LAS VEGAS, NV – North Las Vegas has been clearly embracing the recent re-surge Southern Nevada has been experiencing in both the economic and real estate sectors; since the burst of the housing bubble in the mid-2000’s laid waste to much of the property value in the region, Las Vegas as a whole has been on the comeback trail in the past year, with housing and rental demand – and prices – quickly on the rise, including jobs and construction which are flowing back in a steady stream. Clearly, the area is enjoying a resurgence, and many are looking to get in on the action.

In fact, North Vegas Mayor John Lee has been quite vocal in recent months on the benefits of living and working in his city, citing construction of new homes and apartment complexes as well as an influx of commercial entities that see the area as ripe for business opportunities. In order to jump-start further economic growth in his municipality, Lee recently invited a number of real estate agents and professionals to a meeting at the North Vegas City Hall, where he extolled the virtues of investing in the region, referring it to the primary place in Southern Nevada to see a significant return on their dollar.

“There will be more new money in North Las Vegas than anywhere else in this valley in the next 20 years,” he said. “I’m not going to make your sales for you, and I’m not going to give you leads, but I am going to tell you- you will make good money if you come to North Las Vegas.”

Lee’s attempt to woo businesses to North Vegas to take advantage of the growth overtaking Vegas as a whole has encompassed his governing strategy as a whole in recent months; in May, he and his board of trustees unanimously voted to approve a multi-million dollar revitalization project aimed at cleaning up the city’s seedy downtown district, including a plan to essentially demolish and rebuild a housing complex known as a centerpiece of violence and drug activity, in addition to constructing a new $22 million home for senior citizens, projects spurred on by a $485,000 grant from the U.S. Department of Housing and Urban Development.

In addition, Fanatics Inc. and The Honest Co. are currently building dual warehouses in the region – at a combined total of 800,000 square feet – and nearby at the Apex Industrial Park, Hyperloop and Faraday Future are in the midst of constructing new facilities as well.

Lee, a former businessman and state senator, is credited as using the ample experience he has in both fields to essentially pull North Vegas back from the precipice of financial ruin since taking office in 2013; at that time, the city was in ruins, economically speaking, with a budget deficit of $152 million. Lee worked hard to attract new businesses and diversify to the city’s economy, in addition to job creation and taking advantage of state grants and resources to help fund infrastructure projects. Today, North Vegas is well on its way to recovery and prosperity, while Lee’s renewed push to concentrate on housing and business development as well as growth is being touted as the new means to that end.

Of course, Lee still has an uphill battle on his hands; numerous areas of downtown North Vegas are known for blight and homelessness, and to combat that a project is currently in the works to re-develop and revitalize a 160-acre area from urban decay into a hip, stylish community replete with hew homes, retail, and eateries, dubbed Lake Mead Village West.

After giving a series of investors, real estate agents and developers a tour of North Vegas to show them how far the region has come – and how far it’s going to continue to progress in the near future – Lee received plenty of feedback, and the majority of it was positive. Upon viewing a new housing development dubbed Beazer Homes Dorado Skies, investor Patti Domingo was open to admitting that her view of the once-blighted North Vegas had changed considerably, and that putting her money there was looking more and more like a very sound business decision.

“[Mayor Lee’s tour is] opening my eye up to the amenities and new communities in North Las Vegas,” she said. “When you think of North Las Vegas, you think of not such a nice community. But now, after taking this tour, you’re seeing everything that the mayor has spoken about.”

If you’re looking to invest here in the Las Vegas Valley, please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Why Las Vegas Is The Right Market

It should be no surprise to hear that Las Vegas is an excellent housing market to invest in. Investors are receiving top-dollar rents. Nevada boasts over 3 million people and continues to have one of the strongest growth rates in the country. Clark County is home to nearly 75% of Nevada’s 3+ million residents with almost half of those households choosing to rent.

The unique job opportunities, sunny weather, and abundant activities for all ages make the Las Vegas area an attractive place for many individuals and families to call home. Las Vegas is one of the top travel destinations. Being the Entertainment Capital of the World creates a lot of unique job opportunities. A large amount of families and individuals have flocked (and continue to flock) to the Las Vegas area seeking work. As they move to a new city, one of the first things they need is a place to call home – usually a rental home. Rental homes are in high demand in the Las Vegas area, resulting in increased monthly rent amounts that continue to edge-up.

