Huge Relief – Governor Sisolak Is Out
Steve Sisolak stated he would be proposing rent control during his campaign. Nothing scared us more than the phrase “Rent Control”. Joe Lombardo is very conservative and won’t even bring that subject up during his term.
The other thorn in our side has been the CHAPS program. Since the program’s inception, Clark County has provided more than $300 million in rental and utility assistance. Those funds have assisted more than 65,000 households since the beginning of the pandemic. However, this program has been a nightmare for investors and property managers because tenants could extend evictions for 90 days. Some of our investors never saw that money.
It is not likely Joe Lombardo will kill the CHAPS program but the program will probably die from lack of funding by the end of 2022. This means evictions should be back to normal in the spring of 2023.
Las Vegas real estate continue to decline.
According to the World Property Journal, the number of properties sold dropped significantly in October. Last week the median price of existing single-family homes sold in Southern Nevada during October 2022 was $440,000. That’s down 2.2% from September 2022, and down from the all-time record price of $482,000 in May.
Redfin expects home sales to keep falling through 2023 and has laid off 862 staffers, or 13% of its workforce. The decline has been triggered by high inflation and rising interest rates, which have lifted borrowing costs.
As of two weeks ago, over 7,900 single-family homes listed for sale had no sort of offer. That’s up 140.5% from the same time last year. It will get worse through November and December. Buyers have turkey and booze on the brain during the holidays. I expect prices to continue declining through 2024 as well. Don’t worry, we will let you know when it’s time to buy again.
Welcome Mark Whalberg
I love this guy. His work ethic is unmatched. I thought I got up early. This guy wakes up at 2:30am and is in the gym by 3:30am. He’s had enough of California as well. His $80M home is up for sale and he has bought some land in an an exclusive neighborhood in Las Vegas. He is also pushing to create a “Hollywood 2.0” here in Vegas. This is really big news as he will attract more Hollywood productions in this business friendly environment. He isn’t some “has been” actor coasting on success. With nearly a $400M net worth, we can expect real investments in movie production here.
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About The Author
Jim Eagan is the Broker at Limestone Investments (license 1000724) and has been managing investment properties for over 30 years. He has written two books on the subject of property management has taught hundreds of other property managers the art of managing property.