Category Archive : Economy

NEVADA – Las Vegas has, for decades, has been considered the epicenter of lavish hotel accommodations and casinos emphasizing games of chance and potentially big payouts for lucky competitors. However, in the new era of Vegas, defined now by a steadily rising and recovering real estate market and skyrocketing economy propped up by renewed business interest in the region, some casinos are attempting to cash-in not as much on gamblers, but more on tourists in a more family-friendly version of Las Vegas which has risen from the mid-2000’s housing bubble.

For instance, the former Monte Carlo casino resort – now known as the Park MGM casino resort, located on the famed Vegas strip – is undergoing a large-scale renovation, with the stated goal being to transform the property from what many considered an out-of-date, middle of the road property, to a classy, sophisticated hotel with the trappings of higher-class casino games in a bid to attract a younger demographic. Glitz and glamour will be downplayed in favor of what the developers are referring to as a more “romantic” feel, with décor featuring the roots of trees growing out of ceilings, opulent crystal chandeliers, and priceless works of art by masters such as the famous Pablo Picasso.

Park MGM will still boast a whopping 2,700 rooms, but approximately 290 of those rooms – located on the topmost floors of the hotel – will be turned into NoMad Las Vegas, an upscale series of suites. Gone from the Park MGM are garishly patterned carpets, drapes and bright, pastel colors; in their place are subdued hues, such as reds and greens – and furnishings featuring more artsy character.

The reasoning behind the $450 million re-design, according to the developers, is that modern affluent youth are typically turned off aesthetics they may associate with kitsch or tackiness, and as a result a more cutting-edge, modern design aesthetic is being embraced by the Park to evolve with the times. In addition, younger people have demonstrated less interest in gambling activities and as a result, the Park will be including upgrades featuring more varied entertainment options to appeal to this group.

While gambling will be scaled back in some respects, it will remain as a central attraction to retain the resort’s current, core audience, mostly made up of an older demographic; however, one notable omission from the premises once the facility re-opens after completion of the renovation are slot machines, AKA one-armed bandits.

Park MGM follows in the footsteps of several other high-profile casinos on the strip who have experienced faltering business but have seen a resurgence after successfully renovating and re-branding themselves to accommodate changing times and tastes. The Park MGM will, upon re-opening – have 90 percent of the renovated rooms expected to be open for rental starting in January of 2018. Park will offer rooms starting at $88 a night to lure in younger customers, and the company is counting on the property’s central location on the Las Vegas strip making it a powerful draw for tourists of all ages going forward.

Need real estate assistance in the fast-evolving Vegas market? Thinking of relocating here? Maybe just visiting and poking around? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – California is known for a great many things- it’s the epicenter of the nation’s entertainment industry, home to countless movie stars, a leader in environmental causes, technology, and much more. However, unfortunately, once you peer beneath the star-studded veneer and look upon the working class in the so-called “Golden State,” you’ll see a population who is struggling to make ends meet and who are looking for a better way of life.

Many Californians are turning to Las Vegas for the opportunities they feel are being denied to them at home in a bid to finally achieve success.

The high cost of living in California has resulted in a great deal of hardship for the middle-class – with many people finding it necessary to move back in with their parents just to make ends meet – and like in many other areas of the country, people are finding it harder and harder despite working 40+ hours a week with many of them fleeing what they see as a sinking ship. An example- Michael J. Van Essen, a retiree from Silver Lake, California finally got tired of paying $1,160 for a single-bedroom apartment and decided to pick up and move out of state, where he found he could get much more for less.

One region in particular where they’re fleeing to is – you guessed it – Las Vegas, Nevada, where the recent economic and housing boom, revitalizing the area after over a decade of dormancy, has painted it as a very attractive destination for those looking to begin their lives anew for a number of quite valid reasons. For one, it’s situated close to California, so the cost and hassle of moving a lifetime of belongings is minimal when compared to heading elsewhere in the county. Also, due to the spike in the economy in Vegas in the last few years, it’s become a bona-fide hotbed of job and career activity, with numerous businesses, companies, and high-profile major league sports teams are transplanting themselves here; the job market in Southern Nevada is also growing by leaps and bounds with no signs of slowing down, so for now, it seems, obvious it is becoming a magnet for hopefuls looking for a new start.

