Las Vegas Updates

Panorama view of Las Vegas at sunset in Nevada, United States of America

As the economy has slowly re-opened in Las Vegas, due to certain restrictions lifted, so has the interest of buyers in the local market. This was clearly evident in June, as the median price of a home sold through the MLS was $325,000, a year over year increase of about 7%. This was an increase of $6,000 from the prior median sold price in March of $319,000.

These figures go to show a couple of things. First, as people returned to work, this ignited a demand for housing. It really shows how crucial the local hospitality and service industry is to the housing market. Even though real estate prices did not see a noticeable decrease between March and June, the slow down in activity was a clear indicator.

Second, with real estate values holding during an economic shut down, it really showed the stability of the Las Vegas housing market to be able to absorb a significant event, such as this. With prices appreciating at a modest rate, this prevents a bubble from forming and significant fluctuations from occurring when an economy shifts. No doubt, current low interest rates also play a role in keeping prospective buyers motivated and ready to buy.

As the economy continues to recover, with more tourists coming for a visit, we can expect the real estate market to keep thriving.

As the entertainment capital of the world, Las Vegas has many concerts and residencies by popular musicians and groups, such as Celine Dion, Rod Stewart, Elton John and even the Backstreet Boys! However, did you know that a number of popular singers and groups had their start right here in Las Vegas? Consider just a few:

The Killers: Formed in 2001 here in Las Vegas and one of the most popular rock bands in the world have headlined major venues all around the world and have albums that have advanced to the top of the charts.  Brandon Flowers, lead singer, is from Henderson NV and continues to reside in the city.

Imagine Dragons: Having its start in 2008 and rising to fame within a couple years after, the band had its breaks in Las Vegas, hometown of lead singer Dan Reynolds. The band recorded their first songs in Las Vegas and quickly rose to popularity with many hits, currently being an international sensation and winning a couple of Grammy awards.

Panic! at the Disco: Formed in 2004 in Las Vegas, the band went on to fame with a number of popular hits, winning an American Music Award, Billboard Music Award, nominated for a Grammy Award and winning iheart Music Awards.

Ne-Yo: Also known as Shaffer Chimere Smith, began his musical career right here in Las Vegas. He is a singer, songwriter and record producer. He is a Grammy Award winner and reached the top of the Billboard 200.

Other notable musicians who had significant success here in Las Vegas include Wayne Newton and the band “The Cab.”

Perhaps you have seen some of these notable performers walking the streets of the city.  Yes, while Las Vegas attracts many aspiring musicians, a number have had great success and are proud to call Las Vegas home.

las vegas home rental

“A beautiful luxury home in a suburb of Las Vegas, Nevada.”

As the economy shut down in March, many feared what would happen to the real estate market. With each extension to keep the economy closed, many feared a complete economic collapse and drastic changes in resale and rental values.

Fortunately, the drastic changes many feared never came. Granted, the real estate and rental market did experience change. For example, tenant occupied properties cannot be readily shown due to government imposed restrictions to limit the spread of COVID-19. Additionally, with many being furloughed or laid off due to business closures, demand for real estate dropped off significantly, especially when it comes to home buying.

Even as home prices dipped slightly, they appear to be showing signs of appreciation again as the economy re-opens and people get back to work. Additionally, tourist activity in Las Vegas appears to be drumming up as more hotels and casinos have decided to open up to accommodate the demand. All of these are excellent signs. Real Estate rental values have remained relatively steady as well, with some fluctuation but overall consistent.

What will the future hold for Las Vegas real estate and rental values? For the remainder of this summer, it appears that values should hold stable, with relatively minor fluctuation. We can expect the market to attract more buyers but also more sellers. Of course, much will depend on the big picture. How will the economy throughout the country hold? How will the spread of COVID-19 affect business growth? At what rate will tourism increase to allow even more people to return to work? Fortunately, even after 2.5 months of closures and a high unemployment rate, Las Vegas continues to maintain its real estate value, a trend we look forward to seeing into the future.

As the state of Nevada looks to re-open after weeks of closure to contain the COVID-19 virus, this will not be an automatic green light to resume life as normal. There is still much work to be done and social distancing to be followed. Many Realtors have been proactive to keep their clients and customers safe, adhering to safety guidelines.  This includes Nicklin Property Management.  Here are some updates as far as re-opening guidelines as pertain to the real estate and rental industry:

1. Showings and open houses of single family residences occupied by renters is prohibited until May 30, 2020.

2. Social Distancing will still need to be practiced when interacting with the public and face masks should be worn. Employees / Agents must wear face masks when interacting with others.

