What do you know about the Rental Market?
Many of today’s real estate headlines remark on median home sale prices. In Las Vegas, the median single-family home price reached $300,000 in September, nearly thirteen percent higher than the same month one year ago. What fewer recognize is that the rental market has been similarly heated over the past year. It’s important to cast some light on the rental market, which lives somewhat in the shadows of the for-sale market.
The median rent per-square-foot has a... read more
LAS VEGAS VALLEY HIGH-RISES
LAS VEGAS HIGH RISE - Condominium Market
While we see each high-rise project as a market unto itself, for brevity, we occasionally refer to the “market” for high-rises.
The high-rise market is registering fairly flat sales rates, however pricing continues to ratchet higher in a majority of buildings. There are some notable performers. In the past couple of years, Downtown has had rather tight supply, with limited resale activity in Newport Lofts and Soho Lofts, both of w... read more
Hospitality Cosmopolitan $1,730,000,000 1,000,807 sq.ft 2,995 room hotel and casino Purchased by Blackstone Group from Deutsche Bank
Downtown Summerlin Fashion, dining and entertainment 1.6 million sq.ft Shopping opened 2014 Multifamily, hotel
The Linq The Linq Promenade includes dining, shopping and entertainment, with a 550-foot observation wheel Hotel is 2,640 rooms Casino is 118,000 sq.ft The observation wheel, called the High Roller, opened in March 2014
Grand Bazaar... read more
Class A multifamily continues to be one of the most favored asset classes both nationally and in Las Vegas. In some U.S cities, capitalization rates are as low as they have ever been, particularly in Tier 1 cities with asking cap rates in the 4% - 6% range.1 Clearly some investors believe that they can push rent growth further. One should be cautious of this approach since there is an incentive to add new supply, which has been constrained by recession era risk aversion by both developers and lenders. Neverth... read more