Category Archive : Investing

LAS VEGAS, NV – 2017 was a red-letter year for Las Vegas in terms of many growth factors- the economy, the real estate market, the job market, and investors have been clamoring to continue that trend leading into the New Year. With the economy in the region on the rebound after laying in stagnation for the better part of a decade, Vegas has become a destination for those looking to not only make a quick buck on a sure thing, but also those who are looking to begin a new chapter in their lives by relocating to a job market where there is ample chance to succeed due to the many opportunities afforded by the many new companies and businesses that have recently taken up residence in Southern Nevada.

And when you have a rising population in any given region, you can’t expect residents to sit in their houses doing nothing when not at work; they need places to go and shop for groceries, enjoy a relaxing drink with their friends, see a movie, or go shopping for the latest fashion trends. That’s where Las Vegas’ downtown area comes into play, and experts are predicting the growth it experienced in 2017 to continue into 2018 to accommodate the rise in the local population.

Currently – despite the development progress over the course of the last year – the downtown area is still in a state of recovery from the economic downturn that Vegas. While improved in many respects, some sections still feature large swaths of boarded-up storefronts – eyesores in an otherwise steadily-growing urban destination for local residents.  For example, the Fremont Street area has experienced a great deal of improvement, but the eastern section is still comprised mostly of empty lots of land and abandoned stores; however, developers have tentative plans in the works to bring a five-story apartment complex to Fremont Street, in addition to a potential multifamily project in the area as well, according to reports.

In addition, Las Vegas city officials have designated the Fremont Street area as a “technology proving ground” in an attempt to develop the area and keep economic growth on an upward angle. They are doing so by addressing quality of life issues that always come along with growth and change in any given region, such as resident safety, traffic flow and congestion, mass transit – including an autonomous shuttle, which is already in-place and running as a precursor to driver-less cars – and pollution. The goal, officials say, is to attract cutting-edge businesses as well as people with families that would want to call Fremont Street, and the rest of the downtown area of Las Vegas, home.

Las Vegas Mayor Carolyn Goodman has dubbed the effort to revitalize the downtown area in general – and Fremont Street in particular – as “Downtown Lights Up,” which will consist of ample new eye-catching signage welcoming visitors and residents alike, as well as the new, aforementioned tech-focused approach to development, including a complete re-vamping of the video canopy at Fremont Street Experience.

Overall, the comeback of Las Vegas from the brink of ruin it was teetering on for many years is nothing short of astounding, and – one piece at a time – the area is putting itself back together better than it ever has before. No longer content to remain simply a collection of casinos, Vegas is re-inventing itself as a destination for business, sports, arts, real estate, and leisure for many years to come, and the efforts currently directed at revitalizing its downtown area are testament to that.

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 increased real estate construction in Las Vegas to keep up with ever-growing housing demand going into 2018 comes an issue that only goes hand-in-hand with such activity – increased emphasis on infrastructure development to ensure the populace can effectively get to the new towns, stores, and city centers that are being built.

2017 saw multiple road and freeway construction projects get underway in order to allow the free flow of traffic into new areas of Southern Nevada that are currently in the works by numerous developers since the recent housing boom, as well as to accommodate a growing population that is relocating to the region to take advantage of a blossoming job market. One of the most significant and newest of these projects looks to potentially open up North Las Vegas as a major destination for new business and investment activity once complete.

Starting this month will be the beginning of a massive $57.8 million freeway endeavor that will improve the commute from to the Apex Industrial Park in North Las Vegas; this is part of a North Las Vegas city initiative to attract companies to the region, which are currently somewhat vacant. The U.S. Highway 93 interchange with Interstate 15 – which has remained relatively untouched by construction ever since it first opened in 1963 – will be rebuilt, with  additional plans calling for a widening of the 5-mile section of U.S. Highway 93 leading to Apex Power Parkway, from its current incarnation of two lanes to four.

The work will ensure that the resultant new roadway will contain the flexibility to support future plans to increase Interstate 15 to six lanes when the need arises; the stated goal is to increase both safety and for motorists – sections of the current parkway are considered substandard and are open to possible flooding during heavy rainfall – as well as enhancing their mobility by opening up Apex as a potential major industrial park for businesses to set up shop.

The project, funded in large part via a Transportation Investment Generating Economic Recovery grant from the Federal Highway Administration – acquired by the efforts of the Nevada Department of Transportation, and with development work to be carried out by Ames Construction – will also involve creating advanced traffic intersections for Apex Great Basin Way, Apex Power Parkway and Grand Valley Parkway and new access points for Apex Industrial Park along a re-built and improved frontage road; in addition, another frontage road will run alongside U.S. Highway 93, with construction allowing the ability to add traffic signals to the road at a future date where it intersects with Apex Great Basin Way.

