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- 🏡 Summerlin South Tops the Charts in Las Vegas Home Sales Volume
🏡 Summerlin South Tops the Charts in Las Vegas Home Sales Volume
Issue #070 - February 15, 2024
John Wu
15 Feb
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📆 Weekly Local Events for February 2024
Regular weekly events in or near Summerlin, Las Vegas are listed below.
Visit here to lookup specific venue information or for upcoming and/or non-weekly events on Meetup.
Monday
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: 7 - 10pm (Every week on Monday)
Tuesday
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday)
Foodies Mid-Week “Mix & Mingle” Swing Dance @ Noypitz Bar & Grill (Town Square): 6:30 - 10:30 PM (Every week on Tuesday)
Wednesday
Business Leads Group - Networking Breakfast, Patti's Practical Advice for Effective Biz Ops! @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Las Vegas Valley Bicycle Club - Wednesday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Wednesday)
Speakers & Leaders of Summerlin Toastmasters Meeting: 12 - 1:30 PM (Every week on Wednesday)
Thursday
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors @ Rampart Casino: 11 AM - 1 PM (Every week on Thursday)
Female Friends over Forty-five - Lunch and Rummikub @ Jason’s Deli (Boca Park): 12:30 - 3:30 PM (Every week on Thursday)
Southwest Tennis Brigade - A Chill Tennis Evening at Long Mountain Regional Park: 5:30 - 8:30 PM (Every week on Thursday)
Summerlin Bitcoin Happy Hour: 7 - 9 PM (Every week on Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard: 6 - 7:15 PM (Every week on Friday)
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 PM - 1 AM (Every week on Friday)
Saturday
Saturday Morning Co-Ed Soccer in the Park @ Spotted Leaf Park: 8:30 - 10:30 AM (Every Saturday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Winter Kickball League (Private Group): 11 AM - 2 PM (Every Saturday)
Vegas Hikers - Ike’s Peak 4.3 Mile (southwest) 2 groups: 12:30 - 3:30 PM (Every week on Saturday until March 29, 2024)
Sunday
Las Vegas Valley Bicycle Club - Sunday Morning Ride @ Einstein Bagels: 9 - 11:30 AM (Every week on Sunday)
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday in January and February)
Find Your Yoga Las Vegas - Northwest LV Sunday Soulful Yoga with Alicia Cuglietta @ Oasis to Zen Transformation Spa $15: 10 - 11 AM (Every week on Sunday)
📆 PVHS Athletic Events in February 2024
Visit Here to Access the PVHS Athletic Events Monthly Schedule.
🌤 Summerlin South, Las Vegas Weather
👮♂️💻 Police Crack Down on Retail Crime with Arrest at Summerlin Apple Store
Las Vegas Metropolitan Police Department (LVMPD) has confirmed the arrest of a juvenile connected to a theft at the Downtown Summerlin Apple store. The incident, which took place at 1985 Festival Plaza Drive, prompted a response from law enforcement at 6:05 p.m. on Saturday, following a grand larceny call.
This arrest came after a brazen theft was captured on video, showing several items being stolen from the store. The video, recorded by a local real estate agent, Bryan Lebo, depicted two individuals quickly taking electronics, including laptops and tablets, while alarms sounded. Lebo, who was present during the theft, estimated that each thief grabbed about five to eight items, describing the event as unprecedented and "very, very bizarre."
Interestingly, the theft occurred just hours after Apple CEO Tim Cook visited the store, sharing his experience on social media with a post that celebrated his interaction with team members and customers. Cook's visit was part of his activities leading up to Super Bowl weekend.
The investigation into the theft is ongoing, with Sgt. Patrick Flynn of the LVMPD's organized retail crime detail leading the efforts. Although an arrest has been made, police are continuing to look into the incident, which is not isolated. A similar crime was reported at the same location earlier that day, though no arrests were made in the initial incident.
The theft at the Summerlin Apple store follows a pattern of similar crimes targeting Apple stores, including a recent spree in Northern California. Metro crime statistics reveal a 12 percent increase in larceny and theft offenses in the Summerlin Area Command this year compared to the same timeframe last year, even as larceny offenses have slightly decreased across Metro’s jurisdiction overall.
🏡 Summerlin South Tops the Charts in Las Vegas Home Sales Volume
The Las Vegas real estate market is witnessing significant activity in early 2024, with Summerlin South and North Las Vegas at the forefront of home sales. According to recent data from Clark County property records, the ZIP code 89135, covering Summerlin South, ranks first in total sales by dollar volume, reaching $45.9 million in transactions for single-family homes, townhomes, and condos. This area is known for its luxurious living, especially in The Ridges, an affluent guard-gated community where average home prices exceed $2 million.
Despite being a top-selling area, ZIP code 89135 has seen only 23 sales so far this year, predominantly in single-family residences. Conversely, a section of North Las Vegas, situated south of the 215 Beltway, matches Summerlin South in the number of home sales but with a significantly lower dollar volume of $9.5 million.
