The local housing market stayed steady through the early part of 2016 with positive annual home-price gains slowing in April.
The median home price for an existing single-family home was $220,600, where the market continues to hover, a Greater Las Vegas Association of Realtors report shows. The number is a gain of 3.8 percent over the same time last year, though gains at the end of 2015 and the beginning of 2016 showed percentage increases at about twice that level.
“I can’t remember a time when our housing market was so stable for so long,” 2016 association President Scott Beaudry, a longtime local Realtor, said. “As local home prices stay so consistent month after month, we’re now seeing smaller gains when compared to the same time last year. At the same time, our local housing supply is still very tight, but at least it didn’t get any tighter.”
Median prices in the condominium market, which includes high-rise condos, increased 4.3 percent. The April price was $119,000, up from $115,000 a year ago, the report said.
Amid a tight supply, the number of existing homes, condominiums and townhomes in the local market also rose from last year’s totals: 3,518 came off the market last month, up from 3,379 selling in 2015, the association said; 2.4 percent more single-family homes sold in the local market over April 2015, with a 0.7 percent decrease in condo and townhome sales.
The total market sales are ahead of 2015’s pace, Beaudry said.
The association said 38,578 single-family homes, condominiums, townhomes and high-rise condos moved last year. That number was higher than 2014, though there were fewer sales compared to each of the previous five years.
Tivoli second phase targets october
Tivoli Village recently announced an opening day for its long-awaited second phase.
The center’s new phase, adding onto the existing Tivoli Village at Rampart Boulevard and Alta Drive, is pegged to be completed in October and, combined with phase one, have a total of 370,000 square feet of restaurants and retail space and 300,000 square feet of office space.
The new phase will bring Restoration Hardware, a luxury home furnishing company, into a 70,000-square-foot space, the operator’s first Nevada location. Cantor’s Deli will also be part of the second phase.
There will be other changes heading to the property, including a new main entrance from Rampart Boulevard, a larger park and recreational space, a main valet, porte cochere and additional underground parking.
Pahrump getting medical facility
Corfac International, a not-for-profit association with a global network of privately held commercial real estate brokerage firms, and local commercial brokerage MDL Group recently announced in a release the future ground-up development of a 57,000-square-foot medical center in Pahrump.
The facility, being developed and constructed by Las Vegas-based Dakem &Associates LLC, will eventually rest on just over 7 acres and house DaVita HealthCare Partners Inc., a merged group of companies: DaVita Kidney Care and HealthCare Partners. Thousandaire Inc. contributed the land to the development for about $885,000. DaVita also entered a long-term lease with the property owner, valued in the tens of millions, though the terms were not disclosed.
Strip Mall at Galleria defaults
A strip mall at 601 Mall Ring Circle, near the Galleria at Sunset mall in Henderson at Sunset Road, recently defaulted on a $15.5 million loan, RealtyTrac reported.
Sun Commercial Senior Vice President Roy Fritz said the loan matured March 1. The loan holder, Galleria Pavilion LLC, was required to pay off the loan through refinancing or selling the property, but the group did neither, Fritz said.
The lender, U.S. Bank National Association, then filed a notice of default, the first step in foreclosure, Fritz said. He added that the loan is nonrecourse, meaning the borrower has no personal liability on the default.
Nevada Dealt an Ace
The Ace Mentor Program of America Inc., which helps inspire high school students to pursue careers in design and construction, recently launched a Nevada chapter.
The local chapter is inviting the community to learn about its programs and initiatives May 24 at the Northwest Career and Technical Academy, 8200 W. Tropical Parkway. The event begins at 5 p.m. for networking; student presentations and dinner will follow from 5:30 to 7 p.m. Attendees must RSVP to Ace by May 18.
Several sponsorship opportunities are also available, ranging from $250 up to $1,000.