Category Archive : Investing

LAS VEGAS, NV – As yet another example of how the rapidly-recovering Las Vegas economy and business climate is attracting numerous out-of-state investors looking to get in on the ground floor of an amazing money-making opportunity, the $78.3 million acquisition of Class A office campus Centra Point was recently announced by a joint venture between PCCP LLC and The Brookhollow Group, two California-based investment organizations .

Centra Point is a nine-building, 383,700-square-foot multi-use office complex at 8311-8395 W. Sunset Road and 6655 S. Cimarron Road, located in the southwest area of the Las Vegas valley; this region is considered by many the most rapidly growing in terms of office-related space, with many such structures – along with apartment complexes and retail stores – popping up in greater numbers than in other areas of Southern Nevada. In contrast, office space in other areas of Vegas has been considered by experts as one of the more sluggish aspects of its overall recovery.

Centra Point’s occupancy currently stands at 70 percent, but with this impressive investment on the part of PCCP LLC and The Brookhollow Group, it’s obvious that a push will be instituted to fill the remainder of the empty spaces as quickly as possible by making the property more desirable to businesses looking for a home base via a series of renovations and upgrades to the existing structures – $3 million worth to the facilities alone, not including any upgrades that may be performed for individual tenants – to go along with its impressive 25 acres of space and significant parking availability.

The complex was originally finished construction in 2006, and is comprised of seven office buildings housing multiple tenants representing a wide array of different companies and businesses. The previous owner was Seattle-based Washington Capital Management, who recently announced the $78.3 million sale in late October after PCCP LLC and The Brookhollow Group closed on the property on September 27. Current business tenants in Centra Point include Ticor Title, Tropicana Entertainment, Valley Health Systems and Dickinson Wright, among others.

Representatives for Brookhollow Group have been quoted as saying that Centra Point, located between the Summerlin and Green Valley communities, is in a “great location” and is expected to take advantage of the slowly-but-surely growing Vegas office space market, especially with the extra attention the region has been receiving in recent months after the announcement of the arrival of professional NFL and NHL teams – including the transplanted NFL Raiders football team, expected to kickoff in their new Las Vegas home stadium in 2020 – which has greatly increased investor interest in the Southern Nevada market.

It is news like this that cements the area as one to watch for business professionals looking to set up a new headquarters or a savvy real estate investor looking to get a great long-term return on their money. Combined with the skyrocketing home and rental real estate market in Las Vegas, new and continued growth and prosperity is likely for those inclined to put their money and hard work into the Nevada marketplace.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the news that the Oakland Raiders National Football League (NFL) team would be picking up their cleats and moving to Las Vegas, the Southern Nevada economic climate – already on an upswing due to a rejuvenated real estate market and business market – has continued on its pathway to recovery and prosperity.

According to updated reports on the news, the Raiders will break ground on their new $2 billion, 65,000-seat stadium on Nov. 13 – a joint-use agreement with the football team of the University of Las Vegas – that recovery is poised to skyrocket as the transplanted NFL team – who won’t be playing in Vegas until at least the 2020 season – has already attracted new businesses and investors who believe that a local professional sporting team will serve as a massive boon to their bottom lines.

In May of this year, the Raiders purchased a 63-acre plot of land situated between Russell Road and Hacienda Avenue, west of Interstate 15. The property, acquired for a whopping $77.5 million, represented a substantial investment and a firm declaration that the NFL team was resolute in their stated goal of making Southern Nevada their new home. Construction has been delayed while the team garners the necessary development agreements with local government, but in the meantime, has secured the services of Mortenson Construction of Minneapolis and Henderson’s McCarthy Building as general contractors, with the two companies already engaged in preparation work on a number of aspects of the property, including clearing and grading the land, removing and bringing in materials, and handling drainage issues as needed.

