Officials Report Las Vegas Raiders Stadium Construction On-Time, On-Budget

Officials Report Las Vegas Raiders Stadium Construction On-Time, On-Budget

LAS VEGAS, NV – Construction on the Las Vegas Raiders Stadium is going along as planned, according to team officials, with the project currently at the 15 percent finished mark and proceeding both on-time and on-budget since its Nov. 15, 2017 groundbreaking. At this rate, without any surprises or mishaps, the stadium is well on its way of meeting its stated goal of hosting the start of the newly-transplanted NFL team’s 2020 season.

The $2 billion, 65,000 seat project – funded in-part by a bump in the existing Las Vegas hotel room tax to the tune of $750 million – is currently in the process of excavating a million cubic yards of earth for the construction of the stadium, although developers are unable to rule out the possibility of unearthing something that could create an unexpected snag in their timeline. While unforeseen issues are common when involved in project of this scale, but for the time being, things are proceeding smoothly, according to Minneapolis-based general contractor Mortenson Construction; almost 500 workers are now engaged on a daily basis in concrete work on walls and columns that will form the main support structures for the upper levels of the stadium.

August will see the arrival of prefabricated steel from suppliers in Wisconsin, with which developers will begin working on the vertical component of the construction phase; concerns that tariffs ordered by President Donald Trump on steel and aluminium would inflate projected costs of the project which are largely unfounded, developers said, as the majority of the raw materials were already ordered before said tariffs were implemented. There could be some minor price variations in cost when it comes to materials used by subcontractors, it was noted, but nothing that will affect the overall budget of the project.

The arrival of two cranes – each able to lift in excess of 2,000 tons – are anticipated soon, and will be utilized in raising the translucent polymer roof into position once it has been assembled at the construction site; once placed, the structure supported via a crisscrossing network of Swiss steel cables. In addition to the Raiders Stadium, work is also underway on a $100 million training facility and team headquarters located in the vicinity of Henderson Executive Airport, although according to reports that work is not proceeding at the same pace at on the stadium.

Meanwhile, little news has been made public by Raiders representatives as to the pricing of ticket packages, personal seat licenses, or general game admission; despite this, many individuals and organizations have already put money down in anticipation of when ticket information is finally announced, signifying the intense excitement that is being generated by the impending arrival of the Raiders to their new home in Las Vegas.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – Since the end of the recession and the recovery of the Las Vegas housing market after the the mid-2000’s housing bubble, real estate – and prices – have been steadily climbing, fuelled by intense demand as money and businesses continue to flow into the Southern Nevada region to take advantage of the opportunity that lies within.

With demand currently far outstripping demand, Las Vegas is threatened with eventually losing its attractive status as a city with a very affordable standard of living when compared to much of the United States these days. At the moment – and for the foreseeable future – property prices in Las Vegas are among the fastest-rising in the country, and developers have seen rapid and massive profits as available homes have been snapped up in record time.

In order to combat these concerns, local builders have been attempting to ramp up construction in an attempt to increase the available number of homes and apartments on the market; it is hoped that such efforts will stabilise the rapidly climbing costs of real estate in Vegas as of late. And in order address those concerns specifically, builders have begun to place a greater emphasis on lower-cost housing options when it comes to their construction plans, according to reports.

Of the communities that have been completed and opened in 2018, approximately 25 percent of them have advertised base asking prices below $300,000, which represents an increase of 12 percent in projects with such price points over the same period one year ago; the median sale price of a home as of the end of this past May was $369,990 – an 8 percent jump from 2017 – so it’s easy to see that any home that starts under $300,000 can be seen as a boon to new families attempting to get a fresh start in the Las Vegas region.

Part of the business plans that have resulted in these cheaper home prices center around less expensive land prices as areas that had been previously overlooked by developers toughing it out during the recession are being snapped up for bargains today. In addition, greater numbers of apartments and condominiums in circulation – increasing completion for the dollars of those looking for a new place to live – are also helping to stabilise new home prices.

