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Category Archive : Investing

Las Vegas Receiving Large Influx of New York Real Estate Investment Dollars

LAS VEGAS, NV – Recently, with real estate booming in Southern Nevada, investment firms in New York have been delivering an influx of capital into multiple upcoming development projects in Las Vegas, signaling a strong belief in the current and future potential of the region, reports say.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. File photo: Pixabay.

The Rio Resort and Casino was sold last month by Caesars Entertainment Corp for $516.3 million to Imperial Companies, making the latest high-profile – and high-dollar – sale of a Vegas property to a New York-based investor or group. As per the deal, Caesars will continue to function as management for the Rio for the next two years – or possibly longer – while paying $45 million in rent annually.

Prior to the mid-2000’s national recession – before housing values in Las Vegas had collapsed and multiple development projects were abandoned – many New York-based investment firms swept in and financially backed numerous construction and real estate projects, a trend that has continued to this very day with the recovery of the economy.

One of the very biggest New York investors in Las Vegas is The Blackstone Group, owned by Stephen Schwarzman. Among the Vegas-based purchases that Blackstone has made in recent years – in addition to multiple local-area apartment buildings – include the Hughes Center office park for $347 million in 2013, the Cosmopolitan for over $1.7 billion in 2014, and the World Market Center furniture showroom hall in 2017; the amount of that last acquisition has not been publicly disclosed.

Steve Witkoff, a prominent New York-based developer, purchased the Las Vegas Strip-based Fontainebleau – in an unfinished state at the time, and now called Drew Las Vegas – for $600 million in 2017, along with partners based in Florida. In addition, the Nakash family of New York, in partnership with Gindi Capital, purchased the Showcase Mall – located on the Las Vegas Strip in Paradise – for over $367 million, the deal done in two phases in 2014 and 2015. Gindi, on their own, also bought 9.5 acres of property on Las Vegas Boulevard for $172 million in 2019.

Many other deals and investments have been made by New York-based entities as well.

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.

Matter Real Estate Group Obtains $150 Million Loan to Finance Las Vegas “UnCommons” Mixed-Use Project

LAS VEGAS, NV – Matter Real Estate Group has obtained a $150 million loan in order to push forward with their proposed work on a Las Vegas mixed-use facility that will offer business offices, apartments, retail, dining, and entertainment options, all combined into one unique location, reports say.

Mosaic Real Estate Investors headquartered in Los Angeles, CA, provided the construction loan for Matter Real Estate Group’s first phase of its UnCommons development. Photo: Matter Real Estate Group

Due to be constructed off of Durango Drive and the 2015 Beltway in the southwest valley, UnCommons – the name of the mixed-used facility – will essentially be a mini-city within a city, a space where the various employees working for the businesses located there will have solutions to all of their needs right at their fingertips. Initial plans for the project call for 150,000 square-feet of office space situated on a 40-acre lot, in conjunction with restaurants, shopping establishments, an exercise studio, relaxation options, several parking garages, and 875 apartments.

Phase one of the UnCommons project – currently budgeted at approximately $400 million – is set to break ground in 2020, and as long as there are no unexpected issues, completion of construction is expected by the middle of 2021, with additional phases planned on afterwards to add more features, amenities, and functionality, reports say.

While the construction and real estate boom that has overtaken Las Vegas since the country’s recovery from the mid-2000’s recession has seen numerous housing and office building projects erected by developers looking to take advantage of the region’s booming economy, few mixed-use projects such as the UnCommons have been included.

Therefore, experts are expecting the UnCommons project – with its proposed goal of catering to the extensive needs of a diverse cross-section of the professional population – to make quite a splash when it is completed. 

Mixed-use developments such as the UnCommons are notoriously difficult and complicated to design and construct, and as a result they tend to be even harder still to acquire financing for. Usually more pedestrian and time-tested developments are easier to get solid backing for, but members of Matter Real Estate Group have been beating a path across the country in recent months in order to successfully drum up support from investors, reports say. 

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.

What Is One of the Most Profitable Businesses on the Vegas Strip? Drug Stores, Believe it or Not

LAS VEGAS, NV – The famed Las Vegas Boulevard is known world-wide for its massive, brightly-lit structures, ranging from hotels to casinos to resorts of all types. But if you were to ask the experts to name off some of the most profitable endeavors located on that famed street, the one you might expect to hear the least is “drug store.”