However, as the needed agreements and permits have taken longer to get than previously anticipated, the ambitious timetable that the Raiders have laid out for completion of the stadium has been reconsidered in the interim; originally they were slated to hold their first kick-off in Las Vegas in 2019, and then 2020, but with work finally to progress this year, reports indicate that even that 2020 date may be seen as unrealistic, especially amid issues which have arisen regarding parking and transportation problems with the new stadium. As a result – and as a safety measure only – it was recently announced that the Raiders were negotiating with the Oakland Alameda County Coliseum Authority for the possibility that they may have to play out the 2020 season in their current stadium before finally moving to Vegas for 2021. However, all involved have stated their intent to have construction completed on-time if at all possible.

At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses. The popular team’s move to Las Vegas is expected to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

LAS VEGAS, NV – Resorts World, the famed chain of resort casinos, is looking to build their newest location in Las Vegas, Nevada, and to that end, they announced this week not only the proposed establishment’s Construction Manager, but also that they will be awarding a whopping $400 million-plus in contracts to various companies for a variety of services, materials, and personnel in order to make the ambitious project a reality.

W.A. Richardson Builders, LLC has been pegged by developer Genting Group of Malaysia as Resorts World Las Vegas’ official Construction Manager, heading up construction on the first, ground-up, integrated resort development on the Las Vegas Strip in a decade. In addition, over $400 million in contracts have been awarded by the Genting Group for numerous purposes related to the resort’s extensive construction, ranging from bulk orders of concrete and steel to tower crane equipment and operators.

Targeting the grand opening for 2020 on Las Vegas Boulevard South, the Resorts World Las Vegas “megaresort” will boast 3,000 rooms and will sport a Chinese-style architecture and lighting theme. Located at the intersection of South Las Vegas Boulevard and Resorts World Drive – diagonally across from Wynn’s Encore tower, and within walking distance to the Las Vegas Convention Center and Fashion Show Mall – Resorts World Las Vegas is expected to be a great boon to surrounding businesses as well once it opens, generating a great deal of anticipated walk-in traffic by attracting tourists.

W.A. Richardson Builders of Las Vegas, had already been utilized by Genting Group for pre-construction services, including infrastructure and utility work, the completion of the main parking structure, preliminary steel and foundation work, and permitting and remediation across the site to prepare it for the commencement of construction.

The Resorts World Las Vegas project has encountered numerous roadblocks and hiccups over the years; originally intended to open in 2016, the project occupies the space of the former Stardust Casino, which was imploded by the Boyd Gaming Corporation in 2007 to make way for a resort that was to be called The Echelon.

When the Echelon project fell through in 2008, the 87-acre property laid dormant for several years until it was purchased by the Genting Group in 2013; from there, the newly-proposed Resorts World Las Vegas hired its first president and announced that construction would commence the following year, employing over 1,000 workers in that endeavor. When the $4 billion resort opens in 2020, it will employ 3,000 union employees and feature a 175,000-square-foot casino, a replica of the Great Wall of China, and a panda exhibit, according to reports.

Through the Resorts World Las Vegas project has stalled in the past, these recent announcements have instilled a sense of confidence in the proposed megaresort, which is sure to not only generate interest from tourists and tax revenue for local government, but also a positive financial trickle-down effect for local businesses as well, creating a win-win situation for the Las Vegas economy as a whole.

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.

Work Progressing on Vegas-Based All Net Arena; Officials Hope to Lure NBA to Nevada

LAS VEGAS, NV – While  news of the famed Oakland Raiders National Football League (NFL) team transplanting themselves to Southern Nevada in a newly constructed stadium  by 2020, having one major sporting team taking up shop in Las Vegas isn’t enough for local officials and businessmen it seems. Indeed, announcements have recently come to light regarding efforts to lure other professional sports teams to Vegas from leagues such as the National Basketball Association (NBA), and to that end, plans have been unveiled to give potential basketball teams looking to uproot an appealing place to hang their sneakers.

The All Net Arena project – which has run into multiple issues in the past and had lain dormant for quite some time – has finally managed to cut through the red tape and is starting to get traction in its bid for reality, according to reports. Once completed, the All Net Arena – a privately-financed venture which will be located at the northern end of the Las Vegas Strip, the site of an abandoned Wet ‘n Wild water-park – is slated to serve as a basketball, hotel and retail complex, with the goal being to attract an NBA professional basketball team to the area.

