Home prices projected to grow by more than 5 percent

CoreLogic, a global property information, analytics and data-enabled service provider, recently released its home price index and HPI Forecast, showing a continued growth in home prices through May 2016 on a national and regional level over 2015. It also showed predictions of a 5.3 percent increase by May 2017 at a national level.

Region-specific growth estimates were not offered in the report, though Nevada was in a strong position in its recent attainment through May 2016. Nevada was the fourth highest in home price increases during that period at 6 percent growth over May 2015.

Comparably, this number was also larger than the national level, which had a 5.9 percent increase in home price growth in May 2016 over the same period last year.

“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

Nevada, as a whole, came behind leading Oregon and Washington where home prices grew 11 and 10.1 percent, respectively, in May 2015 over the same period a year ago. The state was also led by Colorado’s 9.4 percent growth in May 2016.

On a metro scale, Las Vegas scored the fifth largest increases in home prices.

Las Vegas was behind national leader Denver’s growth in home prices—10.3 percent. Las Vegas also fell behind Los Angeles, which posted a 6.9 percent growth. San Francisco and Boston tied at 6.4 percent growth.

The dataset used in the report counted all sales of single-family homes, attached and detached. It also included the sale of distressed properties.

SouthShore Golf Course

listed for sale

SouthShore Golf Course in Lake Las Vegas, retired pro-golfer Jack Nicklaus’ first design in Las Vegas, was recently listed for sale.

“SouthShore is my favorite club in Las Vegas,” said Keith Cubba at Colliers International the courses’ listing broker and the firm’s national director of its Golf Course Advisory Services Group.

The course, built in the late ‘90s, is owned by Pacific Links International. The group acquired the club in 2011 for $6 million, according to Keith Cubba from Colliers International. Pacific Links, formed in 2009, has more than 450 courses, including affiliates and reciprocal play clubs, across the globe.

“Growth of the network is driven by the affiliate program, and that program has become our primary focus,” said Harry Turner, regional vice president for Pacific Links. “We would hope a new owner of the Golf Club at SouthShore would maintain a relationship with Pacific Links through the affiliate program.”

Nonresidential construction

starts sink in May report

Dodge Data & Analytics, which serves the North American construction industry with data, analytics, news and intelligence, recently released a report on Clark County showed a 28 percent decrease in nonresidential building in May 2016, compared to a year ago.

Over $629 million worth of construction starts were reported in the sector in May, compared to more than $868 million a year ago. That number was even bigger on a monthly analysis, falling by 65 percent in the sector.

The city did show growth in a year-over-year analysis in the residential sector, however.

The sector grew by 16 percent, resting at more than $1 billion worth of starts in May 2016. In 2015 during the same period, there were more than $894 million in starts. Total building activity, on a yearly picture, fell by 5 percent.

Analysis included data from the single-family and multifamily sectors and nonresidential data included numbers from the office, retail, hotel, warehouse, manufacturing, education, health care, religious, government, recreational and other buildings, according to the report.

LaPour Partners completes

southwest industrial project

Las Vegas-based laPour Partners, a real estate firm that focuses on industrial, office and hospitality projects, and Dallas, Texas-based development company Jackson-Shaw recently completed a 165,065-square-foot industrial project—Parc Post. The project rests near West Post Road and South Jones Boulevard in the southwest part of town.

“This project has a distinct advantage among others in the market offering Class-A amenities to a multitude of tenant profiles, including those with space requirements under 12,000 square feet,” said Michele Wheeler, president and chief operating officer of Jackson-Shaw.

The distribution space includes a 28-foot clear height, upgraded power and exterior signage identity and dock and grade-level loading opportunities.

The project has options with divisibility down to 12,000 square feet. More than 26,000 square feet has already been leased to an aircraft landing and braking systems company.

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