REAL ESTATE, DEMOLITION, TAX AND MORE
WIN REVENUE SUMMARY
Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $958,055,897 for the month of May 2016. This amounts to a 4.53 percent decrease compared to May 2015, when licensees reported a gaming win of $1,003,479,007. For the fiscal year (July 1, 2015 through May 31, 2016), gaming win has increased 0.16 percent.
Percentage Fee Collections for the Month of June 2016: The State collected $51,517,373 in percentage fees during the month of June 2016, based upon the taxable revenues generated in May 2016. This represents a 17.13 percent (or $10,648,829) decrease compared to the prior year’s June, when percentage fee collections were $62,166,202.
Motel demolition approved
In a 4-to-0 vote, the Reno City Council unanimously approved to award a contract to demolish two long vacant motels (Golden West and Heart o Town) located in the 500 block of North Virginia Street. The contract was awarded to Q&D Construction in an amount not to exceed $216,463.69 from the Blight Mitigation Capital Projects Fund.
The demo is expected to begin some time between the Hot August Nights and Street Vibrations special events. The decision supports the Council’s priority of a Thriving Downtown and University District, an important initiative of the recently adopted City of Reno Strategic Plan, according to a written statement from the City of Reno.
WNC
WNC has partnered with Nevada State High School. High school juniors and seniors living in Carson City, Douglas, Lyon, Story and Washoe counties can earn college credits at no cost through Nevada State High School, while they finish high school. They may also receive support with textbooks, transportation, and class expenses. Applications and additional information are available online at www.earlycollegenv.com
RENT CAFÉ
RENTCafe released a study regarding apartment sizes in the US. Reno ranked 16 on their list of cities with the smallest apartment sizes. For the full report visit http://www.rentcafe.com/blog/rental-market/us-average-apartment-size-trends-downward/.
CONTROLLER’S OFFICE
For the 17th consecutive year, the Nevada State Controller’s Office has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association, Controller Ron Knecht announced.
TESLA
TESLA in partnership with Nevada JobConnect will host information sessions in Las Vegas and Reno for those interested in working at the Gigafactory in Sparks. Jobseekers interested in learning about the various careers must be pre-screened at a Nevada JobConnect location to receive an invitation to one of the information sessions to be held in mid-July. Available jobs include material handler, product excellence inspector, skilled technicians and production associate. The invitation-only session is scheduled for July 23rd in Reno. Interested jobseekers may visit any of the Nevada JobConnect offices between 8 a.m. and 5 p.m. Monday through Friday to be considered.
TAXABLE SALES
Taxable Sales statewide for April 2016 of $4,358,636,583 represent a 5.9% increase over April 2015. The largest increases were realized by Food Services and Drinking Places, up 6.7%; Professional, Scientific, and Technical Services, up 82.9%; Motor Vehicle and Parts Dealers, up 10.3%; Electronics and Appliance Stores, up 30.7%; and Rental and Leasing Services, up 10.9%.
ZULILY
Zulily is holding a hiring event on Wednesday, July 13 from 10 a.m. to 2 p.m. The event will be at zulily Fulfillment Center, 3200 USA Parkway, McCarran, NV 89434. They are looking for 40 part-time direct hires.
CONTRACTS FOR BIDS
Contract #3648: Contract Cost Range: R17 ($1,050,000.01 to $1,300,000.00). Sealed proposals will be received by the Director of the Nevada Department of Transportation, Carson City Headquarters, located at 1263 South Stewart Street, Carson City, NV 89712, until and opened at 1:30 PM, PDT on July 21, 2016, for Project No. SPSR-0399(001), SR 399, Pershing County. Description of work: Cold milling, placing plantmix bituminous surface with chip seal.
TERRA TECH
Terra Tech CEO Derek Peterson announced the company made a $40,000 donation to support the legalization of marijuana coalition in Nevada.
SKY TAVERN
The Barracuda Championship announced Sky Tavern as the winner of their $25,000 Charity Facebook Contest.
CHASE
Nearly six hundred prospective purchasers and real estate professionals from across the West made their way to Lake Tahoe in late June when Chase International held their 20th annual luxury Tahoe estates tour.
The tour included 21 Chase property listings that ranged in price from $1,799,000 to a $27.5 million home on nine acres on the East Shore. Also featured was a $23.9 million home on the West Shore.
ART PAWS
Art Paws is accepting donations for their silent auction. They will accept donations until the July 17. For more information visit ArtPawsReno.com or call Michelle at 775-722-9914.
EDAWN
EDAWN will open nominations for the 5th Annual Existing Industry Awards on Tuesday, July 12. There are nine award categories. Descriptions, nomination criteria, and the nomination form can be found on the EDAWN website at http://edawn.org/existing-business/existing-industry-awards/.
