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- 🏫 New Real Estate Rules in Las Vegas: What Homebuyers and Sellers Need to Know
🏫 New Real Estate Rules in Las Vegas: What Homebuyers and Sellers Need to Know
Issue #256 - August 19, 2024
John Wu
19 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
🏫 New Real Estate Rules in Las Vegas: What Homebuyers and Sellers Need to Know
If you're planning to tour homes in the Las Vegas Valley, be prepared for some significant changes in the process. As of this week, new rules require prospective homebuyers to have a written contract in place with a real estate agent before they can even step foot inside a property. These changes, which are part of a broader overhaul of U.S. real estate practices, aim to reshape how commissions are handled during the buying and selling process.
What's Changing?
Traditionally, when a home is listed on the market, the seller has offered a blanket commission to the buyer’s agent as an incentive. This practice, however, is being phased out due to new regulations set forth by the National Association of Realtors (NAR). These changes come on the heels of a $418 million settlement NAR agreed to earlier this year to resolve federal class-action lawsuits. The lawsuits alleged that U.S. homeowners were forced to pay artificially inflated real estate agent commissions when selling their homes.
Under the new rules, sellers are no longer required to offer this blanket commission through the Multiple Listing Service (MLS), which is commonly used by real estate professionals to advertise properties. Instead, buyers may need to negotiate commission terms directly with the seller, and if the seller declines to cover the buyer’s agent fees, the buyer will be responsible for paying for their agent's services.
Required Buyer Representation Agreements
Another key change is the requirement for homebuyers to sign detailed representation agreements with their agents before touring homes. This means that prospective buyers will need to formalize their relationship with a real estate agent early in the process, adding an additional step to the homebuying journey.
"It's just kind of confusing for some people, especially because it requires a lot of explanation," said Kris Cesena, a Las Vegas resident who has had her house on the market for nearly three months. The new rules may introduce complexities, but they also offer an opportunity for greater transparency in the buying process.
Industry Response
Local real estate professionals have mixed reactions to the changes. David Lee, owner of Painted Desert Realty in Las Vegas, believes the new rules won’t significantly impact the pace of the homebuying process. "It won't slow anything down; it really won't," Lee said. "There are new steps that have to be done, but an experienced realtor handling a situation, that won't be a big problem."
The new rules are applicable to all brokers and agents representing clients who are buying or selling a home listed on an MLS affiliated with NAR. While the changes may add steps to the process, they are intended to clarify roles and responsibilities, ensuring that all parties are fully informed and agreements are transparent.
Potential Impact on Commissions
One of the biggest questions surrounding these changes is whether they will lead to lower real estate agent commissions or influence sellers' willingness to cover buyer’s agent fees. With the median price for an existing home in Las Vegas approaching $480,000—a near all-time high—any changes in commission structures could have a significant impact on both buyers and sellers.
While it remains to be seen how these new rules will affect the market in the long run, they represent a significant shift in how real estate transactions are conducted. For now, buyers and sellers in Las Vegas will need to navigate these new requirements as they move through the process of buying or selling a home.
Final Thoughts
As the Las Vegas real estate market continues to evolve, these new rules are likely to shape the experience of homebuyers and sellers in the valley. Whether you're planning to buy or sell, it's important to understand the new requirements and work closely with an experienced real estate agent who can guide you through the process. While the changes may seem daunting at first, they ultimately aim to make real estate transactions more transparent and equitable for all parties involved.
⚾ Paseo Verde Prepares for Crucial Little League World Series Showdown
In the Little League World Series, small details can make all the difference, and Paseo Verde coach Adam Johnson is ensuring his team is ready for anything as they continue their quest for glory in Williamsport, Pennsylvania. The Mountain Region champions from Henderson, Nevada, are set to face Central East Maui from Wailuku, Hawaii, at noon on Monday in a crucial winners bracket game.
Paseo Verde's 9-1 victory over South Shore from Staten Island, New York, in their World Series opener has provided the team with an extended break. While the players have enjoyed some of the local attractions, most of their time off has been dedicated to preparation. Understanding the importance of scouting, Johnson had his entire team attend Central East Maui’s 5-0 victory over Hinsdale, Illinois, on Friday.
“We had every kid in the stands,” Johnson said. “Anything we can pick up is an advantage.”
