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- 🏫 Real Estate Commissions Drop in Las Vegas Valley Amid Industry Upheaval
🏫 Real Estate Commissions Drop in Las Vegas Valley Amid Industry Upheaval
Issue #252 - August 15, 2024
John Wu
15 Aug
Dear SummerSouth Insiders!
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📆 Weekly Local Events for August 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
Monday Classes At Latin Blendz: (Every week on Monday @ 10AM)
Socially Vegas - Monday Night Bowling @ The Orleans Bowling Center: Must arrive/check-in before 7pm; 7 - 10pm (Every week on Monday); COST (CASH Only) $10 for 2 games (includes shoes) COST: $12 for 3 games (includes shoes)
Monday Night TRIVIA at ReBAR, 1225 S Main St, Las Vegas: (Every week on Monday @ 7PM)
Tuesday
Terrific Tuesday Fun Pickleball @ Police Memorial, Bring a Chair: (Every week on Tuesday @ 2PM)
Sand Volleyball Intermediate, Rusty and Old Time Players @ Aloha Shores Park (NW), Cheyenne & Buffalo, 7550 Sauer St, Las Vegas: (Every week on Tuesday @ 6 - 8 PM)
Run Drink Las Vegas - Weekly Tuesday Run @ Frankie’s Uptown patio: 6:30 - 8:30 PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Wednesday
Business Leads Group - Networking Breakfast @ Summit Restaurant, Eagle Crest Golf Course, 2215 Thomas W Ryan Blvd, Las Vegas: Cost $20 cash, 7 - 8:30 AM (Every week on Wednesday)
Early Risers Toastmasters Meeting (In-Person - Summerlin Egg Works / Online Event: 7 - 8 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, Summerlin Egg Works, 2025 Village Center Cir, Las Vegas: 12 - 1:30 PM (Every week on Wednesday)
Live Music Yoga w/ Cheryl Slader @ Blue Sky Yoga: (Suggested Donation $12); 5:30 - 6:45 PM (Every week on Wednesday)
Country Crossroads Dance, Rhythms Dance Studio & Event Center, 4545 W Sahara Ave, Las Vegas: $15 Drop-in Rate / $50 for the whole month: 8 - 9 PM (Every week on Wednesday)
Thursday
Abundance Business Networking Group Online Event: 7 - 8:30 AM (Every week on Thursday). Please arrive 10-15 minutes early for networking. Steps to access our BNI Online™ Virtual Chapter Meeting, visit website.
Las Vegas Real Estate Investors Association - Weekly Power Lunch For Real Estate Investors: 11 AM - 1 PM (Every week on Thursday). Request to join here.
Free Salsa Classes @ Feel The Music Dance Studio: 7 - 8 PM (Every week on Thursday). Visit the website to register online.
Summerlin Bitcoin Happy Hour, SG Bar, 9580 W Flamingo Rd, Las Vegas: 6:30 PM (Every week on Thursday)
Coed Soccer - Summerlin: Crossings Park, 1111 Crestdale Ln, Las Vegas: 7:30 - 9:45 PM (Every week on Tuesday/Thursday)
Friday
Find Your Yoga Las Vegas - Flow & Yin W / Noé Hilyard @ Yoga Sanctuary: 6 - 7:15 PM (Every week on Friday) View Yoga Sanctuary's full schedule.
Swing Dancing in Las Vegas Vintage and Modern Swing Dances @ The Mint Tavern: 7:30 - 8:30 PM (Every week on Friday)
Saturday
Vino Las Vegas Wine & Yacht Club Brunch: 9 AM - 2 PM (Every Saturday and Sunday)
Find Your Yoga Las Vegas - Saturday Morning Meditation with Practitioner Selina Kelly @ Yoga Kandy, LLC. Cost: Love Donation $5-$10 suggested. 11 - 11:45 AM (Every week on Saturday)
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)
Level 1 West Coast Swing @ 2580 N Rancho Dr, North Las Vegas: 7 - 8 PM (Every week on Tuesday); Drop in Rate is $15, Monthly pass is $50; Register online.
⛽ Las Vegas Gas Prices
🏫 Real Estate Commissions Drop in Las Vegas Valley Amid Industry Upheaval
Real estate commissions in the Las Vegas Valley have seen a noticeable decline, reflecting a broader national trend as the industry braces for significant changes this weekend. According to a new report from Redfin, the average commission for a residential real estate deal in the Las Vegas area dropped from 2.55 percent at the end of January to 2.46 percent as of July 14. Nationally, commissions have also decreased, falling from 2.62 percent to 2.55 percent over the same period.
