Las Vegas Real Estate News

Lake Las Vegas Getting New 55+ Development

On the growing list of major projects planned for the Las Vegas area is a new 125-acre "55 and over" community at Lake Las Vegas. Developer Del Webb, who hasn't built anything new in Las Vegas Valley in more than 10 years, has announced the new project.

The gated community will include:

  • 461 single-family homes - 1,500 to 2,800 square feet
  • A 10,000 square foot clubhouse
  • Pickleball
  • Bocce ball

Del Webb, owned by PulteGroup out of Atlanta, is building this new project in the Mediterranean-inspired community of Lake Las Vegas. The community in total is 3,600 acres with a 320-acre man-made lake.

The housing bubble impacted this area significantly, including the closing of golf courses and more. This new Del Webb project marks another step in the return of this planned community in Las Vegas Valley.

Lake Las Vegas Getting New 55+ Development

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Las Vegas Among Most Affordable City For Millennials

A recent report from the website GOBankingRates put Las Vegas in the 50 most affordable cities in the US for millennials.

The largest generation in US history, the millennials are changing how everything is done from energy and recycling to business and shopping. One important change for millennials is that they are very price conscious. This is likely due to large quantities of student loan debt, having watched the collapse of the economy in 2008, and seeing their parents struggle with economic ups and downs for decades.

GOBankingRates looked at:

  • Cities with a population of 50,000 or more with a millennial population of 21.6% or higher
  • Three-year change in each cities millennial population
  • Overall cost of living
  • Median monthly rent
  • Median home list price

#50 is Bryan, Texas. #1 is Sanford, Florida.

A triumph for Las Vegas is that Southern Las Vegas, specifically the Enterprise area, came in as the number 3 most affordable city for millennials.

  • 28.6% of the population of the city are millennials
  • The 3-year millennial population dropped by .01%
  • The median monthly rent is $1,468
  • The median list price was $335,0000

Las Vegas Among Most Affordable City For Millennials

The cost of living in the area is 26.2% higher than the national average, but the population of Enterprise is the fifth highest percentage at 28.6%. Also, though the raw numbers show a decline in the millennial population, this is caused by massive influx of all generations. The actual millennial population of the area grew by 8,718.

While other cities are less expensive to live in, millennials are doing very well and increasing number of them are arriving the Enterprise-area every year.

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Housing Prices Are Flat, Rental Rates Rise

Las Vegas homeowners, investors, and real estate agents had grown accustomed to increasing home values over the past 10 years or so. Home prices have bounced back from the mid-$100,000s to the low $300,000s since the housing crash of 2008.

As of July, though, home resale values in Las Vegas have flattened out. The city saw the fourth fastest deceleration in resale value year-over-year. The only cities that saw even steeper decelerations were San Jose, CA, San Francisco, and Seattle.

In a report from John Burns Real Estate Consulting, the rate is calculated by comparing the year-over-year value of housing to calculate the appreciation. For example, San Jose was up 20% in last year's report, but in the negative 6% this year. That yields a deceleration of 26% over last year's figures.

While the median home price in Las Vegas is still around $300,000, there is a significant slowing in appreciation and that price is likely to stick around.

One of the worst parts of this for Las Vegas homeowners if they guess their home's value based on what a neighbor got a year ago, they're hurting because the value of their is either flat or slightly down. In other words, many homeowners are not realizing the appreciation in their home's value that they held on for.

Housing Prices Are Flat, Rental Rates Rise

What does this mean?

It means that there's a softening the market and it might be the start of a decline in home values. If you're planning to sell, this is the time. You might not see the massive gains you had hoped for, but you shouldn't see any large depreciation yet.

It also means that this is an excellent time to refinance a home. Your home will likely appraise for less than it would have six months ago and mortgage rates are very low.

What about renting?

Renting in Las Vegas is getting more and more expensive. Las Vegas and Phoenix have among the fastest-rising rental rates in the US.

Rents in Las Vegas were up 6.8% year-over-year with a median home rental of $1,465. A one-bedroom apartment rose by 7% to $1,025 over last year's rental median.