Designed by the Cuningham Group, All Net Arena was planned to open in 2017, but has been delayed until 2018 or 2019. This isn’t the first time a group has attempted to develop the former Wet ‘n Wild property into a sporting arena; previous plans for the site included the construction of a venue to be known as the Silver State Arena, but plans were withdrawn after Clark County rejected a proposal to fund 15 percent of the venue with public money and nearby residents opposed construction.

Ground had already been broken on the All Net Arena project in 2014, but financing problems caused a subsequent delay; after resolution of those issues, demolition of the existing structures on the property began in 2016, and now that work on that aspect of development has been completed, developers have high hopes to have the complex completed before 2020, after which they will attempt to court an NBA franchise to relocate to the Las Vegas area.

Plans for the project – spearheaded by Jackie Robinson, a former UNLV and NBA basketball player – are scheduled to go before Clark County Commissioners on October 18 2017; once that hurdle has been cleared, further details on the anticipated $1.4 billion development are expected to be made public. What is currently known is that the complex will include a proposed 728-foot tall hotel tower; a $670 million, 22,800-seat multi-purpose indoor arena with a retractable roof (which would enable the arena to host outdoor events such as tennis, rodeos, or indoor sports such as basketball and hockey); a high-end resort with a spa; and a restaurant, nightclub, wedding chapel and retail amenities. In addition, the four-level arena is to include 75 luxury boxes.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to reports, numerous construction projects in the Las Vegas area are facing the very real threat of being thrown off-schedule due to a lack of staff in Clark County’s Public Works Department – still recovering from cuts made during the mid-2000’s recession – including one of the biggest projects in Southern Nevada’s recent history: the upcoming stadium of the newly-transplanted NFL Raiders football team.

In May 2017, the Raiders purchased 62 acres of land west of the Mandalay Bay resort, finalizing the decision and clearing the way for construction of a brand-new, state-of-the-art stadium that will serve as the team’s new home when they move to Las Vegas from their current home of Oakland, California. Previously, the Raiders had moved from Oakland to Las Angeles in 1982, returning to Oakland in 1995. The Raiders’ impending arrival in Las Vegas has been heralded as a sign of the recovering economy and housing market in the region, and is also being credited for actually aiding said economic recovery – by means of the team’s enduring popularity – by attracting additional tourism and business to the area upon their arrival.

Details on the stadium have also been coming into focus in recent weeks; at a projected cost of $1.9 billion – including $750 million in public funding by way of Nevada legislator approval – the indoor, climate-controlled facility is slated to seat 65,000 (with the ability to expand seating to 72,000), features U-shaped seating arrangement; the open end faces a view of the Las Vegas Strip. The stadium was originally expected to be completed in time for the 2020 NFL season, although estimates allowed for the possibility of early completion for 2019; however, due to staffing issues in Clark County’s Public Works Department, that estimate may now have to be revised.

Public Works commissioners Steve Sisolak and Jim Gibson have expressed concerns that current staffing levels may result in a delay in conducting surveys and processing applications for numerous developers, including ones submitted by those behind the Raiders’ stadium. While attempting to increase the number of employees they have with new hires, commissioners are looking into other ways of expediting the application approval process. In attempt to streamline the design and approval process from their end, the Las Vegas Stadium Authority has noted that they are planning to employ a construction industry consultant on a short-term basis to review design specifications provided by the Raiders’ contractors and provide advice to the authority.

Regardless of any possible delays, the fact remains that the creation of the Las Vegas Raiders Stadium is already providing a boost to the local economy, including jobs (and corresponding wages), tourism, and especially the real estate market, which has already been seeing a steady and constant increase in prosperity since the housing bubble pop of the mid-2000’s. Home and rental prices have been climbing on a regular basis, and with the much-anticipated arrival of the Raiders, Las Vegas is looking to enter a legitimate boom period that the region hasn’t seen in over a decade.

