Category Archive : Investing

LAS VEGAS, NV – House flipping – the act of purchasing a home, fixing it up, and putting it back on the market in order to turn a profit – has been a popular way to make money in the real estate field for many years, but recently the market has seen its profit margins slipping nationally… almost everywhere except in Las Vegas, that is, where the practice remains both lucrative and very popular.

According to reports, approximately 7.7 percent of the homes sold in the Las Vegas region in the second quarter of 2018 consisted of flips; compare this to the overall national average of homes sales, of which flips accounted for 5.2 percent and falling, real estate experts say. Only a mere handful of other cities in the United States come in at higher levels, among them Memphis, Tennessee with 9.7 percent; Clarksville, Tennessee at 8.2 percent; and Atlantic City, New Jersey, at 7.9 percent.

However, none of those regions have experienced the rapid and consistent growth that Las Vegas has in recent years, which can be attributed to the ongoing economic uptick in the area, with money, businesses, and jobs flowing into the area, spurred on by a rapidly-recovering real estate market after a near decade of dormancy following the mid-2000’s recession.

However, even before and during the burst of the housing bubble, house flipping had been big money in Las Vegas; before the recent recovery of the economy, flipping was nonetheless big thanks to the ease of acquiring bank loans, which many flippers took advantage of. But with the resurgence of the market in the last few years, flipping has taken on a new significance in Southern Nevada, and with time the practice could overtake other areas and make Las Vegas number one.

On average, house flippers in Las Vegas during the second quarter of 2018 saw a healthy return on their efforts to the tune of approximately $54,000 or more in terms of profit for houses sold, or a nearly 28 percent return on their investment. This amount accounts for the money spent acquiring the property, but not for any subsequent expenditures encountered while renovating and/or improving the house itself before it had been sold. But with careful work done with economy – and quality – in mind, flippers can minimise their costs while maximising their profits.

House flipping in Las Vegas is maintaining its reputation as a profitable and sure-fire way to turn a quick buck in one of the hottest real estate territories around, so if you have the money, time, and wherewithal, it’s something that anyone interested in hard work and high rewards should seriously consider undertaking. With homes in the Las Vegas market still in high and ever-increasing demand, it only makes sense to get in on the action while it’s still hot in one of the fastest-climbing housing markets in the country.

If you are considering investing 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 tenant related questions you may have.

LAS VEGAS, NV – Steel tariffs instituted by the United States government have begin to make their presence felt upon several high-profile, ongoing construction projects in the Las Vegas area, driving up costs of many beyond the scope of their original estimates, according to reports.

Northwest Vegas’ Centennial Bowl construction has seen some issues related to the tariffs; an estimated $12 million has been added to the project’s original projected costs of the newest phase of work, a huge amount that the Nevada Department of Transportation has attributed to the newly-imposed taxes placed upon imported steel from several foreign sources. It is unknown if attempts were made to procure steel from domestic sources in order to avoid additional cost overruns.

The Centennial Bowl initially began construction in August of 2015, with the stated purpose of the project being a widening and upgrade to a six-mile segment of U.S. Highway 95 in northwest Las Vegas in order to reduce traffic congestion and provide a more efficient and safe corridor of travel for local residents. The project will expand the highway from its current four lanes of travel to an eventual six lanes, running from Durango Drive to Kyle Canyon Road. That work, coupled with a new series of entrance and exit ramps, is expected to create some much-valued breathing room for area motorists.

Currently, over than 52,000 vehicles traverse this section of highway with that amount of motorists anticipated to increase by at least 50 percent in the next 20 years. Needless to say, an upgrade was sorely needed. The first phase of work was finished in 2016; the next phase is due to begin at the end of 2018.

The Department of Transportation selected Las Vegas Paving as the main contractor for the new phase of the Centennial Bowl project, which involves building an additional three parkway ramps that will serve to join the 215 Beltway and U.S. Highway 95, in addition to two flyover bridges.