What does this mean?

It might mean that now is a great time to buy a home. Homes are still going to be affordable and the values are softening, making deals a bit easier to find. In the meantime, it looks like rental rates will continue to climb for the foreseeable future.

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Henderson Continues Growth With Another Huge Project

Senior care and the medical industry of Las Vegas will get a big shot in the arm over the next few months as the city of Henderson will see the development of the 155-acre Union Village project east of US 95 near Central Church.

The project will include a 300-unit condominium build-out, a 14,000 square foot dialysis clinic, a memory and dementia care centers, restaurants, retail, and a 95,000 square foot Las Vegas Athletic Club facility, among other improvements. There will even be a 5-acre park built and donated to the city of Henderson to provide green space for residents.

Henderson Continues Growth With Another Huge Project

Union Village is being designed as a place to work, play, live, shop, and more.

The linchpin of the project, Henderson Hospital, opened in late 2016. It has stood a bit lonely, but more of the project will be completed soon.

The cost of the project will be $1.2 billion and will provide employment for hundreds in all of the various establishments, including some of the world's most advanced memory care facilities.

Adjacent to Union Village, the Wolff Co is building a 350-unit apartment complex near there. The Las Vegas Athletic club facility is expected to open later this year.

On top of the much-needed medical facilities, the additional housing will provide doctors, nurses, and technicians with housing that will allow them to walk to work. With shopping and entertainment right in the village, this is likely to become the center of the residents' lives - which is the developer's intention.

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Hispanic Homeownership Growing Faster Than Other Groups

Hispanic home buyers are buoying the home sales industry outpacing all other demographics in buying houses.

Three years ago, Hispanic homeownership was at a 50-year low. Since that time, Hispanic homeownership has grown 3.3%, whereas the overall American population has grown only 1.3%. Hispanics are 18% of the population, but are 63% of homeowner gains in the last 10 years, according to an article in the Wall Street Journal.

The WSJ article mentions that a rapid growth in education and income among Hispanics has led to this growth, but it has been hindered by a lack of affordable starter homes.

Hispanics and other minority groups were significantly impacted by the housing crisis of 2008.

"Local and national lenders have courted a Hispanic clientele, who represent an appealing growth market as overall loan volume has slowed," the article states. "Lenders have added Spanish-speaking loan officers and devoted additional resources to underwriting loans to borrowers who are self-employed or where multiple generations in a family are buying a home together."

In spite of the growth of homeownership and a desire to own homes among Hispanics, particularly young Hispanic people, homeownership is still lower than non-Hispanics (47% to 73%).

For Hispanic home buyers, this growth in the availability of lending sources will make purchasing easier. This, combined with lower interest rates and increasing inventories, might spark a new growth in homeownership among this important and growing group of Americans.

Hispanic Homeownership Growing Faster Than Other Groups

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Henderson Moves To Finally Regulate Airbnb & VRBO-type Properties

The vacation rental market is a multi-billion dollar industry, but most of Las Vegas' cities and towns don't participate in it.

Most municipalities don't allow short-term rentals or limit them significantly. Henderson's city council voted to be the first to allow them and to regulate them.

"We have to do something to be able to regulate these," Ward 4 Councilman Dan Stewart said during the committee meeting. "We can't do it right now. If we just don't do anything, we're just sticking our heads in the sand and it's just going to keep being the way it is."

Councilman Stewart is referring to the belief that there are many short-term rentals already happening in Henderson and around the area, in violation of city rules.

The city of Henderson expects to bring in nearly $370,000 in revenues by allowing these rentals to happen in a regulated, above-board market.

Henderson's new rules call for an $820 registration fee to be paid for each rental. The home can now be anywhere in the city regardless of zoning. Up to this point, Henderson only allowed short-term rental in commercial tourist zoning areas.

Henderson Moves To Finally Regulate Airbnb & VRBO-type Properties

Other provisions include:

  • Homeowners will be required to carry insurance.
  • They must take a class.
  • All rentals must be for a two-night minimum.
  • A note must be provided saying that the rental does not violate the homeowner's association rules.
  • State-licensed property managers don't have to take the class.
  • Rentals can't be for weddings, private events, or parties.

