Rental Application     Tenant Login     Market Updates     Call Us:   702-376-7379

Category Archive : Market Updates

Home / Market Updates

Area Living , Market Updates , Real Estate

Las Vegas Currently Ranked Number One Amongst Movers Based on Location

By Christopher Boyle June 1, 2018

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

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

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

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

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

Area Living , Investing , Market Updates

Area 15, Sci-Fi-Themed Retail and Entertainment Complex, Breaks Ground in Las Vegas

By Christopher Boyle May 22, 2018

LAS VEGAS, NV – Area 15, a new 126,000-square-foot science-fiction themed retail and entertainment complex slated to offer an “immersive” environment for attendees, officially broke ground on construction on last week with a scheduled opening date of spring of 2019, according to reports.

The complex, located on a 40 acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, is a joint venture between real estate development firm Fisher Brothers and creative agency Beneville Studios, both based out of New York. Area 15 – the name obviously being a playful take on the infamous Area 51, a secret U.S. Air Force base located in the Nevada desert – is expected to attract a variety of visitors by means of a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books; in addition, music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants are expected to round out the package. Retail will also have a footprint at the new facility, although details on that aspect has yet to be made public by Fisher and Beneville, aside from announcing it as being a “radical re-imagining” of the concept of both retail and entertainment.

A major anchor tenant in the form of Meow Wolf – a multimedia production company that specializes in creating interactive experiences combining real-world sets and architecture with virtual reality and specialized sound – announced their signing and involvement in the Area 15 project, and it’s likely going to be the first of many, given the facility’s 68,000 square feet of leasable ground floor space, 58,000 square feet of mezzanines and a 40,000-square-foot indoor-outdoor event area that can accommodate up to 3,000 attendees for a variety of event types, including music performances and festivals, corporate shin-digs, and international video game tournaments, among more. Plans are to host over 100 events a year, with parking in the form of over 800 complimentary spots available for attendees.

The Area 15 project is slated to be an “evolution” of the concept of the American shopping mall; with the average attendance at malls down by shoppers in favor of buying items online, Michael Beneville of Beneville Studios noted that in order to keep the concept alive, it needs to evolve with the times and offer cutting-edge experiences that online options can’t compete with.

“The mall of America isn’t dead,” he said. “It just needs to be reinvented. People don’t want to be spoon-fed their entertainment. They want to interact with it.”

Details on Area 15 beyond those in this article are still scarce, however, with promotional material claiming that the complex will offer an “immersive and unique experience” that would “appeal to a variety of clientele, including gamers, comic-con and sci-fi enthusiasts, artists, music and festival lovers.” But with a large amount of construction already slated to and currently taking take place in Las Vegas – with hotels, casinos, convention centers, and more slated to open soon – it remains to be see how and if Area 15’s somewhat mysterious concept will compete.

Economy , Investing , Market Updates , Real Estate

Las Vegas Second in Appreciation in United States, House Prices Up Over 16.1 Percent from 2017

By Christopher Boyle May 15, 2018

LAS VEGAS, NV – According to recent reports, the real estate market in Las Vegas is still on an upwards trajectory with little sign of slowing down; substantial year-to-year gains in terms of the value of properties in Southern Nevada are eclipsing almost every other region in the United States, speaking volumes to the fact that Vegas is a hotbed of housing activity in 2018.

Overall, real estate in the United States is skyrocketing, and even in such an environment Las Vegas is standing out; currently, it is ranked number two nationally in property value appreciation, up 6.3 percent in February 2018 from the same period of time one year prior. This is equal to a previous jump in December, which represented the biggest gain in home appreciation in Vegas in almost three years, making it second only to Seattle, Washington. Coming in third is San Francisco, California.

The gains in home values in Las Vegas can be attributed to a number of factors, with experts mainly citing the improving economy resulting in steadily-increasing jobs – which, in turn, is attracting new transplants to the area – as well as an increased amount of young millennials leaving home and getting their own places. And, of course, there is that old adage that supply and demand sets the price; March 2018 saw an increase in home sales over February, although that overall number was lower than a year ago simply due to the fact that there currently aren’t enough properties on the market to satisfy the growing need.

As far as the prices of homes overall, April recorded a whopping 2017-2018 year-to-year increase in April of 16.1 percent, with the median sales price of a single-family home coming in at $289,000; this represents a 3.2 percent jump from March. As for actual sales, 2,878 homes were sold in April, which was a decrease of 8/7 percent from the month prior but still an uptick of approximately 0.4 percent from last year. As for inventory, 3,816 single-family homes in Las Vegas were up for sale but were without offers in April, representing a drop of 0.5 percent from March, and 24,9 percent from the same time one year ago.