The stakes are high as Paseo Verde faces a Hawaii team with a rich history in the Little League World Series. Hawaii has sent 13 teams to the tournament since 1947, winning it four times, most recently in 2022. In contrast, Paseo Verde is just the third team from Nevada to reach the event, following Mountain Ridge in 2014 and Henderson in 2022. The team is striving to become the first from Nevada to win the championship.
“Hawaii is coming in with a lot of balance and a lot of history,” Johnson noted. “They’ve got a lot of talent and they don’t beat themselves.”
Both teams boast strong rosters without any obvious weaknesses, but Paseo Verde's standout strength is its pitching. Ace pitcher Wyatt Erickson has been a dominant force, throwing a no-hitter in the Mountain Region championship to secure the team's spot in Williamsport. He continued his stellar performance with a complete-game victory against South Shore.
Paseo Verde’s pitching depth doesn’t stop with Erickson. Right-handers Liam Sparks, Russell McGee, Gunnar Gaudin, and Oliver Johnson have all been instrumental, helping the team achieve three consecutive shutouts in their final regional games. Additionally, left-hander Noah Letalu, who has yet to pitch in the postseason, remains a valuable option.
“We haven’t made a decision on who we’re going to start [Monday],” Johnson said. “But we’ve got faith in whoever it is.”
The winner of Monday’s game will advance to play on Wednesday for a spot in the championship game of the United States bracket, while the loser will face an elimination game on Tuesday. The U.S. championship game is scheduled for Saturday, with the winner moving on to face the international champion on Sunday for the Little League World Series title.
Paseo Verde enters this critical game with confidence, fueled by a strong sense of team unity and selflessness. Players like Noah Letalu exemplify this mindset, focusing on contributing to the team’s success rather than individual accolades.
“My mind is set just to get the next person up,” Letalu said of his approach at the plate. “Just try to get on base and play my role. I just want to do my part.”
With a combination of solid preparation, deep pitching talent, and a team-first mentality, Paseo Verde is poised to make a strong run in the tournament as they take on the well-respected Central East Maui team.
❎ Former President Donald Trump to Rally Support in Las Vegas with Focus on ‘No Taxes on Tips’ Initiative
Former President Donald Trump has announced his return to Nevada, as he intensifies his campaign efforts in swing states ahead of the 2024 election. Trump, who remains a pivotal figure in the Republican Party, will be making a significant stop in Las Vegas on Friday, August 23, where he plans to focus on his controversial “No Taxes on Tips” initiative—a proposal that could have profound effects on the city’s hospitality industry.
Campaigning in Swing States
Trump’s Las Vegas visit is part of a broader campaign tour through key swing states, including Michigan, North Carolina, and Arizona. These states are crucial battlegrounds in the upcoming election, and Trump’s strategy reflects his commitment to securing votes in regions that could determine the election outcome. His return to Nevada underscores the importance of the Silver State, particularly given its significant service industry workforce, many of whom could be directly impacted by his proposed tax policy.
Focus on ‘No Taxes on Tips’ Initiative
The centerpiece of Trump’s Las Vegas event will be his “No Taxes on Tips” initiative, a policy proposal that has sparked widespread discussion across the political spectrum. The initiative, which aims to eliminate taxes on gratuities, is particularly relevant to Las Vegas, home to one of the largest populations of tipped workers in the country. From casino dealers and hotel staff to restaurant servers and bartenders, many in Las Vegas rely heavily on tips as a substantial part of their income.
The proposal has garnered support from both Republicans and Democrats, signaling its broad appeal. However, it has also raised numerous questions about its feasibility and implementation. Critics argue that eliminating taxes on tips could lead to a significant reduction in federal revenue, potentially impacting funding for essential services. Moreover, there are concerns about how the policy would be applied consistently across different states and whether it could create disparities in income tax obligations among workers.
Potential Impact on Las Vegas Service Workers
Local stakeholders, including service workers and business owners, are closely watching the developments around the “No Taxes on Tips” initiative. For many in the Las Vegas hospitality industry, the proposal represents a potential financial boost. Tipped workers often face uncertainty with fluctuating income, and being taxed on tips can add to the financial strain. If implemented, Trump’s policy could lead to higher take-home pay for thousands of workers in the region, making it a popular idea among those who rely on tips.
