Careers     Rental Application     Tenant Login     Call Us:   702-376-7379

Category Archive : Market Updates

Las Vegas Real Estate Prices Continue to Climb in March While Selection Dwindles

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

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

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

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

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

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

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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

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

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

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

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

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

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

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

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Market Update: Las Vegas Real Estate Prices Continue Growth While Inventory Shortages Cause Sales Slowdown

Market Update: Las Vegas Real Estate Prices Continue Growth While Inventory Shortages Cause Sales Slowdown

LAS VEGAS, NV – As an example of scarcity not being able to keep up with demand, the ongoing housing shortage in red-hot real estate market Las Vegas has begun to take its toll on sales; while reports indicate that prices on houses and apartments continue to rise, the lack of available options in the market – and the inability of local developers to continuously produce new units at a pace which adequately satisfies demand – has caused a slight cool-down on home sales in the region.

As of current time, Las Vegas possesses less than a two-month supply of homes available for sale on the market; for any given area’s real estate market to be considered “balanced,” a six-month supply is typically called for. And it’s this imbalance – coupled with ever-increasing demand thanks to a rebounding economy and subsequent growing populace – that is driving home the fact that there are simply not enough homes for sale in Southern Nevada.

Part of the overall issue is that, while numerous developers and contractors are going about the business of constructing more properties, they are simply proving unable to keep up with demand at a sufficient pace given the rapid expansion of the market in the last few years, according to a statement by Greater Las Vegas Association of Realtors President Christopher Bishop.

I’ve heard reports saying that they can’t employ enough people to build enough homes to keep up with the supply and demand. I wouldn’t say the market has slowed down. I would say the effects of the shortage have now caught up with us,” he said. “Sales have continued to go up over the last few years, even as our inventory has been going down. But with fewer homes on the market each month, it seems like it was only a matter of time before it started to affect sales.”

Currently, the median price for a single-family home in the Southern Nevada region during the month of February 2018 was approximately $275,000; this represents a 3.8 increase from the previous month and an impressive 14.6 percent jump from the same period one year prior. Meanwhile, the median price last month of townhouses and condominiums was $150,000, a whopping increase of 27.1 percent from February 2017. All told, the grand total of homes, townhouses, and condominiums sold during the month of February 2018 came in at 2,704; this represents an overall decrease of 5.4 percent from 2017, although the sales of condos and townhouses did rise 1.8 percent.

All in all, this news merely proves that Las Vegas real estate is hot, and shows no sign of cooling down in the near future. Clearly, more resources need to be allocated into the region to up construction rates to satisfy an ever-present and ever-increasing demand as Southern Nevada continues to grow and prosper.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

MSG Sphere, Futuristic Music Venue Coming to Vegas in 2020

LAS VEGAS, NV – In a city where seemingly every building or attraction is constantly fighting for your attention, the one that may rise above them all in terms of spectacle will be opening its doors in 2020, as plans for the futuristic music venue MSG Sphere – due to begin construction later this year – was revealed to the public this week.

The MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

Judging by the conceptual renders supplied by the Madison Square Garden Company, the MSG Sphere, once completed, will truly be a unique attraction in a city known for many, as well as an unbelievable sight to behold in its own right. The exterior of the sphere will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured. In addition, images of Las Vegas taken via a camera system could be projected upon the sphere as well.

MSG Sphere, a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip; Photo credit: The Madison Square Garden Company

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed. Interactivity will be emphasized via high-speed wi-fi access for each and every seat, enabling concertgoers to constantly and easily document their experience on the social media platform of their choice, posting comments, photos, and video clips to their followers with ease.

Inside, a 180,000-square-foot ceiling will feature massive video screens for attendees to watch, and a floor-installed bass speaker system should appeal not only to those taking in a concert, but club-goers on evenings when electronic dance music acts take the MSG Sphere stage, giving the music venue a multi-genre and event capability.

And in addition to the MSG Sphere being dazzling to behold in a visual sense, it’s also planned to be just as impressive from an aural perspective as well; the venue will feature an acoustics technology developed by the German company Holoplot known as “beamforming audio,” a technology that sends sound directly to a specific location via planar audio waves. Going beyond the experience of standard stereo speaker systems, the transmission of audio using beamforming tech is being touted as so precise that individuals seated in the same vicinity could hear completely different sounds while taking in the same performance.

