All Forum Posts by: Josh Edelman

Good morning!

I hope everyone survived the crazy winds the past two weeks! Welcome to March. This Sunday we move our clocks an hour forward. More daylight for us here in Vegas!

🏠📈 Real Estate Update 📉🏠

Here's the latest market report from February 2024 (single family homes) 📊:

🏡 Mortgage Rates:

30-year conventional rate today is 6.97%

30-year VA rate today is 6.55%

💵 Median Sales Price: $460,000

📈 New Listings: 1,616

📅 Median Days on Market Until Sale: 21

📦 Months Supply of Inventory: 1.9

🏎️ Formula 1 race weekend tickets for November 21-23 will be available starting March 25 at 10 a.m. Prices have dropped, with general admission now at $350 and a 3-day pass at $600. Ticket options range from $850 to $35,000, and Nevada residents have early access from March 22 to March 24.

⛳ Atomic Golf, opening March 22 near the Strat, offers 101 golfing bays, a 212-yard range, and two "cannon bays." Featuring innovative technology such as projection-mapping in eight putting bays, it operates Mon-Wed noon-midnight, Thurs-Fri 10-2 a.m., Sat 9-2 a.m., Sun 9 a.m.-10 p.m.

🔫 AREA15 announces partnership with Lionsgate for a 12,000 sq ft John Wick Experience, immersing guests in a high-stakes adventure based on the popular movie franchise. Opening date details not yet disclosed.

🏟️ Las Vegas Raiders rank last in attendance among NFL teams, with Allegiant Stadium averaging 62,190 attendees, second lowest after the Chicago Bears. Despite low home attendance, Raiders fared better on the road with an average of 68,916 fans.

🛒 According to a survey by HelpAdvisor, Nevadans pay the second-highest grocery prices in the continental U.S., just after California. Californians spend an average of $297.72 per week, while Nevadans follow closely behind at $294.76. The high prices are attributed to the necessity of importing most food items into Nevada. In contrast, Midwestern states such as Iowa and Wisconsin have the lowest average weekly grocery bills, coming in at $227.32 and $221.46, respectively. This data is based on the U.S. Census Bureau's Household Pulse Survey from November, the most recent available.

🌞 In Las Vegas, March signals the start of spring, with daytime temperatures reaching the 60s and nighttime lows in the 50s. The Strip comes alive with bustling pools and outdoor dining. Average highs are around 72°F, while lows hover at 50°F, requiring layers and sunscreen. March is also the windiest month, and snowfall is possible in higher elevations.

I hope you’ve enjoy this month’s newsletter. Have a great day!

Happy New Year everyone! I hope you had a wonderful holiday season with friends and family. It was busy for me - I proposed to my lovely fiance and we enjoyed a trip to Puerto Rico.

We are excited for 2024 and hope you are too! Here are some updates and data points for Las Vegas!

Real Estate Update

Here's the latest real estate market report from December 2023 (single family homes)

:

• Mortgage Rates:
  • 30-year conventional rate today is 6.75%
  • 30-year VA rate today is 6.17%
• Median Sales Price:
  • October: $450,000
  • November: $462,990
  • December: $460,000
• New Listings:
  • October: 1,561
  • November: 1,302
  • December: 1,981
• Median Days on Market Until Sale:
  • October: 14
  • November:15
  • December: 21
• Months Supply of Inventory:
  • October: 2.5
  • November: 2.4
  • December: 2.0

What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

So Long Vegas Avengers: The Marvel Avengers S.T.A.T.I.O.N. attraction at Treasure Island closed in December 2023 after being open since 2016.

How Successful Was F1 for the Strip Casinos? The Las Vegas Grand Prix had a mostly positive but not overwhelmingly successful impact on the Strip casinos. In November 2023, Nevada's statewide gross gaming revenue (GGR) reached $1.37 billion, a 12.6% increase from the previous year, but it fell 2.2% short of the all-time record. Strip casinos saw a substantial 23% increase, earning $821 million or 67% of Nevada's total win, while downtown revenue declined nearly 2%, and the Boulder Strip dropped 2.1%. Local casinos had a modest 1% increase, and North Las Vegas remained relatively flat. Analysts anticipate future races to have less financial and logistical impact, citing the diminishing novelty of the inaugural event, lower ticket and room prices, and a historical drop in attendance and profits for similar races over time.

Reid Slated To Expand: Las Vegas-Los Angeles, once the busiest domestic flight route, dropped to third place by the end of 2023. Reid International plans to expand over the next 15 years, including terminal divisions, renaming, and upgrades. A new Southern Nevada Supplemental Airport will also be completed by 2037, connected by the Brightline high-speed train.

