Caldwell Leona-real estate professional

Summer watering restrictions now in effect through August

As summer approaches, the Southern Nevada Water Authority (SNWA) is reminding residents and businesses to continue their support in conserving our region’s precious water resources by following the community’s mandatory summer watering restrictions, in effect May 1 through August 31.

The summer restrictions prohibit spray irrigation between 11 a.m. and 7 p.m., when water can be lost to intense heat and high winds.
Watering in the early morning or evening reduces the amount of water lost to evaporation.
Watering during prohibited hours or allowing water to spray or flow off your property is considered water waste and may result in a costly fine.
Irrigate grass with pop-up sprinklers for a maximum of 12 minutes per watering day, set in three four-minute cycles, spaced one hour apart. That’s all your grass needs.
And remember, Sunday watering is prohibited year-round!

Over-watering plants and trees with drip irrigation can do more harm than good, as most plants and trees can thrive when watered less often, such as on a two or three-day per week summer schedule. These water-efficient plants have distinct needs compared to grass and can thrive on less water even in hotter conditions. Drip systems typically run for 30 to 90 minutes, depending on the flow rate of the emitters.

By following seasonal watering restrictions year-round, you can save up to $300 annually on your water bills.

To learn more about how often and how long to water, and for other important landscape summer watering tips, visit snwa.com.

Drought tolerant trees and shrubs list

Choosing plants, trees and mulch Learn the best way to choose plants, trees and mulch for your new landscape.

Water Smart Landscape Rebate Program (temporary $5 increase)

Water Smart Landscapes Rebate The Water Smart Landscapes Rebate helps property owners convert water-thirsty grass to desert landscaping.

Pool owners can save water and money with regular maintenance

Many pool professionals recommend draining your pool—either completely or partially—every three to five years. Before draining the water, ask a pool professional to perform a chemical analysis to help determine how much water really needs replacing.

Remember, draining any pool water into streets, storm drains, or a neighboring property qualifies as water waste, and can be subject to fees starting at $80 for the first violation.

Pool owners in the Las Vegas Valley Water District (LVVWD) service area also should be aware that filling your pool increases your property’s water use and could incur excessive use charges. (Customers whose water use surpasses seasonal thresholds are charged an additional $9 per 1,000 gallons used.)

To mitigate high water bills during a pool refill, consider the following:

Drain and refill pools in May or June when excessive use charge thresholds are higher.
Keep irrigation systems programmed for three days a week rather than six days during these months to off-set water used to refill the pool.
Refill pools across two billing periods (halfway in one billing period and the rest in the next billing period) to help manage water bills.
Reduce outdoor irrigation.
Consult your pool care professional for maintenance questions.

For more information about how you can be a water-smart pool owner, visit lvvwd.com.

Washoe Affordable Housing Amendments 2.5 — Learning Seminar

The Sierra Nevada REALTORS® and the Builders Alliance of Northern Nevada are hosting a learning seminar to discuss some upcoming code changes with Washoe County staff on August 13 at the Reno Office.

The proposed code amendments aim to diversify housing options and simplify regulations. Key changes include removing two-story height limits in certain areas, introducing new housing types like triplexes and cottage courts, and revising standards for accessory structures. Lot coverage and setback requirements will be adjusted for clarity and to support diverse housing types. Updates also include changes to open space standards, such as allowing pocket parks and reducing requirements for smaller developments. These amendments are designed to support "missing-middle" housing while ensuring compatibility with single-family neighborhoods.

Boulder Highway Project in Henderson

Similar to the Maryland Parkway project, there is a substantial project on Boulder Highway in Henderson that will break ground this month. This $172M project is scheduled to take three years, and its number one priority is to improve the safety of the road. According to Mayor Romero, 25% of all fatal car accidents in Henderson happen on this particular 7.5-mile stretch of Boulder Highway. There will be a reduction in lanes in some areas for traffic-calming purposes, installation of a center run, dedicated transit lanes, widened sidewalks, etc. Once again, please note some construction delays are to be expected in this area as well.

Las Vegas home prices still hot
$475K median price just $7K off all-time high

By Patrick Blennerhassett - Las Vegas Review-Journal

Las Vegas home prices remain “hot” like the weather but sales dropped in June, according to new statistics from the Las Vegas Realtors.

The median price of an existing single-family house sold in Southern Nevada through the Multiple Listings Service in June hit $475,000, which is just $7,000 off the all-time high that was set back in May 2022. However, sales were down 12.8 percent from May of this year.

