March 3, Friday was another session of lunch time learning for GREI Club.
She started with the census data that Nevada ranked number 2 in the nation for population growth from 2015 to 2016. The state grew 2.9 million in overall population. Of which Clark County, Las Vegas accounted for 2.21 millions in growth during the period. MSA Employment has peaked over pre – crisis period at 952,800.
She then went through the list of Southern Nevada construction projects which totaled in 13.9 billion dollars. At the top of the list is the World Resort project, a very big resort on the north side of the strip, that costs $4,000,000,000 and is on going.
Automotive Faraday Future has just started to accept bids to build its manufacturing plant in North Las Vegas. Other better known projects on the pipelines are Wynn Resort expansion, convention center expansion and the Raider’s Stadium.
Following the simple sequence of events of more people, more jobs and more homes, new home constructions are booming in town. Both re-sale homes and new homes are selling well and fast. Effective month of inventory is 2.1. New homes account for 14.55 of total homes sold. Vacancy Factor is at a very low of 4.1% in 10 years. Distressed sale accounted for 12.3% and under water equity properties in the area has been dwindling.
The speaker went on with a cost comparison between buying new homes versus a resale home.
Then she map out the zip code for rental investment for home buyers.
The presentation ended with an audience with all information them to make a sound investment decision there. Before they went back to work after the lunch session, trips to tour the opportunities in coming weeks had been drawn up.
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