In October, Reid International Airport achieved a remarkable milestone by setting a new monthly passenger transit record, with an impressive 5.47 million passengers, surpassing the October 2022 record by a significant 5.7%.

Fontainebleau Unveils Ultra-High-End Retail: Fontainebleau's new shopping area covers 90,000 square feet on two levels, catering to the luxury crowd. It features Chrome Hearts, Giuseppe Zanotti, Missoni, Ora, Morris & Co., Cocoa Dolce, and FB Express, offering a range of premium products, including fine jewelry, accessories, chocolates, and more. Additional high-end stores are in the works.

Super Bowl Construction on the Strip Begins: Preparations for the Super Bowl on February 11 are underway, causing lane disruptions at the Strip and Flamingo intersection. CBS, the broadcaster for this year's Big Game, will use two southbound lanes for equipment and broadcast material load-in. A total of 100 hours of Super Bowl programming will originate from four stages atop the Bellagio fountains. While the sidewalk will initially be closed, one traffic lane will later reopen for pedestrians. Road closures around the stadium commence today and will continue through February 15.

Mortgage rates are expected to ease in 2024, potentially reaching 6.5% (30-year conventional) by year-end, providing relief for homebuyers. Rates had surged to historic highs due to the Fed's inflation-fighting measures but have since declined, spurring refinance activity. Experts anticipate a further increase in refinancing when the Fed cuts rates in 2024, offering borrowers substantial savings. Even a drop to 5.5% could reduce monthly payments by an average of $284, according to Michele Raneri, vice president of U.S. research and consulting at TransUnion.

Chances of U.S. Bitcoin (BTC) ETF Approval: According to Bloomberg analysts, the probability of a spot Bitcoin exchange-traded fund (ETF) being approved in the U.S. has risen to over 90%. This could signify a big opportunity for BTC investors and could leave a nice bull-run for the near future.

Warmest December in Vegas History: December 2023 broke records as Las Vegas' warmest December ever, with an average daily temperature of 53.2 degrees. Highs reached 60 or higher on 22 out of 31 days. Rain is in the forecast for early 2024, along with a possibility of snowfall at Lee Canyon.

January Weather in Las Vegas: Las Vegas experiences cold temperatures ranging from 39°F to 53°F in January. Be prepared for chilly weather and occasional rainfall. It's advisable to wear warm clothing to stay comfortable and avoid getting sick. Stay updated with our weather forecast for a detailed overview of January 2024 weather in Las Vegas.

If you have any questions about buying, selling, investing, or real estate in general, please call, text, or email me.

Merry Christmas and Happy Holidays! I hope you and your family have the happiest of holidays. It truly has been an extremely rewarding journey helping all of my clients buy, sell, or find their rental home in Nevada. I look forward to continuing the journey and the new year ahead. I am extremely grateful for each and every one of my friends, family, coworkers, and clients, and if there is anything I can do before the year ends, I am here to help!Here's the latest real estate market report from November 2023 (single family homes) :

Mortgage Rates:30-year conventional rate today is 7.10%30-year VA rate today is 6.44%

Median Sales Price:

September: $460,000

October: $450,000

November: $462,990

New Listings:

September: 1,638

October: 1,561

November: 1,289

Median Days on Market Until Sale:

September: 14

October: 14

November:15

Months Supply of Inventory:September: 2.4October: 2.5November: 2.4

What does "Months Supply of Inventory" mean? It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

National Finals Rodeo:The National Finals Rodeo kicks off at the Thomas & Mack Center on UNLV's campus, continuing its Las Vegas tradition. With a prize pool of $11.5 million, all 10 days are sold out, and approximately 175,000 fans are expected. Prepare for heavy traffic on E. Tropicana Avenue. Simultaneously, Cowboy Christmas, a western-themed gift show, unfolds at the Convention Center, offering an expanded experience for over 300,000 visitors.

Durango Casino and Resort Grand Opening:Station Casinos' opulent Durango Casino and Resort opens in the southwest valley, boasting "affordable luxury." Hotel rates range from $399 to $599 a night until the end of January. The 83,000-square-foot casino houses 2,300 slots, 63 table games, and a high-limit room. Station's meticulous hiring process resulted in the selection of 1,400 employees from 30,000 applications and 8,000 interviews.

