Las Vegas Real Estate News
I’m not convinced these are good investments from a cash flow or appreciation perspective. They are appreciating at about the rate of of other resale properties but the cash flow is ridiculously small. The recent appreciation is based on Raider speculation and consequently will become a musical chair game. The restrictions and HOA fees will bleed investors in the meantime. Similar to boats, vacation homes and airplanes, these assets are impressive but don’t make financial sense.
Airbnb City Council Meeting
There is nothing in the news to this so you will have to trust my interpretation of the Las Vegas City workshop last week that covered Airbnb applications for Special Use Permits (aka SUPs). These are now required in addition to the Business License. This workshop occurred days after 11 applicants were reviewed and 10 applicants rejected by the City Council. My overall impression was that the planning department was really on the side of the applicants. It was really good to see that the planning department did their homework and had actually recommended 7 of the 11 applicants. The people at planning were literally scratching their heads as to how all that went down. I even smelled a little contempt of City Council. Here are my conclusions.
The planning department actually had some really awesome tips to increase our chances of getting a license and a SUP.
- Show up. If you want us to do this, we will take a nap and bring a sleeping bag.
- Be the first. This means we can kill off someone who already has a license but not the SUP.
- Get Approval from the HOA. If you are in a “Loose HOA”, we must be absolutely certain we have them bless the submission.
- Get everyone on board. We need to get all the neighbors on board before posting the SUP notice. Booze. Trips to Disneyland… who knows. What we don’t want is the pissed off neighbor showing up at 2am complaining about your AirBnb.
Bottom line? It still appears more lucrative than standard rentals even if you get shut down later.
- Pay more.
- Be patient.
- There are no guarantees.
Please read this page first before calling. If you have the guts, we have the process for you.
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Barb’s Corner – Here are this this week’s lows and highs. Call her at (702) 759-9724 if you want more information on these listings.
This weeks’ Commercial Recommendation.
Proven techniques for managing properties. On Sale Now
This book was written to help other property managers and brokers live a comfortable balanced life. While most of the concepts and tips are applicable to folks who want to manage their own properties, the majority of the content is for business owners. This book also applies to small and large operations.