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Category – All Las Vegas Real Estate

Even With Tight Housing Supply, 2017 Was a Strong Year for Local Home Sales

glvarDespite a tight housing supply, the Greater Las Vegas Association of REALTORS®(GLVAR) reported today that 2017 was one of the best years on record for local home sales and that home prices continued to increase from the previous year.

GLVAR reported that local home prices ended the year up 14.0 percent from one year ago, with a $267,900 median price for existing single-family homes sold during December through its Multiple Listing Service (MLS). The median price of local condos and townhomes sold in December was $143,000, up 26.5 percent from the same time last year.

Chris Bishop, a longtime local REALTOR® who took over Jan. 1 as president of GLVAR for 2018, said it was a solid year for the local housing market.

“Overall, I think most people would agree that 2017 was a pretty good year for our local housing market,” Bishop said. “Homeowners and sellers enjoyed strong appreciation, and homes were selling as fast as we’ve seen in recent memory. At the same time, local home prices aren’t even close to their peak, which suggests that we have still have some room to grow. Mortgage interest rates stayed relatively low. And foreclosures and short sales have become so rare that they’re really not a factor in the market.

“I’d say our biggest challenge continues to be our lack of inventory. We have a local housing supply of less than two months, when we’d like to have at least a six-month supply to have a balanced market. It has been this way for the past year or so, and we don’t see that changing anytime soon.”

By the end of December, GLVAR reported 3,827 single-family homes listed for sale without any sort of offer. That’s down 35.7 percent from one year ago. For condos and townhomes, the 656 properties listed without offers in December represented a 27.9 percent drop from one year ago.

The total number of existing local homes, condos and townhomes sold during December was 3,204. Compared to one year ago, December sales were down 3.5 percent for homes and down 14.8 percent for condos and townhomes.

According to GLVAR, the 46,598 total properties sold during 2017 make it the third best sales year on record and the best year for existing local home sales since 2011. The 2017 sales total exceeds the 41,720 such properties sold in 2016. Last year’s total ranks just below the 47,685 sales recorded in 2009 and the record of 48,798 existing local properties sold in 2011, when prices were bouncing along a post-recession bottom and investors were dominating the market.

GLVAR reported that 25.7 percent of all local properties sold in December were purchased with cash, compared to 28.7 percent one year ago. That’s less than half of the February 2013 peak of 59.5 percent, indicating that cash buyers and investors are still active, but playing a smaller role in the local housing market.

At the same time, the number of so-called distressed sales continues to decline. GLVAR said short sales and foreclosures combined accounted for 3.6 percent of all existing local home sales in December, compared to 11 percent of all sales one year ago.

“What a dramatic change from five or six years ago,” Bishop added. “Back then, foreclosures and short sales accounted for about three out of every four homes we sold here in Southern Nevada.”

These GLVAR statistics include activity through the end of December 2017. GLVAR distributes statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

·       The total value of local real estate transactions tracked through the MLS during December was nearly $822 million for homes and nearly $91 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in December were up 10.9 percent for homes and up 9.2 percent for condos and townhomes.

 ·       Homes and condos continued to sell faster than last year at this time. In December, 79.3 percent of all existing local homes and 88.4 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 71.7 percent of all existing local homes and 76.3 percent of all existing local condos and townhomes sold within 60 days.

Nevada Association Of REALTORS Rebrands

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Nevada REALTORS®, formerly known as the Nevada Association of REALTORS® (NVAR), kicked off 2018 by unveiling its new name, logo and tagline to better reflect the mission of the association for the state’s more than 16,000 REALTORS®.

Nevada REALTORS® President Heidi Kasama, a longtime local REALTOR® based in Las Vegas, said the association’s Board of Directors made up of leading members from around the state approved the rebranding in December.

“On the surface, this may seem like a small change, but we think it’s a pretty big deal,” she said.

Kasama, whose term as president of the statewide association began Jan. 1, explained that the REALTOR® brand has been valued by some national experts at more than $1 billion. So it makes sense for the association to capitalize on this brand equity by emphasizing that word more in its name, as 24 state associations and many other local associations have done in recent years.

Kasama said the new and shorter name also reinforces the association’s role as the voice of and advocate for real estate and private property rights throughout Nevada.

