Due Diligence is a Lot More than a Home Inspection

The Due Diligence in your purchase contract is more than just a home inspection! You need to verify, confirm and sign off that you are OK with every aspect of the home you intend to buy. Here are some more important items that should be included in your due diligence as a home buyer. 

Verify & Obtain Historical Water Usage

Verifying water usage is very important. While a good home inspector makes every effort to detect an underground water leak in the course of a home inspection (i.e., checking water meter for movement,) they do not have the ability to spot underground water leaks because this is a visual service as defined by NAC 645D, an underground leak may be detected by excessive water usage.

You can call your water provider to verify water usage and historical use by going to their website or calling them.

Review Homeowner’s Association (AKA CIC or HOA) Documentation

After the seller sends a written request to the HOA, in Nevada, that HOA has 10 days to deliver the documents, and the prospective purchaser has 5 days to review and approve those documents. If a prospective purchaser disapproves the documents, they have the right to cancel the purchase contract, not ask for changes. 

Verify School Zoning

If schools are important to you, utilize the school’s online zoning tools to verify school zoning. Do not rely solely on what the listing agent stated. For Clark County Nevada schools, go here: https://www.ccsd.net/schools/zoning/ For other areas, ask Google.

Verify Value with an Appraisal

You will want to verify the value of the home:

a)     an independent CMA (Comparative Market Analysis) that can be done by your real estate agent (me)

b)    a licensed appraiser (even if you are paying with cash). Try not to rely on online valuation sites as they are notoriously unreliable sources. They gather date but can’t actually visit the house being valued. A trained human brain and eyeballs is your best source for valuation!

Check for Kitec Re-Plumb

If the home you are buying was built in between 1996 through 2006, Kitec may be an issue. A good inspector does their best to look for signs of defective Kitec plumbing. If they find signs, or even if you are just curious, you may check to see if the home had a Kitec re-plumb as part of the class action lawsuit:

http://kitec.totalclasssolutions.com/pages/propertysearch

If built with Kitec and not replumbed, you will want to ensure you are getting enough of a discount to make it worth having the replumb done professionally after you buy it.

Review Title Report

You will receive a Preliminary Title report from the Title agency that you selected on your contract. Review the Title report for any inconsistencies, liens, encumbrances or red flags. These documents can be a little confusing, so ask your Title Officer if you have any questions. Title and Escrow Officers are often the same people in the Las Vegas market. Make sure you return the information sheet promptly to your Escrow Officer when you receive it. 

Verify Building Permits

Many property owners (especially flippers) do not hire licensed contractors so you will really want to verify permits issued (or the lack of) if extensive work was done to the home you are purchasing!

Here are your resources for verifying permits:

City of Las Vegas: https://www.lasvegasnevada.gov/Business/Permits-Licenses/Building-Permits/Permit-Application-Status

Clark County: https://citizenaccess.clarkcountynv.gov/citizenaccess/Cap/CapHome.aspx?module=Building&TabName=Building

City of Henderson: https://eportalprod.cityofhenderson.com/ePortalProd/Permit/Search

City of North Las Vegas: http://www.cityofnorthlasvegas.com/departments/ldcs/building_safety.php  

Review Seller’s Real Property Disclosure (SRPD) & Any Other Disclosures

Sellers are required, by law, to disclose property defects. This includes, but is not limited to “non-traditional” sellers: investors, flippers, bank owned entities, etc. There are very few exclusions to this law.

It is important to remember SRPD’s convey with the property and run with title, so this should be a comprehensive disclosure of the property’s history.

Check Crime Statistics

Crime Mapping – https://www.crimemapping.com/ – is an excellent tool. You can plug the address of the home you are purchasing into the website and set yourself up for alerts to be sent directly to your email. Just make sure that you put your current address in the map as well for comparison. There is probably more crime in your own neighborhood than you think, and I wouldn’t want you to walk away from a great property because it looks like they have a lot of crime, when in fact, it may have less crime than your current neighborhood.

Verify Zoning

Verify Zoning with your local zoning office. There is always a lot of new construction in the Las Vegas valley and you will want to make sure that all land zoned around you is acceptable to your needs.

Order a C.L.U.E. Report

A C.L.U.E. report is also known as “Comprehensive Loss Underwriting Exchange”. You may obtain this report from your home insurance providers. Some insurers will provide it for free and some will charge a nominal fee.

