Category Archive : Economy

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.

LAS VEGAS, NV – If you’re at all familiar with the real estate scene in Las Vegas, you’ve probably well aware of the fact that demand is currently well outstripping the number of properties available on the open market, with prospective buyers clawing like a drowning man at a straw in the ocean to get in a bid whenever a new home or condo becomes available. It’s becoming a very real problem in Southern Nevada, and sellers and buyers alike are finding new ways to even the odds as much as possible- the increased use of social media in real estate to communicate and inform on all aspects of housing sales, giving web-savvy individuals a leg up whenever a new abode is for sale in their neck of the woods.

Oftentimes, in a fast-packed market such as Las Vegas, once an ad for a property sees print it may already have been snatched up, depending on when the publication it’s appearing in has been purchased or delivered to you. But when you go digital, those same listings are available universally at the same time; while this doesn’t give you a leg up on the competition, it certainly levels the playing field and gives you a better chance of getting in on the action before the listing is inundated with offers, as the situation in Vegas is getting so bad that some buyers are actually submitting offers without ever having actually seen the properties in question, believe it or not.

Following Las Vegas real estate on social media is beneficial for all parties involved; it enables sellers to immediately inform prospective buyers about any new dwellings that may be available, and for buyers, it is especially vital to be following real estate brokers if they have a social media presence as, according to statistics, more and more buyers – nearly 50 percent, by last count – are doing their house searching via the internet alone, forgoing print altogether. After all, social media has permeated the lives of the majority of the people in the world today, so it only makes sense for both sellers and buyers alike to take advantage of this widespread aspect of daily life when it comes to real estate…especially in a cutthroat town like Vegas when the pickings are slim and the demand is rabid.

While looking for a home can be a difficult process, social media can help a potential homeowner cut to the chase and find a property that fits their exact needs. By utilising search methods including hashtags and keywords, social media users can find a region-specific broker or agency that fits with their vision and – once following them – they will be informed of any new developments in terms of inventory or offerings as soon as they are made available; to that end, we recommend that you have the latest, most up-to-date versions of whatever social media apps you utilise and make sure you have your notifications set to inform you of any new posts by whatever real estate accounts you’re following…you never know when that buzzing in your pocket may turn out to be the precursor  to a brand-new home.

Las Vegas is becoming a tough town to find a new property in, and buyers need every advantage they can get- social media can be the key to finally finding the home of your dreams. If you are considering relocating in or around the Las Vegas area give us a call at 702.376.7379 so we can answer any questions you may have.

Tax Cap Keeping Property Taxes, Cost-of-Living in Las Vegas Affordable

LAS VEGAS, NV – The news when it comes to Las Vegas real estate, day in and day out, mainly consists of the skyrocketing home prices and scant availability of properties for sale, resulting in a mad scramble for just about any home or condo that a buyer can get their hands on. It’s been like this for a while now due to Vegas’ booming economy and quickly-recovering job and housing market, but what is life in Southern Nevada like once you’re lucky enough to have finally gotten your hands on an abode? Will the cost of living – mainly, property taxes – prove to be yet another hurdle to deal with?

In a word, no. In more words…well, please read on.

Unlike other regions in the United States, such as New York, where high taxes are driving people out to greener pastures (financially speaking), Las Vegas features a strict property tax cap that assures homeowners that their costs will only incrementally increase from year-to-year, keeping their bottom lines manageable. In addition, the sale of a home in Vegas does not trigger a reassessment of the property for tax purposes, therefore the purchase price of any given home will not be adversely affected; this prevents property taxes from being a deterrent from any given property sale in the region.

The tax cap is currently set at three percent and ensures that property taxes can only increase that currently set amount – and not a penny more – in any given year. The cap is re-examined each year by the state, and features a variable rate; in recent year, the property tax cap in Las Vegas has been as low as one percent and as high as eight, although recent trends have seen the rate slowly increasing as if late.

