LAS VEGAS GLOBAL ECONOMIC ALLIANCE LAS VEGAS 2020 PERSPECTIVE REAL ESTATE 2020 LAS VEGAS PERSPECTIVE Real Estate Residential Real Estate Market 170 Residential Market Overview ................................................ 170 New Home Market ................................................................171 Resale Home Market ............................................................171 Home Sales and Pricing .......................................................171 Resale Home Closings by Type ............................................ 172 Home Sales Pricing Distribution .......................................... 172 Major Residential Developments .......................................... 173 High-Rise Condominiums and Timeshares .......................... 174 Home Sales Activity .............................................................176 Residential Building Permits ................................................ 178 Commercial Real Estate Market 179 Commercial Market Overview .............................................. 179 Industrial Market ..................................................................180 Office Market ........................................................................183 Retail Market ........................................................................185 Commercial Building Permits ............................................... 187 Vacant Land Market 188 Vacant Land Overview ..........................................................188 Vacant Land Transactions ....................................................188 Vacant Land by Submarket ..................................................189 2020 LAS VEGAS PERSPECTIVE Real Estate Residential Real Estate Market Residential Market Overview New ome Market g Distribu cin ti ri on P e m o H w e 9,816 $374,944 10,506 N New Home Sales Median New Home Price New Home Permits (December 2019) nder $100,000 0.0% $100,000 to $199,999 1.7% $200,000 to $299,999 16.3% $300,000 to $399,999 36.3% $400,000 to $499,999 21.9% $500,000 and Higher 23.7% Residential Real Estate Market Real Estate Residential Resale ome Market Resale Closings y ype 44,378 213 679 571 Non-Distressed Sales Short Sale Auction Sale Foreclosure 96.8% (REO) Sale Non-Distressed Sales Resale ome ricing istribution nder $100,000 3.3% $100,000 to $199,999 17.7% 45,841 Resale Home Sales $200,000 to $299,999 39.6% $300,000 to $399,999 23.6% $400,000 to $499,999 8.2% $280,000 $500,000 and Higher 7.6% Median Resale Home Price 0% 5% 10% 15% 20% 25% 30% 35% 40% (December 2019) 170 Real Estate » Residential Real Estate Market 2020 LAS VEGAS PERSPECTIVE Real Estate New Home Market Home Sales and Pricing Number of New Home Sales 2015 2016 2017 2018 2019 Number of Home Sales 9,944 9,816 New 6,950 7,934 8,739 9,944 9,816 8,739 Resale 44,027 46,911 49,232 47,875 45,841 TOTAL 50,977 54,845 57,971 57,819 55,657 7,934 Distribution of Home Sales 6,950 New 13.6% 14.5% 15.1% 17.2% 17.6% Resale 86.4% 85.5% 84.9% 82.8% 82.4% TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 15 16 17 18 19 Median Sales Price - For the Year New $313,270 $325,478 $349,512 $383,714 $387,506 Median New Home Price Resale $185,000 $199,900 $226,000 $258,500 $273,500 Median Sales Price - In December of Each Year $410,000 Market Real Estate Residential New $311,990 $340,067 $379,990 $410,000 $374,944 $379,990 $374,944 Resale $188,000 $202,000 $238,000 $260,000 $280,000 $340,067 Source: SalesTraq. $311,990 15 16 17 18 19 Sales Price How much do you believe the average sale price Community of a single family home in Southern Nevada will Resale Home Market Survey increase in the next year? Number of Resale Home Sales 49,232 35% 47,875 46,911 45,841 30% 44,027 25% 20% 15 16 17 18 19 15% Median Resale Home Price $280,000 10% $260,000 $238,000 5% $202,000 $188,000 0% ore xactly ess t will not ont ther than 3% than increase nowno 1.0% opinion 15 16 17 18 19 32.2% 15.6% 18.8% 17.0% 15.4% Source: SalesTraq. Note: Median prices as of December of each year. Real Estate » Residential Real Estate Market 171 Source: Freddie Mac. 2020 LAS VEGAS PERSPECTIVE Real Estate Resale Home Closings by Type Number Distribution 2018 2019 % Change 2018 2019 Change Auction Sale 1,010 679 -32.8% 2.1% 1.5% -0.6% Foreclosure (REO) Sale 263 571 117.1% 0.5% 1.2% 0.7% Short Sale 639 213 -66.7% 1.3% 0.5% -0.9% Non-Distressed Sale 45,963 44,378 -3.4% 96.0% 96.8% 0.8% Total 47,875 45,841 -4.2% 100.0% 100.0% 0.0% Source: SalesTraq. Note: Non-distressed home sales reflect homes not classified in one of the other categories. Home Sales Pricing Distribution Conventional 4.5% New Homes Resale Homes Under $100,000 0.0% 3.3% Mortgage 4.0% 3.9% $100,000 to $199,999 1.7% 17.7% Interest Rates 3.9% 3.6% $200,000 to $299,999 16.3% 39.6% (Average 30-Year $300,000 to $399,999 36.3% 23.6% Fixed Rate) $400,000 to $499,999 21.9% 8.2% $500,000 and Higher 23.7% 7.6% Source: Freddie Mac. 15 16 17 18 19 Source: SalesTraq. Residential Real Estate Market Real Estate Residential Proud of our work and the company we keep ... 