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Month: April 2018

Texas-Based Home Builder Brings Fresh Perspective to Las Vegas Construction Opportunities

LAS VEGAS, NV – Amid the current real estate boom taking Southern Nevada by storm – simply put, there are currently more buyers looking for housing than there are houses on the market, which has seen its highest sales in a decade – local contractors and developers have been working overtime in an attempt to satiate demand…and falling short, unfortunately. However, this situation is ripe for any go-getter to take advantage of, and one such company – hailing from Texas, of all places – has decided to firmly plant their foot in the Las Vegas housing market.

LGI Homes, which is headquartered near Huston, is currently in the process of expanding their company to the Las Vegas region, an act which is surprisingly considered an unusual occurrence. For years, Vegas has typically relied on local developers for their construction needs, but the arrival of a relative newcomer in the market clearly signals that more muscle is needed when it comes to ramping up housing output for the demand created by the skyrocketing revival of Nevada’s economy and job market. Since its recovery from the housing bubble burst of the mid-2000’s, Vegas has seen a large increase in the number of newly-transplanted residents into the area in the last few years…and, obviously, those new residents need places to live.

LGI recently purchased its first property in Las Vegas – a 20.5-acre subdivision located on Lake Mead Boulevard near Lamb Boulevard – and announced their first construction project, which is slated to create 102 single-family homes; a review for six variants on different housing models was recently approved by the Planning Commission of Clark County. LGI has stated that their main goal is to create dwellings that cater more to first-time home buyers, which is a population that most new construction does not take into consideration, reports say, with the projected price of their proposed single-family homes to come in at around $200,000 apiece, below the current median price for a typical Vegas property; the average sales price of a home purchased in March of 2018 was $357,195.

The Lake Mead Boulevard area is considered “depressed” by some developers; the space located next to LGI’s new property currently contains an encampment for homeless individuals, with the space littered with shopping carts, tents, a mobile home, and random pieces of kitchen and living room furniture strewn about. However, the intense need for affordable housing is driving some companies to take risks in hopes of big payoffs in the end; while an established contractor may be loathe to take on such projects – even with demand currently being what it is – an outsider to Vegas can bring an alternate viewpoint and see a downtrodden area as an asset, experts say.

Development, even in underprivileged areas, can pave the way for revitalisation and profits; after all, Las Vegas as a whole was largely considered an economic black home for nearly a decade until its fortunes recently took a turn for the better, with jobs and businesses pouring back into the region. Savvy developers, such as LGI, are taking a shot at giving Vegas what it needs when others are dropping the ball, and it will only benefit the city as a whole in years to come.

Looking for information on the Las Vegas market? First-time home buyer recommendations? Las Vegas condos, area nightlife entertainment options? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

LAS VEGAS, NV – The news when it comes to Las Vegas real estate, day in and day out, mainly consists of the skyrocketing home prices and scant availability of properties for sale, resulting in a mad scramble for just about any home or condo that a buyer can get their hands on. It’s been like this for a while now due to Vegas’ booming economy and quickly-recovering job and housing market, but what is life in Southern Nevada like once you’re lucky enough to have finally gotten your hands on an abode? Will the cost of living – mainly, property taxes – prove to be yet another hurdle to deal with?

In a word, no. In more words…well, please read on.

Unlike other regions in the United States, such as New York, where high taxes are driving people out to greener pastures (financially speaking), Las Vegas features a strict property tax cap that assures homeowners that their costs will only incrementally increase from year-to-year, keeping their bottom lines manageable. In addition, the sale of a home in Vegas does not trigger a reassessment of the property for tax purposes, therefore the purchase price of any given home will not be adversely affected; this prevents property taxes from being a deterrent from any given property sale in the region.

The tax cap is currently set at three percent and ensures that property taxes can only increase that currently set amount – and not a penny more – in any given year. The cap is re-examined each year by the state, and features a variable rate; in recent year, the property tax cap in Las Vegas has been as low as one percent and as high as eight, although recent trends have seen the rate slowly increasing as if late.

An major advantage of the tax cap is the fact that it currently works hand-in-hand with the fact that most properties in Vegas received their most recent re-assessments at the end of the mid-2000’s recession, a time when property values were at an all-time low; while the market has bounced back and house values are the highest they’ve been in over a decade, the tax cap greatly prevents property taxes from increasing at the same speedy rate.

To really get a sense of how much cheaper the cost of listing in Las Vegas is, one merely has to look it Nevada’s neighbors to see how the other half lives; Mike Scanlin, CEO of IT company Born to Sellrecenly noted that his 2016 move from California’s Silicon Valley to Las Vegas saved him a small fortune in terms of property taxes.

“California has a nice climate, but the state income taxes, property taxes and property values drove me crazy,” he said. “You can make half as much in Las Vegas and save more money. In fact, the money I’m not paying in California state income tax is more than the mortgage on my 2,400 square-foot home.”