“Today’s consumers are bombarded with thousands of messages a day,” she added. “It takes simplicity and clarity to get their attention. We think this new brand helps us accomplish that and better explains who we are.”

As part of its rebranding, created with help from Las Vegas-based B&P Advertising, Media & Public Relations, the association unveiled a new logo with an updated blue and gold color scheme and a tagline emphasizing what it provides: “Advocacy. Leadership. Excellence.”

The new brand, logo, colors and tagline are already being integrated into the association’s website, marketing, member communication and other materials.

Virtus Starts New Year With Transactions Across The Market

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Finex Capital Group, LLC has renewed approximately 1,225 square feet of retail space at 8565 W Sahara Avenue, Suite 112, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the lessor, Oro Sahara Prime, LLC.

 

Paradise Nails has renewed approximately 1,984 square feet of retail space at 8565 W Sahara Avenue, Suite 101, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the lessor, Oro Sahara Prime, LLC.

 

Corrway Ventures, LLC has leased approximately 1,612 square feet of office space at 2575 Montessouri Street, Suite 110, in Las Vegas.  Dustin Dufour of Berkshire Hathaway HomeServices-Nevada Properties represented the lessee.  Brett S. Beck of Virtus Commercial represented the lessor, Sookwe Shin.

 

Pita House has renewed approximately 1,200 square feet of retail space at 1310 E Silverado Ranch Boulevard, Suite 101, in Las Vegas.  Chris Emanuel of Virtus Commercial represented the lessor, Amen & Traci Wardy.

 

Nevada Investment and Trade Management has leased approximately 2,212 square feet of office space at 1785 E Sahara Avenue, Suite 345, in Las Vegas.  Pablo Covarrubias of United Realty Group represented the lessee, and Brett S. Beck of Virtus Commercial represented the lessor, The 1785 Office Center, LLC.

 

Cedeno Multiservices has leased approximately 764 square feet of office space at 1785 E Sahara Avenue, Suite 175, in Las Vegas.  Gary S. Beck of Virtus Commercial represented the lessee, and Brett S. Beck of Virtus Commercial represented the lessor, The 1785 Office Center, LLC.

 

WWDBTV LLC has leased approximately 1,500 square feet of office space at 1785 E Sahara Avenue, Suite 200, in Las Vegas. Gary S. Beck of Virtus Commercial represented the lessee, and Brett S. Beck of Virtus Commercial represented the lessor, The 1785 Office Center, LLC

 

FirstMed Health and Wellness Center has leased approximately 2,435 square feet of office space at 3940 N Martin L King Boulevard, Suite 105B, in North Las Vegas.  Stacy Scheer of Colliers International represented the lessee, and Brett S. Beck of Virtus Commercial represented the lessor, Alexander Square, LLC.

 

Glamour Luna LLC has leased approximately 880 square feet of retail space at 1591 N Buffalo Drive, Suite 110, in Las Vegas. Dane Terry of Virtus Commercial represented the lessee, and Matt Feustel of Virtus Commercial represented the lessor, SSG Properties, LLC.

 

3GYS, LLC dba RKB Cabinetry has renewed approximately 3,435 square feet of retail space at 4955 S Durango Drive, Suite 217, in Las Vegas. Chris Emanuel of Virtus Commercial represented the lessor, Amen & Traci Wardy.

 

Flower Eve Gift and Home has leased approximately 1,000 square feet of retail space at 6325 Boulder Highway, Suite 107, in Las Vegas. Robert S. Hatrak II of Virtus Commercial represented the lessee, and the lessor, Boulder Marketplace, CLE.

 

AZ Pool Supplies, Inc. has leased approximately 1,080 square feet of retail space at 505 E Windmill Lane, Suite 1B, in Las Vegas. Robert S. Hatrak II of Virtus Commercial represented the lessee, and the lessor, Las Palmas, LLC.

The Medical Spa, LLC has leased approximately 2,787 square feet of retail space at 4350 E Sunset Road, Suite 205A, in Henderson. Gary S. Beck of Virtus Commercial represented the lessee, and Brett S. Beck of Virtus Commercial represented the lessor, Henderson Town Center, LLC.