Las Vegas’ skyrocketing economy and real estate market are a large part of what’s putting it back on the map after over a decade of dormancy during the recession; experts are starting to worry that its sudden and rapid growth and expansion may be a case of too much, too soon, so the fact that local developers and builders are taking note of this fact and – adjusting their output accordingly in order to curb this trend and help retain the affordability that Las Vegas has come to be known for – ensures that the region’s upward financial climb will only continue unabated.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – In an effort to address the ongoing housing crisis in Las Vegas, builders have been attempting to ramp up their efforts in erecting new homes and apartment complexes to meet the ever-growing demands in Southern Nevada as the local economy improves. The situation is ushering in new investors, companies, tourism, and – most importantly – newly-transplanted residents keen to take advantage of Vegas’ thriving job market, and as a result living options are scarce and prices are skyrocketing.

Builders are seeing progress in their efforts to balance local real estate scales, as four towns in Las Vegas are ranked in the two 20 in the United States in terms of builder sales for 2018, according to reports.

The numbers for local builders are also impressive, and clearly speak for themselves; as of the end of June, sales in Summerlin were ranked as the third highest in the nation among master-planned communities at 772 homes sold, representing a jump of 64 percent over a one year prior. Inspirada – a master-planned community located within Henderson – comes in eighth in the U.S. with a 21 percent increase from 2017, boasting 475 homes purchased. Another Henderson-based community, Cadence, ranks 12th with 334 homes sold, an increase of 45 percent. Finally, coming in at 17th in the nation is Skye Canyon with 284 homes purchased; currently, it is not known home much of an increase this is over the previous year’s sales for this community, which is located in the northwest Las Vegas valley.

Due to a the current lack of housing options on the market, most available homes and apartments are being snapped up, and landlords and sellers in the region are taking advantage of demand by charging – and receiving – premium prices. Initially, builders appeared ill-equipped to handle the production of additional housing units to appease demand, in-part contributing to the cutthroat sales environment holding Vegas in its grasp. However, these new sales figures suggest that builders are finally hitting their stride and will hopefully continue to deliver adequate amounts of new residences to the point that prices begin to stabilize and eventually subside to a degree.

But in the meantime, housing in Las Vegas will still be on a first-come, first-served basis for the foreseeable future, and buyers will find themselves paying through the nose more often than not…bearing in mind that housing prices in Las Vegas – as well as the overall cost of living – still remain below the national average, especially when compared to neighbouring markets such as California, where the cost of living is driving more and more residents out-of-state and into more affordable regions, such as Nevada.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV –  According to reports, a light-rail system set along the Maryland Parkway corridor is currently being mulled over by Clark County city officials; if brought to fruition, the project would connect the downtown area with the University of Nevada, Sunrise Hospital and Medical Center, and McCarran International Airport. This development is seen to represent a major boon to the region, as once up and running, the nearly 9 mile, $750 million project could possibly result in upwards of $3 billion in local investments in offices, retail, entertainment, and housing development along its planned route. These estimates are based upon the positive financial impacts that similar railway projects have had in other American cities, including Denver, Colorado and Phoenix, Arizona.

The Regional Transportation Commission is currently set to announce their decision on the railway in September; if approved, the project is slated to be up and running by 2025. There are no indications yet if the RTC is leaning one way or the other on the potential light-rail system, but it’s known that they are also considering other, more cost-efficient choices to improve transportation along the Maryland Parkway corridor – an area that many experts feel is ripe for development – including a roadway improvement initiative with an estimated cost of approximately $29 million; however, the addition of some much-needed rapid transit lanes for buses could possibly run an additional $335 million. Expensive, yes, but still cheaper than the proposed train line.

