According to a recent article from the Wall Street Journal, Southern Nevada has become the unintended benefactor of the unfortunate endless challenges facing our neighboring state to the west. The article titled "Blackouts, Fires, High Gas Prices: Who Wants To Live in California today." describes the hardships residents are experiencing and how many are choosing to flee the state for a less volatile environment. According to the US Census Bureau, more than 50,000 Californians moved to Nevada from July 2017 to July... read more
Posted by John McClelland on October 16, 2017 in
uncategorized
In this month’s Monthly Market Minute Update, we discuss Census data that reveals strong positive net migration to Southern Nevada, particularly from Los Angelinos. While many Las Vegans love the Southern California area, housing affordability is one of the major motivators for leaving California for states like Nevada and Arizona or remaining in those states instead of moving to California. A recent Los Angeles Times article even described leaving coastal California a ‘no-brainer,’ due large... read more
Posted by John McClelland on September 21, 2017 in
Global Luxury
There is always a lot of focus on the single family housing market since it is the largest single segment of the housing stock. But with a sea of lights in the Las Vegas Valley to gaze upon and some world-class amenities, High-Rise is an exciting niche segment. Our High-Rise report illustrates recent price averages for all of the high-rise residences and condo-hotel projects, along with an update on what's new and exciting things happening in the sector. ... read more
Commercial Construction is Booming in this Submarket
Posted by John McClelland on August 16, 2017 in
uncategorized
If you live in the Las Vegas area, you may have noticed all of the tilt-up walls and lumber framing rising in view from the 215 in the Southwest. Clearly there is meaningful construction there; but how much?
Currently there is over 372,000 square feet of commercial rentable building area scheduled to be delivered in 2017 and 2018. One of the largest components of this is the Credit One building between Durango and Buffalo, emerging in full view as you approach the 215 curve. This project is scheduled to be 152,000... read more