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- 🏠 Las Vegas Poised for Apartment Financing Boom Amid Falling Interest Rates
🏠 Las Vegas Poised for Apartment Financing Boom Amid Falling Interest Rates
Issue #350 - November 21, 2024
John Wu
21 Nov
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📆 Weekly Local Events for November 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
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: 7PM (Every week on Tuesday), FOLLOW US ON INSTAGRAM @rundrinklv FOR THE LATEST WEATHER/TIMING UPDATES
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)
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
🏠 Las Vegas Poised for Apartment Financing Boom Amid Falling Interest Rates
The Las Vegas Valley may be on the verge of a significant uptick in multifamily investment as falling interest rates create favorable conditions for apartment financing, according to a recent report from commercial real estate brokerage Avison Young.
Drivers of a Multifamily Surge
The Federal Reserve has begun cutting interest rates for the first time in years, including a 50-basis-point cut in September followed by another 25-basis-point reduction in November after the presidential election. A third cut is anticipated at the Fed's December meeting, provided economic indicators remain strong.
Giovanna Abraham, a market intelligence analyst with Avison Young, sees these rate cuts as pivotal:
“Investors have been waiting on the sidelines and holding on to their capital due to high interest rates. Now that rates are coming down and are expected to continue to be cut next year, we will likely see more transaction activity hit the multifamily sector in 2025.”
Michael Albanese, a senior associate with Avison Young in Las Vegas, echoed this optimism, noting that investment activity tends to surge two to four quarters after significant rate reductions.
“This time around, there is so much pent-up capital and investment appetite that this cycle will likely be condensed. I wouldn’t be surprised to see a significant increase in activity within six months of this last cut.”
Market Challenges and Opportunities
Supply-Demand Imbalance
A key challenge facing the market is a dwindling pipeline of new apartment units. Many projects are nearing completion by 2025-2026, and new construction starts have slowed. This could lead to tighter supply, which may push vacancy rates lower after they peaked at 10% in late 2023.
Avison Young’s third-quarter report revealed:
Vacancy rates have stabilized at 9% after last year’s supply glut.
The market experienced its fourth consecutive quarter of positive absorption, with 1,325 units leased in Q3 2024.
Rental Rates
While rental rates have dipped slightly due to increased supply, they remain elevated compared to pre-pandemic levels, bolstered by demand in the Sunbelt region. Factors like a transient workforce and shifting housing preferences in response to rising mortgage rates have supported apartment demand.
Economic and Political Considerations
The recent election, which ushered in a Trump administration, is expected to bring policies focused on deregulation and corporate tax cuts, potentially spurring further economic activity. Giovanna Abraham believes the removal of political uncertainty will help unlock the market:
“Now that the election is over and a clear direction for the country and economy has emerged, the market should be dislodged from its stasis to some degree.”
Interest Rates: The Deciding Factor
The relationship between the Fed’s rate cuts and lending rates remains complex. While rate reductions often lower 10-year Treasury yields, recent fluctuations have caused borrowing costs to increase temporarily. Albanese cautioned:
“The anticipated timeline for lending rates to go down has been pushed back a little more than anticipated a few weeks ago.”
Multifamily Market Outlook
As the local multifamily market adapts to these changing conditions, Avison Young forecasts a return to balance:
Vacancy rates are expected to decline once the current wave of construction is absorbed.
Demand remains strong, driven by favorable Sunbelt demographics and flexible housing needs tied to the transient job market.
If rate cuts proceed as expected, Las Vegas could see a condensed cycle of accelerated multifamily investment, signaling a resurgence for the local real estate market in 2025 and beyond.
🏎 Max Verstappen Ready to Defend Title at Las Vegas Grand Prix
Formula 1 star Max Verstappen returns to Las Vegas with a new perspective ahead of this weekend’s Las Vegas Grand Prix, marking his chance to clinch a fourth consecutive world championship.