UNLV Campus Shooting: A 67-year-old academic, linked to schools in Georgia and North Carolina, opened fire on the UNLV campus during an outdoor gathering. Anthony Polito, the gunman at the University of Nevada, Las Vegas, was a former North Carolina professor with an obsession for Las Vegas. He fatally shot three people and wounded one at UNLV, mailing mysterious letters to university personnel before the attack. His motive remains unknown. During his time at East Carolina University, he was an eccentric professor who frequently talked about Las Vegas in his classes, veering off-topic.

In October, Reid International Airport achieved a remarkable milestone by setting a new monthly passenger transit record, with an impressive 5.47 million passengers, surpassing the October 2022 record by a significant 5.7%.

December in Las Vegas: Las Vegas experiences its coldest winter month in December, with an average high of 57°F and an average low of 39°F. Early in the month, expect daytime highs near 60°F, but later, temperatures drop to the mid to upper 50s°F. While occasional precipitation and wind can occur, the desert climate keeps it relatively dry with low humidity and a small chance of rain. You can still enjoy about nine hours of sunshine each day, making it a pleasant winter destination compared to many other cities.

I hope you enjoyed your monthly update! If you have any questions about buying, selling, investing, or real estate in general, please call, text, or email me.

Here are some data points from the month of October!

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report from October 2023 (single family homes) 📊:

🏡 Mortgage Rates:

30-year conventional rate today is 7.38%
30-year VA rate today is 6.70%

Median Sales Price:
August: $445,727
September: $460,000
October: $450,000

📈 New Listings:
August: 1,749
September: 1,638
October: 1,561

📅 Median Days on Market Until Sale:
August: 13
September: 14
October: 14

📦 Months Supply of Inventory:
August: 2.3
September: 2.4
October: 2.2

🤔 What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory

🚗 Las Vegas Grand Prix Travel Tips: Reid International airport has introduced the "4-3-2-1 Plan" for F1 weekend travelers. Arrive 4 hours early, allow 3 hours for baggage check, spend 2 hours in security, and aim to be at your gate 1 hour prior to your flight. Taxis and rideshares will be in high demand, so plan accordingly. If flying on a private aircraft, prior permission is required from November 9 to 21 for landing and takeoff at southern Nevada airports.

🏟️ A's Stadium Opening in 2028-29: The Las Vegas Athletics ballpark, managed by Mortenson-McCarthy, will begin construction in April 2025, with completion expected by January 2028. Plans include community engagement, benefits, and legal considerations. After a 30-year lease, relocation clauses and the stadium's fate are discussed. Students over Stadiums, a Nevada teacher's group, may influence the plan through 2024 election legislation. The A's won't pay rent during the 30-year lease and can purchase the stadium in 2058, though doubts exist. Questions about 2025-27, funding, and design remain.

📢 Strike Alert: The Culinary Union, with over 35,000 members, plans to strike on November 10 if agreements with MGM, Caesars, and Wynn are not reached. Contract negotiations have been ongoing since April, and with the Las Vegas Grand Prix starting soon after, any disruption could be problematic. A general strike would be even more disastrous.

❄️ November Weather Outlook: November in Las Vegas sees temperatures gradually dropping from an initial 73/52 high/low to 60/41 by month-end. While it's typically dry with minimal rainfall (around half an inch over a few days), prepare for cooler weather as winter approaches. The highest recorded temperature for November is 87 (Nov. 1, 1988), and the lowest is 16 (Nov. 13, 1938).

📱 For F1 construction updates, text F1LV to 31996. See image below for F1 map impacts!

Good morning!

Here are some data points from the month of September! Interest rates continue to stay and climb slowly since last month. With the newly started war in Israel and its potential impact on oil in the middle east, we are awaiting how the stock market and Fed will respond.

Real Estate Update: Here's the latest real estate market report from Sept 2023 (single family homes):

Mortgage Rates:

1. 30-year conventional rate today is 7.81%
2. 30-year VA rate today is 7.24%
3. - Median Sales Price:
   • August: $445,727
   • September: $460,000
4. - New Listings:
   • August: 1,749
   • September: 1,638
5. - Median Days on Market Until Sale:
   • August: 13
   • September: 14
6. - Months Supply of Inventory:
   • August: 2.3
   • September: 2.2
   What does "Months Supply of Inventory" mean? It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

Las Vegas Tacos: Las Vegas ranks as the "No. 3 Taco City" in the U.S., with 7.2 taco restaurants per 100,000 residents. Aroma Latin American Cocina claims the #1 spot on Yelp's "Top 100 Taco Spots in the U.S." list, joined by other Vegas favorites.