The regulations will become effective on October 14. There is an expectation there will be fewer rentals in the city simply because there will be rules and costs associated with the activity. There are also fines now attached to not following these rules.

The city will employ a third-party firm to monitor rental websites for illegal in-city rentals.

A complaint hotline will be setup for neighbors to call and complain. Someone associated with the property will be contacted within 45 minutes and must resolve any concerns within 2 hours.

The city council voted unanimously to pass these new rules in an effort to control an industry that already exists in the city, but was going unregulated.

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The Good And The Bad: Las Vegas Housing Market

June saw a large increase in the value of homes. While single family homes prices aren't rising as fast as they did last year, the value of homes rose by 1.3% over May and 4.8% over the year before. For home sellers, that's the good news. For home buyers, not so much.

On the flip side, home sales around Las Vegas are down 11.1% from the same time last year. Inventories are higher than they've been since about 2010. In fact, inventories are up 80.3% over June of last year, though down half-a-percent over May of this year.

This may signal the end of a very long period of rapidly rising home prices, low inventory, and low mortgage rates.

As of this publication, the Fed had decided to cut interest rates by a 1/4 percent due to a slowing economy.

The Good & The Bad: Las Vegas Housing Market

Typically, summer is the busiest time of year in real estate, so the slower sales and rising inventory make many nervous that this might signal a recession. Most analysts see that as unlikely, but that the housing market, along with the economy as a whole, will begin to slow.

2018 was a banner year for the Las Vegas area with builders selling more homes for higher prices than ever before. As home prices grew, however, buyers began to purchase less expensive townhouses and condos. This, combined with a slowly growing pessimism about the economy, has led to fewer buyers on the market and a reduced willingness to pay incredibly high prices on homes.

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A Lawn In The Desert May Not Be A Great Idea

Low maintenance landscaping might be the way to go if you're looking to save money on your water bill and have less hassle all year long.

Perhaps this will come as news to anyone reading a blog that's about Las Vegas real estate, but this is a city in a desert. No, really! It's true. Las Vegas is in the desert.

That means that water is scarce and rain is rare as hen's teeth.

Lawn In The Desert May Not Be A Great Idea

Here are some low-maintenance lawn ideas that use less water and require a lot less effort than having a traditional green lawn.

1. Local plants - The plants that originate in the area have evolved to withstand the weather, hot days, cold nights, long periods without rain, then sudden deluges. These plants are perfect for your yard because they know how to live here. We all want flowers and a green lawn, but there are some amazingly beautiful native plants that will grow with little or no work on your part.

2. Be drought-resistant - Put out some rocks and some cacti and succulents and you have a gorgeous yard that won't be asking for water every night. Some of the most beautiful yards in the area require very little water or even care. They are made with plants that are drought-resistant will naturally stay alive and vibrant no matter what Las Vegas' weather throws at them.

3. Astroturf - How about artificial grass? Of course, it doesn't have to be the original Astroturf. There are lots of artificial grasses on the market today that are comfortable to walk on and look great year after year. You never have to cut it and you never have to water it. With the Raiders coming to town, you'll have more time for football with less to do on the lawn.

4. Living spaces - Your lawn doesn't have to be a big green expanse. Put in patios, decks, seating areas, and more. Turn your yard into a place where you can live instead of simply look out and admiring the thing you have to water and cut all the time. Setting up living spaces can be a great way to use the yard you have for things that will bring people closer together.

5. Contrasting colors - One way to add drama to a yard is to use contrasting colors. White rocks and black railroad ties. Green cacti and brown rocks. By using color, you can draw the attention away from the fact that you have no grass and to the fact that you created a great yard.

6. Rock and mulch - Ground covers are a great way to handle your yard. Mulch will keep the moisture in the ground. If you have trees or flowers, mulch will let you use much less water to keep them healthy. Rocks and gravel are a great way to accent your yard. They can be large rocks to add texture or small river rocks to walk on. Boulders are an awesome way to decorate and they never need water or fertilizer.