However, the railway system has a great many supporters, and development is already underway; G2 Capital Development has invested heavily in this regard, as they are currently building University Gateway, a $60 million, eight-story mixed-use project along the Maryland Parkway corridor, in addition to a parking garage nearby. G2 has also purchased commercial development situated along the parkway – Campus Village – that may see a face-lift in the future if business warrants it. If the railway project comes to light, developer Mike Saltman has also announced his intention to construct a shopping center at one of the railway stations.

While $750 million isn’t chump change, the taxpayers of Clark County likely won’t have to foot the entire bill if the RTC approves the project; currently, county officials are looking into the possibility of acquiring a federal New Starts grant that could cover up to half of the costs associated with the project. In addition, local residents may get the chance to cast their votes for or against a possible hike of sales taxes that, if passed, would also contribute to the costs of the light-rail system. But before any federal grants would be applied for, the plans for the project would have to pass scrutiny in terms of any possible environmental impact they may have upon the proposed route, as well as review any public concerns along with any potential alternate projects.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

Financial Behemoth “Blackstone Group” on Las Vegas Real Estate Buying Spree; Snapping-up Properties Left and Right

LAS VEGAS, NV – The Blackstone Group, a New-York-based real estate and financial behemoth – currently holding $450 billion in assets under management – has been on a spending spree in Southern Nevada recently, snapping up properties left and right as the surging economy in the region has been driving up home and apartment prices. Clearly, Blackstone sees opportunity and is determined to get in on the action in a big way.

In recent years, Blackstone has acquired a slew of single-family homes – many of which were used as rentals – as well as Hughes Center office park, the Cosmopolitan of Las Vegas, showroom World Market Center, multiple apartment buildings, and in May of this year, two Henderson hotels- SpringHill Suites and TownePlace Suites, a deal reportedly worth $36 million.

Apartment buildings are picking up steam in terms of sales as of late; reports indicate that in an 11-day stretch of time, $260 million in rental-based real estate – accounting for five apartment complexes – changed hands among investors; of the five apartment complexes purchased, Blackstone bought the Northwest valley complex Xander 3900 for $69.5 million, reports say.

This development leaves no doubt as to how red-hot the rental scene is in Vegas these days. After all, with the economy booming and new businesses setting up shop in large numbers, people looking for jobs in a hot market – in addition to the attractiveness of Southern Nevada’s relatively low cost of livings when compared to other parts of the U.S. – are transplanting themselves en masse, and just as anywhere else, these people needs places to live.

But that’s not all when it comes to Blackstone’s ambitions in the Las Vegas rental market– since spring of 2017, they have spent a total of $616 million in acquiring rental properties in the region, with their most recent purchase being Solis at Flamingo in the eastern part of the Las Vegas Valley to the tune of $72 million, which represents an increase of over $20 million of the amount paid by the seller just three years prior; clearly, home prices aren’t the only values skyrocketing in the area.

Part of the attractiveness of Vegas’ rental scene for investors is the fact that, despite steadily rising prices, the market is nonetheless still much cheaper than many other parts of the country. With omnipresent construction taking place in an effort to meet the rampant demand from buyers and renters alike, Vegas is experiencing a real estate boom that, while still not at pre-recession levels, is getting close and, according to experts, will eventually overtake those levels unless some unforeseen circumstance occurs. But the bottom dropping out is unlikely, because even though the economy of the region is still largely tourism-driven, industry and the job market are taking hold in a big way not seen in decades, ushering in an era of stability that suggests regular long-term economic growth. Exactly why investors are pouring money into Las Vegas these days.

Shelter Realty is a Real Estate and Property Management Company specializing 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 – With demand outstripping the current supply on the housing market in Las Vegas following a decade of dormancy due to the recession, Clark County is mulling over the possibility of opening approximately 39,000 acres of public land to private development which could be used for real estate and industrial development. An additional 370,000 acres are also being proposed for conservational use, reports say.

The land in question – situated mostly along Interstate 15 south of the valley, among other areas – could be used for development of housing to help alleviate the shortage of homes in the Vegas area, spurred on by the recent economic boom experienced in the region as more and more businesses move in and, subsequently, more people looking for jobs and a more affordable cost of living as well. In addition, the allotted public land could also be used to construct manufacturing centers and distribution hubs, which are also sorely needed in Southern Nevada.

