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Category Archive : Economy

Las Vegas Wynn Golf Club to Re-Open in 2019 after Major Renovation Project

LAS VEGAS, NV –  The Wynn Golf Club in Las Vegas, closed since late 2017, is currently eyeing 2019 as a date for its grand re-opening, laying to rest previous plans that would have seen the high-end, 130-acre golf course torn down in favor of re-development.

Originally, Wynn Resorts’ vision for the property occupied by the Golf Club – which cost patrons upwards of a whopping $500 to play 18 holes – was a total bulldozing of the site to make way for all-new amenities to accompany the construction of an adjoining 400,000-square foot convention center. New features to be erected upon the property where the Golf Club once stood would have included a 38-acre lagoon, a hotel featuring over 1,000 rooms, a casino, and a beach that would have allowed attendees to engage in numerous water sports such as skiing and parasailing.

However, while work is going forward on the convention center – something that experts say Las Vegas needs more of as the city becomes home for a growing number of businesses during the current economic boom – Wynn Resorts officials have re-thought their idea at re-developing the Golf Club and have set the property to re-open nearly next year.

Part of the reasoning for Wynn Resorts’ decision is the purchase of a 38-acre plot piece of land next to the Las Vegas Strip that company heads note would be a superior location for the convention center amenities, paving the way to keep the Golf Club at its current location. In addition, Wynn Resorts’ has noted the loss of significant revenue that the Golf Club brought-in while open, and are interested in restoring that revenue as soon as possible.

Of course, some changes to the luxury course are slated to take place before that happens; some parts of the existing property have been impacted by construction efforts on the convention center and an overhaul/makeover to the Golf Club is in the works. Wynn Resorts has reached out to the original designer of the course to create an all-new 18-hole course that will be completed and ready to go in time for the convention center’s anticipated completion date in 12 to 18 months.

Already, design work on the new course is complete, with work recently commenced; Wynn Resorts officials note that the course will be restored and made available. The Wynn Golf Club has effectively dodged a bullet, experts say, as property values in Las Vegas at the moment are booming and developers are looking for any and every scrap they can find in order to construct the much-needed housing and business/industrial space that the city needs.

If you are considering moving to the Las Vegas area which is currently experiencing 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.

Second Phase Approval Set for Las Vegas Convention Center Construction

LAS VEGAS, NV – The expansion of the Las Vegas Convention Center – an ongoing project that is estimated to carry final costs upwards of $1.4 billion – continued last week when the Las Vegas Convention Center District Committee recommended the approval of a contract for builder representative to take charge of the final phase of work, with the Las Vegas Convention and Visitors Authority (LVCVA) board of directors set to vote on the matter on November 13.

Cordell Corp. is slated to oversee the final phase of the expansion and renovation of the Las Vegas Convention Center, a project that will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events. The expansion is slated to add 1.44 million square feet of space to the convention center.

Cordell’s bid for the work is the form of a $13.5 million contract that the LVCVA is expected to approve.

The ongoing labor has seen the relocation of power lines to better serve the needs of the venue, and the excavation of the previous parking lot area in order to produce a suitable space for the construction of an adequate foundation for the building, consisting of columns of concrete reinforced with rebar. Two smaller buildings – a visitor center and restrooms – were demolished to make way for the project, and the Paradise Road pedestrian bridge adjacent to the property will be connected to the new building once construction is complete.

Project officials currently contend that construction is on-schedule for completion by January 2021, with the hopes that the new exhibition hall will have the ability to host that year’s International Consumer Electronics Show.

The expansion was started, according to LVCVA officials, due to the fact that the existing Convention Center has simply outgrown its current configuration, inhibiting its ability to evolve and grow. The new construction and renovation to the property is expected to allow the facility to better host the many trade shows, conventions, and special events that take place in Las Vegas on a regular basis. With the growing economy and job market in the region over recent years, there’s more of a need than ever to accommodate the influx of new businesses and organizations which need a venue for their events.

Once the new building is completed, work will shift over to the Convention Center’s four pre-existing exhibition halls, with a two-year large-scale renovation plan slated to enhance and improve every aspect of these facilities. Expected additions are food carts, restaurant and bar facilities, retail sales, and live entertainment venues.

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.

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.

Las Vegas Overtakes Seattle as #1 Real Estate Market in U.S.