An major advantage of the tax cap is the fact that it currently works hand-in-hand with the fact that most properties in Vegas received their most recent re-assessments at the end of the mid-2000’s recession, a time when property values were at an all-time low; while the market has bounced back and house values are the highest they’ve been in over a decade, the tax cap greatly prevents property taxes from increasing at the same speedy rate.

To really get a sense of how much cheaper the cost of listing in Las Vegas is, one merely has to look it Nevada’s neighbors to see how the other half lives; Mike Scanlin, CEO of IT company Born to Sellrecenly noted that his 2016 move from California’s Silicon Valley to Las Vegas saved him a small fortune in terms of property taxes.

“California has a nice climate, but the state income taxes, property taxes and property values drove me crazy,” he said. “You can make half as much in Las Vegas and save more money. In fact, the money I’m not paying in California state income tax is more than the mortgage on my 2,400 square-foot home.”

As you can see, the appeal to newly transplanted residents of living and working in Las Vegas isn’t just the economy, or the culture, or the job market, or the influx of new businesses and enterprises, or the booming real estate…it’s the quality of life and bang for your buck you can enjoy once you’ve arrived and settled down as well, allowing you to work less and enjoy life more while you’re at it.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? Las Vegas apartments, condos even area nightlife and entertainment expectations? 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, real estate prices in Las Vegas are showing no signs of slowing down while on their upwards trajectory, whereas the selection of properties available to prospective buyers also continues on its recent decline downward. This sets up a situation in Southern Nevada where constant demand is creating ever-growing prices that will only continue to escalate until demand is satisfied in the form of consistent, new construction of houses, condos, and apartments; something local contractors have been struggling with in past years.

The median price for a single-family home in the Las Vegas area during the month of March 2018 was $280,000, which represents a 1.8 percent increase from February and a 15.7 increase over the same period one year ago. Meanwhile, condos and townhomes averaged in at $160,000 in March, which is a whopping jump of 30.1 percent from 2017’s prices.

3,152 single-family homes were sold in Vegas in March, an increase in sales of 48.1 percent from the month prior; housing availability, however, was slim, with only 3,835 single-family properties on the market by March’s end, representing a decrease in inventory of over 30 percent from one year ago. As for condos and townhouses, only 761 were offer-less on the market at the tail end of March, with 82 percent of all houses and 89 percent of condos and townhouses selling within a 60-days, reports say.

With the booming local economy and job market in Las Vegas attracting new companies and businesses – and many newly-transplanted residents moving into the area to work for them – the situation in Las Vegas is getting so bad that some desperate buyers are actually going so far as buying homes without ever having seen them, skipping any kind of inspection before moving in, and making sky-high offers in order to edge out the considerable competition vying for anything they can get their hands on.

The price of a median home in Las Vegas has jumped approximately 12 percent in the past year and 50 percent in the last five. The increasingly-rare house priced below the $200,000 threshold often experiences a flurry of bidding activity – usually at least 15 to 20 or more – and desperate buyers are doing whatever they can to stand out in the crowd to sellers, including making the deal personal by writing emotional letters explaining why they like the property so much.

Clearly, Nevada is home to one of the most competitive real estate markets in the country, and it’s likely to remain this way until local building contractors and construction companies are able to finally catch up with the exhaustive demand.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – International Market Centers announced plans this week to construct a mammoth $76 million, 350,000 square-foot expo center in downtown Las Vegas, next to the group’s World Market Center, pending a signed deal with city officials that is expected to be made within the next few days. The project is slated to be one of the biggest projects in terms of construction volume in the downtown area within the last several years.

Provided the City of Las Vegas gives final approval to the proposal, work on the expo center is expected to begin in anywhere between 12 and 18 months. The completed project would see the 60 acres next to the World Market Center transformed into a cutting-edge exhibition hall and meeting venue that would allow the facility to host large-scale trade shows, conventions, and other events that may be too large for other halls to accommodate.