This is also a 7.7 percent increase in the average home sale price from June of last year and LVR President Merri Perry said the local market has been “outperforming” most of the country.

“Home sales have been down nationally and approaching some of the lowest levels on record,” Perry said. “Here in Southern Nevada, we’ve been selling more homes this year than we did last year. And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year. At the same time, we’re seeing more homes available for sale, which is good news.”

Homes are sitting on the market longer, as 4,114 homes were listed without any sort of offer at the end of last month, an 11.8 percent increase from one year earlier. The condo and townhome market has been even more abrupt, as there were 1,367 condos and townhomes listed on the MLS at the end of June without any sort of offer, a 47 percent increase from one year earlier.

Cash transactions for homes continued to climb as well in Southern Nevada as 26.6 percent of all local property sales were all cash, up from 25.1 percent a year earlier, but still far off from the record high that was set back in 2013 (59.5 percent).

Las Vegas finds itself in the middle of a housing crisis as Nevada is short more than 78,000 affordable rental units for extremely low income renters, according to estimates from the National Low Income Housing Coalition. Plus, the valley is landlocked with 88 percent of Clark County alone controlled by the federal government.

Redfin recently reported that national home prices broke all-time record highs at the end of June, and mortgage rates remained above 7 percent, which is up from a three month low of 6.9 percent at the start of June, but down from a five month high of 7.5 percent in early May.

The Las Vegas valley’s housing market has not cracked any of Redfin’s top five rankings for the past few months when it comes to major metros that have the largest month over month changes in median sale price, pending sales or new listings.

Contact Patrick Blennerhassett at [email protected]

RTC Maryland Parkway Project

The Regional Transportation Commission (RTC) broke ground this month on its massive Maryland Parkway project. This is a project that has been in the pipeline for years, and it will cost $378M, the largest project to date for RTC. It will completely revamp Maryland Parkway as well as add dedicated, rapid transit bus lines. The project will span a distance from the Harry Reid International Airport to the Las Vegas Medical District. It is part of an increasing push at the local level to invest in public transportation in Southern Nevada.
The project is set to conclude in 2026, and it will be completed in phases. Please also note that there will be significant construction delays in the area until then.

Capitalizing on Sections 1031 and 721 for REIT Investments – With a Look at the Potential Pitfalls

Navigating the complex terrain of real estate investment can involve sorting through rules for complex tax deferral strategies such as the 1031 exchange. While 1031 exchanges are an established tax deferral tool, there are other potential strategies that may be available to investors to defer capital gains taxation, such as the “721 Exchange.” Certain investors can use this strategy to invest in a REIT (“Real Estate Investment Trust”) after completing a 1031 exchange, an action that cannot be achieved directly through a 1031 exchange. This is typically accomplished via the investor’s acquisition of beneficial interests in a Delaware Statutory Trust (“DST”), which are later converted into REIT shares through a series of steps. For investors whose financial advisors have instructed them that REIT investment after an exchange will provide the best flexibility and tax advantages for their circumstances, understanding these mechanisms is essential to a successful transaction. However, there may be some downsides to REIT investment, which taxpayers should be aware of.

Understanding the Basics: REIT Interests Cannot be Exchanged Directly

A 1031 exchange, governed by Section 1031 of the Internal Revenue Code (“IRC”), allows a taxpayer to defer capital gains when selling investment property by reinvesting the proceeds into a new property of like kind. The exchange must occur within specified time limits, and both the relinquished and replacement properties must be real property, held for investment or productive use in a trade or business.

A REIT is an entity set up to own a portfolio of real property, and it operates and manages that property, distributing dividends to its shareholders. Acquiring shares in a REIT as replacement property in an exchange is not possible because those shares are not considered interests in real property for federal income tax purposes – the investor is deemed to own personal property, rather than a direct interest in the underlying real property. Personal property is excluded from 1031 treatment as of the Tax Cuts and Jobs Act of 2017. Nevertheless, there are potential pathways to enable integration of a 1031 exchange with REIT investments, such as by taking advantage of an UPREIT (“Umbrella Partnership Real Estate Investment Trust”) structure. In this structuring, a taxpayer can utilize Section 721 of the IRC, which allows for non-recognition of gain or loss when a taxpayer contributes property to a partnership in exchange for operating partnership units (“OPUs”). Read more on this process, below.

Why a REIT Investment?