Last year, Verstappen had mixed feelings about the inaugural event, expressing skepticism about the race's focus on spectacle over sport. However, after winning the event and joining in the festivities, he now says, “I get it now.”
Las Vegas Grand Prix Schedule
Verstappen and the drivers will begin practice sessions Thursday night:
Thursday: Practice 1 at 6 p.m., Practice 2 at 10 p.m.
Friday: Practice 3 at 6 p.m., Qualifying at 10 p.m.
Saturday: The Las Vegas Grand Prix race starts at 10 p.m.
A Race with High Stakes
Verstappen holds a 62-point lead over McLaren driver Lando Norris in the standings. With a win on Saturday or by maintaining at least a 60-point lead, Verstappen would officially secure his fourth straight championship.
Reflecting on the race's unique layout, Verstappen praised the long straights and overtaking opportunities, adding, “Driving on the Strip is amazing.” However, he admits the track isn’t his favorite, emphasizing his focus remains on performance over pageantry.
Learning from Last Year
In 2023, Verstappen criticized the event as being “99 percent show, 1 percent sporting event,” highlighting the pre-race fanfare. Despite his initial hesitation, his victory and experience in Las Vegas altered his perspective. “I love being in Las Vegas. It’s a great city,” he said.
Still, Verstappen remains focused on his performance. “It depends on how quick I am,” he quipped when asked about his feelings for this year’s race.
Historic Opportunity
In last year’s Grand Prix, Verstappen dominated, leading the first 15 laps and retaking the lead from Charles Leclerc to win. A similar performance this year would secure his place among F1’s legends.
📺 How to Watch the Vegas Golden Knights: 2024-25 TV and Streaming Guide
As the Vegas Golden Knights head into their 2024-25 NHL season, fans may be wondering where and how to watch their favorite team in action. With 70 games airing locally and 12 on national television, the Golden Knights will be available to viewers across various platforms. Additionally, all games will be available on the radio via KKGK (98.9 FM, 1340 AM). Here’s a comprehensive guide to help fans stay up to date with where to catch the Knights this season:
Local Broadcasts: Vegas 34 and KnightTime+
For the second consecutive year, the Golden Knights’ local TV partner is Scripps Sports. This means that 70 of the 82 regular-season games will be broadcast locally on Vegas 34, which can be accessed with an antenna on channel 34.1. This channel is also available on Cox and DirecTV, though Dish Network no longer carries it.
Additionally, all local games will be available on the team’s streaming service, KnightTime+, which offers a convenient option for fans who prefer to watch games on their mobile devices or smart TVs. A season pass for KnightTime+ costs $69.99 and is available on various platforms including iOS, Android, Amazon Fire TV, Roku, Apple TV, and Vizio devices.
National TV Coverage
The Golden Knights will appear on national television 12 times this season, spread across ESPN, TNT, ABC, and streaming platforms like ESPN+ and Hulu. Here’s a breakdown of those national broadcasts:
ESPN — 4 Games
ESPN, one of the NHL’s national TV partners, will air four Knights games this season.
Fans can watch ESPN on Cox (30), DirecTV (206), and Dish (140). It is also available on streaming services such as YouTube TV, Sling TV, Hulu, and fuboTV.
TNT — 5 Games
TNT will air five Knights games, including the season opener against the Colorado Avalanche on Wednesday.
TNT is available on Cox (18), DirecTV (245), and Dish (138). In addition to the live broadcast, TNT games will be available on Max, a streaming service that offers a free sports add-on for a limited time. Three of the games will also have alternate broadcasts on truTV.
Out-of-market fans can watch the March 16 game in Detroit on TNT, but Southern Nevada fans will have to tune into Vegas 34 or KnightTime+.
ESPN+ and Hulu — 2 Games
The Knights’ games against the Edmonton Oilers on Dec. 3 and the Dallas Stars on Jan. 28 will only be available on ESPN+ and Hulu.
ESPN+ subscriptions start at $10.99 per month, while Hulu plans start at $7.99 per month. Both services are available on smart TVs, computers, gaming consoles like Xbox and PlayStation, and other streaming devices.
