LAS VEGAS, NV – Realtors in Las Vegas have noted that sales of high-rise condominiums have gone through numerous ups and downs since the mid-2000’s recession. However, the latest surge in the market has been driven by something taking many by surprise: the phenomenon known as sports tourism, with the latest example being driven by an intense and unprecedented level of demand for high-rise apartments along the Las Vegas Strip due to the ongoing Vegas Grand Prix Formula 1 race. Heidi Williams, a Las Vegas realtor specializing in selling high-rise condos out of The Signature at MGM Grand, said that prices…
LAS VEGAS, NV – The Formula One Las Vegas Grand Prix held its opening ceremonies on Wednesday, and short term rental owners in Southern Nevada where STR licenses are currently available – including Henderson, Las Vegas and North Las Vegas – are already reaping large financial benefits. Unfortunately, however, some frustrated Clark County landlords have been left out in the cold due to the long and drawn-out process of issuing licenses on the part of the municipality, leaving them unable to offer listings to take advantage of the many out-of-town tourists attending the F1 event, with the race taking…
LAS VEGAS, NV – The impending Formula 1 race in Las Vegas will represent an enormous opportunity to draw in record-breaking crowds of tourists to attend the iconic event, and obviously those tourists will need places to stay while in town. However, local homeowners are fuming over what they perceive as a missed financial opportunity due to the fact that short-term rentals currently remain illegal in Clark County, depriving them of the chance to rent out their properties for a tidy profit. Local homeowner Tina Turnbull was hoping to rent her home to out-of-town visitors during the Formula 1 event,…
LAS VEGAS, NV – Construction on new upcoming Formula 1 headquarters, located near the Las Vegas Strip, officially commenced this week in preparation for the organization’s upcoming Grand Prix race this November, with the esteemed sporting event taking place in a new racetrack – which is currently in development as well – next door. Currently, building materials are being dropped off at the site of the headquarters and construction equipment such as bulldozers and tractors are excavating land and preparing for the laying of the infrastructure needed to make the project a reality, less than ten months from now. Upon completion, the…
LAS VEGAS, NV – Formula 1, the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile (FIA), has revealed the extent of their considerable investment in their upcoming Las Vegas-based Grand Prix location, which is slated to take place in the center of the city – with the track situated partly on the Las Vegas Strip – starting in November 2023. Formula 1 will be putting $240 million into the street-based night race as part of a multi-year deal with the city, making the event their third annual Grand Prix in the United…
File photo: Alessio DeMarco, Shutter Stock, licensed.
LAS VEGAS, NV – The Harmon at 370, an apartment complex located near the famed Las Vegas Strip and adjacent to a large tract of vacant land that Formula One is currently developing into a new racetrack, has been listed for sale, with the property’s new landlord asking for the hefty sum of nearly $189 million. Previously, the complex had been known as Harbor Island Apartments, and residents had grown quite used to the large plot of land next door – especially since its perpetual state of disuse had resulted in a sustained state of peace and quiet. However, the 21.4-acre…
Important announcement if you are considering securing FHA 3.5% down financing for a home in Clark County (Las Vegas, Henderson, North Las Vegas, Boulder City), then you have until October 1, 2011 fund on your loan before the loan limits drop from $400,000 to $287,500.
LAS VEGAS, NV – The 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties. Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and…
LAS VEGAS, NV – While commonplace in many other cities, visitors to the famed Las Vegas Strip will take note of the general lack of individual, freestanding retail storefronts lining the four-mile stretch of roadway; instead, the majority of stores are located either within casino hotels or enclosed malls. However, one New York-based developer is looking to change that via two street-facing retail projects, with one recently opened and another currently under construction. Developer Eli Gindi – whose family founded and owns the Century 21 retail chain – is behind the under-construction “door on the street” retail property dubbed BLVD…
LAS VEGAS, NV – Amid Clark County’s numerous delays issuing licenses for short term rentals within its borders, more and more homeowners are illegally listing their properties for rent on services like Airbnb and VRBO, risking serious fines if they are caught. Homeowners who are prospective short-term rental operators have been vocal in their complaints about the county’s slow licensing process as the typically busy summer season is passing them by; many are also worried about missing out on tourists visiting the region for upcoming Formula 1 races. Currently, Clark County officials have not provided a timeframe for when the first…
LAS VEGAS, NV – After an extended period of time that has left many Las Vegas landlords grumbling and downright angry over the prospects of missed income, unincorporated Clark County has finally begun to issue short-term rental licenses…well, three of them anyway, amid a massive backlog of applicants hundreds deep who have been waiting for over a year-and-a-half to begin legally renting their properties. The road to this point in time began in 2021, when Nevada passed legislation mandating that cities and counties within the state create regulations and a process for granting licenses for short-term rentals; Clark County would…