The work is expected to be completed by the close of 2018, and officials from the City of North Las Vegas are hoping that it opens up their neck of the woods to both in and out-of-state investors, as well as big companies looking for a business-friendly climate to set up shop.

Are you considering Southern Nevada as a potential for investment? Would you like to hear more about why Las Vegas real estate is one of the busiest topic for real estate investors as of late? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Spurred on by a rapidly escalating real estate market, renewed interest shown by big brand-name companies, and backing by global investors, Las Vegas, Nevada’s economy is projected to skyrocket in 2018 by major economists. According to Bloomberg, in the mid-2000’s Las Vegas was among the hardest-hit cities by the United States’ nationwide economic crisis, with house prices falling a whopping 62 percent from their 2006 high-point –single-family home building permits dropped by over 90 percent – and unemployment hitting its most widespread peak at 14 percent in 2010. Housed purchased by investors sat vacant and unused.

However, after over ten years of slow and painful recovery, experts have stated that Las Vegas is on the top of their lists for U.S. cities that are making a serious economic comeback in 2018. For instance, according to the Greater Las Vegas Association of Realtors, November 2017 saw the amount of houses on the market in the Southern Nevada region to be 30 percent less than during the same period the year prior – representing a mere remaining supply of two months for buyers – which resulted in a significant jump in property values, with Vegas being only one of two metropolitan areas in the country – the other being Seattle, Washington – that has shown an increase into double-digits over the last twelve months.

According to Nevada Business, the main driving factors behind Las Vegas’ economic growth in 2018 will be numerous and varies, split-up among construction; currently the city is an estimated 10,000 workers short for the number of projects slated for the region in coming years, consisting of sporting venues, hotels, casinos, and family housing – in addition to tourism, and a number of large investments to be made as they relate to that tourism. In addition, an expanding number of retirees in the area, along with logistics and warehouse/distribution – with Amazon.com building major fulfillment centers in Vegas – also playing into the growth factor expected in 2018. New jobs are coming in at 4 percent in terms of growth, which amounts to approximately 7,000 to 10,000 on an annual basis.

In addition, the recently-passed GOP tax overhaul bill, with its emphasis on cutting the tax rate for businesses, is projected to enable companies to raise the pay rates of their employees and invest in growing their individual scopes, creating new jobs in the process; this will potentially have the effect of lowering the cost of goods and services for the middle class, and it stands to reason that the GOP tax plan; provided it works as it’s touted to – could prove to be a major boon to Las Vegas in particular, pouring gasoline on the fire of the city’s economic recovery.

Another factor that should contribute to increase in wages is the aforementioned shortage of construction workers; in an effort to entice more qualified employees to bolster their ranks, developers on average have raised the hourly rates of workers over 8 percent in the last year alone; with more workers needed and a smaller tax rate, this amount is sure to increase even more in 2018. Jobs, real estate, tax cuts, wage growth, investments, and mass construction, Las Vegas features everything a city could possibly need to stoke the fires of economic growth for 2018, and for the people who waited out the last decade when things were at their worst, they should now be ready to experience Las Vegas at its very best.

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 2018 finally here, the future of Las Vegas is starting to take real shape; and nowhere is that more apparent than the much-anticipated arrival of the Las Vegas Raiders National Football team, whose new home base – Las Vegas Raiders Stadium, a $2 billion, 65,000-seat complex being built on a 63-acre plot of land located just west of Interstate 15 – officially broke ground in November of 2017 and recently overcame several new hurdles in its development while making headway towards its 2020 goal of completion.

An anticipated delay involving an underground flood channel was recently overcome via a Section 408 permit issued by the U.S. Army Corps of Engineers, which granted developers the ability to move the flood-control culvert so that it circumvents the stadium grounds so as to not delay construction; previously, the stadium’s 2020 grand opening date appeared to be in peril due to this issue, with completion possibly being pushed back to 2021 as a result.

The flood channel provides a conduit for storm water from the Decatur Boulevard and Russell Road-based Tropicana Detention Basin to the Flamingo Wash, located in the vicinity of Flamingo Road and Swenson Street. The culvert currently runs through the Las Vegas Stadium grounds in by ways of a 6-foot tall, 15-foot wide “S”-shaped channel, after which it runs underneath several other notable Vegas properties – such as the Hard Rock Hotel and MGM Grand – before reaching its drainage point. Thanks to the Section 408 permit, the culvert will be transplanted to the west approximately 150 feet, steering it clear of the ground of the stadium project.

