LAS VEGAS, NV – Low inventory and high demand of apartment units in the Las Vegas Valley are causing rents to skyrocket to near record-breaking levels, a sign of Nevada’s economic recovery as COVID-19 ebbs into its final days. However, the continuing increases in rent in Clark County has come with a downside as well; hardship for some vulnerable local area residents who may have already been having difficulty keeping up with their payments due to the pandemic. Rents in Las Vegas, while still well below the national average – as of June 2021, the average rent in the Las…
LAS VEGAS, NV – According to the Eviction Lab at Princeton University, Clark County, Nevada is potentially facing more evictions than any other area in the United States when the Centers for Disease Control and Prevention’s (CDC) eviction moratorium ends July 31, reports say. The Eviction Lab at Princeton University, according to their website, “creates data, interactive tools, and research to help neighbors and policymakers understand the eviction crisis.” They analyzed data of the average number of eviction filings in Clark County between the years of 2016 and 2019 and compared them to ones filed between January 2020 and May 2021. This…
In Southern Nevada, “Full Price Now A Weak Offer” As Las Vegas Real Estate Scene Commands Top Dollar
LAS VEGAS, NV – Following a slight dip due to the ongoing COVID-19 pandemic, the real estate scene in Las Vegas has not only recovered, but is currently in such a state that an offer for the requested price point of any given home is quickly becoming a “weak offer,” according to recent reports. Jordan Rodriguez, 26, had placed a two-story house on the market in Las Vegas less than a month ago; he had originally purchased the home in 2016 for $293,000, and was selling it for $560,000, which was $10,000 over the asking price. Rodriguez received multiple offers immediately,…
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LAS VEGAS, NV – According to a recent CNN article, the extension of the federal eviction moratorium through the end of March 2021 was a desperately-needed lifeline for countless people struggling with financial hardship due to the ongoing COVID-19 pandemic. In addition, President Joe Biden is attempting to pass a bill that would extend that eviction moratorium even further; if his proposed relief legislation passes in its current form, that eviction ban would be extended to Sept. 30, 2021. While this is helpful to renters who have lost their jobs – or had their income severely curtailed – by COVID, to countless landlords,…
LAS VEGAS, NV – According to reports, many experts expected Las Vegas to endure irreparable harm to its real estate industry with the advent of the COVID-19 pandemic in March, what with lockdown orders hamstringing tourism – the lifeblood of the city – and rampant unemployment becoming commonplace as a result. However, despite the blows endured by the economy to this day due to the pandemic, the Las Vegas real estate market not only recovered far more quickly than experts anticipated, but is currently in the midst of a hot streak that is now expected to continue well into 2021 and…
LAS VEGAS, NV – According to reports, a recent $11.25 million Henderson mansion purchase has set a record for the highest luxury home sale in the well-known Southern Nevada community in 13 years, showing that the market still has the ability to set monthly sales records despite the ongoing COVID-19 pandemic. The mansion, located at 750 Dragon Ridge Drive in the luxury master-planned community MacDonald Highlands, was purchased on December 4 for a whopping $11,250,001. The buyer exceeded the price of yet another mansion sold in the same community earlier in 2020 by just one dollar; that mansion, sold in August…
LAS VEGAS, NV – According to recent reports, the mad scramble for local real estate and the subsequent record-setting months of rising median single-family home prices during the pandemic has real estate experts speculating that Las Vegas may potentially be in another bubble, reminiscent of the mid-2000’s that eventually gave way to a recession. Multiple sellers are reporting that despite the ever-increasing prices of homes on the market – October 2020 saw the single-family homes median sales price reach and all-time high of $340,000 – multiple offers are often being made on new inventory as soon as they are available, with…
LAS VEGAS, NV – According to recent reports, a Las Vegas developer is attempting to woo wealthy potential tenants to his new apartment complex by making sure it features numerous amenities catering to a particular crowd; this runs in contrast with how the majority of Nevada developers are handling new projects due to the difficulties posed by the ongoing COVID-19 pandemic. With unemployment still an issue, many people are in need of affordable living space but are facing significant financial hurdles. But while many are racing to construct low-cost housing options aimed at the masses, long-time developer Bob Schulman, 83, is instead…
LAS VEGAS, NV – With the coronavirus pandemic taking its toll upon the Las Vegas economy, there remains some light at the end of the tunnel as the Strip is set to reopen this Thursday. While that is good news for most, some renters who have been laid off or furloughed are still awaiting financial relief in the form of unemployment benefits and they are growing increasingly desperate despite the rental market itself managing to weather the storm, according to reports. Leading up to the pandemic, which has brought the national economy to a near-standstill, the Las Vegas real estate market…
LAS VEGAS, NV – According to reports, despite a statewide moratorium issued by Nevada Governor Steve Sisolak against evictions during the state of emergency brought on by the ongoing coronavirus pandemic, some landlords have defied that decree and have locked out and/or evicted tenants who have been behind on their rent. The eviction decree by Governor Sisolak applies to all renters in the state of Nevada, monthly or weekly, and applies while the state of emergency is still in effect. The moratorium had a mixed response, with some legal advocates supporting the move while others supported landlords and property managers,…
LAS VEGAS, NV – According to recent reports, a law focusing on “tenant rights” in Las Vegas passed in 2019 has already resulted in a marked decrease in the number of evictions filed by landlords and property managers for the first time in ten years. In 2019, approximately 30,000 summary eviction cases were filed in Las Vegas Justice Court, which represents a 7 percent decrease from the prior year and the lowest number since 2016. Senate Bill 151 (SD 151) – legislation that increased the amount of time a tenant had to pay overdue rent from five to seven business…