Tropicana's Fate: The Tropicana will be partly demolished and partly imploded for the ballpark, with plans to incorporate vintage signs into the design. Closure is expected between late 2024 and mid-2025, pending MLB approval for the Oakland A's move to Vegas.

Tupac Murder Arrest: Duane “Keffe D” Davis, linked to Tupac's murder, has been arrested on a murder charge, though he didn't pull the trigger. He's considered the "ringleader" and faces life in prison if convicted.

In the ongoing Israel-Hamas conflict, now in its fourth day, tensions continue to mount following a deadly terror attack by Hamas, resulting in over 900 casualties. Israel's response includes a barrage of airstrikes on Gaza, causing significant casualties and displacements. Israel's priority is to neutralize Hamas' capabilities, with Hamas threatening to execute civilian hostages if the airstrikes persist. Notable developments include the tragic discovery of bodies in Be'eri, foreign nationals among the casualties, and the IDF recovering bodies of around 1,500 Hamas militants. The IDF has "more or less" regained control over the Gaza border, with the focus shifting to airstrikes and an impending offensive in Gaza. Israeli parents are advised to remove social media from their children's phones due to fears of hostage videos being broadcast.

Las Vegas enjoys delightful October weather with daytime temperatures in the 70s and nights in the 50s. On average, the high is around 81°F, and the low is 58°F, though occasional days in the 90s or higher can happen. The record high for October is 103°F (Oct. 1, 1978), and the record low is 26°F (Oct. 30, 1971). The most rain in a day, 1.08 inches, fell on Oct. 12, 1947.

Good morning!

Here are some data points from the month of August! It has been a busy month for me! While interest rates are high, it’s not stopping people from buying homes. I believe that when rates do drop (whether that’s within the next few months or early next year), it will be a mad dash for the people waiting to jump in on buying a home.

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report from August 2023 (single family homes) 📊:

💰 Median Sales Price:
August: $445,727
July: $450,000

📈 New Listings:
August: 1,726
July: 1,578

📅 Median Days on Market Until Sale:
August: 13
July: 14

📦 Months Supply of Inventory:
August: 2.1
July: 2.2

🏡 Mortgage Rates:
30-year conventional rate today is 7.22%
30-year VA rate today is 6.71%

🤔 What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

📈 Mortgage rates have risen this week, and the Federal Reserve is meeting on September 19 & 20 to discuss further rate changes. While the consensus suggests no rate hike, the Fed is closely monitoring the labor market and wage inflation.

🌊 Lake Mead Update: Despite recent monsoon storms, the impact on Lake Mead's water level has been relatively minor. However, the lake is steadily rising thanks to ongoing runoff and releases from Lake Powell upstream. Over the past year, it has gained 22 feet in elevation, with several feet of increase in the last month. According to the Bureau of Reclamation, the reservoir's rise is expected to stabilize in the upcoming autumn, and the outcome of the upcoming El Niño winter, which typically brings wetter conditions to the Southwest and South, remains to be seen. 🌦️

🏘️ Condos and townhouses in southern Nevada reached an all-time high in August, with a median price of $287,000, surpassing the previous record set in May. This surge is driven by high demand for affordable housing in the area, while single-family homes remained stable at a median price of $447,435. Condo prices also saw an 8% increase compared to August 2022. 📈

🔥 Navigating Burning Man: The annual event, Burning Man, took place this year in the Black Rock desert approximately 100 miles north of Reno. It drew an estimated 80,000 attendees and concluded with the symbolic burning of the 40-foot-tall Man on Sunday night. The event, which initially began in June 1986 as a small gathering on Baker Beach in San Francisco, has evolved into a spectacular showcase of "radical self-expression." The incredible vehicle art and overall atmosphere must be witnessed to be truly appreciated. You can explore a captivating photo essay of the event in the San Francisco Standard. 🚀📸

🍂 September Overview: September typically sees a shift from hot to warm temperatures. Highs start around 99°F and decrease to 88°F by the month's end, while lows range from 76°F to 65°F. Record highs can reach a scorching 114°F, while record lows have been as low as 43°F. Rainfall is minimal, averaging less than a third of an inch, making it a relatively dry month.

@Guillermo Delgado I am in Las Vegas and I did exactly that. Took $70K HELOC from my primary residence and used it for the down payment of the second property (which I assumed their rate). I moved into it and rented the first one out mid term. All my rental income and money I make from two jobs I am throwing at paying off the HELOC. I only have $14K left.

I would recommend you ensure you're able to cash flow positive even with the HELOC if possible. The more you pay off the HELOC the more your monthly payment goes down. 

