Residential Sales Activity by Zip Code July 2005 To view sales activity for all Las Vegas Valley residential properties by individual zip codes, please Click Here!
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Healthy Balance Between Industrial Demand and Supply Nevada’s explosive population growth, robust economy and attractive business climate, which includes no franchise, corporate income or capital gains taxes, continue to attract industrial users to the state. Unemployment decreased to 4 percent in the first quarter as industrial-related jobs grew by 12.6 percent, adding 19,200 new positions.
Southern Nevada’s industrial market has maintained a healthy balance between demand and supply, keeping vacancy rates low. The market grew to 85.5 million square feet in 3,386 buildings during the first quarter, with a 7.7 percent vacancy rate, said John Restrepo, principal of Restrepo Consulting Group LLC, a Las Vegas-based real estate research firm. Healthy net absorption pushed lease rates upward to $0.59 per square foot, a gain from historically flat rates of $0.57 per square foot.
“Las Vegas is the hottest market I’ve ever seen, with a high amount of leasing market activity by both small- and large-space tenants,” said Dean Willmore, president of IPG Commercial. “Last year, we built 2.2 million square feet of speculative industrial space and absorbed 5.5 million square feet, which was a record.”
CDW Corp., a Vernon Hills, Ill.-based business technology provider, recently signed a long-term lease for a new 513,240-square-foot industrial building in North Las Vegas. The deal is one of Southern Nevada's largest build-to-suit industrial transactions in recent years. The concrete tilt-up, build-to-suit facility will be situated on 25 acres near the southwest corner of East Alexander Road and Bay Lake Trail, inside DP Partners’ 102-acre LogistiCenter business park. Scheduled to open this fall, the single-level, double-height building will service CDW’s western customers, employing up to 180 people.
Someone Good To Know The U.S. Bureau of Land Management (BLM) named Ron Wenker as the new director for the State of Nevada. Wenker will be responsible for managing 48 million acres of federal land in Nevada. (Nevada Contractor, 08.05)
Weekly Mortgage Market Guide This week's economic calendar shifts into “overdrive”, including another high-impact monthly Jobs Report on Friday which may influence the trend of home loan rates for days or even weeks to come.
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Fast Facts What You Should Know About Mortgages *Every loan officer must be licensed with the state of Nevada. The state office that regulates the mortgage business is the Mortgage Lending Division (702-460-0782). *To verify that your loan officer is licensed, visit www.mld.nv.gov, click on 'licenses and records' and type in the last name of the loan officer. A record of the loan officer's license and recent employment history will be displayed. *Be sure to get your Good Faith Estimate after applyng for a mortgage loan. By law, the lender and loan officer must disclose in writing the approximate expenses that you will incur by the 3rd day after an application is taken. The law is called RESPA (Real Estate Settlement Procedure Act). For more information, visit www.hud.gov/offices.com . *RESPA protects the buyer from being forced into using a specific lending institution. No one can force you to use a particular lender. (Beth Ross, License #4927, beth@summerlinmortgage.com, as published in Home and Hearth Magazine, August/September 2005)
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Quotable Quote "Gratitude is the most exquisite form of courtesy." -- Jacques Maritain
Community Profile - North Las Vegas In 1884, Conrad Kiel filed a land patent on 160 acres to become one of the first recorded residents of what is now the city of North Las Vegas. Approximately 7 acres of the original ranch now belong to the city of North Las Vegas and the site is presently being revitalized as a historic park.
On May 1, 1946, the city of North Las Vegas was incorporated as a unique and separate entity.
Since 1990, North Las Vegas population has increased from 47,000 to more than 170,000, an increase of over 250 percent, making the community the second fastest-growing large city in the United States.
According to John Restrepo, a principal at the research firm Restrepo Consulting Group, the population is expected to grow to 265,000 by 2010.
North Las Vegas has traditionally been noted as a major industrial center with emphasis on light manufacturing and regional distribution. The city is further diversifying by marketing to data processing, digital communications, medical, aerospace, automotive and other leading-edge technology industries, as well as major shopping center tenants.
Situated on the eastern border of North Las Vegas, the nation's unique U.S. Air Force Air Warfare Center, known as Nellis Air Force Base, employes 10,000 people -- the single largest employer in the Las Vegas Valley! NAFB specializes in advanced combat training for U.S. and allied aircrews, as well as operational testing and tactics development. (Nevada Business Journal, North Las Vegas Supplement, 702-735-7003; Southern Nevada Real Estate Monthly http://rcg1.com/Merchant2/merchant.mvc?Screen=CTGY&Store_Code=RC&Category_Code=REM)
Places In The Sun Get in gear for the 2005 Las Vegas Century Bicycle Ride and Bike Expo benefiting Ronal McDonald House Charities® of Greater Las Vegas. With a new route, this year’s event promises to be bigger and better than ever.
Saturday, October 15, 2005, Rio All-Suite Hotel and Casino, Pavilion Parking Lot, 3700 W. Flamingo Road, Las Vegas
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