New player enters the Las Vegas multifamily market

Massachusetts-based Aspen Square Management, which manages properties in 14 other states, including California, Arizona, Texas and parts of the East Coast and Midwest, made its first move in Nevada with the acquisition of an apartment community on Las Vegas’ east side, reported in August.

Aspen Square purchased a 240-unit multifamily property known as Majestic Heights for $18.6 million. The property is at 5325 E. Tropicana Ave.

Some of the properties’ amenities include a clubhouse, playground, pool and spa.

The property offers three floor plans, with options for one, two and three bedrooms, ranging from 709 to 1,182 square feet.

Art Carll and Patrick Sauter of NAI Las Vegas’ Sauter Multifamily Group represented the seller, Lynd Residential Properties.

GLVAR reports home prices

still rising

The Greater Las Vegas Association of Realtors reported in August that home prices in Southern Nevada rose through the end of July, amid a tight housing supply. Home prices consistently have been on the rise for the past several months.

GLVAR reported the median price for existing single-family homes moved through July, as tracked through its multiple listing service, was $236,000. This was a jump of 7.3 percent from its median of $218,000 during the same time a year earlier.

The median price on condominiums, high-rise condos and townhomes, which rested at $115,000 in July, remained the same as the past month and did not change from the same time in 2015.

At the beginning of 2016, median home prices rested at $219,000 at the end of January, according to a report from GLVAR.

“The local housing market is having a pretty solid summer so far,” said 2016 GLVAR President Scott Beaudry, a longtime local Realtor. “Home prices have been going up gradually. And although we sold fewer homes and condos in July than we did during the previous month and year, sales have been running ahead of last year’s pace.”

The number of homes sold in July, including single-family homes, townhomes and condos, was 3,447, which was down from 3,815 during the same time the past year. There were 7.2 percent fewer homes and 4.2 percent fewer condos and townhomes sold in July, as compared to the same time in 2015.

The problem of low supply still has not been curbed, despite the amount of homes sold in July dropping below 2015’s numbers.

“Southern Nevada still has less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market,” Beaudry said.

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