North Las Vegas construction boom shows no signs of slowing.
There has been a boom in the development and construction of warehouses in the North Las Vegas area. The Review Journal reports three projects were unveiled totalling over 6 million square feet. Seefried Industrial Properties and Clarion Partners along with Trammell Crow and Caprock have plans to develop millions more in warehouse space. As I see it, this new commercial construction will feed local residential growth. Warehouse jobs probably don’t pay the best and the employees will want to live as close to their jobs as possible. This would be a good time to invest in the residential market.
Golden Knights owner Bill Foley lists Las Vegas home for $8.75M
The property located at 19 Flying Cloud Lane is located at The Ridges and is currently showing the status of pending offer after being on the market for over a year. The published description is as follows, “The epitome of modern luxury. This Ridges’ estate is a sanctuary for entertainment and interior design. Breathable open layout created for indoor-outdoor living. The home features a contemporary palate of grey with an array of textures, 5 master suites, media room, home office and a great room that spans the entire main level w/ a bar and wine display. Sensational backyard setting with pavilion, fire pits, pool/spa, and exquisite landscaping.”
Other homes for sale In The Ridges
Las Vegas’ sharp drop in home price growth could spur more sales.
Just over 10 years ago the local real estate market tanked. Residential construction was put on hold. Then over time the market came back, new residential construction started back up and home prices slowly rose. Today it seems like new development is moving full speed ahead in all the regions of Henderson and Las Vegas. I believe this is fueled by more people relocating to the Las Vegas Valley for work along with an on-slot of people leaving California.
Inventory has been up and down and though home prices went up 3.3 percent from August of 2018 to August of this year we are seeing a slowing. To quote from the Review Journal, “The slower price growth, with a drop in interest rates since last year, bodes well for buyers by making homes more affordable, or at least not as expensive as they could be. It’s hard enough to keep up with rising home prices when wages aren’t climbing fast, let alone when house values shoot past any bumps in pay. In August 2018, Las Vegas home prices were up almost 14 percent from a year earlier, S&P Dow Jones previously reported — more than four times the current pace.”
Prices are still going up based on demand, but much slower. Even though I feel the positive about the local real estate market, if you were thinking about listing your home for sale, with the slower price growth, now would be a good time to sell your home in the Las Vegas and Henderson market. And, of course I can help you with that.