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.

LAS VEGAS, NV – When it comes to the Las Vegas real estate scene, one thing remains true – demand is far outpacing the available inventory when it comes to the number of housing options available within this very hotly-contested marketplace. Since the area’s recovery from the burst of the real estate bubble in the mid-2000’s, Southern Nevada’s housing market has been on the rise like few others in the United States, resulting in numerous positives – growing economy, a robust property seller’s market, and an influx of jobs and new residents to the region – but also a significant negative, namely steadily climbing housing prices exacerbated by a severe lack of options for those looking for a place to live in Las Vegas and its surrounding areas, as any available house or rental unit is often snapped up as quickly as they hit the market.

However, recent news indicates that this problem may see a bit of relief soon, as a number of developers are putting home construction plans into high-gear; with more housing options hitting the market, demand should be satisfied and, in turn, prices – currently reaching record levels with your average family dwelling going for well above the region average – should begin to lower in response. For instance, in August of 2017 alone, building companies filed 839 new home permits, bringing the year’s total up to 5,843; this represents an increase of 5 percent over the same period in 2016.

Sales of single -family homes – the primary type of housing in the area, and the kind most sorely in demand – rose once again in August 2017 along with the news of increasing inventory in the region, but despite that fact – overall availability of housing options are still currently lower than those of 2016. 3,284 homes were sold in Southern Nevada throughout August, an increase of 4.5 percent over July and 5.9 percent from the corresponding point in time last year; the median sales price of single-family homes was $260,000, a leap of 10.6 percent from August of 2016.

An example is the Miami-based Lennar Corporation, of the largest home builders in the United States currently, who recently spent $10.8 million on a 22-acre stretch of land at Lake Las Vegas in order to construct a housing tract, closing the deal on August 31. The number of single-family home plots purchased by Lennar comes in at 90, and according to reports they are fast-tracking the project and anticipate making model homes available for viewing to prospective buyers in early 2018.

In addition, the hotbed of real estate activity in Vegas also represents an attractive location for house flipping; in fact, approximately 8.9 percent of the homes sold in Southern Nevada in the months leading into summer of 2017 consisted of properties that were later renovated and flipped for a profit, according to reports, which makes the region the fourth most popular in the country for people who specialize in buying and flipping houses. A flip is, by definition, the act of buying a home and selling it off within the span of one year.

Either way, the real estate market in Las Vegas continues its juggernaut-like course upwards while basking in the post-recession glow of recovery, but relief from the correspondingly-rising prices is hopefully on the horizon as builders continue to sink resources into expanding the cutthroat housing market and, in the process, reaping the rewards of sales that are sure to follow.

Looking for information on investment properties in the area? Considering moving here? Give us a call at 702.376.7379 so we can help answer any questions you may have about either relocating here or potentially investing in the area.

LAS VEGAS, NV – Amazon.com, the nation’s largest online retailer, is planning on opening a second North American headquarters to supplement its original home base in Seattle, Washington; among the locations being eyeballed by the company may be Las Vegas, Nevada, and the city, in turn, has expressed enthusiasm at the thought of Amazon setting up shop in their zip code, and to that end – is already actively courting the mega-corporation.

Amazon.com noted recently that is plans on sinking over $5 billion in the construction of its proposed second headquarters, a complex that will house of up 50,000 employees, and Amazon founder and CEO Jeff Bezos was quoted that this new location will not be playing second fiddle to their Seattle complex; indeed, Bezos noted that it will be in every respect a total and complete equal to the company’s current HQ.

“We expect HQ2 to be a full equal to our Seattle headquarters,” Bezos said in an official statement. “Amazon HQ2 will bring billions of dollars in up-front and ongoing investments, and tens of thousands of high-paying jobs. We’re excited to find a second home.”

