LAS VEGAS, NV – After Las Vegas has endured the effects of a burst housing bubble in the mid-2000’s – a phenomena that occurred nationwide but was felt acutely in the Southern Nevada region more than most – the real estate market in the midst of a rebound that is equally as impressive as the previous decline was bad. The economy is rebounding and jobs are coming back; as a result, housing options are in big demand, supply is tight, and prices are steadily climbing, and, due to this, the rental market is displaying a similar surge as well, as prospective homeowners are being forced to settle, albeit temporarily, for renting one.

A three bedroom home in Las Vegas, in terms of rent, has jumped up in the first three months of 2017 three percent to an average monthly price of $1,328, according to reports. With the summer season fast approaching, prices are expected to climb further as per the norm during that time of the year. The rate of vacancy in the Vegas region – both in terms of homes for sale and rental properties – dropped  to 4.16 percent in the closing months of 2016.

But in addition to an economy on the mend and the subsequent influx of businesses and jobs that are fueling this home-selling trend – couple with a smaller-than-average supply of homes for sale to being within Southern Nevada, which is further driving up demand and subsequently prices –  another reason why the rental market is booming in Las Vegas is that, during a small swell of the real estate market that occurred a few years ago – one that unlike currently, ultimately went nowhere – investors purchased a large number of properties with the intention of renting them out to vacationers, business travelers, and so on.

This has contributed, in part, to the current housing shortage, as many homes that would normally be on the market for prospective buyers are sitting in a rental limbo of sorts. However, with dwellings in short supply, the gamble many of these investors made several years ago is starting to pay off, as residents who are unable to secure a house to buy are settling for the next best thing- renting one instead.

The so-called “Raiders Effect” is also being cited as a reason for the shortage of housing options in Las Vegas; with the area now boasting not only a professional hockey team, but the arrival within the next two years of one of the National Football League’s most well-known teams in the Oakland Raiders – who will be taking up residence in a brand-new 65,000 seat state-of-the-art stadium – industry is being attracted to the area, and with them, people relocating in hopes of a fresh start and gainful employment. And a few die-hard Raiders fans are even moving to Las Vegas to be near the home base of their favorite team, believe it or not.

It isn’t just home rentals that are steadily climbing due to the cutthroat housing market in Las Vegas; apartment rentals are in high demand as well, and like anything else that people are clamoring for, when demand goes up, prices are sure to follow. According to reports, apartment prices went up four percent in the last year, with the average one-bedroom apartment fetching $890 on the open market; if you’re looking for more space, a two bedroom abode will set you back $1050 on average.

Again, lack of supply is cited as a factor in these prices as well, with almost anything considered to be a living space going for a premium in the current Las Vegas marketplace; a trend that shows no sign whatsoever of slowing down or abating from its upwards climb anytime soon.

LAS VEGAS, NV – There’s no doubt about it- real estate in Las Vegas, Nevada, is on a slow but powerfully non-stop climb after sinking into the financial mire in the mid-2000’s. Records are being broken in terms of both prices and sales totals, and everywhere you drive, new developments are gracing the once-barren landscape. In addition, projects that had stalled or been outright abandoned are once again pushing forward in this new, more positive economic climate. While things aren’t quite at the booming levels they are right before markets crash, they are nonetheless very positive and getting better every day.

But for those who are looking to jump aboard this freight train to the top and are feeling some trepidation in regards to it all tumbling down again in the near future, experts are predicting – using the strongest of verbiage – that this isn’t a likely outcome.

Within the last year, the real estate market in Las Vegas has surged in leaps and bounds; 2,249 single-family homes were sold in the Las Vegas area in February, an increase of 6.5 percent from February 2016, and the average single-family home has gone up nearly nine percent, with the average price currently coming in at approximately $240,000.

And of course, these properties aren’t being simply given away, so there’s been a corresponding increase in the demand for mortgages Southern Nevada as well; continuing a three-year trend of growth, home purchase loans jumped up an additional 8.5 percent in 2016 over the previous year, equating to a total of 36,130 mortgages . And all that increasing demand has, of course, in turn driven up prices; in 2017, the average price of a single-family dwelling is coming in at $240,000, which represents an increase of $119,000 for the same home during the very same period in 2012.