National drug store chains CVS and Walgreens have pulled in huge profits on the Las Vegas Strip, thanks to the massive amount of tourist foot traffic that dominates the sidewalks on a daily basis. These tourists will, more often than not, find themselves in constant need of some random item – beverages, toothpaste, snacks, medical supplies, socks, and a plethora of other everyday items – and it should be no shock that these are items that can be found in abundance at any CVS or Walgreens store.

National drug store chains CVS and Walgreens pull in huge profits on the Las Vegas Strip, thanks to the massive amount of tourist foot traffic dominating sidewalks. Photo credit: Google Maps, Adal R S, Local Guide.

The shocking amount of money that these stores pull in on a daily basis on the Strip is the reason that local landlords are lining up to welcome them into their vacant retail space, as well as the reason the parent companies of CVS or Walgreens are willing to pay millions of dollars in rent for premium placement on the busiest street in all of Nevada, if not the country.

The amount of money in play when it comes to these businesses is staggering. According to reports, Walgreen Company recently purchased its current building adjacent to the Showcase Mall from their (now) previous landlord for the amount of $30 million; obviously, this large investment was something that the company was very confident in, as there are few other locations for a drug store in the country that would fetch such a price.

When it comes to why these stores are so successful on Las Vegas Boulevard, the answer is quite simple; in any travel destination where tourists are heavily congested in a single area, people are bound to need a variety of simple everyday items that they most likely have forgotten to bring with them and establishments such as CVS or Walgreens would have those items on hand in large quantity. It’s easy to dart in while walking the Strip, get what you need – liquor is an especially popular seller – and get back to the action, which is why drug stores are pulling in so much money, and paying through the nose for the privilege to do so.

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.

New York Investment Firm Gindi Capital Purchases Additional Chunk of Las Vegas Boulevard for Whopping $172M

LAS VEGAS – Gindi Capital, an investment firm headquartered in New York, officially announced last week that they had purchased a large chunk of Las Vegas Boulevard for a whopping price, with the stated goal of developing a hub for new retail businesses in the area, according to reports.

Gindi Capital, an investment firm headquartered in New York, officially announced last week that they had purchased a large chunk of Las Vegas Boulevard adjacent to Gindi’s other holdings on the strip such as 3771, (above) 3785 and 3791 Las Vegas Boulevard.

Gindi confirmed that they had bought 9.5 acres of real estate on the famed boulevard for the whopping price of $172 million, an amount that comes to approximately $18 million an acre, officials say. The purchase – made from New York investment firm Spectrum Group Management – includes pre-existing real estate that is home to adjacent retail plazas Hawaiian Marketplace and Cable Center Shops.

The announcement indicated that Gindi – also the owner of the nearby Showcase Mall, located at 3785 S. Las Vegas Boulevard – is currently in the midst of working with design teams in order to develop plans to transform the acquisition into “a new flagship retail, entertainment and dining experience.” The company did not expand on exactly what their plans are in any additional detail.

Reports indicate the possibility that Gindi may raze all of the structures on the property to make way for a completely new project in order to take advantage of the large amount of foot traffic that area currently boasts. While it is unknown if this is actually the case, it would be a change of direction from many of the other structures located on the Strip, which currently are comprised mostly of hotels, casinos, and resorts.

Spectrum Group Management had previously bought the property in 2010 after the previous owners had declared bankruptcy following the recession; originally, it had been slated to be used for an Elvis-themed hotel and resort. Spectrum originally owned and was selling an 18-acre plot of land on the Strip, but the need for such a large piece of property – as well as the prohibitive cost – lead them to break the land into smaller swaths for sale. After the sale to Gindi, Spectrum still possesses approximately 6 acres of land on Las Vegas Boulevard.

This is not the first purchase Gindi has made from Spectrum; they also recently acquired a Walgreens Pharmacy from them for $30 million, reports say.

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.

Governor Sisolak Signs Bill Adding Tenant Protections to Nevada Landlord/Tenant Laws, Despite Property Manager, Realtor Protest

LAS VEGAS – Despite fierce push-back and lobbying efforts on the part of local realtors, Nevada lawmakers – via a last-minute amendment made to Senate Bill 151 (SB151) – added what they referred to as “tenant protections” to the proposed bill that would make some significant changes to the state’s currently Landlord/Tenant Laws. That bill was officially made into the law of the land when it passed both houses and landed on the desk of Governor Steve Sisolak, who then signed on the dotted line.