There are some potential downsides to being invested in a REIT entity, as compared to a more typical investment in real property acquired through a 1031 exchange. Taxes are paid on dividends when a taxpayer owns REIT shares, and there is generally no exit strategy – once an investor has converted ownership of their property to UPREIT shares, the shares are considered personal property and not eligible for 1031 exchange. Some financial advisors find that REIT investment does not typically perform as well as direct investment in an individual property or a DST interest. That being said, there are certain advantages to REIT investments that may draw some investors to want to participate in a 721 Exchange UPREIT transaction. REITs can pay cash distributions and dividends to their shareholders – passive income can be a draw for investors. They also offer the possibility for an investor to more easily diversify their investments. With the ability to convert their ownership units in the UPREIT to common shares, they may have higher liquidity potential – those shares can be sold and converted to cash more easily than a typical real property interest. Ownership of operating units in an REIT is also easy to manage by heirs and executors in the context of estate planning.

As discussed above, REIT shares cannot be acquired through a 1031 exchange, as they don’t constitute real property for income tax purposes. An investment type that does qualify for exchange, however, is a beneficial interest in a DST. A DST is a unique type of investment trust established under the laws of Delaware. It is controlled by a third-party trustee with the beneficiaries considered the owners of the underlying portfolio of real property for income tax purposes. This was established in Revenue Ruling 2004-86, allowing a beneficial interest in a DST to qualify as like-kind real property in a 1031 exchange. DSTs are often favored by taxpayers identifying replacement properties in an exchange because of their ease and flexibility for identification purposes, the passive nature of the investment, and the ability to diversify their portfolio. However, DSTs typically only remain invested for a period of years. At the end of the investment period, the investor can complete another 1031 exchange if they wish to continue deferring taxation on their capital gains.

When a 721 Exchange Follows a 1031 Exchange

With all the above in mind, how might an investor in real estate defer capital gains through a 1031 exchange and still be able to invest in a REIT without triggering immediate capital gains liability?

The investor begins by selling their investment property and identifying potential DST replacement properties, owned by DSTs sponsored by an UPREIT, within the required 1031 timelines.
Some time after the exchange has concluded, or most typically, when the DST sponsor is preparing to sell an existing property or portfolio, the DST will roll over the investment into an UPREIT entity (which often owns other properties as well). In exchange for their beneficial interests in the DST, its investors receive OPUs in the UPREIT. This transaction falls under IRC Section 721, which allows for non-recognition of gain or loss for this sort of exchange of property for partnership interests (the “721 Exchange”). This step allows an investor to take advantage of an opportunity for investment in a REIT without triggering immediate tax consequences.
The OPUs can later be converted into REIT shares by the investors. However, the investor must pay capital gains taxes at the time of that conversion. REIT shares offer potential for income through dividends and growth in share value.
A future step can involve the conversion of the REIT back into a DST after a period of time. This conversion is particularly strategic as it positions the investor to potentially exit the investment through another 1031 exchange, thus continuing the cycle of tax deferral. However, this exit strategy is not available to an investor who has already converted their OPUs into REIT shares.

Final Considerations

The 1031 exchange to 721 exchange pathway involves several complex stages, requiring careful planning and advice from specialized tax advisors and legal professionals. Each step from the initial 1031 exchange, through selection, identification and acquisition of DST interests in the proper investment vehicle, to eventual conversion into OPUs and potential further conversion into REIT shares, must be meticulously structured and planned to comply with IRS regulations and to ensure the preservation of all desired tax benefits. Your tax advisors will help ensure you are asking the right questions to achieve your ultimate goal.

The integration of 1031 exchanges, UPREITs, and DSTs can provide a sophisticated strategy to manage and grow real estate investments while deferring taxes. This approach, while not suited for all investors, may offer benefits such as greater liquidity and diversification while reducing management burdens typically associated with direct property ownership. Moreover, for investors looking towards a gradual transition out of active property management or diversification into different markets without immediate tax implications, this strategy offers a compelling pathway. However, these goals might be achieved by investing in a DST without participating in a 721 exchange, and an investor may find it more advantageous to avoid a path where their DST interests are converted into OPUs. This article serves as an educational tool to help investors recognize opportunities and potential issues in their investment journey. For more detailed guidance tailored to a specific situation, consulting with a tax or legal advisor is strongly advised.