Until recently, the Las Vegas area lacked in one area, professional sports. But now, it is home to the NHL’s Vegas Golden Knights, the AHL’s Henderson Silver Knights, the NFL’s Las Vegas Raiders, the WNBA’s Las Vegas Aces, the MiLB’s Las Vegas Aviators, and the USLC’s Las Vegas Lights FC. Additionally, the Oakland A’s are coming to Vegas. While their move is official and approved by Major League Baseball, they won’t be in town until the 2028 season. As you can see, the continued growth of professional and semi-professional sports is another factor to thank for the influx of new residents.

Investing in real estate markets is not created equal. One advantage of investing in the Las Vegas market is the lower-than-average property taxes. A lot of hot real estate markets are located in areas with high property taxes. Nevada boasts one of the lowest property tax rates in the country, helping keep your monthly costs down. Additionally, on average, homes in Nevada are much newer than other states.

Typically, newer homes require less maintenance overall. Lower property taxes and less maintenance are just two advantages of purchasing an investment property in the Las Vegas area. Lower costs equate to a better return on investment.

Entrusting your investment property to a reputable property management company is one of the first steps in maximizing your return on investment. Shelter Realty is a full-service real estate and property management company that will assist you from start to finish. One of the most important aspects of purchasing a rental home is actually finding a home that is desirable to the majority of renters. By using Shelter Realty to assist you in the home buying process, we will assist you in finding investment properties that will maximize your cash flow. We manage a diverse portfolio of over 600 properties all over the Las Vegas valley, making us experts in knowing what areas, floor plans, and types of properties renters are looking for. Additionally, we can provide you a very good estimate of what rent amount to expect per month on any given home, how long to expect the vacancy period to be, and recommend upgrades (if any) to help maximize the rental amount you could receive. Whether you are purchasing a $200,000 investment property or a $1,000,000 investment property, Shelter Realty is here to help.

Once you have acquired the investment property, it’s time to yield the highest return. Shelter Realty provides full property management services through our property management division. Our property management department is run by well-equipped, knowledgeable employees that provide the following services:

• A complete rental property digital marketing campaign to ensure your property is vacant for the least amount of time possible
• A detailed tenant screening process to ensure we obtain the most qualified applicant for your investment home
• Thorough property inspections that include very comprehensive, fully digital move-in and move-out reports with hundreds of pictures
• Full service maintenance management 24/7 to ensure repairs are handled in a timely manner and completed with care
• Accounting and online payment services to ensure that our tenants and landlords can login to view their accounts, pay rent, receive payments and pay bills anytime

With over 19 years experience as a full-service real estate and property management company, we have built a capable and experienced team of sales agents, residential property managers, leasing agents, licensed vendors, accountants, bookkeepers, attorneys, and more. We pride ourselves in earning the trust and respect of our clients to create clients for life! If you have any questions or are interested in additional information regarding investment properties in the Las Vegas area, feel free to give us a call at 702.376.7379 or email [email protected].

LAS VEGAS, NV – After several abortive attempts at starting construction of the new Resorts World Hotel and Casino of Las Vegas – it was originally slated to open first in 2016 and then in 2019, with delays being attributed to re-designs and other factors, ground is finally stated to be broken on the $4 billion dollar project this year. The resort, flaunted as the first of its kind constructed from scratch in Southern Nevada in nearly ten years, has a grand opening target of 2020, and its construction promises to create a huge influx of both money and jobs into the area, as well as a continued and pronounced economic benefit once it finally opens its doors for business.

Being built on the former land where the fabled Stardust Hotel and Casino once stood, Resorts World – featuring lush, modern, Asian-themed architecture and elements – is being envisioned as a behemoth of a resort, encompassing a 3,000 room hotel accompanied by restaurants, shops, theaters and 100,000 square feet of space dedicated completely to gaming, including baccarat, slot machines and more. The hotel is planned to take the form of two separate towers- one with 1,400 rooms and the other with 1,800, with the ability to expand more in the future if needed. One only has to take a look at the scope of its current East Coast-based cousin – Resorts World New York – to know that Genting Group, Resorts World’s Malaysia-based developer who purchased the 90 acre lot in 2013 where the resort will be built, likes to live large when it comes to their developments.

The anticipated benefits that the construction and opening of Resorts World will bring to Las Vegas – already experiencing a new boom of real estate activity after riding out the harsh housing bubble burst of the late 2000’s – are numerous. The third-quarter 2017 building phase will initially employ at least 1,000 construction workers, with several thousand working on the project once it’s up and running at full speed leading up to its 2020 opening date. Once open, Resort World will hire 3,000 union-based employees to run and operate its facilities, in addition to numerous other incidental jobs where needed.