You do not want to go through all of this due diligence process to find out in the end that the home you are purchasing is uninsurable due to a large claim in the past.   

Research & Order Your Home Warranty

Having a home warranty can save you from spending a lot of money on replacing water heaters, appliances, and many other systems in your home. I have Dwellness Home warranty. They are local and have their own techs and I think they are great! Many HW companies are terrible, so if you have had terrible experiences in the past, ask me about Dwellness.

Check for Airplane Noise

Is the home you’re buying directly under a common flight path? And if it is, does that bother you when you’re inside?

Review and Turn Around Documentation to Your Lender Promptly

If you are working with a Lender, make sure you turn around paperwork quickly to avoid last minute closing delays. Also, do not make any large credit purchases (like a car) because this could throw off your ratios. Do not open any new lines of credit and believe it or not, don’t close any existing lines of credit… that can cause you issues too.

Obtain Historical Electrical & Natural Gas or Propane Usage

Call the electric and gas providers to check historical usage specific to the house you are purchasing.

Review Nevada Sex Offender Registry

The Nevada Sex Offender Registry is located online: http://www.nvsexoffenders.gov/ Keep in mind that the Las Vegas area is very transient, and people move around often.

Review the Nevada Residential Disclosure Guide (RDG)

Order Uncommon Inspections That Are Specific to the House & Important to You

a)  Lead based paint is hazardous to young children who ingest paint chips. Lead-based paint was outlawed a long time ago and it is extremely difficult to test for paint as it is generally under several layers of paint. There is a good chance that if the home was built prior to 1977 that it does have lead-based paint. You can buy lead-based paint test kits at Home Depot or any hardware store, and if you are really concerned about it, you can hire a professional to do the testing. If there aren’t going to be any young children in the home, it may not be important to you (unless you are prone to eating paint chips).

b)  If the home has a septic system, definitely get the septic professionally inspected.

c) Well or Public Water Quality: Nevada Division of Environmental Protection is a resource to get well water quality testing done: https://ndep.nv.gov/water/lab-certification/drinking-water-testing.  You may also check the SNWA website for additional guidance: https://www.snwa.com/water-quality/treatment-testing/index.html

d) Mold: If moisture or suspicious biological growth was found during your home inspection you may want to find a qualified and experienced mold inspector.

e) Pest: Scorpions, black Widows, pigeons and roof rats are just a few of the common pests in the Las Vegas Valley. You may want to hire a pest inspector that is licensed by the State of Nevada Department of Agriculture. http://agri.nv.gov/Pest-Control/    

Verify Repairs Were Done Correctly

If you have requested the seller to do repairs prior to close, make sure you verify that the repairs are done before you close. Also obtain receipts for those repairs, licensed Nevada contractors must provide a statutory warranty for work done. 

Final Walk Through & Release

A Final-Walk Through & Release is vital at the conclusion of your escrow period. Mechanical, electrical and plumbing systems will fail from time to time during an escrow. I highly encourage all of my clients to do their own walk-through Inspection and test all systems to make sure they are running correctly. I have a checklist for you to complete this walk-through in a thorough manner!

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Las Vegas Farmers Market -The Pavilion at Downtown Summerlin

Downtown Summerlin is known for many things; the fantastic array of restaurants at all prices ranges and lots of varied cuisines to choose from.  There are also many retail stores to shop in and of course the events that make Downtown Summerlin the hub of the master-plan of Summerlin.

One of the events that happens every Saturday in Downtown Summerlin is the Las Vegas Farmers Market.  The hours are 9:00 a.m. to 2:00 p.m.at the Pavilion, 1980 Festival Plaza Drive 89135.

The Las Vegas Farmers Market® features fresh fruits and vegetables from the South West, authentic hand-crafted European style breads and cakes as well as local fresh breads and pastries, blood oranges and many varieties of citrus, asparagus, beets, leaf greens, nuts, pasta, salad mix, fresh cut flowers, bedding plants, avocados, squash, pomelos, bok choy, strawberries, and more. It offers a wide selection of diverse and unusual fruits and vegetables not available through mainstream purveyors. I’m told that this farmer’s market will be the only one in the Las Vegas area where 90 percent of its produce is organic and free of pesticides.

