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Month: October 2018

Resorts World Las Vegas Construction Progress Beginning to Take Shape

LAS VEGAS, NV – Resorts World Las Vegas is a project that has been in gestation for so long that many experts were starting to doubt that it would ever actually see the light of day. After the official groundbreaking in May of 2015 – with a projected opening date of mid-2018 – little progress had been made in erecting the Chinese-themed casino and resort. However, in recent months, the oft-delayed project has seen considerable results, and the revised opening – now scheduled for 2020 – seems like a realistic goal if the current pace is maintained.

Build on the former site of the Stardust situated on the Las Vegas Strip, the property had been sold to the Genting Group for $350 million in 2013, with Resorts World opting to build off of a pre-existing structure left behind by an attempt to develop the property in the mid-2000’s. Resorts World Las Vegas, upon completion, is expected to come in at 21,847,314 square feet in size, which will include four towers containing a total of 6,538 rooms; the estimated cost of the project could cost up to $7 billion.

However, experts began to question the validity of the project when, as of early 2016, little in the way of progress had been made in terms of construction on the site. Genting Group responded to naysayers, attributing delays to the complexity of the project and the company’s overall purchasing power being adversely affected by falling global currency values. A revised timetable was presented to the public in May of 2017, noting that the opening was now slated for 2020; after numerous delays and logistical issues sorted out, work on the mega-resort began in earnest by March of 2018, and concrete results finally followed soon afterwards.

As of late October of 2018, the hotel building – which will be 60 stories when finished – is currently built up to floor 35, and the construction site is replete with numerous cranes operating continuously with over 1,000 workers scurrying about – and several thousand more expected to join them next year – as they carry out their tasks. This is a far cry from what the site looked like just one year ago, when there was little progress to speak of.

When finished, Resorts World Las Vegas is, according to Genting Group, to feature numerous amenities for guests, including a 175,000 square-foot casino; a 4,000-seat theatre; retail, dining and convention space; a rooftop sky park and observation deck; an aquarium, movie theatre, bowling alley, ice skating rink, and an indoor water park; a panda exhibit, and more.

If you are considering relocating to the Las Vegas area which 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 tenant related questions you may have.

Construction Begins on New Las Vegas Strip Pedestrian Bridge

LAS VEGAS, NV – This week, work has begun on the construction of a new pedestrian bridge over the famed Las Vegas strip, a project that city officials say will help to deal with the increased foot traffic that has been drummed up with increased tourism over recent years.

A groundbreaking ceremony was held this week, which was attended by local city officials and representatives, signaling the official kick-off of work on the elevated crosswalk.

The bridge, which is expected to take approximately nine months to complete from start-to-finish, is expected to officially open in July of 2019; it will span the Las Vegas Strip between the Showcase Mall and Park MGM casino hotel at Park Avenue.

The reason for the bridge, according to Clark County Commissioner Jim Gibson, is that the area regularly has over 11,000 pedestrians at any given time, and the new bridge will afford them a way to more safely traverse the traffic-heavy boulevard.

Currently, there are 16 pedestrian bridges on the Las Vegas Strip, with the original two first built in the mid-1990’s where Las Vegas Boulevard South and Tropicana Avenue intersect; the last bridge was constructed and opened in 2012 at the intersection of Las Vegas Boulevard and Harmon Avenue.

Local residents have been expressing their approval of the new addition to the Boulevard, with many expressing frustration at the difficulty of crossing the busy roadway in a timely fashion. The new pedestrian bridge, many say, is a welcome addition, although more are needed to truly address the problem.

In addition to creating smoother and faster access for pedestrians to cross the busy Boulevard, reports indicate that the new pedestrian bridge should also assist with traffic congestion as well. With the difficulty in crossing the street on the Las Vegas Strip, many pedestrians tend to jaywalk or dodge traffic to get across, often tying up traffic in the process. In addition, intersections often get congested as well, with pedestrians continuing to cross even after traffic lights have turned red.

No lane closures are expected on the Las Vegas Strip during construction; restrictions may occur at points, however.

Funding for the construction of the new pedestrian bridge comes from Las Vegas’ hotel room tax, with the city taking approximately one percent off the top for the project; in addition, the tax also funded a series of sturdy, short, vertical posts installed along the Las Vegas Strip that contribute to pedestrian safety.

If you are considering relocating to the Las Vegas area which 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 tenant related questions you may have.

Las Vegas Rental Prices Climb at Record Speed as Pickings Remain Slim

LAS VEGAS, NV – While the nation is keeping their eyes on the ever-evolving and expanding housing market of Las Vegas, Nevada, a directly-related market that often gets overlooked – the rental market – is also experiencing a massive period of growth. Much like homesteads in the region, rental units, such as apartments and condominiums, are in big demand, short on supply, and growing in price.

Las Vegas rental prices are increasing at one of the fastest rates in the United States, according to reports, while vacancy is at an all-time low; essentially, this means that there aren’t enough rentals to go around, and that’s driving prices up to significant levels. Developers are in the midst of efforts to create more apartment buildings and condos to satisfy demand, but at the moment they’re falling short of necessary construction goals.

Currently, the typical Las-Vegas-based apartment in the third quarter of 2018 is pulling in an average rent of $1,020, which represents a jump of 5.8 percent from the same period in 2017. While this amount is far below the average price of an apartment in other, more expensive regions of the county – which lies in the $1,300+ range, currently – it still is an increase of 5.8 percent from one year ago, which means that prices in Vegas, while still more affordable than the national average, are still going up at record speed. The availability of rental units in Vegas is a large contributor to the rental hikes as of late, reports show- currently, the vacancy rate for apartments and condos in Southern Nevada stands at 3.6 percent.

