Work Progressing on Vegas-Based All Net Arena; Officials Hope to Lure NBA to Nevada

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previous plans for the site included the construction of a venue to be known as the Silver State Arena, but plans were withdrawn after Clark County rejected a proposal to fund 15 percent of the venue with public money and nearby residents opposed construction.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.

I recently sold a home in the Northwest part of Las Vegas for a former real estate investor. He purchased the home years ago with the intentions of living in the home but plans changed. He ended up meeting someone, they got married and they bought a house. So instead of selling his Las Vegas home, he decided to become a landlord. Unfortunately, he did not choose a reputable Las Vegas Property Management Company and decided he doesn’t want to be a landlord anymore after years of issues.

I won’t name the property management company but they managed the property for several years and after hearing about the issues he had with them and seeing the current condition of the property, it was obvious the property was mismanaged during the entire time he had it rented out with this particular property management company. Before I could even list the home on the market for sale, my client had to replace the entire carpet upstairs as it was saturated in pet urine which was beyond obvious by the stench in the house. He also had to remove drywall in the downstairs hall closet as it was stained with pet urine and had a tremendous stench of urine. This should have been handled by the property management company once the tenant vacated the property but they never documented the obvious pet urine stains and smell in the hall closet or the stench in the house which would have been a major indicator there was pet damage. Another indicator that the tenant had pets was the pet feces in the backyard and based on the amount of feces in the backyard, it had to have been there for months. Here’s the kicker, the tenant was not authorized to have a pet and the property management company returned majority of the tenant’s deposit back  to the tenant! My client was now paying for all the damage and clean-up out of his pocket and the property management company refused to compensate him for their mismanagement!

If the property manager would have conducted property inspections at any point during the lease term, it’s highly likely they would have detected the tenant had a pet and prevented the pet damage before it became a big issue. According to my client, the property management company did not conduct any property inspections and the move-out report indicated the tenant left the property in good condition. I was beside myself on how they believed the tenant left the property in good condition based on the overall current condition of the home???

I tried to convince my client that not all property management companies mismanage properties and he should give Shelter Realty an opportunity to manage his property. We have a full time staff of property managers whom work together on the overall management of each and every one of the properties we manage. We conduct property inspections every 6 months which is documented on an iPad app that allows our field agents to take photos and embed them within the report, detailed notes and the tenant can even sign with a stylus or their finger. This inspection report can then be emailed directly to the landlord right from the field without the need to go back to the office to email.

Even though my client was impressed with how Shelter Realty uses technology to manage over 600 properties in the Las Vegas valley, he made the decision he no longer wanted to be a landlord. This is why hiring the right property management company is important. If you own an investment property, it’s imperative you interview multiple property management companies, ask questions and request to speak with a few of their current clients in order to get feedback on how they are managing their investment properties.

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 – 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.

LAS VEGAS, NV – Amazon.com, the nation’s largest online retailer, is planning on opening a second North American headquarters to supplement its original home base in Seattle, Washington; among the locations being eyeballed by the company may be Las Vegas, Nevada, and the city, in turn, has expressed enthusiasm at the thought of Amazon setting up shop in their zip code, and to that end – is already actively courting the mega-corporation.

Amazon.com noted recently that is plans on sinking over $5 billion in the construction of its proposed second headquarters, a complex that will house of up 50,000 employees, and Amazon founder and CEO Jeff Bezos was quoted that this new location will not be playing second fiddle to their Seattle complex; indeed, Bezos noted that it will be in every respect a total and complete equal to the company’s current HQ.

“We expect HQ2 to be a full equal to our Seattle headquarters,” Bezos said in an official statement. “Amazon HQ2 will bring billions of dollars in up-front and ongoing investments, and tens of thousands of high-paying jobs. We’re excited to find a second home.”

Amazon has released a laundry list of requirements for any city or municipality that may eventually find itself the home of its secondary headquarters, including being near a metropolitan area with more than a million people; being able to attract top technical talent; being within 45 minutes of an international airport; having direct access to mass transit; and the space to allow Amazon to potentially expand the complex to encompass as much as 8 million square feet in the next ten years.