However, due to public outcry by environmentalists, Clark County has also proposed setting aside an additional 370,000 acres of land to help aid wilderness and wildlife conservation; in particular, an emphasis will be placed upon protecting the region’s desert tortoise population, as well as other protected and endangers species. Nonetheless, some environmental groups are expressing concern over what they view as rapid expansion of Vegas’ outer lying areas for construction, instead advocating for a more density in currently-populated areas before the decision is made by officials to expand outward. However, builders argue that doing so would result in higher costs than simply developing on undeveloped land would entail.

Experts and Clark County officials note that offering additional property in the Las Vegas region for developers to utilize would help offset the ever-growing costs of home ownership currently affecting the area, as scarcity has caused new arrivals to scramble for any property they can get their hands on while paying top dollar to do so. In addition, experts say that opening up new areas of Southern Nevada to development will not only help to prepare the region for increased population, but also help to continue to attract new businesses and companies in order to maintain the steady economic growth that Las Vegas has been enjoying the past several years; not striking while the iron is hot, some claim, could ultimately undercut the economic boom that Vegas has been experiencing in the long-term.

Any city undergoing the rapid period of growth – in terms of both economy and population – is due to experience growing pains as a result, and concessions need to be made to ensure that the needs of residents are met and to promote the sustained and continued economic growth of the region, while also ensuring that the environment and endangered animal species are protected at the same time. It can be a tricky tightrope to traverse, but if done with care and intelligence behind it, it would benefit all involved.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Las Vegas real estate has continued to astound the nation, with demand – and prices – still climbing ever since Southern Nevada spectacularly rebounded from the devastating recession of the mid-2000’s. Properties that were previously vacant and unwanted are now being snatched up at a record pace, and according to experts those prices will soon reach levels the region has not seen in over a decade, with no signs of slowing down.

2018 could very well see Las Vegas home prices, which have been rising steadily due to ever-increasing demand, reach their pre-recession peak; media house prices hit their zenith in 2006, coming in at $315,000, but after the housing bubble burst in 2012, that price dropped drastically- all the way down to $118,000.

The Vegas market is currently zeroing in on those pre-recession numbers. For instance, May of 2018 saw the median sales price of single family homes coming in at $295,000, which represents an increase of 2.1 percent from April and a jump of 18 percent from the same period one year prior.

The median sales price of previously owned single-family homes was $295,000 last month, up 2.1 percent from April and 18 percent from May 2017, according to the Greater Las Vegas Association of Realtors (GLVAR). In addition, the number of homes sold increased from April to May – 3,140, up 9.1 percent. This showcases the rapid and continuing growth of the Vegas real estate market, although the increasing scarcity of inventory in 2018 is resulting in a slightly lower number of sales when compared to April of 2017, which saw an additional 10.7 percent in sales over this past April.

However, the amount of homes on the market has been steadily increasing as construction has been working overtime to meet the wants of new transplants to Nevada seeking job opportunities and an affordable lifestyle, in addition to more investors putting their properties up for sale. At the end of May 2018, 4,118 homes were for sale without offers, an increase of 7.9 percent from the month before; however, that number is still down 17.2 percent from May of 2017, showing that inventory is still not quite matching demand yet.

The ever-increasing home prices in Las Vegas are functioning as a double-edged sword; property owners and investors are accumulating a great deal of money as homes sell, but with the increasing number of new residents in the region looking for homes, a question of affordability will soon figure into the equation. Experts, however, don’t foresee any price decline in the Vegas real estate market over the course of the next several years, although some are hoping for price growth to at least slow down to a degree that goes more in line with the income level of local residents. Achieving that slower price growth will be possible, experts say, when local Vegas construction projects introduces more housing units upon the market – slightly curbing demand and giving buyers more options – anticipated to happen in 2019.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – For years, the blighted downtown area of North Las Vegas has stood in stark contrast to the glitzier areas of the city as a whole, but along with the resurgence of the local economy, job and real estate market, this neglected region of Southern Nevada is poised for a comeback of epic proportions…and the first step has already began as a new 14-screen movie theater in the middle of one of the region’s many vacant dirt lots has taken ground; a sign of better things to come for an area that has endured a great deal in the past decade or so.