GSR
The Grand Sierra Resort will host a job fair from 10 a.m. until 6 p.m. on Wednesday, July 13 in the Silver State Pavilion.
CAMPUS COMMONS
Senior Advisor Ian Cochran, CCIM and Advisor Greg Ruzzine, the retail team with SVN Gold Dust Commercial Associates, represented the seller in the sale of Campus Commons, a 26,869 SF retail center with a 15,000 SF pad site located along Wedge Parkway, in early May of 2016. The center was at 90% occupancy selling for $5,500,000 to an out-of-state 1031 exchange buyer from southern California. There was high interest in this Class A center with four offers placed within 30 days of each other and selling within 180 days of original listing.
WGU
WGU Nevada celebrates first anniversary with $250,000 in scholarships for Nevada residents. Applications are now being accepted for the New You, New Nevada Scholarship, which will provide each recipient up to $2,500 ($625 per six-month term, up to four terms). In addition, the $65 university application fee will be waived. Apply for the scholarship at nevada.wgu.edu/newnevada by Oct. 16, 2016.
WOMEN’S FUND
Nevada Women’s Fund awarded $179,658 in educational scholarships for the 2016-2017 academic year to 79 northern Nevada women benefiting 30 children.
WINE WALK
“Vinegogh” Wine Walk on Saturday, July 16, from 2 p.m. to 5 p.m supports Arts for All. A portion of the proceeds benefit Arts for All of Nevada at the Lake Mansion.
NV STATE BANK
Nevada State Bank debit and credit cards can now be enrolled in Samsung Pay and Android Pay. Nevada State Bank is one of fewer than 200 banks nationally to offer all three mobile wallets to their clients.
CHECKERS & RALLY’S
Checkers & Rally’s is focusing on expanding into Reno. They believe there is room for 10 locations in the area in the coming years. Checkers & Rally’s, a drive-thru restaurant, has seven locations in Nevada, and has earmarked Reno as a key growth market due to its business-friendly atmosphere and the growth that Washoe County has experienced.
REAL ESTATE
The following Chase International Real Estate report compares all MLS sales from January 1, 2016 through June 30 to the same timeframe of 2015.
The Reno-Sparks housing market saw a 9 percent increase in median home price from this time last year, boosting it to $299,897. Sales stayed relatively flat with a five percent rise in sales volume and units sold staying relatively unchanged.
Homes selling for more than $1 million dropped 23 percent while homes selling for less than a million rose just one percent.
The average home price rose five percent to $338,196.
There were significant increases in condo sales, with a 27 percent jump in volume sold and 37 percent increase in median price ($164,900).
Carson Valley saw little change in both sales and prices, with a two percent drop in units sold and less than one percent drop in volume. The median home price rose one percent to $318,000 and the average price was up two percent to $352,334.
Tahoe home prices remain essentially unchanged for the first half of the year, while lake-wide sales rose slightly. The sale of homes over $1 million was up significantly (30 percent), primarily a result of strong sales in Incline Village.
Sales volume around the lake rose an impressive 13 percent while units sold was up 12 percent. The average price of a home is $779,128 while the median is $525,000, a one and two percent rise, respectively.
Incline Village and South Shore saw the bulk of the movement, with South Shore seeing a 22 percent increase in units sold across the board. Total volume sold in the South Shore was up 33 percent. The average price of a home in South Lake Tahoe is $499,877 and the median is $414,000 (up nine and seven percent, respectively).
Sales volume in Incline was up 34 percent and units sold up 26 percent. Homes selling for more than a million leapt 59 percent. The average price of a home in Incline is $1.37 million (a six percent increase) and the median is $995,000 (up 17 percent).
Tahoe City saw declines in both volume and units sold (14 and 12 percent) with median home price rising two percent to $570,000. The average home price dropped two percent to $886,938.
Regional sales have remained primarily on par with national trends, with the buyers taking advantage of low mortgage rates.
The East Shore, saw a ten percent jump in units sold, with the average home price dropping 11 percent to $1.13 million. The median price rose two percent to $784,000.
Condo sales around the lake saw 14 percent spikes in both volume and units sold. Prices remained relatively flat, with a five percent uptick in median price ($342,00) while the average price dropped less than one percent to $420,839. Incline Village saw more sales of condos than any other area on the lake. It also had the highest average price for a condo.
Truckee saw huge increases across the board, with a 68 percent increase in volume sold, primarily due to a 158 percent rise in homes selling for more than $1 million. The average price of a home in Truckee is $1.05 million (up 31 percent) and the median price is $629,500 (up 15 percent).