The current plot of land that is slated for the expo center is already host to three showroom buildings, a parking garage, and several temporary tent-based pavilions; it is currently not known if the new expo center would incorporate these existing buildings into its design, but the pavilions are expected to be removed upon completion of construction in order to make room for more expo parking spaces.

The expo center could also be used to host elements of the bi-annual furniture, gift and home décor focused Las Vegas Market, which brings some 100,000 visitors to the city. In addition, IMC will offer the Expo Center for a set number of days throughout the year to host non-profit events as designated by the Las Vegas Redevelopment Agency.

The Las Vegas Market, a popular home décor-based bi-annual event that typically attracts 100,000 visitors to the city, could also run aspects of their show in the expo center; also, according to the Las Vegas Redevelopment Agency, a pre-determined number of days each year at the center will be made available to not-for-profit organizations for attraction and fund-raising purposes.

The City of Las Vegas is proposing to partially fund the expo center project to the tune of $30 million in tax increment financing, which means that taxes collected by the construction of the expo would be put right back into the project by the city. Such an investment is seen as a wise expenditure on the part of local officials; once completed and functioning at maximum capacity, the expo hall is expected to attract a large increase of visitors to the area on a regular basis, creating an influx of tourism-based funds for downtown Las Vegas in the projected amount of $97 million annually, in addition to $234 million for the overall region of Southern Nevada.

The expo center is expected by many to fill a large void for large-scale event hosting made by the closure of the Cashman Center in late 2017, which had operated as a meeting, theater, and sporting venue in the downtown Las Vegas area.

Looking for information on the fast-growing Las Vegas real estate market? Current home prices? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Market Update: Las Vegas Real Estate Prices Continue Growth While Inventory Shortages Cause Sales Slowdown

LAS VEGAS, NV – As an example of scarcity not being able to keep up with demand, the ongoing housing shortage in red-hot real estate market Las Vegas has begun to take its toll on sales; while reports indicate that prices on houses and apartments continue to rise, the lack of available options in the market – and the inability of local developers to continuously produce new units at a pace which adequately satisfies demand – has caused a slight cool-down on home sales in the region.

As of current time, Las Vegas possesses less than a two-month supply of homes available for sale on the market; for any given area’s real estate market to be considered “balanced,” a six-month supply is typically called for. And it’s this imbalance – coupled with ever-increasing demand thanks to a rebounding economy and subsequent growing populace – that is driving home the fact that there are simply not enough homes for sale in Southern Nevada.

Part of the overall issue is that, while numerous developers and contractors are going about the business of constructing more properties, they are simply proving unable to keep up with demand at a sufficient pace given the rapid expansion of the market in the last few years, according to a statement by Greater Las Vegas Association of Realtors President Christopher Bishop.

I’ve heard reports saying that they can’t employ enough people to build enough homes to keep up with the supply and demand. I wouldn’t say the market has slowed down. I would say the effects of the shortage have now caught up with us,” he said. “Sales have continued to go up over the last few years, even as our inventory has been going down. But with fewer homes on the market each month, it seems like it was only a matter of time before it started to affect sales.”

Currently, the median price for a single-family home in the Southern Nevada region during the month of February 2018 was approximately $275,000; this represents a 3.8 increase from the previous month and an impressive 14.6 percent jump from the same period one year prior. Meanwhile, the median price last month of townhouses and condominiums was $150,000, a whopping increase of 27.1 percent from February 2017. All told, the grand total of homes, townhouses, and condominiums sold during the month of February 2018 came in at 2,704; this represents an overall decrease of 5.4 percent from 2017, although the sales of condos and townhouses did rise 1.8 percent.