In a recent interview, Home Builders Research founder Dennis Smith notes that the demand in Vegas for new homes is very strong, with one of the main reasons for that being fear of rising interested rates; as of now, many people are recognizing a housing boom and have decided to finally get off the pot, so to speak. After all, when interest rates go up, prices quickly follow. In addition, he said, is the limited supply of new homes in the area, which is also serving to inflate demand. However, unlike with a limited trend in the area a few years ago, Smith notes that this current drive is not investor-driven, but homeowner-driven, which suggests far more stability and optimism in the surrounding economy and job market.

It’s this stability, combined with moderate yet steady growth based on legitimate consumer need, that Smith says offsets any possibility of the Las  Vegas real estate market growing too much, too soon and creating another bubble that is sure to burst; instead, he notes, it’s ensuring a strong, profitable tomorrow for anyone getting into Southern Nevada real estate, as well as a good place for families to take a shot at the American Dream, with industry – and, along with it, jobs – quickly filtering into the region.

“Is Vegas going to grow? Yes. Do they want it to grow? I would certainly hope so. If not, then go live out in the desert. But is there a bubble or too much construction? I don’t understand why people would suggest there’s too much construction when the demand shows there isn’t,” he said. “How can anyone convince me that 8,000 sales a year is a bubble? We’ve had 30,000 – 40,000 permits a year; that was a bubble. But before that, in the 1990s and early 2000s, we were doing 20,000 permits and closings a year, and everyone was marveling how wonderful everything was in Las Vegas.”

LAS VEGAS, NV – The Gramercy – formerly known in its original incarnation as “ManhattanWest” – has sat partially finished in Las Vegas for a number of years, a mute testament to the impact of the recession upon Southern Nevada real estate. Construction originally started on the 187,000 square-foot mix of retail, office, and apartment space in 2008 by investor Alex Edelstein’s Gemstone Development, who pulled out six months after the first brick was laid – $170 million poorer – amid the crushing blows dealt by a collapsing economy and a real estate market no longer able to sustain itself as a result.

However, as a sign of Vegas’ continued revival, the mixed-use condo space on Russell Road west of the Beltway – re-dubbed The Gramercy – was recently sold to developers The Koll Company and Estein USA by WGH Partners and The Krausz Cos., who in turn originally purchased the property from Edelstein in 2013 and completed its construction. Koll/Estein paid a cool $61.75 million for The Gramercy, which is a bump-up in price from the $20 million Edelstein let it go for in 2013; part of the reason WGH Partners sold the property off this April was due to the difficulty in leasing out the retail space, although the vast majority of the office space has been rented.

Representatives of Koll/Estein have stated a number of reasons for their purchase of The Gramercy; among them the fact that they are happy with the amount of square footage that has currently been leased, and envision a continued influx of tenants – and, as a result, increased revenue – as the property sits amid a part of the southwest Las Vegas community, an area that is experiencing perhaps the largest spurt of rapid economic and population growth in Southern Nevada at the moment. As a result, investors across the board have been snapping up whatever properties in the region they can get their hands on.

The Gramercy consists of two apartment buildings with approximately 600 living units and two office buildings with retail space at ground-level; an additional condominium tower, started in 2008 but never completed, was imploded and destroyed in 2015. Plans currently exist for additional office space to possibly be built on the property.

Several high-profile retailers are currently taking up residence at The Gramercy, although precious few represent national chains, something the previous landlords purposely sought to avoid according to reports. Among the higher-profile retail tenants calling The Gramercy home are the DW Bistro, a 4,512-square-foot eatery described as “Jamaican Meets New Mexican Cuisine” and featuring a full bar; Pinches Tacos, a Mexican restaurant; The Cuppa Coffee Bar; exercise studio Raw Fitness; and, eventually, Kitchen Table Squared, the new second location of Henderson’s popular Kitchen Table upscale restaurant, slated to feature an “upscale dining room, formal pastry and coffee bar and an oyster bar.”

With the new buyers putting real money into a property that was considered almost dead and buried just a few short years ago, The Gramercy – along with record-breaking home and apartment prices and sales in the region as more and more people seeking employment opportunities move in – represents the real estate and economic boom that Southern Nevada in general, and Las Vegas in particular, is currently experiencing after several years of financial drought, and points to a bright and prosperous future as this trend is cultivated and grown.

LAS VEGAS, NV – Spring is here, and if March figures are any indication, the upcoming months leading into the summer season are sure to continue the upward trend of availability – or lack thereof – of homes in the Las Vegas real estate market.