Parking for the venue will make use of facilities at nearby casinos, utilizing 12,101 spaces divided up among the Venetian, Palazzo and Sands Expo Center garages as per zoning and land use permits issued in February by Clark County city commissioners; in addition, owners of the MSG Sphere will create an additional 304 spaces on their own property to supplement their parking needs.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas 51s Minor League Baseball Team Breaks Ground on New Home Stadium

LAS VEGAS, NV – Las Vegas’ transformation into a major player in the national sporting scene (the region has already successfully lured popular NFL team the Oakland Raiders into the fold, come 2020), continues to chug along as a home-town Pacific Coast League baseball team recently announced they have broken ground on a brand-new, state-of-the-art facility sure to attract many new fans in the near future.

Minor League Baseball the Las Vegas 51s – named after the infamous Area 51 military base located 80 miles north of Vegas – broke ground on Friday, February 13 on the Las Vegas Ballpark, a $150 million, 10,000-seat stadium located in Summerlin, with construction due to be completed in time for the start of the 51s’ 2019 season.

In April 2013, the 51s – formerly known as the Las Vegas Stars until they were re-named in 2001 – were purchased by Summerlin Las Vegas Baseball Club LLC, a joint venture of Howard Hughes Corp. and Play Ball Owners Group. The group’s intention was to eventually move the 51s to a new stadium in Summerlin. In October 2017, the Las Vegas Convention and Visitors Authority approved a 20-year, $80 million naming rights agreement to help pay for a new $150 million ballpark, which is expected to include 22 suites, a center field pool, kids’ zone, and several bars. The stadium will be owned by the Howard Hughes Corporation.

The team won their only division title in 2002, with the team posting the best record in the league at 85–59, but they lost to the eventual PCL champion Edmonton Trappers, three games to one. In 2012, the 51s signed a Player Development Contract with the New York Mets through the 2016 season.

The 51s have played out of Cashman Field Las Vegas since 1983, which has a capacity of 9,334 people; the decision to move to a brand-new home stadium was based on a number of factors, with most of them revolving around the age of the facility. Considered far behind the times, Cashman Field had fallen into disrepair in recent years, with the field, bullpens and clubhouse criticized by players as being “second class” and “decrepit.” The stadium also has very limited training facilities.

The final straw, however, fell in 2015, when the stadium’s sewage system backed up during an actual game, causing raw sewage – including actual fecal matter and other potentially infectious materials – to flow into the dugouts, driving the team out onto the playing field; it’s a problem that players and team owners say has yet to be fully rectified, with manager Wally Backman expressing concerns that the incident could repeat at any time. The numerous issues eventually drove team president and chief operating officer Don Logan to publicly declare his embarrassment to have the 51s associated with Cashman Field in any way.

“It’s disappointing that Vegas has the worst facility in our league when we have such a great town with the greatest hotels, the greatest dining, the greatest shopping,” he said. “It’s not becoming of this community to have a place like this.”

Come 2019 and the completion of the Las Vegas Ballpark, however, the Las Vegas 51s – and their fans – will finally have a new stadium with cutting edge, modern amenities that they can be proud to call home.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Desperate To Catch Up with Booming Real Estate Market, Las Vegas Construction Jobs Now in Huge Demand

LAS VEGAS, NV – After the recent rebirth of Las Vegas – with jobs, the real estate market, and the economy all in the midst of an unprecedented boom period – housing is in great demand, and unfortunately current inventory is unable to meet that demand. In an attempt to close the gaps between the haves and the have-nots, one job market in particular has seen a massive uptick: the construction field, and employers are desperate to get their hands on as many able-bodied workers as humanly possible.

According to reports, employment in the Las Vegas construction industry has jumped over 18 percent from the same period one year ago, with nearly 70,000 people employed locally as of December 2017; that represents nearly 11,000 construction jobs added in the Southern Nevada region over the course of just 12 months, which is a startling amount of growth in such a relatively short amount of time.

The construction industry took a hard hit in Vegas when the housing bubble burst in the mid-2000’s leading to numerous layoffs and projects that were literally abandoned and left to sit dormant for years. However, after a resurgence of the local economy leading to record employment and real estate growth, people are heading to Las Vegas once again to take advantage of booming opportunities for investments and jobs, and houses, apartments and condos have been snapped up almost as quickly as they’ve become available. This status has seen prices for abodes leap as inventory dwindles, and efforts to build new lodgings to accommodate the need as seen resurgence in the construction industry as well.