Safely Refinance a 1031 Property

Refinancing Before or After an Exchange

Seasoned real estate investors who want to completely defer capital gains through a 1031 exchange must understand one cardinal rule - if they receive cash at closing or if exchange proceeds are used for anything but like-kind replacement property, the transaction will be at least partially taxable. Due to this lack of access to cash from the sale of an exchanged property, many real estate investors plan to refinance the property immediately before their exchange to pull out equity (or, they plan to refinance their replacement property once acquired, immediately after the exchange concludes).

Although it is possible to refinance before or after an exchange without triggering a tax consequence, investors should carefully consider their options before doing so. The IRS has taken the position in some cases that the refinancing creates a taxable event in the exchange. Typically, this is the conclusion when the refinancing is done to avoid tax, rather than for a separate business purpose. Despite this risk, an investor should usually be able to refinance the relinquished or replacement properties and obtain cash without capital gains taxation, as long as they establish that the refinance had "independent economic substance."*



Another important note is that there is very little case law or indication from the IRS on whether refinancing after an exchange poses an issue, compared to the availability of cases discussing pre-exchange refinancing. It’s generally thought that the post-exchange refinance differs in that the taxpayer will retain responsibility for paying the post-exchange debt, whereas if refinancing the relinquished property, they’d be relieved of the obligation upon their sale of the property.** Thus, many tax practitioners believe that it is better to refinance the replacement property after an exchange rather than refinancing the relinquished property before an exchange. Certain taxing authorities, such as the California Franchise Tax Board, may look more critically at post-exchange refinancing, however.

Every situation is different, and investors should discuss their plans with their tax advisors, but the following suggestions may help investors structure a refinance so that the funds received are not taxable:



The loan should have a clear business purpose and that business purpose should be well documented in the investor's files. In other words, the refinance must have independent economic substance.
The refinance should occur as far away in time as possible from the closing of the relinquished or replacement property.
The refinance should be documented as a separate transaction and should not appear on the same closing statement as the closing of the relinquished or replacement properties. In a transaction where the taxpayer receives proceeds from a refinance in the same closing as its sales proceeds, those funds would be seen as taxable boot received from the sale.

In any event, it is important to consider the risks and discuss your plans with your tax advisor, in order to ensure that there are any unintended consequences to your exchange should you plan to refinance your investment property just before or after the transaction.

* See Garcia v. Commissioner of Internal Revenue, 80 T.C. 491, Tax Ct. Rep. (CCH) 39937, 1983 WL 14804 (1983).

** See Question A-2a of the American Bar Association's Report on Open Issues in Section 1031 Like-Kind Exchanges, 1992.

Nevadans,

Imagine a world in which landlords are forced to charge rents that are vastly below-market.



If you think that sounds like a blatant violation of private property rights, it is — yet some policymakers are saying it’s the solution to Nevada’s housing affordability crisis.



Landlords did not create the huge spike in housing costs. They should not be forced by the government to bear the cost of fixing this complex problem.



Help protect private property rights in Nevada:

Watch and share the fact-filled video message I posted on
Instagram: Click here

LinkedIn: Click here

YouTube: Click here

Forward this email to your friends and colleagues so they know the truth.


Visit TruthAboutRentControl.com to learn more about why rent control is wrong for Nevada.


Tiffany Banks, JD, CAE, RCE

Chief Executive Officer

Nevada REALTORS®

Summerlin wages tower over valley

By Patrick Blennerhassett - Las Vegas Review-Journal

The median household income in the master-planned community of Summerlin is well above the Las Vegas Valley’s average, according to new data from Applied Analysis.

The Las Vegas-based research firm’s statistics show the median household income in Summerlin is $100,579, compared to $68,275 in the valley. Approximately 6.3 percent of Summerlin residents make $500,000 or more, which is higher than the valley’s average at 1.7 percent.

About 77 percent of Summerlin’s population has “white collar” jobs compared with 55 percent for the entire Las Vegas Valley, and the majority of those workers (67 percent) are employed at private for-profit companies.

The three biggest fields in terms of Summerlin residents are management (16 percent), followed by health care practitioner/technician (10.5 percent) and business/financial operations (8.1 percent).

Brian Gordon, a principle with Applied Analysis, said more affluent families are now seeking out master-planned communities like Summerlin due to a wide range of amenities, development patterns and overall community feel. “

With about a third of Summerlin’s residents holding a bachelor’s degree or higher, educational attainment reaches more than two times the broader Southern Nevada market,” he said.

“The profile of Summerlin residents and local housing dynamics have also resulted in higher overall incomes, which stands at about one-and-a-half times the Las Vegas area.