However, the broader economic implications remain a subject of debate. Some experts caution that the loss of tax revenue could force the government to make cuts in other areas, which could indirectly affect public services that many workers depend on. Additionally, there are concerns about how this policy might interact with state and local tax regulations, potentially leading to confusion and administrative challenges.
A Crucial Stop in Trump’s Campaign Tour
Trump’s Las Vegas event will be the final stop of his current campaign tour, which has already seen him rallying supporters in Pennsylvania, Michigan, North Carolina, and Arizona. His appearance in Las Vegas comes at a critical time, as both Trump and his Democratic opponents ramp up their efforts to sway voters in the lead-up to the 2024 election.
On Saturday, Trump and his running mate JD Vance campaigned in Pennsylvania, a state that remains a key battleground. In a sign of the fierce competition between the two parties, Democratic nominees Kamala Harris and Tim Walz are also campaigning heavily, with Harris scheduled to appear in Pennsylvania on Sunday, just ahead of the Democratic National Convention.
Looking Ahead
As Trump continues to campaign across the country, his visit to Las Vegas is expected to draw significant attention, particularly from those within the hospitality industry. The outcome of this event could have lasting implications not only for his campaign but also for the broader discussion around taxation and worker rights in America’s service-driven economies.
While the exact time and location of the Las Vegas rally have yet to be confirmed by Trump’s campaign, the anticipation is building. As the date approaches, all eyes will be on how Trump addresses the complexities of his “No Taxes on Tips” initiative and whether it will resonate with the voters who could help decide the next president of the United States.
🍷 La Cave Wine & Food Hideaway Reopens at Wynn Las Vegas After Extensive Renovations
La Cave Wine & Food Hideaway, a beloved dining destination known for its extensive wine list and unique tray-passed brunch inspired by dim sum, is set to reopen its doors at Wynn Las Vegas this Wednesday after being closed since late May for significant renovations. The restaurant, owned by the Morton Group, has undergone a transformation aimed at enhancing its ambiance and guest experience, blending its signature intimate atmosphere with new, modern design elements.
A Fresh Look and New Views
One of the most notable changes in the renovation is the removal of the bar in the main dining room, which has been replaced with a row of windows offering sweeping views of the Wynn pool and gardens. This change not only opens up the space but also shifts the vibe of the restaurant from a secluded "hideaway" to a more open and vibrant setting. The new windows also provide a glimpse of the Sphere, adding a touch of modernity and making the space feel more connected to its surroundings.
The garden room has also seen a significant upgrade with the addition of a new bar set against a wall of live succulents. This feature, combined with hand-glazed tiles framed in teak and a bronzed mirror that reflects the lush space, creates a serene and stylish environment. The room flows seamlessly through soaring glass doors to the terrace, which overlooks the pool and gardens, offering guests a tranquil spot to enjoy their meals.
Custom Design Elements
The renovation, led by designer Karen Herold, who was responsible for La Cave’s original design when it opened in 2010, includes a variety of custom elements that elevate the restaurant's aesthetic. High-end fabrics, custom wood flooring, handmade furniture, and stylish dinnerware have been carefully selected to complement the new design. These touches not only enhance the visual appeal of the space but also contribute to a more luxurious dining experience.
Culinary Enhancements
To celebrate the reopening, Chef William DeMarco, culinary director of the Morton Group, has developed several new dishes that will debut with the remodel. While specific details about these dishes have yet to be revealed, guests can expect innovative additions that reflect the restaurant’s commitment to high-quality, creative cuisine.
Anticipation Builds
While the Morton Group has not disclosed the cost of the recent renovations, past makeovers of the restaurant have been substantial, with a 2018 update budgeted at $1.4 million. This latest renovation is expected to further solidify La Cave’s reputation as a top dining spot on the Las Vegas Strip, offering a refreshed setting that maintains its charm while embracing a more contemporary look.
For those eager to experience the new La Cave, reservations are likely to be in high demand following the reopening. The combination of its acclaimed wine list, unique brunch offerings, and now a revitalized space, makes it a must-visit destination for both locals and visitors alike.
For more information and to make reservations, visit lacavelv.com.
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 9, 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.