Additionally, the cost of living is far more manageable in Las Vegas then California; for example, the median home value is currently $512,800, with values having gone up 7.1% over the past year. In contrast, there are many single-family homes on the market in Vegas in the range of $200,000 to $300,000, which is obviously far more manageable amount for working class people on a budget. Incidentals, such as taxes and such, are more reasonable as well when compared to life on the far-west coast of the U.S.

Therefore, if you’re a California resident – or are living in a similarly difficult economic climate elsewhere in the nation – Las Vegas is certainly worth your consideration when it comes to achieving a healthier work-life balance including the goal of home ownership (without working yourself to death while doing so).

Thinking of relocating to Las Vegas from a higher cost of living region? Let us help you plan your relocation. Our experienced agents are here to help you with your Southern Nevada relocation efforts including neighborhood statistics, schools, educational information, etc. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – There’s one thing for sure in the real estate market- rising demand equals rising sales, and rising sales equals rising prices.

Such a thing especially holds true in Las Vegas, where the market has been soaring after its recovery from the mid-2000’s housing bubble burst; according to a recent Zillow report, Southern Nevada has gone from one of the most stagnant markets around to the region with the fastest-rising home values in the entire country. The estimated Las Vegas median home value is expected to reach $247,331 in September 2018, an increase of 5.9 percent from the same time period one year ago; this represents the fastest anticipated increase in home values throughout the over 30 metropolitan areas listed in the report. To illustrate how significant a jump this is for the Las Vegas area, home prices nationwide overall are only expected to jump approximately 3.1 percent in 2018.

Of course, increases of this sort are nothing new since the housing market’s recovery began in Southern Nevada. The price of single-family homes – which make up the vast majority of the market – in the region have jumped a whopping 13.4 percent since September 2016 until the present day; homes sold in the month of October 2017 came in at an average price of $263,000, and this is with the available inventory becoming more and more scarce. The number of homes currently listed for sale in Vegas are down 17 percent from 2016, with 11,200 single-family homes listed for sale in Southern Nevada at the end of March; meanwhile, developers struggle daily with construction projects aimed at satisfying the ever-growing demand. In fact, the number of houses on the market during the current time period is, shockingly enough, at the lowest number in recently-recorded history since the year 2001.

Other metrics also support the claim of Las Vegas’ standing as the area of the United States with the fastest-climbing housing values; according to Standard & Poor’s CoreLogic Case-Shiller national home price index for Southern Nevada rose 6.2 percent in September from one year prior, which is the highest gain for the area that it’s registered since 2014.When you combine that with a low unemployment rate and historically low mortgage rates – current rates are hovering around 4 percent – it’s easy to see why houses in Vegas are getting snapped up as a rapid pace.

While early on in its recovery period, many experts dismissed the rising interest in Las Vegas housing as a fluke, but given the amount of time it’s been continuing – and the indisputable numbers that experts have been touting since the beginning – the situation is clear; the Southern Nevada real estate market, after sitting in limbo among a landscape of empty homes for over a decade, has now become the epicenter of a new housing boom, reviving a stagnant economy and job market and paving the way for a brighter tomorrow for investors and residents alike.

With Las Vegas taking the top spots nationally, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With the local economy on the rise and new businesses are arriving in the area, Las Vegas is on the verge of its greatest all-time comebacks. But the famous city and its surrounding areas are still struggling in one area- attracting the next generation of young business leaders and workers, and to that end, local officials are eyeing several different projects they hope will appeal to Millennials, a relatively unique section of society with different motivations for success than most.

