Las Vegas and Henderson Real Estate Market Articles

The recent earthquakes in the California desert and felt in Las Vegas have many people worried if an earthquake can cause safety and property damage concerns right here in Las Vegas. After all, Nevada is one of the most seismically active states according to the US Geological Survey. Could a powerful enough earthquake strike in or close to Las Vegas and cause serious property damage? How would you protect yourself?

Earthquakes can strike at anytime and any place. It is difficult to predict, even for experienced scientists. And while Las Vegas has not had any tremors that resulted in significant property or infrastructure damage for many years, the risk exists. The Las Vegas valley has a number of fault lines that can result in an earthquake. And any effects from a strong earthquake in California can also affect the Las Vegas valley. So, what options exist?

Many people will say that they have homeowner’s insurance to protect them. However, it is important to note that most homeowner’s insurance policies do not cover earthquake damage. Insuring your home and other property typically requires additional coverage specific to that.

So, why don’t most people have earthquake insurance, especially in earthquake prone areas? Simply, due to the cost! Earthquake insurance is pricey. And even the deductibles can be significant, a percentage of the overall policy limit, which could be thousands of dollars depending on the policy limit.

Earthquake insurance also has exclusions many times. For example, a typical earthquake policy doesn’t cover landscaping, pools and fences among other things. Loss of use coverage can also be restricted within an earthquake policy. It is best to contact your insurance carrier to find out what the costs are specific to your needs and what the coverage would look like.

If earthquake insurance is not the right fit for you, what can you do besides that? Contact your current homeowners insurance provider and ask them what could be covered in the event of a serious earthquake. For example, if after an earthquake, the home has a fire or water event, would that be covered under the current homeowner’s policy terms related to those items?

Additionally, be proactive to mitigate potential damage and losses! Many times, damage occurs because items fall over. So, be sure that furniture, china cabinets with glassware and bookshelves are secured to your walls.
Most importantly, be sure to keep yourself and your loved ones safe during these events!

Source material: https://www.cbsnews.com/news/earthquake-insurance-8-things-you-need-to-know/

Contributed by Nicklin Property Management. The information provided here is for information purposes only and does not constitute real estate advice.

There is no doubt that Las Vegas is experiencing a strong economy, solid job growth, an influx of new residents and exciting new developments throughout the city.  Here are some notable new developments within the Las Vegas valley that are taking shape:

  1. New Raiders Stadium: The nearly 2 billion dollar project is already making a statement – both visually and economically.  The project is moving along on schedule to be ready for the 2020 NFL season and has already raised the value of surrounding real estate.
  2. Google Data Center: The new $600 million dollar project sitting on over 1200 acres in Henderson will create 50 jobs over 5 years. It is slated for completion towards the end of 2020.
  3. Las Vegas Convention Center Expansion: The nearly 1 billion dollar expansion will allow for more convention space and businesses to come to Las Vegas.
  4. Resorts World Las Vegas: The currently under construction mega resort on the north end of the Las Vegas Strip will create thousands of jobs, plenty of hotel rooms and a unique theme for a portion of the strip that has long had minimal development.
  5. The Drew: The former unfinished Fontainebleau Las Vegas on the north end of the strip has been renamed The Drew and slowly will be finished.  Once completed, it will be one of the tallest resorts in the valley.
  6. Madison Square Garden: The new sphere like music arena will be one of a kind.  A developer has been chosen recently and the project is moving forward.
  7. New Golden Knights Hockey Rink: Construction is underway for a new hockey rink in Henderson, in place of the Henderson convention center.
  8. Real Estate Development: The last few years have shown that the Las Vegas real estate market has made a comeback.  Real estate and rental values have appreciated considerably and new home, apartment and condo development has taken off.

All of these developments show that Las Vegas is once again gaining momentum and investor confidence.  A positive economy benefits everyone and contributes towards economic stability.

Stay tuned for our video blog which will illustrate the developments we discussed.

For professional property management, contact us at 702-903-HOME or send us a message at nicklin@nicklinpm.com.

Contributed by Nicklin Property Management.

May 2017 – It seems that every week we hear about a new development within the Las Vegas area. As a matter of fact, billions of dollars in residential / commercial and industrial development is either in the planning or construction phase. How will this affect the local economy?

To start, the residential market is currently experiencing a shortage of homes. Resale homes are not coming on the market in volumes as they used to and builders are not building nearly as many homes as during the pre-recession era. Yet, new residents to Las Vegas and new buyers looking to get their hands on a piece of real estate has been going up. This has been driving prices up as competition for homes as increased. Brand new homes are averaging $325,000 and resale homes are currently at around $250,000. As inventory continues to be slim, we can expect prices to increase month over month. What is contributing to the demand?

The Las Vegas economy in general has seen positive strides for a few years now – since 2012. The unemployment rate has steadily gone down and investors began investing into various projects throughout the Las Vegas area. Granted, the beginning of the improvement was slow. However, in the last 3 years, things shifted and the influx of investors increased considerably.

In addition, large corporations began to view Las Vegas as a viable place to place roots. Quickly, new industrial developments began to take shape, vacancies in commercial centers began to disappear and the demand for housing once again grew. As a matter of fact, new developments in the commercial market quickly took shape. This development has led to other positive aspects for the city. Improvements in infrastructure gained momentum and currently numerous road and freeway improvements are in the works to accommodate the growth. Aesthetic improvements have been made as well to various public spaces, along streets and highways. Of course, major sports are making their stamp on the city as well recently, leading to new venues being constructed. Development of multi family housing is in full swing as well, leading to numerous apartment communities and mid-rise buildings in the construction phase.

What is the difference in the local economy today compared to 10 years ago? It is the diversity we are seeing as far as the various types of companies and businesses making their mark on Las Vegas. This diversity leads to a more stable and healthy economy that everyone can benefit from. It will also lead to stronger and healthier home prices and rental values, which we have already begun to acquire a taste for.

March 2017 – As the first quarter of 2017 comes to an end, the Las Vegas housing market has been experiencing a shortage of available real estate. With this short supply and demand on a continued rise, home prices have been appreciating steadily. Market conditions have proved challenging for first time home buyers and those on a tighter budget, with multiple offers competing for the available inventory. In addition, homes priced under $200,000 are in high demand, receiving the most activity and offers, making it especially competitive for those looking in that price range. The next price point in high demand is between $200-$300,000. Homes priced under $250,000 are experiencing much activity and multiple offers as well. The forecast for the remaining part of 2017 shows the market continuing to appreciate at a modest rate, especially if interest rates remain low, as they currently are.