Las Vegas apartment rents are ending 2018 rising fast, but amid steeper prices and increased construction, vacancies are ticking higher.
Here’s a look at the five most expensive high-rise condo sales of the year, as reported by the GLVAR. Most were in the Waldorf Astoria Las Vegas, formerly the Mandarin Oriental , and one of the buyers was Switch founder Rob Roy .
Investors bought cheap houses in Las Vegas in bulk to turn into rentals after the market crashed last decade. As of this summer, big landlords were still holding on to their properties despite fast-rising sales prices and the tremendous growth in home values since the economy cratered.
The deal amounts to more than $281,800 per unit, more than double the market average as tracked by Colliers International. The price-per-door might also be a record for local garden-style apartments, said listing broker Taylor Sims of Cushman Wakefield.
The move to promote the specially designated areas designed to “incentivize” private sector investment in distressed communities is not expected to have much impact on the 61 zones in Nevada.
A total of 7,003 single-family houses were listed without offers at the end of November, up 1.2 percent from October and 54.3 percent from November 2017, according to a new report from the Greater Las Vegas Association of Realtors.
County Social Service Director Michael Pawlak said rising home prices and rental rates have sparked a renewed sense of urgency to develop affordable rental housing.
The Henderson City Council took its first vote on a development agreement for the Raiders headquarters and practice facility. The item was unanimously approved but will need to be voted on again at a later meeting.
Tower 16 Capital Partners announced last week that it acquired the 314-unit Evergreen complex for $29.5 million with partner Henley USA.
Las Vegas home prices will keep rising at one of the fastest rates in the country next year, and sales will only creep up, according to a new forecast.