Representatives of the Southwest Regional Council of Carpenters anticipate that their membership numbers will increase by over 50 percent in the upcoming year-and-a-half, and are putting together portable classrooms in order to be able to meet the swelling ranks of workers that are needed. Even now, with the increase in construction jobs in Vegas – the region is currently 18 percent over the U.S. average for number of jobs held in the field – development is still behind the curve when it comes to demand, as Nevada is experiencing a population growth rate that is second in the nation, behind only Idaho.

Despite the growth in construction over the course of the last year, employment in the field is still below the peak years before the housing bubble burst, a time when over 112,000 were employed to erect houses, casinos, and office builds; contrast that with only 34,800 jobs available during the very heart of the recession in 2012.

However, at this current rate of growth, the Vegas of today stands to not only eventually catch up, but eclipse the region’s mega-successful days past, with developers working on countless housing tracts, apartment buildings, offices and warehouses; in addition, there are also huge projects in the works that promise to remake the entirety of Southern Nevada with construction underway on the Oakland Raiders’ 65,000-seat football stadium, the Las Vegas strip’s  Resorts World Casino, and a huge expansion of the Vegas Convention Center, as well as countless other projects. Needless to say, Vegas needs construction workers, and the need will only increase in intensity as time goes by and demand for housing increases more.

Need information on the fast-evolving Las Vegas market? New home construction referrals? Las Vegas developers  for investment homes in the area? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Vegas Strip-Based Fontainebleau Casino to Finally Open, Re-Christened The Drew; Managed by Marriott International

Vegas Strip-Based Fontainebleau Casino to Finally Open, Re-Christened The Drew; Managed by Marriott International

LAS VEGAS, NV – Sitting vacant and unfinished on the Las Vegas strip since 2009, the proposed Fontainebleau Casino and Resort had become synonymous with the national recession that had hit the Southern Nevada region especially hard. However, this week, it was announced that New York-based real estate firm Witkoff – in conjunction with Miami-based investment firm New Valley LLC – has stepped in, and they will finally be opening the property, re-christened as The Drew and managed by Marriott International.

The 68-floor luxury resort, boasting almost 4,000 rooms and suites managed by Marriott International, is located near the Circus Circus, SLS hotel-casinos, and the Las Vegas Convention Center; construction on the $2.9 billion Fontainebleau property had begun in 2007 by privately held Fontainebleau Resorts LLC, but indefinitely halted two years later when the recession brought a halt to the proceedings, forcing the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC, headed up by businessman Carl Icahn, purchased the Fontainebleau in 2010 for $150 million, and then sold it off to Witkoff and New Valley for $600 million in August.

The two companies announced the plans for the property – now called The Drew – slated to open in 2020 and will feature many amenities including a casino, approximately 4,000 rooms and suites, 500,000 square feet for holding events such as conventions and business meetings, and a great number of entertainment options for guests, including a theater, retail areas, and over 20 different dining options. The property will be managed by Marriott Corporation, and will also be home to two Marriott brands as well, both making their Las Vegas strip debut- JW Marriott, a luxury hotel chain that a brand of Marriott International  named after John Willard Marriott, the founder of Marriott Corporation, and Marriot’s upscale, boutique-style “Edition” brand.

John Unwin, a well-known member of the local hospitality industry, has been brought in via Two Blackbirds Hospitality to oversee the development and day-to-day operations of the launch. Along with The Drew, another neighboring resort/casino project is also slated to open in 2020 – Resorts World Las Vegas, a project targeting predominantly Chinese and Chinese-American tourists that has also experienced its share of delays. The two properties are expected to help fill out the northern end of the Las Vegas strip, until now a less visited part of the city by tourists.

In addition, the Las Vegas Convention Center, which is currently undergoing large-scale expansion efforts, is also expected to see completion within the same time-frame, with plans for a bridge connecting The Drew to the facility being in the works. With these three projects slated to open all within a short period of time of one another, experts are projecting a large increase in visitors to the area within the next few years. It’s projects such as these – ones that have lain dormant for years, now experienced a resurgence and entering their final phase of development before opening – that cement Las Vegas as a region that holds near-limitless promise.

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.

Las Vegas Named Hottest Real Estate Market in U.S. for 2018

LAS VEGAS, NV – Several esteemed news organizations have done their homework and produced their annual “Hottest Real Estate Markets of 2018” lists, and what may come as a surprise to some – but a no-brainier to most – is that Las Vegas has topped many of them.