172 Real Estate » Residential Real Estate Market 2020 LAS VEGAS PERSPECTIVE Real Estate Major Residential Developments Projects Exceeding 300 Acres & Currently Under Development MESQUITE HEIGHTS RD A 10 B REST BLVD N C 13 O 15 Y GRAND TETON DR CAN 7 ELKHORN RD C HARDY WAY D OASIS BLVD OASIS DECATUR BLVD DECATUR CENTENNIAL PKWY HORIZON BLVD HORIZON LAMB BLVD ANN RD W PIONEER BLVD HILLSIDE DR LOSEE RD LOSEE DURANGO DR FALCON RIDGE PKWY RIDGE FALCON CRAIG RD DR TOP FLAT LOWER W MESQUITE BLVD CHEYENNE AVE S GRAPEVINE RD GRAPEVINE S 12 RD RIVERSIDE W MARTIN L KING BLVD MARTIN LAKE MEAD BLVD WASHINGTON BLVD Mesquite SUMMERLIN PKWY NELLIS BLVD CHARLESTON BLVD Residential Real Estate Market Real Estate Residential SAHARA AVE DESERT INN RD FLAMINGO RD 4 TROPICANA AVE BOULDER HWY RUSSELL RD 14 SUNSET RD EASTERN AVE 8 WARM SPRINGS RD 2 LAKE MEAD DR JONES BLVD DURANGO DR DECATUR BLVD DECATUR WINDMILL LN BUFFALO DR BUFFALO WATER ST RAINBOW BLVD STEPHANIE ST 6 BLUE DIAMOND RD HORIZON RIDGE PKWY RD RACETRACK SILVERADO RANCH BLVD LAS VEGAS BLVD 5 9 11 1 PKWY GREEN VALLEY ST ROSE PKWY COLLEGE DR COLLEGE 3 RD GREENWAY # Development Year Established Acres Units Developer 1 Anthem 1998 4,755 13,000 Pulte/Del Webb 2 Cadence 2015 2,200 13,000 Landwell Development 3 Inspirada 2007 2,000 8,500 Focus Group 4 Lake Las Vegas 1984 3,592 1,700 Various 5 MacDonald Highlands 1995 3,210 6,500 MacDonald Properties 6 Mountain’s Edge 2004 3,500 12,500 Focus Group 7 Providence 2006 1,200 7,500 Focus Group 8 Rhodes Ranch Country Club 1996 1,330 5,000 Century Communities 9 Seven Hills 1994 1,300 2,500 Seven Hills Dev./American Nevada Corp. 10 Skye Canyon 2015 1,700 9,000 Various 11 Southern Highlands 1997 2,299 8,500 Olympic Group 12 Summerlin 1990 22,500 80,000 Howard Hughes Corp. 13 The Villages at Tule Springs 2017 1,280 8,600 Various 14 Tuscany Village 2005 518 2,000 Century Communities 15 Valley Vista 2018 600 4,000 Various Mesquite Master Planned Communities A Sun City Mesquite 2006 2,031 6,052 Del Webb B Canyon Crest 2004 333 999 Riverwest Investments C Highland Vistas 2005 325 1,005 LB Properties D Mesquite Estates 2004 767 2,301 Various Source: Home Builders Research, Inc., City of Mesquite, Applied Analysis and others. Note: Acres and unit counts are estimated at build-out. Real Estate » Residential Real Estate Market 173 8 16 10 15 18 17 19 4 5 15 20 6 16 9 18 2 7 2020 LAS VEGAS PERSPECTIVE Real Estate High-Rise Condominiums and Timeshares DECATUR BLVD DECATUR LAMB BLVD CRAIG RD LAKE MEAD BLVD MARTIN L KING BLVD MARTIN 8 16 10 15 CHARLESTON BLVD 18 CHARLESTON BLVD Residential Real Estate Market Real Estate Residential 17 DETAIL OF 19 4 SHOWNFLAMINGO RD 5 15 TO RIGHT TROPICANA AVE RAINBOW BLVD BOULDER HWY 20 6 6 SAHARA AVE 16 EASTERN AVE 10 9 WARM SPRINGS RD 14 17 9 18 2 7 BLUE DIAMOND RD 4 7 LAS VEGAS BLVD DESERT INN RD 21 ST ROSE PKWY LAS VEGAS BLVD 8 11 13 1 FLAMINGO RD 2 12 PARADISE RD 12 5 19 13 11 20 3 14 22 HARMON AVE 3 1 TROPICANA AVE VALLEY VIEW BLVD VALLEY 174 Real Estate » Residential Real Estate Market 6 10 9 14 17 7 4 21 8 11 13 1 2 12 12 5 19 13 11 20 3 14 22 3 1 2020 LAS VEGAS PERSPECTIVE Real Estate High-Rise Condominiums # Name Address Submarket Year Built Stories Units Hotel-Condominiums 1 Palms Place 4381 W. Flamingo Rd. Resort Corridor/Off Strip 2008 44 599 2 The Platinum 211 E. Flamingo Rd. Resort Corridor/Off Strip 2006 17 255 3 Signature at MGM Grand 125-145 E. Harmon Ave. (3 Towers) Resort Corridor/On Strip 2006-07 40 1,728 4 Trump Int’l Hotel & Tower 2000 Fashion Show Dr. Resort Corridor/On Strip 2008 64 1,282 5 Vdara 2600 W. Harmon Ave. Resort Corridor/On Strip 2009 57 1,495 High-Rise Residences 6 Allure 200 W. Sahara Ave. Resort Corridor/On Strip 2007 41 428 7 Metropolis 360 E. Desert Inn Rd. Resort Corridor/Off Strip 2005 20 71 8 Newport Lofts 200 Hoover Ave. Downtown 2007 23 168 9 One Las Vegas 8255 Las Vegas Blvd., S. (2 Towers) South Strip 2008 20 359 10 One Queensridge Place 9101 Alta Dr. (2 Towers) Suburban 2007 18 219 11 Panorama Towers 4425-4575 Dean Martin Dr.