LAS VEGAS, NV – After a lengthy reign of 21 months in a row, Seattle Washington has been kicked to the curb by Las Vegas, Nevada as the number one real estate market in the United States, according to a recently-released report. Las Vegas took first place in the latest release of the monthly Case-Shiller home price index with a jump in property sales of 13 percent in August, an increase over the previous month’s of 12.6 percent.

After a devastating hit to the housing market in Southern Nevada during the mid-2000’s recession – homes lost as much as 60 percent or more of their value and foreclosures were at six times the national average – Las Vegas has bounced back significantly in recent years as the local economy has improved and the job market has stabilised and grown. Shrinking real estate inventory coupled with growing demand and rising prices have resulted in home prices increasing to double what they were during the depths of the recession, with few signs of that upward trajectory slowing down any time soon.

Las Vegas also ranks highly nationally in terms of population and employment growth while low in unemployment, which also plays a factor in terms of home prices and sales. The price of a median single family home in Las Vegas is currently $290,000 – in the neighbourhood of average when compared to national statistics – which represents a massive bargain when compared to a place such as Seattle, where a family can expect to pay up to a whopping $805,000 for the very same type of property.

Another reason for Vegas’ rapid growth as it relates to its current Case-Shiller index ranking is that its real estate market had been devalued so greatly during the recession that any growth would have a comparatively large impact on its gains in terms of overall national rank. However, that in no way takes away from the impressive significance of Vegas’ current status as the king of the housing hill in America, as there are numerous other factors at play that determine the overall national ranking.

Seattle’s market had been the second longest-running on the monthly Case-Shiller home price index in the 31 years they have been tracking the real estate market nationally; the only city coming in higher had been Portland, Oregon with 23 straight months in the 1990’s. However, Seattle has been experiencing a drop both property prices and sales recently, and experts expect this trend to continue when the next Case-Shiller index is released, as the report reflects a three-month average. Las Vegas, in comparison, has been experiencing an upward climb for a significant amount of time now, so it is likely that the next Case-Shiller index will continue to reflect its number one national ranking for some time to come.

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.

Las Vegas House Flipping Market Considered Hottest in Country

LAS VEGAS, NV – House flipping – the act of purchasing a home, fixing it up, and putting it back on the market in order to turn a profit – has been a popular way to make money in the real estate field for many years, but recently the market has seen its profit margins slipping nationally… almost everywhere except in Las Vegas, that is, where the practice remains both lucrative and very popular.

According to reports, approximately 7.7 percent of the homes sold in the Las Vegas region in the second quarter of 2018 consisted of flips; compare this to the overall national average of homes sales, of which flips accounted for 5.2 percent and falling, real estate experts say. Only a mere handful of other cities in the United States come in at higher levels, among them Memphis, Tennessee with 9.7 percent; Clarksville, Tennessee at 8.2 percent; and Atlantic City, New Jersey, at 7.9 percent.

However, none of those regions have experienced the rapid and consistent growth that Las Vegas has in recent years, which can be attributed to the ongoing economic uptick in the area, with money, businesses, and jobs flowing into the area, spurred on by a rapidly-recovering real estate market after a near decade of dormancy following the mid-2000’s recession.

However, even before and during the burst of the housing bubble, house flipping had been big money in Las Vegas; before the recent recovery of the economy, flipping was nonetheless big thanks to the ease of acquiring bank loans, which many flippers took advantage of. But with the resurgence of the market in the last few years, flipping has taken on a new significance in Southern Nevada, and with time the practice could overtake other areas and make Las Vegas number one.

On average, house flippers in Las Vegas during the second quarter of 2018 saw a healthy return on their efforts to the tune of approximately $54,000 or more in terms of profit for houses sold, or a nearly 28 percent return on their investment. This amount accounts for the money spent acquiring the property, but not for any subsequent expenditures encountered while renovating and/or improving the house itself before it had been sold. But with careful work done with economy – and quality – in mind, flippers can minimise their costs while maximising their profits.

House flipping in Las Vegas is maintaining its reputation as a profitable and sure-fire way to turn a quick buck in one of the hottest real estate territories around, so if you have the money, time, and wherewithal, it’s something that anyone interested in hard work and high rewards should seriously consider undertaking. With homes in the Las Vegas market still in high and ever-increasing demand, it only makes sense to get in on the action while it’s still hot in one of the fastest-climbing housing markets in the country.

