Category Archive : Real Estate

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LAS VEGAS, NV – Taking advantage of the popularity of “house flipping” shows – that is, programs that chronicle the happenings when people purchase a home to fix up and quickly sell for a profit – HGTV decided to make a spin-off of its hit series Flip or Flop by tying it into a region experiencing a rapid period of growth in terms of real estate; thus, Flip or Flop Vegas was born, debuting on HGTV on April 6, 2017 and instantly finding a loyal audience, earning 12.5 million viewers since its premiere.

Filmed in and about Las Vegas, Nevada, Flip or Flop Vegas features the husband and wife duo of Bristol and Aubrey Marunde as they go using their years of real estate experience flipping various properties in each weekly episode, all under the watchful eye of a professional camera crew. Aubrey is a real estate expert and designer, while Bristol – a former Mixed Martial Arts fighter – is the contractor and handles design as well. With the first season proving to be a ratings winner with audiences, HGTV announced after the finish of season one that Flip or Flop Vegas would be renewed for a second 16-episode season – upgraded from 13 episodes in season one – set to debut this March.

High demand for Las Vegas real estate, combined with ever-escalating prices, have contributed to an intense buying and selling environment unlike near anywhere else in the United States; Aubrey Marunde noted in an interview that such a competitive area was ripe for a television show chronicling the cutthroat attitude and drive a flipper must have when it comes to snatching up distressed properties, renovating them, and getting them back on the market to sell at profit as quickly as possible.

“Vegas is a very, very fast-paced market. There are so many opportunities and they present themselves daily. You have to be ready to jump on them, because if you don’t, somebody else is going to,” she said. “So our fast-paced market here is much different than other places around the country and I think that people watching are going to see that. Our properties sell in hours, rather than days or months here. That’s very unique to the show.”

After the couple’s exploits in season one, the Marundes now find themselves in a Las Vegas that is even more intense in 2018; in fact, Aubrey stated in a recent interview that Vegas is now the country’s “harshest“ real estate market in terms of the speedy time frame needed to execute a successful flip…if you slow down to catch your breath, she noted, you stand to lose countless dollars from your investment.

“Things move so fast in Vegas. You can have an area that’s booming, and something opens next door to it and you start seeing declining value,” she said. “You have to be really careful about which property you select and what you put into it — and how fast you get it on and off your books.”

The couple’s average time to flip a property these days tends to be about three weeks; once on the market, their average sell time is five to seven days.

Going along with the flashy image that Vegas portrays in the media, the design aesthetic the Marundes’ bring to their typical flip can be summed up in one word: “glam,” with lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered the two quite the reputation…not to mention demand for their work.

A good example of the magic the two can work on a property is a recent job they did in Boulder City in Clark County; as will be shown in an upcoming season two episode, Aubrey and Bristol discovered a 690 square-foot house originally built in 1940, which they purchased with the intent to maintain the old-school charm the property possessed during its renovation. The plan is to double the house’s size with the additions of two new bedrooms and a new bathroom, in addition to replacing the windows, adding a porch, as well as other upgrades and embellishments.

The Boulder City home was purchased for less than its list price of $95,000; when the renovation is complete, Aubrey and Bristol said that they hope to flip it for $300,000. And considering the explosive state of the Las Vegas real estate market, it’s likely that they will get it. Flip or Flop Vegas season two will air on Thursdays this March on HGTV.

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 – In a year of never-ending real estate news, 2017 comes to a close with Las Vegas as the region of the United States with the fastest-climbing real estate market; today, let’s take a look back and evaluate some of the highlights – and, considering what a red-letter year it’s been for Nevada, that’s no small task – in anticipation of what is yet to come in 2018.

Raiders Stadium: The former Oakland Raiders will be transplanting themselves to Las Vegas in 2020, and to make them feel at home, in May they purchased a 63-acre plot of land located at Dean Martin Drive and Russell Road in order to construct a massive $2 billion stadium and practice facility – with $750 million of that amount coming from public funding sources – which officially broke ground in November. The project has been credited with increasing tourism interest in Las Vegas, as well as serving as a beacon to companies interested in setting-up shop in Southern Nevada due to the local economic benefits the famous NFL team is providing, even well before their arrival in two years.

World Market Center: Wall Street-based investment firm The Blackstone group made a particularly noteworthy acquisition in Las Vegas in 2017- the World Market Center, a nearly 5.5 million square-foot furniture showroom facility located on Grand Central Parkway at Bonneville Avenue. The purchase, the cost of which was not made public, was announced in September, which was the same time-frame as Blackstone’s procurement of International Market Centers, which owns furniture showrooms located in both Vegas and North Carolina. Blackstone has made several high-profile purchases of Las Vegas real estate in the last few years, including the Las Vegas Strip-based The Cosmopolitan, a 3,000-room hotel.

Fontainebleau: The infamous 60-story hotel, which has been standing overlooking the Strip in its partially-constructed state for years due to the iron grip of the mid-2000’s housing bubble burst upon Southern Nevada, has changed hands several times; in August, real estate investment firms Witkoff and New Valley made public a deal where they acquired the property from the previous owner, Billionaire Carl Icahn, for the sum of $600 million (Icahn had purchased during the depths of the recession for $150 million), with the hopes of finishing the facility for an as-of-yet unannounced purpose (although presumably it will take the form of a hotel of some sort), with the project currently carrying the temporary moniker “Project Blue” as new development efforts are set to commence in 2018.

Alon: The Alon site, a 38 acre expanse of land located on the Strip adjacent to the Fashion Show Shopping Mall, was purchased in December for $336 million by billionaire developer Steve Wynn, who has purchased several properties in the area in recent years – including the $1.5 billion Paradise Park hotel and resort – although it is currently unknown what his plans are for his newest acquisition, the sale of which will be finalized in the first quarter of 2018. At the moment, representatives for Wynn have merely stated that they are purchasing the Alon site and some of its adjacent property – which has changed ownership hands several times over the years, including in 2007 and 2014 – for “future development.”

Town Square: A large open-air retail and office complex located at Las Vegas Boulevard and Sunset Road, Town Square Las Vegas was sold in January to investment firms TIAA and Fairbourne Partners; price was not publicly disclosed, but according to reports the companies took out a $215.6 million mortgage in connection to the acquisition of the 100-acre property, which was seized via foreclosure by creditors in 2011. Retailers already in-place at Town Square include Apple, The Container Store, and Whole Foods Market, in addition to office tenants such as SolarCity.

 Looking for information on investment properties in the area? Give us a call at 702.376.7379 so we can answer any questions you may have.

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.