For a number of years, a prominent part of North Vegas’ downtown area has consisted of abandoned storefronts and large, vacant dirt lots, and its overall reputation was essentially the part of town one should strive to avoid. Local government have been working on redevelopment efforts, first by approving a larger fiscal budget in order to restore vital services and manpower positions lost during the recession brought on by the housing bubble burst that occurred in the mid-2000’s. As a result of the city’s $601.2 million 2018-2019 budget, North Las Vegas has announced plans to hire as many as 29 employees on a full-time basis; this marks the second year in a row that North Vegas has made headway in their efforts to grow and enhance their workforce.

Meanwhile, development of the new $75 million, two-story, 65,000 square-feet movie theater – dubbed the Maya Entertainment Center, and located across the street from North Las Vegas City Hall – is expected to be open by Christmas of 2018, and is intended to attract, in part, Las Vegas’ increasing Latino population. The project is seen as the starting point of an overall revitalization of the downtown area that city officials are currently tentatively referring to as Lake Mead Village West.

And on White Street just a few blocks away, city officials are in the process of starting to convert an abandoned Canyon Electric Building into a 7,000 square-foot library, a process that so far is being funded via a $1.2 million federal community block grant.

In addition, the North Las Vegas Redevelopment Agency – part of the City Council – previously purchased a 3.65-acre plot of land at the corner of Las Vegas and Lake Mead boulevards in 2017; this acquisition, along with other neighboring properties that the city owns, essentially fits together to form a 10-acre piece of land that is intended to be the site of a yet-undisclosed large-scale master planned project, with the goal being to attract retail stores, restaurants, a library, and more, transforming the area and raising the standard of living.

Thus far, North Las Vegas’ downtown region has lagged behind the growth and resurgence experienced by Las Vegas as a whole in the last few years, but it appears that city officials finally have a solid plan to putting it back on the map and are taking the first tentative steps to making that achievement a reality.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – With the recent economic upturn experienced by Las Vegas – fueled by an ongoing real estate boom, massive job growth as a result of an influx of new businesses and tourism increasing, and a more affordable cost of living, among other factors – the region has become quite attractive for location-first movers, with a recent study noting that Vegas currently claims the largest percentage of them in the nation. Location-first movers are defined as an individual or family that makes their selection in purchasing a home on the attractiveness of living in a specific area, sometimes before even securing a job there.

Apartment List noted in their study that a whopping 82 percent of movers selected Las Vegas based on numerous factors related to the lifestyle of the region, without even having secured a job before doing so. This is a huge number, and it far outpaces the number two location-first area in the U.S., Phoenix, which comes in at 69 percent.

These decisions are typically driven by a number of reasons related to living in Southern Nevada, including the general lower cost of living when compared to many other neighboring areas. A good example is the large amount of transplants from California, a state revered for its wealth and glamour, but infamous for its extreme cost of living; there has been a recent glut of movers from California to Vegas for the overall cheaper lifestyle, including the price of homes. While property values in Vegas have been steadily climbing due to incredible demand and lack of supply, they are still much lower, proportionally speaking, than in California; while local home values have risen 12.4 percent in the last 12 months, the median home price is still $230,800… this is in stark contrast to California, where the average price is $542,900, well over double. And although Las Vegas itself does have a sales tax of 8.15 percent, that number is nicely counteracted by the fact that Nevada has no state sales tax and very low property taxes.

