Las Vegas Real Estate News

The Attached Home Boom in Las Vegas

Attached homes are all the rage in Las Vegas for one reason: money. It's likely that that trend will continue indefinitely.

What is an attached home?

Attached homes are condos and townhouses. Typically, the home is attached to one or more neighbors in a community setting that allows for shared maintenance expenses. There is obviously no land being purchased, but there is access to a common area that all residents and take advantage of.

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What is the price difference in Las Vegas?

The price difference between a single family home and an attached home in Las Vegas was over $120,000 in April 2019, according to Home Builders Research.

This has caused a slowing of sales on single-family homes. Sales were down 4.3 percent of April 2018 for this type of housing.

Meanwhile, attached home sales rose 56 percent in the same time! At an average price of just $280,000 versus the $401,491 that single-family homes average, attached homes are much more reasonable and even below the national average home price of $300,000.

North Las Vegas, which is usually less expensive than other parts of the Valley, saw the largest surge in attached homes sales. The city had 19 percent of the signed contracts, versus 13 percent the same time last year.

Pre-owned homes have seen a huge drop with an 11 percent drop in the first four months of 2019 versus the same time last year. Only 9,280 previously owned single-family homes were sold during that period this year.

Builders are selling fewer homes in the region this year versus the same time last year.

What does it all mean?

For those who are bargain shopping, but want to own a home, an attached home in the Las Vegas area, particularly North Las Vegas is an excellent place to look.

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Repairs To Increase The Value Of Your Home

Buyers look for certain things when they go through homes to decide what house to buy.

There are a number of things that you can fix that don't cost too much, but should get done before you try to sell. All will help you get the right price for your home and some will let you make even more money.

1. Fix what the dog broke - Pets can be rough (or ruff!) on a house. If there are scratches, urine stains, or other issues that the pets left behind, fix them. Dogs will sometimes damage doors. Interior doors can be replaced fairly easily and you can get a lot more buyers with a house that doesn't have torn up doors.

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2. Regrout - We get used to our grout, the stuff between the tiles, but when you want to sell, it's a good time to grout the tiles again. Today, there are lots of colors to choose from that will make the tile look new.

3. Green grass - While lawns aren't real common here in the desert, if you do have grass, make sure it's healthy. This is another thing that we might not care about when we live there, but buyers are judging your house from the outside before they even get out of the car. A well-cared for lawn will go a long way to get them out of the car and into your house.

4. Repair screens - This one is easy to DIY. Repair and replace the screens. It will take you an afternoon and it will make the house look much better.

5. Fix flooring - If you have damaged or old carpeting or hardwood floors that need to be updated, do it. You will probably get your investment back and it will save you a lot of hassle in the long run.

6. Update the kitchen - You don't need to do a complete remodel, but you'll find that things like new flooring or new cabinet doors can make your kitchen look like new.

Some of these will cost you money, but selling your home will be much easier and will make you more money if you make them happen.

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Nine Ways to Save Electricity This Summer

Here's our quick list of ways to save electricity this summer.

1. Turn up the thermostat - If it's hot outside, 78 degrees can feel cool. Consider keeping the thermostat over 72 degrees and as high as 78. Combine that with fans in strategic places and you'll feel great.

2. Add lots of fans - Often, we're warm because the air is stagnant. Put fans in the rooms where people are sitting and it will keep the cool in motion. Also, you don't need fans pointing at people to work. In fact, a fan in the corner pointed at the ceiling will keep the air circulating. Pointed at the floor will help everyone to feel a cooling breeze on their feet.

3. Block the sun - If you have a lot of sunlight on the south side of the house, consider putting up white shades to white curtains. This will reflect the light and keep the heat out. Newer windows will also block the infrared heat from the sun, so make sure that your windows have the right coatings.

4. Wash in cold - As much as possible, wash in cold or warm, rather than hot. More energy goes to washing clothes than almost any other activity.

