In the News

There is never a perfect way to time the housing market. Given the situation of the economy right now, this is more of a downturn rather than a recession. There are still opportunities that home-buyers have in 2023. Due to both short- and long-term stresses, the housing market isn’t acting as it normally would creating what the article described as a perfect storm. The housing market has cooled down as a result of rising interest rates, which is slowly affecting house prices. A report cited in the article claims that home prices have fallen seven straight months, with price growth falling 2% in December 2022 to January 2023. House prices may continue to decline in 2023 if this pattern holds. Despite all the variables, buying a house is a long-term investment, so it is all dependent on your own circumstances.

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https://www.forbes.com/sites/qai/2023/04/13/is-a-recession-a-good-time-to-buy-a-house/?sh=1db1c8837177

The Oakland A’s have signed a binding purchase agreement for land west of the strip to build a major league ballpark. This opportunity will be good for Nevada, bringing new jobs and more economic development. The Oakland Athletics started their search in Nevada with a list of more than 20 ballpark sites before finalizing on three potential sites. Eventually they chose the former site of the Wild Wild West Property owned by the Red Rock Resorts. The agreement is for 49 acres located at Dean Martin Drive and Tropicana Avenue. According to the Las Vegas Review Journal, the deal is for the land only, with the option to purchase an additional 8 acres at a later date. There are plans to build a $1.5 billion, 30,000-seat, partially retractable roof stadium with food and beverage establishments as well. There are talks about possibly having a pedestrian bridge constructed to connect the ballpark to Park Avenue at T-Mobile Arena. As of now there is no date for when construction would start but plans call for some time in 2024.

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https://www.reviewjournal.com/sports/athletics/major-league-deal-as-to-purchase-land-near-strip-for-new-ballpark-2764701/

Over the last month, D.R. Horton opened four neighborhoods in Cadence and just unveiled model homes for the fifth collection, Symmetry Summit. On April 15, the official grand opening of Symmetry was celebrated with family fun festivities in each of the five neighborhoods. The model homes inside the fifth collection consist of two-story floor plans ranging from 3,765 to 4,425 square feet. Homes in the Summit collection offer up to six bedrooms and 4 ½ baths making it suitable for growing families and multigenerational households. Other features include open floor plans, spacious three-car garages, covered patios, and versatile loft spaces. All the neighborhoods are located on Canary Song Drive within the proximity of many shops and restaurants.

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https://www.reviewjournal.com/homes/advertising-features/d-r-horton-to-debut-four-cadence-neighborhoods-2758642/

Last week a five-acre parcel was conveyed to Clark County to create affordable apartments for seniors on fixed incomes. Stated by the County, “The project represents one of the first efforts,” in the “Welcome Home” initiative. Back on April 5th, 2022, Welcome Home was initiated to help those who are unable to find affordable housing. The housing fund was granted $120 million by the County Commission to help fund multiple developments across Las Vegas, to create affordable housing options. According to the County, $10 million in Welcome Home Community Housing Fund dollars and $1.8 million in County HOME funds will go towards the complex. This project will consist of a 195 unit complex or one and two-bedroom apartments. Amenities will include a swimming pool, a jacuzzi, meeting facilities, a wellness center, accessible showers, and a hair salon. Construction is set to begin this year at the northwest corner of Pebble Road and Eastern Avenue and plans to open in 2025.

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https://www.clarkcountynv.gov/news_detail_T28_R883.php

Many new and existing businesses are expanding their operations in Pahrump. According to Nye County planning Director Brett Waggoner, there are 30 commercial projects that are in the site development process and/or under construction. Multiple businesses are coming to and expanding in Pahrump. For instance, the long-awaited Arby’s opened on Tuesday, March 28 at 680 S. Highway 160. Other projects that are in construction are Midas Muffler, Chipotle, and an expansion to Spring Mountain Motorsports. In addition, there are 3 convenience stores close to opening. New warehouses are being constructed to house fireworks sold by the various retailers in the valley as well as a new storage yard. Another project we will see is a professional office space near Highway 160 and Winery Road, a new Pahrump Community Health Center on Lola Lane, and more.

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https://pvtimes.com/news/30-new-projects-in-pahrump-arbys-chipotle-midas-muffler-3-convenient-stores-more-120292/