Looks like there are going to be more changes to laws on short term rentals.

As we are all aware Las Vegas and Clark County has seen a growth in population and the housing market in the last few years.  With growth comes change – and we will see changes in laws regarding short term rentals.

Make sure to check the HOA rules on rentals to start before you do anything. Almost all HOAs have a minimum of 30 day leases required and some are as much as a year.

To bring those who do not know the current rules here are what is currently on the books:

1) City of Henderson – minimum 30 day lease

2) Unincorporated Clark County – Minimum 30 day lease

3) City of North Las Vegas – no rules at this time

4) City of Las Vegas – You must apply for, and get approved, for a special use permit – only 167 approved to date – approval process includes inspections by the city, the neighbors giving their approval, the HOA approving, getting city and state licenses, paying hotel room tax, etc.

As a recent article in the RJ stated – there are approximately 3,000 illegal short term rentals in the city of Las Vegas and another 4,000 in the county. Last year, in the entire valley, there were over 500,000 booked nights in the short term rentals. In 2012 it was less than 20,000.  That is quite a difference!

If you don’t think the hotels have taken notice of this jump in short term rentals you may be enjoying the recent marijuana law changes too much.

Last week, Lois Tarkanian, proposed a revision to the law eliminating short term rentals in the City of Las Vegas. There are a number of reasons for this:

First and foremost– a short term rental is a commercial enterprise (like a liquor store or an auto repair shop) and people don’t want those in residential areas.

Second – the number of complaints the police, and government officials, have received have skyrocketed. Complaints such as loud parties at all hours of the night, cars parking and blocking neighbors driveways, trash and damage to neighboring homes, fighting, belligerent people, the list goes on and on.

Third- many lawsuits by other commercial businesses (like liquor stores or auto repairs shops) have been denied because they wanted to open in a residential neighborhood.

Fourth- lawsuits by owners who have been denied permits to have a short term rental stating that the process is unfair.

Fifth – lawsuits by people living in the city and county against the city and county for not enforcing the laws that are on the books.

There is a lot of support in the council for this change, and you can bet there is a lot of money pouring in from the hotels to encourage passage of this law. It was not in the article but the county code enforcer said that the city is not processing any more applications until this is resolved. He also said that the city, county and Henderson are “aggressively” going after people who are illegally doing short term rentals sending out up to 500 cease and desist orders per week. People, who are trying to hide their addresses from the ads and think they won’t get caught, are getting caught by code enforces posing as potential tenants. With a $1000 a day fine, this is turning into a big money maker for the various cities and counties. I guess someone has to foot the bill for all the Tylenol (from the headaches…)

I did a short 4 minute video on this subject in February 2018 – click on this link to view (https://youtu.be/gk5FszAemUs)

As I learn more I will pass it along!

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with 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

Tips and Tricks to Saving for a Home

So, you’ve made the decision to buy a home, but you don’t have a down payment saved up. Owning a home has been the American dream since shortly after World War II when owners first eclipsed renters in this country. Many people would love to own a home however can’t figure out how to save money to make it a reality.

The following are some steps to help you figure out how to be able to save money for a down payment, so you can get you and your family into a home of your own.

Track Your Spending and Expenses – know what your monthly expenses are and how you spend your “extra money”. This is something you should be doing anyway. Use an app or online tool that tracks your spending and keeps a running total of the amounts you spend on specific items. There are tons of options – just do a search for “create personal budget”. It’s easier to track spending if you use a debit card for everything (not a credit card) and then using a check register to track those debits. This process is quite eye-opening, as it’s easy to be unaware of a how much you spend on frivolous purchases each month. You would be surprised how quickly the amount adds up. Finding out where your money goes is the first step in figuring out how to keep more of it in the bank. Do you go to a fancy coffee place every day? Imagine how your savings could increase if you just eliminated that… and there are almost certainly other things you often spend your money on that you could skip.

Create a Budget and Stick To It – Once you have looked at your spending, you will likely find spots where you can cut back or eliminate extras. This is very challenging and often isn’t a lot of fun. Just keep focusing on your end goal – getting the keys to your home. It’s important to work a few small yet rewarding “splurges” into your budget to keep your spirits up – remember that you are trying to save so keep those splurges in check – use a specific percentage of your income (I suggest 10%).