5. Cook outside - Cooking inside heats the house and will make the AC work harder. Using the grill outside will help solve that problem.

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6. Watch the heat - Putting a TV in front of a thermostat can make the AC work harder by tricking it into thinking that it's warmer than it is. The same goes for light bulbs and other heat-generating devices.

7. Turn it up when empty - When you're not home, turn the thermostat up to the eighties. Don't turn it all the way off. You don't want the house to be 90 degrees and make the AC work to cool it down fast.

8. Cool at night - Open windows at night whenever possible. The cool night is great to sleep in and you can save a lot of money on electricity by not cooling an already cool house.

9. Tune the AC - Get your air conditioner tuned. They will clean the filters and make sure that the coolant is full and working well.

There are probably a thousand other ways to save money on energy this summer, but these are among the fastest and easiest.

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Nevada Is Highly Ranked For Roads & Commute Time

US News and World Report ranked Nevada number one in transportation. While the state ranked 37th overall, Nevada was the best in commute time, public transportation usage, and road and bridge quality.

The report confirms an earlier report from Las Vegas Global Economic Alliance (LVGEA) that said that Las Vegas residents are mostly happy with the condition of the roads.

Bridge condition led the ranking for the state where it showed up third in the nation rankings for bridge quality. Nevada was number 22 in commute time, 16 in road quality, and 10 in public transportation.

In general, Nevadans are pleased with the condition of roads and their commute, with an average of 16 to 30 minutes per day, is reasonable and easy compared to some states. Given the significant influx of former Californians to the state, the shock of not having to be in traffic for two hours might contribute to the overall happiness of the state's drivers.

One area that drew some ire in a recent study by LVGEA was Project Neon, the state's largest-ever public works project. 12.8 percent of those surveyed rated the construction performance poor, while 34.2 percent rated it as good or excellent.

One place where everyone seems to agree is on is the need for light rail or another high-capacity public transportation system. Seventy percent of those surveyed felt that the region could benefit from some form of high impact public transportation system. A system like that might draw tens of thousands of cars off the roads and reduce commute times significantly.

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The most important transportation project that respondents ranked was better pedestrian flow along Las Vegas Boulevard. The city already has in place an underground walkway between the Park MGM and the MGM Grand. There are two more on the books that will help to move pedestrians underground and keep the traffic flowing down the streets.

On a regional, level the number one item was a high-speed rail between Las Vegas and Los Angeles. That would allow commuters to travel easily between these two major hubs and might even turn Las Vegas into a bedroom community of Los Angeles.

On the highways, completing Interstate 11 to Phoenix and widening Interstate 15 to LA ranked at the top. Those ideas we not far enough along to predict an outcome, but there are tentative talks going on.

Overall, the transportation system in Nevada is in pretty good shape and the state's leadership are looking to keep it that way.

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March Saw Rapid Home Price Increases in Las Vegas

Even though home prices grew more slowly in March than they have been, they still outpaced the rest of the nation by 2x. Southern Nevada home prices grew 8.2 percent over March of last year. The US as a whole only grew 3.7 percent in the same time, according to the S&P CoreLogic Case-Shiller index.

This growth has slowed, when it peaked August 2018, when the increase was 13.9 percent higher than the year before.

Las Vegas led the nation as the fastest growing of the 20 fastest growing markets for the 10th month in a row. The growth rate, both in Southern Nevada and the US as a whole has slowed.

Sales have slowed along with this slowing in price increases. Inventory has risen and mortgage rates are slowly rising, feeding concerns that the slowdown might be long term.

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The inventory of available homes is twice what it was just a year ago. April ended with almost 7,500 homes for sale, nearly 100% more than April of last year.

The market is off enough that home sellers are dropping their asking prices in order to sell their homes. Two years ago, home sellers could set their prices and expect to have it beat by buyer competition. Today, the sellers are retreating and buyers are finding the market favors patience and bargain shopping.