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.

Resorts World Casino to be First “Mega-Resort” to Open Doors on the Las Vegas Strip in Over Ten Years

Resorts World to be First “Mega-Resort” on Vegas Strip in Over Ten Years

LAS VEGAS, NV – Genting Group, a developer based in Malaysia, recently announced that they are on-target for the late 2020 completion of construction on the Resorts World Las Vegas Casino, despite some experts expressing doubts that such a goal is currently not realistic given the overall lack of progress since work began on the $4 billion project in 2017.

Genting originally purchased the 87-acre property – situated on the famed Las Vegas strip at the former site of the Stardust Casino – five years ago, but ran into issues that delayed the start of construction; the developer blamed the problems on logistical construction difficulties and negative fluctuations in Malaysian currency, known as the Ringgit. However, Genting has noted that they have resolved all issues pertaining to Resorts World Las Vegas and, in 2017, began work on the casino in earnest.

However, while some progress has been made at the 87-acre construction site as far as the overall structure is concerned, some are expressing doubts that Genting’s stated 2020 goal is attainable as certain major aspects have yet to be completed, such as the proposed glass siding. Some have said, given the lack of progress thus far, that a more realistic estimate would be 2021 at the very earliest, if not later.

Resorts World Las Vegas – anticipated as the first mega-resort to open its doors on the strip in over ten years – is slated to feature traditional Chinese architecture, with a red and white color scheme and a giant Chinese lantern hanging from the top of a tower. It will feature over 3,400 rooms divvied up between three towers, with a 100,000 square foot gaming floor, numerous restaurants with traditional Chinese cuisine, an amphitheatre, swimming pool, and many more amenities.

At this point, Genting’s website notes that the project will be  completed in phases – the company has stated that the project does not need to be 100 percent completed in order to open for business – and will target mid-market Chinese visitors, although the current and escalating trade war between the United States and China may throw a wrench in the works as far as discouraging tourism from that country, experts say.

“The first phase of Resorts World Las Vegas will be done in stages and will include a hotel; multiple restaurants including a variety of authentic, regional Chinese cuisines; over 100,000 square feet of innovative gaming space, numerous retail offerings; and a top-tier nightlife venue” states the Resorts World Las Vegas website.

Resorts World Las Vegas is Genting’s first project in Las Vegas; the developer also operates resorts in the Bahamas and the United Kingdom, as well as Malaysia, Singapore, South Korea.

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.

Federal Steel Tariffs Driving Up Las Vegas Construction Costs

LAS VEGAS, NV – Steel tariffs instituted by the United States government have begin to make their presence felt upon several high-profile, ongoing construction projects in the Las Vegas area, driving up costs of many beyond the scope of their original estimates, according to reports.

Northwest Vegas’ Centennial Bowl construction has seen some issues related to the tariffs; an estimated $12 million has been added to the project’s original projected costs of the newest phase of work, a huge amount that the Nevada Department of Transportation has attributed to the newly-imposed taxes placed upon imported steel from several foreign sources. It is unknown if attempts were made to procure steel from domestic sources in order to avoid additional cost overruns.

The Centennial Bowl initially began construction in August of 2015, with the stated purpose of the project being a widening and upgrade to a six-mile segment of U.S. Highway 95 in northwest Las Vegas in order to reduce traffic congestion and provide a more efficient and safe corridor of travel for local residents. The project will expand the highway from its current four lanes of travel to an eventual six lanes, running from Durango Drive to Kyle Canyon Road. That work, coupled with a new series of entrance and exit ramps, is expected to create some much-valued breathing room for area motorists.

Currently, over than 52,000 vehicles traverse this section of highway with that amount of motorists anticipated to increase by at least 50 percent in the next 20 years. Needless to say, an upgrade was sorely needed. The first phase of work was finished in 2016; the next phase is due to begin at the end of 2018.

The Department of Transportation selected Las Vegas Paving as the main contractor for the new phase of the Centennial Bowl project, which involves building an additional three parkway ramps that will serve to join the 215 Beltway and U.S. Highway 95, in addition to two flyover bridges.

