Las Vegas Real Estate Market Update


There are two reasons why we have been warning investors not to purchase anything:

Cash Flow – Most of the single family homes out there in a modest HOA or no HOA are only cash flowing at about 3% on a good day. If you get ambushed by a naughty tenant or a large repair, you will be lucky to break even. Condos and mutli-family perform even worse. Buy one of those animals and will be stuck bleeding for another decade if you are lucky. The only thing right now that performs modestly is the mom and pop strip malls. These start at million if you are lucky to find one. If I do find one and you a subscriber, you will know about it.

Depreciation – According to the US News World Report,  we are still in a declining market. If you purchase a single family home today, there is a significant chance it will continue to depreciate over the next few years. It will probably be a decade before it gets back to the price you purchased it for.

Las Vegas Market Data

There is little or no upside to purchasing real estate in Las Vegas at the moment. Just like any market, there will be a time to purchase again and as long as you subscribe to my newsletter or channel, you won’t miss out. The glorious days of 15% returns and 5% yearly appreciation will be back.

Legislature Killing Us

Bob Kinniburgh | Real Estate Agent | Limestone Investments LLC | Las Vegas, Nevada

Written by Bob Kinniburgh

As some may know, Nevada’s state legislature meets every two years and has 120 days to submit and pass bills to present to the Governor. We’re officially beyond the halfway point of the 120-day session. The bills must pass out of committee in their house of origin by Friday, April 14, otherwise, they will no longer be active (dead bills).

The following bills will have a negative impact on our investors.

  • AB176 on the source of income discrimination was heard in Assembly Commerce and Labor.
  • SB335 on summary evictions was heard in Senate Judiciary.
  • SB392, addressing the 40-year listing agreements and property management agency, was heard.
  • AB327 would require a property owner with four or more units who manages his/her own property to obtain a property management permit.
  •  SB426 on rent control was heard in Senate Commerce and Labor.
  •  AB362 would prohibit a landlord (with certain exceptions) from increasing the rent.
  • Finally, AB340, regarding summary evictions, passed out of Assembly Judiciary on a party-line vote. The bill replaces the current summary eviction process by seeking to have the landlord file with the court first rather than have the tenant file first in response to the notice from the landlord.

Rental Market

There is an increase in supply for rentals as properties that didn’t sell at the preferred price were taken off the market and put in the rental pool. Builders who are struggling to shed inventory are also putting new builds up for rent. Tenants in our portfolio who are just below market rent will be given new leases at the same rate. Our new customers who were giving their properties away will get modest increases.

Rental Market





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