With the Las Vegas Raiders stadium progress back on track, the developers and team owners are now looking at addressing other issues that will eventually arise once the project is completed— namely, a need for regulating the more-than-likely increase in pedestrian traffic, as well as the availability of new emergency services that will be required by public safety laws to be local to the stadium.

Reports indicate that the Las Vegas Raiders had struck a bargain with Clark County officials to foot the $1.4 million bill for a specific set of emergency services within the vicinity of the stadium, in addition to new infrastructure situated around the stadium’s parameter in order to manage the anticipated large increase in foot traffic, including pedestrian bridges or underpass alterations to existing sidewalks and roadways, installation of traffic control devices, construction of local Las Vegas Metro Police headquarter/detention facilities, and equipment and services to deal with any unforeseen emergencies. The exact configuration of this complex web of new infrastructure has not yet reached a detailed planning stage yet; that will come once the developers submit their parking plans for the stadium to Clark County by their September 2018 deadline, which needs to account for the at least 14,000 off-site parking spaces as required by county code. Once parking has been approved, work can commence on how to manage the flow of foot traffic and other services required of a major event venue, while avoiding impacts upon local vehicle traffic.

These large-scale changes will prove to be a tricky task in a large, busy city such as Las Vegas, but in the end they will provide for a better and safer experience for both tourists and local residents alike as congestion in the vicinity of Las Vegas Stadium is sure to increase exponentially once the Raiders make their 2020 debut in Southern Nevada.

Thinking of relocating to Las Vegas? 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 – 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.

LAS VEGAS, NV – While  news of the famed Oakland Raiders National Football League (NFL) team transplanting themselves to Southern Nevada in a newly constructed stadium  by 2020, having one major sporting team taking up shop in Las Vegas isn’t enough for local officials and businessmen it seems. Indeed, announcements have recently come to light regarding efforts to lure other professional sports teams to Vegas from leagues such as the National Basketball Association (NBA), and to that end, plans have been unveiled to give potential basketball teams looking to uproot an appealing place to hang their sneakers.

The All Net Arena project – which has run into multiple issues in the past and had lain dormant for quite some time – has finally managed to cut through the red tape and is starting to get traction in its bid for reality, according to reports. Once completed, the All Net Arena – a privately-financed venture which will be located at the northern end of the Las Vegas Strip, the site of an abandoned Wet ‘n Wild water-park – is slated to serve as a basketball, hotel and retail complex, with the goal being to attract an NBA professional basketball team to the area.

Designed by the Cuningham Group, All Net Arena was planned to open in 2017, but has been delayed until 2018 or 2019. This isn’t the first time a group has attempted to develop the former Wet ‘n Wild property into a sporting arena; previous plans for the site included the construction of a venue to be known as the Silver State Arena, but plans were withdrawn after Clark County rejected a proposal to fund 15 percent of the venue with public money and nearby residents opposed construction.

Ground had already been broken on the All Net Arena project in 2014, but financing problems caused a subsequent delay; after resolution of those issues, demolition of the existing structures on the property began in 2016, and now that work on that aspect of development has been completed, developers have high hopes to have the complex completed before 2020, after which they will attempt to court an NBA franchise to relocate to the Las Vegas area.

Plans for the project – spearheaded by Jackie Robinson, a former UNLV and NBA basketball player – are scheduled to go before Clark County Commissioners on October 18 2017; once that hurdle has been cleared, further details on the anticipated $1.4 billion development are expected to be made public. What is currently known is that the complex will include a proposed 728-foot tall hotel tower; a $670 million, 22,800-seat multi-purpose indoor arena with a retractable roof (which would enable the arena to host outdoor events such as tennis, rodeos, or indoor sports such as basketball and hockey); a high-end resort with a spa; and a restaurant, nightclub, wedding chapel and retail amenities. In addition, the four-level arena is to include 75 luxury boxes.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to reports, numerous construction projects in the Las Vegas area are facing the very real threat of being thrown off-schedule due to a lack of staff in Clark County’s Public Works Department – still recovering from cuts made during the mid-2000’s recession – including one of the biggest projects in Southern Nevada’s recent history: the upcoming stadium of the newly-transplanted NFL Raiders football team.

