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

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of HendersonLas Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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

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

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

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

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

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

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

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

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

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

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

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

“Vegas is a very, very fast-paced market. There are so many opportunities and they present themselves daily. You have to be ready to jump on them, because if you don’t, somebody else is going to,” she said. “So our fast-paced market here is much different than other places around the country and I think that people watching are going to see that. Our properties sell in hours, rather than days or months here. That’s very unique to the show.”

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Are you considering Southern Nevada as a potential for investment? Would you like to hear more about why Las Vegas real estate is one of the busiest topic for real estate investors as of late? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Economists Forecast Major Economic Boom for Vegas in 2018

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

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

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

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

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

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

Raiders Stadium Surges Forth as Project Acquires New Permits, Team Pays for Emergency and Pedestrian Infrastructure Work

LAS VEGAS, NV – With 2018 finally here, the future of Las Vegas is starting to take real shape; and nowhere is that more apparent than the much-anticipated arrival of the Las Vegas Raiders National Football team, whose new home base – Las Vegas Raiders Stadium, a $2 billion, 65,000-seat complex being built on a 63-acre plot of land located just west of Interstate 15 – officially broke ground in November of 2017 and recently overcame several new hurdles in its development while making headway towards its 2020 goal of completion.

An anticipated delay involving an underground flood channel was recently overcome via a Section 408 permit issued by the U.S. Army Corps of Engineers, which granted developers the ability to move the flood-control culvert so that it circumvents the stadium grounds so as to not delay construction; previously, the stadium’s 2020 grand opening date appeared to be in peril due to this issue, with completion possibly being pushed back to 2021 as a result.

The flood channel provides a conduit for storm water from the Decatur Boulevard and Russell Road-based Tropicana Detention Basin to the Flamingo Wash, located in the vicinity of Flamingo Road and Swenson Street. The culvert currently runs through the Las Vegas Stadium grounds in by ways of a 6-foot tall, 15-foot wide “S”-shaped channel, after which it runs underneath several other notable Vegas properties – such as the Hard Rock Hotel and MGM Grand – before reaching its drainage point. Thanks to the Section 408 permit, the culvert will be transplanted to the west approximately 150 feet, steering it clear of the ground of the stadium project.

With the Las Vegas Raiders stadium progress back on track, the developers and team owners are now looking at addressing other issues that will eventually arise once the project is completed— namely, a need for regulating the more-than-likely increase in pedestrian traffic, as well as the availability of new emergency services that will be required by public safety laws to be local to the stadium.

Reports indicate that the Las Vegas Raiders had struck a bargain with Clark County officials to foot the $1.4 million bill for a specific set of emergency services within the vicinity of the stadium, in addition to new infrastructure situated around the stadium’s parameter in order to manage the anticipated large increase in foot traffic, including pedestrian bridges or underpass alterations to existing sidewalks and roadways, installation of traffic control devices, construction of local Las Vegas Metro Police headquarter/detention facilities, and equipment and services to deal with any unforeseen emergencies. The exact configuration of this complex web of new infrastructure has not yet reached a detailed planning stage yet; that will come once the developers submit their parking plans for the stadium to Clark County by their September 2018 deadline, which needs to account for the at least 14,000 off-site parking spaces as required by county code. Once parking has been approved, work can commence on how to manage the flow of foot traffic and other services required of a major event venue, while avoiding impacts upon local vehicle traffic.

These large-scale changes will prove to be a tricky task in a large, busy city such as Las Vegas, but in the end they will provide for a better and safer experience for both tourists and local residents alike as congestion in the vicinity of Las Vegas Stadium is sure to increase exponentially once the Raiders make their 2020 debut in Southern Nevada.

Thinking of relocating to Las Vegas? Let us help you plan your relocation. Our experienced agents are here to help you with your Southern Nevada relocation efforts including neighborhood statistics, schools, educational information, etc. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Proposed Republican Tax Reform Bill May Negatively Affect Development of Las Vegas Raiders Stadium

LAS VEGAS, NV – The soon-to-be-transplanted Las Vegas Raiders NFL team has gotten people talking, and their imminent arrival in Southern Nevada – in 2020, if all goes well with the construction of their new state-of-the-art stadium situated at Interstate 15 and Russell Road – has already resulted in economic growth and the interest of new businesses opening up shop in the region. However, a proposed tax reform currently in the works by the Republican members of the House of Representatives may throw some roadblocks into the equation, as certain provisions investors were relying upon to fund the Raiders project may now be in jeopardy.

