REAL ESTATE7 S 0 & 4 a T , L 7 a 5 E 895,700 Las Vegas, Perspective 9.5% 6 L 7 6 UNEMPLOYMENT 4 0 RATE 6
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INC PULATION REA PO DU SE RING U 20 NL % 13 2 V EN 7, 5 RO 8 . L 2 C LM 4 S 7 N EN 8 Y 062,2 3 T , 5 E 6 T E 3 NR , G 2 N O 6 A % EW N L I R COM S LM 2 G VE E C E 9 N A A RS N N I L RE T A .6 FR 3 V 3 I N 3 O , M E 3 L IO NR 9 U T OL F A LM 5 N E O S E ALIFO N L C R T R N M T A I U 4 U A S Q . 7 T E A O . o C 0 R C 0 0 9 E M 1 A P 9 FO 0 F G M IN R N O E T O T IN H 1 S S T E N O U E F C O 8 1 I C H G . R O S A 9 T R T N 7 I E 9 M V 0 E A 6 Y S R $ T S 3,086,745,000(ASSISTED BY LVGEA) S E NEW COMPANIES U N I D 26 S N I ANNUAL HOME SALES N 7 U 4 R EMPLOYMENT 5 T E E , W O B REAL ESTATE7 S 0 & 4 A T , L 7 A 5 E 895,700 las vegas, perspective 9.5% 6 L 7 6 UNEMPLOYMENT 4 0 RATE 6 E M M IS E LU A R LUM VO P TOU VO R M A CO ITOR E L R M VIS G TE S A T M N O M V E 6 H O G M ER M SS O $ . E CI PA 8 R R N AL 7 N . E O $ M A 7 N T F A .6 RR 1 3 0 T M D F RK 9 CA E 4 9 5 M I ET 3 C 0 A C 4 M OC R AN E 5 ,5 7 C D M 7 TION 0 0 U KE A ,8 CONVEN 5 , 9 PA T RK 78 ATTENDANCE 1 0 NC 20 ET 5 2 Y 0 ,0 . % D VA ,2 0 EM CA 7 3 AN NC 0 S M 7 D IN Y R F 1 $ 6 3 DU ATE .1 , ,6 ST 25.7% 5 9 0 RIA TY 0 L M CLARK COUN ENUE ,7 S ARK G REV 24 F ET GROSS GAMIN Residential ............................................................................. 122 Industrial Market .................................................................. 132 Clark County Occupied Housing Units 122 Major Industrial Parks 132 Number of New Home Sales 122 Industrial Market Vacancies 133 Median New Home Price 122 Distribution 133 Number of Resale Home Sales 122 Manufacturing 133 Median Resale Home Price 122 Research and Development 133 Home Sales and Pricing 122 Flex 133 Number of Resale Home Closings by Type 122 Total Industrial Market 133 Distribution of Resale Home Closings by Type 122 2013 Homes Sales Pricing Distribution 123 Office Market ......................................................................... 134 Conventional Mortgage Interest Rates 123 Office Market Vacancies 134 Class “A” Office Properties 134 Timeshares and Apartments ..............................................124 Class “B” Office Properties 134 Las Vegas Timeshare Inventory 124 Class “C” Office ropertiesP 134 Las Vegas Apartment Market Rents 124 Total Office Properties 134 Las Vegas Apartment Market Occupancy Rate 124 Vacant Land Market ............................................................. 135 Major Residential Developments ..................................... 125 Las Vegas Vacant Land Prices 135 Projects Exceeding 300 Acres & Currently Under Development 125 Las Vegas Vacant Land Sales 135 Vacant Land Transactions 135 Home Sales Activity ............................................................. 126 New Home Sales 126 Trends and Opinions ............................................................ 136 Existing Home Sales 127 Building Permits ...................................................................128 Residential Building Permits 128 Commercial Building Permits 129 Luxury Multi-Family Residential Map ..............................130 08-realestate.indd 121 3/18/14 10:00 AM 2014 Las Vegas Perspective REAL ESTATE Residential Clark County Occupied Housing Units 350,000 2012 2013 % CHANGE n Boulder City 6,915 6,870 -0.6% 300,000 n Henderson 105,535 109,219 3.5% 250,000 n Las Vegas 215,923 222,623 3.1% n Mesquite 7,072 7,433 5.1% 200,000 n North Las Vegas 68,738 70,557 2.6% 150,000 n Unincorporated Rural 10,182 10,422 2.4% 100,000 n Unincorporated Urban 322,417 332,863 3.2% TOTAL CLARK COUNTY 736,782 759,987 3.1% 50,000 Source: Clark County Comprehensive Planning. 