ABC — 2 Games
ABC will air two Golden Knights games: Feb. 8 at Boston and March 22 against Detroit. Both games will also be available on ESPN+.
How to Listen: Radio Broadcasts
Fans can also listen to every Golden Knights game on the radio via KKGK (98.9 FM, 1340 AM), with play-by-play from Jason Horowitz and analysis from Lincoln Kennedy.
Summary: Your Go-To Guide
70 local games on Vegas 34 and KnightTime+
4 games on ESPN
5 games on TNT (plus truTV for alternate broadcasts and Max streaming)
2 games on ESPN+ and Hulu
2 games on ABC (also available on ESPN+)
Radio: All games available on KKGK (98.9 FM, 1340 AM)
With a mix of over-the-air, cable, streaming, and radio options, Golden Knights fans will have plenty of ways to follow the action throughout the 2024-25 season.
Formula 1 Heineken Silver Las Vegas Grand Prix
Las Vegas Schedule
Race Schedule On Thursday, Nov 21
Formula 1® Practice 1 - 6:30 pm until 7:30 pm PST
Ferrari Challenge Support Race Series - Practice Starting at 8:05 pm PST
Formula 1®Practice 2 - From 10:00 pm until 11:00 pm PST
Ferrari Challenge Support Race Series - Qualifying Starting at 11:30 pm PST
Race Schedule On Friday, Nov 22
Formula 1® Practice 1 - 6:30 pm until 7:30 pm PST
Ferrari Challenge Support Race Series Race 1 - Starting at 8:10 pm PST
Formula 1® Qualifying - From 10:00 pm until 11:00 pm PST
Race Schedule On Saturday, Nov 23
Ferrari Challenge Support Race Series Race 2 - Starting at 6:20 pm PST
Formula 1® Race 2 - Starting at 10:00 pm PST
Las Vegas Strip Circuit™
Spanning 3.8 miles in length, with 17 high-speed turns and two DRS zones, the Las Vegas Strip Circuit™ boasts adrenaline pumping racing set to the backdrop of Las Vegas’ glamour at night. Drivers will reach jaw-dropping speeds topping 215 mph as they jockey for position and race past iconic landmarks, hotels, and casinos and down the legendary Las Vegas Strip.
For General Information - Visit the website.
Entertainment - Visit the F1 website for more information.
Purchase your ticket here.
✈ Frontier Airlines Launches $19 Flights Between Las Vegas and Reno
Frontier Airlines is set to challenge existing carriers on the Las Vegas-Reno route beginning March 7, 2025, with a three-times-weekly service featuring promotional fares as low as $19 one way.
This marks a strategic expansion for the Denver-based airline, currently the fifth busiest carrier at Harry Reid International Airport, having transported 2.9 million passengers in the first nine months of 2024. Las Vegas is Frontier’s third-busiest destination, following Denver and Orlando.
Flight Schedule and Aircraft
The new service will operate on Sundays, Mondays, and Fridays, with the following schedule:
Las Vegas to Reno: Departing at 5:03 p.m., arriving at 6:37 p.m.
Reno to Las Vegas: Departing at 7:37 p.m., arriving at 9:00 p.m.
Frontier will use its 186-seat Airbus A320 jets, part of its 150-strong fleet, which includes 90 A320s and 49 new-engine A320s on order for delivery by 2026.
Competition on the Route
Frontier will face competition from:
Southwest Airlines: Operating 60 round-trip flights weekly.
Spirit Airlines: Offering 20 weekly round trips, despite its recent Chapter 11 bankruptcy filing to reorganize finances.
Promotional Fare Details
To kick off the new route, Frontier is offering a limited number of $19 one-way fares, available under these conditions:
Must book by 9 p.m. Monday.
Only valid for Monday flights on March 10, 17, 24, 31 and April 7, 14, 21.
Blackout dates include Fridays and Saturdays.