Millennials are the demographic cohort following Generation X; those born in the early 1980s throughout the mid-1990s to early 2000s, and they are typically known for their savvy with technology and social media and a high degree of ambivalence about material success, preferring a more stable work-life balance and a fulfilling social life as opposed to grinding away for hours behind a desk. As such, Las Vegas is seen by many as the city of excesses; it would only be natural that this would not be the average Millennials’ first choice to live. However – owing in part to their love of posting exciting activities on social media platforms such as Instagram – Southern Nevada developers are starting to invest in amenities they hope will draw in this coveted generation, including a zip line across the Las Vegas strip from Caesars Palace and an e-sports arena at the Luxor, both currently under development and slated for use in 2018.

In addition, a construction project at a Lake Mead National Recreation Area campground is set soon, which will result in approximately $3 million in improvements to the popular Boulder Beach Campground, including restorations and repairs to at least 73 campsites, roads, and sanitation and potable water refill stations. In addition, structures to provide shade during hot summer months will be added as well, providing an environment sure to attract Millennials, many of whom are big fans of outdoor activities when on free time.

Additionally, sporting events are always a great way to attract the younger generation, and in addition to the much-publicized start of construction on the incoming Las Vegas Raiders NFL team’s eponymous stadium, due to open in 2020, local officials recently gave the green light to another sporting complex- the Las Vegas Ballpark, set to be built in Downtown Summerlin. The proposed 10,000-seat baseball stadium will be the new home of Las Vegas 51s Triple-A minor league baseball team, with the initial groundbreaking set to be held in early 2018. The developers have laid out what they refer to as an “aggressive” development schedule, and anticipate the stadium being open in time for the 2019 season. Again, offering more in the way of exciting entertainment options for residents is seen by officials as a way to attract younger people to Nevada, something access to quality sporting entertainment often results in.

A region with a rapidly growing economy and a very competitive real estate and job market needs young people to fill their ranks more than anything, and recent developments in Las Vegas have made it clear that businesses and officials are doing what they can to entice Millennials to take a chance on all that Las Vegas has to offer.

Thinking of relocating to Las Vegas? Maybe investing? If you need real estate information on the fast-evolving Las Vegas market, 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 housing bubble in Las Vegas during the mid-2000’s there hasn’t been much of a need for construction workers, as numerous houses and properties – purchased by unlucky investors looking to turn a fast buck – found them sitting unused for the better part of a decade or more as the demand for homes seemingly dried up overnight. Fast-forward to 2017, and the rapidly growing and recovering economy of the Southern Nevada region is not only gobbling up those formally vacant dwellings and vacant lots, but demand is now such that the most sought-after employees in the state are not accountants or engineers, but – you guessed it – construction workers.

The numerous construction projects on the drawing board in Las Vegas have resulted in delays as companies far and wide have found themselves short on workers they need. Currently, demand for affordable housing and apartments in Vegas has resulted in a shortage of selection and skyrocketing prices, and companies have been working overtime to erect new dwellings in an attempt to keep up with demand and to help slowly draw those prices down to a more manageable level.

With work currently progressing on the $1.9 billion Las Vegas Raiders stadium, and an estimated $15 billion of construction projects already slated for the next decade, experts say that up to 10,000 workers are currently needed in order to get these projects up and running. In addition to housing, entertainment, retail, and other building projects have sprung up in recent months, including work on a 14-screen movie theater in North Las Vegas that represents a revitalization attempt of the beleaguered area’s economically-downtrodden downtown district.

In addition, construction in Southern Nevada may get an additional shot in the arm thanks to the innovation of two local businessmen; currently, a high amount of materials for house and building construction needs to be delivered into the region from other states or even other countries, but Father and son Barry and Jordan Yost are investing in a new company – Precision Tube Laser LLC – that may change all of that.

