LAS VEGAS, NV – With the recent economic upturn experienced by Las Vegas – fueled by an ongoing real estate boom, massive job growth as a result of an influx of new businesses and tourism increasing, and a more affordable cost of living, among other factors – the region has become quite attractive for location-first movers, with a recent study noting that Vegas currently claims the largest percentage of them in the nation. Location-first movers are defined as an individual or family that makes their selection in purchasing a home on the attractiveness of living in a specific area, sometimes before even securing a job there.

Apartment List noted in their study that a whopping 82 percent of movers selected Las Vegas based on numerous factors related to the lifestyle of the region, without even having secured a job before doing so. This is a huge number, and it far outpaces the number two location-first area in the U.S., Phoenix, which comes in at 69 percent.

These decisions are typically driven by a number of reasons related to living in Southern Nevada, including the general lower cost of living when compared to many other neighboring areas. A good example is the large amount of transplants from California, a state revered for its wealth and glamour, but infamous for its extreme cost of living; there has been a recent glut of movers from California to Vegas for the overall cheaper lifestyle, including the price of homes. While property values in Vegas have been steadily climbing due to incredible demand and lack of supply, they are still much lower, proportionally speaking, than in California; while local home values have risen 12.4 percent in the last 12 months, the median home price is still $230,800… this is in stark contrast to California, where the average price is $542,900, well over double. And although Las Vegas itself does have a sales tax of 8.15 percent, that number is nicely counteracted by the fact that Nevada has no state sales tax and very low property taxes.

Again, the reasons for this are clear- Vegas currently has an exploding job market that is offering a record number of placements for people both with and without college degrees; in addition, the revitalization that is taking place in the downtown area is not only offering additional employment opportunities, but it’s also offering an enticing number of entertainment options for local residents who are always on the lookout for something fun and exciting to do. And when they tire of the bright lights and big city, newcomers to Vegas can venture just out of town to experience the vast natural beauty that Nevada offers in abundance.

In addition, the rental market is also thriving and attracting similar numbers of location-first movers, at well over 60 percent; the closest competitor in this regard is San Antonio, with the rest of the field lagging well behind. And while again, demand and scarcity are in the process of driving up prices – currently, a one-bedroom apartment fetches an average of $910, with two bedrooms going for $1,130, with a year-over-year growth of 3.8 percent – but again, the overall lower cost of living, combined with a flourishing job market and numerous attractions and amenities afforded by life in Southern Nevada, have made Vegas THE place to call home these days.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 – 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 – 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 – 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.