Nevada Governor Steve Sisolak during the National Governors Association annual winter meeting in February 2019. Sisolak signed 75 bills on June 12, 2019 including SB151. Photo credit: C-SPAN.

As per the newly ratified SB151, the changes to the Landlord/Tenant Laws will take effect on July 1st, 2019; however, what are the changes that landlords and their tenants can expect to see, and why are Nevada residential realtors so up in arms over them?

First, some are taking exception to SB151 because certain provisions that had been previously a part of SB256 – a bill that was previously considered dead and buried – were basically revived and incorporated into SB151 on the very last day of the legislative session. The deeply-unpopular provisions in question – touted as “tenant protections” – centered on specific aspects of the eviction process, including a late-fee cap on overdue rent and a window of time afforded to evicted tenants to re-enter their former rental property to retrieve belongings.

The most significant aspect of SB151 when it comes to landlords is the inclusion of a 5 percent cap on late fees when it comes to overdue monthly rent; that is, a landlord can no longer charge over 5 percent of the periodic fee the renter normally pays when they are delinquent; previous penalties that many landlords employed, such as cumulative daily late fees, are no longer allowed.

Another provision of SB151 is that evicted tenants are now given up to 5 days to re-enter a vacated home or apartment in order to retrieve what the bill refers to as “essential personal effects,” such as medication, before they are permanently locked out. A tenant may also file a motion with the court regarding how the landlord has chosen to handle the tenant’s property – including storage costs or removal procedures – after the 5-day period has passed. If the court finds in the tenant’s favor, they may be granted additional time and access to their former dwelling, as well as damages up to $2,500 if the judge rules that the landlord handled the property in question in an improper manner.

Other changes include an increase of the approved “pay or quit” eviction notice time period from 5 days to 7 judicial days; if a tenant manages to pay within the 7 judicial day time frame, the landlord is now obligated to accept it, even if the amount paid does not include any additional late fees or other charges that may have been applied to the overall amount owed. And finally, landlords and property managers can no longer serve an eviction notice themselves- now, only a sheriff, constable, or licensed process server may do so.

Many property mangers and realtors protested the changes represented by SB151 argue that these changes – which allegedly tip the perceived scales between tenants and landlords too far in the tenants’ favor – will discourage Nevada Landlords from renting out their homes and condos at a time when affordable housing is already scarce, in addition to leading to higher rents and more frequent lawsuits.

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.

Eldorado Resorts Purchases Caesars in $17 Billion Deal, Creates Casino Megapower with Presence in 16 States

LAS VEGAS – Eldorado Resorts has announced that they will be purchasing Caesars – and in the process acquiring over 35 of their casinos – in a deal comprised of both cash and stock valued at over $17 billion, according to reports. The deal will result in Eldorado essentially becoming a casino mega-power, with a total of approximately 60 casinos and resorts to its name as a result of the purchase.

The acquisition, which took place on Monday of this week, now gives Eldorado a presence in 16 states and makes it one of the largest entertainment and gambling entrepreneurs in the country, according to a statement released by Eldorado Chief Executive Tom Reeg.

“Together, we will have an extremely powerful suite of iconic gaming and entertainment brands,” he said, “as well as valuable strategic alliances with industry leaders in sports betting and online gaming.”

The overreaching company in charge of this empire will be dubbed Caesars – taking advantage of the internationally-recognized brand name – and will be headquartered in Reno, Nevada, in addition to having a “significant corporate presence” in Caesars’ hometown of Las Vegas.

The deal will see Eldorado paying $8.40 per share of Caesars’ stock, as well as an exchange of $12.75 in Eldorado stock for each share of Caesars stock; in addition, Eldorado will assume approximately $8.8 billion of Caesars’ debt. According to the details of the transaction, Caesars is currently valued at about $8.6 billion; in 2017, the casino giant had emerged from federal bankruptcy protection, but has continued having financial difficulties since then.

Eldorado most likely made the move to acquire Caesars in light of the increased popularity of casinos in general, with sports betting growing in market share after successful legalization efforts in recent years. If approved by gaming regulators and shareholders from both companies, the deal is expected to be closed in early 2020, reports say.

Caesars Entertainment, Inc. was a Las Vegas Valley, Nevada based business that was the largest owner, operator and developer of casinos throughout the world. It was part of the Hilton Hotels chain and was spun off from Hilton as Park Place Entertainment in 1998, and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah’s Entertainment, which later took on the Caesars Entertainment name.