In essence, the market growth has reached the buyers' limits and sellers are needing to reel in expectations and asking prices to sell their homes. This is likely to reach an equilibrium as the region is also experiencing massive population growth, much of it from California. With home prices much higher in Southern California, Las Vegas' home prices don't produce sticker shock those leaving the LA and San Diego areas.

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Henderson Is Once Again Nevada’s Fastest Growing City

For the second year in a row, Henderson has claimed the title of the fastest growing city in the state of Nevada.

Ken Chapa, Henderson's Economic Development Interim Director observes that it's likely California's astronomical housing prices that has led to this growth.

"Most of those people are probably coming from California," Chapa told the Las Vegas Review-Journal in an article on May 23. "They see they can own a very nice home for less than they were paying in rent in California, and it's a short drive away from where they'll work. That's a huge incentive."

The city has added 50,000 residents since 2010 and is the state's second largest city. The growth can be expected to continue as long as California's real estate prices as significantly higher than Nevada and the rest of the US.

Henderson grew by nearly 11,000 people between July 2017 and July 2018. That's a 3.6% population increase. The growth the year before was 3.4%, so growth is actually speeding up in the city.

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Chapa attributes the popularity of Henderson to its master-planned communities that make attractive neighborhoods that are easy to get in and out of and provide a safe environment to raise families. The proximity to businesses and great schools and parks make Henderson an ideal place to live.

During that same period, Las Vegas added 9,000 people, an increase of 1.4 percent. Only three Western cities added more people than Henderson: Denver (11,053), San Diego (11,549), and Phoenix (25,288).

Nevada also become the fastest growing state in the Union and passed the 3 million resident mark. Clark County, Nevada, saw the second fastest growth of US counties.

Henderson, Las Vegas, and the state of Nevada have finally been discovered by millions of Americans who are looking for a large, happy place to live where home prices are still within reach of the average family.

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Getting The House Ready For Summer

Remember winter? It was only a few months ago, but in many parts of the country, spring was big and exciting.

While we often talk about winterizing our homes, we don't often think about "summerizing" it, but that can be a great way to save energy and keep the house safe, clean, and efficient.

  • Clean the carpets yourself - The winter is a great time to collect pet dander, soil, salt, and more in the carpet. Now that hot weather has arrived your can rent or buy a carpet cleaner and let the warm breeze dry the carpet. It usually only takes a couple hours. Remember to put the furniture on pieces of aluminum foil or plastic so the moisture doesn't damage wooden legs. Also, move the furniture a few inches once the carpet has dried in the open spaces.

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  • The bathroom vent needs cleaning - Lots of dust accumulates in the vent. Not only will it run less efficiently, but it can harbor bacteria and even be a fire hazard. Simply take the cover off and vacuum and wipe down all the parts you can reach.
  • Dryer vents are dangerous - The good weather makes it a perfect time to clean the dryer vent. Over 15,000 fires a year start with dryer vents. Take the hose off the back of the dryer and off the wall vent and vacuum it. Be sure to clean the wall vent itself, as well.
  • Ceiling fan blades are gross - Don't look up yet, but when you're ready, you can clean the blades on your ceiling fan. It will collect dust and grime all winter. Of course, you don't see it, because it's on top. Use a paint roller with a dryer sheet wrapped around it to clean the fan blades. Otherwise, a step ladder and a rag will do the trick.
  • Your refrigerator is working too hard - Now the heat is here and the family will open the fridge more looking for cold drinks, it's a good time to give the fridge a quick cleaning and tune up. First, vacuum the coils. They collect dust and inefficient coils can cost you an extra $100 a year in electricity. Next, check the door seals for leaks. Those rubber and magnetic seals aren't expensive and are easy to replace. If they're worn or broken, they'll let the heat in and cost you a lot of money.
  • Bathroom maintenance - Now's a great time to do a little bathroom maintenance. First, pour a little bleach down the drains and wait 10 minutes. Run hot water down the drain. This will kill mold and mildew and open drains a bit. Next, clean your showerhead, Hard water build up can make it spray poorly. Put a bag of vinegar over the showerhead and let it soak overnight. In the morning, just rinse it off and let the water run through it. The lime scale should come right off. Also, be sure you using a low-flow showerhead.
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New Downtown Housing Project – Symphony Park

Southern Land Company, a real estate development firm out of Nashville, TN, has plans to build the first residential development in the city's downtown area. Located in the Symphony Park area, the project is a mid-rise, luxury apartment community. Southern Land broke ground in late May.

