Las Vegas Real Estate News

Triple-A Baseball Has Arrived In Summerlin

The Las Vegas Aviators, the city's Triple-A baseball team, will be at the heart of a new economic boom in the city of Summerlin, according to the hopes of the locals. With about 70 games over the summer, the minor league team's $150 million Las Vegas Ballpark will be a hub of activity in the midst of a 22,000-acre master-planned community.

The home opener on April 9 against Sacramento sold out in seconds!

The ballpark is sandwiched between Red Rock Resort and City National Arena where the Golden Knight's practice.

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The new stadium, located just off the 215, is easy to access from the entire region. With the NHL season ending, the businesses around City National Arena are accustomed to a summer slump. The addition of baseball all summer long will help to alleviate that slump, bringing customers from all over the region.

The traditionally lower prices of Triple-A baseball tickets make this an affordable family activity that is wholesome and out in the open air. With tickets available for many games at just $15.00 per seat, the Aviators represent a throwback to affordable, wholesome family entertainment.

Local restaurants and shop owners are looking forward to even a modest increase in sales during the summer, recognizing that crowds for the baseball stadium might not be as large as the Golden Knights crowds, but happy to accept even the smallest assistance in growing the summer business.

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Las Vegas Home Price Growth Slowing

For years, Las Vegas' home prices have been rising faster than most of the country, even other metropolitan areas. This trend, according to a new report from the Greater Las Vegas Association of Realtors, is slowing down.

In February, home prices fell by 1.8 percent from the previous month. While that's still 7.7 percent higher than the same time last year, it indicates a slowing of home price growth. The median sales price for an existing home was $296,200 in February 2019.

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While the number of homes sold was up in February by 7.8% over January, it was down 7.6% from the previous year.

Another indicator that the market is slowing is that the group found 7,134 homes on the market without offers in February 2019. That is twice the number from the year before.

Overall, the report indicates that this is likely an excellent time to buy a home in the Las Vegas area. As home prices will inevitably rise, the slowing and the temporary shrinkage of house prices makes this a better time to buy than has existed in a few years.

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You Always Hear 'Sell Your Home In Spring'

"Sell your home in spring." It's advice that sellers hear almost every year.

There are good reasons for this. Here they are:

  • Buyers are shopping. Families that are considering a move to a new community will start looking in spring. This lets them find a home that they can move into during summer break. It's also the time of year when change is the air and the world feels a bit sunnier and more optimistic, leading buyers to head out and go house shopping.
  • There are less houses on the market now. This housing recovery has seen too few new houses on the market. While more houses have been placed on the market in the last month or so, the supply is still too low for a six-month's worth of buyers. This crunch has also caused other homeowners to hesitate listing their homes out of fear that they won't find a home to live in.
  • Home sales are faster and easier than ever. If it's been 20 or 30 years since you bought your home, the process is faster than it's ever been. Most home buyers are pre-qualified for mortgages and closings are faster than they've ever been.
  • There are more homes in the high price ranges. If you're moving up into a larger or more luxurious home, now is the time to make that move. The inventory of more expensive homes is much larger than mid-priced houses. If you're leaving a mid-priced house, the demand for your home will be massive and the competition for a larger home will be smaller.
  • Spring is your time to make a life change as well. Most of us will feel an itch to make some changes in the spring. With a great economy, business running strong, and some excellent homes on the market to step up into.

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Springtime is a time when everything seems a lot brighter and more exciting. Selling your home and moving into a new home is always nicer when the weather is warming up and flowers are blooming.

Start selling your home today and discover the excitement that spring brings.

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Simple Tips Everyone Should Know

If you just bought a home or are thinking about buying a home there are few skills that you need to have.

These simple maintenance skills will make your home more comfortable, healthier, and safer.

1. Water heater temp - Knowing how to change the temperature on your water heater can save you a lot of money over time. Every 10 degree drop in temperature can save you up to $30 in water heating costs per year.

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2. Turn off the gas - You need to know where the shut-off valve for the gas is. Usually, it's right next to the meter. There may be occasions where you can save you home and your life if you stop the gas from flowing into your home.

3. Turn off the water - If a pipe breaks in the walls, you need to be able to stop the water from flowing all over your house and causing more damage. Have the local water company show you where your main water valve is. Also, you should turn off the water to washing machine if you're going out of town; those hoses can spring a leak and destroy your home while you're sitting on a beach.

4. Change air filters - Your furnace or air conditioning system likely has a filter. That filter needs to be replaced on a regular basis. This will help keep the air quality in your home healthy, preventing allergies and illness.