Supporting the premium income levels in Summerlin is a strong presence of professions in management, health care, business, finance, legal and other professional roles.” Summerlin also has a higher rate of residents with bachelor’s degrees or higher education (30.4 percent) compared with the valley (12.6 percent).

The community also has a higher population of residents who are not currently in the labor force (42.4 percent compared with the valley (36.3 percent). According to data from commercial real estate brokerage Colliers — which includes

The Lakes with Summerlin in the same submarket — the southwest Las Vegas Valley now has the highest median household income in the valley.

The company’s first-quarter apartment market report shows the median annual household income in the southwest valley was $88,423, surpassing Henderson, where the median income was $86,682. In the first quarter of 2023 those figures were $90,531 in the southwest and $92,356 in Henderson

By Alex Veiga - The Associated Press

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall.

Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late last year. But those hopes faded as stronger-than-expected data on inflation and the economy clouded the timing of a possible rate cut by the Federal Reserve. By April, the average rate on a 30- year home loan moved above 7 percent for the first time since November.

That, plus record-high home prices, forced many would-be homebuyers to put their house hunt on hold. Economists are projecting mortgage rates will ease modestly by the end of this year. But a small decline in rates may not be enough to entice home shoppers and persuade homeowners it’s a good time to sell.

Here is a look at the key trends behind the housing market’s trajectory so far this year and what homebuyers and sellers can expect in the second half of 2024:

The spring season was a bust

On average, more than one-third of all homes sold in a given year are purchased between March and June. This is known as the spring homebuying season, and it’s been a downer in recent years.

Sales of previously occupied U.S. homes fell in the March-June period from a year earlier in 2022 and 2023. Sales declined in March, April and May of this year, and indications are that June saw a pullback as well.

The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7 percent; the supply of homes for sale is historically low; and home prices are at record highs.

High rates deter homebuyers

The average rate on a 30-year mortgage is at 6.95 percent, according to mortgage buyer Freddie Mac. That is more than double where it was in early July of 2021.

Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

The 10-year yield, which topped 4.7 percent in late April, has been mostly falling recently following some economic data showing slower growth, which could help keep a lid on inflationary pressures and convince the Fed to begin lowering its main interest rate from its highest level in more than 20 years.

Not enough homes for sale

Another impediment for homebuyers is the historically low inventory of homes on the market.

The good news: The number of homes on the market at the end of May was the most since August 2022, a trend that bodes well for homebuyers this summer. The bad news: The supply of homes available for sale nationally remains well below its pre-pandemic levels.

The supply of homes for sale across the U.S. was tight before Covid hit due to more than a decade of below-average new home construction and demographic trends that led to homeowners hanging on to their properties longer.

The large gap between current mortgage rates and where they were just three years ago (3 percent) has also discouraged many homeowners who secured rock-bottom rates from selling, what real estate experts refer to as the “lock-in” effect.

The price isn’t right

The national median sales price of a previously occupied home rose 5.8 percent in May from a year earlier to $419,300, an all-time high on records going back to 1999, according to the National Association of Realtors. It’s also up 51 percent from just five years ago. The price increases are slowing, however.

CoreLogic’s home price index shows U.S. home prices rose 4.9 percent in May from a year earlier, the smallest increase since October. The real estate data tracker forecasts that national home price growth will slow to 3 percent by next May.

Home prices are cooling as more homes sit on the market longer. Metro areas in Florida, Texas, Georgia and other states where home construction ramped up in recent years have also seen price growth ease.

How to protect your assests with digital will

Your first step in creating a digital will is to make an inventory list of your digital assets, which includes everything from hardware to email accounts. Here are a few categories to help kick-start your list:
• Electronic devices (computer, smartphone, tablet, external hard drive)
• Digital files (for photos, videos, or documents)
• Financial accounts (banks and brokerages, credit cards, cryptocurrency)
• Bill-paying accounts
• Social media accounts
• Email accounts
• Cloud storage accounts
• Movie or music streaming services
• Online purchasing accounts (such as Venmo or PayPal)
• Subscription services (magazines, newspapers, Amazon Prime, etc.)
• Reward programs
• Membership organizations (AARP, AAA, etc.)
When making your list, you’ll need to include usernames, passwords, PINs, account numbers, or security questions for accessing each account. Provide instructions on how you want your assets managed after your death. For example: Do you want certain accounts closed, archived, or transferred? Do you want specific files or photos to be deleted or shared with loved ones? Do you want your social media profiles memorialized or deleted? Be clear and specific about your wishes.
You’ll also need to appoint a digital executor to carry out your wishes after you die.
Store your digital will with your other estate plan documents in a fireproof safe, on your computer hard drive, with your estate planning attorney, or online at a reputable digital estate planning service such as Everplans.com or Clocr.com. But make sure your executor knows where it is and has access to it.
Also, remember to keep your digital will updated regularly when you create any new digital accounts or change passwords.

