What's New in the Las Vegas Real Estate Market: June 2021

Get caught up on what's new and happening in the Las Vegas real estate market this June. 

Cash Home Sales on the Rise

It seems that cash speaks the loudest when it comes to buying Las Vegas Real estate this year. In May 2021, 31% of sold homes were purchased with cash, an increase of 15% from May 2020. Cash offers are often preferred by sellers over a buyer using financing. Sadly, this practice is putting a strain on new and middle-class home buyers who may have pre-approved loans and are ready to purchase. A good percentage of the cash buyers are coming from out of state, especially California.

As reported in the Las Vegas Sun: Cash Further Squeezes an Already Tight Southern Nevada Housing Market

Resort World Las Vegas Opens Its Doors

The unveiling of the $4.3 billion megaresort breathes new life into the north end of the Las Vegas Strip. Located at the site of the former Stardust Casino, Resorts World Las Vegas makes a dramatic entrance with a 66-story highrise featuring 3,500 hotel rooms, a 5,000-seat theater, 1,400 slot machines, 117 table games and a 30-table poker room. Developed by the Genting Group, a hospitality and casino company based in Malaysia, Resorts World is just one of many new projects rejuvenating the north end of the Strip.

As reported in the Las Vegas Sun: Opening of Resorts World Marks New Chapter for North Las Vegas Strip

Panorama Towers Record High Condo Sale - $16,250,000

Originally listed at $18M, this luxury condominium which was listed right during the high point of the pandemic, sold for $16,250,000. Situated in Panorama Towers, The Martin, this 12,940 square foot penthouse features 2 master bedrooms, 3 guest bedrooms and 7 bathrooms. An additional 2,000 square feet of balcony and outdoor space boasts panoramic views of the Las Vegas Valley, From the Strip to the airport, Allegiant Stadium, Sunrise Mountain to Red Rock and beyond.

New Equestrian-Themed Park in Las Vegas

Just breaking ground with a fall 2022 completion date, Las Vegas horse lovers will have a new place to ride. Located near Nellis Boulevard and Washington Avenue, the four-acre park will have an equestrian theme, lighted horse arena, playground, soccer field and a trailhead for the Las Vegas Wash trail. The park was developed as a response to requests from the adjacent horse-zoned community.

As reported in Fox5Vegas.com - Las Vegas Leaders Break Ground on Equestrian Themed Park

Free Summer Movie Nights at the District at Green Valley Ranch

The District at Green Valley Ranch is hosting a free four-night movie series in July. Head to the area behind Whole Foods Market at sundown (7:45 p.m. until 10 p.m.) to catch a free 90's flick with the family. Make sure to bring a lawn chair or blanket, no glass or alcohol will be permitted.

The schedule of movies is as follows:

July 10: Men in Black (PG-13)
July 17: Jurassic Park (PG-13)
July 24: The Lost World: Jurassic Park (PG-13)
July 31: Titanic (PG-13)

As reported in Fox5Vegas.com - The District at Green Valley Ranch Hosting Free Outdoor Movies

Cash Incentive to Plant Water Smart Grass

In an effort to curb water consumption during dry Vegas summers, the city of Henderson is offering a Water Smart Landscape cash incentive. This is a supplement to the existing incentive by the Southern Nevada Water Authority (SNWA). It encourages replacing regular grass with desert landscaping. The cash incentive varies depending on the size of area and targets properties that have expanisive grassy areas along a public right of way. Find out more about the Henderson Water Smart Rebate and qualification details here