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.

Focus on Downtown Las Vegas Construction Bringing Influx of Jobs to Area, Many With Higher-Than-Average Wages

LAS VEGAS – The Vegas economy continues to have its fires stoked with a renewed focus on development in recent months, centered on construction projects in the famed downtown district. With a renewed emphasis on renovating existing facilities and building new ones, hundreds of employment opportunities have been made available, and due to tight deadlines these projects impose, many jobs need to be filled quickly and often for higher-than-average wages. 

Experts are predicting that within the next ten years, real estate in the Las Vegas valley will become some of the most valuable in all of Southern Nevada. File photo: Pixabay.

Essentially, if you’re looking to find a job and aren’t afraid of getting your hands dirty, it’s a win-win situation for all involved. Penta Building Group is currently heavily involved in the construction of the Expo at World Market Center in Vegas’ downtown region; reports estimate that at least 500 jobs are being made available in order to bring the $100 million project to life, both on-time and on-budget. Reportedly the jobs offered run the gamut from skilled tradesman such as electricians and plumbers to rank-and-file laborers, the very backbone of any construction project.

Another project in the works is a hotel dubbed Circa, owned by developer Derek Stevens and slated for construction in the valley. Currently, the project is in need of 1500 workers, and is being heralded as one of the first casinos built in the downtown Las Vegas region in decades. In addition, reports also indicate that two large apartment complexes are going to be soon erected in Las Vegas’ Symphony Park, with the twin facilities known as Aspen Heights and Southernland.

Still more jobs are up for grabs from hotels and casinos that are in the midst of giving themselves a face-lift; renovations and upgrades are happening all over the downtown area and along the Las Vegas strip in order to offer more entertainment options and amenities for the growing tourist population that visit the city on an annual basis.

With all of this construction and the many jobs it will create, comes at a period of time where prices for real estate in downtown Las Vegas are currently on the rise. In fact, within the next 10 years, experts are predicting that real estate in the Las Vegas valley area will become some of the most valuable in all of Southern Nevada; with that being the case, many companies are now pouring development efforts – and dollars – into developing in the area while it is still relatively affordable.

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.

Florida-Based Real Estate Firm Acquires Two Vegas Strip Malls

LAS VEGAS – Pebb Enterprises, a Florida-based real estate firm, has been on a bit of a buying tear in Las Vegas as of late, seemingly investing a serious amount of capital in the city’s retail infrastructure; a bold move, according to experts, considering the at-times shaky nature of the real estate scene in Southern Nevada – and the country as a whole.

Ian Weiner, PEBB President & CEO, said in a statement that the acquisition of Rainbow Promenade and Cheyenne Commons firmly cements PEBB’s presence in the Las Vegas market.

Last month Pebb purchased Rainbow Promenade, a retail plaza located at the corner of Rainbow Boulevard and Smoke Ranch Road. The plaza, coming in at 220,279 square-feet, sits on a 22-acre plot of land and recently underwent $5,000,000 in renovation work. The shopping center is almost completely occupied, and features high-profile tenants such as Barnes and Noble and Hobby Lobby. Only 2 percent of retail space remains for rent, according to reports, and business overall is said to be brisk in the shopping center.

This represents a significant turnaround for Rainbow Promenade fortunes; in 2013, the plaza was in foreclosure, but according to recent reports, it has regained its financial composure and currently boasts strong and consistent sales.

This acquisition follows Pebb’s purchase of Cheyenne Commons in March, a retail center situated on a 35 acre plot of land located one mile up the road. While reportedly a solid purchase, Cheyenne Commons does not currently feature nearly-full occupation like Rainbow Promenade does.

Some experts question Pabb’s increased investment in retail during a period where brick-and-mortar stores are being forced to endure increased competition from online retailers such as Amazon and eBay, entities that typically are able to sell goods at far cheaper prices while enjoying reduced overhead costs. With the recent announcement of Amazon offering free one-day shipping in the near-future to Prime members, retail in general appears to be facing an uphill battle in our country going forward.

As a result of the increased competition from online retailers, physical stores have increasingly faced financial hardship, with many closing their doors almost as quickly as they first opened. For example, a recent report revealed that it is estimated that approximately one-half of all shopping malls currently open today may be closed within the next 10 years, which is a sobering reality of today’s retail climate.