One noted publication that has predicted Las Vegas as the number one real estate scene in the nation for 2018 is Realtor.com, and among the criteria stated for their pick were prices verses the number of existing homes; new home construction; and local economic trends, all of which were taken into consideration when it came to deciding which region in the United States would generate the most competition and revenue over the course of the next 11 months.

Realtor.com stated that homes in Vegas are being snapped up as quickly as they hit the market, with 2017 seeing the third highest level of sales ever seen in the Valley. Experts are predicting even better from 2018, and buyers are going to have to act fast – and anticipate some degree of disappointment – if they want to get in on the action, as demand is high, yet supply limited. Real estate brokers are encouraging prospective buyers that competition will be fierce and getting offers in early and fast will be the key to scoring a property…or losing it by a hair to an even more bloodthirsty buyer.

In addition, Fortune Magazine has also listed Southern Nevada as a region with a real estate market that investors should seriously think about getting involved in- they noted that Vegas saw prices of homes jump a whopping 10.6 percent from November 2016 to November 2017, outpacing other well-known hotbeds of property-buying activity such as San Francisco, whose prices went up 9.1 percent during the same time period. Rampant Vegas home and apartment development in an attempt to keep pace with demand, as well as a flourishing economy and job market, are considered major strengths that will bleed over into increased real estate demand as well.

And finally, USA Today has weighed in on the 2018 real estate scene, declaring Las Vegas an early winner of the race as well, noting that forecasts are calling for the market in the region to remain strong for the foreseeable future, with prices of homes continuing to rise throughout the year as demand continues to grow; median home values in Vegas are expected to rise approximately 5.8 percent over the next year, showing that investors have a great deal of confidence in the strength of the market. In fact, home values in Vegas increased 8.6 percent during the last year, with the price of a median home coming in at approximately $285,045.

As you can see, if you’re looking to invest your hard-earned dollars in a white-hot real estate market in 2018, the experts have spoken- Las Vegas is indeed the place to do it. And with a financial forecast this bright, is stands to reason that 2019 and beyond will to continue this upward trend as well.

If you are considering relocating in or around the Las Vegas area, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.

HGTV’s “Flip or Flop Las Vegas” Set to Begin Second Season This March; Earned 12M+ Viewers Since Premiere

LAS VEGAS, NV – Taking advantage of the popularity of “house flipping” shows – that is, programs that chronicle the happenings when people purchase a home to fix up and quickly sell for a profit – HGTV decided to make a spin-off of its hit series Flip or Flop by tying it into a region experiencing a rapid period of growth in terms of real estate; thus, Flip or Flop Vegas was born, debuting on HGTV on April 6, 2017 and instantly finding a loyal audience, earning 12.5 million viewers since its premiere.

Filmed in and about Las Vegas, Nevada, Flip or Flop Vegas features the husband and wife duo of Bristol and Aubrey Marunde as they go using their years of real estate experience flipping various properties in each weekly episode, all under the watchful eye of a professional camera crew. Aubrey is a real estate expert and designer, while Bristol – a former Mixed Martial Arts fighter – is the contractor and handles design as well. With the first season proving to be a ratings winner with audiences, HGTV announced after the finish of season one that Flip or Flop Vegas would be renewed for a second 16-episode season – upgraded from 13 episodes in season one – set to debut this March.

High demand for Las Vegas real estate, combined with ever-escalating prices, have contributed to an intense buying and selling environment unlike near anywhere else in the United States; Aubrey Marunde noted in an interview that such a competitive area was ripe for a television show chronicling the cutthroat attitude and drive a flipper must have when it comes to snatching up distressed properties, renovating them, and getting them back on the market to sell at profit as quickly as possible.

“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.”

After the couple’s exploits in season one, the Marundes now find themselves in a Las Vegas that is even more intense in 2018; in fact, Aubrey stated in a recent interview that Vegas is now the country’s “harshest“ real estate market in terms of the speedy time frame needed to execute a successful flip…if you slow down to catch your breath, she noted, you stand to lose countless dollars from your investment.

“Things move so fast in Vegas. You can have an area that’s booming, and something opens next door to it and you start seeing declining value,” she said. “You have to be really careful about which property you select and what you put into it — and how fast you get it on and off your books.”

The couple’s average time to flip a property these days tends to be about three weeks; once on the market, their average sell time is five to seven days.

Going along with the flashy image that Vegas portrays in the media, the design aesthetic the Marundes’ bring to their typical flip can be summed up in one word: glam,” with lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered the two quite the reputation…not to mention demand for their work.