All in all, this news merely proves that Las Vegas real estate is hot, and shows no sign of cooling down in the near future. Clearly, more resources need to be allocated into the region to up construction rates to satisfy an ever-present and ever-increasing demand as Southern Nevada continues to grow and prosper.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Stratosphere Hotel-Casino in Las Vegas is due for a major upgrade in the form of a $140 million renovation courtesy of new owners Golden Entertainment, who acquired the property in 2017. The work is to be carried out over the next three years, according to reports.

The improvements will take major and much-needed steps to renovate and upgrade the existing 1,100+ rooms, add new restaurants, and provide an overall modernization of the resort. The work is expected to take place over three separate phases, with each one taking approximately one year; the initial phase, scheduled to begin in the second quarter of 2018 at a projected cost of $32 million, will see 317 of the establishment’s  hotel rooms receiving a full remodeling effort, as well as the addition of a viewing lounge giving guests an expansive overlook of the casino floor, a gastro-pub, an overhaul to the observation deck, brand-new signage on the exterior and a new rewards center and area for VIP guests to register for stays.

Phase two will kick off at the start of 2019, with an additional 452 hotel rooms being remodeled. Also, a new steakhouse restaurant and Starbucks coffee house will be added, the casino floor will be re-done, and the general design and architecture of the resort will be tweaked and updated to reflect a more modern aesthetic.

2020 will see the third and final phase of the Stratosphere’s remodeling, with the renovation of 364 remaining hotel rooms and the additions of more eateries in the form of a noodle bar and a food hall. More casino space will be added with attractions aimed at drawing in a younger demographic, a revamped showroom, and adding space for a proposed convention center by redesigning the mezzanine level.

However, that isn’t all when it comes to the possibilities presented by the Stratosphere renovation; there remains an additional 16 acres of property surrounding the resort that will lend itself to future expansion efforts if so warranted. So far, reports indicate that the work on the Stratosphere, when complete, should deliver approximately 20 in returns on the initial investment.

Golden Chairman and CEO Blake Sartini noted that the abundance of construction and revitalization projects currently in the works on the Las Vegas strip have been generating a great deal of fresh tourism and foot traffic in the area, creating the perfect environment and timing for this investment into the Stratosphere.

“Large-scale projects on the north end of the Las Vegas Strip – including Genting’s Resorts World, the expansion of the Las Vegas Convention Center and the investment to complete the former Fontainebleau — are bringing traffic and infrastructure to our doorstep at the Stratosphere,” Sartini said. “In addition, the population in the Las Vegas Valley continues to grow to new highs while local unemployment of 4.9 percent is at its lowest level in quite some time and wage growth remains healthy.”

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Huntridge Shopping Center, located in downtown Las Vegas at 1116 E. Charleston Boulevard, has a reputation for being on the “wrong side of the tracks,” so to speak. However, J Dapper, the owner of Dapper Companies, is about to change all that with an extensive remodeling of the property which has local residents strongly voicing their support.

In 2016, Dapper purchased the 62,000-square-foot center from owner Paul Kellogg – who also runs the Huntridge Tavern on the property – for $5.2 million, and has since been planning a massive face-lift to the property that has only recently begun to take shape. With the planning stage complete, Dapper has recently been wooing several high-profile retail, dining, and entertainment entities to set up shop in the center in order to complete his vision of a fancy, high-end, and artistic addition to downtown Vegas.

Dapper is no stranger to the historic Huntridge neighborhood of Downtown Las Vegas; to date, they have invested at least $10 million in three commercial real estate properties in the vicinity of Charleston Boulevard and Maryland Parkway, including the $2 million renovation of the Gamblers Book Shop, which Dapper as referred to as a “passion project.”

As for the Huntridge Shopping Center, Dapper has said that he’s approaching the impending remodeling with a flair for the dramatic; seeking to bring out and highlight the property’s mid-century design aspects with a modern twist and a family-friendly atmosphere, including a large, $375,000 neon sign in the Googie style, which is a retro-futuristic aesthetic that was popular in the 1940’s through the 1960’s. The eye-catching style, which emphasized up-swept roofs, curvaceous, geometric shapes, and bold use of glass, steel and neon, was embraced by Vegas of years past, but has been largely abandoned in recent decades.