5. Fix a leaky toilet - You can lose hundreds of dollars a month in water by having a toilet that runs constantly. A leak can be caused by a number of things, but knowing how to do some basic toilet repairs will save you money.

6. Understand your breaker box - You're able to turn the electricity off to different parts of your house by turning off the breakers. Understanding which breakers control which outlets and rooms will make it easier to turn things back on.

There is always more that you can learn, but if you can master these 6 skills, you'll be able to keep your home safer and avoid lots of damage.

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Saving Money And Saving Energy Are The Same Thing

"Close the door. We're not trying to heat the whole neighborhood."
"Are you just gonna stand there with the refrigerator door open?"

Most of us can recall our parents chastising us about saving heat and energy. If you grew up in the 1970s when gas and oil prices went crazy, everyone started buying smaller cars and all bill payers were really concerned about all energy usage.

Today, electricity is less expensive so folks are a little less energy conscious.

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Nonetheless, there are good ways to save money and help the planet:

1. Turn off the lights. It might seem obvious, but turning off the lights when you leave a room can save a lot of money. If you can, install motion detection switches that will turn off the lights after a few minutes and turn them on automatically when you reenter a room. This is great for families with children who forget to turn off the lights.

2. Switch to CFL or LED bulbs. Compact fluorescent lights (CFL) and light-emitting diode (LED) bulbs save a lot of electricity, using 5 watts where a conventional bulb would use 60 watts. Less power - equal brightness.

3. Unplug appliances. Obviously, turning off televisions and radios when you leave a room will save energy, but most of today's appliances also have a ready light. They are literally constantly on. Unplugging appliances, particularly when you'll be away for a while, will also save you money. Use a power strip to make it easier.

4. Only run the dishwasher when it's full. This is an obvious idea, but it will also save wear and tear on your dishwasher.

5. If you do dishes by hand, turn off the water when you can. This is will save not only water, but the energy it takes to heat the water.

6. Turning down the heat is a great way to save some money. Most people won't notice a difference of a few degrees. If you turn it down to 68°, you'll find that you'll be comfortable in a few minutes. Lap blankets and slippers will let you turn it down lower than that. You can have fun with it and make it a contest.

7. In the summer, you should close the curtains to save energy. One thing you can do is get white curtains for the side facing out. In winter, you can change those curtains to black. In summer, you'll be reflecting the heat out and in winter, taking it in. All of this can make it nicer in your home using the free energy from the sun.

8. A slow cooker is a great way to cook food. Even if it runs for hours, it uses much less electricity than trying to cook something quickly on the stove or in the oven.

9. Check your insulation. Losing heat through your ceiling and walls can cost you a lot of money and energy. It's not as obvious as window or door drafts.

Saving energy and saving money are the same thing. All it takes is a few minutes of thinking ahead.

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Las Vegas Is Still Affordable

When you think about affordability, most people think of smaller cities or rural areas.

According to the website Livability.com, Las Vegas appears on their list of the top 100 most affordable places to live at number 71.

The list was restricted to areas with a median home price of less than $250,000. Las Vegas' home price was close at $247,054.

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Of course, Las Vegas' amazing weather is high on the list of reasons that the city is extremely livable.

"Las Vegas earned high scores for diversity, amenities (obviously — good luck running out of things to do here!) and economics, thanks to a strong local economy with a steady stream of job opportunities in hospitality, marketing and, increasingly, technology," says Livability.com.

The Livability list was beaten by places like Madison, Wisconsin, and Raleigh, North Carolina. The number one city was Boise, Idaho.

While those might be wonderful cities, they don't offer nearly the same level of entertainment, excitement, and amenities as Las Vegas. For those of us who live here, Vegas is easily number one for a whole host of reasons.

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Rents Are Going Up

The average rent in the city of Las Vegas is $1,073 per month, up 7.7 percent over last year, according to a report from Reis, Inc. While that's not the highest rent in the country, an honor that has been held by Manhattan for decades, it is the nation's fastest climbing rental rates.

The national average rental rate growth is 4.2 percent.

The asking rent on apartments in the Las Vegas area is up by 8.3 percent over the same time last year.

Rents are rising as landlords build more homes. New construction includes more amenities, and the price of homes continues to rise. By contrast, the average 30-year fixed mortgage on a median priced home in Southern Nevada would cost about $1400 per month.

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Not surprisingly, apartment vacancy rates has also risen by about 1 percent over last year, according to the Reis report.