A good example of the magic the two can work on a property is a recent job they did in Boulder City in Clark County; as will be shown in an upcoming season two episode, Aubrey and Bristol discovered a 690 square-foot house originally built in 1940, which they purchased with the intent to maintain the old-school charm the property possessed during its renovation. The plan is to double the house’s size with the additions of two new bedrooms and a new bathroom, in addition to replacing the windows, adding a porch, as well as other upgrades and embellishments.

The Boulder City home was purchased for less than its list price of $95,000; when the renovation is complete, Aubrey and Bristol said that they hope to flip it for $300,000. And considering the explosive state of the Las Vegas real estate market, it’s likely that they will get it. Flip or Flop Vegas season two will air on Thursdays this March on HGTV.

With Las Vegas taking the top spots nationally, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Downtown, Fremont Street Experience, Development Set for Rapid Growth in 2018

LAS VEGAS, NV – 2017 was a red-letter year for Las Vegas in terms of many growth factors- the economy, the real estate market, the job market, and investors have been clamoring to continue that trend leading into the New Year. With the economy in the region on the rebound after laying in stagnation for the better part of a decade, Vegas has become a destination for those looking to not only make a quick buck on a sure thing, but also those who are looking to begin a new chapter in their lives by relocating to a job market where there is ample chance to succeed due to the many opportunities afforded by the many new companies and businesses that have recently taken up residence in Southern Nevada.

And when you have a rising population in any given region, you can’t expect residents to sit in their houses doing nothing when not at work; they need places to go and shop for groceries, enjoy a relaxing drink with their friends, see a movie, or go shopping for the latest fashion trends. That’s where Las Vegas’ downtown area comes into play, and experts are predicting the growth it experienced in 2017 to continue into 2018 to accommodate the rise in the local population.

Currently – despite the development progress over the course of the last year – the downtown area is still in a state of recovery from the economic downturn that Vegas. While improved in many respects, some sections still feature large swaths of boarded-up storefronts – eyesores in an otherwise steadily-growing urban destination for local residents.  For example, the Fremont Street area has experienced a great deal of improvement, but the eastern section is still comprised mostly of empty lots of land and abandoned stores; however, developers have tentative plans in the works to bring a five-story apartment complex to Fremont Street, in addition to a potential multifamily project in the area as well, according to reports.

In addition, Las Vegas city officials have designated the Fremont Street area as a “technology proving ground” in an attempt to develop the area and keep economic growth on an upward angle. They are doing so by addressing quality of life issues that always come along with growth and change in any given region, such as resident safety, traffic flow and congestion, mass transit – including an autonomous shuttle, which is already in-place and running as a precursor to driver-less cars – and pollution. The goal, officials say, is to attract cutting-edge businesses as well as people with families that would want to call Fremont Street, and the rest of the downtown area of Las Vegas, home.

Las Vegas Mayor Carolyn Goodman has dubbed the effort to revitalize the downtown area in general – and Fremont Street in particular – as “Downtown Lights Up,” which will consist of ample new eye-catching signage welcoming visitors and residents alike, as well as the new, aforementioned tech-focused approach to development, including a complete re-vamping of the video canopy at Fremont Street Experience.

Overall, the comeback of Las Vegas from the brink of ruin it was teetering on for many years is nothing short of astounding, and – one piece at a time – the area is putting itself back together better than it ever has before. No longer content to remain simply a collection of casinos, Vegas is re-inventing itself as a destination for business, sports, arts, real estate, and leisure for many years to come, and the efforts currently directed at revitalizing its downtown area are testament to that.

With Las Vegas taking the top spots nationally, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Freeway Construction Work Accelerated to Accommodate Increased Las Vegas Real Estate Development

LAS VEGAS, NV – With the increased real estate construction in Las Vegas to keep up with ever-growing housing demand going into 2018 comes an issue that only goes hand-in-hand with such activity – increased emphasis on infrastructure development to ensure the populace can effectively get to the new towns, stores, and city centers that are being built.

2017 saw multiple road and freeway construction projects get underway in order to allow the free flow of traffic into new areas of Southern Nevada that are currently in the works by numerous developers since the recent housing boom, as well as to accommodate a growing population that is relocating to the region to take advantage of a blossoming job market. One of the most significant and newest of these projects looks to potentially open up North Las Vegas as a major destination for new business and investment activity once complete.