For a time, the likelihood of Resorts World actually getting built seemed to be growing more and more unlikely by the day; the initial groundbreaking ceremony had taken place in May of 2015, and progress on the project had limped along slowly since then due to several factors, among them a shortage of needed construction equipment such as cranes and financial issues faced by Genting Group. However, with the announcement of Resorts World’s 2020 opening date – not to mention the acquisition of the needed construction cranes, which newly-appointed Resorts World Las Vegas president Edward Farrell noted should be in-place within the next 90 days, prior to the official kick-off of construction.

With the announcement that work will finally commence on the long-stagnating Resorts World and Hotel, Las Vegas is set to receive yet another boon to its local economy that will only serve to support and bolster the rapidly-recovering real estate scene. Coupled with the 2020 arrival of the newly-rechristened Las Vegas Raiders NFL professional football team – due to be the recipients of a new, state-of-the-art, locally-based domed stadium that’s sure to be an epicenter for tourism – as well as a housing and rental market that has shown strong, steady gains and price increases in the last year, Resorts World is yet another signal that Las Vegas is truly on the comeback trail after successfully fighting an uphill battle to fiscal recovery.

LAS VEGAS, NV – Hitching themselves to a trend in Southern Nevada as a whole in recent months, North Las Vegas has begun an effort to revitalize large swaths of its real estate, especially in a northern area that had previously been plagued with drug dealing and violent crimes. The efforts will concentrate on development with a focus on senior and public housing options; in addition, major out-of-state businesses are setting up shop in the area, providing an influx of jobs and economic growth.

The North Las Vegas City Council recently approved a sweeping two-year development plan that would drastically alter the landscape of the region, with the goal being to attract retail and other businesses in order to spur the creation of jobs, kick off the local economy, and take advantage of the shortage of housing options in Las Vegas. A public 120-unit apartment building aimed at senior citizens – a project projected to cost a staggering $22 million –  is already underway on a 2.7 acre patch of land; this development will take the place of the Rose Garden, a complex slated for demolition that is situated west of North Las Vegas’ downtown area.

In addition, the Buena Vista – an apartment complex that was infamous for being the epicenter of drug dealing and violent crimes in the area – was purchased by the City of North Las Vegas approximately three years ago and subsequently razed to the ground, and plans are in the works that could see a variety of projects making use of the land, from safe, affordable housing options to retail. Assistance in North Las Vegas’ redevelopment efforts is being provided by the U.S. Department of Housing and Urban Development, which had previously bestowed a grant upon the city to aid in their outreach to the community as to how to proceed with their efforts.

Clearly, the shifting tide in North Las Vegas has companies sitting up and taking notice; chief among them being Amazon, the online retail giant, which is slated to open a fulfillment center in the area. The center – Amazon’s second in North Vegas – is already under construction; estimated to come in at 800,000 square feet and to ultimately employ over 1,000 workers and office personnel, hiring has already commenced on the initial 500 that will staff the complex while it gets ready for operation.

Other retailers are also clamoring to get a foothold in North Las Vegas due to the earnest efforts to develop it into a destination friendly to business and housing options; famed La Bonita supermarket will be opening a 55,000 square-foot establishment in Fiesta Plaza in downtown North Las Vegas. The lease, described as “long-term,” obviously signifies the confidence of La Bonita in the local economy to support a serious commitment in the community on behalf of businesses.

Offering a helping hand in an effort to expedite further business growth in the region, the City Council of North Las Vegas is taking steps to speed up the process of applying for – and receiving – building and construction permits. The plan consists of a self-certification program that architects and engineers can participate in; once certified via eight hours of classes provided at the City Hall, certified architects and engineers who submit their plans for audit will find the process greatly speeded up, reducing construction timelines and saving developers money.

These are but a few of the many initiatives in effect that are seeking to turn around the fortunes of North Las Vegas in an effort to turn it into a destination for businesses and families to live, work, and prosper, taking advantage of the real estate and economic boom that is currently taking root in Southern Nevada as whole.

LAS VEGAS, NV – With the announcement of the move of the Oakland Raiders from their current eponymous home to Las Vegas come the NFL season of 2020, a firestorm of curiosity has centered on not only where their home stadium would be built, but who would be building it and when. And, in a rash of recent announcements by the Raiders management team, those questions have finally been answered.