Customers must enroll in Frontier’s Discount Den program, which costs $40 to join and $60 annually.
Additional Costs
Frontier’s ultra-low-cost model means additional fees apply for:
Checked baggage and carry-on luggage.
Seat selection, including extra charges for seats with more legroom.
For frequent travelers, the airline offers its Frontier Miles loyalty program, a free four-tier system that can reduce amenity costs and earn points toward free travel.
Nationwide Expansion
The Las Vegas-Reno route is part of Frontier’s announcement of 16 new routes across the U.S., which also includes three weekly nonstop flights between Reno and Denver.
🌐 U.S. Regulators Push for Google Breakup After Monopoly Ruling
The U.S. Justice Department is urging a federal judge to break up Google, citing the tech giant’s abuse of its monopoly over the past decade to stifle competition. The proposed measures include spinning off Google’s Chrome web browser, imposing restrictions on its Android smartphone software, and banning lucrative deals that make Google’s search engine the default on devices like Apple’s iPhone.
These recommendations follow a landmark August ruling by U.S. District Judge Amit Mehta, who determined Google has operated as a monopolist. The hearings on penalties are set to begin in April, with a final decision expected before Labor Day 2025.
Proposed Remedies
If the Justice Department's proposals are adopted, they could reshape Google’s dominance in the tech landscape:
Chrome Spinoff: Regulators argue separating Chrome from Google would curb the company’s ability to steer traffic toward its search engine.
Android Restrictions: Preventing Google from bundling its search engine and other services with Android software.
Default Search Deals: Banning multibillion-dollar agreements, such as those with Apple, which help cement Google’s dominance in search.
Data Sharing: Forcing Google to share user query data with rivals to foster competition.
A Business Juggernaut
Google’s parent company, Alphabet Inc., is expected to generate $300 billion in revenue this year. Regulators argue this massive financial engine has been unfairly fueled by anti-competitive practices.
“The playing field is not level because of Google’s conduct,” the Justice Department stated. “The remedy must close this gap and deprive Google of these advantages.”
Political Dynamics
The case’s trajectory could shift with the change in administration as President-elect Donald Trump prepares to take office. Trump has expressed concerns about breaking up Google, suggesting alternative penalties might be more appropriate. His nominee for U.S. Attorney General, Matt Gaetz, has previously supported breaking up Big Tech but faces a tough confirmation process.
The lawsuit, filed during Trump’s first term, gained momentum under Jonathan Kanter, President Biden’s appointee to lead the Justice Department’s antitrust division. Kanter has collaborated with Federal Trade Commission Chair Lina Khan to aggressively challenge Big Tech dominance. However, a shift in leadership could temper these efforts.
Echoes of Microsoft
The proposed breakup recalls the antitrust case against Microsoft in the late 1990s. While a federal judge initially ordered Microsoft to be split, an appeals court later overturned the decision, allowing the company to remain intact. Legal experts suggest this precedent could make Judge Mehta cautious about imposing similar remedies on Google.
What’s Next?
Google is expected to appeal any decision to break up its business, prolonging a legal battle that has already lasted more than four years. Hearings in April will mark the next phase of this high-stakes case, with significant implications for the tech industry and antitrust enforcement in the U.S.
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: November 15, 2024
Courtesy of The Las Vegas Metropolitan Police Department.
📌 🏠 Summerlin South - October 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.
📌 ✅ We Want To Spotlight Your Business!
Would you like us to spotlight your local business in front of thousands of Summerlin South area residents in an upcoming issue of SummerSouth Insider?
We ❤️ Local Businesses!
We know our community is brimming with businesses that have fascinating stories and big hearts. If you're a local business owner making waves, crafting unique experiences, or simply putting a smile on our faces, we want to chat with you! "SummerSouth Insider" is eager to shine a light on the unsung heroes of our town. Let's collaborate and let the community know what makes your business special. Send us a message, and let's celebrate the spirit of Summerlin South together!
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