Will 2020 Election Results Impact the Las Vegas Housing Market? Listen to Matthew Gardner, Chief Economist for Windermere Real Estate.
429 Orchid Oasis, North Las Vegas, NV 89031 Step inside this 3D Doll House image.
Short-term Rentals in Las Vegas could your wallet
Could owning a short-term rental property in Las Vegas raid your wallet? Las Vegas area Realtors are noting an increased volume of inquiries from clients who need assistance with locating and purchasing investment real estate. What’s new is the intended investor use! The intention is to operate a Vacation Rental business. Because of do it yourself vacation websites, the trend now is to establish a Vacation Rental business for the newly acquired investment home or condominium. These potential investors see an opportunity to cash in on the Las Vegas housing market from a rental income perspective. This interest has been fueled by the National Football League’s “NFL” approval to allow the Oakland Raiders to relocate to Las Vegas, Nevada in 2020. Joined by other #VegasBorn professional sports teams such as; NHL’s Las Vegas Golden Knights, WNBA’s Las Vegas Aces, and American Soccer League’s Las Vegas Lights FC.
As a result Las Vegas Realtors are having to educate would be real estate investors about the legalities for short-term residential rental businesses in many Las Vegas communities.
What is a short-term residential rental?
Short-term rentals are generally defined as the renting of residential property such as a house, townhome, condominium, spare room, or casita on a weekly or nightly basis. Typically for a period of less than thirty (30) consecutive days. Investors often advertise their rentals on vacation websites such as Airbnb.com and Homeaway.com which can be the dead giveaway to uninformed investors.
Are short-term rentals legal in Las Vegas, Nevada?
The answer may surprise you because Las Vegas is one of the most recognized tourism cities in the world! Leasing residential property known as “short-term rentals” for a period less than thirty (30) consecutive calendar days has been prohibited in Clark County, Nevada since 1998. The City of Las Vegas may grant a Special Use Permit provided the property meets specific guidelines required by city. Furthermore the property cannot be located in a Home Owner’s Association. Contact the City of Las Vegas to clarify any questions you may have. The City of Henderson prohibits short-term rentals altogether.
Neighbors arguably have safety and privacy concerns and therefore report their suspicions to respective municipalities. City officials are imposing penalties on homeowners who illegally operate short-term rentals “aka” vacation rentals. An uninformed investor can be fined up to $1,000 per day in Clark County, Nevada.
Feel free to contact the applicable City office listed below to obtain more detailed information regarding rules that pertain to short-term rentals:
- Boulder City – (702) 293-9202
- City of Henderson – (702) 267-2323
- City of Las Vegas – (702) 229-6011
- City of Mesquite – (702) 346-5295
- City of North Las Vegas (702) 633-1000
Contact Teresa today to inquire about Homes Listed for Sale in Las Vegas.
Open House, Green Valley Homes for sale, 1492 Rancho Navarro on Thursday, November 9, 2017 afternoon between 2:00 pm to 5:00 pm.
1492 Rancho Navarro is a two story, three bedroom home located inside the master-planned community of Green Valley Ranch of Henderson, Nevada. Homes in Green Valley Ranch are well sought after due to high academic standards from preschool to high school. A host of restaurants! My experience residents rarely cook on weekends. The District parking lot on Friday and Saturday evenings at dinner time supports my theory!
View the famous Las Vegas Strip from master bedroom balcony! Imagine enjoying your favorite wine down beverage while you relax and gaze upon this multi-billion dollar view. An expansive bonus room is located on the second level. This space can be used in numerous ways such as yoga, study area, craft room, or game room. An additional bedroom can be remedied by installing a trendy barn door on a trolley system.
Floors are the foundation of any home. The carpet in the high traffic areas can be removed post sale. What’s trending now are wood surfaces, real or man-made the options are unlimited in color and style. Next the kitchen, the countertop is solid surface corian which can stay as corian is made to last a lifetime. Perhaps remove the mobile island on wheels and install a built in island that is larger in scale with an alternate butcher block surface. A baker’s dream! Then add a tile back splash feature between the countertop and cabinets. The next area of focus would be the master bedroom en-suite. Again flooring is step one, after that the options are unlimited.
1492 Rancho Navarro is move-in ready. The suggested cosmetic improvements can be done overtime during home ownership.
Green Valley Homes for Sale online? Search more homes within 1 mile of 1492 Rancho Navarro, Henderson, NV
Nevada Real Estate market update. Economic Housing Market for Greater Las Vegas, Nevada authored by Matthew Gardner, Chief Economist for Windermere Real Estate. Separate from the economic overview the report offers a glimpse into recent home sales activity for 2017. Annual change in home sales by comparison of Q3-2016 to Q32017 by community. Highest change experienced by The Lakes of 20.2% and lowest change experienced by a community is Queensridge which had -9.8%. Click on the picture to access the complete report.
The take away is that inventory remains low throughout the Greater Las Vegas area. This means if you are an investor demand will lesson as we enter the holiday season. Home buyers may reveal in less competition as not so many buyers stay focused to purchase their dream home at the end of the year.
Owners and tenants are not as eager to show occupied property during the holidays because of holiday entertaining demands. On the other hand an inviting home decorated for the holidays may put any buyer in a festive move as one envisions her family living in such a home
How Much Equity Do I Have? Interested in how your neighborhood is performing by zip code or property type contact Teresa today for an appointment to schedule a private equity position appointment.