Southern Nevada’s supply of available homes has been shrinking for months now, going hand-in-hand with a steady increase in prices as options continue to dry up for prospective homeowners in the region. According to recently-released statistics, approximately 11,000 single-family homes were available on the market at the tail-end of March 2017, which represents a decrease of 17 percent over the same point in 2016. Meanwhile, sales of available homes on the market have increased nine percent this past March compared to 12 months ago, resulting in a highly-competitive marketplace for both buyers and sellers, with homes on the average selling at the fastest rate since official tracking begun in 2010.

A community experiencing growth always represents an attractive prospect for people looking for a fresh start, hence the recent influx of transplants from other areas of the country and the subsequent reduction in the amount of housing options for them as dwellings are gobbled up. As an example of how fast homes are selling in the region, your average single-family dwelling would typically go under contract in 60 days one year ago; today, that number has gone down to 49 days and continues to shrink.

As with a growth in demand comes growth in prices; the median price of a single-family home sold in the Las Vegas area has jumped up 7.5 percent in March 2017 from one year ago, with the average price clocking in at approximately $273,000.

According to real estate professionals, there’s plenty of buyers out there, but fewer and fewer homes to accommodate them; this, reports indicate, are a result of economic improvements in Nevada as a whole and Las Vegas in particular, with new businesses, attractions and even sporting teams (in the form of the Oakland Raiders NFL team) setting up shop in the area, and with them are coming jobs for local area residents.

However, with Vegas’ growing reputation as a real estate market on the rise come complications as well, with homeowners looking to sell believing they are sitting on a gold mine and demanding top dollar for their property; experts report that if prices were lowered closer to an accurate fair-market value – as opposed to prices inflated by speculative market growth and a recent spike in demand – that sales would be even more brisk. But as a territory hit especially hard by the real estate bubble burst several years ago, sellers looking to cash in on a market that is finally booming is just a reality that cannot be denied.

Another factor that is eating into the total number of homes available to buyers in the Las Vegas area are due to investors that purchased a large number of homes, only to turn around and offer them as rental-only properties to tourists and vacationers; as of March 2017, few of those investors are looking to sell those homes, which again drives up demand for the remaining properties on the market.

Overall, however, March 2017 has continued the trend of a shrinking real estate market and demand (and, as a result, prices) for property in Southern Nevada with no signs of things slowly down.

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, NV – If the numbers aren’t enough to convince you that Las Vegas, Nevada is a fast rising hotbed of real estate activity – last month’s median home price moved up 10 percent to $242,000 from the same period in March of 2016, and five years ago that number was a mere $123,000 – Hollywood has also taken note.

HGTV’s Flip of Flop, one of reality television’s hottest programs, is offering its very first spin-off with a Las Vegas-centric theme; entitled Flip or Flop Vegas and starring local residents Bristol and Aubrey Marunde, its very existence displays a firm belief in the high activity of the Southern Nevada real estate market by HGTV studio executives, as typically they are loathe to sign off on a show that concentrates on a single region unless they feel they have a certified hit on their hands.

Flip or Flop is a television series airing on HGTV hosted by real estate agents and real-life husband and wife Tarek and Christina El Moussa. First airing in 2013, the show, which chronicles the activities of the two as they “flip” homes; in other words, they buy distressed properties and renovate them while a camera crew captures the process from beginning to end. The popularity of the show is readily apparent by the fact that, to date, it has filmed 86 episodes through 8 seasons. As is the case with successful television, eventually talk of a spin-off came to bear, and on April 6, 2017, Flip or Flop Vegas premiered on HGTV starring Bristol Marunde, a Vegas-based real estate expert and designer, and her husband Bristol, a designer, contractor, and former Mixed Martial Artist who has competed in the UFC and Strikeforce.

Flip or Flop Vegas takes the same premise as its progenitor; the Marundes are featured in each weekly episode dealing with the trials and tribulations of flipping homes in Las Vegas; the real estate market in the Vegas area is ripe for such a show, with the current demand for housing options far outstripping supply, a state of affairs that is causing prices to continuously make gains. Indeed, Las Vegas is fast becoming a seller’s market, and each week viewers can tune in to HGTV and see it all for themselves.

Producers from HGTV first became aware of the exploits of Bristol and Aubrey Marunde when they discovered videos clips on the couple’s Instagram account of their Vegas home flipping achievements; it wasn’t long before the Marundes were contacted and eventually signed to a contract for a 13-episode season Flip or Flop spin-off focusing exclusively on the Las Vegas market, and if ratings are any indication, HGTV has yet another certified hit on their hands.