The Raiders organization has announced that it will be employing the services of Mortenson Construction and McCarthy Building Companies will handle the construction duties involved in bringing the Raiders’ proposed Las Vegas Stadium – currently its working name – to life. The structure, designed by Manica Architecture – the Kansas firm that supplied initial concept renderings of the stadium and property when this project was still in its proposal stage – is slated to contain 65,000 seats and boasts a price tag of $1.9 billion with an anticipated opening date of 2020, according to reports.

Mortenson Construction, based out of Henderson, NV, had a long list of sporting venue construction to its name; most recently, they completed work on U.S. Bank Stadium for the Minnesota Vikings in their hometown of Kansas City, and did so a full month-and-a-half ahead of their originally scheduled completion date. Other construction credits to Mortenson’s name include Major League Baseball team Atlanta Braves’ SunTrust Park in Georgia, and the currently in-progress work on National Basketball Association team the Milwaukee Bucks’ Wisconsin Entertainment and Sports Center.

Mortenson will serve as the on-site construction team on the Raiders project, whereas it is currently unknown as of press time what role McCarthy Building Companies – headquartered in Henderson, NV – will be serving.

Las Vegas Stadium is the working name for the domed stadium, which will not only serve as the home base for the re-christened Las Vegas Raiders, but of the UNLV Rebels football team from the University of Nevada, Las Vegas as well. It will be located about 62 acres west of Mandalay Bay at Russell Road and Hacienda Avenue, just west of Interstate 15.

While the main goal stated by the Raiders Organization is to complete their move from Oakland to Las Vegas in time for the 2020 NFL season – and with a company with the reputation that Mortenson Construction has at the helm, this seems quite the realistic goal – the Raiders must still finalize a lease agreement with the Las Vegas Stadium Authority by the end of May, 2017; if the two parties are unable to come to terms on the arrangement, the next chance to do so will not come until October of this year. If that were to occur, it would most likely push back the start of the Raiders in Las Vegas to the 2021 NFL season, something that neither party most likely wants to happen. In addition, environmental and traffic impact studies must be preformed and pass muster before local government.

The Las Vegas Stadium is anticipated to provide 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 recently 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 on the horizon, real estate is looking to enter a legitimate boom period for the foreseeable future.

On March 27, 2017, NFL team owners voted nearly unanimously to approve the Raiders’ application to relocate from Oakland to Las Vegas, Nevada; the Raiders will remain in Oakland through 2019; previously, the team had moved from Oakland to Los Angeles and back again.

LAS VEGAS, NV – After Las Vegas has endured the effects of a burst housing bubble in the mid-2000’s – a phenomena that occurred nationwide but was felt acutely in the Southern Nevada region more than most – the real estate market in the midst of a rebound that is equally as impressive as the previous decline was bad. The economy is rebounding and jobs are coming back; as a result, housing options are in big demand, supply is tight, and prices are steadily climbing, and, due to this, the rental market is displaying a similar surge as well, as prospective homeowners are being forced to settle, albeit temporarily, for renting one.

A three bedroom home in Las Vegas, in terms of rent, has jumped up in the first three months of 2017 three percent to an average monthly price of $1,328, according to reports. With the summer season fast approaching, prices are expected to climb further as per the norm during that time of the year. The rate of vacancy in the Vegas region – both in terms of homes for sale and rental properties – dropped  to 4.16 percent in the closing months of 2016.

But in addition to an economy on the mend and the subsequent influx of businesses and jobs that are fueling this home-selling trend – couple with a smaller-than-average supply of homes for sale to being within Southern Nevada, which is further driving up demand and subsequently prices –  another reason why the rental market is booming in Las Vegas is that, during a small swell of the real estate market that occurred a few years ago – one that unlike currently, ultimately went nowhere – investors purchased a large number of properties with the intention of renting them out to vacationers, business travelers, and so on.

This has contributed, in part, to the current housing shortage, as many homes that would normally be on the market for prospective buyers are sitting in a rental limbo of sorts. However, with dwellings in short supply, the gamble many of these investors made several years ago is starting to pay off, as residents who are unable to secure a house to buy are settling for the next best thing- renting one instead.

The so-called “Raiders Effect” is also being cited as a reason for the shortage of housing options in Las Vegas; with the area now boasting not only a professional hockey team, but the arrival within the next two years of one of the National Football League’s most well-known teams in the Oakland Raiders – who will be taking up residence in a brand-new 65,000 seat state-of-the-art stadium – industry is being attracted to the area, and with them, people relocating in hopes of a fresh start and gainful employment. And a few die-hard Raiders fans are even moving to Las Vegas to be near the home base of their favorite team, believe it or not.