CelloTower high-rise to start construction this fall
Downtown project in Symphony Park
By Buck Wargo -Real Estate Millions

The Cello Tower high-rise condominium project announced it has sold 39 of its 240 units valued at $67 million as it prepares to start construction this fall ahead of a late 2026 opening. There are reservations for another 90 residences.

The 240 units in the 32-story tower are part of a larger mixed-use development in Symphony Park in downtown Las Vegas — a project coming at a time when demand for luxury condos is strong. Applied Analysis reported Las Vegas set an all-time record for the average sales price of $828,902 during the first quarter, a 42.5 percent increase over the first quarter of 2022.

The demand has contributed to price increases at the Cello Tower where last fall prices started at $700,000 for traditional units and $4.5 million for penthouses.

The prices now start in the upper $700,000s while penthouses start in the high $6-million-dollar range and go to just under $9 million, according to Patrick Brennan, CEO of Red Ridge Development, the developer of the project.

“As we continue to look at demand and adjust for construction pricing, we are already under contract for one of the penthouses that went for $8.9 million,” Brennan said. “There’s strong demand and market strength in other condo sales like with the Waldorf Astoria. For us, even with the price point we’re at, we’re price per square foot under the Waldorf Astoria and substantially more competitive than other new construction projects.

We’re also locking in our pricing now. We’re not going to be making adjustments during construction.”
Brennan said he’s not surprised by the record-setting prices for high-rises during the first quarter from where it was two years ago.

There’s increased demand with migration to Las Vegas aided by sports, the diversification of the economy and businesses relocating.

“I think we’re underserved in condo high-rise living and you’re going to see a lot more condo high-rises coming to the market as the demand for different real estate types will continue to increase,” Brennan said.

Cello Tower and the Four Seasons Private Residences under construction in MacDonald Highlands in Henderson are the first high-rises planned since the opening of Veer Towers in 2010. The most recent project completed is at the Summit Club in Henderson, but that has low-rise luxury condos in the golf course development.

Many of the Cello buyers are Las Vegas residents looking to move out of older high-rises and seeking updated amenities and finishes, Brennan said. Cello will have an elevated pool, pet spa, entertainment kitchen, and cold plunge while the overall development has a grocery store and other retail.

The project has attracted older residents who live in suburban homes who want to downsize, who want to be closer to work, who want to travel without worrying about their homes, and who want to be in a walkable community and take in the culture of Symphony Park, Brennan said.

“Our neighborhood of Symphony Park is quickly becoming the epicenter of Las Vegas,” Brennan said. “You have the Smith Center, the Frank Geary-designed Cleveland Clinic and now you’re going to have the Elaine Wynn Las Vegas Museum of Art. It’s all pretty incredible within the 61 acres of Symphony Park. It doesn’t feel like you’re living on top of the Strip. It has its own neighborhood. You have children playing in the Discovery Children’s Museum and people walking their dogs and running. It feels like a suburb, but it’s in the central business district in downtown Las Vegas.”

In addition to the 39 sales in which buyers select a unit and finishes, open escrow and put down a $10,000 deposit that is refundable to them if they pull out, there are about 120 priority reservations as well, Brennan said. By the end of the summer, buyers who put down deposits will be required to put down 20 percent of the purchase price that isn’t refundable.

About 30 percent to 40 percent of the buyers are expected to use cash, and Brennan said those who take out mortgages will be better positioned for lower rates in two years when they close.

“You’re locking in your price today but your closing isn’t occurring until 2026,” Brennan said. “If you look at what the Federal Reserve is projecting as far as interest rates by the end of 2026, that is a significant amount of reduction. From a timing perspective, it’s great for those who feel trapped and want to purchase a home but the interest rate is too high.”

Earlier this month, Brennan said they’ve submitted construction documents to the city of Las Vegas to obtain permits. The expectation is that the documents will be approved by August with construction starting in September.

The first phase will open during the fourth quarter of 2026 and the project will be completed by the second quarter of 2027. The development includes retail uses at the base of the tower with a grocery store.

There’s also an office building and 153 apartments above the retail area separate from the condo tower.