HOUSINGNEWS REPORT
NEVADA HOUSING SPOTLIGHT
said Restrepo in his latest Las Vegas Economic Metrics report.
Bell said he is still buying rentals — apartments and other income properties — if he can find them, which in many instances can take months to a year. “For long term investors I tell them to hold,” he said. “Keep buying if you’re long term. For flippers, just keep your inventory low. Keep flipping, but don’t get stuck with too much inventory in case the market corrects.” Still Betting on Vegas While Las Vegas is lagging behind Reno when it comes to most housing indicators, a solid economic and housing recovery is well underway there also, according to John Restrepo, principal at Las Vegas-based RCG Economics. “A strong housing market and a recovering commercial market are bolstering construction in Las Vegas, leading to more construction jobs,”
“I like the less speculative areas like Fallon where the navy base is located. I like those areas because there’s core employment. I’m afraid in Reno we’re on a self-fulfilling prophecy.”
Job growth is also in the cards for Las Vegas with a number of major projects such as the Apex Industrial Center just north of Las Vegas where Hyperloop One is set to build its test track facility; the Las Vegas Stadium, a $1.9 billion domed stadium, future home for the now Oakland Raiders starting with the 2020 NFL season; and Resorts World Las Vegas, a $4 billion, 3,000- room modern Chinese-themed resort being built on the site of the former Stardust Hotel. With all this activity going on, corporate broker Paul May with Keller Williams Realty Southwest said he has not seen a lull in his business whatsoever. “The market is pretty robust right now and people are itching to buy in that $250,000 price range. They’re selling
RON BELL BROKER AT COLDWELL BANKER SELECT REAL ESTATE IN RENOAND PRESIDENT OF RENO REAL ESTATE INVESTORS CLUB
“I like the less speculative areas like Fallon where the navy base is located,” Bell said. “I like those areas because there’s core employment. I’m afraid in Reno we’re on a self-fulfilling prophecy. When Tesla came in, the construction people came in. What happens when the real estate jobs evacuate like they did around 2008?”
“A strong housing market and a recovering commercial market are bolstering construction in Las Vegas, leading to more construction jobs.”
JOHN RESTREPO PRINCIPAL AT LAS VEGAS- BASED RCG ECONOMICS
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NOVEMBER 2017 | ATTOM DATA SOLUTIONS
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