Currently, the cost of the $1.9 billion, 65,000-seat Las Vegas Raiders football stadium is being financed, in part, via the use of tax-exempt bonds; this is a common practice used by investors when it comes to the construction of stadiums for sports teams. However, a provision of the proposed House tax reform bill – one currently being championed by United States President Donald J. Trump, who has vowed to sign it into law before Thanksgiving of this year, placing the Raiders project within its legal boundaries – will outlaw the use of Tax-exempt bonds in this manner, which would mean that $750 million in public monies will be excluded from the stadium’s financing package if 429-page legislative bill passes in its current form.

What does this mean for the future of the Raiders stadium, which recently held a groundbreaking ceremony on November 13?

At the moment, the ultimate effect is not known, although experts have noted that the current design of the stadium would fall into the parameters of a project covered by the Republican tax reform bill; the passage of the bill would very likely give developers major cause to revise the financial details of the construction, although to what degree is currently up in the air. Most reports, however, say that the passage of the tax bill will potentially increase make the project more expensive by increasing interest rates, decreasing the yield, or both. However, all aspects of the proposed House legislation must be made public and examined before the true extent of its effect upon the finances of the Raiders stadium project will be laid bare. But this is provided that the bill passes and doesn’t suffer the same fate as the GOP’s recent health care reform efforts, which were held off by House Democrats and several defecting Republicans members; likewise, the tax reform has generated a similar degree of discontent between the two major political parties, so currently its fate is uncertain.

If the bill passes and the Raiders project is no longer able to utilize tax-exempt bonds in its financing, it is likely that the project will continue as planned, albeit with higher costs; additional investment streams may be required as well to deal with rising development costs. It is vital for the stadium’s development to continue unabated, as its initial announcement has had a spillover effect on industrial properties that had previously stood vacant and unused, even amid Las Vegas’ current housing boom, proving that not only will the arrival of the Raiders have a positive effect on the NFL team’s own bottom line, but the bottom line of the region as well.

Need real estate assistance in 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 Boom Not Simply Another Real Estate Bubble Waiting to Burst; Experts Declare Growth Stable and Long-Term

LAS VEGAS, NV – Many real estate investors poured an enormous amount of capital into Southern Nevada when the housing bubble burst in the mid-2000’s – rendering a great deal of their properties near-worthless in what was called the second-largest blow to a local or national economy of any crisis worldwide in the past four decades – many of them would obviously find it difficult, if not impossible to believe in the region as a money-maker again.

After getting burnt so badly, it’s understandable that many investors have trouble buying-into the recent boom Las Vegas real estate has been experiencing after a decade of dormancy, but it’s been building back consistently enough and long enough that experts have declared that this isn’t simply another bubble waiting to burst yet again; indeed, it’s a solid resurgence exhibiting stability and long-term growth potential that should be putting investors at ease, especially with the recent news that Las Vegas has taken the number two spot nationally at the top real estate market, second only to Seattle, Washington.

Needless to say, if you’ve been holding off on putting money into Vegas, wonder no more.

In January of 2012, the median sale price of a home in Las Vegas was a dismal $118,000, and Nevada in general had the highest rate of foreclosures and delinquent mortgages in the United States for 62 months running; fast-forward to today, and an investor would be shocked to discover that the market has been skyrocketing over the course of the past two years. The current median resale price of a home in the Vegas area in 2017 is now well over $250,000, which is up over 9.1 percent from the same period in 2016.

It’s a trend that experts are saying has the legs to continue for the foreseeable future, and such a positive outlook – both in terms of the real estate scene and the overall economy that is slowly but surely causing investors previously burnt to reconsider the region as a viable area to sink their funds.

The growing market, experts say, is fueled by a continued shortage of both homes and apartments, and as a result, prices have spiked in both categories; contractors and construction companies are attempting to keep up with demand, and supply is expected to finally increase during the winter, typically a period where the market slows a bit before the spring causes it to move upwards once again.

The growth locally is so strong that major businesses, such as Amazon, are building headquarters in Las Vegas, and famous sporting teams – such as the NFL’s Raiders, slated to arrive to a new stadium in 2020 – have uprooted from their homes and transplanted themselves here. So, it’s looking that the Las Vegas real estate market is not only seriously on the mend, but that it’s here to stay as well, and investors who have been on the fence after taking a loss previously – understandably so – are finding less and less to fear and more and more to gain.

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

Acquisition City: California Investment Group Purchases Vegas-Based Centra Point Office Campus for Nearly $79 Million

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 Raiders Announce Date for Groundbreaking of New $2B, 65,000 – Seat Stadium on Nov. 13

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.

Resorts World Las Vegas Announces Construction Manager, Recipients of Over $400 Million in Contracts

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.

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