Southern Nevada’s commercial real estate industry entered 2022 on an upswing and continues to flourish, despite some headwinds.
There are multiple factors that go into having the ideal at-home setup such as understanding how much space you need, the location in the home, whether to incorporate a digital element, the aesthetics of the space, and even soundproofing.
As the rates begin approaching pre-pandemic levels, they are still going to remain within a record-low margin. Southern Nevada’s 30-year fixed mortgage rate is currently averaging 5.1 percent. The 15-year fixed mortgage rate is averaging 4.2 percent and the five-year adjustable-rate mortgage (ARM) is averaging 3.5 percent. Compared to 15 to 20 years ago, we were seeing rates as high as 8 percent to 10 percent.
According to a report by TeamStage, 49 percent of employees will leave their job in the next 12 months over a lack of benefits, while 51 percent of employees believe benefits will play a significant role in talent retention.
In November, I will become the general manager of Centennial Subaru, a $40 million, three-story 131,879-square-foot dealership, currently being built on 5.49 acres at the corners of Centennial Center Boulevard and the Interstate 95 on/off ramp. The dealership is part of the Ascent Automotive Group (AAG) platform comprised of various dealerships located across America with a focus on next-level customer service and care.
Luxury custom homebuyers now have more options than waiting up to two years to build their own home. Increasingly, they are choosing to work with licensed architects and builders who can deliver an evolved custom build experience — a completely unique and curated custom home in less time, with a more realistic price tag and without the many heartaches and frustrations that come along with a traditional custom build.
Despite the many challenges we have faced in the last few years and uncertainty from recent global geopolitical events, I don’t anticipate the demand decreasing. In fact, I anticipate the market outlook will look pretty similar to last month’s and will remain stable over the next few months.
As for prices, I again do not expect much to change. Resale closing price appreciation may soften slightly, but basic supply and demand again points to more of the same. With new homes, dramatic increases in land and material costs will mean that price appreciation in that sector will continue and builders and buyers will have to continue to adapt.
We are in the heart of a historic time for our local luxury market. There were more homes sold over $5 million in 2021 than any other year in our history. Forty-six homes sold over $5 million in 2021, marking a nearly 60 percent jump from 2020 alone.
There’s a little-known tool available for high-income earners that opens the opportunity to fund a Roth IRA even if you may not otherwise be eligible due to being a high-income earner.