Amazon has released a laundry list of requirements for any city or municipality that may eventually find itself the home of its secondary headquarters, including being near a metropolitan area with more than a million people; being able to attract top technical talent; being within 45 minutes of an international airport; having direct access to mass transit; and the space to allow Amazon to potentially expand the complex to encompass as much as 8 million square feet in the next ten years.

Las Vegas officials, already riding high on a wave of a reinvigorated economy and real estate market after years of financial slump following the mid-2000’s housing bubble burst, are looking to continue their good fortune by attempting to lure Amazon to their doorstep. The Governor’s Office of Economic Development and the Las Vegas Global Economic Alliance have officially announced that they will be working in consort to put together a proposal for Amazon to review and consider, knowing full well that such a coup could being untold millions into their city and help to generate thousands of jobs.

Steve Hill, executive director of the Governor’s Office of Economic Development, noted that his agency has a very solid relationship with Amazon; in addition, Las Vegas Global Economic Alliance CEO Jonas Peterson was quoted as saying that “Our goal is to compete for projects on all levels. We believe our community has a great product to offer headquarters-related projects.”

Amazon already calls Las Vegas home to one of its largest regional fulfillment center for the countless orders placed via their website on a daily basis; the center, one of over 75 warehouses Amazon currently has across the country, comes in at 800,000 square feet, and is located near Lamb Boulevard and Tropical Parkway. The facility opened its doors in summer 2017, bringing an immediate boon to the local economy in the form of 1,000 new jobs, many of consisting of workers who stock items and pack orders that are destined for numerous locations throughout the Southwest.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Housing statistics for the Southern Nevada region for July of 2017 have come in, and as usual, the summer heat of the Las Vegas desert is only matched or exceeded by the hot market of local real estate. Following the housing bubble burst of the mid-2000’s followed by a decade of dormancy, the housing and especially the rental market in Nevada is skyrocketing upward, leaving big money men – especially those from out-of-state – scrambling to get in on the action.

According to the most recent Greater Las Vegas Association of REALTOR (GLVAR) report, July 2017 saw the median price of existing single-family homes sold during July increase to $260,000, which represents a 10.2 percent increase compared to the same period in 2016. Meanwhile, the median price of local condos and town-homes sold in July jumped to $138,000, an increase of 20 percent from the previous July. And – as it has been for months and months now – GLVAR’s President, David J. Tina, noted that the demand for housing continues to exceed the current supply; Southern Nevada currently has less than a two-month supply of existing homes available for sale, whereas a balanced market typically has a six-month supply. In such an environment, prices for any dwelling will continue to rise until equilibrium between supply and demand is established, which in Vegas’ case could take some time.

Meanwhile, investment opportunities galore continue to make themselves available to those who are willing to sink the funds into the region, and lately the most money has actually been flowing in from banks, lenders, and investors outside the confines of Nevada. Part of the cause for this is the fact that many lenders within Nevada, hit hard by the recession, are still reeling from its effects; loathe to dole out cash after having been burned by numerous loans that went belly-up when the housing market crumbled in the mid-2000’s, many regional and national banks based outside of the Las Vegas Valley have been more aggressive than the local banks, according to reports. Stricter lending laws within Nevada have also contributed to increased reliance of contractors and construction companies on out-of-state lenders, who have fewer hurdles to clear.

That money is sorely needed if new housing is to be completed in a timely fashion to satisfy the near-insatiable demand on the part of prospective tenants and families drawn to the Southern Nevada region in hopes of taking advantage of the new job opportunities in the area and a slowly-but-surely growing local economy. But in the meantime, buyers are scrambling for any piece of real estate they can get their hands on; by the end of July, GLVAR reported a mere 4,995 single-family homes currently listed for sale on the open market without an offer, which represents a 31.9 percent decrease from July of 2016. And when it comes to condos and town-homes, there an even bigger decrease from July of 2016, with only 625 offer-free properties available on the open market for buyers to choose from. Homes sales have continued to soar, as 3,798 homes, condos and town-homes were sold in July, representing 351 additional sales over 2016. Overall, 2017 is outpacing 2016, a year that saw 41,720 properties in total sold in the Southern Nevada region.

