LAS VEGAS | HENDERSON Market Update (5)
6/25/21
Highlights:
Resorts World: $4.3B Next-gen Casino Opens
Vegas Rental Home Market Heats Up
Thousands of Workers back in Nevada Workplace
Major League Baseball Team: Oakland A’s Exec’s return for ballpark sites
Red-hot Housing: North Las Vegas’ star on rise for real estate
Las Vegas’ homebuilding market shows no signs of slowing down
MSG Sphere’s domed roof of 100 ton Trusses Completed
Condo’s sets $16.25M Sale Record
EB-5 an attractive option for international students
That Suburban Home Buyer Could Be a Foreign Investor or Government
Resorts World: $4.3B Next-gen Casino Opens LV ‘truly back’
The doors are finally open to the public at Resorts World Las Vegas.
The city’s newest megaresort opened following a flurry of fireworks observed by several VIP guests from the resort’s fifth-floor pool deck. DJs and dancers performed at the party while people gathered at public entrances for the 11 p.m. opening. The chairman of the Genting Group had an earlier surprise Thursday for dignitaries and VIP guests attending a ceremonial ribbon-cutting —a game plan to expand the resort. Lim told several hundred guests — many wearing bright red, the traditional color for good fortune in Asian cultures — that he is already planning an expansion for the $4.3 billion resort.
“Las Vegas is truly back,” Lim said, wrapping up an hour of remarks from several dignitaries attending the opening event. Thousands of people began gathering outside Resorts World as the sun went down.
Guests were dressed for the occasion, with many wearing Asian-influenced styles or sporting a red flair. Las Vegas went through another major historic transition Thursday – the first Strip megaresort in more than a decade. The property is most technologically advanced resort ever built. Resorts World Las Vegas will feature keyless hotel room entry via a Bluetooth connection from a cellphone and a cashless casino floor with gamblers using digital wallets to stake themselves at slot machines and table games. It also has one of the largest video screens in the world at 100,000 square feet on the south-facing facade of the resort’s west tower.
The property has 250,000 square feet of flexible meeting space with 50 meeting rooms, six configurable ballrooms, 23,000 square feet of Strip-facing ballroom and terrace space with floor-to-ceiling windows, a 90-foot dynamic LED wall and digital pillars in the meeting space.
In future years, Resorts World will have another convention advantage — the first Boring Co. tunnel linking a commercial property with the West Hall of the Las Vegas Convention Center. The project is under construction and is expected to link to the planned Vegas Loop transit system.
Vegas’ Rental Home Market Heats Up
Prices jump 11 percent year over year
With a barrage of buyers going after a small supply of listings, Las Vegas’ housing market is accelerating at a rapid pace. But across the valley, homebuyers aren’t the only ones facing higher prices and fewer choices. Southern Nevada rental prices are rising at one of the fastest rates in the nation, a new report shows, and real estate pros say demand is fierce and inventory is minimal.
‘The demand is incredible’
Las Vegas-area rental home prices jumped 11.3 percent year over year in April, to a typical rate of $1,460 per month, according to a report this week from listing site Zillow.The valley’s rent growth was fourth highest among the 50 metro areas listed in the report, behind only Memphis, Tennessee (11.8 percent), Phoenix (13.4 percent) and Riverside, California (14.9 percent). Nationally, prices rose 3 percent in the past year, according to Zillow, whose report covers all types of rental homes. Hartsell, of Key Property, said the supply of available rentals across the valley is the lowest he’s seen in his 20-year career. As seen on a search of the region’s main listing service Thursday.
Thousands back in state’s workforce
People visit the Fremont Street Experience on May 13. Employers in Nevada added 17,100 unadjusted jobs in April, the largest month-to-month gain since September 2020.
April was a good month for Nevada as thousands of workers, especially in casinos and restaurants, returned to the labor workforce.
Employers in Nevada added 17,100 unadjusted jobs in April, the largest month-to-month gain since September 2020, the state Department of Employment, Training and Rehabilitation said Thursday. Most of the jobs — 8,400 seasonally adjusted jobs — were added in Southern Nevada.
Largest job gains in leisure and hospitality
Looking at unadjusted estimates for Nevada as a whole, DETR said the leisure and hospitality sector added the most jobs in April with over 80 percent of gains in accommodation and food services, most of which were in food services and drinking places in Las Vegas. The construction industry is also seeing job gains as businesses try to meet the demand of a strong housing market, Schmidt said. Manufacturing employment in Las Vegas “realized notable growth” in April as cut stone and stone product manufacturing companies increased staff. DETR said it is likely because of the high demand for landscaping work at residential and commercial properties.