As you can see, the appeal to newly transplanted residents of living and working in Las Vegas isn’t just the economy, or the culture, or the job market, or the influx of new businesses and enterprises, or the booming real estate…it’s the quality of life and bang for your buck you can enjoy once you’ve arrived and settled down as well, allowing you to work less and enjoy life more while you’re at it.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? 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 Real Estate Prices Continue to Climb in March While Selection Dwindles

LAS VEGAS, NV – According to reports, real estate prices in Las Vegas are showing no signs of slowing down while on their upwards trajectory, whereas the selection of properties available to prospective buyers also continues on its recent decline downward. This sets up a situation in Southern Nevada where constant demand is creating ever-growing prices that will only continue to escalate until demand is satisfied in the form of consistent, new construction of houses, condos, and apartments; something local contractors have been struggling with in past years.

The median price for a single-family home in the Las Vegas area during the month of March 2018 was $280,000, which represents a 1.8 percent increase from February and a 15.7 increase over the same period one year ago. Meanwhile, condos and townhomes averaged in at $160,000 in March, which is a whopping jump of 30.1 percent from 2017’s prices.

3,152 single-family homes were sold in Vegas in March, an increase in sales of 48.1 percent from the month prior; housing availability, however, was slim, with only 3,835 single-family properties on the market by March’s end, representing a decrease in inventory of over 30 percent from one year ago. As for condos and townhouses, only 761 were offer-less on the market at the tail end of March, with 82 percent of all houses and 89 percent of condos and townhouses selling within a 60-days, reports say.

With the booming local economy and job market in Las Vegas attracting new companies and businesses – and many newly-transplanted residents moving into the area to work for them – the situation in Las Vegas is getting so bad that some desperate buyers are actually going so far as buying homes without ever having seen them, skipping any kind of inspection before moving in, and making sky-high offers in order to edge out the considerable competition vying for anything they can get their hands on.

The price of a median home in Las Vegas has jumped approximately 12 percent in the past year and 50 percent in the last five. The increasingly-rare house priced below the $200,000 threshold often experiences a flurry of bidding activity – usually at least 15 to 20 or more – and desperate buyers are doing whatever they can to stand out in the crowd to sellers, including making the deal personal by writing emotional letters explaining why they like the property so much.

Clearly, Nevada is home to one of the most competitive real estate markets in the country, and it’s likely to remain this way until local building contractors and construction companies are able to finally catch up with the exhaustive demand.

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.

$76 Million, 350k Square-Foot Expo Center to be Erected Next to Las Vegas’ World Market Center

LAS VEGAS, NV – International Market Centers announced plans this week to construct a mammoth $76 million, 350,000 square-foot expo center in downtown Las Vegas, next to the group’s World Market Center, pending a signed deal with city officials that is expected to be made within the next few days. The project is slated to be one of the biggest projects in terms of construction volume in the downtown area within the last several years.

Provided the City of Las Vegas gives final approval to the proposal, work on the expo center is expected to begin in anywhere between 12 and 18 months. The completed project would see the 60 acres next to the World Market Center transformed into a cutting-edge exhibition hall and meeting venue that would allow the facility to host large-scale trade shows, conventions, and other events that may be too large for other halls to accommodate.

The current plot of land that is slated for the expo center is already host to three showroom buildings, a parking garage, and several temporary tent-based pavilions; it is currently not known if the new expo center would incorporate these existing buildings into its design, but the pavilions are expected to be removed upon completion of construction in order to make room for more expo parking spaces.

The expo center could also be used to host elements of the bi-annual furniture, gift and home décor focused Las Vegas Market, which brings some 100,000 visitors to the city. In addition, IMC will offer the Expo Center for a set number of days throughout the year to host non-profit events as designated by the Las Vegas Redevelopment Agency.

The Las Vegas Market, a popular home décor-based bi-annual event that typically attracts 100,000 visitors to the city, could also run aspects of their show in the expo center; also, according to the Las Vegas Redevelopment Agency, a pre-determined number of days each year at the center will be made available to not-for-profit organizations for attraction and fund-raising purposes.

The City of Las Vegas is proposing to partially fund the expo center project to the tune of $30 million in tax increment financing, which means that taxes collected by the construction of the expo would be put right back into the project by the city. Such an investment is seen as a wise expenditure on the part of local officials; once completed and functioning at maximum capacity, the expo hall is expected to attract a large increase of visitors to the area on a regular basis, creating an influx of tourism-based funds for downtown Las Vegas in the projected amount of $97 million annually, in addition to $234 million for the overall region of Southern Nevada.

The expo center is expected by many to fill a large void for large-scale event hosting made by the closure of the Cashman Center in late 2017, which had operated as a meeting, theater, and sporting venue in the downtown Las Vegas area.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? 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.