All Forum Posts by: Account Closed

@Andres Garcia, we are seeing the same craziness in Vegas. Our prices are up about 20% in the last 4 months alone. I personally put an offer on a guard gated house in Henderson, NV listed for $719k. After learning there were over 15 offers I increased my offer to $755k. The house is selling for over $800k. Crazy.

Hi @Robert Belz. Welcome to Vegas! I'm personally invested in class A and class B detached single family residences in Summerlin, Henderson and a few select zip codes of the Vegas. Our firm's expertise is in the same residential sector. We have not focused on smaller commercial multifamily. Cheers, Heidi

What in the world in going on with Las Vegas housing? Why are local housing prices up 20% in less than 4 months? To better understand current investment housing trends in Las Vegas you need to understand the simple economics of housing supply being kept artificially low by government policies and the pandemic.

I’m personally invested in detached single family residential real estate in Las Vegas along with being a property manager for Summerlin, Henderson and hand selected zip codes of Las Vegas. A few things that are impacting supply and demand and the recent 20% spike in housing prices here:

• 1) investors swarmed our market from 2010-2017. Almost half of detached single family homes are owned by cash investors and these rentals houses are occupied by Tenants.
• 2) There is a Governor mandated eviction moratorium through May 31st, 2021. Landlords cannot serve evictions notices to get Tenants out which is limiting our housing supply. This has been extended multiple times and there are concerns it may be extended again
• 3) The governor has also limited landlords from serving 30 day “no cause” notices to vacate. Landlords are having a hard time gaining control of their properties which is limiting supply
• 4) Some homeowner’s are terrified of COVID and would have wanted to sell but don’t want strangers entering their house (limiting supply)
• 5) As a real estate broker and property manager many houses are being sold and rented to people moving here from out of state for remote work or other reasons. We have a tremendous increase in demand
• 6)Shannon Chambers, president of Home Means Nevada, a state-affiliated nonprofit organization that assists homeowners, estimated that more than 8 percent of mortgage loans in the state are in forbearance, which she said is upwards of 100,000 loans.
• 9) CA residents are coming to Nevada for the low cost living, no state income tax and other reasons…this is pushing up demand. 

Thanks for the welcome Jay and nice to meet you. Vegas is a fun market to watch and be involved in...we have a tendency to over shoot the market on the highs and over shoot the market on the lows i.e. December 2011. Referencing the higher-end market it is very active. I am working with a client that purchased a million dollar Summerlin TPC golf course property cash as a future retirement home. Our firm secured a renter for $5k a month that moved here from where else...Oregon like your post mentioned. 

I'm personally invested in detached single family residential real estate in Las Vegas along with being a property manager for Summerlin, Henderson an hand selected zip codes of Las Vegas. A few things that are impacting supply and demand and the recent 20% spike in housing prices here: 1)investors swarmed our market from 2010-2017..myself included. Almost half of detached single family homes are owned by cash investors and these rentals houses are occupied by Tenants 2) There is a Governor mandated eviction moratorium through May 31st, 2021. Landlords cannot serve evictions notices to get Tenants out which is limiting our housing supply. This has been extended multiple times and there are concerns it may be extended again 3) The governor has also limited landlords from serving 30 day "no cause" notices to vacate. Landlords are having a hard time gaining control of their properties which is limiting supply  4) Some homeowner's are terrified of COVID and would have wanted to sell but don't want strangers entering their house (limiting supply) 5) As a real estate broker and property manager many houses are being sold and rented to people moving here from out of state for remote work or other reasons. We have a tremendous increase in demand 6) I have read online there are more houses in loan forbearance in Las Vegas today then there was back in 2008-2010 7) CA residents are coming to Nevada for the low cost living, no state income tax and other reasons...this is pushing up demand. I could keep going but ultimately now is *not* the time to be purchasing investment properties in Las Vegas.

Personally I have stopped investing in our local market. The supply is artificially low. My husband and I are sitting on cash for the next buying opportunity which could be in the next 12-18 months.