Las Vegas officials, already riding high on a wave of a reinvigorated economy and real estate market after years of financial slump following the mid-2000’s housing bubble burst, are looking to continue their good fortune by attempting to lure Amazon to their doorstep. The Governor’s Office of Economic Development and the Las Vegas Global Economic Alliance have officially announced that they will be working in consort to put together a proposal for Amazon to review and consider, knowing full well that such a coup could being untold millions into their city and help to generate thousands of jobs.

Steve Hill, executive director of the Governor’s Office of Economic Development, noted that his agency has a very solid relationship with Amazon; in addition, Las Vegas Global Economic Alliance CEO Jonas Peterson was quoted as saying that “Our goal is to compete for projects on all levels. We believe our community has a great product to offer headquarters-related projects.”

Amazon already calls Las Vegas home to one of its largest regional fulfillment center for the countless orders placed via their website on a daily basis; the center, one of over 75 warehouses Amazon currently has across the country, comes in at 800,000 square feet, and is located near Lamb Boulevard and Tropical Parkway. The facility opened its doors in summer 2017, bringing an immediate boon to the local economy in the form of 1,000 new jobs, many of consisting of workers who stock items and pack orders that are destined for numerous locations throughout the Southwest.

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 – Housing statistics for the Southern Nevada region for July of 2017 have come in, and as usual, the summer heat of the Las Vegas desert is only matched or exceeded by the hot market of local real estate. Following the housing bubble burst of the mid-2000’s followed by a decade of dormancy, the housing and especially the rental market in Nevada is skyrocketing upward, leaving big money men – especially those from out-of-state – scrambling to get in on the action.

According to the most recent Greater Las Vegas Association of REALTOR (GLVAR) report, July 2017 saw the median price of existing single-family homes sold during July increase to $260,000, which represents a 10.2 percent increase compared to the same period in 2016. Meanwhile, the median price of local condos and town-homes sold in July jumped to $138,000, an increase of 20 percent from the previous July. And – as it has been for months and months now – GLVAR’s President, David J. Tina, noted that the demand for housing continues to exceed the current supply; Southern Nevada currently has less than a two-month supply of existing homes available for sale, whereas a balanced market typically has a six-month supply. In such an environment, prices for any dwelling will continue to rise until equilibrium between supply and demand is established, which in Vegas’ case could take some time.

Meanwhile, investment opportunities galore continue to make themselves available to those who are willing to sink the funds into the region, and lately the most money has actually been flowing in from banks, lenders, and investors outside the confines of Nevada. Part of the cause for this is the fact that many lenders within Nevada, hit hard by the recession, are still reeling from its effects; loathe to dole out cash after having been burned by numerous loans that went belly-up when the housing market crumbled in the mid-2000’s, many regional and national banks based outside of the Las Vegas Valley have been more aggressive than the local banks, according to reports. Stricter lending laws within Nevada have also contributed to increased reliance of contractors and construction companies on out-of-state lenders, who have fewer hurdles to clear.

That money is sorely needed if new housing is to be completed in a timely fashion to satisfy the near-insatiable demand on the part of prospective tenants and families drawn to the Southern Nevada region in hopes of taking advantage of the new job opportunities in the area and a slowly-but-surely growing local economy. But in the meantime, buyers are scrambling for any piece of real estate they can get their hands on; by the end of July, GLVAR reported a mere 4,995 single-family homes currently listed for sale on the open market without an offer, which represents a 31.9 percent decrease from July of 2016. And when it comes to condos and town-homes, there an even bigger decrease from July of 2016, with only 625 offer-free properties available on the open market for buyers to choose from. Homes sales have continued to soar, as 3,798 homes, condos and town-homes were sold in July, representing 351 additional sales over 2016. Overall, 2017 is outpacing 2016, a year that saw 41,720 properties in total sold in the Southern Nevada region.