The project will contain 324 apartments, including studios, one and two bedrooms. The ground floor will offer approximately 14,500 square feet of retail and restaurant space for lease.

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There is no clear timeline for completion, but this marks the first residential development at Symphony Park. It will lead to a slight decompression of the rental market in the area and is a sign of strength of the commercial and residential real estate market in the city.

No estimate of the cost of the project was given nor were expected rental rates revealed.

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Las Vegas Is Still A Boomtown

Las Vegas is boomtown! This isn’t the first time this city in the desert has seen a building boom. From the time that the city was founded in 1905 to today, Vegas has gone through multiple booms. The Hoover Dam period, the first casino boom, multiple housing booms and downtown growth have all passed over the city.

Right now, the city is seeing one of the biggest and strongest growth periods it has seen in years.

The new NFL stadium

The Raiders’ arrival in Las Vegas is driving a massive amount of growth. This type of growth is sustainable as the football franchise will continue to draw tourists and drive a local economy for decades to come.

Two new resort complexes and a new convention center are fast becoming the jewels in the crown of the city. This is being coupled by many modern and innovative housing projects, many that include retail shopping and offices where the residents can work.

The Raiders stadium will seat 65,000 people and have a glass-domed roof. It will have real grass and retractable doors.

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Resorts World

This is a 3,200 room hotel and casino that has a hefty price tag, $4 billion. The resort is expected to open in early 2020 with two 60-story hotel towers. It will feature Asian decor and have multiple restaurants highlighting the cuisines of various parts of China.

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3,780 rooms will sit in the location where the Fontainebleau was never completed. This hotel-casino will be the latest in the attractions that bring millions of visitors to the city every year.

The latest boom is sustainable

Many booms in Las Vegas’ past have been based in irrational exuberance. These current projects are tempered with the caution brought on by the lessons learned during the housing crash of 2008. These investments and housing projects are being handled with a tempered and quiet style.

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An Update On The Big Building Projects

Some of Las Vegas’ biggest building projects have seen some big delays.

Here is a brief list of some projects and their status:

Treehouse Las Vegas - This dining and entertainment complex was supposed to have opened a couple of months ago. Right now, there is no defined opening date. As of April 2019, the frame of the building is still visible and construction has stopped. The project was projected at $7.1 million and is already being marketed as a retail location.

Raiders Stadium - This 65,000 seat stadium will be a tall order in the next year. 14,000 parking spaces need to be added around the stadium which is presently just a skeleton waiting to be completed. The franchise is also supposed to upgrade roads and streets to make access to the stadium easier. Construction is continuing at a breakneck pace and the project appears to be on schedule.

Kind Heaven - A $100 million, 100,000 square foot Asian-themed attraction at the Linq Promenade was supposed to open in August 2019. That date has been pushed back to August 2020.

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The Bend - This project features a five-story office building, multiple restaurants, and a 12-screen movie theater is significantly behind schedule. Announced in 2017, it was supposed to open in 2019. Right now, there are no signs of activity and they haven’t even broken ground.

Shanghai Plaza - This retail center in Vegas’ Chinatown area opened last year. Retailers are already doing business and the 80,000 square foot facility is 81% leased. Construction was completed in November and the facility appears to be one of Las Vegas’ nicer retail locations.

There are projects all over the city that keep moving forward, and a few that have stalled. Overall, the city is experiencing a well-tempered boom that is keeping home and office prices up and avoiding unnecessary gluts in supplies.

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