Be a Deal Hunter and Savvy Consumer – put your monthly bills under a microscope. There’s a good chance you are paying for services and features you don’t really need. Call your service providers, credit card companies and other businesses you pay every month and see if they can lower your rate or offer you a better deal – they often will.

Save for a Down Payment – savings accounts that are set up for a down payment should be considered untouchable. Don’t even think of dipping into this account unless you have a major emergency. Think of this account as being a one-way street: funds should go in, but never come out—at least, not until you are ready to write out that down payment check. Some banks will even allow you to make this transfer automatic on a schedule, like every 2 weeks when you get paid.

Look for Ways to Boost your Income – Your budget consists of two parts: money coming in, and money going out. See if there are opportunities to work extra hours. You may even want to consider a part-time job. Think about skills or talents that you could parlay into freelance income. Maybe you could be a Lyft driver or a vendor on http://www.Fiverr.com or mow lawns or pet-sit or ??? Just so you know, lender’s get touchy about “cash” being deposited – it could be from some illegal source as far as they know. Lyft & Fiverr as well as any part-time job with an actual paycheck will have you covered there… working any job for cash, won’t. If you are going with any kind of cash earnings, check with your lender to see what they suggest for how to handle those deposits. If you need a great lender, reach out to me, I work with more than one that I feel are worthy of recommending.

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with 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

Selling Real Estate Without an Agent Will Likely Cost You Money

First, I realize this article may seem self-serving – after all, I earn a living helping people sell real estate, but I truly hate to see people lose tens of thousands of dollars, and statistics show that is what usually happens to FSBO’s. What does FSBO mean? For Sale By Owner — it’s the process of selling real estate without the representation of a real estate broker or agent.

This way of selling your property is not the greatest idea in most cases (trust me – I was that guy many years before I got my real estate license). That is why you hire a real estate professional – their job is to know the local real estate market and put the most money in your pocket. Let’s face it, people pay more when a salesperson is involved. Think about it; when you have a garage sale, even if you are selling quality items, the buyers always expect a discount. And if the discount on the property you are selling turns out to be as much (or more) than the commission you would have paid, then you did all the work and still did not make more money. I don’t know about you, but I really don’t like doing more and getting less.

Sellers who choose to sell their home on their own just may experience “seller’s regret” when they see how much less they get for their properties (or worse, not even realize how much they lost). FSBOs sell for an average of $60,000 to $90,000 less on the sale of their home than sellers who work with a real estate agent, according to the National Association of REALTORS®. Here’s the breakdown:

* All agent-assisted homes: $250,000 (median selling price)

* All FSBO homes: $190,000

* FSBO homes when buyer knew seller: $160,300

With the knowledge of the numbers shown above – why would anyone want to sell their home on their own? Some sellers want to avoid paying a commission to an agent — but even factoring in a commission; researchers from the NAR researchers have stated “The closing price for the agent-assisted seller is likely going to be way above a FSBO. [And] in reality, homes sold by the owner make less money overall.”

Sorry (not sorry) for the Las Vegas based pun… but don’t gamble when selling your house; hire a professional.

This message is getting through to homeowners: Only 8 percent of home sellers in 2017—an all-time low—chose to sell their home themselves, according to NAR’s 2017 Profile of Home Buyers and Sellers. This figure has been falling since 2004, when 14 percent of homeowners sold their own homes.

Are you ready to buy or sell a home? Do you have a need for commercial / industrial / retail space? We can help you with 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 attracting more Commercial Development

The office market in the Las Vegas Valley has been marching forward on the path to recovery after the Great Recession. The master-plan community of Summerlin, known for its award winning home development and Downtown Summerlin, is expanding the development of office space buildings due to a great demand.

The Howard Hughes Corp. expects to complete the six-story Class A office building in Downtown Summerlin this fall.  They already have many spaces preleased according to Summerlin president Kevin Orrock.  This is the second office building in the open air mall with many types of tenants like attorney offices, brokers and gaming technology companies.

Orrock stated “I think it gets down to what we’ve done here in Summerlin.  We’re providing an urban core.  We’re providing a place where people want to live, work and play- plus the sports venues that are here or will be here.”

A couple of miles away from Downtown Summerlin, the Howard Hughes Corp is almost finished with another office development for Aristocrat Technologies, an Australian slot machine maker.