Needless to say, the investment opportunities continue to flourish in Las Vegas and its surrounding areas, and anyone with the business savvy and access to sufficient funding is sure to make a killing if they get in on the action as soon as possible. Looking for information on investment properties in the area? Give us a call at 702.376.7379 so we can answer any questions you may have.

Experts Report Rise in Eviction Rate in Southern Nevada

LAS VEGAS, NV – While the Las Vegas real estate scene is on the rise – and has been for the better part of a year now, with both record demand and prices in both the housing and rental markets following the mid-2000’s recession – there has also been a recent spike in a related field; that of evictions – as the growing Southern Nevada economy struggles to keep in step with increased costs of living.

After the burst of the housing bubble in the middle of the first decade of the new millennium – resulting in properties that had been snatched up by investors sitting dormant for years without buyers or renters – the recent real estate boom has brought money, new businesses, and enthusiasm into the Las Vegas area, and with that surge of prosperity has come a corresponding surge in the demand for housing options…and likewise, an increase in prices that some residents are having difficulty keeping up with.

According to recent reports, Clark County currently averages approximately 82 evictions a day; over 30,000 renters were evicted from their residences in 2016, which represents a whopping leap of 43 percent from the same period in 2009. And when the experts weigh in, the same answers to why this is happening keep coming up…it’s a matter of rising lodging costs in Southern Nevada while the economic benefits of the recent housing boom and influx of investment capital have yet to filter down to an appropriately comparable raise in salaries for the general public. While investors are currently making a killing in Vegas, those living paycheck to paycheck have yet to experience a relief from their financial pressures.

Las Vegas also has slightly tighter eviction deadlines than in other areas of the country, which leads to less time for tenants and landlords to iron out any issues that they may have; according to reports, landlords can issue a five-day eviction to tenants, and in reverse, landlords have 14 days to address a grievance issued by a tenant. Another difference is that, while many other states require a landlord to file a summons and complaint and initiate a court action, in Nevada a tenant needs only to be served with the initial eviction notice; it is then up to them to go to court and file a tenants affidavit, essentially reversing the process compared to many other states. This is another factor that accounts for the rising amount of evictions in the area, because when it comes down to it, most people will attempt to avoid court whenever possible, even if it means the loss of their dwelling.

Experts are anticipating the increase in construction of housing in Southern Nevada will contribute to the lowering of prices for both homes and rentals in the area, and with that a corresponding decrease in the number of evictions. Essentially, Las Vegas is going through a period of intense growing pains as past years of dormancy have left it ill-prepared for its current record-breaking expansion. However, some argue that the equilibrium between housing costs and worker earnings has already been lost to such a degree that government intervention may be required in the form of aggressive affordable housing policy at the state and local level.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las 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, NV – When a previously-downtrodden region is experiencing a serious upturn in terms of real estate demand and subsequent value, it’s only natural that investment dollars will begin to flow like finely-aged wine into such an opportunity; thus is the case with Southern Nevada, which is boasting a massive growth spurt over the course of the year after the mid-2000’s burst of the housing bubble laid waste to the local real estate market for nearly a decade.

With demand for housing and rental units skyrocketing and supply unable to currently keep up with demand, combined with a growing economy in the form of new businesses and jobs popping up in the region, Las Vegas is fast becoming the best bet for investment opportunities in the United States, and money-men are indeed sitting up and taking notice.

According to recent reports, The Blackstone Group – a name that should be familiar to anyone residing in the area (as the New York-based firm has been very active on the local real estate scene for some time now), recently purchased the southwest valley’s Elysian West apartment complex for the sum of $106.5 million, representing one of the highest prices ever paid for such a property in Las Vegas. The 466-unit complex cost Blackstone approximately twice the market average, according to reports, but given the fact that it occupancy level was nearly full – it was 96 percent at the time of its sale – and the cutthroat rental market in Southern Nevada forcing prospective tenants to be willing to pay more than usual for an apartment, the move was seen as a nonetheless very sound investment.

