NV lic S.0166977
RENO, Nev. — Whether distracted by the barrage of political phone calls, rising interest rates or national and world events, it felt as if buyers hit the pause button, slowing home sales in our area. But is that correct and, if correct, is that bad news? What are the facts? According to the Reno/Sparks Association…
Nevada’s commercial real estate office market is healthy, but not considered robust. Hit hard during the 2008 recession, it’s good to see vacancy rates dropping and rents increasing, but there’s been very little new product built in the last decade, which accounts for at least some of the continuing drop in vacancy rates. “The office…
No new 80+ unit projects were added during the last quarter of 2018. Develop-able land prices and cost of construction continue to be the most influential factors hindering new multifamily supply. On the demand side, job growth continues to increase as corporations expand or desire to move to the area. Nevada inbound moves have been some of…
Apartment demand for Reno remains very strong with limited inventory available. Average rental rates dropped slightly during Q4 mirroring Q4 of 2017. Vacancy also increased to 3.64% during the off-peak season for moving. Y-o-Y rent growth for 2018 was 9.49% as compared to 7.9% in Las Vegas and 3.1% nationally according to RentCafe and Yardi Matrix.…
Q4 sales were slightly lower than last quarter at $58.1m with the major purchase at around $100K per door dropping the average price per door to $122K. Overall, 475 units were sold. East Reno and Sparks saw the majority of the purchases. Large multifamily sales cleared just over $45m while small multifamily saw around $12.8m.
During the recession, brokers across the board did what they could to stay busy, from cold calls to out-of-the-box solutions. Nevada’s retail market was no different. Christina Strickland, a CBRE Las Vegassenior associate who specializes in retail, no longer has to make cold calls to drum up business like she did during the recession. Now, she’s…
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016. The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the…
Winter Wonderland: Your Guide to a Happy Holiday in North Lake Tahoe Something special happens in North Lake Tahoe as temperatures begin to fall. Glittering icicle lights begin to illuminate the region, homes, and businesses feature seasonal decorations, and a jovial holiday spirit captures the hearts of locals and visitors alike. These elements, combined with…
July 30, 2018 By Abbi Whitaker Park Lane, the master-planned community on the corner of Plumb Lane and South Virginia Streets, announced a partnership with Lyon Living, a company that has created highly innovative multi-family and mixed-use projects in California, Colorado, Georgia and Florida. “Park Lane is all about the benefits of living and working in a…
The jump in home prices has prompted the cost of homeownership to outpace that of renting in more places across the country. The monthly costs of owning a home has increased by 14 percent over the past year—more than three times the 4 percent increase in monthly rental costs, according to a new analysis by…