Close

03/31/2020

Las Vegas Virus Update 3-30-2020

Nevada dramatically increased its restrictions, so we are providing a comprehensive update and options for relief. Furthermore, here is our guide to endure the current downturn:

  1. Do not rush to list your property unless necessary, as it could result in unintended consequences. Last year, my office listed a property for $1.1m, and we were competing with the same floorplan, one floor lower at $1.2, which had failed to sell for over six months. Once we listed at $1.1m, they reduced their price to $965,000, which set the new comp. New listings can have ripple effects on the entire building.
     
  2. These are challenging times for real estate professionals, most of which have one revenue stream and NEED to transact monthly to cover their expenses, so guidance given may be bias and in desperation for income vs. what is best for you, the consumer.

We have robust property management and home services businesses, so we are likely the only office in the State that can self-sustain without sales. Our general guidance is to place tenants and hold properties because there are casinos, stadiums, and other business openings that we believe will add value to all condominium projects.

Regarding New Restrictions Related To The Virus:

Nevada Government Restrictions:

  1. All K-12 schools closed on March 16, 2020
  2. Non-Essential Businesses closed on March 20, 2020
  3. All Playgrounds in Clark County closed on March 23, 2020
  4. Food Establishments ordered to cease onsite dining, only serve customers through a take-out, drive-through, curbside pickup or delivery capacity

Businesses Ordered To Close:

  1. Fitness establishments, gyms, studios
  2. Aesthetic services, beauty shops, barbershops nail salons, tanning salons, wax salons
  3. Recreation centers, clubhouses, nightclubs, movie theaters, massage parlors, adult entertainment establishments, brothels, live entertainments venues
  4. DMV and call centers
  5. Casino/hotel/gaming properties
  6. County buildings
  7. RTC ceased strip and downtown express route (bus system)
  8. Las Vegas monorail
  9. Clark County buildings
  10. Liquor stores engaged in retailing packaged alcoholic beverages

Estimated Timeline To Re-Open:

  • The directive to have all non-essential businesses closed shall remain in effect until April 30, 2020, unless renewed by a subsequent directive.

New Restrictions and Protocols Per Condominium Tower:

Allure:

  • No changes to Realtor showings or vendor access currently, subject to change 
  • All amenities closed until further notice

(Click on blue links to visit listings for sale in each tower) 

Panorama Towers:

  • No changes to Realtor showings or vendor access
  • All amenities closed; agents are not allowed to tour the amenity areas
  • Occupants are asked to limit the number of guests and food delivery services

Sky Las Vegas:

  • No changes to Realtor showings, vendors allowed for essential maintenance issues
  • All amenities closed

The Martin:

  • No changes to Realtor showings or vendor access
  • All amenities closed

Newport Lofts:

  • No changes to Realtor showings or vendor access currently, subject to change
  • All amenities closed

Turnberry Place T1 (2877):

  • No changes to Realtor showings or vendor access
  • All amenities closed 

Turnberry Place T2 (2857):

  • No Realtor showings allowed; vendors allowed for essential maintenance issues 
  • All amenities closed

Turnberry Place T3 (2747):

  • No Realtor showings allowed; vendors allowed for essential maintenance issues
  • All amenities closed

Turnberry Place T4 (2777):

  • No changes to Realtor showings or vendor access
  • All amenities closed

Turnberry Towers East (322):

  • No changes to Realtor showings or vendor access
  • Vendors allowed between the hours of 12 pm-4 pm
  • All amenities closed

Turnberry Towers West (222):

  • No changes to Realtor showings or vendor access
  • All amenities (except for tennis court) closed

Veer Towers:

  • No changes to Realtor showings or vendor access
  • All amenities closed until further notice

Waldorf Astoria:

  • Waldorf concierge (including security) is not releasing their residence keys to realtors and/or vendors, a key must be provided by the owner or Property Manager in order to obtain access. The Owner/Property Manager must send an email for permission to access. 
  • Vendors allowed for essential maintenance issues
  • All amenities closed

State law requires out of state landlords to have an emergency representative within sixty-miles of the rental property, Contact us if you need representation. A normal real estate license is insufficient because a property management permit is required to schedule contractors and other remedies. 

Many Employers Are Continuing To Pay Wages So There May Not Be Disruptions In Rent/Mortgage Payments.

Station Casinos:

  • Will pay and provide health benefits to all hourly and full-time salaried employees through April 30

MGM Resorts International:

  • Will provide two weeks’ pay and extend health benefits for all part-time and full-time employees who are laid off

Caesars Entertainment:  

  • Caesars will ensure employees are “paid all earned wages and agreed upon benefits” at the time of their termination

Boyd Gaming:

  • Boyd will pay their full and part-time employees through April 10, 2020

Wynn Resorts:

  • All full-time Wynn Las Vegas and Encore will pay their full and part-time employees during the shutdown 

The Cosmopolitan of Las Vegas:

  • Employees will continue receiving full pay and benefits

Las Vegas Sands:

  • Las Vegas Sands will pay their employees for 30-days, and the closure will not impact healthcare eligibility

Clark County School District:

  • In Clark County, Nevada, the country’s fifth-largest district, the Las Vegas Review-Journal reported that the superintendent plans to pay contracted employees. However, it is undecided regarding staff who are usually paid only when school is in session

Zappos:

  • Online retailer Zappos is requiring employees to work from home, it appears they are receiving full wages

Utility Special Offers/Payment Deferrals

NV Energy:

  • NV Energy will cease disconnects for non-payment for customers directly impacted by this crisis. NV will also waive late fees and deposits for customers who experience financial hardships related to COVID-19 or are unable to pay due to self-isolation

Southwest Gas:

  • SWG ceased service disconnections indefinitely until the coronavirus situation improves. For customers experiencing financial hardship, we are here to help with flexible payment options.

Cox Cable:

  • Cox is offering the first two months free of Connect2Compete service, $9.95/month until May 15, 2020, Cox is providing phone and remote desktop support through Cox Complete Care at no charge

CenturyLink:

  • For the next 60 days, CL committed to waiving late fees and to not terminate a residential or small business customer’s service due to financial circumstances associated with COVID-19. CL is also suspending data usage limits

Las Vegas Valley Water District:

  • Las Vegas Valley Water District (LVVWD) has suspended customer shutoffs for delinquent and non-payment. The Water District will continue to work with individual customers and those facing financial hardships to establish payment arrangements and provide other customer services

Mortgage Relief/Deferral Of Payments

Our team contacted eleven mortgage servicers, and their programs vary dramatically. We recommend contacting your lender and asking if there are specific deferral payment options.
Some assistance includes the following:

  • 90-day+ mortgage payment deferrals
  • Waiving certain fees
  • Servicers suspending reporting of loan status to credit bureaus
  • Suspension of foreclosures

Lastly, Loans and Grants Available for Small Businesses:

  • Many of you have investment properties and hold title in an LLC or Corp. If your tenant is laid off and cannot make rent payments, you may be eligible for small business assistance. It is also being discussed that the loans would become grants and would not require payback.

Helpful Resources

Stay well everyone, and I will keep you informed.

-Anthony

This information deemed dependable but not guaranteed.
Lux Advisors Sales | Property Management

Call/Text: 702.482.8885 [email protected]

Send
Send