Again, the reasons for this are clear- Vegas currently has an exploding job market that is offering a record number of placements for people both with and without college degrees; in addition, the revitalization that is taking place in the downtown area is not only offering additional employment opportunities, but it’s also offering an enticing number of entertainment options for local residents who are always on the lookout for something fun and exciting to do. And when they tire of the bright lights and big city, newcomers to Vegas can venture just out of town to experience the vast natural beauty that Nevada offers in abundance.

In addition, the rental market is also thriving and attracting similar numbers of location-first movers, at well over 60 percent; the closest competitor in this regard is San Antonio, with the rest of the field lagging well behind. And while again, demand and scarcity are in the process of driving up prices – currently, a one-bedroom apartment fetches an average of $910, with two bedrooms going for $1,130, with a year-over-year growth of 3.8 percent – but again, the overall lower cost of living, combined with a flourishing job market and numerous attractions and amenities afforded by life in Southern Nevada, have made Vegas THE place to call home these days.

LAS VEGAS, NV – Area 15, a new 126,000-square-foot science-fiction themed retail and entertainment complex slated to offer an “immersive” environment for attendees, officially broke ground on construction on last week with a scheduled opening date of spring of 2019, according to reports.

The complex, located on a 40 acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, is a joint venture between real estate development firm Fisher Brothers and creative agency Beneville Studios, both based out of New York. Area 15 – the name obviously being a playful take on the infamous Area 51, a secret U.S. Air Force base located in the Nevada desert – is expected to attract a variety of visitors by means of a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books; in addition, music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants are expected to round out the package. Retail will also have a footprint at the new facility, although details on that aspect has yet to be made public by Fisher and Beneville, aside from announcing it as being a “radical re-imagining” of the concept of both retail and entertainment.

A major anchor tenant in the form of Meow Wolf – a multimedia production company that specializes in creating interactive experiences combining real-world sets and architecture with virtual reality and specialized sound – announced their signing and involvement in the Area 15 project, and it’s likely going to be the first of many, given the facility’s 68,000 square feet of leasable ground floor space, 58,000 square feet of mezzanines and a 40,000-square-foot indoor-outdoor event area that can accommodate up to 3,000 attendees for a variety of event types, including music performances and festivals, corporate shin-digs, and international video game tournaments, among more. Plans are to host over 100 events a year, with parking in the form of over 800 complimentary spots available for attendees.

The Area 15 project is slated to be an “evolution” of the concept of the American shopping mall; with the average attendance at malls down by shoppers in favor of buying items online, Michael Beneville of Beneville Studios noted that in order to keep the concept alive, it needs to evolve with the times and offer cutting-edge experiences that online options can’t compete with.

“The mall of America isn’t dead,” he said. “It just needs to be reinvented. People don’t want to be spoon-fed their entertainment. They want to interact with it.”

Details on Area 15 beyond those in this article are still scarce, however, with promotional material claiming that the complex will offer an “immersive and unique experience” that would “appeal to a variety of clientele, including gamers, comic-con and sci-fi enthusiasts, artists, music and festival lovers.” But with a large amount of construction already slated to and currently taking take place in Las Vegas – with hotels, casinos, convention centers, and more slated to open soon – it remains to be see how and if Area 15’s somewhat mysterious concept will compete.

LAS VEGAS, NV – According to recent reports, the real estate market in Las Vegas is still on an upwards trajectory with little sign of slowing down; substantial year-to-year gains in terms of the value of properties in Southern Nevada are eclipsing almost every other region in the United States, speaking volumes to the fact that Vegas is a hotbed of housing activity in 2018.

Overall, real estate in the United States is skyrocketing, and even in such an environment Las Vegas is standing out; currently, it is ranked number two nationally in property value appreciation, up 6.3 percent in February 2018 from the same period of time one year prior. This is equal to a previous jump in December, which represented the biggest gain in home appreciation in Vegas in almost three years, making it second only to Seattle, Washington. Coming in third is San Francisco, California.

