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Month: June 2018

Financial Behemoth “The Blackstone Group” on Las Vegas Real Estate Buying Spree

Financial Behemoth “Blackstone Group” on Las Vegas Real Estate Buying Spree; Snapping-up Properties Left and Right

LAS VEGAS, NV – The Blackstone Group, a New-York-based real estate and financial behemoth – currently holding $450 billion in assets under management – has been on a spending spree in Southern Nevada recently, snapping up properties left and right as the surging economy in the region has been driving up home and apartment prices. Clearly, Blackstone sees opportunity and is determined to get in on the action in a big way.

In recent years, Blackstone has acquired a slew of single-family homes – many of which were used as rentals – as well as Hughes Center office park, the Cosmopolitan of Las Vegas, showroom World Market Center, multiple apartment buildings, and in May of this year, two Henderson hotels- SpringHill Suites and TownePlace Suites, a deal reportedly worth $36 million.

Apartment buildings are picking up steam in terms of sales as of late; reports indicate that in an 11-day stretch of time, $260 million in rental-based real estate – accounting for five apartment complexes – changed hands among investors; of the five apartment complexes purchased, Blackstone bought the Northwest valley complex Xander 3900 for $69.5 million, reports say.

This development leaves no doubt as to how red-hot the rental scene is in Vegas these days. After all, with the economy booming and new businesses setting up shop in large numbers, people looking for jobs in a hot market – in addition to the attractiveness of Southern Nevada’s relatively low cost of livings when compared to other parts of the U.S. – are transplanting themselves en masse, and just as anywhere else, these people needs places to live.

But that’s not all when it comes to Blackstone’s ambitions in the Las Vegas rental market– since spring of 2017, they have spent a total of $616 million in acquiring rental properties in the region, with their most recent purchase being Solis at Flamingo in the eastern part of the Las Vegas Valley to the tune of $72 million, which represents an increase of over $20 million of the amount paid by the seller just three years prior; clearly, home prices aren’t the only values skyrocketing in the area.

Part of the attractiveness of Vegas’ rental scene for investors is the fact that, despite steadily rising prices, the market is nonetheless still much cheaper than many other parts of the country. With omnipresent construction taking place in an effort to meet the rampant demand from buyers and renters alike, Vegas is experiencing a real estate boom that, while still not at pre-recession levels, is getting close and, according to experts, will eventually overtake those levels unless some unforeseen circumstance occurs. But the bottom dropping out is unlikely, because even though the economy of the region is still largely tourism-driven, industry and the job market are taking hold in a big way not seen in decades, ushering in an era of stability that suggests regular long-term economic growth. Exactly why investors are pouring money into Las Vegas these days.

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.

Clark County Planning on Converting Nearly 40,000 Acres of Public Land To Private Development

LAS VEGAS, NV – With demand outstripping the current supply on the housing market in Las Vegas following a decade of dormancy due to the recession, Clark County is mulling over the possibility of opening approximately 39,000 acres of public land to private development which could be used for real estate and industrial development. An additional 370,000 acres are also being proposed for conservational use, reports say.

The land in question – situated mostly along Interstate 15 south of the valley, among other areas – could be used for development of housing to help alleviate the shortage of homes in the Vegas area, spurred on by the recent economic boom experienced in the region as more and more businesses move in and, subsequently, more people looking for jobs and a more affordable cost of living as well. In addition, the allotted public land could also be used to construct manufacturing centers and distribution hubs, which are also sorely needed in Southern Nevada.

However, due to public outcry by environmentalists, Clark County has also proposed setting aside an additional 370,000 acres of land to help aid wilderness and wildlife conservation; in particular, an emphasis will be placed upon protecting the region’s desert tortoise population, as well as other protected and endangers species. Nonetheless, some environmental groups are expressing concern over what they view as rapid expansion of Vegas’ outer lying areas for construction, instead advocating for a more density in currently-populated areas before the decision is made by officials to expand outward. However, builders argue that doing so would result in higher costs than simply developing on undeveloped land would entail.