Currently, parts for heavy industrial power generating items such as solar towers and pressure vessels are typically constructed and imported from the Southern United States or Asia; however, with the help of state tax abatement in the amount of $89,000, Precision Tube Laser LLC is the new, proud owner of a $1.2 million laser tube cutting machine – the TruLaser Tube 5000 – that is capable of cutting tubing and other materials into shapes with a precision that standard hand-held, propane-based cutting torches are unable to approach. Without the wait and cost of having to order materials from factories hundreds or even thousands of miles away, construction projects in the Las Vegas area can get a head-start on projects that otherwise might be stuck in the mire until expensive imported parts finally arrive.

The arrival of companies such as Precision Tube Laser LLC into the local construction scene are likely to herald more such innovation in the region once their need is proven; it’s likely that other needs relevant to the Vegas construction community that are served via out-of-state sources will eventually be served in-house as well, leading to an even larger boost to local real estate, and in turn, the need for yet more construction workers. Industry analysts are encouraging those looking for work in Nevada to get the training needed to get involved, as the majority of positions needed in construction tend to pay well, and are expected to provide regular work well into the future as Las Vegas continues on its journey back to prosperity.

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 – The soon-to-be-transplanted Las Vegas Raiders NFL team has gotten people talking, and their imminent arrival in Southern Nevada – in 2020, if all goes well with the construction of their new state-of-the-art stadium situated at Interstate 15 and Russell Road – has already resulted in economic growth and the interest of new businesses opening up shop in the region. However, a proposed tax reform currently in the works by the Republican members of the House of Representatives may throw some roadblocks into the equation, as certain provisions investors were relying upon to fund the Raiders project may now be in jeopardy.

Currently, the cost of the $1.9 billion, 65,000-seat Las Vegas Raiders football stadium is being financed, in part, via the use of tax-exempt bonds; this is a common practice used by investors when it comes to the construction of stadiums for sports teams. However, a provision of the proposed House tax reform bill – one currently being championed by United States President Donald J. Trump, who has vowed to sign it into law before Thanksgiving of this year, placing the Raiders project within its legal boundaries – will outlaw the use of Tax-exempt bonds in this manner, which would mean that $750 million in public monies will be excluded from the stadium’s financing package if 429-page legislative bill passes in its current form.

What does this mean for the future of the Raiders stadium, which recently held a groundbreaking ceremony on November 13?

At the moment, the ultimate effect is not known, although experts have noted that the current design of the stadium would fall into the parameters of a project covered by the Republican tax reform bill; the passage of the bill would very likely give developers major cause to revise the financial details of the construction, although to what degree is currently up in the air. Most reports, however, say that the passage of the tax bill will potentially increase make the project more expensive by increasing interest rates, decreasing the yield, or both. However, all aspects of the proposed House legislation must be made public and examined before the true extent of its effect upon the finances of the Raiders stadium project will be laid bare. But this is provided that the bill passes and doesn’t suffer the same fate as the GOP’s recent health care reform efforts, which were held off by House Democrats and several defecting Republicans members; likewise, the tax reform has generated a similar degree of discontent between the two major political parties, so currently its fate is uncertain.

If the bill passes and the Raiders project is no longer able to utilize tax-exempt bonds in its financing, it is likely that the project will continue as planned, albeit with higher costs; additional investment streams may be required as well to deal with rising development costs. It is vital for the stadium’s development to continue unabated, as its initial announcement has had a spillover effect on industrial properties that had previously stood vacant and unused, even amid Las Vegas’ current housing boom, proving that not only will the arrival of the Raiders have a positive effect on the NFL team’s own bottom line, but the bottom line of the region as well.

Need real estate assistance in 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 – Many real estate investors poured an enormous amount of capital into Southern Nevada when the housing bubble burst in the mid-2000’s – rendering a great deal of their properties near-worthless in what was called the second-largest blow to a local or national economy of any crisis worldwide in the past four decades – many of them would obviously find it difficult, if not impossible to believe in the region as a money-maker again.

