LAS VEGAS, NV – With the local economy on the rise and new businesses are arriving in the area, Las Vegas is on the verge of its greatest all-time comebacks. But the famous city and its surrounding areas are still struggling in one area- attracting the next generation of young business leaders and workers, and to that end, local officials are eyeing several different projects they hope will appeal to Millennials, a relatively unique section of society with different motivations for success than most.

Millennials are the demographic cohort following Generation X; those born in the early 1980s throughout the mid-1990s to early 2000s, and they are typically known for their savvy with technology and social media and a high degree of ambivalence about material success, preferring a more stable work-life balance and a fulfilling social life as opposed to grinding away for hours behind a desk. As such, Las Vegas is seen by many as the city of excesses; it would only be natural that this would not be the average Millennials’ first choice to live. However – owing in part to their love of posting exciting activities on social media platforms such as Instagram – Southern Nevada developers are starting to invest in amenities they hope will draw in this coveted generation, including a zip line across the Las Vegas strip from Caesars Palace and an e-sports arena at the Luxor, both currently under development and slated for use in 2018.

In addition, a construction project at a Lake Mead National Recreation Area campground is set soon, which will result in approximately $3 million in improvements to the popular Boulder Beach Campground, including restorations and repairs to at least 73 campsites, roads, and sanitation and potable water refill stations. In addition, structures to provide shade during hot summer months will be added as well, providing an environment sure to attract Millennials, many of whom are big fans of outdoor activities when on free time.

Additionally, sporting events are always a great way to attract the younger generation, and in addition to the much-publicized start of construction on the incoming Las Vegas Raiders NFL team’s eponymous stadium, due to open in 2020, local officials recently gave the green light to another sporting complex- the Las Vegas Ballpark, set to be built in Downtown Summerlin. The proposed 10,000-seat baseball stadium will be the new home of Las Vegas 51s Triple-A minor league baseball team, with the initial groundbreaking set to be held in early 2018. The developers have laid out what they refer to as an “aggressive” development schedule, and anticipate the stadium being open in time for the 2019 season. Again, offering more in the way of exciting entertainment options for residents is seen by officials as a way to attract younger people to Nevada, something access to quality sporting entertainment often results in.

A region with a rapidly growing economy and a very competitive real estate and job market needs young people to fill their ranks more than anything, and recent developments in Las Vegas have made it clear that businesses and officials are doing what they can to entice Millennials to take a chance on all that Las Vegas has to offer.

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

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, 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.

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 – 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.

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 Property Management specializes 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 – The revitalization of Southern Nevada in the past year has seen a mass exodus of new residents flock to the region looking to take advantage of the now-booming economy and its subsequent burst of rapid job growth, and when an area – especially a hotbed of economic activity such as Vegas – sees such an influx of new blood, one thing holds true…those people need places to live.

One of the money-making aspects of the Las Vegas scene that has seen the biggest boost in recent months is in real estate, and with so many new residents arriving on a near-daily basis, the housing market has been literally struggling to keep up; rentals in particular are growing scarce, and what apartments and homes are left are experiencing a fast increase in rent prices in direct response for the massive demand.

Properties that are actually listed according to current market norms – that is, fairly norms – are going like hotcakes, according to reports. However, the increased activity in the Southern Nevada real estate game is creating a cutthroat atmosphere where competition for properties – rentals especially – is at an all-time high and climbing, and as a result, rent prices are shooting upwards as investors and landlords are striking while the iron is hot, looking to finally make a good return upon the properties they’d been previously sitting upon after the housing bubble burst in the mid-2000’s.

One of the driving factors in the increase of rental prices is due directly to the increase of home purchases, experts say; as houses sell faster and faster, prices increase, and as prices increase, those with more limited means are forced to turn to rentals instead for more manageable monthly costs. Rentals are also attractive to single people and those who are looking to test the job waters in the region before fully committing to setting down roots.

Las Vegas real estate is getting to the point that simple lease renewals for long-time residents are resulting in extra bucks being added to the agreement – anywhere from $50 to $200 – even if no additional services or additions have been made to the property; it’s all about supply and demand, and the Las Vegas real estate market is not one for treading water these days, according to reports. While Vegas is attractive to many for its thriving economy and job market, in addition to the relatively low cost of living as compared to much of the United States, the growing rental prices are proving to be a hurdle that have some new and long-time residents re-calculating their budgets and re-evaluating expenses to keep up.

In fact, the rental game in Vegas is getting so lucrative that private homeowners are getting in on it, and not always legally. Residents in increasing numbers are renting out their own homes to new residents and tourists and moving to rentals themselves in order to cash in, while local government has been cracking down on such arrangements when learning of them. Neighbors of such properties have been especially vocal in their complaints regarding the so-called “party houses” with out-of-state visitors often playing loud music and drinking late into the night. The city of Las Vegas recently created a hotline for residents experiencing such issues to file complaints that are then followed up by, if warranted, with fines issued for violations of city code.

Indeed, Vegas has become a hotbed of rental activity, and anyone with the business savvy has an opportunity to make some impressive profits. Need rental information on the fast-evolving Vegas market? Free market appraisal? Property management assistance? Feel free to give us a ring at 702.376.7379 so we can answer any questions you may have.

Las Vegas Developers Ramp Up New Home Construction to Meet Growing Demand in Southern Nevada Region

LAS VEGAS, NV – With Las Vegas real estate seemingly outdoing itself at every turn brokers and developers have been struggling to keep up with mounting demand for homes and rental units as more and more families, entities, and corporations literally pour money and resources into the Southern Nevada region.

According to recent mid-year reports, new homes sales in Las Vegas are at their highest level since 2008; in Clark County in June of this year, developers closed on 832 sales of new homes, which brings the total for the up to 4,267. This represents an increase up 22.4 percent over the same period in 2016. In addition, the median price of homes closed on in June was approximately $339,603, which represents an increase of 3.7 percent from the year before.

In addition, the sheer number of new home construction permits pulled in June was an impressive jump not only from 2016, but for the last decade as well, as permits for 1,035 new homes were pulled by developers, the highest amount since July of 2008. Given this number, builders seem more than likely to achieve an impressive goal once the year is out; Clark County, but the time 2017 comes to an end, stands to have over 9,000 new homes within its limits, a situation that impatient potential homeowners are itching to be made into a reality.

Clearly, the efforts of developers and builders has been redoubled since last year as new home construction levels are up a staggering 20 percent in the first half of 2016. And while those numbers may seem truly impressive – and they are, especially considering the massive dry spell the Southern Nevada region has been through since the housing bubble burst – those numbers are still shy of the sheer magnitude of development Las Vegas saw in the years leading up to the real estate crisis in the mid-2000’s, where the first six months of 2006 saw an astonishing 18,800 homes constructed. Of course, many of those homes went on to sit and essentially do nothing as the real estate market plunged into a stupor, the result of the mass recession that held much of the country in its icy grip.

However, as things have slowly improved, homes began to sell once again; soon, even a genuine surplus became not enough as businesses, jobs, and money began flowing back into Vegas, and soon demand was pushing development back into overdrive once again.

Soon, if things continue to progress as they have recently, we may indeed see construction levels as they were back in the early-to-mid 2000’s, bolstered by a growing economy and job market – with entities such as Amazon, the soon-to-be Las Vegas Raiders NFL football team, and more moving into the region.

Shelter Realty Property Management specializes 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 – 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.