Needless to say, the investment opportunities continue to flourish in Las Vegas and its surrounding areas, and anyone with the business savvy and access to sufficient funding is sure to make a killing if they get in on the action as soon as possible. Looking for information on investment properties in the area? Give us a call at 702.376.7379 so we can answer any questions you may have.

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 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 – 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.

Florida Tenant is Killed by Landlord During Eviction

In Winter Springs, Florida, a Landlord’s son was removing the tenant’s belongs from his parent’s property when the tenants showed up. The tenants had been served with eviction paperwork giving them until August 23rd to vacate the property. The male tenant and the landlord’s son got into an argument while the tenant’s girlfriend called the police. While she was on the phone with the police dispatcher she advised the landlord’s son had a pistol on his hip. A short time later as she spoke with the dispatcher, the landlord’s son allegedly drew the weapon and fired several shots at the male tenant and unfortunately he succumbed to his injuries later that day at the hospital. The landlord’s son was later arrested and charged with first degree murder, even though he’s claimed it was self defense.

I’m not familiar with Landlord/Tenant law in Florida but I would assume the landlord’s son had no business removing the tenant’s belongings. According to the news article, the tenant had until August 23rd to vacate the property which leaves me to believe the landlord’s son violated the law by removing the tenant’s belongings prior to the eviction date. When landlords are not familiar with their state laws regarding Landlord/Tenant, they can unknowingly be violating their tenant’s rights.

This is why it’s very important to be familiar with your state’s laws pertaining to Landlord/Tenant and if not,  you should hire a licensed property manager to manage your property. If you decide to manage your property without the use of a property manager and find you need to begin the eviction process, hire an eviction service that knows the laws. This also could prevent the landlord and tenant from any unnecessary confrontations during the servicing of the notice.

If you are in need of a property manager, call Shelly Fryer with Shelter Realty at 702.376.7379 or if you need of an eviction service, call Brittany with Las Vegas Eviction Service at 702.279.6470.

LAS VEGAS, NV – When the housing bubble of the mid-2000’s burst, few areas in the United States felt its devastating affects as acutely as Las Vegas, Nevada; for years, vast amounts of empty properties sat unwanted, and surrounding retail businesses – whose very livelihood depends upon local residents to buy their goods and services – suffered, and for many, closed for good.

Fast-forward to the summer of 2017, and Vegas is now in the middle of a housing boom – the likes of which the region has not experienced in over a decade; approximately 4,300 new-home sales were closed by builders in Clark County through June of this year, and the peak median sales price from the period before the bubble burst – about $338,600 in summer 2007 – has already been surpassed twice in 2017 alone. The simple fact is that both real estate and the local economy in Las Vegas is on the mend in a big way, and with those near-daily gains comes money, businesses, and – of course, people, many of whom are clamoring to buy houses and rent apartments in record numbers. And when you have people, you need retail…hence its recent rapid growth in Las Vegas as well, despite the fact that retail is otherwise experiencing an overall downturn elsewhere in the nation; this speaks volumes about the fertile soil for business that is shaping the local economy so dramatically.

Numerous investments are being made in Las Vegas; real estate is obvious, but retail is attracting more than its fair share of capital as well, with some companies and chains banking big on the revitalization of the Southern Nevada region. For instance, Chicago-based real estate investment company JLL Income Property Trust, and affiliate of real estate services firm Jones Lang LaSalle Inc., recently sank $63 million into Montecito Marketplace, a 190,000-square-foot shopping center located on Durango Drive. The center boasts Kroger subsidiary Smith’s Grocery as an anchor, and also has clothing retail and popular eateries as tenants. Given the large sum JLL Income Property Trust paid for the acquisition, obviously they have faith in the economic climate of Las Vegas and the number of people it is drawing to live here.

Las Vegas’ Chinatown is also getting in on the retail growth in the region, with developers breaking ground on Shanghai Plaza, a 80,000 square-foot, 4.3 acre, shopping center that will take the form of four two-story buildings that will be located on Spring Mountain Road. Additionally, Shanghai Plaza is slated to feature traditional Asian a architectural designs once completed.