New tenants to the Huntridge Center, which are expected to help revitalize the property and attract traffic, include several eateries such as an Asian-themed restaurant, a Wingstop chicken franchise, and an establishment by Restaurateur Harwell. In addition, several original tenants remained after the sale, including a pharmacy and barber shop; both have been relocated to other areas of the center in an effort to re-shuffle tenants to make room for new additions, and both are in the process of being remodeled as well. Other business holdovers also include the aforementioned Huntridge Tavern and a thrift store.

Dapper also purchased other properties adjacent to the Huntridge property, including a former drum shop, a residential fourplex, and an empty commercial building; some of these buildings will be incorporated into retail aspect of the shopping center, while the fourplex is in the process of being torn down to make room for additional parking.

Another process Dapper has used in attempts to drum up new interest in the Huntridge Center is the addition of Food Truck Fridays, which involves a number of vendors on wheels who visit the property on certain Friday afternoons to peddle their tasty wares, including Blue Mahoe BBQ, Bulldog is Unleashed and Dazzling Bistro.

The Huntridge Shopping Center remodeling and revitalization efforts are expected to be complete in early-to-mid 2018.

Looking for information on the fast-growing Las Vegas market? Interested in whether or not Vegas is moving into your theme of living style and entertainment values?  Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas’ transformation into a major player in the national sporting scene (the region has already successfully lured popular NFL team the Oakland Raiders into the fold, come 2020), continues to chug along as a home-town Pacific Coast League baseball team recently announced they have broken ground on a brand-new, state-of-the-art facility sure to attract many new fans in the near future.

Minor League Baseball the Las Vegas 51s – named after the infamous Area 51 military base located 80 miles north of Vegas – broke ground on Friday, February 13 on the Las Vegas Ballpark, a $150 million, 10,000-seat stadium located in Summerlin, with construction due to be completed in time for the start of the 51s’ 2019 season.

In April 2013, the 51s – formerly known as the Las Vegas Stars until they were re-named in 2001 – were purchased by Summerlin Las Vegas Baseball Club LLC, a joint venture of Howard Hughes Corp. and Play Ball Owners Group. The group’s intention was to eventually move the 51s to a new stadium in Summerlin. In October 2017, the Las Vegas Convention and Visitors Authority approved a 20-year, $80 million naming rights agreement to help pay for a new $150 million ballpark, which is expected to include 22 suites, a center field pool, kids’ zone, and several bars. The stadium will be owned by the Howard Hughes Corporation.

The team won their only division title in 2002, with the team posting the best record in the league at 85–59, but they lost to the eventual PCL champion Edmonton Trappers, three games to one. In 2012, the 51s signed a Player Development Contract with the New York Mets through the 2016 season.

The 51s have played out of Cashman Field Las Vegas since 1983, which has a capacity of 9,334 people; the decision to move to a brand-new home stadium was based on a number of factors, with most of them revolving around the age of the facility. Considered far behind the times, Cashman Field had fallen into disrepair in recent years, with the field, bullpens and clubhouse criticized by players as being “second class” and “decrepit.” The stadium also has very limited training facilities.

The final straw, however, fell in 2015, when the stadium’s sewage system backed up during an actual game, causing raw sewage – including actual fecal matter and other potentially infectious materials – to flow into the dugouts, driving the team out onto the playing field; it’s a problem that players and team owners say has yet to be fully rectified, with manager Wally Backman expressing concerns that the incident could repeat at any time. The numerous issues eventually drove team president and chief operating officer Don Logan to publicly declare his embarrassment to have the 51s associated with Cashman Field in any way.

“It’s disappointing that Vegas has the worst facility in our league when we have such a great town with the greatest hotels, the greatest dining, the greatest shopping,” he said. “It’s not becoming of this community to have a place like this.”

