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Abounds In The Valley

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Seasonal temps are finally upon us, but the economic forecast for Las Vegas is far from cooling off. In fact, our local economy and housing markets are stabilizing, which gives us increasing reasons to be optimistic as we round out an amazing 2016.

Las Vegas is pressing forward, with consumer spending and tourism leading the way. Tourism has also helped in attracting out-of-state capital…the fuel for Las Vegas’s job growth. Construction, as well as leisure and hospitality, were once the driving factors for our fine city. While construction vastly whittled away after the crash of the housing market, I’m proud to announce to you, my fellow Las Vegans, that we are back! Can I get a drum roll, please?

Strength In Numbers
New home sales are up over 35 percent from September 2015-September 2016, with over 660 new home closings in September 2016 alone. “With our mortgage rates as low as 3.75 percent—less than half of what they would be in a normal economy—and home prices at around 60 percent of what we experienced prior to 2007, investing in a home could be one of the most secure investments of a lifetime,” said Mark Fradella, corporate broker for American West Homes.

The median sales price of existing single-family homes sold during September 2016 was up 6.1 percent from September 2015.

Las Vegas has also experienced a 3-percent rise in job creation from last year, and roughly one out of three jobs being created is in the leisure and hospitality sector.

Tourism is the driving factor of our local economy, with visitor volume up over 1.4 million in 2015 from 2014. According to Las Vegas Convention and Visitors Authority, numbers are looking great as we round out 2016. Additionally, the Nevada Gaming Control Board reports that gaming revenue for fiscal year 2016 is up 2.46 percent.

‘STRIP’ Happens
I’m sure we’re all tired of the cliché, “What happens in Vegas…and you know the rest.” But in actuality, what is happening are plenty of proposed, large-scale Strip projects.

Exciting improvements are coming to the northern section of the Strip, which will help bridge the gap heading into Downtown and Symphony Park…an area where growth and smaller-scale developments have been aplenty in recent years. Excited for the new look? You should be…because it’s not just housewives that are getting some work done! The “Construction Doctors” have clearly been called since the Strip is getting a makeover. Here’s a peek….

Luck Be A…Dragon?
The Asian-themed casino, Lucky Dragon, located next door to the Allure high-rise residential tower on Sahara and Las Vegas Boulevard South, will be open before the end of the year.

Comprising nine stories and 204 hotel rooms (of which 24 are suites), it will entice players with 27,500 square feet of casino space, an Emerald Room High-Limit area, and VIP gaming parlor. The property will also include a spa, an indoor-outdoor tea garden and several Asian-inspired restaurants.

Alon: Don’t Fold Just Yet!
Alon has experienced some delays due to financing, but execs claim it will move forward, forecasting a 2019 completion. The $2 billion hotel is slated to include 1,100 rooms amid two towers, and will sit on the old Frontier casino’s 34-acre site. Heading up this project are billionaire James Packer and Andrew Pascal, CEO of Alon Las Vegas.

A Lagoon Amid The Desert Sands?
No, it’s not a mirage. Tentatively named Paradise Park, this is a proposed Wynn Resorts expansion at its Strip property. Uniquely designed around a 38-acre lagoon that would host water skiing, paddle boarding, parasailing, and evening fireworks, the expansion would include 1,000 additional rooms and add 260,000 square feet of meeting space. With a $1.5 billion price tag, this massive project is set open in 2020 if work begins later this year, as planned. Paradise Park will be built on the 130-acre, 18-hole Wynn Golf Club.

Resorts World: May The Flop Be With You!
This over-the-top $7 billion project, spearheaded by the Genting Group, will include four hotel towers with a total of 6,583 hotel rooms; 175,000 square feet of casino floor; a 4,000-seat theater; and an aquarium, movie theater, ice skating rink, water park, panda exhibit and more. Although this Strip development has experienced several delays, with logistics and financing rumored to be the cause, Resorts World is set to be completed in 2019.

Synergy Sotheby’s International Realty member Camille Fagan has been a licensed Realtor in Nevada for 15 years. Fagan specializes in the Las Vegas high-rise market and luxury residential properties, priding herself on having a focused and confident approach to real estate, coupled with a strong ability to relate to people. Her warmth, compassion and dedication to the client —paired with out-of-the-box thinking and stellar negotiating skills—have kept Fagan at the top of her trade.