But while this is all good news for dabblers and investors in the real estate market, it spells potential issues for actual home buyers, as the gains to home values reported for February signify that they are rising at a level that is currently greater than respective gains in terms of both inflation and the average pay level for the region. While this obviously doesn’t make buying property for the average family impossible, if appreciation continues at this level for the foreseeable future buyers may have to make more frugal choices in terms of lodging. For example, due to increasing mortgage rates, more and more people in the United States are opting to renovate their homes as opposed to selling them, and less families are selling their properties because – especially in areas like Las Vegas – the supply currently hasn’t caught up to demand, yet, although many developers are doing their best to try.

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.

Economy , Market Updates , Real Estate

Las Vegas Real Estate Scene So Busy, Buyers Submitting Offers Without Ever Seeing Properties in Person

By Christopher Boyle May 1, 2018

LAS VEGAS, NV – If you’re at all familiar with the real estate scene in Las Vegas, you’ve probably well aware of the fact that demand is currently well outstripping the number of properties available on the open market, with prospective buyers clawing like a drowning man at a straw in the ocean to get in a bid whenever a new home or condo becomes available. It’s becoming a very real problem in Southern Nevada, and sellers and buyers alike are finding new ways to even the odds as much as possible- the increased use of social media in real estate to communicate and inform on all aspects of housing sales, giving web-savvy individuals a leg up whenever a new abode is for sale in their neck of the woods.

Oftentimes, in a fast-packed market such as Las Vegas, once an ad for a property sees print it may already have been snatched up, depending on when the publication it’s appearing in has been purchased or delivered to you. But when you go digital, those same listings are available universally at the same time; while this doesn’t give you a leg up on the competition, it certainly levels the playing field and gives you a better chance of getting in on the action before the listing is inundated with offers, as the situation in Vegas is getting so bad that some buyers are actually submitting offers without ever having actually seen the properties in question, believe it or not.

Following Las Vegas real estate on social media is beneficial for all parties involved; it enables sellers to immediately inform prospective buyers about any new dwellings that may be available, and for buyers, it is especially vital to be following real estate brokers if they have a social media presence as, according to statistics, more and more buyers – nearly 50 percent, by last count – are doing their house searching via the internet alone, forgoing print altogether. After all, social media has permeated the lives of the majority of the people in the world today, so it only makes sense for both sellers and buyers alike to take advantage of this widespread aspect of daily life when it comes to real estate…especially in a cutthroat town like Vegas when the pickings are slim and the demand is rabid.

While looking for a home can be a difficult process, social media can help a potential homeowner cut to the chase and find a property that fits their exact needs. By utilising search methods including hashtags and keywords, social media users can find a region-specific broker or agency that fits with their vision and – once following them – they will be informed of any new developments in terms of inventory or offerings as soon as they are made available; to that end, we recommend that you have the latest, most up-to-date versions of whatever social media apps you utilise and make sure you have your notifications set to inform you of any new posts by whatever real estate accounts you’re following…you never know when that buzzing in your pocket may turn out to be the precursor  to a brand-new home.

Las Vegas is becoming a tough town to find a new property in, and buyers need every advantage they can get- social media can be the key to finally finding the home of your dreams. If you are considering relocating in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Market Updates , Real Estate

Texas-Based Home Builder Brings Fresh Perspective to Las Vegas Construction Opportunities

By Christopher Boyle April 24, 2018

LAS VEGAS, NV – Amid the current real estate boom taking Southern Nevada by storm – simply put, there are currently more buyers looking for housing than there are houses on the market, which has seen its highest sales in a decade – local contractors and developers have been working overtime in an attempt to satiate demand…and falling short, unfortunately. However, this situation is ripe for any go-getter to take advantage of, and one such company – hailing from Texas, of all places – has decided to firmly plant their foot in the Las Vegas housing market.

LGI Homes, which is headquartered near Huston, is currently in the process of expanding their company to the Las Vegas region, an act which is surprisingly considered an unusual occurrence. For years, Vegas has typically relied on local developers for their construction needs, but the arrival of a relative newcomer in the market clearly signals that more muscle is needed when it comes to ramping up housing output for the demand created by the skyrocketing revival of Nevada’s economy and job market. Since its recovery from the housing bubble burst of the mid-2000’s, Vegas has seen a large increase in the number of newly-transplanted residents into the area in the last few years…and, obviously, those new residents need places to live.