Starting this month will be the beginning of a massive $57.8 million freeway endeavor that will improve the commute from to the Apex Industrial Park in North Las Vegas; this is part of a North Las Vegas city initiative to attract companies to the region, which are currently somewhat vacant. The U.S. Highway 93 interchange with Interstate 15 – which has remained relatively untouched by construction ever since it first opened in 1963 – will be rebuilt, with  additional plans calling for a widening of the 5-mile section of U.S. Highway 93 leading to Apex Power Parkway, from its current incarnation of two lanes to four.

The work will ensure that the resultant new roadway will contain the flexibility to support future plans to increase Interstate 15 to six lanes when the need arises; the stated goal is to increase both safety and for motorists – sections of the current parkway are considered substandard and are open to possible flooding during heavy rainfall – as well as enhancing their mobility by opening up Apex as a potential major industrial park for businesses to set up shop.

The project, funded in large part via a Transportation Investment Generating Economic Recovery grant from the Federal Highway Administration – acquired by the efforts of the Nevada Department of Transportation, and with development work to be carried out by Ames Construction – will also involve creating advanced traffic intersections for Apex Great Basin Way, Apex Power Parkway and Grand Valley Parkway and new access points for Apex Industrial Park along a re-built and improved frontage road; in addition, another frontage road will run alongside U.S. Highway 93, with construction allowing the ability to add traffic signals to the road at a future date where it intersects with Apex Great Basin Way.

The work is expected to be completed by the close of 2018, and officials from the City of North Las Vegas are hoping that it opens up their neck of the woods to both in and out-of-state investors, as well as big companies looking for a business-friendly climate to set up shop.

Are you considering Southern Nevada as a potential for investment? Would you like to hear more about why Las Vegas real estate is one of the busiest topic 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.

Economists Forecast Major Economic Boom for Vegas in 2018

LAS VEGAS, NV – Spurred on by a rapidly escalating real estate market, renewed interest shown by big brand-name companies, and backing by global investors, Las Vegas, Nevada’s economy is projected to skyrocket in 2018 by major economists. According to Bloomberg, in the mid-2000’s Las Vegas was among the hardest-hit cities by the United States’ nationwide economic crisis, with house prices falling a whopping 62 percent from their 2006 high-point –single-family home building permits dropped by over 90 percent – and unemployment hitting its most widespread peak at 14 percent in 2010. Housed purchased by investors sat vacant and unused.

However, after over ten years of slow and painful recovery, experts have stated that Las Vegas is on the top of their lists for U.S. cities that are making a serious economic comeback in 2018. For instance, according to the Greater Las Vegas Association of Realtors, November 2017 saw the amount of houses on the market in the Southern Nevada region to be 30 percent less than during the same period the year prior – representing a mere remaining supply of two months for buyers – which resulted in a significant jump in property values, with Vegas being only one of two metropolitan areas in the country – the other being Seattle, Washington – that has shown an increase into double-digits over the last twelve months.

According to Nevada Business, the main driving factors behind Las Vegas’ economic growth in 2018 will be numerous and varies, split-up among construction; currently the city is an estimated 10,000 workers short for the number of projects slated for the region in coming years, consisting of sporting venues, hotels, casinos, and family housing – in addition to tourism, and a number of large investments to be made as they relate to that tourism. In addition, an expanding number of retirees in the area, along with logistics and warehouse/distribution – with Amazon.com building major fulfillment centers in Vegas – also playing into the growth factor expected in 2018. New jobs are coming in at 4 percent in terms of growth, which amounts to approximately 7,000 to 10,000 on an annual basis.

In addition, the recently-passed GOP tax overhaul bill, with its emphasis on cutting the tax rate for businesses, is projected to enable companies to raise the pay rates of their employees and invest in growing their individual scopes, creating new jobs in the process; this will potentially have the effect of lowering the cost of goods and services for the middle class, and it stands to reason that the GOP tax plan; provided it works as it’s touted to – could prove to be a major boon to Las Vegas in particular, pouring gasoline on the fire of the city’s economic recovery.

Another factor that should contribute to increase in wages is the aforementioned shortage of construction workers; in an effort to entice more qualified employees to bolster their ranks, developers on average have raised the hourly rates of workers over 8 percent in the last year alone; with more workers needed and a smaller tax rate, this amount is sure to increase even more in 2018. Jobs, real estate, tax cuts, wage growth, investments, and mass construction, Las Vegas features everything a city could possibly need to stoke the fires of economic growth for 2018, and for the people who waited out the last decade when things were at their worst, they should now be ready to experience Las Vegas at its very best.

With Las Vegas taking the top spots nationally, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.