Las Vegas Real Estate News

Inventory declines while prices climb

The median sales price of single-family homes in Southern Nevada in July was $236,000, up 0.4 percent from June and 7.3 percent from a year ago. First time home buyers are getting killed the most as the less expensive homes are far and few between.

Multi family building surges

Las Vegas apartment developers are some of the busiest builders in the valley, opening projects that often charge above-average rents and offer a big menu of amenities. Some 3,000 apartments hit the market valleywide last year and 4,500 are expected this year. Most of these large projects are in the suburbs. I think they are over building which will keep pressing rents lower.

BLM draft doesn’t account for potential growth

A recent release on future plans on the amount of land that could become available could cause the price of land to go up. The proposal’s preferred alternative would reduce the total of disposable acres from 168,903 acres to 155,279 acres, or 8 percent.

Las Vegas multifamily market a good bet: report

Las Vegas is No. 5 on a list of top-five “buy” markets in the Summer 2016 U.S. Multifamily Market Outlook by research firm Ten-X — operator of an online portal for commercial and residential real estate. Las Vegas ranks behind Orlando, Phoenix, Atlanta and Fort Lauderdale. Las Vegas had a citywide vacancy rate of 4.2 percent in the first quarter of 2016, and Ten-X is forecasting a decline to 3.8 percent for 2019 — a decrease of 40 base points. Rent growth, which measured 3 percent in the first quarter of 2016, was also projected to rise through 2019 — from an $890 rental average to $1,020, a 14.6 percent jump. This report, however, doesn’t address the low income housing. Low income housing data is illusive and we have not seen an opportunity to increase rents yet.

Here is the top 10 properties you should consider purchasing for lease/options.

Flipping Opportunities

An investor from California has approached us to let these go at a bargain. They were not managed properly and these are rare flipping opportunities for investors who want to roll their sleeves up. Jeff Dr would be a good lease/option property as well.

Address Beds / Bath / Gar List Repairs Comps Pool
5545 Harris Ave 4 / 2 / 0 $140,000 $50,000 $250,000 Yes Video
5320 Jeff Dr 3 / 2 / 2 $70,000 $46,000 $140,000 No Video
5137 Margo 3 / 2 / 0 $60,000 $40,000 $150,000 Yes Video

Property Management Info

Property Management Software Change – We are still testing and checking out property management software. Since ours is beginning to stabilize, we may not change at all.

LuizaLuiza Hunanyan – Has joined Limestone as another member of our maintenance team. She handles all the HOA love letters that we get nearly on a daily basis.

Popular Links

Investor Introduction Video 

Recent squatter removal video.

Evictions and how they work

Video of crack head squatter

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