After getting burnt so badly, it’s understandable that many investors have trouble buying-into the recent boom Las Vegas real estate has been experiencing after a decade of dormancy, but it’s been building back consistently enough and long enough that experts have declared that this isn’t simply another bubble waiting to burst yet again; indeed, it’s a solid resurgence exhibiting stability and long-term growth potential that should be putting investors at ease, especially with the recent news that Las Vegas has taken the number two spot nationally at the top real estate market, second only to Seattle, Washington.

Needless to say, if you’ve been holding off on putting money into Vegas, wonder no more.

In January of 2012, the median sale price of a home in Las Vegas was a dismal $118,000, and Nevada in general had the highest rate of foreclosures and delinquent mortgages in the United States for 62 months running; fast-forward to today, and an investor would be shocked to discover that the market has been skyrocketing over the course of the past two years. The current median resale price of a home in the Vegas area in 2017 is now well over $250,000, which is up over 9.1 percent from the same period in 2016.

It’s a trend that experts are saying has the legs to continue for the foreseeable future, and such a positive outlook – both in terms of the real estate scene and the overall economy that is slowly but surely causing investors previously burnt to reconsider the region as a viable area to sink their funds.

The growing market, experts say, is fueled by a continued shortage of both homes and apartments, and as a result, prices have spiked in both categories; contractors and construction companies are attempting to keep up with demand, and supply is expected to finally increase during the winter, typically a period where the market slows a bit before the spring causes it to move upwards once again.

The growth locally is so strong that major businesses, such as Amazon, are building headquarters in Las Vegas, and famous sporting teams – such as the NFL’s Raiders, slated to arrive to a new stadium in 2020 – have uprooted from their homes and transplanted themselves here. So, it’s looking that the Las Vegas real estate market is not only seriously on the mend, but that it’s here to stay as well, and investors who have been on the fence after taking a loss previously – understandably so – are finding less and less to fear and more and more to gain.

With Vegas taking the number two spot nationally as a top real estate market, we are here to help you find out all you need about getting into this hot market, handle your rentals, or buy and sell property locally. Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As yet another example of how the rapidly-recovering Las Vegas economy and business climate is attracting numerous out-of-state investors looking to get in on the ground floor of an amazing money-making opportunity, the $78.3 million acquisition of Class A office campus Centra Point was recently announced by a joint venture between PCCP LLC and The Brookhollow Group, two California-based investment organizations .

Centra Point is a nine-building, 383,700-square-foot multi-use office complex at 8311-8395 W. Sunset Road and 6655 S. Cimarron Road, located in the southwest area of the Las Vegas valley; this region is considered by many the most rapidly growing in terms of office-related space, with many such structures – along with apartment complexes and retail stores – popping up in greater numbers than in other areas of Southern Nevada. In contrast, office space in other areas of Vegas has been considered by experts as one of the more sluggish aspects of its overall recovery.

Centra Point’s occupancy currently stands at 70 percent, but with this impressive investment on the part of PCCP LLC and The Brookhollow Group, it’s obvious that a push will be instituted to fill the remainder of the empty spaces as quickly as possible by making the property more desirable to businesses looking for a home base via a series of renovations and upgrades to the existing structures – $3 million worth to the facilities alone, not including any upgrades that may be performed for individual tenants – to go along with its impressive 25 acres of space and significant parking availability.

The complex was originally finished construction in 2006, and is comprised of seven office buildings housing multiple tenants representing a wide array of different companies and businesses. The previous owner was Seattle-based Washington Capital Management, who recently announced the $78.3 million sale in late October after PCCP LLC and The Brookhollow Group closed on the property on September 27. Current business tenants in Centra Point include Ticor Title, Tropicana Entertainment, Valley Health Systems and Dickinson Wright, among others.

Representatives for Brookhollow Group have been quoted as saying that Centra Point, located between the Summerlin and Green Valley communities, is in a “great location” and is expected to take advantage of the slowly-but-surely growing Vegas office space market, especially with the extra attention the region has been receiving in recent months after the announcement of the arrival of professional NFL and NHL teams – including the transplanted NFL Raiders football team, expected to kickoff in their new Las Vegas home stadium in 2020 – which has greatly increased investor interest in the Southern Nevada market.