Come 2019 and the completion of the Las Vegas Ballpark, however, the Las Vegas 51s – and their fans – will finally have a new stadium with cutting edge, modern amenities that they can be proud to call home.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos or rental info? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After the recent rebirth of Las Vegas – with jobs, the real estate market, and the economy all in the midst of an unprecedented boom period – housing is in great demand, and unfortunately current inventory is unable to meet that demand. In an attempt to close the gaps between the haves and the have-nots, one job market in particular has seen a massive uptick: the construction field, and employers are desperate to get their hands on as many able-bodied workers as humanly possible.

According to reports, employment in the Las Vegas construction industry has jumped over 18 percent from the same period one year ago, with nearly 70,000 people employed locally as of December 2017; that represents nearly 11,000 construction jobs added in the Southern Nevada region over the course of just 12 months, which is a startling amount of growth in such a relatively short amount of time.

The construction industry took a hard hit in Vegas when the housing bubble burst in the mid-2000’s leading to numerous layoffs and projects that were literally abandoned and left to sit dormant for years. However, after a resurgence of the local economy leading to record employment and real estate growth, people are heading to Las Vegas once again to take advantage of booming opportunities for investments and jobs, and houses, apartments and condos have been snapped up almost as quickly as they’ve become available. This status has seen prices for abodes leap as inventory dwindles, and efforts to build new lodgings to accommodate the need as seen resurgence in the construction industry as well.

Representatives of the Southwest Regional Council of Carpenters anticipate that their membership numbers will increase by over 50 percent in the upcoming year-and-a-half, and are putting together portable classrooms in order to be able to meet the swelling ranks of workers that are needed. Even now, with the increase in construction jobs in Vegas – the region is currently 18 percent over the U.S. average for number of jobs held in the field – development is still behind the curve when it comes to demand, as Nevada is experiencing a population growth rate that is second in the nation, behind only Idaho.

Despite the growth in construction over the course of the last year, employment in the field is still below the peak years before the housing bubble burst, a time when over 112,000 were employed to erect houses, casinos, and office builds; contrast that with only 34,800 jobs available during the very heart of the recession in 2012.

However, at this current rate of growth, the Vegas of today stands to not only eventually catch up, but eclipse the region’s mega-successful days past, with developers working on countless housing tracts, apartment buildings, offices and warehouses; in addition, there are also huge projects in the works that promise to remake the entirety of Southern Nevada with construction underway on the Oakland Raiders’ 65,000-seat football stadium, the Las Vegas strip’s  Resorts World Casino, and a huge expansion of the Vegas Convention Center, as well as countless other projects. Needless to say, Vegas needs construction workers, and the need will only increase in intensity as time goes by and demand for housing increases more.

Need information on the fast-evolving Las Vegas market? New home construction referrals? Las Vegas developers  for investment homes in the area? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Sitting vacant and unfinished on the Las Vegas strip since 2009, the proposed Fontainebleau Casino and Resort had become synonymous with the national recession that had hit the Southern Nevada region especially hard. However, this week, it was announced that New York-based real estate firm Witkoff – in conjunction with Miami-based investment firm New Valley LLC – has stepped in, and they will finally be opening the property, re-christened as The Drew and managed by Marriott International.

The 68-floor luxury resort, boasting almost 4,000 rooms and suites managed by Marriott International, is located near the Circus Circus, SLS hotel-casinos, and the Las Vegas Convention Center; construction on the $2.9 billion Fontainebleau property had begun in 2007 by privately held Fontainebleau Resorts LLC, but indefinitely halted two years later when the recession brought a halt to the proceedings, forcing the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC, headed up by businessman Carl Icahn, purchased the Fontainebleau in 2010 for $150 million, and then sold it off to Witkoff and New Valley for $600 million in August.