Throughout the season, the market is supposed to host cooking demonstrations, live music, classes dedicated to ecological stewardship and tasting events. The Downtown Summerlin Farmer’s Market will continue at the same time and place each week throughout the year.

Bring your family, tell your friends and make sure to stop by and visit all the friendly farmers.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

What the Heck is a SEER Rating?

If you are considering a new HVAC unit (Heating, Ventilation, Air Conditioning) you’ll need a way to see beyond all the hype and tell just how efficient different units are. That’s where SEER ratings come in. With the cost of cooling and heating your home throughout the year, homeowners want to have the most efficient units that they can afford. Asking for recommendations for a specific unit can bring about a wide range of different answers.

An HVAC unit’s SEER rating is one of the most important factors to consider when trying to decide on a model. Most likely if you don’t know what a SEER rating is or how it’s used, the acronym can seem mysterious. To help, here’s a basic rundown of what SEER ratings are, how they level the playing field so to speak, and where you can turn to get more information.

Latin descent, blue collar air conditioner repairman working at residential home. He prepares to begin work by gathering appropriate tools and referring to digital tablet.

SEER Ratings Explained

SEER is one of the details provided on those big yellow “EnergyGuide” stickers that you’ll see on things like air conditioners, heaters, and HVAC units and it stands for “Seasonal Energy Efficiency Ratio”. It’s the ratio that takes the output of the unit over the course of an average season and divides it by the average energy estimated to be used during that same season. The ratio provides you with an idea of how cost-effective it will be to run the unit, since the ratio sums up how much energy it will take to keep your living space comfortable for an entire season.

It’s important to note that the rating represents the unit’s maximum potential efficiency; your actual experience may (and likely will be) at least somewhat less than that potential based on weather conditions and other factors such as routine maintenance. With that in mind, the SEER rating provides a basis for comparing different options and finding the best solution for your home.

Using a SEER Rating

The smallest SEER rating you can legally install in the US as of today is 13 SEER, and 14-15 is more common (and you can go as high as 21). Higher SEER units use less energy to create the output that the unit achieved. This translates to a significant reduction in cost for you. If you are upgrading from a unit that is maybe 10 to 15 years old, you might save as much as 20 to 40 percent on your energy bills because of the higher efficiency of modern units. Using the SEER rating as a guide will help you to maximize that savings.

Also, SEER ratings can help you to compare models from different manufacturers to find the one that provides the best value for you. A unit that’s more expensive up front because it has a notably higher SEER rating than cheaper models may save you money in the long run.

While there are typically limits to how much your budget can handle, using the SEER rating should help you to find the most efficient option from among multiple models and vendors that otherwise seem very similar.

Choosing the Right HVAC Unit

If you still aren’t sure just which HVAC unit you need, don’t be afraid to interview a few professionals. Get in touch with pros that specialize in HVAC sales and installation, as they’ll not only know how to find the most efficient unit within your budget, they’ll know what type of unit is best for the area you live in. Best of all, they’ll be able to deliver and install the unit for you to make sure that everything is done correctly. This is not what I would consider a DIY project!

If you need a recommendation for which local HVAC company to use – CALL me Jeff Howard, your realtor for life. I have companies that have been checked out and I am happy to recommend.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Transforming a Bathroom in a Single Weekend

These four quick DIY tasks can have dramatic results with the addition of a few accessories.

When thinking about remodeling your home, focus on the kitchen and bathrooms if you want the most bang for your buck. It can indeed cost a small fortune to renovate both of these spaces; however, you can find less expensive ways to refresh them.

Remodeling your boring bathroom may be easier than you think with a few simple DIY tasks and adding some new accessories. Here are tips and tricks for refreshing a bathroom in as little as a weekend—no contractors needed.

Paint

One way to bring a new look to the space is to paint the walls or vanity a fresh new color. It is typically better to stick with neutral colors for the bathroom. Nice soothing colors like a soft blue or green are relaxing and can be a great accent color for around a tub area.

Update Your Mirror

It may be time to give that plain builder-grade mirror an overhaul. If you want to use the same mirror, you can get a custom frame to evoke more personality. There are the DIY frame kits from MirrorMate (this link is external) that have you measure your mirror, then choose from a variety of frame styles. The frame kit arrives at your door and you can assemble it in minutes.