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report for July 2023 (single family homes) 📊:

💰 Median Sales Price: $450,000 (June: $450,000)

📈 New Listings🔽: 1,544 (June:1,713)

📅 Median Days on Market Until Sale🔽: 14 (June: 15)

📦 Months Supply of Inventory🔽: 1.9 (June: 2.2)

🤔 What does "Months Supply of Inventory" mean?
It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

🏙️ Las Vegas Tops List for Relocating Home Buyers: A recent study by Redfin, the online real-estate broker, reveals that Las Vegas has become the most sought-after destination for homebuyers relocating from one city to another. This marks the first time Las Vegas has claimed the top spot on the list. The primary driving factor behind this trend is the affordability of homes in the city. Phoenix and Tampa secured the second and third positions, while Florida emerged as the state with five of the top 10 most popular relocation destinations.

💔 Nevada Fourth for Shortest Marriages: Known for its stringent divorce laws, Nevada has earned a reputation for short-lived marriages. According to a CNBC study based on data from the Centers for Disease Control and Prevention and the Census, Nevada ranks fourth for the shortest average duration of marriages in the nation, standing at 17.7 years. Washington, D.C., takes the lead with an average of 10.5 years, followed by Alaska (16.8) and Texas (17.6). Utah occupies the fifth position with marriages lasting approximately 18 years. Utah also stands out as the state where people tend to get married at the youngest age (25.8), while Washington, D.C., reports the oldest average age for marriage (just under 32). Interestingly, West Virginia boasts the longest-lasting marriages, with an average duration of 22.6 years, alongside several other states.

🍔 Whataburger To Open, VegeNation Closes: Las Vegas witnessed the closure of VegeNation, a long-time vegetarian restaurant located downtown near Fremont Street, with no official reason given for its sudden shutdown. After operating for eight years, the restaurant may have faced challenges in sustaining its business, primarily due to its location, which posed difficulties in attracting foot traffic. However, amidst this closure, there's some exciting news on the horizon. The popular Texas-based Whataburger chain has announced its plan to open a Las Vegas location later this year at City Center, adjacent to the Waldorf Astoria. The two-story restaurant will also feature Parry's Pizzeria, a chain with multiple locations in the Southwest. It is set to be open 24 hours a day, every day except Christmas, bringing a new culinary addition to the city's diverse dining scene.

🛫 Las Vegas 12th Busiest Airport in the World in 2022: The Airports Council International (ACI) has released its annual World Airport Traffic Dataset, ranking the world's top-20 busiest airports based on passenger, freight, and "airport movements" data. In 2022, Atlanta Hartfield-Jackson retained its position as the world's busiest airport for passengers, serving a staggering 94 million travelers. Dallas Fort Worth, Denver, and Chicago O'Hare followed, accommodating millions of passengers each. Dubai was the only non-U.S. airport in the top five, with 66.06 million passengers. Notably, Las Vegas secured the 12th spot on the list, with a total of 52.7 million passengers. However, in the movements category (runways and taxiways usage), Las Vegas climbed to the fifth position, surpassing Dubai. Atlanta led the movements rankings with nearly 725,000 takeoffs and landings, while Las Vegas recorded just over 581,000.

🌡️ July Hottest on Record: Las Vegas experienced its hottest month ever in July, with an average daily temperature of 97.3 degrees Fahrenheit. This surpassed the previous record of 96.2 degrees set in 2010, establishing a new high in the 87-year history of temperature records in the city. The last two weeks of July were particularly scorching, with the average daily temperature reaching 100.7 degrees, the average high reaching 112.3 degrees, and the average low settling at 89.1 degrees. Meanwhile, Phoenix's unrelenting heatwave finally ended, breaking a record with 31 consecutive days of temperatures at or above 110 degrees. The new record extended 12 days beyond the previous longest streak.

I hope you enjoyed your monthly update!

Look into military communities, the biggest growth cities, and strong economies. You may not find deals like they existed a few years back. The idea is to GET YOUR FOOT IN THE DOOR. Stop sitting around waiting for that home run. Even if its cash flows a little, if you invest in a good area, you have a growing asset!! 

That is what most people oversee - the appreciation in the home, and the benefit of having something you can refinance several years down the line, pull equity, etc. 

I am military and in Las Vegas - two factors that help me want to keep investing here. The city continual grows and the military with it.

I wish you all the best. Feel free to reach out!

Lots depends on your goals and what tolerances you accept. I can help you out just shoot me a DM.