While Las Vegas Realtors President Merri Perry declined to comment on the report, Steve Hawks, a seasoned real estate agent in Las Vegas, noted that this is likely just the beginning of a substantial transformation in the real estate industry. Hawks pointed to a $418 million settlement agreement with the National Association of Realtors (NAR) as a catalyst for these changes. The settlement, stemming from a class-action lawsuit, is set to take effect on Saturday and is expected to bring about major shifts in how real estate transactions are conducted.
One of the most significant changes resulting from the settlement is that agents’ commissions will no longer be included in the Multiple Listing Service (MLS), where most homes are listed. Hawks explained that this could lead to a drop in the average buyer commission, potentially falling below 2 percent from the traditional 2.5 percent that NAR had previously cited.
"Many experts and brokers expect average buyer commission to drop below 2 percent compared to the 2.5 percent that NAR said was the traditional buyer side," Hawks said. He also raised questions about how buyers will respond to the new landscape, wondering if they would be willing to pay substantial commissions—up to $15,000 or more—just to see and make an offer on one or two homes.
Another major shift is that buyers’ agents will now be required to discuss compensation upfront and must have a signed written agreement with potential homebuyers before touring properties together. Hawks noted that, before the settlement, the buyer-broker agreement primarily protected the Realtor and their commission. Post-settlement, the agreement is designed to protect the consumer.
Despite these changes, NAR has continued to deny any wrongdoing in connection with its MLS cooperative compensation model. In a statement on its website, the organization defended its policies, stating, "NAR has long maintained—and we continue to believe—that cooperative compensation and NAR’s current policies are good things that benefit buyers and sellers. They promote access to real property ownership, particularly for lower- and middle-income buyers who can have a difficult-enough time saving for a down payment."
As the industry adjusts to these new rules, uncertainty remains about the full impact of the settlement. However, Hawks is confident that commissions will continue to decline as the real estate market adapts. He anticipates that the changes will lead to a more professional industry, similar to what occurred in the mortgage sector after regulatory changes in 2010.
"The outcome will likely lead to more professional, knowledgeable agents like what happened in the mortgage industry in 2010," Hawks said. "Experienced, knowledgeable agents will get the full contracted amount per a buyer-agent agreement. Unprofessional real estate agents who create more problems than they solve will find their commission wiped out, sometimes at the last minute."
The coming months will reveal how these industry changes reshape the real estate landscape in Las Vegas and beyond, but it’s clear that both agents and consumers will need to navigate a new set of rules and expectations in the market.
🏎 Formula One to Host Free Fan Event on the Strip During Las Vegas Grand Prix Weekend
Formula One fans are in for a treat as the Las Vegas Grand Prix weekend will feature a free fan event on the Las Vegas Strip. The F1 Las Vegas Grand Prix, set to take place on November 22-23, will be held at the Wynn West site, conveniently located across Las Vegas Boulevard from Wynn and nestled between Fashion Show Mall and Resorts World.
The fan event will run from 10 a.m. to 6 p.m. each day, offering a variety of activities and attractions for racing enthusiasts. Attendees can look forward to appearances by F1 and F1 Academy teams, local food trucks, live entertainment, and interactive fan experiences, including a pit stop simulator challenge. The event aims to immerse fans of all ages in the world of Formula One, providing a unique opportunity to engage with the sport.
Free tickets for the fan fest will be available starting at 10 a.m. on Thursday through the official race website. Tickets are being offered on a first-come, first-served basis, so fans are encouraged to act quickly to secure their spot. Additionally, those who obtain tickets to the fan fest will receive an exclusive offer to purchase tickets to the race itself, with options available in multiple general admission zones.
Renee Wilm, CEO of Las Vegas Grand Prix, expressed excitement about the event, stating, "During race weekend, we transform the Strip into a place where fans of all ages can immerse themselves in all things Formula 1. The F1 Las Vegas Grand Prix Fan Experience will be a daytime celebration where new Formula 1 fans can learn about the sport, and longtime aficionados can get up close and personal with their favorite teams, hypercars, interactive activations, and much more.”
The Grand Prix will be held on a 3.8-mile circuit that primarily utilizes public roads, including Las Vegas Boulevard, Koval Lane, and Harmon and Sands Avenues.
Preparations for the race will begin soon, with road work set to start on September 1 at the intersection of Las Vegas Boulevard and Harmon. To keep motorists informed, race officials will launch a dedicated race traffic website next week, providing the latest updates on infrastructure work related to the event.