It isn’t just home rentals that are steadily climbing due to the cutthroat housing market in Las Vegas; apartment rentals are in high demand as well, and like anything else that people are clamoring for, when demand goes up, prices are sure to follow. According to reports, apartment prices went up four percent in the last year, with the average one-bedroom apartment fetching $890 on the open market; if you’re looking for more space, a two bedroom abode will set you back $1050 on average.

Again, lack of supply is cited as a factor in these prices as well, with almost anything considered to be a living space going for a premium in the current Las Vegas marketplace; a trend that shows no sign whatsoever of slowing down or abating from its upwards climb anytime soon.

LAS VEGAS, NV – There’s no doubt about it- real estate in Las Vegas, Nevada, is on a slow but powerfully non-stop climb after sinking into the financial mire in the mid-2000’s. Records are being broken in terms of both prices and sales totals, and everywhere you drive, new developments are gracing the once-barren landscape. In addition, projects that had stalled or been outright abandoned are once again pushing forward in this new, more positive economic climate. While things aren’t quite at the booming levels they are right before markets crash, they are nonetheless very positive and getting better every day.

But for those who are looking to jump aboard this freight train to the top and are feeling some trepidation in regards to it all tumbling down again in the near future, experts are predicting – using the strongest of verbiage – that this isn’t a likely outcome.

Within the last year, the real estate market in Las Vegas has surged in leaps and bounds; 2,249 single-family homes were sold in the Las Vegas area in February, an increase of 6.5 percent from February 2016, and the average single-family home has gone up nearly nine percent, with the average price currently coming in at approximately $240,000.

And of course, these properties aren’t being simply given away, so there’s been a corresponding increase in the demand for mortgages Southern Nevada as well; continuing a three-year trend of growth, home purchase loans jumped up an additional 8.5 percent in 2016 over the previous year, equating to a total of 36,130 mortgages . And all that increasing demand has, of course, in turn driven up prices; in 2017, the average price of a single-family dwelling is coming in at $240,000, which represents an increase of $119,000 for the same home during the very same period in 2012.

In a recent interview, Home Builders Research founder Dennis Smith notes that the demand in Vegas for new homes is very strong, with one of the main reasons for that being fear of rising interested rates; as of now, many people are recognizing a housing boom and have decided to finally get off the pot, so to speak. After all, when interest rates go up, prices quickly follow. In addition, he said, is the limited supply of new homes in the area, which is also serving to inflate demand. However, unlike with a limited trend in the area a few years ago, Smith notes that this current drive is not investor-driven, but homeowner-driven, which suggests far more stability and optimism in the surrounding economy and job market.

It’s this stability, combined with moderate yet steady growth based on legitimate consumer need, that Smith says offsets any possibility of the Las  Vegas real estate market growing too much, too soon and creating another bubble that is sure to burst; instead, he notes, it’s ensuring a strong, profitable tomorrow for anyone getting into Southern Nevada real estate, as well as a good place for families to take a shot at the American Dream, with industry – and, along with it, jobs – quickly filtering into the region.

“Is Vegas going to grow? Yes. Do they want it to grow? I would certainly hope so. If not, then go live out in the desert. But is there a bubble or too much construction? I don’t understand why people would suggest there’s too much construction when the demand shows there isn’t,” he said. “How can anyone convince me that 8,000 sales a year is a bubble? We’ve had 30,000 – 40,000 permits a year; that was a bubble. But before that, in the 1990s and early 2000s, we were doing 20,000 permits and closings a year, and everyone was marveling how wonderful everything was in Las Vegas.”

LAS VEGAS, NV – The Gramercy – formerly known in its original incarnation as “ManhattanWest” – has sat partially finished in Las Vegas for a number of years, a mute testament to the impact of the recession upon Southern Nevada real estate. Construction originally started on the 187,000 square-foot mix of retail, office, and apartment space in 2008 by investor Alex Edelstein’s Gemstone Development, who pulled out six months after the first brick was laid – $170 million poorer – amid the crushing blows dealt by a collapsing economy and a real estate market no longer able to sustain itself as a result.

However, as a sign of Vegas’ continued revival, the mixed-use condo space on Russell Road west of the Beltway – re-dubbed The Gramercy – was recently sold to developers The Koll Company and Estein USA by WGH Partners and The Krausz Cos., who in turn originally purchased the property from Edelstein in 2013 and completed its construction. Koll/Estein paid a cool $61.75 million for The Gramercy, which is a bump-up in price from the $20 million Edelstein let it go for in 2013; part of the reason WGH Partners sold the property off this April was due to the difficulty in leasing out the retail space, although the vast majority of the office space has been rented.

