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Housing prices stabilize; supply decreases as sales increase

The Greater Las Vegas Association of Realtors reported an increase in homes sales for the Las Vegas Valley in September, while prices stabilized and the city’s supply decreased.

The median home price for existing single-family homes was $233,500 in September through the association’s multiple listing service, falling below August’s median price of $235,000. September’s median home price was a 6.1 percent increase from $220,000 a year ago.

The median price for local condominiums and townhomes, including high-rise product, remained unchanged from August to September at $115,000, although that number fell 3.4 percent from September 2015’s $119,000 median price.

“Our housing supply has been tight for a long time, especially for homes in lower price ranges,” said 2016 GLVAR President Scott Beaudry. “We have less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.”

The inventory of townhomes and condos for sale is at a four-year-low, he added. “I’m concerned about the housing supply, but it’s good to see more homes being sold at prices that have been appreciating gradually over the past year or so,” Beaudry said.

The number of single-family homes, condos and townhomes sold in September was 3,541, up from 3,285 the same time a year ago, according to GLVAR statistics. This is an increase of 7.6 percent in single-family homes and 8.9 percent in condos and townhomes.

Beaudry said Las Vegas is on track to sell more than the 38,578 single-family homes, condos and townhomes sold last year, though that was fewer than in each of the previous five years.

Bascom Group acquires

North Las Vegas multifamily property

The Bascom Group LLC, a private equity firm with several multifamily holdings in the Las Vegas Valley, has added to its Southern Nevada assets with the purchase of an apartment community in North Las Vegas.

The company announced the $35.5 million acquisition of the 312-unit Trellis Park Crossroads Apartments at 3825 Craig Crossing Drive at the end of September. The sale closed Sept. 21.

“Crossroads is an institutionally built asset in a rapidly improving Las Vegas submarket,” said Scott McClave, Bascom Group senior principal. “The property is near U.S. Highway 95 and Interstate 215; and less than 10 miles from the Strip, giving residents access to major thoroughfares and job centers. As the Las Vegas economy continues to strengthen, residents will look for high quality, well amenitized living environments like Crossroads.”

Bascom Group has purchased several multifamily properties this year. In May, it entered a joint venture deal with Los Angeles-based Oaktree Capital Management to acquire Camden Property Trust’s 15-property portfolio for $630 million. In addition to the more than 4,900 apartment units, Bascom and Oaktree owns a retail center and 20 acres of land.

WestCorp Management sells luxury multifamily asset for $57.26 million

Las Vegas-based WestCorp Management Group has sold its multifamily asset, The Wyatt, to Oak Brook, Illinois-based Inland Real Estate Acquisitions for $57.26 million, according to a report on CoStar.com.

The Wyatt is a 308-unit luxury apartment complex at 7017 S. Buffalo Drive in Las Vegas. The property is comprised of 26 two-story buildings, containing 110 one-bedroom, 166 two-bedroom and 32 three-bedroom units.

Angela Powers-Armstrong and Brian Anderson of Berkadia represented the seller.

SIOR designee announced

Daniel Palmeri of Cushman &Wakefield Commerce Las Vegas has achieved a Society of Industrial and Office Realtors (SIOR) designation, Cushman &Wakefield announced at the end of September.

“We congratulate Dan on earning the distinguished SIOR designation,” said Mike Dunn, market leader for Cushman &Wakefield’s Las Vegas office. “He is an incredible leader and a credit to the commercial real estate profession in the Las Vegas market and we are honored to have him on our team.”

SIOR is a District of Columbia-based international professional organization with more than 3,000 commercial real estate professionals. More than 2,800 of those have achieved the SIOR designation.

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