As for the advantages of flipping homes in the Las Vegas area, Aubrey Marunde recently said in an interview that the high, high demand for homes in Southern Nevada in general lends itself to a much more intensive flipping experience than in the rest of the United States, both in terms of the need for speed when it comes to identifying and buying prospective properties as well as the amount of time it takes to actually sell a home once you’ve finished renovating it (hint: in Las Vegas, they go fast).

“Vegas is a very, very fast-paced market. There are so many opportunities and they present themselves daily. You have to be ready to jump on them, because if you don’t, somebody else is going to,” she said. “So our fast-paced market here is much different than other places around the country and I think that people watching are going to see that. Our properties sell in hours, rather than days or months here. That’s very unique to the show.”

Flip or Flop Vegas currently airs on HGTV on Thursdays at 9 p.m.

Considering relocating in or around the Las Vegas area? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – As if Las Vegas’ economy – and as a by-product, it’s real estate market – wasn’t beefing up its already impressive profile, Amazon.com, the nation’s largest online retailer, is currently in the process of constructing a massive warehouse in North Las Vegas to be used as a regional fulfillment center for the countless orders placed via their website on a daily basis.

Amazon’s warehouse, one of over 75 Amazon currently has across the country, will ring in at an impressive 800,000 square feet, and is being erected near Lamb Boulevard and Tropical Parkway. The facility is expected to open its doors for business in summer 2017, and with the opening of said doors will come a immediate boon to the local economy in the form of 1,000 new jobs, many of which will man the warehouse stocking items and packing orders that are destined for numerous locations throughout the Southwest.

As an enticement for Amazon to set up shop in North Las Vegas, Nevada Governor Brian Sandoval has offered up $1.8 million in tax savings in the form of tax abatement’s for the online retailer. According to Amazon’s latest annual report to the Securities and Exchange Commission, the company saw net income of $2.37 billion for the year ended Dec. 31, 2016.

Governor Sandoval noted in a statement that Nevada has been attracting numerous big-name companies to its corporate landscape; in addition to Amazon, The Honest Company, CML Media Corp Sutherland Global Services, TH Foods and Zazzle are expected to set up shop in the area, not to mention the impending re-location of the Oakland Raiders NFL team to Las Vegas within the next 1-2 years. With this injection of fresh blood into the region, Sandoval said, is serving to turn Nevada in general and Las Vegas in particular into a destination not only for tourism, but business as well.

“That’s what provides the jobs…a variety of companies will spur growth in Nevada, including Amazon.com, the largest internet-based retailer in the world,” he said. “North Las Vegas is transforming…Nevada’s business-friendly atmosphere is not only helping existing Nevada companies expand, but also bringing industry-leading companies to our state.”

LAS VEGAS, NEVADA – For the third time in 35 years, the Oakland Raiders have decided to pack their bags and move to greener pastures; this time, calling Las Vegas, Nevada home, possibly within the next two years or less, and the arrival of the popular National Football League team – an addition to a brand-new 65,000 seat state-of-the-art stadium for them to call home – is bound to have a distinct impact upon the Southern Nevada area.

In late January 2016, billionaire Sheldon Adelson, president and CEO of the Las Vegas Sands Corporation, proposed a new domed stadium in Las Vegas to potentially house the University of Nevada, Las Vegas football team and a possible NFL team. Adelson contacted Raiders management for a potential partnership with the team in regards to the new stadium, and in April 2016, Raiders owner Mark Davis met with the Southern Nevada Tourism Infrastructure Committee.

Adelson – along with Goldman Sachs, the project’s backup investor – later pulled out of the deal, but the gap was filled by Bank of America; Nevada’s legislature also approved a $750 million public subsidy (via a 0.88 percent increase in hotel occupancy taxes) for the stadium in October 2016, and the Raiders themselves will invest $500 million of their own money in the project. Overall, the stadium has a $1.9 billion price tag, which includes a $100-million practice facility.

The Oakland Raiders were founded on January 30, 1960, as a member of the American Football League; they are currently members of the National Football League, which merged with the AFL in 1970. Over the years, the Raiders’ fortunes on the gridiron have flip-flopped regularly, going through losing streaks but becoming dominant within the league as well, culminating in an easy 1980 victory over the Philadelphia Eagles in Super Bowl XV. At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses.

The Raiders have courted much controversy over their seemingly nomadic tendencies; in 1982 the team relocated to Los Angeles (while still retaining the ‘Oakland’ moniker), and would remain there until 1995, at which time they returned to Oakland. On March 27, 2017, NFL team owners voted nearly unanimously to approve the Raiders’ application to relocate from Oakland to Las Vegas, Nevada, in a 31-to-1 vote. The Raiders will remain in Oakland through 2018 – and possibly 2019 – and relocate to Las Vegas in either 2019 or 2020.