3. A COVID-19 addendum is available for sales transactions that has been approved by the Nevada Real Estate Division. It gives provisions to prospective buyers who may have a sudden change in employment / income due to the Coronavirus pandemic while purchasing a home.

4. Eviction postponement is tied to Nevada’s declaration of emergency, which is set to expire May 15. Any changes to this should be announced by the Governor’s office in the very near future.

As we have seen, the situation we have seen has been very fluid and subject to change. While it is encouraging to see that certain restrictions have been lowered, we must all still show vigilance in protecting the health of others and take necessary precautions.  We look forward to business as normal in the future, however, realize that this will not happen for some time.

It almost feels like summer in mid spring. Temperatures are soaring and everyone is feeling the effect! What should you know as we deal with an early heat pattern?

1. Drink plenty of water! Since we just recently came out of a cool season, we may not be accustomed to drinking a lot. However, this is important now more than ever before. Dehydration and heat stroke can result without having plenty of fluids inside. Carry water with you. Cars often times get much hotter than the temperatures outside, so perhaps keep a cooler handy with ice packs and bottled water.

2. Take care of your pets! If your pets tend to stay outside a lot, make sure they also have plenty of water and shelter. Keep a covered area or dog house available for them to take shelter. In extreme temperatures it would also be advisable to limit your pets outdoor activity. Pets can also get dehydrated and succumb to heat.

3. Ensure your landscaping is getting adequate water. During spring, watering restriction only allow you to water your plants 3 times a week. Make sure that your sprinkler system is set up to water during your assigned days. Additionally, ensure that all of your drippers and sprinklers are working property. Replace any that are not. If you notice some plants or grass still struggling, hand watering is best to stay compliant with watering restrictions.

Stay safe and stay cool!

Many tourists that visit Las Vegas focus their attention solely on the Strip and downtown. However, a mountain oasis exists not too far away from the valley floor, about a 45 minute drive from downtown. Known as Mount Charleston, named after a mountain peak, it is nestled between other mountain peaks and is full of bristle cone pine and aspen trees!

Temperatures on Mount Charleston stay much cooler during the summer. And snow is a frequent visitor to the area during winter. Believe it or not, there is a ski resort as well – The Las Vegas Ski and Snowboard resort, complete with a cafe, ski lifts and varying hills! Many locals enjoy getting a taste of winter and doing things like sledding and having snowball fights. During summer, many enjoy biking, hiking and just seeing nature.

If your interested in living in the mountains but being close enough to the city to commute, there are usually a handful of homes and cabins available for sale as well.

So, next time your visiting or if your a new local, check it out and see the other side of Las Vegas!

Contributed by Nicklin Property Management!

As a property manager with hundreds of clients and customers, we care that everyone stays healthy and avoids getting sick. You have probably heard a lot through various news agencies about the wide spread effect of the Coronavirus and the impact is it having on health, travel, business meetings and the general economy. As a result, Nicklin Property Management has been proactively discussing this topic in an effort to keep everyone healthy, including our property managers. Here are some practical steps you can take to keep yourself healthy, as reported by the CDC (Center for Disease Control and Prevention):

There is currently no vaccine to prevent coronavirus disease 2019 (COVID-19). The best way to prevent illness is to avoid being exposed to this virus. However, as a reminder, CDC always recommends everyday preventive actions to help prevent the spread of respiratory diseases, including:

  • Avoid close contact with people who are sick.
  • Avoid touching your eyes, nose, and mouth.
  • Stay home when you are sick.
  • Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
  • Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.
  • Follow CDC’s recommendations for using a facemask.
  • CDC does not recommend that people who are well wear a facemask to protect themselves from respiratory diseases, including COVID-19.
  • Facemasks should be used by people who show symptoms of COVID-19 to help prevent the spread of the disease to others. The use of facemasks is also crucial for health workers and people who are taking care of someone in close settings (at home or in a health care facility).
  • Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose, coughing, or sneezing.
  • If soap and water are not readily available, use an alcohol-based hand sanitizer with at least 60% alcohol. Always wash hands with soap and water if hands are visibly dirty.

Source: https://www.cdc.gov/coronavirus/2019-ncov/about/prevention-treatment.html

For additional information, visit www.cdc.gov.