It is news like this that cements the area as one to watch for business professionals looking to set up a new headquarters or a savvy real estate investor looking to get a great long-term return on their money. Combined with the skyrocketing home and rental real estate market in Las Vegas, new and continued growth and prosperity is likely for those inclined to put their money and hard work into the Nevada marketplace.

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 – With the news that the Oakland Raiders National Football League (NFL) team would be picking up their cleats and moving to Las Vegas, the Southern Nevada economic climate – already on an upswing due to a rejuvenated real estate market and business market – has continued on its pathway to recovery and prosperity.

According to updated reports on the news, the Raiders will break ground on their new $2 billion, 65,000-seat stadium on Nov. 13 – a joint-use agreement with the football team of the University of Las Vegas – that recovery is poised to skyrocket as the transplanted NFL team – who won’t be playing in Vegas until at least the 2020 season – has already attracted new businesses and investors who believe that a local professional sporting team will serve as a massive boon to their bottom lines.

In May of this year, the Raiders purchased a 63-acre plot of land situated between Russell Road and Hacienda Avenue, west of Interstate 15. The property, acquired for a whopping $77.5 million, represented a substantial investment and a firm declaration that the NFL team was resolute in their stated goal of making Southern Nevada their new home. Construction has been delayed while the team garners the necessary development agreements with local government, but in the meantime, has secured the services of Mortenson Construction of Minneapolis and Henderson’s McCarthy Building as general contractors, with the two companies already engaged in preparation work on a number of aspects of the property, including clearing and grading the land, removing and bringing in materials, and handling drainage issues as needed.

However, as the needed agreements and permits have taken longer to get than previously anticipated, the ambitious timetable that the Raiders have laid out for completion of the stadium has been reconsidered in the interim; originally they were slated to hold their first kick-off in Las Vegas in 2019, and then 2020, but with work finally to progress this year, reports indicate that even that 2020 date may be seen as unrealistic, especially amid issues which have arisen regarding parking and transportation problems with the new stadium. As a result – and as a safety measure only – it was recently announced that the Raiders were negotiating with the Oakland Alameda County Coliseum Authority for the possibility that they may have to play out the 2020 season in their current stadium before finally moving to Vegas for 2021. However, all involved have stated their intent to have construction completed on-time if at all possible.

At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses. The popular team’s move to Las Vegas is expected to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

LAS VEGAS, NV – Resorts World, the famed chain of resort casinos, is looking to build their newest location in Las Vegas, Nevada, and to that end, they announced this week not only the proposed establishment’s Construction Manager, but also that they will be awarding a whopping $400 million-plus in contracts to various companies for a variety of services, materials, and personnel in order to make the ambitious project a reality.

W.A. Richardson Builders, LLC has been pegged by developer Genting Group of Malaysia as Resorts World Las Vegas’ official Construction Manager, heading up construction on the first, ground-up, integrated resort development on the Las Vegas Strip in a decade. In addition, over $400 million in contracts have been awarded by the Genting Group for numerous purposes related to the resort’s extensive construction, ranging from bulk orders of concrete and steel to tower crane equipment and operators.

Targeting the grand opening for 2020 on Las Vegas Boulevard South, the Resorts World Las Vegas “megaresort” will boast 3,000 rooms and will sport a Chinese-style architecture and lighting theme. Located at the intersection of South Las Vegas Boulevard and Resorts World Drive – diagonally across from Wynn’s Encore tower, and within walking distance to the Las Vegas Convention Center and Fashion Show Mall – Resorts World Las Vegas is expected to be a great boon to surrounding businesses as well once it opens, generating a great deal of anticipated walk-in traffic by attracting tourists.

W.A. Richardson Builders of Las Vegas, had already been utilized by Genting Group for pre-construction services, including infrastructure and utility work, the completion of the main parking structure, preliminary steel and foundation work, and permitting and remediation across the site to prepare it for the commencement of construction.

