Are Short Term Rentals advertised in VRBO Legal in Las Vegas?

What is a short-term residential rental?

Short-term rentals are generally defined as the rental of a residential property (e.g. house, condominium, room, garage apartment, etc.) for a period of less than 30 days.  Often these rentals are advertised on-line on sites such as Airbnb and Homeaway.

Posted on September 23, 2018 at 5:54 pm
Robyn Yates | Category: Vacation Rental Business | Tagged , , , , , , , ,

Luxury Real Estate is Defined in the Las Vegas Market

If you describe Real Estate as Luxury enough times, it starts to lose its meaning.  Luxury is entirely overused in the Real Estate market to describe properties that do not meet the general definition of a Luxury Real Estate Property.  In fact, the term Luxury has been used to describe Ultra Luxury Real Estate; homes of the world’s wealthiest 1% to a small kitchen re-model.

The Institute for Luxury Home Marketing, which specializes in training real estate professionals in high-end home sales, defines luxury as the top 10% of the Real Estate Market in any metropolitan market.   You may be surprised to know that 90% of the resale homes that sell in our market are under $630,000.

In addition, there is no official checklist for labeling a property as luxury.  Noteworthy, there are some general features that are common in upscale properties:

  • Gated communities or buildings with a high level of security
  • Prime Location
  • Professional Quality Kitchen Appliances
  • High End Interior Finishes
  • Customized Closets
  • Hotel like facilities if the property is located in a luxury building

In the Las Vegas Market in the preceding six months:
The top 10% of the market that sold was $630,000 or above that price point.  There were 593 homes that sold with an average days on market of 89 days.
The top 5% of the market that sold was $925,000 or above.  222 homes sold and were on the market an average of 105 days.
The top 1% of the market that sold was $3,000,000 and over.  25 properties sold with an average days on market of 164 days.

Finally, if you are questioning whether your home would be considered in the top 10% of the market, talk with your Windermere Prestige Properties Agent.  To preview our Luxury listings go to:  www.finevegashomes.com

Posted on March 7, 2018 at 10:38 pm
Robyn Yates | Category: Information for clients, Luxury Real Estate, Market Reviews, Uncategorized | Tagged , , , , , , , ,

Residential Real Estate average Sales Price has increased 86% since May, 2012

 

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If you live out of state you may not be aware of the Real Estate market in the Southern Nevada; the activity in the market  is incredibly strong and there may be a possibility of creating a Tax Free Exchange.

 

  • Southern Nevada residential Real Estate has increased 9% since the first of the year.
  • Depending on how long you have owned your property here, your property may have increased in value up to 86%.

 

Average Single Family Sales Price

 

May, 2012                            $161,003

May, 2013                            $214,490

May, 2014                            $236,850

May, 2015                            $245,985

May, 2016                            $275,209

May, 2017                            $299,046

 

If you purchased your property in May, of 2012 your property could have potentially increased in value 86%.  If you purchased in 2015, values went up 21%.

 

Properties are selling over list and buyers are bringing in cash above appraised values.  Do get an accurate picture of your property valuation, contact me by phone or email and I will forward you the details.  Investors are still buying because the market is strong and they are seeing a continued increase in pricing.

 

If your Real Estate investments have increased in value, you may be in a position to sell and do a tax free exchange and purchase multiple properties with the cash from a sale.  This is a great way to leverage your current investment.

 

If you would like to discuss your situation in detail please reach out to me.    For more information on the market you can go to my blog or Facebook page.

Posted on June 20, 2017 at 4:02 am
Robyn Yates | Category: Market Reviews | Tagged , , ,

2016 Las Vegas Real Estate Market in Review

Even in light of the increased number of new construction sales in our market; resales closings have increased by 9% in 2016:

 

Resale Closings             Year

34,525                            2014

36,422                            2015

40,028                            2016

 

The increase in the number of closings between 2014 and 2016 was 5,503; a 16% increase.  This is a sign of a healthier economy and therefore a healthier Real Estate market.  More residents of Southern Nevada were able to buy a home in 2016 than in 2014 or 2015.
At the end of 2015, the average sales price was $254,159.  December, 2016 the average sales price was $274,710 and increase of 8%.  Still prices are very affordable but inching their way up with a healthy level of appreciation.

 

The Crystal Ball for 2017 is a continued increase in pricing, and perhaps an increase in interest rates as well.  Our recommendation is to purchase as soon as you can as you will see additional increases in pricing this year.  If you would like to sell but you are still under water, the next year could bring good news for you.

Posted on January 11, 2017 at 6:29 pm
Robyn Yates | Category: Market Reviews | Tagged , , , , , , , , , ,

January, 2017 – Inventory of Resale Homes in the Las Vegas Valley is down – Now What?

 

The number of resale homes on the market is at an unseasonably low level – 7,455.  This 17% drop from December of 2015 and 8% from November of 2016 could be a trend.

 

The last time we saw resale inventory below 8,000 was September of 2013.  Many of you may recall, that 2013 was a big year for appreciation in the valley.

 

The December. 2013 closings were at 3,433.  Closings are up 8% compared to December of 2015 and 8% when compared to November of 2016.  Overall the number of closings or demand is stable.

 

The Average Resale sales price is $274,710 in December of 2016.  This is an 8% increase over December of 2015 ($254,159).

 

With a decrease in resale listings there will be more competition for properties and we could see an increase in pricing.  We may see multiple offers on properties as well.

Posted on January 11, 2017 at 2:13 am
Robyn Yates | Category: Market Reviews | Tagged , , ,