Pebb representatives noted in a statement that the retail establishments in Rainbow Promenade frequently feature strong sales numbers, and that the majority of the tenants in the plaza have recently-renewed lease agreements. The strip mall itself is in a highly visible location, close to populated residential areas and busy roadways. These factors, along with others, may prove to be saving graces for the retail scene in Vegas, and prove that Pebb’s investment, at least for now, is a solid one.

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.

Hit HGTV Series “Flip or Flop Vegas” Returns for Third Season

LAS VEGAS – The HGTV hit television series Flip or Flop Vegas has returned for a third season this year, highlighting the unique ups and downs of the Southern Nevada real estate scene with the first of its latest batch of new episodes recently premiered on March 21.

Featuring the exploits of Aubrey Marunde, a Vegas-based real estate expert and designer, and her husband Bristol, a designer, contractor, and former Mixed Martial Artist who has competed in the UFC and Strikeforce, the program sees the couple buy distressed properties and renovate them while a camera crew captures the process from beginning to end. A spin-off of the series Flip or Flop, the program originally debuted on April 6, 2017 and proved to be an instant hit, finding a loyal audience and earning 12.5 million viewers since its premiere.

Season three features an additional 10 episodes in which the Marundes – owners of real estate company Alter Luxury – take downtrodden residences in the region and renovate them in the flashy, well-known style that many have come to expect of Las Vegas. The design aesthetic the Marundes’ bring to their typical flip typically entails lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered a big demand for the couple’s work. The couple’s time to flip a property averages about three weeks; once on the market, their average sell time is five to seven days.

Due to the strong demand for homes in Vegas, Bristol noted that the experience of flipping homes there – the act of repairing and renovating a house with the intention of quickly selling it for a profit – is a far more intense experience than in many other parts of the country. With the speed in which land is being picked up by developers, she said that a flipper needs to be able to be fast on the draw when it comes to identifying and buying prospective properties; in addition, the properties she and her husband renovate are snapped up at far faster speeds than elsewhere in the country as well, leading to a never-ending supply of fodder for future episodes of their TV show.

Bristol Marunde originally came to be noticed by HGTV via her Instagram page, where she showcased her numerous home renovations; this opened the door for the Marundes to get a shot at their own TV series, High Stakes Flippers, in 2016. Eventually, the concept morphed into Flip or Flop Vegas as the duo attempted to ply their trade – quite successfully – in Sin City itself.

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.

Elderly Join Trend of Increased Home Renting Over Buying

LAS VEGAS – In years past retirees often remained in their homes as long as possible – even after their children have grown and moved on, or their spouse has passed away – but more recently, many seniors are opting to sell their homes and downsize into a rental for a variety of reasons. This is beginning to have more of an overall impact on the rental market – especially in Las Vegas – and has started to change into statistics.

For instance, due to improvements in healthcare and the resulting increased average life expectancy, the number of elderly in the United States has reached numbers not seen before with 22 percent of the population aged 60 years or older discovering the benefits of renting, especially on a local level; among large U.S. cities, such as Las Vegas sitting with the fourth-highest amount of senior renters, comprising approximately 21 percent of the market. And there are a number of legitimate reasons why; as American society changes and evolves, this is the case, and we can expect this number to increase as times goes by. In fact, the number of renters in their early 60s increased by 84 percent between 2006 and 2016, according to reports.

Renting as a senior holds many attractive qualities, including convenience and flexibility that owning a home might not afford. Rentals mean less home maintenance, which can otherwise be a lot of work for individuals that may be experiencing age-induced physical ailments; however, when something needs fixing and you’re a renter, a call to the landlord or property manager is all that is needed. Also, many rental units offer accessibility options – such as elevators – that a home will not, allowing elders to get around easily and remain independent longer. Additionally, rentals are often situated closer to services and stores than suburban homes are, allowing a senior easier access to the supermarket, pharmacy, or a movie theater.

Plus, selling your home and moving into a rental while in your Golden Years allows you to move to a less costly part of the country, so you can stretch and increase your retirement savings that much farther. Many seniors – after the sad passing of a spouse – often find themselves living alone, and the last thing a person in that situation would want to do is to maintain a multi-bedroom house for just one person. Rental units offer a single senior neighbors and building workers who provide a sense of community and a source of help if it is needed.