Modernize the Hardware

Older hardware, from faucets to drawer pulls, can make a bathroom appear outdated. Switch out your current hardware for something more modern. Mixed metals are trending right now; we’re seeing black with brass and brass with chrome.

Shop the internet for variety of manufacturers and a vast selection.

Accessorize

You can update and refresh the bathrooms, especially the guest bathroom by simply replacing your linens and adding new accessories.

To finish off the look, add an air-purifying indoor plant, a natural tray for texture, and a favorite candle to a shelf for an attractive display. You can also find small bottles made of interesting glass to place on a shelf or around the vanity.

You will be so surprised how these little modifications change the entire atmosphere in the bathroom. 

And as an extra tip – when shopping for accessories for the bathroom look at TJ Maxx, Marshall’s, Target and Home Goods for special finds that do not cost a fortune. Also, if you don’t want to go online to find knobs etc. to switch out in your bathroom just go to Ikea, Lowe’s or Home Depot. They also have great selections.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Integrate Architectural Wood Features into Your Space

Wood features in your home can be inviting and cozy, as well as warming up nearly any space. A mixture of other materials from glass to steel can give the perfect recipe for space that is both inviting and architecturally interesting. The following are some tips on how to achieve a perfect balance.

Do’s

Do look for wood species (color and texture) that blend into the overall aesthetic of your home.

Do use wood as a way to make an architectural element or feature wall. If you have a recess in a wall that is ideal to put in a wood built-in to display prize processions and well as a flat-screen TV.

Do allow natural grains to show through, instead of covering or concealing their natural beauty.

Do consider painting wood to bring color into a space.

Do overlook use wood in small ways such as baseboards, trims, or casings.

Do look for materials to pair with wood such as steel and/or glass.

Don’ts

Don’t mix too many different wood species in the same space. You want to use similar colors to enhance the room.

Don’t cover alter or alter fine grains of wood.

Don’t overlook the opportunity to highlight wood through the use of hardware – a few pieces of which can make wood look very special.

Don’t ignore the opportunity to make custom wood pieces with the help of a millworker or carpenter.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Common Reasons Real Estate Closings Get Delayed

The process of buying a home can be one of the most heart-wrenching and nauseating adventures of your life. But once closing is scheduled, that’s it, right? The stomach-in-your-throat feeling should go away and all will be “smooth sailing”?

Well, not always. There are many reasons closings may get delayed. Don’t let this list get you down, but it’s a great bit of knowledge to tuck away in order to be mentally prepared. Try to remember that sometimes delayed closings happen.

Repairs Were Delayed

In this age of short labor and uncertain supply chains, repair delays are inevitable. It happens in ideal times, too. Maybe it happens because a part didn’t come in for that water heater that was on your repair sheet, or there was no one available to fix the siding where someone’s grill got a little overly excited and left a mark.

Sometimes you have no choice but to wait to close, especially if you’re using a loan type that requires the requested repairs be completed prior to closing. But, in other cases, your real estate agent can create an addendum to your contract that allows the closing company to hold the cost of repairs in an escrow account for you, so that they are made on your behalf once the labor and materials are available.

Financing Issues

Many homebuyers, especially first-timers, don’t realize that their financial information will be verified again prior to closing. It has to match, more or less, what it was when you applied. So, same job, same amount of money in the bank, same amount of debt, same everything. Usually that’s possible within the narrow window between loan approval and closing.

Unfortunately, sometimes things go wrong, and that second verification reveals a new credit line that’s been opened (for new house stuff, of course), or a change in employment, or some other problem. In these cases, closing will be delayed until those issues can be resolved. Moral of the story? Don’t do anything financially interesting between approval and closing, and all will be well.

Appraisal Was Too Low

In the current real estate atmosphere, with prices changing radically at the drop of a hat in some markets, it’s not unusual to hear of a closing that’s been delayed due to an issue with the appraisal. Of course, the issue isn’t with the appraisal, so much as it is with the market data no longer supporting the seller’s asking price for their home. The appraisal is just numbers on a page, based on what’s already been sold. A too-low appraisal can delay closing, since sometimes a second appraisal will be needed to verify that there were no errors in the first appraisal, or the seller and buyer will have to go back to the table and renegotiate the terms of the contract.

