LAS VEGAS, NV – Despite two on-site workers testing positive for coronavirus – which causes the respiratory disease COVID-19 – it was announced this week that work would continue on the new home of the Las Vegas Raiders NFL team, Allegiant Stadium. The $2 billion, 65,000-seat venue is expected to be completed in July 2020 in time for the 2020 NFL season, currently scheduled for August 16. Most recently, a worker for the Mortenson-McCarthy construction company tested positive last week for COVID-19, but the company noted that strict social distancing guidelines at the worksite prevented the infected worker from coming into contact…
LAS VEGAS, NV – According to reports, the growing construction happening in Las Vegas in an effort to meet the demands of housing needs is having a rather predictable effect upon the price of the land this housing is sitting upon; that is, that price is going up. In 2019, investors paid a median price of approximately $383,840 per acre of land for development in Southern Nevada, which represents an amount twice that from the depths of the mid-2000’s recession, reports say. Experts attribute this increase to numerous factors, including a skyrocketing economy and job market and a resulting influx…
LAS VEGAS, NV – According to recent reports, home prices in Las Vegas, already in a constant state of increase, have finally managed to surpass pre-recession housing bubble-era prices after over 13 years of recovery, when not adjusted for inflation. The median sales price of a single-family home set a record last month when it hit an all-time peak of $316,000, $1,000 more than the previous all-time record established in 2006, before the burst of the housing bubble lead to a deep recession that almost decimated the housing market in Southern Nevada for over a decade. That amount, however, still…
LAS VEGAS, NV – According to recent reports, the Las Vegas Raiders’ practice facility – which is still currently under construction – was sold by team officials last week for the hefty sum of $191 million. But where will the Raiders practice then, you might ask? Why at that very same facility, since right after the sale Raiders officials leased the facility right back, a growing and popular trend in Las Vegas real estate known as a “leaseback.” A form of flipping – buying a property, building upon it or renovating existing structures, and then selling it for a profit…
LAS VEGAS, NV – Short term rentals were recently approved for operation in Henderson, Nevada, with the Community Development manager laying out a series of rules and legal guidelines that participating residences must abide by in order to operate on these services. Short term rentals have been steadily gaining in popularity over the years as a cheap and convenient way for landlords to accommodate guests with short-term lodging and tourism-related activities by essentially renting out their home to relative strangers. Much like ride-sharing services such as Uber and Lyft and the drivers they employ, AirBNB, VRBO, Booking.com, do not own…
LAS VEGAS, NV – According to reports, developer Jonathan Fore is set to build a new luxury apartment complex in Las Vegas after having the project recently received the approval it needs to go forward from Clark County commissioners. Fore is also responsible for the construction of Lotus, an apartment complex located on Spring Mountain Road, adjacent to Valley View Boulevard several years ago. The developer noted that the proposed new complex – dubbed The Pearl – will be a 170-unit building spread out over seven floods, and will be situated nearby the Lotus on the opposite side of Valley…
LAS VEGAS, NV – According to recent reports, the recent influx of high-profile professional sporting teams to Las Vegas – including the Raiders NFL team in 2020 – has created a unique atmosphere in the region for real estate salespeople; the idea of wealthy athletes looking to transplant themselves into their new home town, and looking to do it in (expensive) style, can make for good career ideas. Realtors have been looking forward to the very real possibility of high-paid members of numerous sporting teams seeking to purchase multi-million-dollar homes in the Las Vegas area, even going so far as…
LAS VEGAS, NV – According to reports, Las Vegas new home construction and sales have displayed its strongest quarter of activity since 2007, with developers currently on-track this year to equal their 2018 performance. 2,500 net sales of newly-built homes in the Las Vegas region were reported from the start of July throughout the end of September, which represents an increase of 8.5 percent over the same period one year ago. The previous high-water mark for sales was 2,760 in 2007, which was just prior to the burst of the housing bubble. Factors that have been figuring into this continuing…
LAS VEGAS, NV – American Homes 4 Rent®, a California-based company that renovates and leases single-family homes (it already owns over such 1,000 homes in Las Vegas alone) has made the move to up its game in Southern Nevada, announcing recently that they would be constructing rental homes from Vegas, a move they have already pulled off in 14 other markets, according to reports. American Homes 4 Rent was established in 2012, and is one of the first large public companies to begin investing heavily in single-family homes, following the entry of The Blackstone Group into the field; as of…
LAS VEGAS, NV – According to reports, the short-term vacation rental market is booming in Las Vegas, with Nevada becoming the fourth-highest such market in the country. Vegas has always been a destination city for a variety of reasons, but after the recovery of the city’s economy, the recent influx of money, jobs, businesses and the arrival of the recently-transplanted Raiders NFL team – tourism has reached a fever pitch in Southern Nevada. Enter the rental market. Tourists have been turning increasingly to short-term home rentals when visiting Las Vegas, and investors have sat up and taken notice. Within the…
LAS VEGAS, NV – In the mid-2000’s Las Vegas housing market, prices reached their peak; in June of 2006, the median sales price of a single-family home hit an all-time high of $315,000, right before the recession hit and rendered the Southern Nevada market nearly inert for almost a decade. Fast-forward to 2019, and real estate in Las Vegas has finally experienced something of a boom period once again. With the recovery of the economy and the influx of money and jobs into the region, experts began to notice the skyrocketing growth in the housing market. Inventory was scarce and…
LAS VEGAS, NV – While the growth of home prices on the real estate market has slowed as of late after a period of massive growth, Las Vegas is still outpacing the vast majority of large cities in the county; that is, except its neighboring city of Phoenix, Arizona, according to reports. In Southern Nevada as of July 2019, median home prices have been recorded as increasing 4.7 percent since the same period in 2018; this runs in direct contrast with the national average of 3.2 percent, reports say. However, Phoenix has jumped in the rankings, showing a 5.8 percent…