The commercial submarket in Summerlin has seen less vacancy averages than other commercial markets in Las Vegas.  A senior director at Cushman & Wakefield said that Summerlin is the most desirable location for commercial consumers in the valley.  He also said that many employers are considering millennials predominantly when making decisions on the location of their offices.

Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with 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

CapRock Partners from California Invest in Las Vegas

 

CapRock Partners, an industrial real estate firm from Newport Beach California has just acquired about 300,000 square feet of multi-tenant industrial space in the western and southwestern part of the Las Vegas Valley.

Taylor Arnett, vice president of acquisitions at CapRock, stated “An estimated 6 million square feet of industrial space is set to come on-line in 2018 and similar figures for 2019, with more than 90 percent of those projects estimated to be big box distribution space.”

CapRock owns and invests in multi-tenant industrial properties with smaller tenants and they see this type of property as hard to find in Las Vegas at the moment. A good reason for them to invest in the Las Vegas area, and they are looking at other sites to develop.

Brian Gordon, principal at Applied Analysis, agreed that most of the industrial ventures in Las Vegas are aimed at larger tenants. He believes that multi-tenant buildings can be a main component in the industrial market. With Las Vegas growing as fast as it is, having industrial space for smaller tenants can only be seen as a huge plus for companies that would like to move to our great city.

Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with 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

Commercial Real Estate Is Moving In A Positive Direction In Las Vegas

Look around the Las Vegas Valley, strip malls have more retail spaces filled (just a few years ago they were vacant).  The Boulevard Mall has converted space for offices that were once retail stores. The conversion of retail spaces in the mall to call centers has been very successful largely due to amenities in the mall and readily available parking.  In Downtown Summerlin the second office tower (Two Summerlin) is well on the way to be completed with lots of interest in available spaces.

Daniel Palmeri, senior director at Cushman and Wakefield stated “We’re kind of seeing a westward movement of companies looking to be in Summerlin or the west side of town.” Brian Gordon, principal at Applied Analysis, stated “The general feel is that the economy is remaining relatively healthy, and we’ve moved beyond the effects of the past downturn and looked more toward growth in the future.”

We are seeing a lot of new segments being added to the Las Vegas economy – Major League sports, the tech industry and an increase in tourism. The Golden Knights have already made an impact on the economy and the commercial real estate market.  There are more retail stores thriving around the T-Mobile Arena and adding employment opportunities.  The Raiders will be in Las Vegas by 2020 and more retail and office space will be filled by their employees.

The tech market has seen an increased local presence of national companies, as well as the acquisitions of local startup companies. This has made Las Vegas a credible hub for technology companies with more opportunity for upward movement for local tech talent and a good reason for more tech talent to move here.

Current Las Vegas market trends data indicates an increase of +2.8% in the median asking price per sq ft for office properties compared to the prior 3 months, the current median price of $176 per square foot in Las Vegas.  In the industrial market the median price is now $118 per square foot and retail space prices are still rising at a slower pace.

Do you need commercial space? We can help you with 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

New Rules for Short Term Rentals in Las Vegas

Any landlords that wish to offer short term rentals through services such as VRBO, AirBnB & Homeaway are required to comply with Las Vegas Municipal Code Section 6.75.

To read the entire statute, click this link; https://goo.gl/bAwu5x

Here are what I feel are the highlights;
On June 21, 2017, the Las Vegas City Council passed Bill No. 2017-16 by a vote of four to three, requiring that all short term rentals be required to obtain a special use permit prior to commencing operations.
First, the owner must apply to the City Planning Department for that permit for each separate unit. Then, have the property inspected to verify the number of bedrooms and compliance with safety and other minimum housing requirements. Once the Conditional Use Verification is approved, the applicant is also required to submit a business license application and affidavit to Business Licensing by the next business day.

In order to secure the permit, owners are required to produce proof of liability insurance for $500,000.00 and install letter-size placards outside the properties with contact information and maximum allowed occupancy. Any until with more than five bedrooms is now required to maintain a resident manager on site during the term of the rental.

Other provisions of Municipal Code Section 6.75 state that the owner must collect and remit Room Tax and it appears you cannot require a minimum number of nights – even over big events like New Years Eve.

If you have a short term rental and don’t want to deal with the new rules, we will sell it for you quickly! Just call us at 702 SELL NOW (702-735-5669)