The City has a long history of blowing up buildings to clear space for new ones – including Tilman Fertitta’s new 43-storty property at Las Vegas Boulevard and Harmon Avenue.
Click here to read more: https://www.reviewjournal.com/business/business-columns/real-estate-insider/celebrate-blowing-it-up-las-vegas-has-a-pipeline-of-big-demolitions-in-the-works-2666686/
High demand and limited supply created a red hot Las Vegas housing market from 2021 until early 2022. Buyers pulled back this past spring as interest rates rose, making houses even less affordable. Although the market has cooled down, it’s not all bad news. What was once a buying frenzy is now a less stressful experience. Buyers have more time to make decisions and the overall buying process is much smoother. And for the sellers? Houses may sell slower, but sellers are still historically well positioned.
Click here to read more: https://www.reviewjournal.com/business/housing/las-vegas-housing-market-was-affordable-thats-not-the-case-anymore-2666950/
On October 19th, the Clark County Commissioners approved Tilman Fertitta’s plans for a 43-story, 2,420-room high-end casino resort on the Las Vegas Strip. Located at the southeast corner of Las Vegas Boulevard and Harmon Avenue, the upscale resort will include restaurants, convention space, a spa, a wedding chapel, an auto showroom, and a roughly 2,500-seat theater. Fertitta purchased the 6-acre project site in June for $270 million and plans to demolish the existing buildings on the property.
Click here to read more: https://www.reviewjournal.com/business/casinos-gaming/houston-mogul-tilman-fertitta-gets-approval-for-new-hotel-casino-on-strip-2660364/
Southern Nevada’s proximity to major Southwest markets and favorable business tax structure continue to draw diverse businesses to the region. 14 states – and 25% of the United States population – are serviceable from Las Vegas within one day. Because of the attractiveness of the area, industrial space is limited and comes at a premium. Senior vice president for CBRE, Jake Higgins, stated the local industrial market has been “very active” since 2015.
Click here to read more: https://vegasinc.lasvegassun.com/business/2022/oct/10/businesses-attracted-to-southern-nevadas-industria/
The housing market remains strong. Robust employment and huge home equity cushions offset increasing mortgage rates. Investors believe there is “a runway for rents to continue to increase, even though home prices have peaked.”
Click here to read more: https://www.realtor.com/news/trends/housing-still-has-a-lot-of-wiggle-room-in-a-recession-even-with-mortgage-rates-near-a-20-year-high/
On October 4th, the Clark County Commission approved a proposal for a new housing development within Red Rock Canyon. Gypsum Resources plans to construct 429 single-family homes on 671 acres of land on Blue Diamond Hill. The proposed site is approximately 2.5 miles northwest of Blue Diamond Road and state Route 159 within Red Rock.
Read more here: https://www.ktnv.com/news/clark-county-commission-approves-proposed-housing-development-at-red-rock-canyon
It’s time to bring your family, and more importantly, your business, to Sin City. Venture capitalists, tech founders, and startup CEOs agree that Las Vegas is an up-and-coming technology hub. With gambling revenue bouncing back, the arrival of two major sports franchises, and an increase in migration to the city, Las Vegas is positioned for continued growth.
Read more here: https://www.bloomberg.com/news/articles/2022-09-28/las-vegas-makes-a-pitch-to-lure-california-tech-transplants