If you have to renegotiate your contract, it’s likely going to be due to your bank’s unwillingness to loan more than the house will appraise for at that moment. In that case, the contract might be reduced to the appraisal price. Sometimes this is possible, sometimes it’s not if the seller owes a fair amount on their house or needs the difference to make their next purchase. There’s not a lot you can do if you can’t come to terms, but most of the time, a good real estate agent will find a way.

This list is by no means exhaustive, but it will hopefully better prepare you for what can happen when you’re almost to the “finish line”.  Of course, hiring the right agent, to begin with, is really the key to navigating the buying and selling process. I would be happy to interview for the job! (P.S. I have great references www.JeffHoward.reviews)

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Summerlin 4th of July Parade Back in its Full Glory!

The entire Las Vegas Valley is invited to celebrate Independence Day at the 28th Annual Summerlin Council Patriotic Parade, Southern Nevada’s largest and most colorful Fourth of July parade.  My family and I get there early to get a front row view every year.  If you are attending bring plenty of water and sunscreen for everyone in your group, or even better bring your pop-up shade and stake your claim.  Stay safe from the sun and hydrated – that’s our motto.

It should be very exciting since this is the first full-scale parade since the pandemic started in 2020. This year’s parade is going to be bigger and better than ever. There are more than 70 entries, including 25 giant inflatable parade balloons, veteran and military organizations, both patriotic and pop culture-themed floats, performing groups. 

This year representation from four local professional sports teams, including the Vegas Golden Knights, Las Vegas Aces, Las Vegas Aviators and, new this year, the Las Vegas Raiders — represented by a 30-foot Raiders-branded giant inflatable balloon in the shape of a football.

There is a new float this year, “The Magic of Encanto,” that will join several popular and returning patriotic-themed entries, including “A Salute to the Military,” honoring the service men and women from Nellis and Creech Air Force bases; “America Sings!” featuring the Desert Angels gospel choir; “America Standing Tall” featuring a 15-foot Miss Stars and Stripes towering high above the crowd; “A Very Vegas Birthday” with a special appearance by Elvis; and “Dancing in the Street” by the Contemporary West Dance Theatre ARTSWORK Pro.

Plus other popular performing groups include Danza Del Carrizo Native American performing group, Palo Verde High School Marching Band, Nevada Latino Arts and Culture Association; and The Swing It! Girls. Veterans and military organizations will be represented by the Marine Corps League, American Legion, Forgotten Not Gone and the Southern Nevada Military Vehicle Association.

Returning to the parade this year are fan favorites: “The Fourth Awakens,” featuring the Neon City Garrison Star Wars costuming club; “Mario Karts on Parade,” featuring Mario and Luigi; and “Frozen Fun,” featuring Elsa and Anna.

Over 2,500 people are expected to participate in the parade, plus more than 500 volunteers from dozens of local schools and community groups will assist with parade operations. Over 20,000 cubic feet of helium will be used for 25 giant inflatables.

Returning hosts include Sherry Swensk and Brian Loftus from 8NewsNow and Mercedes and JC from MIX 94.1

The parade is organized by The Summerlin Council, the nonprofit arm of the Summerlin Community Association dedicated to the social, educational and recreational enrichment of residents. The parade is open to the public and with attendance expected to top 50,000 people, I strongly encourage you to arrive early (I know we do).

The parade begins at the corner of Hillpointe Road and Hills Center Drive in The Trails village of Summerlin. Participants travel south toward Village Center Circle, then west on Trailwood Drive. The parade ends near the corner of Trailwood Drive and Spring Gate Lane. For more information on the parade, visit www.summerlinpatrioticparade.com.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Ways to Dress Up Your Patio

Patios are magnificently flexible spaces, if not a little boring by themselves. Think of your patio as a three-dimensional canvas that you can literally create anything on that you’d like. Perhaps you’ve just moved into your new home and you’ve got your very first patio, or maybe you’ve had one for a while and just didn’t know what to do with it. You can use this space in whatever way you want from a tiki hot tub paradise to a casual outdoor dining space. Here are some things to think about when you’re trying to dress yours up!

Lights, Camera, Action!

Patios are great, however, at nighttime patio lighting is often lackluster. For patios near the house, many people rely on a single bulb hanging near the back door or think that the lights from the lawn will help light the patio  – not really!