The Resorts World Las Vegas project has encountered numerous roadblocks and hiccups over the years; originally intended to open in 2016, the project occupies the space of the former Stardust Casino, which was imploded by the Boyd Gaming Corporation in 2007 to make way for a resort that was to be called The Echelon.

When the Echelon project fell through in 2008, the 87-acre property laid dormant for several years until it was purchased by the Genting Group in 2013; from there, the newly-proposed Resorts World Las Vegas hired its first president and announced that construction would commence the following year, employing over 1,000 workers in that endeavor. When the $4 billion resort opens in 2020, it will employ 3,000 union employees and feature a 175,000-square-foot casino, a replica of the Great Wall of China, and a panda exhibit, according to reports.

Through the Resorts World Las Vegas project has stalled in the past, these recent announcements have instilled a sense of confidence in the proposed megaresort, which is sure to not only generate interest from tourists and tax revenue for local government, but also a positive financial trickle-down effect for local businesses as well, creating a win-win situation for the Las Vegas economy as a whole.

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.

Developers Pouring Resources into Apartment Complexes Throughout Southern Nevada

LAS VEGAS, NV – With the housing boom overtaking Las Vegas in recent years, one fact has emerged above all others- there are currently not enough houses to satisfy the overwhelming demand, pure and simple. But while developers are doing their best to ramp up construction to give prospective Southern Nevada homeowners more options (which would hopefully also help to drive down skyrocketing real estate prices in the process) people looking for a roof over their heads are turning to apartments, causing their availability – and prices – to dwindle as well, and subsequently driving more and more investment in that aspect of local housing.

Recent reports have noted that apartment vacancy rates in Las Vegas are among the lowest in the United States, currently standing at only 3.1 percent, compared to the national rate of 4.5 percent; this represents a vacancy increase in Las Vegas of 2.8 percent over the second quarter of 2017. Rent prices have continued to climb with greater demand as well, with tenants experiencing a 0.7 second-quarter bump to an average monthly cost of $956 in the Southern Nevada region; the national average is currently $1,295, which makes Vegas slightly cheaper than many other cities nationwide, albeit for the time being.

Bridge Investment Group, based out of Salt Lake City, Utah, is jumping into the apartment scene with both feet; they recently announced that they had purchased eight Las Vegas apartment complexes in a deal worth approximately $130 million. The complexes that were acquired as a part of the deal include Oasis Meadows on Nellis Boulevard in east Las Vegas; Oasis Landing on Bonanza Road; Oasis Ridge on Charleston Boulevard; and Oasis Bay on Katie Avenue, among others.

Buying apartment complexes in Las Vegas en masse is nothing new; in May, New York investment firm The Blackstone Group purchased three in May for $170 million and TruAmerica Multifamily of Los Angeles acquired three complexes of their own in September of 2016 for $83.5 million; in addition, 15 local apartment complexes, a retail center, and 20 acres of property were sold by Camden Property Trust of Houston to out-of-state investors.

Indeed, the apartment situation in Las Vegas is such that developers are finding it worth the effort and expense to replace aging and outdated apartment complexes as opposed to renovating them; for example, the 120-unit North Las Vegas public housing complex Rose Gardens – assailed by numerous structural issues due to its advanced age that would take at least $12.5 million to fix (according to estimates), will be building a new Rose Gardens right across the street as part of a new project spearheaded by the City of North Las Vegas to improve the surrounding neighborhood. The new Rose Gardens will be an energy-efficient, water-smart building, and once completed, the demolition of the old building will make way for yet more apartment complex construction to fill the area’s population needs.

Las Vegas’ apartment market has become highly competitive in recent months and years, with a general uptick in rents and construction amid dwindling vacancies. With recent increase in development, it’s expected that the apartment market in Las Vegas is only going to continue to heat up.

Looking for information on the fast-evolving Las Vegas real estate market? Thinking of relocating here? 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.

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