In May 2017, the Raiders purchased 62 acres of land west of the Mandalay Bay resort, finalizing the decision and clearing the way for construction of a brand-new, state-of-the-art stadium that will serve as the team’s new home when they move to Las Vegas from their current home of Oakland, California. Previously, the Raiders had moved from Oakland to Las Angeles in 1982, returning to Oakland in 1995. The Raiders’ impending arrival in Las Vegas has been heralded as a sign of the recovering economy and housing market in the region, and is also being credited for actually aiding said economic recovery – by means of the team’s enduring popularity – by attracting additional tourism and business to the area upon their arrival.

Details on the stadium have also been coming into focus in recent weeks; at a projected cost of $1.9 billion – including $750 million in public funding by way of Nevada legislator approval – the indoor, climate-controlled facility is slated to seat 65,000 (with the ability to expand seating to 72,000), features U-shaped seating arrangement; the open end faces a view of the Las Vegas Strip. The stadium was originally expected to be completed in time for the 2020 NFL season, although estimates allowed for the possibility of early completion for 2019; however, due to staffing issues in Clark County’s Public Works Department, that estimate may now have to be revised.

Public Works commissioners Steve Sisolak and Jim Gibson have expressed concerns that current staffing levels may result in a delay in conducting surveys and processing applications for numerous developers, including ones submitted by those behind the Raiders’ stadium. While attempting to increase the number of employees they have with new hires, commissioners are looking into other ways of expediting the application approval process. In attempt to streamline the design and approval process from their end, the Las Vegas Stadium Authority has noted that they are planning to employ a construction industry consultant on a short-term basis to review design specifications provided by the Raiders’ contractors and provide advice to the authority.

Regardless of any possible delays, the fact remains that the creation of the Las Vegas Raiders Stadium is already providing a boost to the local economy, including jobs (and corresponding wages), tourism, and especially the real estate market, which has already been seeing a steady and constant increase in prosperity since the housing bubble pop of the mid-2000’s. Home and rental prices have been climbing on a regular basis, and with the much-anticipated arrival of the Raiders, Las Vegas is looking to enter a legitimate boom period that the region hasn’t seen in over a decade.

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

LAS VEGAS, NV – When it comes to the Las Vegas real estate scene, one thing remains true – demand is far outpacing the available inventory when it comes to the number of housing options available within this very hotly-contested marketplace. Since the area’s recovery from the burst of the real estate bubble in the mid-2000’s, Southern Nevada’s housing market has been on the rise like few others in the United States, resulting in numerous positives – growing economy, a robust property seller’s market, and an influx of jobs and new residents to the region – but also a significant negative, namely steadily climbing housing prices exacerbated by a severe lack of options for those looking for a place to live in Las Vegas and its surrounding areas, as any available house or rental unit is often snapped up as quickly as they hit the market.

However, recent news indicates that this problem may see a bit of relief soon, as a number of developers are putting home construction plans into high-gear; with more housing options hitting the market, demand should be satisfied and, in turn, prices – currently reaching record levels with your average family dwelling going for well above the region average – should begin to lower in response. For instance, in August of 2017 alone, building companies filed 839 new home permits, bringing the year’s total up to 5,843; this represents an increase of 5 percent over the same period in 2016.

Sales of single -family homes – the primary type of housing in the area, and the kind most sorely in demand – rose once again in August 2017 along with the news of increasing inventory in the region, but despite that fact – overall availability of housing options are still currently lower than those of 2016. 3,284 homes were sold in Southern Nevada throughout August, an increase of 4.5 percent over July and 5.9 percent from the corresponding point in time last year; the median sales price of single-family homes was $260,000, a leap of 10.6 percent from August of 2016.

An example is the Miami-based Lennar Corporation, of the largest home builders in the United States currently, who recently spent $10.8 million on a 22-acre stretch of land at Lake Las Vegas in order to construct a housing tract, closing the deal on August 31. The number of single-family home plots purchased by Lennar comes in at 90, and according to reports they are fast-tracking the project and anticipate making model homes available for viewing to prospective buyers in early 2018.

In addition, the hotbed of real estate activity in Vegas also represents an attractive location for house flipping; in fact, approximately 8.9 percent of the homes sold in Southern Nevada in the months leading into summer of 2017 consisted of properties that were later renovated and flipped for a profit, according to reports, which makes the region the fourth most popular in the country for people who specialize in buying and flipping houses. A flip is, by definition, the act of buying a home and selling it off within the span of one year.

Either way, the real estate market in Las Vegas continues its juggernaut-like course upwards while basking in the post-recession glow of recovery, but relief from the correspondingly-rising prices is hopefully on the horizon as builders continue to sink resources into expanding the cutthroat housing market and, in the process, reaping the rewards of sales that are sure to follow.

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