Today there are many options for patios. Not only are solar lights affordable and reliable, they’re also amazingly diverse. Want a bit of a beach party mood? Add a whole collection of solar-powered string lights with round bulbs. Looking for something more romantic? Victorian-themed solar wall sconces can evoke a real mood. Add poles to elevate your lighting for even more flexibility in placement.

Fun in the Shade

Of course, the sun is wonderful, but have you tried the shade? The shade is great, especially on a sunny day in Las Vegas when the entire region is just a little too hot and a little too bright. Shades over the patio and lighter shades floating around the patio can also protect dining areas from debris that might fall from nearby trees, making dining outdoors more pleasurable.

Shade sails are easy to install, come in lots of fun colors, and lend a super modern look to all kinds of spaces. If you want something a little more serious and a lot fancier, aluminum pergolas with shade systems can be attached to your patio or home permanently. These often have shades that can be opened or closed to let the sun in – or not – as your heart desires. Some even come with curtains to create a more private space.

Roll Out the Carpet

Outdoor rugs are increasingly diverse – a must-have item for any patio to accompany and complement outdoor living furniture and tables. These rugs can be heavy-duty, with similar quality to rugs you might choose to have inside your house. A huge range of patterns and colors can help you create the atmosphere you’ve been dreaming of.

Using an outdoor rug can help keep your patio looking cleaner, as well as define specific spaces if your patio is larger and has a few different activity areas. You might color-coordinate one under your patio dining set (beneath your new pergola, of course), and add another to the set of patio furniture near the hot tub to encourage people to stop and have a chat.

Add a Touch of Green

Add lots of potted plants to the different areas of your patio.  They can set the mood for and help separate the parts of your patio in a very soothing way.  You can tell so much about a space with how potted plants are chosen and the kinds of pots they’re in. Sleek and modern areas might benefit from simple, upright foliage plants in tall, narrow pots. More traditional spaces could go full cottage core with some old wash tubs overflowing with your favorite annuals.

If Your Vision Is Lacking…

Do you need help with creating your own patio Shangri-La?  Contact me – Jeff Howard, your realtor for life.  I can help you by connecting you with the best patio stagers and you will be so happy with how your patio looks after creating the ambiance you chose for your outdoor living space in the shade.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Las Vegas Sees a Boom in the Commercial Real Estate Market

The commercial real estate industry in Southern Nevada has entered 2022 on an upturn and is still flourishing, despite some headwinds. It’s being fed by the substantial economic growth in the Las Vegas Valley, strong demand along with a development industry that is ablaze with activity.

2 sectors are best positioned to thrive in 2022.

■ The industrial sector remains strong and resilient. There has been a growing demand for space that is outpacing our local supply. Smaller facilities remain in demand, while e-commerce companies are looking to lease or build larger warehouses ranging from 500,000 square feet to 800,000 square feet.

The North Las Vegas market continues to be active, with most projects designed to meet the needs of e-commerce companies, such as Amazon and Fanatics. Other submarkets like Henderson and the area around the airport have attracted very large users like FedEx and Kroger.

On the agenda for 2022, plans include another 18 million square feet of planned industrial space to be built, although most of these projects won’t be finished until 2023 and are already spoken for. Southern Nevada absorbed more than 10 million square feet of industrial space in 2021. According to developers, competition is at unprecedented levels and everyone wants a piece of the industrial market, creating a huge shortage of materials and escalating land prices.

■ The office sector continues its ongoing recovery from COVID-19 and associated lockdowns. Asking rental rates increased to $2.27 on a full-service basis. Office inventory increased by over 93,000 square feet in the fourth quarter of 2021, bringing year-to-date deliveries to over 178,000 square feet.

Southern Nevada had nearly 675,000 square feet of office space under construction at year’s end, the most space under construction since 2014. We also had three quarters of strong net absorption in 2021, with occupancy increasing by 930,000+ square feet this year.

Looking forward, the state of our tourism industry will be a key metric in Southern Nevada’s recovery. This year, the local economy is expected to continue progressing along that road — even with new COVID-19 variants overshadowing the headlines Sothern Nevada has experienced recent population growth, rising gaming revenues and a steady return of tourists enjoying all Las Vegas has to offer. After record-breaking gaming revenue numbers through the end of 2021, industry experts are predicting Las Vegas could see a full recovery by 2023.