 

Silver State Schools Credit Union has leased approximately 2,936 square feet of retail space at 2250 E Tropicana Avenue, Suite 5 to 8, in Las Vegas. Michael Zobrist of Newmark Knight Frank represented the lessee, and Robert S. Hatrak II of Virtus Commercial represented the lessor, TROPREN, LLC.

 

 

Alpha Connect has leased approximately 15,231 square feet of office space at 3525 E Post Road, Suite 140, in Las Vegas. Ali Roesener of Gatski Commercial Real Estate represented the lessee, and Robert S. Hatrak II of Virtus Commercial represented the lessor, RL Fitzgerald Gateway, LLC.

Colliers Las Vegas Ends 2017 With A Flurry Of Activity

COMPLETED SALE TRANSACTIONS:
3675 Cambridge StreetA sale to 3D Investments. The 191-unit multifamily property, Skyline Parc Apartments, is located at 3675 Cambridge St. in Las Vegas. The transaction value was $11,000,000. Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.

 

 

 

 

 

 

 

 

50 North Gibson RoadA sale to SDDB Holdings LLC. The approximately 26,133 square foot industrial property is located in Gibson Wigwam Business Center at 50 N. Gibson Rd. in Henderson. The transaction value was $3,900,000. Dan Gluhaich of Colliers International represented the seller, Pereyra 1992 Living Trust. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

 

 

 

 

 

 

 

2782 Abels LaneA sale to Aaron David Industrial LLC. The approximately 9,960 square foot industrial property is located in Carey Industrial Park at 2782 Abels Ln. in Las Vegas. The transaction value was $812,000. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

 

 

 

 

 

 

 

 

North Durango Drive and West Fisher Avenue APN 125 32 606 011A sale to GRE Capital LLC. The approximately 0.54 acre land parcel is located near N. Durango Dr. and W. Fisher Ave. (APN: 125-32-606-011) in Las Vegas. The transaction value was $89,000. Al Twainy, CCIM of Colliers International represented the seller, Hiam Yared, Edward Yared, & Lorette.

 

 
COMPLETED LEASE TRANSACTIONS:

 

8880 West Sunset RoadA lease to Micro Gaming Technologies Inc. The approximately 15,920 square foot office property is located in Las Vegas Professional Center at 8880 W. Sunset Rd. in Las Vegas. Andrew Kilduff of Colliers International represented the lessee.

 

 

 

 

 

 

2360 Corporate Circle, Suite 450A lease renewal (approximately 11,074 SF) and additional expansion (approximately 9,202 SF) to Charles Schwab Co. Inc. The approximately 20,276 square foot office property is located in Green Valley Corporate Center at 2360 Corporate Circle, Suite 450 in Henderson. Patti Dillon, SIOR, Taber Thill, SIOR and Ryan Martin, CCIM, SIOR of Colliers International represented the lessor, Corporate Ctr. V LLC.
 

 

 

 

 

 

 

 

 

 

DCIM100MEDIABreeze_17A lease to Zia Enterprises of Nevada Inc. The approximately 10,333 square foot retail property is located in The Shoppes on Rainbow at 1200 S. Rainbow Blvd., Suite 1216 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, 1200 Rainbow Blvd LLC.

 

 
 

 

 

 

 

4555 West Reno AvenueA lease to Best Car LLC. The approximately 7,540 square foot industrial property is located in Reno Industrial at 4555 Reno Ave. in Las Vegas. Eric Molfetta, CCIM of Colliers International represented the lessee and the lessor, MOM LLC.

 

 

 

 

 

 

 

2360 Corporate Circle, Suite 415A lease to American Access. The approximately 4,848 square foot office property is located in Corporate Circle at 2360 Corporate Circle, Suite 415 in Henderson. Taber Thill, SIOR, Patti Dillon, SIOR and Ryan Martin, CCIM, SIOR of Colliers International represented the lessor, Corporate Center VI Investors LLC.

 

 

 

 

 

 

 

6295 SA lease to RBM Building Services Inc. The approximately 4,800 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 7) at 6295 S. Pearl St., Suite 200 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.

 

 

 

 

 

 

 

 

3725 Capella AvenueA lease to TRA Consulting LLC. The approximately 4,600 square foot industrial property is located in Capella Industrial at 3725 Capella Ave. in Las Vegas. Eric Molfetta, CCIM of Colliers International represented the lessor, MOM LLC.