However, homes rentals are also feeling the squeeze, with prices increasing at similar rates as they are for apartments; as of press time, rent for a single-family home in Vegas for June has jumped 5.7 percent over the same period in 2017, and while it has been surpassed in recent months by other cities, in early 2018 Vegas had the fastest-climbing rental rates in the United States. Southern Nevada boasts a large number of rental homes on the market, due to the fact that investors bought numerous houses on the cheap during the recession and have since retained the majority of them (as opposed to selling) rental properties.

As the region’s economy recovered and bounced back after the recession ended, the influx of new businesses and jobs greatly increased, along with the number of newly-transplanted residents; as a result, housing demand grew…along with rental prices. As mentioned before, developers are struggling with producing new housing options for residents hungry for shelter, but until they catch up, demand – and, correspondingly, prices – is sure to continue its upward ascent.

If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Report: Las Vegas Housing Prices Hit 11-Year High

LAS VEGAS, NV – In keeping with current market trends that see the demand for housing options in the Las Vegas real estate market, housing prices have continued to climb in the region, recently hitting a high point not seen in over a decade, according to reports.

For the first time in 11 years, the average median price of a home in Vegas in 2018 has reached $300,000, which represents an increase of 1.7 percent from August and a whopping jump of over 13 percent from the same period one year ago, when the median price was $265,000.

The last time Southern Nevada saw house prices such as these was way back in 2007, while the region was on the cusp of the recession; at the time, prices topped out at approximately $305,000. The highest the market ever reached in terms of peak pricing was June of 2006, where the average median price of a home was $315,000.

In contrast, the bust of the housing bubble in Las Vegas saw that average hit a shocking low in January of 2012 of $118,000.

Meanwhile, condominium prices have seen similar climbs recently, as many new families and individuals moving to the area are scrambling to get their hands on anything they can; the median price of Vegas condos and townhouses hit $170,000 as of this past September, a huge leap of over 21 percent from September of 2017.

A great part of these skyrocketing prices is due to the fact that, despite the best efforts of local developers, Southern Nevada is still in the grips of a housing shortage, with realtors reporting a mere two month supply currently available. For what is considered a “stable” market, typically a six-month supply is needed in order to keep prices from driving up too quickly.

As a result, developers and contractors have been doubling their efforts and increasing hires, but the needed workforce is still not at levels that needed, despite increased salaries being offered. However, nonetheless, work is progressing – albeit slowly – and new homes and condos are being erected as a gradual pace that should serve to balance Las Vegas’ real estate market, ensuring that home prices don’t box out first-time home buyers on a budget.

Another issue contributing to the housing shortage – and the subsequent rise in housing prices – are the large number of rental homes owned by local investors that are not being put on the market for sale; if these investors decided to sell as opposed to hanging onto their numerous rental properties, it could also help alleviate some of the strain on the market.

Housing prices in Las Vegas have been increasing at the fastest rates in the United States over the past 12 months. If you are considering investing in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Approximately $17 Billion in Las Vegas Construction Projects Currently Ongoing

LAS VEGAS, NV – Development on new hotels and resorts in Las Vegas has reached a fever pitch in recent months, with reports noting that approximately $17 billion in projects are currently slated to be worked on from now until 2020; this will result in an estimated 14,000 new guest rooms – for a city-wide total of 160,000 – in entertainment and vacation establishments concentrating on the Las Vegas Strip area. This expansion is expected to greatly add to the City’s reputation as a one-of-a-kind, world-known destination that has clearly bounced back after the mid-2000’s recession.

One of the most notable new resorts is The Drew, a 68-story hotel slated to have almost 4,000 rooms, has its development being headed up by Marriott International. The project, currently under construction, is calling the former Fontainebleau Las Vegas tower home, an endeavor that was abandoned back when the recession hit but has recently been given a new lease on life. The Drew will offer space to host events, entertainment, and conventions, in addition to a retail space, numerous restaurants and bars, and a pool.

Next up is the Wynn West, a hotel that will be built upon a mid-Strip site that originally was to be the 38-acre home of New Frontier, another project that fell by the wayside during the recession. Wynn West is planned to have between 2,000 and 3,000 rooms and will feature a bridge over Las Vegas Boulevard for guests to utilize.

Close to Wynn West will be Paradise Park, a 25-acre development which will be situated on the previous location of the Desert Inn Golf Course. The 47-story Paradise Park will serve not only as a 1,500 room hotel resort with a boardwalk, beach, and lagoon, but also as a high-scale meeting and convention hall with state-of-the-art amenities.

Finally, the recent completion of Park MGM – a completely remade and re-imagined luxury-based take on the famed Monte Carlo casino hotel – features 2,700 rooms, swimming pools, a full casino, and much more, and is slated to open its doors for business this autumn.

However, hotels aren’t the only new additions to Las Vegas’ skyline in the near future- a variety of entertainment attractions are currently in the works as well. One of the most notable of these projects is the Sphere, a fantastical concert and entertainment complex housed within a mammoth LED shell with seating for 18,000, scheduled to open in time to ring in New Year’s in 2020.

Those seeking a thrill will be in luck, as MGM’s New York New York Hotel will be offering a new, virtual-reality Big Apple Roller Coaster; the LINQ Promenade will premiere the Fly LINQ zipline this year, an attraction that launches from the top of a 122-foot tall tower; and the MGM Grand will debut the Zombie Apocalypse virtual reality experience, a 30-minute entertainment complex that allows guests to battle with the undead.

With Las Vegas seeing an unparalleled and unprecedented degree of construction relating to the rejuvenated tourism and entertainment trade, the fact that the city is back on the map – in terms of tourism, economy, real estate, and more – is one that cannot be disputed.

If you are considering investing 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 tenant related questions you may have.