All of this points to a quiet pushing out of lower income residents, while those who have the income might simply try to buy a house. Rental rates will continue to rise, especially if the housing market weakens.

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Las Vegas Is Among The Top Cities For A Fresh Start

The website Livability.com recently conducted a survey asking people which US cities are the best to get a fresh start in.

Las Vegas came in on the list at number 8. The city was by far the largest city on the list at nearly twice the size of number 1, Cleveland, Ohio.

The tagline given to Las Vegas was, "Move here if you want to… defy expectations."

Las Vegas has always been a city to go to disappear your old self and become someone new. Millions of people have found a new name and a new life at the city limits.

Today's Las Vegas, as Livability.com points out, "is a multifaceted city with much more to offer people from all walks of life."

"While most people define Vegas by the bright lights and craziness of the Strip, living here can be a surprisingly … wholesome experience. With tight-knit neighborhoods, tons of outdoor activities and a great food scene, living in Las Vegas defies all expectations."

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The median home price is under $300,000 in Las Vegas as compared to nearby California where the median home price in much of the southern part of the state exceeds $1 million.

Las Vegas is more than bright lights and headline shows. It's a city filled with everything a person needs to start again with a great job, a great home, and a wonderful community.

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California's Loss Is Henderson's Gain

"For many years, more people have been leaving California for other states than have been moving here. According to data from the American Community Survey, from 2007 to 2016, about 5 million people moved to California from other states, while about 6 million left California. On net, the state lost 1 million residents to domestic migration—about 2.5 percent of its total population." - https://lao.ca.gov/laoecontax/article/detail/265

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At the same time, the city of Henderson, Nevada, is growing rapidly. There are number of reasons that Henderson is growing, many of them because they are the opposite of California.

  • Affordable Homes - For decades, California has had the most expensive housing in the country. Even when the housing boom drove up prices everywhere, California was still in the lead. Today, Southern California and San Francisco are consistently the most expensive places in the country to live. San Francisco has entered the list of the most expensive places in the world. In
  • Henderson, by contrast, it is much less expensive to buy a home. New housing is being built all the time, and land is much cheaper here than in SoCal.
    Cheaper Utilities - In Henderson, a homeowner can save thousands a year in water as compared to California. Electricity and gas are also much less expensive.
  • Pay to COL Ratio is Upside Down - In a perfect world, your cost of living (COL) is less than your pay. In Henderson, that's the case, but in most of California, the cost of living is very high compared to salaries. From the outside, the pay seems high in the Golden State, but it's still not enough for the cost of living.
  • Taxes Are Very High - California has legendarily high taxes. For many Californians, this is part of a trade-off for better living, but if you can't afford to live there and not have 2 full-time jobs, it's not better living. Henderson offers the same sunshine and beautiful living without the high taxes.

California might still be a great place to see movie stars and enjoy the ocean, but many Californians are discovering Nevada, particularly Henderson, as the place to move where the living is good.

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Boulder City Gets New Housing Community

Boulder City is an anomaly in many ways when compared to the rest of the Las Vegas metropolitan area. The population is only 16,000 people. Sandwiched between Sloan Canyon National Conservation Area and Lake Mead National Recreation Area, it's one of only two cities in Nevada that prohibits gambling.

The city restricts growth by issuing a small number of building permits each year. Therefore, unlike the rest of the region, Boulder City has been slow-growing.

Las Vegas builder Wayne Laska is changing that script. His company, StoryBook Homes, will be developing a 30-acre parcel, placing 127 homes into a community that will be called Boulder Hill Estate. This will be the first large scale housing community in the city since the 1990s.

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The project will be completed in three phases of roughly 10 acres each. StoryBook Homes bought the first parcel from the city for about $3 million. Construction began in September of 2018 and is expected to continue for several years.

Homes in Boulder Hills Estates are expected to start around $410,000 with some models going to $520,000. At 30 miles from Las Vegas, these homes will be an ideal bedroom community for people who work in the city but want to live in a small town atmosphere.

Boulder City has worked hard to maintain its small town feel, growing only 6.7 percent since 2000. By contrast, Clark County as whole has grown 60 percent in population in that same time.

Because Boulder City issues very few new home permits each year, it's one of the few places in the Las Vegas area that has mostly older homes as opposed the massive "new" construction that has occurred in the city since the turn of the century.

Anyone hoping for the small town feel of Boulder City with new construction, Boulder Hill Estates will meet that need.

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