 

 

 

 

 

 

150 North Stephanie StreetA lease to Sorenson Communications LLC. The approximately 4,388 square foot office property is located in Stephanie Beltway at 150 N. Stephanie St. in Henderson. Taber Thill, SIOR, Patti Dillon, SIOR and Ryan Martin, CCIM, SIOR of Colliers International represented the lessor, Henderson Beltway.

 

 

 

 

 

 

 

5275 South Arville Street, Suite 304A lease to All Things Integrated LLC. The approximately 3,987 square foot industrial property is located in Hacienda Crossing at 5275 S. Arville St., Suite 304 in Las Vegas. Dean Willmore, SIOR, Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the lessor, FJM Vegas Holdings LLC.

 

 

 

 

 

 

 

 

2360 Corporate CircleA lease to On Q Financial. The approximately 3,077 square foot office property is located in Green Valley Corporate Center at 2360 Corporate Circle in Henderson. Patti Dillon, SIOR, Taber Thill, SIOR and Ryan Martin, CCIM, SIOR of Colliers International represented the lessor, Corporate Ctr. V LLC.

 

 

 

 

 

 

 

CoverA lease to Jinya. The approximately 2,400 square foot retail property is located in Rainsprings at 7240 S. Rainbow Blvd. in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, Rainsprings Las Vegas LLC.

 
 

 

 

 

 

2654 West Horizon Ridge Parkway, B-17A lease to M&J Drinks LLC. The approximately 1,620 square foot retail property is located in Horizon Pointe Shopping Center at 2654 W. Horizon Ridge Pkwy., B-17 in Henderson. David A. Grant of Colliers International represented the lessor, Villa La Paloma LLC.

 

 

 

 

 

 

 

5330 Cameron Street, Suite 25A lease to Pure Distribution LLC. The approximately 1,601 square foot industrial property is located in Cameron Hacienda at 5330 Cameron St., Suite 25 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, VTT-Cameron Properties LLC.

 

 

 

 

 

 

 

 

4199 South Fort Apache RoadA lease to All In 10-10 Inc. The approximately 1,433 square foot retail property is located at 4199 S. Fort Apache Rd. in Las Vegas. Al Twainy, CCIM and Amelia Hyden of Colliers International represented the lessor, 4199 South Fort Apache Road LLC.

 

 

 

 

 

 

5330 Cameron Street, Suite 28A lease to Anthony J Cerio. The approximately 1,410 square foot industrial property is located in Cameron Hacienda at 5330 Cameron St., Suite 28 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, VTT-Cameron Properties LLC.

 

 

 

 

 

 

 

3370 South Hualapai Way, Suite 110A lease to American Male Nevada. The approximately 1,408 square foot retail property is located in Hualapai Village at 3370 S. Hualapai Way, Suite 110 in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.

 

 

 

 

 

2642 West Horizon Ridge Parkway, A-2A lease to Kimberly Edwards (Buon Gusto). The approximately 1,200 square foot retail property is located in Horizon Pointe Shopping Center at 2642 W. Horizon Ridge Pkwy., A-2 in Henderson. David A. Grant of Colliers International represented the lessor, Villa La Paloma LLC.

 

 

 

 

 

5320 Cameron StreetA lease to Gwen Barrett. The approximately 1,000 square foot industrial property is located in Cameron Hacienda at 5320 Cameron St. in Las Vegas. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, VTT-Cameron Properties LLC.

Marcus & Millichap Represents Investor In Sale Of “The Enclaves”

the enclavesMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Enclaves, a 53-unit multi-family property located in Las Vegas, Nevada.  The asset sold for $6,160,000.

The buyer, a limited liability company, was secured and represented by First Vice President Investments Michael LaBar and First Vice President Investments Michael Shaffner, of Marcus & Millichap’s Las Vegas office.

The Enclaves is located at 8455 West Sahara Avenue, in the highly-desirable West Las Vegas submarket, and features a mix of one- and two-bedroom units.