The stadium and the prestige of having their very own NFL team on-hand is part of state government’s goal of solidifying the very backbone of Las Vegas’ lucrative tourism industry, according to a statement released by Governor Brian Sandoval.

We have before us the opportunity to invest in Nevada’s most foundational industry, tourism, by providing for the infrastructure and public safety needs of the 21st century,” he said. “We can and must usher in a new era for tourism in the Las Vegas market, while keeping our citizens and visitors safe, and ensuring our position as the global leader in entertainment and hospitality.

The stadium is anticipated to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

All of this will translate into a significant amount of fresh revenue being pumped into the Vegas economy, and in any market experiencing employment and wage prosperity, it’s attractiveness as a place to live is sure to increase as well. This is anticipated to result in an increase in home and apartment prices in the area, where quality housing options are already shrinking and are priced at a premium. More than ever – fueled by the arrival of the Oakland Raiders and a brand-new football stadium – Las Vegas will become a seller’s market within the next few years.

However, all the details have not been set in stone yet; terms for a 30-year lease with the Las Vegas Stadium Authority still to have terms ironed out, and property upon which to actually build the stadium still needs to be secured; one proposed 63-acre site is located near McCarran International Airport. However, these are considered to be minor issues with all parties committed to making Las Vegas the new home of the Oakland Raiders 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, NV – Local real estate continued its slow but steady climb upwards during the month of February, with prospective homeowners buying more properties – at higher prices – in a busy marketplace where fierce competition is resulting in steadily dwindling options.

The advances made in the real estate market of Las Vegas are especially apparent when you look at how far it has progressed within the context of a year ago; in Southern Nevada, single-family dwellings have gone up nearly nine percent since February 2016, with the average home currently going for approximately $240,000. 2,249 single-family homes were sold in the Southern Nevada area in February, an increase of 6.5 percent from one year ago.

Likewise, the demand for home loans and mortgages have seen an uptick in activity recently as well; last year in the Las Vegas area, 36,130 home-purchase loans were taken out, which is an 8.5 percent increase over 2015. In fact, the home lending market in the Southern Nevada area has seen continued growth for the past three years and running.

Of course, with the increasing demand also comes increasing prices; that rings true for just about any commerce field, of course. In February of 2012, the average price of a single-family home in the Las Vegas area was about $121,000; fast-forward to 2017, and that same home will set back a buyer $240,000 – a whopping 100% increase. Home prices have consistently increased year-by-year in the area, with the same home in 2015 costing $205,000, $220,350 in 2016, and so on. After enduring a series of peaks and valleys, the real estate marketplace has stabilized and has begun to rise once again.

Furthermore, and comparatively speaking, home prices in Las Vegas are among those that are rising more than elsewhere throughout much of the United States. Whereas the national median single-family home price in February 2017 was $195,300 – a 7.2 percent bump from the same time one year ago – the same home in Las Vegas was fetching $216,400; this represents an increase of 9.8 percent, 2.6 percent higher than the national average.

The reason why more buyers are taking the plunge and committing to buying homes in recent years is simple; a steady population increase in the region, coupled with a slowly-but-surely growing economy and a job market that has boasted regular improvement, has given consumers – many who have been putting off starting families until they were in a position to be able to afford a home – the confidence to finally plunk down the dough on a dwelling of their very own. In addition, the price of the average home in the state of Nevada is still lower overall than many other neighboring states, including cities in California.

However, while the steadily-growing demand for real estate in the region is clearly there, the options to satisfy that demand are starting to shrink; by the end of February, 10,725 single-family homes were on the market, up slightly from the month before but representing a 17.5 decrease from the year-to-year average. Clearly, the rise in demand has caused the available housing resources to decrease in size, and this should go hand-in-hand with continued price increases going forward into the near future.

As you can see, after a long period of dormancy nationwide, the real estate market is slowly transforming back into a seller’s market rather than a buyer’s market, and there’s nowhere this is more readily apparent than in Las Vegas. If you are considering purchasing a home in the Southern Nevada region, it’s best to start weighing your options sooner than later – and if you need help, that’s exactly what we’re here for; contact us today.

Considering Southern Nevada as a potential for investment? Las Vegas real estate is one of the most common targets for real estate investors as of late. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.