LGI recently purchased its first property in Las Vegas – a 20.5-acre subdivision located on Lake Mead Boulevard near Lamb Boulevard – and announced their first construction project, which is slated to create 102 single-family homes; a review for six variants on different housing models was recently approved by the Planning Commission of Clark County. LGI has stated that their main goal is to create dwellings that cater more to first-time home buyers, which is a population that most new construction does not take into consideration, reports say, with the projected price of their proposed single-family homes to come in at around $200,000 apiece, below the current median price for a typical Vegas property; the average sales price of a home purchased in March of 2018 was $357,195.

The Lake Mead Boulevard area is considered “depressed” by some developers; the space located next to LGI’s new property currently contains an encampment for homeless individuals, with the space littered with shopping carts, tents, a mobile home, and random pieces of kitchen and living room furniture strewn about. However, the intense need for affordable housing is driving some companies to take risks in hopes of big payoffs in the end; while an established contractor may be loathe to take on such projects – even with demand currently being what it is – an outsider to Vegas can bring an alternate viewpoint and see a downtrodden area as an asset, experts say.

Development, even in underprivileged areas, can pave the way for revitalisation and profits; after all, Las Vegas as a whole was largely considered an economic black home for nearly a decade until its fortunes recently took a turn for the better, with jobs and businesses pouring back into the region. Savvy developers, such as LGI, are taking a shot at giving Vegas what it needs when others are dropping the ball, and it will only benefit the city as a whole in years to come.

Looking for information on the Las Vegas market? First-time home buyer recommendations? Las Vegas condos, area nightlife entertainment options? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Economy , Market Updates , Real Estate

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

By Christopher Boyle April 17, 2018

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

LAS VEGAS, NV – The news when it comes to Las Vegas real estate, day in and day out, mainly consists of the skyrocketing home prices and scant availability of properties for sale, resulting in a mad scramble for just about any home or condo that a buyer can get their hands on. It’s been like this for a while now due to Vegas’ booming economy and quickly-recovering job and housing market, but what is life in Southern Nevada like once you’re lucky enough to have finally gotten your hands on an abode? Will the cost of living – mainly, property taxes – prove to be yet another hurdle to deal with?

In a word, no. In more words…well, please read on.

Unlike other regions in the United States, such as New York, where high taxes are driving people out to greener pastures (financially speaking), Las Vegas features a strict property tax cap that assures homeowners that their costs will only incrementally increase from year-to-year, keeping their bottom lines manageable. In addition, the sale of a home in Vegas does not trigger a reassessment of the property for tax purposes, therefore the purchase price of any given home will not be adversely affected; this prevents property taxes from being a deterrent from any given property sale in the region.

The tax cap is currently set at three percent and ensures that property taxes can only increase that currently set amount – and not a penny more – in any given year. The cap is re-examined each year by the state, and features a variable rate; in recent year, the property tax cap in Las Vegas has been as low as one percent and as high as eight, although recent trends have seen the rate slowly increasing as if late.

An major advantage of the tax cap is the fact that it currently works hand-in-hand with the fact that most properties in Vegas received their most recent re-assessments at the end of the mid-2000’s recession, a time when property values were at an all-time low; while the market has bounced back and house values are the highest they’ve been in over a decade, the tax cap greatly prevents property taxes from increasing at the same speedy rate.

To really get a sense of how much cheaper the cost of listing in Las Vegas is, one merely has to look it Nevada’s neighbors to see how the other half lives; Mike Scanlin, CEO of IT company Born to Sellrecenly noted that his 2016 move from California’s Silicon Valley to Las Vegas saved him a small fortune in terms of property taxes.

“California has a nice climate, but the state income taxes, property taxes and property values drove me crazy,” he said. “You can make half as much in Las Vegas and save more money. In fact, the money I’m not paying in California state income tax is more than the mortgage on my 2,400 square-foot home.”

As you can see, the appeal to newly transplanted residents of living and working in Las Vegas isn’t just the economy, or the culture, or the job market, or the influx of new businesses and enterprises, or the booming real estate…it’s the quality of life and bang for your buck you can enjoy once you’ve arrived and settled down as well, allowing you to work less and enjoy life more while you’re at it.

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.

Economy , Market Updates , Real Estate

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

By Christopher Boyle April 10, 2018

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.

Area Living , Economy , Market Updates

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

By Christopher Boyle April 3, 2018

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.

Economy , Market Updates , Real Estate

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

By Christopher Boyle March 27, 2018

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.

Area Living , Investing , Market Updates

MSG Sphere, Futuristic Music Venue Coming to Vegas in 2020

By Christopher Boyle March 13, 2018

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.

Area Living , Economy , Market Updates , Real Estate , Rentals

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

By Christopher Boyle March 1, 2018

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.

Area Living , Economy , Market Updates , Real Estate

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

By Christopher Boyle February 21, 2018

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.