Happy New Year From PBC- Look For An Exciting New Format In 2018

Happy New Year 20184 Million unique visits and counting. PowerBrokerConfidential.com has become the Las Vegas Commercial Real Estate Industry’s go to web site for transaction successes, industry events, people on the move and more. Those of us at PowerBrokerConfidential wish to thank all of you who participate in the publication through posting your successes or reading the site daily. Happy New Year and  much more success in 2018.

Look for significant changes to PBC coming very soon. We are very excited to let everyone in on the secret.

Rent Cafe Details Discretionary Savings Of Renters This Holiday Season

rent cafeAccording to our latest study, US renters are left with little cash —if any—after taking care of rent and living expenses, not to mention the winter holiday spending! We don’t want to steal the holiday cheer, but we can’t hide from the cold, hard facts:

  • The average American renter household cannot afford the holiday season without $549 in savings. Crunching the numbers from the US Census, Bureau of Labor Statistics, National Retail Federation and Yardi Matrix, we concluded that the average American family of four spends about 2.8% of their annual income on winter expenses such as gifts and family dinners, ending the season with a negative balance of $549.
  • Out of the 50 largest US cities we looked at, 26 are not that merry—renter families here will need savings for the winter holidays, with the (in)famously expensive hubs Manhattan, Boston and San Francisco leading the way.
  • On the other end of the spectrum, renters in the remaining 24 cities are actually left with some money for the piggy bank after the holiday expenses—from a significant $689 in Virginia Beach to a modest $6 in Tucson.

Find spending patterns across the country by clicking here. Rent Cafe

Marcus & Millichap Lists, Markets And Sells 3 Investment Properties

La QuintaMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of La Quinta Inn & Suites Las Vegas Airport South, a 140-room hospitality property located in Las Vegas, Nevada. The asset sold for $17,500,000. Marcus Threats CCIM, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor.  Marcus also represented the buyer, who was a single tenant investor that saw the opportunity to be in Las Vegas, the #1 hotel market in the world.

 

 

 

6465 West SaharaMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 6465 West Sahara, a 9,312-square foot office property located in Las Vegas, Nevada. The asset sold for $1,275,000.Ryan McCullough and Tina D. Taylor, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The subject property is located at 6465 W Sahara Ave in Las Vegas, NV.

 

 

 

 

Rainbow Vista1Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Rainbow Vista Office Building, a 10,400-square foot office property located in Las Vegas, Nevada. The asset sold for $1,050,000. Tina D. Taylor and Ryan McCullough, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a partnership. Rainbow Vista Office Building is located at 1050 South Rainbow Blvd., just North of Charleston Blvd., in Las Vegas, Nevada.   The asset was vacant at the time of sale.  The Buyer is a local group who intends to occupy.

 

NAIOP Southern Nevada Announces Elected Officers & Directors For 2018

naiopNAIOP Southern Nevada, an organization representing commercial real estate developers, owners and related professionals in office, industrial, retail and mixed-use real estate, has announced its newly elected officers and directors for 2018, led by incoming president Mike Mixer.

A longtime local industry leader, Mixer is the executive managing director and co-founder of the Las Vegas office of Colliers International.

In addition to Mixer serving as president of NAIOP Southern Nevada’s Board of Directors, its 2018 officers include:

  • Shawn Danoksi, president-elect, of DC Building Group
  • Rod Martin, secretary, of Majestic Realty Co.
  • Jennifer Levine, treasurer, of Cushman & Wakefield
  • Jay Heller, immediate past president, of Heller Companies 

NAIOP’s elected directors for 2018 include:

  • Jody Walker Belsick, Kimley Horn & Associates
  • Julie Cleaver, The Howard Hughes Corp.
  • George Garcia, G.C. Garcia, Inc.
  • Reed Gottesman, Harsch Investment Properties
  • Matthew Hoyt, CommCap Advisors
  • Jeff LaPour, LaPour
  • Adam Malan, Logic Commercial Real Estate
  • Mike Shohet, Nevada HAND
  • David Strickland, Thomas & Mack Development Group
  • Jennifer Turchin, Coda Group

NAIOP’s officers and directors for the coming year were installed on Dec. 8. Each member has a wealth of knowledge and experience in the commercial real estate industry, which will lend a hand to continue building the brand and awareness of NAIOP throughout Southern Nevada.


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