The two companies announced the plans for the property – now called The Drew – slated to open in 2020 and will feature many amenities including a casino, approximately 4,000 rooms and suites, 500,000 square feet for holding events such as conventions and business meetings, and a great number of entertainment options for guests, including a theater, retail areas, and over 20 different dining options. The property will be managed by Marriott Corporation, and will also be home to two Marriott brands as well, both making their Las Vegas strip debut- JW Marriott, a luxury hotel chain that a brand of Marriott International  named after John Willard Marriott, the founder of Marriott Corporation, and Marriot’s upscale, boutique-style “Edition” brand.

John Unwin, a well-known member of the local hospitality industry, has been brought in via Two Blackbirds Hospitality to oversee the development and day-to-day operations of the launch. Along with The Drew, another neighboring resort/casino project is also slated to open in 2020 – Resorts World Las Vegas, a project targeting predominantly Chinese and Chinese-American tourists that has also experienced its share of delays. The two properties are expected to help fill out the northern end of the Las Vegas strip, until now a less visited part of the city by tourists.

In addition, the Las Vegas Convention Center, which is currently undergoing large-scale expansion efforts, is also expected to see completion within the same time-frame, with plans for a bridge connecting The Drew to the facility being in the works. With these three projects slated to open all within a short period of time of one another, experts are projecting a large increase in visitors to the area within the next few years. It’s projects such as these – ones that have lain dormant for years, now experienced a resurgence and entering their final phase of development before opening – that cement Las Vegas as a region that holds near-limitless promise.

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 – Several esteemed news organizations have done their homework and produced their annual “Hottest Real Estate Markets of 2018” lists, and what may come as a surprise to some – but a no-brainier to most – is that Las Vegas has topped many of them.

One noted publication that has predicted Las Vegas as the number one real estate scene in the nation for 2018 is Realtor.com, and among the criteria stated for their pick were prices verses the number of existing homes; new home construction; and local economic trends, all of which were taken into consideration when it came to deciding which region in the United States would generate the most competition and revenue over the course of the next 11 months.

Realtor.com stated that homes in Vegas are being snapped up as quickly as they hit the market, with 2017 seeing the third highest level of sales ever seen in the Valley. Experts are predicting even better from 2018, and buyers are going to have to act fast – and anticipate some degree of disappointment – if they want to get in on the action, as demand is high, yet supply limited. Real estate brokers are encouraging prospective buyers that competition will be fierce and getting offers in early and fast will be the key to scoring a property…or losing it by a hair to an even more bloodthirsty buyer.

In addition, Fortune Magazine has also listed Southern Nevada as a region with a real estate market that investors should seriously think about getting involved in- they noted that Vegas saw prices of homes jump a whopping 10.6 percent from November 2016 to November 2017, outpacing other well-known hotbeds of property-buying activity such as San Francisco, whose prices went up 9.1 percent during the same time period. Rampant Vegas home and apartment development in an attempt to keep pace with demand, as well as a flourishing economy and job market, are considered major strengths that will bleed over into increased real estate demand as well.

And finally, USA Today has weighed in on the 2018 real estate scene, declaring Las Vegas an early winner of the race as well, noting that forecasts are calling for the market in the region to remain strong for the foreseeable future, with prices of homes continuing to rise throughout the year as demand continues to grow; median home values in Vegas are expected to rise approximately 5.8 percent over the next year, showing that investors have a great deal of confidence in the strength of the market. In fact, home values in Vegas increased 8.6 percent during the last year, with the price of a median home coming in at approximately $285,045.

As you can see, if you’re looking to invest your hard-earned dollars in a white-hot real estate market in 2018, the experts have spoken- Las Vegas is indeed the place to do it. And with a financial forecast this bright, is stands to reason that 2019 and beyond will to continue this upward trend as well.

If you are considering relocating in or around the Las Vegas area, our company would be delighted to help you find your way or pick the best place to settle in or find your dream home. Please give us a call at 702.376.7379 so we can answer any questions you may have.