Experts and Clark County officials note that offering additional property in the Las Vegas region for developers to utilize would help offset the ever-growing costs of home ownership currently affecting the area, as scarcity has caused new arrivals to scramble for any property they can get their hands on while paying top dollar to do so. In addition, experts say that opening up new areas of Southern Nevada to development will not only help to prepare the region for increased population, but also help to continue to attract new businesses and companies in order to maintain the steady economic growth that Las Vegas has been enjoying the past several years; not striking while the iron is hot, some claim, could ultimately undercut the economic boom that Vegas has been experiencing in the long-term.

Any city undergoing the rapid period of growth – in terms of both economy and population – is due to experience growing pains as a result, and concessions need to be made to ensure that the needs of residents are met and to promote the sustained and continued economic growth of the region, while also ensuring that the environment and endangered animal species are protected at the same time. It can be a tricky tightrope to traverse, but if done with care and intelligence behind it, it would benefit all involved.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Las Vegas Home Prices Continue to Climb, Expected to Reach Pre-Recession Peak This Year

LAS VEGAS, NV – Las Vegas real estate has continued to astound the nation, with demand – and prices – still climbing ever since Southern Nevada spectacularly rebounded from the devastating recession of the mid-2000’s. Properties that were previously vacant and unwanted are now being snatched up at a record pace, and according to experts those prices will soon reach levels the region has not seen in over a decade, with no signs of slowing down.

2018 could very well see Las Vegas home prices, which have been rising steadily due to ever-increasing demand, reach their pre-recession peak; media house prices hit their zenith in 2006, coming in at $315,000, but after the housing bubble burst in 2012, that price dropped drastically- all the way down to $118,000.

The Vegas market is currently zeroing in on those pre-recession numbers. For instance, May of 2018 saw the median sales price of single family homes coming in at $295,000, which represents an increase of 2.1 percent from April and a jump of 18 percent from the same period one year prior.

The median sales price of previously owned single-family homes was $295,000 last month, up 2.1 percent from April and 18 percent from May 2017, according to the Greater Las Vegas Association of Realtors (GLVAR). In addition, the number of homes sold increased from April to May – 3,140, up 9.1 percent. This showcases the rapid and continuing growth of the Vegas real estate market, although the increasing scarcity of inventory in 2018 is resulting in a slightly lower number of sales when compared to April of 2017, which saw an additional 10.7 percent in sales over this past April.

However, the amount of homes on the market has been steadily increasing as construction has been working overtime to meet the wants of new transplants to Nevada seeking job opportunities and an affordable lifestyle, in addition to more investors putting their properties up for sale. At the end of May 2018, 4,118 homes were for sale without offers, an increase of 7.9 percent from the month before; however, that number is still down 17.2 percent from May of 2017, showing that inventory is still not quite matching demand yet.

The ever-increasing home prices in Las Vegas are functioning as a double-edged sword; property owners and investors are accumulating a great deal of money as homes sell, but with the increasing number of new residents in the region looking for homes, a question of affordability will soon figure into the equation. Experts, however, don’t foresee any price decline in the Vegas real estate market over the course of the next several years, although some are hoping for price growth to at least slow down to a degree that goes more in line with the income level of local residents. Achieving that slower price growth will be possible, experts say, when local Vegas construction projects introduces more housing units upon the market – slightly curbing demand and giving buyers more options – anticipated to happen in 2019.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Better Things to Come: Re-Development of Blighted Downtown North Las Vegas Begins With New Movie Theater

LAS VEGAS, NV – For years, the blighted downtown area of North Las Vegas has stood in stark contrast to the glitzier areas of the city as a whole, but along with the resurgence of the local economy, job and real estate market, this neglected region of Southern Nevada is poised for a comeback of epic proportions…and the first step has already began as a new 14-screen movie theater in the middle of one of the region’s many vacant dirt lots has taken ground; a sign of better things to come for an area that has endured a great deal in the past decade or so.

For a number of years, a prominent part of North Vegas’ downtown area has consisted of abandoned storefronts and large, vacant dirt lots, and its overall reputation was essentially the part of town one should strive to avoid. Local government have been working on redevelopment efforts, first by approving a larger fiscal budget in order to restore vital services and manpower positions lost during the recession brought on by the housing bubble burst that occurred in the mid-2000’s. As a result of the city’s $601.2 million 2018-2019 budget, North Las Vegas has announced plans to hire as many as 29 employees on a full-time basis; this marks the second year in a row that North Vegas has made headway in their efforts to grow and enhance their workforce.