But during the same period of time – early August, 2017 – two other investment groups threw their hats into the Vegas housing ring with noteworthy purchases as well; DiNapoli Capital Partners of California acquired Palms at Peccole Ranch, a 404-unit apartment complex located on Charleston Boulevard, for $62 million. Again, as a distinct sign of the times, Palms at Peccole Ranch was 95 percent occupied at the time of its sale, and – as with Blackstone’s purchase – DiNapoli paid over the market average for their acquisition. But again, with local families, individuals, and new transplants to the area fighting over table scraps in terms of real estate, the investment by DiNapoli again can be seen as quite sound in the long run. And not to be outdone, another New York-based investment firm – Abacus Capital Group – paid out $24 million for Sterling Court, a 237-unit apartment complex in Clark County.

However, it’s not just rental space that’s in high demand in Las Vegas – the many businesses that are moving into the area due to the booming economy are obviously looking for space to operate in as well. In addition to the housing and rental markets, demand has been rising for industrial space in the region, especially smaller start-ups that are looking to set up shop and begin the process of growth by establishing roots in the community and hiring local prospects as they increase in scope. As a result, many owners of real estate in industrial areas are rapidly setting out to refurbish their properties to accommodate these companies; for example, Harsch Investment Properties is currently transforming 17,000 square foot property they own into several smaller units approximately 2,000 square feet in size, with the division intended to attract start-ups looking to begin small and work their way up.

As you can see, the rapid real estate and corresponding economic growth experienced by the Las Vegas region is creating a circle of growth; housing and rental demand and prices are growing, attracting businesses and investors that, in turn, create yet more demand, and so on. The bottom line is, of course, if you have money to invest, Las Vegas appears to be a great place to do it.

Need real estate information on the fast-evolving Las Vegas market? Free residential market appraisal? Property management assistance 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.

LAS VEGAS, NV – While much hoopla has been made over the greatly increased demand – as well as prices – of the Las Vegas housing and rental market since the region’s recovery from the mid-2000’s burst of the housing bubble, another real estate commodity that has been on the rise is that of master-planned community sales; many such developments throughout Southern Nevada have seen a vast influx of buyers in the past year, so much so that a shortage is starting to take shape to rival the demand in the private housing and rental market.

What is a master-planned community, you may ask? Simply put, it is a type of residential plan that includes an out of the ordinary number of recreational amenities such as parks, golf courses, lakes, bike paths, and jogging trails. The scope of the plan is typically large scale and the number and variety of amenities clearly separates it from a normal plan for a housing subdivision. Some of these communities cater to older homeowners, especially in the 55 year-old and higher range, yet some are inclusive of all age ranges as well.

Among the hottest selling of these communities is Summerlin, located in the Las Vegas Valley of Nevada. A development of The Howard Hughes Corp., Summerlin lies at the edge of the Spring Mountains and Red Rock Canyon, on the western periphery of Las Vegas in unincorporated Clark County. The community occupies 22,500 acres and includes a variety of land uses, including, residential, commercial, recreational, educational, medical, open space, and cultural. According to recent reports, units in Summerlin experienced strong sales throughout the first half of 2017 – 470 new home sales, representing a 28 percent increase over the same period in 2016 – making it seventh-highest best-selling among master-planned communities nationwide.

Summerlin has been experiencing a recent glut of expansions in the form of new “neighborhoods” in face of strong sales; Affinity by William Lyon Homes, Caledonia, Trilogy by Shea Homes, Reverence and more either have or will be opening in the near future. Caledonia, Summerlin’s most recently-opened addition, features homes in the mid-$300,000 range and targets families of all ages; Trilogy by Shea Homes is due to launch in several months, and targets the 55-plus community.