All of this construction involves a great deal of steel-reinforced concrete, and the initial estimate of $49-$59 million was bumped up to approximately $61.5 million, with the increased costs being attributed to the new steel tariffs. When the project cost was first estimated, structural steel was approximately costing $3.25 per pound and reinforcing steel $.80 per pound; officials now note that structural steel comes in at $9 per pound and reinforcing steel $.94 per pound.

The current deadline for completion of the new phase of the project is 2020.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

UNLV Starts Construction on Research and Technology Park; Facility Expected to Generate 25K New Jobs When Complete

LAS VEGAS, NV – Ground has officially broken and construction is underway on the first of at least 12 buildings that will encompass the Harry Reid Research and Technology Park at the University of Nevada, Las Vegas (UNLV), a $30 million project that the university says should generate as many as 25,000 jobs once it has been completed.

The first building, is expected to be completed next spring and is slated to come in at four stories and take up approximately 115,000-square feet. Developers working on the project are still in the process of finalizing when the entire twelve-building park will be completed, which is slated to consist of as many as 12-15 buildings with up to 1.5 million square feet of office space. The university anticipates that the facility will attract numerous technology businesses to the Las Vegas region.

Located adjacent to Durango Drive and the 215 Beltway, UNLV acquired the 122-acre property for the park in 2005 but was forced to delay construction efforts until now due to financial hardships brought on by the recession. Once completed, the park will offer UNLV students ample facilities to conduct research and engage in business and economic development projects; in addition, the park will also have space available for numerous businesses and partners, although who these specific enterprises are have yet to be divulged.

One complete and fully operational and with full occupancy, the par is expected to provide a vast array of employment opportunities for local residents and boast of an anticipated economic impact upon Las Vegas in the neighborhood of $2.6 billion. UNLV, considered a research university, has stated their goal as becoming a notable research institute and indents to pour approximately $120 a year into their efforts by 2025, focusing on research into technology and increasing the number of patent applications they submit on an annual basis.

The initial building currently under construction is known as an “innovation building,” and will feature offices, research space and lab space, in addition to amenities such as a basketball court and electric vehicle charging stations. UNLV and a corporate sponsor – to be announced in the near future – will be situated on the top two floors of the four-story building, with the bottom two floors being made available to businesses to lease.

Tenants are currently being sought and will be announced once signed, UNLV officials said.

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.

Vegas Sees Jump in Condominium, Townhouse Sales; Construction Expected to Increase in Henderson, Valley Vista

LAS VEGAS, NV – The Las Vegas real estate market is in high gear and showing no signs of slowing down; however, while the sales of property, both private and for business purposes remains at a level not seen in the region in over a decade and focus on the type of property is in a constant state of flux. While sales of single-family homes remain in the lead by far, recently an uptick has been seen in condominium and townhouse sales, proving that when it comes to homes of any type in Las Vegas, if you build it, they will come.

In June of 2018, Clark County saw yet another increase in home purchases to the tune of 944 home sales, representing an increase of nearly 12 percent over June of 2017; for the year to date, that comes to 5,156 home sales in total, a jump of 19.4 percent from year-to-year. According to reports, however, experts noted that a larger-than-usual number of those sales were comprised of condos and townhouses, illustrating a larger than usual jump when compared to recent figures.

Condo and townhouse sales represented a total of 11 percent of the new home sales during June of 2018, a total of 3 percent over the same period in 2017; June’s home sales median price came to $379,648, an increase of 11.9 percent year-to-year.

Sales numbers are expected to increase going forward, and construction of these types of dwellings are expected to increase in response; communities in particular that are expected to see additional options in terms of condos and townhouses are those set in Henderson, including Tuscany and Cadence, as well as Valley Vista in North Las Vegas.

Competition for affordable housing in Las Vegas has reached a fever pitch over the course of the last year, with the booming economy and job market attracting numerous businesses and newly-transplanted residents, all set on taking advantage of Southern Nevada’s low cost of living. However, the demand for housing for new arrivals to the region has seen home prices swell, especially as demand continues to outstrip supply by a wide margin.

Builders have struggled to keep up, and the latest numbers suggest they are finally beginning to get a foothold; the number of building permits issued in June of 2018 was 946 – bringing this years total up to 6,106 – a dip of 8.6 percent from the same period last year, but a year-to-year jump of 30 percent. With those numbers, experts predict that Las Vegas is on-pace to see over 12,000 building permits issued by the end of 2018.

Considering relocating to Vegas? Give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.