Flurry of housing-related measures signed into law by Sandoval

Like any industry, Las Vegas’ housing market is no stranger to government intervention.

In 2011, with the economy in the trash heap and banks foreclosing on practically everyone, Nevada lawmakers passed Assembly Bill 284, better known as the “robosigning” law.

The bill required more paperwork from lenders when they were seizing properties, and repos slowed.

During the recently concluded 2017 legislative session, state politicians again passed some housing-related measures that Gov. Brian Sandoval signed into law. In a press release, the Nevada Association of Realtors said homeowners “fared well” in the session and outlined a handful of new laws, though it seems none will have the kind of sweeping impact that AB 284 had.

Here’s a look at some of them.

— Senate Bill 33, which took effect May 29, protects military members from losing their home to foreclosure while on active duty or for a year after their active duty ends.

— Senate Bill 490, which took effect Monday, makes permanent the state’s Foreclosure Mediation Program, which was scheduled to expire on June 30. The Nevada Supreme Court had been required to administer the program, which will now be run by Home Means Nevada Inc., a nonprofit launched by the state.

— Assembly Bill 161, which takes effect July 1, targets squatters. It requires rental contracts to have a disclosure creating “rebuttable presumptions” that tenants don’t have the right to live there if they can’t furnish a notarized or management-signed lease.

(For those, like me, unfamiliar with this legalese, a rebuttable presumption is something that can be “inferred from the existence of a given set of facts,” according to Cornell Law School’s Legal Information Institute.)

Squatters in Las Vegas routinely have fake leases, and AB 161 initially sought to require that rental contracts for single-family homes be notarized. But real estate pros and others pushed back.

Berkshire Hathaway HomeServices broker Heidi Kasama, next year’s president of the Nevada Association of Realtors, told me a few months ago that AB 161, as originally proposed, was a “well-intentioned bill” but would be a “nightmare” in practice.

Luxury gets a lift

Amid rising home sales in the valley, Las Vegas’ luxury market is climbing as well.

A total of 141 single-family homes sold for at least $1 million from January through May, up 33 percent from the same period last year, according to the Greater Las Vegas Association of Realtors.

Ken Lowman, owner of brokerage firm Luxury Homes of Las Vegas, says 48 luxury properties changed hands in May, well above the typical 20 to 25 monthly deals.

It was the best month for sales since the luxury market peaked in 2007, he said.

Delinquencies down

Mortgage delinquencies have dropped in Las Vegas from a year ago but remain a bit higher than the national average.

Some 4.6 percent of borrowers in the Las Vegas area were at least 30 days late on their mortgage payments in March, down from 5.9 percent a year earlier, CoreLogic reported this week.

Nationally, 4.4 percent of borrowers were at least 30 days late, down from 5.2 percent.

‘Stay out of Malibu, Lebowski!’

The Dude may not have been welcome in this nice, quiet, little beach community in the cult classic movie “The Big Lebowski.” But for a hefty price, you can buy a Malibu mansion from Las Vegas Sun owner Brian Greenspun.

Greenspun – my former employer, as I worked at the Sun from 2012 to 2016 – is trying to sell a 10,000-square-foot home at 24860 Pacific Coast Highway for just under $27 million.

As shown on Zillow, the property was listed for sale on Tuesday, after being priced at $30 million last year.

The listing was previously reported by The Real Deal.

Built in 1988, the estate features ocean views, a lighted tennis court, a gym, a limousine garage and staff quarters.

Greenspun, whose paper is distributed in the Review-Journal as part of a joint operating agreement, did not respond to an email seeking comment.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
Trump Slams Amazon for Not Paying Enough in Taxes
Trump Slams Amazon for Not Paying Enough in Taxes Trump tweeted his concerns about the company on Thursday. This isn't the first time Trump commented on the issues via Twitter. August 2017 December 2017 Amazon did hold back on paying state taxes in 1995, but the company has been routinely collecting state sales taxes since then. In 2016, the company's report from the Securities and Exchange Commission confirmed it paid $412 million in taxes.
David Copperfield in court after man injured during magic trick
The attorney for a British man who is suing illusionist David Copperfield said his client suffered serious injuries after being called on stage during Copperfield's show at MGM Grand.
eyecandylab CEO shows augmented reality during NAB
Robin Sho Moser, CEO and co-founder of eyecandylab gives an augmented reality demonstration at his booth during the National Association of Broadcaster Show at the Las Vegas Convention Center. K.M. Cannon/Las Vegas Review-Journal
Trends in access to capital for local black business owners
Denette Braud, owner of Braud’s Funnel Cake Cafe, talks about what owning her own business means to her.
Sir Richard Branson announces purchase of Hard Rock Hotel
Sir Richard Branson, founder of the Virgin Group, has acquired the Hard Rock Hotel with partners and plans to turn it into a Virgin-branded property by the end of 2019.
Calvary Christian Learning Academy, “There was no fair warning.”
Samantha O’Brien, whose three-year-old daughter attended the Calvary Christian Learning Academy daycare, found out Monday night when her daughter’s teacher called about the school closing.
Adobe unveils #HackTheBracket application for March Madness
Adobe unveiled their #HackTheBracket application at the Adobe Summit trade show at Sands Expo. People can use data from Adobe Analytics to make their bracket for March Madness. K.M. Cannon/Las Vegas Review-Journal
Adidas Signs Yankees' Star Aaron Judge
Adidas Signs New York Yankees Star Aaron Judge The slugger is set to don a new set of stripes this season after signing with the apparel company. Aaron Judge Terms of the deal were not disclosed. The deal includes branding on his batting gloves and wristbands. Judge, the AL's reigning Rookie of the Year, was previously under contract with Under Armour since 2014. Judge won the American League Rookie of the Year award last season after setting an MLB record for most homers in a rookie season (52).
Esports athletes are sponsored, too
Meet Red Bull-sponsored professional esports player Daryl S. Lewis, better known by his in-game name Snake Eyez. Nicole Raz Las Vegas Review-Journal.
Bettor Investments turned into a bad bet
Bettor Investments formerly operated a Nevada-licensed entity betting operation. The company promised “conservative growth, profits and stability for our investors.” Matt Stuart, who ran the fund, shut it down in late 2016 and never made good on an agreement with shareholders.
Starbucks Will Give You $10 Million for a Better Cup Design
Starbucks Will Give You $10 Million for a Better Cup Design Get your thinking caps on because the company is looking for a new cup that's easier to recycle. The $10 million grant challenge sees Starbucks partnering with investor group Closed Loop Partners for the project. According to CNN Money, Aside from the new cup design challenge, Starbucks stated it will test a cup with an inner lining made from plant fibers to prevent hot liquid from leaking. Will you join the challenge for #Bettercups?
Las Vegas bartenders who worked the Route 91 Harvest Music Festival question what they were paid
Reneé Black, left, and her husband Griffin Black talk to the Review-Journal at their home in Las Vegas, Tuesday, March 6, 2018. Reneé was a bartender at Route 91, and Griffin was a bar back. They were hired as independent contractors, but received forms months later indicating they were employees. They also were never paid their last day of tips. Nicole Raz/Las Vegas Review-Journal.
News Headlines
Home Front Page Footer Listing
You May Like

You May Like