This fan event is a part of the broader Las Vegas Grand Prix weekend, promising to bring the excitement and glamour of Formula One racing directly to the heart of the city.
🚅 Transportation Secretary Stresses High-Speed Rail, Local Transit Projects During Vegas Visit
U.S. Transportation Secretary Pete Buttigieg highlighted the importance of diversifying travel options, such as Brightline West's high-speed rail project, in light of recent disruptions on Interstate 15 (I-15). Last month, a truck carrying lithium batteries overturned near Baker, California, causing a nearly two-day shutdown of I-15 northbound. This incident led to severe congestion as motorists attempted to detour via Interstate 40. Buttigieg emphasized that alternative transportation modes can help reduce such congestion and improve resilience.
Brightline West’s $12 billion high-speed rail project, which aims to connect Las Vegas and Los Angeles, is scheduled to be completed by the 2028 L.A. Olympic Games. Buttigieg also stressed the need for better training and equipment for first responders to handle hazardous material incidents, which could prevent prolonged road closures.
During his visit to Las Vegas, Buttigieg attended the groundbreaking of the $378 million Maryland Parkway bus rapid transit (BRT) project, a key local transit initiative. This project, set for completion in 2026, will enhance a 12.5-mile corridor between Harry Reid International Airport and the Las Vegas Medical District, offering 24/7 service and improving job access for residents.
Finally, Buttigieg mentioned the potential for a second commercial airport in Southern Nevada, which could be supported by federal funding if pursued by local officials.
❎ Vice President Kamala Harris Targets High Food Prices, Advocates for Federal Ban on Grocery Price Gouging
Vice President Kamala Harris is sharpening her focus on the issue of high food prices as she prepares to deliver a significant economic policy speech in North Carolina on Friday. In a campaign move that underscores the administration’s concern over the financial pressures facing American families, Harris will advocate for a federal ban on price gouging in the grocery sector.
Harris is particularly highlighting the surge in meat prices, which she argues are a major contributor to the escalating costs of groceries. The Vice President's emphasis on food prices comes at a time when inflation, although at its lowest point in more than three years, continues to strain household budgets. Food costs remain 21% higher than they were three years ago, making them a persistent challenge for many Americans.
The Vice President’s focus on grocery prices reflects broader concerns within the Biden administration about the ongoing impact of inflation on everyday Americans. While year-over-year inflation has eased, the rising cost of food remains a critical issue. Former President Donald Trump, now the Republican presidential nominee, has seized on inflation as a key point of criticism against the Biden administration, particularly targeting its energy policies as contributing factors.
Harris's attention to food prices is part of a broader effort by the administration to address the economic challenges facing the nation. On Thursday, she joined President Joe Biden in Maryland for an event focused on lowering drug costs, another area of significant concern for American consumers. Together, they announced that Medicare would begin negotiating prices for 10 of its most popular and costly drugs, a move expected to save consumers hundreds, if not thousands, of dollars.
The Biden administration has already taken steps to address rising food prices, with President Biden establishing a “competition council” aimed at reducing costs by increasing competition in the meat industry. This initiative is part of a broader strategy to combat inflation and show that the administration is taking action to ease the financial burden on American families.
As Harris prepares for her North Carolina speech, her push for a federal ban on price gouging in the grocery sector signals a continued commitment to addressing the economic concerns of everyday Americans. With the 2024 presidential election on the horizon, the administration is keenly aware of the importance of economic issues, particularly inflation and the cost of living, in shaping voter sentiment. Harris's advocacy for measures to curb grocery price hikes positions her and the administration as champions for consumers struggling with the rising costs of essential goods.
Summerlin South, NV Demographics
What is the population of Summerlin South?
What are the employment statistics in Summerlin South?
How many households are there in Summerlin South?
What are the median and average incomes in Summerlin South?
How many homeowners and renters are there in Summerlin South?
What is the level of education in Summerlin South?
What is the marital status of Summerlin South residents?
What are the most common means of transportation in Summerlin South?
Methodology & Disclaimers
Demographic data shown in this section was gathered from the latest U.S. Census Bureau release, the 2022 American Community Survey. The information is updated yearly, as soon as new data is made available by the US Census Bureau.
No representation, guarantee or warranty is made as to the accuracy or completeness of information modified or aggregated for specific neighborhoods and/or zip codes.
Zip codes included in this demographic data: 89135
Summerlin Area Command - Week Ending: August 2, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - July 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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Until next time, John Wu.