Major League Baseball Team: Oakland A’s Exec’s return to look at possible ballpark sites
Oakland A’s Team president Dave Kaval and other officials are back in town this week, looking to talk further about possible relocation to Southern Nevada. The focus of this trip, led by A’s owner John Fisher and team president Dave Kaval, is the potential location of a stadium. No area of the Las Vegas Valley has been eliminated from consideration for an approximately 35,000-seat ballpark that Kaval previously estimated would cost around $1 billion to construct.
Downtown and in the city of Las Vegas and some of the options there, I think those are kind of intriguing,” Kaval said. “There’s a ton of people that go there, and that could have more of an urban feel to it. We also are really intrigued by some of the options in Henderson and the business-friendly nature of the elected leaders and city administration there.”
RED-HOT HOUSING North Las Vegas’ star on rise for real estate
Southern Nevada’s booming housing market has a new rising star in North Las Vegas, a city where home sales in past years often trailed behind other parts of the Las Vegas Valley. Real estate agents say the competition for homes in North Las Vegas has become fierce even though in previous years it’s often drawn less attention from homebuyers compared with areas such as Summerlin and Henderson. Realtor Yvonne Khoo recalls helping buyers quickly purchase a “starter home” in North Las Vegas for $85,000 in the late 2000s. In today’s market, that same type of home is going to receive multiple offers and sell for around $310,000, Khoo said. “If it’s priced right, then you’ll see 20 to 30 offers,” she said. “If it’s priced high, you’ll probably see about 10 offers.”
Builders notched 1,215 net sales — newly signed sales contracts minus cancellations — in Southern Nevada in April, up nearly 400 percent from 244 sales in April 2020. Builders have been putting buyers on wait lists; median resale prices are hitting new all-time highs practically every month; available inventory has dwindled; and out-of-state buyers, especially Californians, seem to be snapping up more homes than usual in less-expensive Las Vegas as people work from home without the need for a commute.
MSG Sphere’s Domed Roof of 100 ton Trusses Completed
Officials showed off the MSG Sphere’s most recent construction milestone during a media tour Thursday morning. Construction crews recently finished setting the steel frame at the globular, 17,500-seat venue and will mark the completion of the main venue’s domed frame with a “topping out” ceremony Friday.
Crews have started building the framework for the project’s exosphere — expected to feature 580,000 square feet of programmable LED and have a rare, second “topping out” for the geodesic sphere next year.
Project completion set for 2023
The project is estimated to cost $1.8 billion and will eventually house screens that span the size of three football fields. When completed, the MSG Sphere will be 366 feet tall, and the building will be 516 feet wide at its widest point. Crews have finished placing the 32 steel, pie-shaped trusses together to form the project’s domed roof structure. Each one is 200 feet long and weighs more than 100 tons.
Condo’s sale sets record $16.25M Cash purchase for penthouse.
A nearly 13,000-square-foot penthouse in The Martin condo tower near the Strip has sold for $16.25 million as Las Vegas’ luxury housing market keeps sizzling. The condo is one of the largest single-floor penthouses in the nation and features dual master bedrooms on each end, three guest rooms, seven bathrooms, a professional-grade gym with more than $250,000 in equipment, a steam room, a sauna and a custom stainless-steel cold plunge.
EB-5 visa an attractive option for international students seeking a green card
For international students planning to study at a U.S. university, investing through the EB-5 program could get them a green card and a pathway to U.S. citizenship. Many foreign investors choose the EB-5 program for precisely that reason—to send their kids to a prestigious U.S. college or university. China and India are two countries that send the most international students to the U.S. for education—382,600 and 207,500 international students respectively last year. For international students, getting a green card has many benefits, such as higher university admission rates, reduced in-state tuition and access to financial aid and scholarships.
That Suburban Home Buyer Could Be a Foreign Investor or Government Big foreign investment firms that buy office buildings, hotels and shopping centers around the world have a new favorite real-estate play: single-family homes in American suburbs. These institutions are partnering with U.S. housing companies to buy or build rental homes by the thousands. In suburban neighborhoods near cities such as Atlanta, Las Vegas and Phoenix,
Foreign investors account for nearly a third of institutional investment in single-family rental homes. Foreign investors are attracted to the single-family-home rental market for many of the same reasons that U.S. investment firms are. There is a limited supply of new houses and the strong demand for homes in the most desirable suburbs with top schools has led many families to rent if they can’t buy in these neighborhoods. The focus is now on newly built properties.
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