All of this construction involves a great deal of steel-reinforced concrete, and the initial estimate of $49-$59 million was bumped up to approximately $61.5 million, with the increased costs being attributed to the new steel tariffs. When the project cost was first estimated, structural steel was approximately costing $3.25 per pound and reinforcing steel $.80 per pound; officials now note that structural steel comes in at $9 per pound and reinforcing steel $.94 per pound.

The current deadline for completion of the new phase of the project is 2020.

Considering relocating to Vegas? 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 – Ground has officially broken and construction is underway on the first of at least 12 buildings that will encompass the Harry Reid Research and Technology Park at the University of Nevada, Las Vegas (UNLV), a $30 million project that the university says should generate as many as 25,000 jobs once it has been completed.

The first building, is expected to be completed next spring and is slated to come in at four stories and take up approximately 115,000-square feet. Developers working on the project are still in the process of finalizing when the entire twelve-building park will be completed, which is slated to consist of as many as 12-15 buildings with up to 1.5 million square feet of office space. The university anticipates that the facility will attract numerous technology businesses to the Las Vegas region.

Located adjacent to Durango Drive and the 215 Beltway, UNLV acquired the 122-acre property for the park in 2005 but was forced to delay construction efforts until now due to financial hardships brought on by the recession. Once completed, the park will offer UNLV students ample facilities to conduct research and engage in business and economic development projects; in addition, the park will also have space available for numerous businesses and partners, although who these specific enterprises are have yet to be divulged.

One complete and fully operational and with full occupancy, the par is expected to provide a vast array of employment opportunities for local residents and boast of an anticipated economic impact upon Las Vegas in the neighborhood of $2.6 billion. UNLV, considered a research university, has stated their goal as becoming a notable research institute and indents to pour approximately $120 a year into their efforts by 2025, focusing on research into technology and increasing the number of patent applications they submit on an annual basis.

The initial building currently under construction is known as an “innovation building,” and will feature offices, research space and lab space, in addition to amenities such as a basketball court and electric vehicle charging stations. UNLV and a corporate sponsor – to be announced in the near future – will be situated on the top two floors of the four-story building, with the bottom two floors being made available to businesses to lease.

Tenants are currently being sought and will be announced once signed, UNLV officials said.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LAS VEGAS, NV – In a city where seemingly every building or attraction is constantly fighting for your attention, the one that may rise above them all in terms of spectacle will be opening its doors in 2020, as plans for the futuristic music venue MSG Sphere – due to begin construction later this year – was revealed to the public this week.

The MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

Judging by the conceptual renders supplied by the Madison Square Garden Company, the MSG Sphere, once completed, will truly be a unique attraction in a city known for many, as well as an unbelievable sight to behold in its own right. The exterior of the sphere will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured. In addition, images of Las Vegas taken via a camera system could be projected upon the sphere as well.

MSG Sphere, a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip; Photo credit: The Madison Square Garden Company

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed. Interactivity will be emphasized via high-speed wi-fi access for each and every seat, enabling concertgoers to constantly and easily document their experience on the social media platform of their choice, posting comments, photos, and video clips to their followers with ease.

Inside, a 180,000-square-foot ceiling will feature massive video screens for attendees to watch, and a floor-installed bass speaker system should appeal not only to those taking in a concert, but club-goers on evenings when electronic dance music acts take the MSG Sphere stage, giving the music venue a multi-genre and event capability.

And in addition to the MSG Sphere being dazzling to behold in a visual sense, it’s also planned to be just as impressive from an aural perspective as well; the venue will feature an acoustics technology developed by the German company Holoplot known as “beamforming audio,” a technology that sends sound directly to a specific location via planar audio waves. Going beyond the experience of standard stereo speaker systems, the transmission of audio using beamforming tech is being touted as so precise that individuals seated in the same vicinity could hear completely different sounds while taking in the same performance.

Parking for the venue will make use of facilities at nearby casinos, utilizing 12,101 spaces divided up among the Venetian, Palazzo and Sands Expo Center garages as per zoning and land use permits issued in February by Clark County city commissioners; in addition, owners of the MSG Sphere will create an additional 304 spaces on their own property to supplement their parking needs.

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.