0 Number of Median Number of Median New Home Sales New Home Price (in December) Resale Home Sales Resale Home Price (in December) $160,000 7,076 58,522 $300,469 51,367 51,774 52,553 $130,000 47,570 $115,000 5,244 5,438 5,389 $209,000 $219,000 $211,265 $219,963 $114,900 $104,900 3,793 '09 '10 '11 '12 '13 '09 '10 '11 '12 '13 '09 '10 '11 '12 '13 '09 '10 '11 '12 '13 Source: SalesTraq. Median prices as of December for each year. Home Sales and Pricing Number of Resale Home Closings by Type 2009 2010 2011 2012 2013 2012 2013 % CHANGE residential Auction Sale 4,544 2,964 -34.8% Number of Home Sales Foreclosure (REO) Sale 13,468 4,184 -68.9% New 5,244 5,438 3,793 5,389 7,076 Short Sale 14,517 10,437 -28.1% Resale 51,367 51,774 58,522 52,553 47,570 Non-Distressed Sale 20,024 29,985 49.7% TOTAL 56,611 57,212 62,315 57,942 54,646 TOTAL 52,553 47,570 -9.5% Distribution of Home Sales New 9.3% 9.5% 6.1% 9.3% 12.9% Resale 90.7% 90.5% 93.9% 90.7% 87.1% Distribution of Resale Home Closings by Type TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 2012 2013 CHANGE Auction Sale 8.6% 6.2% -2.4% Median Sales Price - For the Year Foreclosure (REO) Sale 25.6% 8.8% -16.8% New $212,816 $206,844 $200,184 $207,490 $260,000 Short Sale 27.6% 21.9% -5.7% Resale $125,976 $118,656 $105,714 $117,000 $149,000 Non-Distressed Sale 38.1% 63.0% 24.9% TOTAL 100.0% 100.0% Median Sales Price - In December of Each Year Source: SalesTraq. Note: Non-distressed home sales reflect homes not New $209,000 $219,000 $211,265 $219,963 $300,469 classified in one of the other categories. Resale $115,000 $114,900 $104,900 $130,000 $160,000 Source: SalesTraq. 122 real estate » residential 08-realestate.indd 122 3/18/14 10:00 AM 2014 Las Vegas Perspective REAL ESTATE 2013 Homes Sales Pricing Distribution Do you think home prices in southern Nevada Do you think it is a good time NEW HOMES RESALE HOMES in the next 12 months will: to buy a house in southern Nevada? Under $100,000 0.5% 24.8% $100,000 to $199,999 18.7% 46.9% Increase $200,000 to $299,999 46.0% 17.4% 61.5% Yes 68.8% $300,000 to $399,999 21.5% 5.9% $400,000 to $499,999 7.7% 2.2% $500,000 and Higher 5.7% 2.8% No 28.0% Source: SalesTraq. Don’t Know Stay the same Decrease 3.2% Conventional Mortgage Interest Rates 31.0% 7.5% (Average 30-Year Fixed) 5.0% 4.7% 4.5% 3.7% 4.0% '09 '10 '11 '12 '13 A view from above, living in downtown Las Vegas. Photo by Angie Rodriguez. residential Tuscany Village is a master planned golf course community located in the southeast Vegas Valley. The community features La Vita Tuscana, a 35,000 square foot recreation center. Tuscany Residential Village is within minutes from shopping, restaurants, movies and entertainment. Twenty minutes from the Las Vegas Strip and from McCarran International Airport, and a mile away from the Lake Las Vegas Resort. real estate » residential 123 08-realestate.indd 123 3/18/14 10:00 AM 2014 Las Vegas Perspective REAL ESTATE Timeshares and Apartments Las Vegas Timeshare Inventory PROPERTY NAME ADDRESS ZIP CODE PHONE UNITS Bluegreen Club 36 372 E. Tropicana Ave. 89169 856-2900 356 Cancun Resort 8335 Las Vegas Blvd., S. 89123 614-6200 444 Carriage House Deluxe Suite Hotel 105 E. Harmon Ave. 89109 798-1020 125 The Cliffs at Peace Canyon 4550 S. Grand Canyon 89147 248-3570 176 Club de Soleil 5625 W. Tropicana Ave. 89103 507-9400 238 Desert Paradise Resort 5165 S. Decatur Blvd. 89118 257-0010 138 The Grandview at Las Vegas 9940 Las Vegas Blvd., S. 89123 966-4700 1,856 Hilton Grand Vacations Club - Las Vegas 455 Karen Ave. 89109 946-9210 319 Hilton Grand Vacations Club at the Flamingo - Las Vegas 3575 Las Vegas Blvd., S. 89109 697-2900 279 Hilton Grand Vacations Club on the Las Vegas Strip 2650 Las Vegas Blvd., S. 89109 765-8300 800 Holiday Inn Club Vacations at Desert Club Resort 3950 Koval Ln. 89109 731-6100 458 Jockey Club, The 3700 Las Vegas Blvd., S. 89109 798-3500 270 Marriott's Grand Chateau 75 E. Harmon Ave. 89109 862-5600 732 Polo Towers Suites 3745 Las Vegas Blvd., S. 89109 261-1000 525 Polo Towers Villas 3745 Las Vegas Blvd., S. 89109 261-1000 304 Royal Resort Hotel 99 Convention Center Dr. 89109 735-6117 73 Tahiti All-Suite Resort 5101 W. Tropicana Ave. 89103 284-7200 149 Tahiti Village Resort & Spa 7200 Las Vegas Blvd., S. 89119 440-6800 762 Westgate Flamingo Bay Resort 5625 W.