Meanwhile, development of the new $75 million, two-story, 65,000 square-feet movie theater – dubbed the Maya Entertainment Center, and located across the street from North Las Vegas City Hall – is expected to be open by Christmas of 2018, and is intended to attract, in part, Las Vegas’ increasing Latino population. The project is seen as the starting point of an overall revitalization of the downtown area that city officials are currently tentatively referring to as Lake Mead Village West.

And on White Street just a few blocks away, city officials are in the process of starting to convert an abandoned Canyon Electric Building into a 7,000 square-foot library, a process that so far is being funded via a $1.2 million federal community block grant.

In addition, the North Las Vegas Redevelopment Agency – part of the City Council – previously purchased a 3.65-acre plot of land at the corner of Las Vegas and Lake Mead boulevards in 2017; this acquisition, along with other neighboring properties that the city owns, essentially fits together to form a 10-acre piece of land that is intended to be the site of a yet-undisclosed large-scale master planned project, with the goal being to attract retail stores, restaurants, a library, and more, transforming the area and raising the standard of living.

Thus far, North Las Vegas’ downtown region has lagged behind the growth and resurgence experienced by Las Vegas as a whole in the last few years, but it appears that city officials finally have a solid plan to putting it back on the map and are taking the first tentative steps to making that achievement a reality.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Las Vegas Currently Ranked Number One Amongst Movers Based on Location

LAS VEGAS, NV – With the recent economic upturn experienced by Las Vegas – fueled by an ongoing real estate boom, massive job growth as a result of an influx of new businesses and tourism increasing, and a more affordable cost of living, among other factors – the region has become quite attractive for location-first movers, with a recent study noting that Vegas currently claims the largest percentage of them in the nation. Location-first movers are defined as an individual or family that makes their selection in purchasing a home on the attractiveness of living in a specific area, sometimes before even securing a job there.

Apartment List noted in their study that a whopping 82 percent of movers selected Las Vegas based on numerous factors related to the lifestyle of the region, without even having secured a job before doing so. This is a huge number, and it far outpaces the number two location-first area in the U.S., Phoenix, which comes in at 69 percent.

These decisions are typically driven by a number of reasons related to living in Southern Nevada, including the general lower cost of living when compared to many other neighboring areas. A good example is the large amount of transplants from California, a state revered for its wealth and glamour, but infamous for its extreme cost of living; there has been a recent glut of movers from California to Vegas for the overall cheaper lifestyle, including the price of homes. While property values in Vegas have been steadily climbing due to incredible demand and lack of supply, they are still much lower, proportionally speaking, than in California; while local home values have risen 12.4 percent in the last 12 months, the median home price is still $230,800… this is in stark contrast to California, where the average price is $542,900, well over double. And although Las Vegas itself does have a sales tax of 8.15 percent, that number is nicely counteracted by the fact that Nevada has no state sales tax and very low property taxes.

Again, the reasons for this are clear- Vegas currently has an exploding job market that is offering a record number of placements for people both with and without college degrees; in addition, the revitalization that is taking place in the downtown area is not only offering additional employment opportunities, but it’s also offering an enticing number of entertainment options for local residents who are always on the lookout for something fun and exciting to do. And when they tire of the bright lights and big city, newcomers to Vegas can venture just out of town to experience the vast natural beauty that Nevada offers in abundance.

In addition, the rental market is also thriving and attracting similar numbers of location-first movers, at well over 60 percent; the closest competitor in this regard is San Antonio, with the rest of the field lagging well behind. And while again, demand and scarcity are in the process of driving up prices – currently, a one-bedroom apartment fetches an average of $910, with two bedrooms going for $1,130, with a year-over-year growth of 3.8 percent – but again, the overall lower cost of living, combined with a flourishing job market and numerous attractions and amenities afforded by life in Southern Nevada, have made Vegas THE place to call home these days.