Representatives of Koll/Estein have stated a number of reasons for their purchase of The Gramercy; among them the fact that they are happy with the amount of square footage that has currently been leased, and envision a continued influx of tenants – and, as a result, increased revenue – as the property sits amid a part of the southwest Las Vegas community, an area that is experiencing perhaps the largest spurt of rapid economic and population growth in Southern Nevada at the moment. As a result, investors across the board have been snapping up whatever properties in the region they can get their hands on.

The Gramercy consists of two apartment buildings with approximately 600 living units and two office buildings with retail space at ground-level; an additional condominium tower, started in 2008 but never completed, was imploded and destroyed in 2015. Plans currently exist for additional office space to possibly be built on the property.

Several high-profile retailers are currently taking up residence at The Gramercy, although precious few represent national chains, something the previous landlords purposely sought to avoid according to reports. Among the higher-profile retail tenants calling The Gramercy home are the DW Bistro, a 4,512-square-foot eatery described as “Jamaican Meets New Mexican Cuisine” and featuring a full bar; Pinches Tacos, a Mexican restaurant; The Cuppa Coffee Bar; exercise studio Raw Fitness; and, eventually, Kitchen Table Squared, the new second location of Henderson’s popular Kitchen Table upscale restaurant, slated to feature an “upscale dining room, formal pastry and coffee bar and an oyster bar.”

With the new buyers putting real money into a property that was considered almost dead and buried just a few short years ago, The Gramercy – along with record-breaking home and apartment prices and sales in the region as more and more people seeking employment opportunities move in – represents the real estate and economic boom that Southern Nevada in general, and Las Vegas in particular, is currently experiencing after several years of financial drought, and points to a bright and prosperous future as this trend is cultivated and grown.

LAS VEGAS, NV – Spring is here, and if March figures are any indication, the upcoming months leading into the summer season are sure to continue the upward trend of availability – or lack thereof – of homes in the Las Vegas real estate market.

Southern Nevada’s supply of available homes has been shrinking for months now, going hand-in-hand with a steady increase in prices as options continue to dry up for prospective homeowners in the region. According to recently-released statistics, approximately 11,000 single-family homes were available on the market at the tail-end of March 2017, which represents a decrease of 17 percent over the same point in 2016. Meanwhile, sales of available homes on the market have increased nine percent this past March compared to 12 months ago, resulting in a highly-competitive marketplace for both buyers and sellers, with homes on the average selling at the fastest rate since official tracking begun in 2010.

A community experiencing growth always represents an attractive prospect for people looking for a fresh start, hence the recent influx of transplants from other areas of the country and the subsequent reduction in the amount of housing options for them as dwellings are gobbled up. As an example of how fast homes are selling in the region, your average single-family dwelling would typically go under contract in 60 days one year ago; today, that number has gone down to 49 days and continues to shrink.

As with a growth in demand comes growth in prices; the median price of a single-family home sold in the Las Vegas area has jumped up 7.5 percent in March 2017 from one year ago, with the average price clocking in at approximately $273,000.

According to real estate professionals, there’s plenty of buyers out there, but fewer and fewer homes to accommodate them; this, reports indicate, are a result of economic improvements in Nevada as a whole and Las Vegas in particular, with new businesses, attractions and even sporting teams (in the form of the Oakland Raiders NFL team) setting up shop in the area, and with them are coming jobs for local area residents.

However, with Vegas’ growing reputation as a real estate market on the rise come complications as well, with homeowners looking to sell believing they are sitting on a gold mine and demanding top dollar for their property; experts report that if prices were lowered closer to an accurate fair-market value – as opposed to prices inflated by speculative market growth and a recent spike in demand – that sales would be even more brisk. But as a territory hit especially hard by the real estate bubble burst several years ago, sellers looking to cash in on a market that is finally booming is just a reality that cannot be denied.

Another factor that is eating into the total number of homes available to buyers in the Las Vegas area are due to investors that purchased a large number of homes, only to turn around and offer them as rental-only properties to tourists and vacationers; as of March 2017, few of those investors are looking to sell those homes, which again drives up demand for the remaining properties on the market.

Overall, however, March 2017 has continued the trend of a shrinking real estate market and demand (and, as a result, prices) for property in Southern Nevada with no signs of things slowly down.