The gains in home values in Las Vegas can be attributed to a number of factors, with experts mainly citing the improving economy resulting in steadily-increasing jobs – which, in turn, is attracting new transplants to the area – as well as an increased amount of young millennials leaving home and getting their own places. And, of course, there is that old adage that supply and demand sets the price; March 2018 saw an increase in home sales over February, although that overall number was lower than a year ago simply due to the fact that there currently aren’t enough properties on the market to satisfy the growing need.

As far as the prices of homes overall, April recorded a whopping 2017-2018 year-to-year increase in April of 16.1 percent, with the median sales price of a single-family home coming in at $289,000; this represents a 3.2 percent jump from March. As for actual sales, 2,878 homes were sold in April, which was a decrease of 8/7 percent from the month prior but still an uptick of approximately 0.4 percent from last year. As for inventory, 3,816 single-family homes in Las Vegas were up for sale but were without offers in April, representing a drop of 0.5 percent from March, and 24,9 percent from the same time one year ago.

But while this is all good news for dabblers and investors in the real estate market, it spells potential issues for actual home buyers, as the gains to home values reported for February signify that they are rising at a level that is currently greater than respective gains in terms of both inflation and the average pay level for the region. While this obviously doesn’t make buying property for the average family impossible, if appreciation continues at this level for the foreseeable future buyers may have to make more frugal choices in terms of lodging. For example, due to increasing mortgage rates, more and more people in the United States are opting to renovate their homes as opposed to selling them, and less families are selling their properties because – especially in areas like Las Vegas – the supply currently hasn’t caught up to demand, yet, although many developers are doing their best to try.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – With the imminent arrival of the soon-to-be former Oakland Raiders National Football League team in Las Vegas causing quite a stir in both the tourism and business industries, and their new home stadium – with construction already having broken ground – expected to draw even more visitors and companies to Southern Nevada, a noted bond credit rating business, Moody’s Investor Service recently announced that the already skyrocketing local economy will continue to improve once Las Vegas Stadium, to be located at Interstate 15 and Russell Road, finally opens its doors for business in 2020.

In a recently released report, Moody’s Patrick Liberatore noted that the new stadium, in addition to a future Las Vegas Convention Center expansion would serve as a hub for a revitalised event scene, allowing the city to host a wide variety of different sporting events, concerts, and business and entertainment-based conventions sure to attract numerous tourists to the region.

Clark County expects the new NFL stadium will be a notable new draw for consumers and visitors,” he said. “In addition to professional football, the approximately 65,000-seat stadium will compete to attract other large-scale sporting events and also provide the Las Vegas area with its first major facility that can accommodate other large-scale events, like major music tours.”

The report released by Moody’s, which encompasses 10 pages, confirmed that tourism in the Las Vegas region is up to levels that manage to exceed numbers obtained before the mid-2000’s recession that rocked the region – and especially the real estate market – with the number of visitors to the city’s hotels being considered “consistently strong,” according to the report. This fact is especially telling in light of the recent October 1 mass shooting during an outdoor concert having a temporary yet detrimental effect on tourism in Las Vegas.

However, that tragedy does not appear to be having an effect upon the progress of the construction of the Las Vegas Raiders’ Stadium, with reports indicating a recent sale of $650 million in bonds to help pay for the nearly $2 billion, 65,000-seat project was a rousing success, all of the bonds on offer by Clark County being purchased within only an hour-and-a-half by 43 investors. The bonds constitute a major portion of the $750 million in public funds that are being contributed to the cost of the stadium, and are set to mature over a period of 30 years at an average interest rate of 3.94 percent. The reminder of the funding for the stadium project is being provided by Raiders management.

As is plainly apparent, the resurrection of the Las Vegas economy and its tourism industry are going hand-in-hand, with financial growth leading to a booming job and real estate market, and the arrival of new businesses, residents, entertainment options and professional sporting teams are only serving to attract more visitors – and their dollars – to Southern Nevada.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.