Housing crunch easing somewhat
AS house hunters and real estate agents know, the inventory of homes for sale has dropped fast in Las Vegas. Low availability and strong demand have helped pump up local home prices at one of the fastest rates in the country, creating a windfall for sellers and sparking affordability concerns. Now there are signs — at least on paper — that the inventory crunch could be easing a bit.
According to figures from the Greater Las Vegas Association of Realtors and consulting firm Applied Analysis:
4,335 single-family homes were listed without offers at the end of June, the most in seven months
Available listings fell 16 percent year-over-year in June, compared with a 36.5 percent drop in January
The tally of available houses rose 7.9 percent from April to May, the biggest monthly jump since 2014
The number of houses on the market without offers rose in May and June, the first two-consecutive-month climb since 2016
None of this means that inventory is surging or will anytime soon, which, if it did, could let some air out of Las Vegas’ tightening market. Prices are rising so fast here that, according to Fitch Ratings, Southern Nevada has the most overvalued housing market in the country.
But if the recent changes persist, they could signal the beginnings of
SEGALL
The company is investing at least $7.5 million into the project, Scheffler said.
The first phase will take up 40,000 square feet. Once complete at a yetto-be-determined date, the full complex will take up 112,000 square feet.
The complex will have at least 45 registers, 13 15-foot-tall lotus flowers on the roof and a spherical fountain in front.
Inside the dispensary will be a sensory-activated floor, 10 feet by 16 feet, with lights that move as visitors walk. Six aerial orbs will circle above visitors’ heads every hour. Visitors can also write and draw with lasers on a wall inside the dispensary and watch 3D projections.
“We want to out-vegas Vegas,” Groesbeck said.
Las Vegas Medical Marijuana Association Vice President Jim Lamb said the dispensary marks another level of presentation and design for cannabis retailers.
“This is just like Steve Wynn opening The Mirage,” Lamb said.
Located west of Trump International, near the intersection of Desert Inn Road and Sammy Davis Jr. Drive, the dispensary is on the former site of a distribution center for beer brand Coors.
Planet 13 also intends to introduce event space for corporations to rent. Groesbeck said he doesn’t expect to have trouble with permitting for some of the unusual features for his dispensary. He said he and Scheffler will draw on their experiences from governing.
Clark County Commissioner and Democratic gubernatorial candidate Steve Sisolak praised the marijuana superstore Thursday.
Speaking to a crowd inside the future storage area of the space, Sisolak said the project should bring 100 new jobs to the valley.
Sisolak told the Review-journal that, if elected, he wants to legalize on-site consumption of marijuana at dispensaries and create a path for banks to work with marijuana businesses.
Because marijuana remains federally illegal, dispensaries have largely accepted cash-only transactions.
The campaign for Sisolak’s Republican opponent for governor, Adam Laxalt, did not return a request for comment.
Contact Wade Tyler Millward at 702-383-4602 or wmillward@ reviewjournal.com. Follow @ wademillward on Twitter.