Another master-planned community in the Las Vegas area that is boasting impressive growth in the midst of Southern Nevada’s ongoing real estate boom is Cadence Henderson by developer The LandWell Co. , which has ranked in the top 25 nationally for new-home sales in recent surveys. Much like Summerlin, Cadence is actually made up of numerous smaller neighborhoods, each constructed by a different contracted building company and each with their own unique allure and draw for specific segments of the population, including the 55-plus community Heritage. Each neighborhood offers numerous municipal amenities that typical private homes generally do not, including a 50-acre Central Park, six-lane lap pool, and 2,000-square-foot splash pad. And again, much like Summerlin, Cadence Henderson is planning a host of additions and expansions to handle their booming sales and growing population in the region.

While private dwellings – both stand-alone homes and rental apartments – have experienced booming sales and massive growth recently, exclusive planned communities such as Summerlin and Cadence Henderson are also feeling the benefits of the boost the local economy as well; their individual planned expansions in light of such business will only offer more housing options to both existing and new Nevada residents as jobs and money continue to filter into the area, ensuring that the boom Las Vegas is experiencing is no mere passing fad.

Whether you are real estate buyer, seller or investor – if you’re interested in Master-Planned Communities here in the Las Vegas Valley, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the Las Vegas real estate market continuing its meteoric rise – both in home and rental demand and their subsequent prices (after recovering from the burst of the housing bubble of the mid-2000’s), it’s only natural that families and businesses – as well as tourists – begin to flow back into the region; developers who have been snapping up residential properties have begin to turn their attention to retail, as well.

There’s one constant in any populated area: people need to buy things. And as a result of the influx of workers and their families into the Southern Nevada region looking to take advantage of the booming economy and the fact that corporations (such as Amazon), sports teams (such as the Raiders), and other business entities are taking up shop in Las Vegas and are in dire need of employees, real estate developers and investors have begun building new retail establishments and rehabbing old ones that have fallen into disrepair after being closed up and abandoned during the recession several years ago. After all, no one wants to live in an area where they can’t run to the corner market for a container of milk if they need it, do they? So, with an increase in population and residents, also is a coming equal increase in clothing stores, restaurants, bars and other necessities of modern living.

The newest updates of retail development in Southern Nevada is the recent ground breaking on the Ellis Island Hotel, Casino & Brewery on Koval Lane east of the Las Vegas Strip, which is expanding on an existing property with the goal being to attract and accommodate increased foot traffic in the area – especially tourists – with amenities such as a restaurant, bar and beer garden. The rise in pedestrians in the area that is prompting expansion is due in-part to local residents and visitors who are looking for other areas to socialize then just the famous strip; as consumers spread outward towards the eastern resort corridor, more resources are being allocated to courting their patronage.

Other examples of the development of the eastern resort corridor to lure in tourists and residents is the recent opening of Topgolf at MGM Grand, a entertainment venue with a high-tech driving range and swanky lounge with drinks and games; MGM also announced their intention to expand the square footage of its convention center as well. In addition, the Las Vegas Convention Center is slated for expansion after the recent purchase of the Riviera, which is slated for demolition.

In other Southern Nevada retail developments, the Rainbow Dunes Centre – a popular shopping center located in at the northwest corner of Spring Mountain Road and Rainbow Boulevard, now abandoned and dilapidated, is facing the prospect of having new life breathed into it. Currently an eyesore stripped of every ounce of copper from the boarded-up stores which used to welcome numerous customers to establishments such as K-Mart, the current ownership – Golden Legacy Las Vegas in Milpitas, California (who until recently seemed quite uninterested in selling) have announced they’ve hired a listing broker with the intention of selling the property or entering into a business venture with a new partner at the helm.

The 7.6-acre property was originally constructed in 1983, and the loss of a major “anchor tenant” – K-Mart, closed its doors in 2003 – and lead to the eventual closure of the entire shopping center, as additional tenants left; up till 2009, none remained, leaving Rainbow Dunes to do nothing but gather dust. But the recent announcement that Golden Legacy Las Vegas is now interested in restoring the shopping center to life – its currently the source of complaints to the city council on a regular basis due to its state of decay and speaks volumes about the increased emphasis on retail development in Las Vegas.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.