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.
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.
Neighborhood: Tuscany Village is a master planned community that features the Chimura Golf Club and a 35,000 square foot Recreational Community Center exclusive to the residents of Tuscany. The recreational facility is located near the entrance of Tuscany. The facility features an outdoor Olympic size swimming pool, tennis courts, and social activities organized the by club director. Inside there are multiple fitness rooms and racquetball courts. A variety of classes are offered in the areas of dance, cooking, and crafts. There is a lounge area for board games and cards as well as a full size kitchen for community social gatherings or reserve for a private event.
The guard gate Community of Tuscany Village is impressive. Nestled within the eastern corridor of Henderson just minutes away from Lake Mead National Recreation Area and the Clark County Wetlands Park. These are some of the hidden facts about Henderson and the Greater Las Vegas Valley.
Opportunity: Tuscany village is nearly sold out as an entire community. The opportunity here is the opportunity to purchase this home built in 2015 for less than the home builder’s costs to build as new construction at today’s costs.
Teresa’s take away: I was pleasantly surprised to discover a distant view of the Las Vegas Strip from the upstairs master en-suite bedroom.
Feel free to share this page about my upcoming Open House to any friends or family who are looking to purchase a new home.
How do I qualify to rent a house in Las Vegas or Henderson, Nevada? The requirements to qualify for a rental property is not necessarily dependent upon a tenant applicant’s credit score. A landlord or property manager typically wants to know that the future tenant does not have any prior evictions from a previous residence. The next benchmark that a tenant applicant must meet upon crossing the tenant eviction hurdle is income. At a minimum the prospective tenant’s gross monthly salary must be three times the requested rent payment. For example; if the landlord is requesting $1,000 per month in rent, then your gross income per month needs to be at least $3,000 per month. Expect to provide your most recent last two paycheck stubs for income verification purposes. If you are retired or disabled a letter of benefits from the source of payment along with bank statements should suffice. You may be requested to provide a copy of your state issued identification such as a driver’s license. These are the general requirements for a tenant applicant. Additional information may be requested by the landlord or property manager.
To search available rental homes in the Las Vegas or Henderson, Nevada area click Homes for Rent in Las Vegas or Henderson, Nevada.
Southern Highlands is a Master Planned Community located in the Southwest corridar of Las Vegas, Nevada. The graph below dipicts median original list price vs. median sale price for homes sold year to date, May, 17, 2016. January clearly illustrates homes sold above list price, whereas the following months have a lessor margin of list price to sold price. Click here to view homes available for sale within Southern Highlands
New Homes are also under construction at Southern Highlands. Below are a few pictures I took while previewing a one story home that features an integrated multi-generational suite with its own separate entry, living area space, bedroom and bathroom en suite, walk in closet, and single bay garage. For floorplan, pricing and availablity contact Teresa for more information.
I recently learned of the Super Desert Bloom that happens once a decade or so in Death Valley, California. Southern Nevada residents have been extremely blessed with warm weather during the month of February, 2016. Our average temperatures for February reached mid 70's "happy dance!" A couple of weeks ago while viewing the morning news I heard the story about the seasonal "super bloom" in Death Valley, California. Because of the warm climate and El Nino the desert floor in Death Valley has blossomed magnificent happy yellow desert flowers that carpet the south desert floor just as you approach Badwater Basin. Anxious to see such a wonder I ventured out in search of this happenstance that occurs once every ten years. I must confess my alpha male tendacy… as I started out from Target on Eastern and Silverado Ranch Road I set my location using Google Maps for Death Valley National Park, CA. I was instructed to head North out of the parking lot then turn left onto Silverado Ranch Road. That had to be wrong! I have only lived in Southern California where I was born and Las Vegas, Nevada since 1976. How many times had I seen the Death Valley exit off Interstate 15 over my life. So of course I ignored Google and proceeded south on Eastern where I turned right onto Saint Rose Parkway because in my mind I would take I-15 South toward Los Angeles. No less than 5 minutes Google directed me off I-15 South at the Sloan exit and had me U-Turn to head North on I-15. What!!! I had to pull over and swipe the map directions where ultimately I learned the route was directing me toward Blue Diamond towards Pahrump, NV. "Oh, I see!" Okay Google I said to myself I will try it your way and so I did! The route was picturesque and charming. The last time I drove to Pahrump was about eight years ago, the highway was under construction. Bravo Nevada Department of Transportation "NDOT" the road is smooth that leg took about 40 minutes. Once in Pahrump you will cruise the main drag on State Route 160 turn right on Bella Vista for about 23 miles then right for a few yards and left on to State Route 190 for another 20 plus miles. On this final leg "eureka" I began to see gorgeous blossoms, cars were pulled over and photographer enthusiats were everywhere shuttering away. I stopped a few times, then at the kiosk to purchase a $20 park entry pass (call it a donation later discovered didn't seem to need it). Google directed me to turn right toward Furnace Creek Visitor Information Center. I asked to find the best flower location and was told to head south toward Badwater Basin which took about 20 minutes as many tourists were out. If you want to bypass the visitor information center turn left.
Badwater is interesting too! The desert floor at Badwater Salt Flat has formed crusts of salt crystals. From the road it was as if the pedastrians were walking on air…surreal. Eventually I began to head North toward the direction I entered the park. Not to be missed is Artists Palette on the east. Cars longer than 25 feet are not recommended to take this one way road. The mountains in the backdrop tremendous hues of green, purple, shades of cream and tan. My old sony 35 mm camera nor my iphone 6 came close to capturing these scenic multi-hued hills. Truly spectacular! My Sunday drive was one for my personal history book filled with amazement of God's country.
Living in Las Vegas, Nevada offers more than the world famous Strip! Scenic Death Valley National Park is only a 2 hour ride away. Camp, hike, bike ride where permitted. To click here to search homes for sale in Southwest Las Vegas
An owner of real estate in Las Vegas, Nevada may choose to structure the sale of a condominium, townhome, or single family home through "seller financing" also known as a "seller carryback". As real estate markets change so do selling vehicles. If you happen to be a savy investor who had the good fortune to purchase real estate in Las Vegas, North Las Vegas, or Henderson, Nevada between 2009 – 2012 in cash then the selling opportunity I am about to describe may be suitable for you. The type of sale is referred to as "seller financing". Seller Financing allows an owner to act as the direct lender for the sale of real property. Here is the scenario: Owner hires Teresa Story-Turner, Realtor at Windermere Prestige Properties to list and sell real property such as; condominium, townhome, or single family home at current market value. A potential buyer makes an offer that the seller ultimately accepts. The terms of the sale require that the buyer pay 20% down and the owner will finance the remaining consideration at terms agreed upon by both seller and buyer. The buyer's down payment covers the closing costs for the transaction. A deed is recorded at the Clark County Recorder's Office to transfer ownership from seller to buyer. The buyer signs and delivers to seller a promissory note secured by a deed of trust that is also recorded for the sale balance. If the buyer defaults on the terms of the note, then the seller has the right to foreclose in accordance with Nevada law. In this event the seller regains ownership of the property and makes a decision to continue to hold the asset or resale the property. To learn more aboout a Seller Carryback or Seller Financing that involves real estate in the Greater Las Vegas area contact Teresa today.