record in the league at 85–59, but they lost to the eventual PCL champion Edmonton Trappers, three games to one. In 2012, the 51s signed a Player Development Contract with the New York Mets through the 2016 season.

The 51s have played out of Cashman Field Las Vegas since 1983, which has a capacity of 9,334 people; the decision to move to a brand-new home stadium was based on a number of factors, with most of them revolving around the age of the facility. Considered far behind the times, Cashman Field had fallen into disrepair in recent years, with the field, bullpens and clubhouse criticized by players as being “second class” and “decrepit.” The stadium also has very limited training facilities.

The final straw, however, fell in 2015, when the stadium’s sewage system backed up during an actual game, causing raw sewage – including actual fecal matter and other potentially infectious materials – to flow into the dugouts, driving the team out onto the playing field; it’s a problem that players and team owners say has yet to be fully rectified, with manager Wally Backman expressing concerns that the incident could repeat at any time. The numerous issues eventually drove team president and chief operating officer Don Logan to publicly declare his embarrassment to have the 51s associated with Cashman Field in any way.

“It’s disappointing that Vegas has the worst facility in our league when we have such a great town with the greatest hotels, the greatest dining, the greatest shopping,” he said. “It’s not becoming of this community to have a place like this.”

Come 2019 and the completion of the Las Vegas Ballpark, however, the Las Vegas 51s – and their fans – will finally have a new stadium with cutting edge, modern amenities that they can be proud to call home.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.