Summerlin, developed by the Howard Hughes Corp., continues to be a sought-after location, having been named one of the top five selling master-planned communities in the United States last year. The community spans over 22,500 acres and is home to more than 120,000 residents, with around 5,000 acres still available for development.
Following closely is ZIP code 89141 in the southwestern valley, primarily below the Enterprise township. This area, which includes the prestigious Southern Highlands enclave, reported $19.6 million in residential real estate sales so far in 2024. Enterprise, known for its rapid expansion and status as one of the fastest-growing regions in the country, is adding a variety of residential and commercial projects to its landscape.
The swift growth in these areas underscores the dynamic nature of the Las Vegas valley's real estate market, reflecting both the continued demand for luxury homes in established communities and the appeal of new developments in expanding regions.
💲 Las Vegas Rent Prices Experience Slight Decline at Start of 2024
A recent report from Zillow indicates a modest decrease in rent prices within the Las Vegas Valley at the beginning of 2024, marking a noteworthy shift in the local rental market. This dip places Las Vegas among 16 major metropolitan areas in the U.S. that have observed a rent reduction early in the year. The average rent in the Las Vegas Valley now stands at $1,745, reflecting a 0.3 percent drop from December 2023.
Orphe Divounguy, a senior economist at Zillow, suggests that the cooling labor market in Las Vegas might be a contributing factor to this decline, alongside other influences. "This period represents a favorable opportunity for individuals looking to lease in Las Vegas, with rents showing relative softness, a marginal annual growth, and a slight monthly decrease," Divounguy remarked. Additionally, landlords are increasingly offering concessions, such as free rent or parking, which are now available for nearly 40 percent of Zillow’s local rental listings. Despite this, the surge in rents during 2021 and 2022 has left them $400 more expensive than pre-pandemic levels.
Nationally, average rent has surged by 29 percent from the pre-COVID-19 era, translating to an average annual increase of 7 percent over the past four years, compared to a pre-pandemic growth rate of 5.5 percent. In comparison, cities like Austin, San Diego, Buffalo, and Riverside have experienced more significant rent reductions.
Daryl Fairweather, Redfin's chief economist, highlights the disparity between rising home prices and rental rates, suggesting limited motivation for renters to transition to homeownership. "Asking rents are stable, and despite a recent dip in mortgage rates, the financial equations still do not favor buying for many," she explained.
The broader economic landscape, particularly inflation in the U.S., remains a challenge, as noted by Lawrence Yun, the chief economist at the National Association of Realtors. Housing shelter inflation, which is climbing at a rate of 6 percent, presents a peculiar situation given the stabilization of apartment rents and the modest growth in single-family rent prices. Yun points out the distinction between home prices, viewed as assets, and their exclusion from inflation measurements.
🏀 UNLV Secures Thrilling Victory Against Fresno State
In a nail-biting finish, the UNLV Rebels edged out Fresno State Bulldogs 67-65 in a closely contested match at the Save Mart Center in Fresno, California. The game's critical moment came in the final seconds when Fresno State had a chance to clinch the win but fell short on a three-pointer by Xavier DuSell, allowing UNLV to walk away with their fifth consecutive victory.
The Rebels showcased a balanced offensive effort, with all five starters scoring in double digits. Junior forward Rob Whaley Jr. led the team with 17 points, followed by Keylan Boone with 15 points. Other significant contributions came from Kalib Boone (12 points), Dedan Thomas Jr. (11 points), and Luis Rodriguez (10 points).
Fresno State, despite leading at halftime 32-29, could not maintain their momentum. The Bulldogs were without junior center Enoch Boakye, a key player, for the majority of the game due to an early injury. In his absence, Leo Colimerio stepped up, scoring 30 points off the bench, yet it wasn't enough to secure a win for Fresno State.
The game was a rollercoaster, with UNLV taking an early lead, only for Fresno State to rally back and take a three-point lead into halftime. The second half saw multiple lead changes, but UNLV's critical free throws and a vital jumper from Thomas helped seal their victory.
The Rebels' shooting accuracy, especially in the second half, where they shot 66.7 percent from the field, was a key factor in their win. Despite the high-pressure situation, UNLV's defense also held strong, forcing a crucial shot clock violation in the closing moments.
This victory propels UNLV to a 14-9 overall record and 7-4 in the Mountain West Conference. The Rebels are set to continue their campaign with a home game against UNR at the Thomas & Mack Center.
Summerlin Area Command - Week Ending: February 9, 2024
Courtesy of The Las Vegas Metropolitan Police Department. The entire report for all Area Commands may be viewed here.
📌🏠 Summerlin South - January 2024
*Median Sold Price By Bedroom Count
This is the middle price for which all homes in the area were sold based on the number of bedrooms. Half of all the homes sold were below this price, and half were above.
Visit here to see the entire report.
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