The rental market is being impacted more and more by the senior community – especially in Las Vegas – and as time goes by and the percentage of elderly in our country increases even more, that impact will continue to be felt. Indeed, because of this, investing in properties that feature amenities aimed at seniors is an excellent idea for anyone looking to get into real estate, in Las Vegas or anywhere else in the country.

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 Outpaces U.S. 2018 Average Employment in Terms of Construction

LAS VEGAS, NV – Looking back at 2018, Las Vegas can boast of a great many things – a booming economy, a healthy job market, booming real estate, an influx of new residents and businesses – but one item that stands out just as impressively is the fact that employment in the local construction industry blew up at roughly twice the rate when compared to the rest of the United States.

With a plethora of ongoing high-profile building projects – including the Las Vegas Raiders NFL stadium, a new baseball stadium, numerous single-family homes, apartment buildings, and condos, retail buildings, warehouses and more –  nearly 68,000 people were employed by the Las Vegas construction industry last year, representing a jump of nearly 9 percent from the same period in 2017, as per reports. In contrast, construction jobs only grew on an average of 4 percent elsewhere in the country.

With demand for quality – and affordable – housing spiking in Las Vegas within the last few years, the only thing standing between prospective homeowners and their desire to move into new dwellings has been a shortage of workers, and in an attempt to offset the difficulty in attracting laborers, construction companies have been offering extra incentives in order to draw them in, including higher salaries and benefits. 

Slowly, but surely, the approach has been working, and output from the region’s contractors has been steadily increasing to meet demand; however, according to reports, the workforce is still under-populated and companies are still looking for qualified workers.

The housing job market in Las Vegas currently, while very impressive by national standards, still pales in comparison to how it was in the “good old days.” Previously, before the housing market crash of the mid-2000’s, construction companies in Las Vegas employed approximately 112,000 workers; following the burst of the housing bubble, however, the market could only sustain fewer than 35,000 workers. Needless to say, the modern market is clearly in the rise once again.

Real Estate professionals in Las Vegas in 2018 reported record numbers of sales, with the marker hitting highs not seen in the Southern Nevada Region in over a decade. Scarcity has resulted in elevated pricing, but as more workers are brought in by home-builders in the area, a greater output of dwellings will result in prices stabilizing and, eventually, dropping to more affordable levels, although it is worth noting that Vegas’ cost of living, even now, is lower than much of the country, especially when compared to neighboring states such as California.

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.

Resorts World Las Vegas Construction Progress Beginning to Take Shape

LAS VEGAS, NV – Resorts World Las Vegas is a project that has been in gestation for so long that many experts were starting to doubt that it would ever actually see the light of day. After the official groundbreaking in May of 2015 – with a projected opening date of mid-2018 – little progress had been made in erecting the Chinese-themed casino and resort. However, in recent months, the oft-delayed project has seen considerable results, and the revised opening – now scheduled for 2020 – seems like a realistic goal if the current pace is maintained.

Build on the former site of the Stardust situated on the Las Vegas Strip, the property had been sold to the Genting Group for $350 million in 2013, with Resorts World opting to build off of a pre-existing structure left behind by an attempt to develop the property in the mid-2000’s. Resorts World Las Vegas, upon completion, is expected to come in at 21,847,314 square feet in size, which will include four towers containing a total of 6,538 rooms; the estimated cost of the project could cost up to $7 billion.

However, experts began to question the validity of the project when, as of early 2016, little in the way of progress had been made in terms of construction on the site. Genting Group responded to naysayers, attributing delays to the complexity of the project and the company’s overall purchasing power being adversely affected by falling global currency values. A revised timetable was presented to the public in May of 2017, noting that the opening was now slated for 2020; after numerous delays and logistical issues sorted out, work on the mega-resort began in earnest by March of 2018, and concrete results finally followed soon afterwards.

As of late October of 2018, the hotel building – which will be 60 stories when finished – is currently built up to floor 35, and the construction site is replete with numerous cranes operating continuously with over 1,000 workers scurrying about – and several thousand more expected to join them next year – as they carry out their tasks. This is a far cry from what the site looked like just one year ago, when there was little progress to speak of.

When finished, Resorts World Las Vegas is, according to Genting Group, to feature numerous amenities for guests, including a 175,000 square-foot casino; a 4,000-seat theatre; retail, dining and convention space; a rooftop sky park and observation deck; an aquarium, movie theatre, bowling alley, ice skating rink, and an indoor water park; a panda exhibit, and more.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.