A creative, cared-for yard doesn't have to be Kentucky Bluegrass. It can be local, native plants, stones, and boulders, all designed to make your home even more beautiful and, bonus, more water efficient.

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Four Las Vegas Communities Lead Nation In New Home Sales

Summerlin saw the sale of 675 homes so far this year through June. That makes it number four on the list of communities have seen the most sales of new homes in the entire US.

From the report published by real estate consulting firm RCLCO, the remaining three communities on the top 50 list are:

  • Inspirada with 344 new homes sold (#12)
  • Cadence with 321 new homes sold (#14)
  • Skye Canyon with 260 new homes sold (#23)

In 2018, builders sold more new homes than they had in a decade or more. Buyers were also willing to pay the highest prices they seen since the housing bubble burst in 2008.

Despite these very good numbers for these communities, the sales are off from the year before. In comparison to the same time last year, new home sales were down 28 percent in Inspirada, 4 percent in Cadence, and 8 percent in Skye Canyon. Summerlin sales are off 13 percent over the same six month period the previous year.

Sales in Southern Nevada have been dropping significantly and inventories have been rising for the past year.

Nonetheless, the report indicates that all 50 communities around the US are performing well and that sales in 2019 might be higher than 2018.

A note on the methodology: RCLCO did not breakdown the type of home. They only counted homes under contract minus cancellations. There was no indication of the median home price in these figures.

Four Las Vegas Communities Lead Nation In New Home Sales

What does it all mean?

There are some mixed signals in the report, but overall, new home sales in Southern Nevada are strong and will likely remain strong. Prices have been fairly level for the past few months, making the purchase of a home a bit more predictable.

The Federal Reserve decided to lower interest rates a quarter of a percent which will keep mortgage rates down.

Homebuyers will likely see an increase in available new (and existing) homes on the market over the next few months, giving them a little more choice and the ability to negotiate more.

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Las Vegas Housing Market Update

A report released on June 25 by CoreLogic included a lot of great news and some concerning news about the Las Vegas housing market.

Las Vegas led the nation in the growth of home values and prices over the past year. The biggest gains in home prices were seen in Las Vegas, Phoenix, and Tampa. By contrast, Seattle, San Francisco, and San Diego saw the biggest home price losses.

"Las Vegas (7.1%), Phoenix (6%) and Tampa (5.6%) accounted for the highest year-over-year price increases [from April 2018 to April 2019]..." - CoreLogic report.

All of this means that over the past year, there has been a marked increase in home prices in Las Vegas which is great for sellers.

A deeper look at other information shows us that the median home price has remained steady at $300,000 in Las Vegas for the last three months. This indicates that the housing market may be cooling down.

Combine the stagnation of home prices with the nearly 91% increase in available inventory year over year and you have a market that appears to be shifting from sellers to buyers.

Las Vegas Housing Market Update

What does the future hold for the Las Vegas housing market?

The short-term will have the inventory still tight in Las Vegas. The arrival of a new football team, several massive tech and industrial projects, and a general migration to the city will drive the housing market for a few months.

It seems likely that the winter slow season will bring lower prices instead of simply stagnating prices.

Interest rates are likely to stay low, but many buyers have been pushed out of the market due to high home prices. Over the next year, Las Vegas, and the rest of the nation, are likely to see a softening of the housing market and lowering home prices. Many of those buyers will be able to return to the market.

The biggest advantage that Las Vegas has during this market softening versus the housing crisis of 2008 is that the overall economy is still very strong. This will allow home buyers to have the certainty of their jobs which didn't exist during the last economic slowdown and housing crash.

The Overall Summary

In general, now is the perfect mid-point between buyers and sellers. While housing prices are softening, buyers will still pay a decent price for a home. For buyers, the stagnant home prices make planning for and buying a home much easier.

For frugal home buyers, it might be wise to wait six months when home prices might actually drop. The affordability, including interest rates, will likely be there well into the future.

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