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 – As if Las Vegas’ economy – and as a by-product, it’s real estate market – wasn’t beefing up its already impressive profile, Amazon.com, the nation’s largest online retailer, is currently in the process of constructing a massive warehouse in North Las Vegas to be used as a regional fulfillment center for the countless orders placed via their website on a daily basis.

Amazon’s warehouse, one of over 75 Amazon currently has across the country, will ring in at an impressive 800,000 square feet, and is being erected near Lamb Boulevard and Tropical Parkway. The facility is expected to open its doors for business in summer 2017, and with the opening of said doors will come a immediate boon to the local economy in the form of 1,000 new jobs, many of which will man the warehouse stocking items and packing orders that are destined for numerous locations throughout the Southwest.

As an enticement for Amazon to set up shop in North Las Vegas, Nevada Governor Brian Sandoval has offered up $1.8 million in tax savings in the form of tax abatement’s for the online retailer. According to Amazon’s latest annual report to the Securities and Exchange Commission, the company saw net income of $2.37 billion for the year ended Dec. 31, 2016.

Governor Sandoval noted in a statement that Nevada has been attracting numerous big-name companies to its corporate landscape; in addition to Amazon, The Honest Company, CML Media Corp Sutherland Global Services, TH Foods and Zazzle are expected to set up shop in the area, not to mention the impending re-location of the Oakland Raiders NFL team to Las Vegas within the next 1-2 years. With this injection of fresh blood into the region, Sandoval said, is serving to turn Nevada in general and Las Vegas in particular into a destination not only for tourism, but business as well.

“That’s what provides the jobs…a variety of companies will spur growth in Nevada, including Amazon.com, the largest internet-based retailer in the world,” he said. “North Las Vegas is transforming…Nevada’s business-friendly atmosphere is not only helping existing Nevada companies expand, but also bringing industry-leading companies to our state.”

LAS VEGAS, NEVADA – For the third time in 35 years, the Oakland Raiders have decided to pack their bags and move to greener pastures; this time, calling Las Vegas, Nevada home, possibly within the next two years or less, and the arrival of the popular National Football League team – an addition to a brand-new 65,000 seat state-of-the-art stadium for them to call home – is bound to have a distinct impact upon the Southern Nevada area.

In late January 2016, billionaire Sheldon Adelson, president and CEO of the Las Vegas Sands Corporation, proposed a new domed stadium in Las Vegas to potentially house the University of Nevada, Las Vegas football team and a possible NFL team. Adelson contacted Raiders management for a potential partnership with the team in regards to the new stadium, and in April 2016, Raiders owner Mark Davis met with the Southern Nevada Tourism Infrastructure Committee.

Adelson – along with Goldman Sachs, the project’s backup investor – later pulled out of the deal, but the gap was filled by Bank of America; Nevada’s legislature also approved a $750 million public subsidy (via a 0.88 percent increase in hotel occupancy taxes) for the stadium in October 2016, and the Raiders themselves will invest $500 million of their own money in the project. Overall, the stadium has a $1.9 billion price tag, which includes a $100-million practice facility.

The Oakland Raiders were founded on January 30, 1960, as a member of the American Football League; they are currently members of the National Football League, which merged with the AFL in 1970. Over the years, the Raiders’ fortunes on the gridiron have flip-flopped regularly, going through losing streaks but becoming dominant within the league as well, culminating in an easy 1980 victory over the Philadelphia Eagles in Super Bowl XV. 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 Raiders have courted much controversy over their seemingly nomadic tendencies; in 1982 the team relocated to Los Angeles (while still retaining the ‘Oakland’ moniker), and would remain there until 1995, at which time they returned to Oakland. On March 27, 2017, NFL team owners voted nearly unanimously to approve the Raiders’ application to relocate from Oakland to Las Vegas, Nevada, in a 31-to-1 vote. The Raiders will remain in Oakland through 2018 – and possibly 2019 – and relocate to Las Vegas in either 2019 or 2020.

The stadium and the prestige of having their very own NFL team on-hand is part of state government’s goal of solidifying the very backbone of Las Vegas’ lucrative tourism industry, according to a statement released by Governor Brian Sandoval.

We have before us the opportunity to invest in Nevada’s most foundational industry, tourism, by providing for the infrastructure and public safety needs of the 21st century,” he said. “We can and must usher in a new era for tourism in the Las Vegas market, while keeping our citizens and visitors safe, and ensuring our position as the global leader in entertainment and hospitality.

The stadium is anticipated 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.

