Page 6 - CooperatorNews Nevada EXPO 2021

6 COOPERATORNEWS NEVADA—
EXPO 2021
NEVADA.COOPERATORNEWS.COM
Industry Pulse
Events
CooperatorEvents Expo Returns to Vegas
this Fall!
lvcondoexpo.com
CooperatorEvents is thrilled to announce
the return of our in-person Expos! This fall,
the CooperatorEvents Las Vegas Expo will
take place at the Las Vegas Convention Cen-
ter on Wednesday, November 10, 2021, from
10:00 a.m. to 3:30 p.m. We have an exciting
lineup of exhibitors eager to interact in per-
son, covering every aspect of multifamily liv-
ing, from board governance, financial plan-
ning, and community engagement to roof
repair, energy management, and landscaping.
Like our past in-person Expos, the Coopera-
torEvents Las Vegas Expo 2021 will include a
full day of free workshops, seminars, network-
ing, and more. And as always, registration and
attendance are FREE to all! Visit www.lvcon-
doexpo.com to see who’s exhibiting, get more
information, and register as an exhibitor or an
attendee. This will be a must-attend event for
all condo, HOA and co-op board members,
property managers, residents, and real estate
professionals in Nevada! We look forward to
seeing you there in person!
Trends
Las Vegas High-Rise Market Rebounds
Statistics from the first eight months of the
year indicate that 2021 is shaping up to be the
year of the condo for the Las Vegas luxury
home seeker.
The Las Vegas Review-Journal
indicates that lack of inventory in the luxury
single-family market is driving more buyers
to high-rises.
According to the outlet, there were 126
sales in high-rises of five stories and higher
in August, bringing the yearly total to date
to 884. By the end of September, Las Vegas is
projected to surpass its record of 970 high-rise
condo sales set in 2017, with 155 sales pend-
ing at August’s end.
This is in stark contrast to 2020, which saw
only 584 condo sales in high-rise buildings
the entire year. Of course, 2020 also marked
the onset of the COVID-19 pandemic, which
dissuaded buyers from dense high-rise living,
especially as many associations closed ameni-
ties and restricted move-ins.
“I see high-rise as a great alternative to a
luxury property buyer who cannot find the
single-family residence that they’re looking
for due to a lack of inventory with that prod-
uct,” Frank Napoli, a Realtor with Berkshire
Hathaway HomeServices, tells the
Review-
Journal.
“There’s a substantial amount of buy-
ers who want a condo as their first choice,
but I have also worked with people who were
looking for a home but couldn’t find it, and
don’t have the time or patience to build some-
thing. A luxury high-rise condo can be an ap-
pealing alternative.”
According to the
Review-Journal,
research
firm Applied Analysis looked at 21 high-rise
condos on the Vegas Strip, downtown, and in
Summerlin, finding that sales volume there
accelerated during the second quarter of 2021.
Improvements in the broader housing market
and tourism industry were cited as reasons.
Those buildings sold 505 units in 2020,
down from 607 in 2019 and 836 in 2018. In
the first six months of 2021 alone, the same
buildings closed on 541 condos. Applied
Analysis principal Brian Gordon tells the
Re-
view-Journa
l that the average price of luxury
condos also continued to rise, demonstrating
strength and confidence in high-rise build-
ings in the Southern Nevada market.
“The easing of COVID restrictions and
caseloads throughout the majority of the sec-
ond quarter likely played a role as a significant
share of buyers are second-home owners or
investors,” Gordon said. “While there is still
heightened concern about the rapidly evolv-
ing status of the pandemic at present, the hope
is that the worst remains in the rearview mir-
ror.”
Napoli said the condo market was on pace
to do well until the pandemic started and it
came to a “screeching halt.” Building ameni-
ties were closed and the Strip was shut down
as well.
“People were concerned about being
around other people,” Napoli said. “No one
wanted to be in elevators or in common
spaces, and that hurt the high-rise market. We
saw inventory double or more than double
in some buildings. Now fast-forward to 2021
where the whole housing market continues
on an upward trajectory, the high-rise market
is finally starting to pick back up.”
Product News
New Technology Makes Managing
Multiple Offers Easier
Since the condo market is seeing such high
demand lately (see above), agents represent-
ing buyers and sellers are in some cases jug-
gling multiple offers from various points of
contact. Now there’s an app for that. Residen-
tial real estate showing management and mar-
ket stats technology provider ShowingTime
has launched an Offer Manager platform, ac-
cording to a press release from the company.
This year, Offer Manager has helped manage
more than 120,000 offers in North America,
the release states.
“Before Offer Manager, it was the ‘Wild
West,’” says broker/owner Michael Barbaro of
Huntsman, Meade & Partners Comp in New
Haven, Connecticut. “Agents were inundated
with multiple modes of offers, including faxes,
emails, and even text messages with pictures
of offers. Some people didn’t even follow up,
so if you weren’t expecting their offer and you
didn’t know to look for it, and you’re fielding
another 15 or more other offers, it could just
be overlooked. The lack of a system was the
worst possible scenario for the industry.”
Offer Manager works in parallel with
ShowingTime’s ‘schedule a showing’ process
and is deployed in Multiple Listing Services
(MLSs) throughout the U.S. and Canada. A
version for brokers, teams, and individual
agents—Offer Manager Premium—is also
available, the release notes.
“With Offer Manager, listing agents and
buyer’s agents have a full view of the status of
an offer from start to finish, all from within
the interface of their existing ShowingTime
showing management service,” says Show-
ingTime president Michael Lane. “The same
philosophy that has guided the development
of our showing management products was in
place here: provide agents with a streamlined
process that will pay dividends in efficiency
and productivity to fuel their growth.”
Law & Legislation
Green Valley Ranch Goes Green...by
Removing Grass
In the Fall issue of
CooperatorNews Ne-
vada,
a Pulse item reported on this summer’s
new law—Assembly Bill 356—requiring re-
moval of non-functional turf on property that
is not zoned exclusively for a single-family
residence before December 31, 2026.
News 3
Las Vegas
reports that Green Valley Ranch in
Henderson is proactively complying with the
legislation by removing 400,000 square feet of
grass, starting in October.
According to the outlet, ornamental grass
makes up an estimated 4,000 acres in the val-
ley and consumes 10% of the valley’s water
supply. Green Valley Ranch alone uses 73
gallons of water per square-foot to maintain
its namesake green turf, which it has already
reduced by almost 257,502 square feet since
2003.
Other valley communities, including
22,000-acre Summerlin, are also going green
by getting rid of green in accordance with AB
356. Tom Warden, a senior vice president at
Howard Hughes Corporation, the developer
of Summerlin, tells
News 3
, “We believe that
we can save well over a million square feet,
maybe a million and-a-half square feet that
can be converted over the coming months
and maybe even years.”
Green Valley Ranch has told its homeown-
ers that turf removal is one reason why assess-
ments next year will go up, although it did not
say by how much, according to the report.
The Nonfunctional Turf Removal Advi-
sory Committee, tasked with defining and
crafting guidelines around non-functioning
turf per the new law, met September 22 at the
headquarters of the Southern Nevada Water
PULSE
continued on page 23
EVERYTHING FROM
A (ACCOUNTING SERVICES)
TO W (WINDOWS).
(Sorry, no zebra trainer this year.)
LAS VEGAS CONVENTION CENTER
WEDNESDAY, NOVEMBER 10, 10:00AM-3:30PM
FREE REGISTRATION: LVCONDOEXPO.COM