Still, Nevada’s recovery has been uneven. For instance, Northern Nevada’s employment numbers have now exceeded pre-pandemic levels, while in Southern Nevada, the same cannot be said. And, while gaming revenues are up, local hotel room occupancy levels are not back to pre-pandemic peaks. Of course, the Las Vegas area was one of the hardest hit in the U.S. because of its heavy reliance on travel and tourism.

Large conventions have begun returning to Las Vegas, however with the omicron surge, some of the larger companies that attend such conventions have switched to online participation; in particular, the insurance and financial sectors.

Additionally, international travelers, who account for up to 20 percent of all Las Vegas visitors in recent years, have been slow to return.

There are likely to be continued challenges with rapidly rising material costs, supply chain issues, inflation, land constraints, omicron and concerns over our water supply. Nonetheless, the commercial real estate sector is expected to continue on an upward trajectory over the next couple of years at least.

Do you have a need for commercial/industrial/retail buildings or land? Are you ready to buy or sell a home? Do you want a guaranteed cash offer? We can help you with all of that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com

Choose to have an amazing day….Jeff

Discounts for Las Vegas Seniors (55 and up)

Grocery stores such as Albertson’s and Von’s have a senior discount on the first Wednesday of every month. Whole Foods have seniors’ discounts every day. There are other grocery stores that have one Seniors’ day a month with special savings, so if you shop at a different one than the above, just ask next time you are there and start planning your shopping accordingly.

Many of the buffets in the Las Vegas valley offer a 10 percent discount for seniors – some have dinner discounts and more offer lunchtime deals.  Before going check with that particular buffet.

There are some attractions and shopping that offer discounts for seniors as well.  Here are several:

Eiffel Tower Observation Deck at Paris Hotel (55+) tickets for $3 off.

Las Vegas Natural History Museum tickets for $8 for seniors.

Las Vegas Premium Outlets offers senior discounts on Tuesdays (ask at customer service).  Select retailers at both outlet malls offer discounts to people aged 55+.

Mob Museum offers a $3 discount for ages 65+ 

National Atomic Testing Museum (65+) tickets for $18.

Shark Reef at Mandalay Bay (65+) tickets for $2 off. 

Siegfried & Roy’s Secret Garden at Mirage Buy One Get One Free for ages 60+ on Sundays.

Wet’n’Wild Las Vegas Water-park (65+) tickets for $10.

Most rental car companies have senior discounts from 10 to 25%. Look into Alamo, Avis, Budget, Dollar, Hertz, National & Thrifty. They often give a higher discount if you are a member of AARP. 

Speaking of AARP, to take advantage of the best offers for seniors no matter where you live, sign up.  They have offers from many major nationwide companies for those that have reached 55 plus.  Go to www.aarp.org to find a complete listing of the advantages they offer.

Many national restaurant chains offer senior discounts, usually a discount of around 10% off for ages 55+. Here are some of the restaurants have senior discounts in Nevada. They are:
– A&W,
– Applebees,
– Arby’s,
– Bubba Gump Shrimp,
– Burger King,
– Chick-Fil-A,
– Chili’s,
– Dairy Queen,
– Denny’s,
– Dunkin Donuts,
– Einstein Bros. Bagels,
– El Pollo Loco,
– IHOP,
– Jack in the Box,
– Johnny Rockets,
– KFC,
– Long John Silver’s,
– McDonald’s,
– Outback Steakhouse,
– Pizza Hut,
– Popeye’s Louisiana Kitchen,
– Rainforest Café,
– Schlotzky’s,
– Sonic,
– Subway,
– Taco Bell,
– Texas de Brazil,
– Wendy’s &
– White Castle.

Do you like to go to the movies? A “Seniors Day” discount is available on designated days, according to Cinemark’s website www.cinemark.com. This discount varies by theater, so check with your local theater box office for details. Also, AARP members can buy Regal ePremiere tickets online for up to 20% off. Those who are members of both AARP and the Regal Crown Club also can save $3 on a popcorn-and-soft-drink combo by showing their membership cards.

Lastly there are some airlines also have discounts for ages 65+. Look into American Airlines (merged with US Airlines), Southwest Airlines, and United Airlines.

There are other senior discounts out there, so go ahead and just ask the next time you are ready to pay for any goods or services and comment below any you found that I didn’t please!

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Choose to have an amazing day….Jeff