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November BLM Land Auction Results

By | Market Watch, Buyers' Knowledge, Sellers' Knowledge

The Bureau of Land Management conducted an online sale, offering 16 parcels of public land totaling over 600 acres. The BLM successfully sold nine parcels totaling 589.53 acres in the northwest valley, for a total of $93,141,000. Under the terms of the Southern Nevada Public Land Management Act of 1998, 85% of the total funds from the sales will be allocated towards projects such as park development, capital improvements on federal lands, acquisition of environmentally sensitive land, hazardous fuels reduction, and landscape restoration. The remaining 15% will go towards the State of Nevada General Education Fund and the Southern Nevada Water Authority. Among the bidders who purchased parcels of various sizes, developer Lawrence Canarelli purchased the largest parcel up for auction, 505 acres near the west end of Centennial Parkway, for $55 million . Some of the smaller parcels are located near the Kyle Canyon and U.S. 95 interchange. The BLM removed a 225-acre parcel from the sale, due to an appraisal issue. The parcels that were not sold may be re-nominated for consideration in future land sales by the local government. 

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New Apartment Complex Opens in Downtown Las Vegas

By | Market Watch, In the News
Earlier this week a grand opening was held to celebrate the opening of a new 84-unit, five-story apartment complex at the southeast corner of Stewart Avenue and 11th Street. The building’s units are 480 square feet and the monthly rent is estimated to be $1,100. The complex also includes retail and restaurant space. This project is developer Sam Cherry’s second downtown complex. In 2020, he opened his first apartment complex in the Arts District that offered 63 units at 480 square feet each. He has plans to open a third location in the Historic Westside, an 84-unit rental complex with 10,000 square feet of commercial space.

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New apartment complex opens in downtown’s Fremont East district

Is it the Right Time to Buy a Home?

By | Market Watch, 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 Secure a Spot For an MLB Stadium

By | Market Watch, In the News

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/

D.R. Horton Unveils Fifth Cadence Neighborhood

By | Market Watch, In the News

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/

Clark County Receives Land From BLM to Build Affordable Senior Apartments

By | Market Watch, In the News

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

Major Projects and Expansions in Pahrump

By | Market Watch, In the News

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/

New DR Horton Communities in Las Vegas

By | Market Watch, In the News

DR Horton has been providing homes since 1978 and operates in 45 of the 50 states. Just recently, DR Horton celebrated the grand opening of two of their newest communities. Heartland Bay in North Las Vegas and Diamond Ranch in Southwest Vegas. Heartland Bay offers two-story single-family homes with up to four bedrooms and a 2-car garage. Properties on Diamond Ranch are two-story townhomes with 3 bedrooms and 1 to 2 car garages. You can find Heartland Bay located at 1825 Jennifer Brook Place and Diamond Ranch Trails at 9114 Hitmaker St. Congratulations to D.R. Horton on their new success!

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https://www.drhorton.com/nevada/las-vegas

Land Valuation Methods

By | Market Watch

Understanding Land Valuation Models Helps Landowners Maximize Their Investment Returns

The valuation of raw land presents unique challenges and opportunities. Many factors influence a property’s highest and best use and contribute to the determination of the property’s market value. Location, size, physical condition, access to utilities, and zoning are five among many factors incorporated into a rational market valuation analysis.

Landowners are well advised to understand the methods used to determine property valuations. Clear insight can be leveraged to maximize their investment returns.

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New Apartment Complex Coming to the Strip

By | Market Watch, In the News

Four years after an office building fire in 2019, a Las Vegas Developer, The Calida Group has plans to build a five-story, 400-unit apartment complex. In front of the site is a retail center of about 60,000 square feet that the developer has also been touching up. A newly built, almost completed parking garage is also included on the site but will be later covered up by the apartment complex. According to Eric Cohen, co-founder of The Calida Group, the apartments will be costly and range around 650 to 1,700 square feet. Construction is scheduled to start in four to six months, on Paradise Road between Flamingo Road and Twain Avenue.

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https://www.reviewjournal.com/business/housing/apartment-complex-to-bring-new-life-to-site-where-offices-burned-down-2748198/

LVCVA 10-Acre Strip Sale

By | Market Watch, In the News

This week the Las Vegas Convention and Visitors Authority unanimously approved the sale of a 10-acre plot of land at Las Vegas Boulevard and Elvis Presley Boulevard for $125 million. The buyers, developers Brett Torino and Paul Kanavos, have been partnering up to develop projects on the strip for over a decade. Past ventures include a three-story retail complex and a four-story retail project located at Las Vegas Boulevard and Harmon Avenue. Torino and Kanavos have not commented on what the plans for the 10-acre parcel just south of Fontainebleau are but are considering a retail and entertainment complex and a nongaming hotel. Torino stated that this site is prime real estate for numerous projects and there has been significant interest from other parties to discuss development plans. The sale must be completed by September 11 of this year and according to the agreement, construction must begin within ten years.

Click here to read more: https://www.reviewjournal.com/business/tourism/lvcvas-10-acre-strip-parcel-sold-for-125m-2743912/amp/