Retail on the world-famous Las Vegas Strip is also in the midst of a growth spurt, as retail and gambling resorts often work well hand-in-hand, as one can attract customers to the other and vice versa. Examples include a 75,000 square-foot high-end shopping center being constructed by Wynn Resorts, as well as Grand Canal Shoppes’ the Venetian, a retail extravaganza that recalls the majesty of the Italian waterways as shoppers are able to visit restaurants and stores via actual gondolas. And whereas such a large and tightly packed amount of retail in one area might normally be a disadvantage for all, in Vegas – which boasts 40 million visitors annually – there’s more than enough business to go around.

Real estate growth and retail growth often go together hand-in-hand, as both attract people who need both; with the recent property-buying explosion in Southern Nevada reaching heights not seen since the late-90’s/early 2000’s, it’s a safe bet that Las Vegas’ fortunes will only continue to flourish.

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 – When a previously-downtrodden region is experiencing a serious upturn in terms of real estate demand and subsequent value, it’s only natural that investment dollars will begin to flow like finely-aged wine into such an opportunity; thus is the case with Southern Nevada, which is boasting a massive growth spurt over the course of the year after the mid-2000’s burst of the housing bubble laid waste to the local real estate market for nearly a decade.

With demand for housing and rental units skyrocketing and supply unable to currently keep up with demand, combined with a growing economy in the form of new businesses and jobs popping up in the region, Las Vegas is fast becoming the best bet for investment opportunities in the United States, and money-men are indeed sitting up and taking notice.

According to recent reports, The Blackstone Group – a name that should be familiar to anyone residing in the area (as the New York-based firm has been very active on the local real estate scene for some time now), recently purchased the southwest valley’s Elysian West apartment complex for the sum of $106.5 million, representing one of the highest prices ever paid for such a property in Las Vegas. The 466-unit complex cost Blackstone approximately twice the market average, according to reports, but given the fact that it occupancy level was nearly full – it was 96 percent at the time of its sale – and the cutthroat rental market in Southern Nevada forcing prospective tenants to be willing to pay more than usual for an apartment, the move was seen as a nonetheless very sound investment.

But during the same period of time – early August, 2017 – two other investment groups threw their hats into the Vegas housing ring with noteworthy purchases as well; DiNapoli Capital Partners of California acquired Palms at Peccole Ranch, a 404-unit apartment complex located on Charleston Boulevard, for $62 million. Again, as a distinct sign of the times, Palms at Peccole Ranch was 95 percent occupied at the time of its sale, and – as with Blackstone’s purchase – DiNapoli paid over the market average for their acquisition. But again, with local families, individuals, and new transplants to the area fighting over table scraps in terms of real estate, the investment by DiNapoli again can be seen as quite sound in the long run. And not to be outdone, another New York-based investment firm – Abacus Capital Group – paid out $24 million for Sterling Court, a 237-unit apartment complex in Clark County.

However, it’s not just rental space that’s in high demand in Las Vegas – the many businesses that are moving into the area due to the booming economy are obviously looking for space to operate in as well. In addition to the housing and rental markets, demand has been rising for industrial space in the region, especially smaller start-ups that are looking to set up shop and begin the process of growth by establishing roots in the community and hiring local prospects as they increase in scope. As a result, many owners of real estate in industrial areas are rapidly setting out to refurbish their properties to accommodate these companies; for example, Harsch Investment Properties is currently transforming 17,000 square foot property they own into several smaller units approximately 2,000 square feet in size, with the division intended to attract start-ups looking to begin small and work their way up.

As you can see, the rapid real estate and corresponding economic growth experienced by the Las Vegas region is creating a circle of growth; housing and rental demand and prices are growing, attracting businesses and investors that, in turn, create yet more demand, and so on. The bottom line is, of course, if you have money to invest, Las Vegas appears to be a great place to do it.

Need real estate information on the fast-evolving Las Vegas market? Free residential market appraisal? Property management assistance 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 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 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.