All of this will translate into a significant amount of fresh revenue being pumped into the Vegas economy, and in any market experiencing employment and wage prosperity, it’s attractiveness as a place to live is sure to increase as well. This is anticipated to result in an increase in home and apartment prices in the area, where quality housing options are already shrinking and are priced at a premium. More than ever – fueled by the arrival of the Oakland Raiders and a brand-new football stadium – Las Vegas will become a seller’s market within the next few years.

However, all the details have not been set in stone yet; terms for a 30-year lease with the Las Vegas Stadium Authority still to have terms ironed out, and property upon which to actually build the stadium still needs to be secured; one proposed 63-acre site is located near McCarran International Airport. However, these are considered to be minor issues with all parties committed to making Las Vegas the new home of the Oakland Raiders a reality.

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.

Chances are very good at some point you will live in a community here in the Las Vegas area that is controlled by a homeowner association (HOA). There are about 2,300 associations here. If you live in a single family home built after 1995 there is a very good chance it belongs to an HOA.

What is the Purpose of an HOA?

HOA’s are set up as non-profit corporations in most cases and their purpose is to establish and enforce standards. These standards are meant to protect the assets and living experience of all the members of a particular community. Can you imagine someone in Sun City Anthem tearing down their home and replacing it with a double wide trailer? Obviously, the trailer would be incongruent with the standards of the community and if you were the next door neighbor imagine the effect of that homeowner’s decision on the value of your house!

HOA’ also are charged with maintaining records of the community, handling the finances, budget, and maintaining common elements, as well as their long term replacement.

How are HOA’s Organized?

As previously mentioned, HOA’s are set up as non-profit corporations and generally governed by Nevada State Statute (law) provisions named NRS116 and the accompanying code written primarily by the Nevada Common Interest Community Commission and Nevada Real Estate Division. HOA’s are also subject to relevant Federal statutes.

Once the HOA is filed with the State they have corporate documents known as “governing documents”. These include Articles of Incorporation, bylaws, rules and regulations. HOA’s also employ a representative government in the form of an elected board. This board has specific duties and powers to govern the community in accordance with the governing documents. Board members are unpaid volunteers and have legal responsibilities to uphold the duties of their office. Being the work associated with many associations is far more extensive than the time a board member can generally commit, so boards often contract with management companies to perform much of the work needed to run the HOA.

Here are Some Tips to Make Your Life Easier in an HOA

• Once a home is a part of an HOA, the occupants (including all tenants) are subject to the rules of the community. If you don’t like the rules don’t live there or try and work with the board to resolve issues. First, you will have to get educated on how an HOA works. Sometimes people who initially disagree with how a community is run come to understand why some things have to be accomplished when they come to know the totality of issues involved.

• Pay your assessments on time, even if you are in a dispute. Unlike rent where you can withhold rent in certain circumstances, not paying your HOA will only subject you to grief and fines. State laws provide avenues to address legitimate grievances. Did you know an HOA can actually foreclose on your home if you don’t pay your assessments?

• Understand assessments should increase incrementally over time. Assessments that never go up may appear on the surface to be a good thing, but as inflation makes the cost of services more expensive, assessments that don’t keep pace forces the board must scale back on the upkeep of the community’s assets in order to stay on budget. This can lead to components of the community needing replacement sooner, increased legal liabilities such as slip and fall hazards. The possibility of large special assessments to pay for unexpected costs in later years can end up costing far more in the long run than regular small increases to the assessments.

• If you get a notice of a violation don’t ignore it, deal with it directly. Most HOA’s just want compliance. Good communication is welcomed in a good HOA to get problems solved quickly, and at a minimum of inconvenience to all parties. Nobody likes paying fines, so if you receive a courtesy take action right away. Delaying will usually just end up costing you more in the end.

• Seek out a few neighbors and the board members. Having direct relationships can really help you when issues may arise.

• Do not make any architectural changes without first checking to see what the HOA’s policy is on changes. Nobody wants to pay for changes to their home only to have the HOA force them to remove the changes. Yes, they can legally do this, so be careful. Again, simple communication is the key.

• Know the basics of your HOA: parking restrictions, rules about noise, rental restrictions etc. Most of the important rules governing use are usually located in the governing docs and outlined in a table of contents. You don’t have to be a legal scholar to understand your governing documents.

Jamie Collins is co-owner of Shelter Management Group (SMG) and a licensed Supervising Community Association Manager (CAM). For questions about HOA’s and related management services you may call her at 702-818-4780 or email: info @ sheltermanagementgroup.com