LV homes relatively affordable, data find

Las Vegas ranks as one of the nation’s more affordable housing markets in the 2007 Home Price Comparison Index by Coldwell Banker.

The average price for a four-bedroom, 2,200-square-foot home in Las Vegas is $362,188, on par with similar homes in West Hartford, Conn. ($365,000), and Provo, Utah ($363,975).

Las Vegas is much closer to Killeen, Texas, the most affordable U.S. housing market at $136,725, than Beverly Hills, Calif., the most expensive market at $2.1 million.

Eight of the 10 most expensive markets are in California. Six of the most affordable markets are near U.S. military bases.

It comes down to the old real estate adage, “Location, location, location,” Coldwell Banker Premier Realty President Bob Hamrick said. People continue to move to Las Vegas for the lifestyle, new jobs and promotions and to raise a family, he said.

“The real estate market in Las Vegas is different than a year ago,” Hamrick said. “Our market has experienced a slowdown in sales and an increase in inventory.”

Nevertheless, buyer opportunities abound, he said. Those opportunities will begin to disappear as home builders reduce their inventories.

Home Builders Research reported 766 new home permits in August, the second straight month below 1,000. The permit count is down 38.1 percent for the year at nearly 11,000.

“It’s going to get more affordable,” Debi Averett of Phoenix-based Housingdoom.com said.

In a recent national news report, Ed Leamer, an economist at the Anderson School of Management at the University of California, Los Angeles, said home prices in California, Nevada and Arizona are going to fall 20 percent. He’s been predicting the bursting of the “housing bubble” for at least the past five years. His early predictions called for a 30 percent drop in West Coast home prices.

Through August, existing home median prices in Las Vegas have fallen 5 percent to $275,000 following double-digit gains during the years Leamer said they were going to plummet. New home prices are up 4 percent to $338,560, according to Home Builders Research.

Leamer’s predictions go as far back as 2000 and until recently, he’s been way off base, Las Vegas economist Thomas Climo of Dr. Climo Consulting said.

“In fact, considering how he missed the huge bubble of 2004, even his accuracy concerning current events, when his predictions are compiled and consolidated, would show a significant negative decline not in conformity with the evidence,” Climo said.

Coldwell Banker’s Home Price Comparison Index looked at 394 metropolitan markets across the United States, Canada and Puerto Rico.

Although the index focuses on a “snapshot” look at subject homes and is not intended to show overall market conditions, a comparison of the 2007 and 2006 surveys shows that 148 markets saw a rise in value and 139 saw a dip.

Cities that rank nearest the index’s national average of $422,343 include Modesto, Calif. ($421,667); Minneapolis, Minn. ($415,767); and Frederick, Md. ($415,000).

Local real estate consultant John Restrepo said home prices are only half the story on affordability.

“The other half is income,” he said. “When you look at price vs. income, we’re not an affordable community. I think we’re less affordable than we used to be with the ramp-up of prices in ’04 and ’05.”

A report from housing analyst John Burns shows the proportion of housing cost-to-income in Las Vegas at 50 percent, compared with 99 percent in Los Angeles (Beverly Hills) and 24 percent in Killeen, Texas.

ad-high_impact_4
Business
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.
Bad-beat jackpot money will finally be awarded
People who thought they had won in Station Casinos’ “bad beat jackpot” poker promotion were unhappy. They waited months to get paid. And now the bad-beat jackpot is gone.
New developments coming to Las Vegas' Craig Road
Gina Gavan, economic and business development director for North Las Vegas, discusses new development projects on Craig Road in North Las Vegas. Art Marroquin/ Las Vegas Review-Journal
Companies bet their futures on cryptocurrency
Two Las Vegas entrepreneurs talk about finding their niche in blockchain enabled technologies and digital currency.
Solar panels reduce energy bill for CCSD
Wilbur and Theresa Faiss Middle School is one of 42 CCSD schools with solar panel installations, saving approximately $514,000 per year in energy costs.
Dallisa Hocking And A Grandmothers Psychic Gift
Dallisa Hocking’s new “boutique soul center” pays tribute to her late Grandma Ellie. (John Przybys/Las Vegas Review-Journal)
Can't pay the IRS? You do have options
There's a little more than five weeks until this year’s tax filing deadline of April 17. But many small business owners are wondering, “How am I going to pay my taxes?” When owners haven’t set aside enough money to cover what they owe the government, they have options. — The easiest and cheapest alternative may be to dip into personal savings. — If you have available credit, you may want to borrow from a lender or credit card. — Also, the IRS can work out an installment payment plan.
Amazon Offering Discounted Prime Memberships to Medicaid Recipients
Amazon Offering Discounted Prime Memberships to Medicaid Recipients Individuals with a valid Medicaid or Electronic Benefits Transfer (EBT) card The $5.99 membership can be renewed every year for up to four years. The reduced Prime membership comes with the same benefits of a standard one, including free two-day shipping, Prime Video, Prime Music and Prime Now. Last year, Amazon also joined a USDA pilot program that allows those receiving government assistance through the Supplemental Nutrition Assistance Program to buy groceries through online markets like Amazon's FreshDirect or Walmart.
Jeff Bezos New Net Worth Revealed, Still Richest Man Alive
At the end of 2017, Bezos was estimated to be worth $112 billion, earning the top spot on Forbes' world's billionaires list. According to the Bloomberg Billionaires Index, the Amazon founder's net worth is now $127 billion, which the report states is the combined wealth of 2.3 million Americans.
Dick's Sporting Goods Ends Sale of Assault Weapons Florida School Shooting
Dick's Sporting Goods Ends Sale of Assault Weapons Florida School Shooting The retailer announced the move in an open letter and an appearance by CEO Ed Stack on 'Good Morning America.' Ed Stack, (Good Morning America) Ed Stack, (Good Morning America) Dick's is also ending the sale of high-capacity magazines and sales of guns to people under 21 years old. The company ended the sale of assault weapons at Dick's-branded stores after the Newtown, Conn. school shooting in 2012. However, they were still selling them at its 35 Field & Stream locations. Nikolas Cruz, 17, shot and killed 17 students at Marjory Stoneman Douglas High School in Florida on Feb. 14.
Black History Month panel gives Las Vegas entrepreneurs advice
Five people with experience in business and government spoke Friday to the Urban Chamber of Commerce in Las Vegas Among their advice: line up potential clients before starting a business, attend networking events and seek advice from experts in the industry The chamber, founded in 1980, has hundreds of members and focuses on the welfare of black-owned businesses in Las Vegas
TOP NEWS
News Headlines
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like