Henderson

Showing properties 1 - 5 of 500+. See more city of Henderson real estate.
(all data current as of 2/6/2012)

  1. 4 beds, 3 full, 1 part baths
    Home size: 5,061 sq ft
    Lot size: 14,810 sq ft
    Year built: 2002
    Parking spots: 3
    Days on market: 0
    Walk Score®: 42
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  2. 4 beds, 3 full, 1 part baths
    Lot size: 38,768 sq ft
    Year built: 2012
    Parking spots: 3
    Days on market: 0
    Walk Score®: 25
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  3. 2 beds, 2 full baths
    Home size: 1,837 sq ft
    Lot size: 8,712 sq ft
    Year built: 1999
    Parking spots: 3
    Days on market: 0
    Walk Score®: 15
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  4. 4 beds, 2 full, 1 part baths
    Home size: 2,529 sq ft
    Lot size: 6,098 sq ft
    Year built: 2001
    Parking spots: 2
    Days on market: 0
    Walk Score®: 65
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  5. 3 beds, 2 full, 1 part baths
    Home size: 1,981 sq ft
    Lot size: 8,712 sq ft
    Year built: 1990
    Parking spots: 3
    Days on market: 0
    Walk Score®: 46
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Listing information deemed reliable but not guaranteed. Read full disclaimer.


Industial Assessed Values Down

The 2010-2011 tax rolls have been published by the Clark County assessor’s office, and they show that Las Vegas industrial space has been the poorest performing category in commercial real estate.

The assessed values for all property in Clark County fell 26 percent from $90.8 billion in 2009-2010 to $67.1 billion, and within this the assessed value of industrial land fell 20.5 percent from $3.1 billion to $2.5 billion. This is a sharper decline that in the commercial sector as a whole (down 15 percent), but it is still less of a decline that that of residential property, which dropped 26 percent from $48.4 billion to $35.7 billion.

Industrial assessed values fell 22.2 percent in Las Vegas, 22.2 percent in North Las Vegas, and 19 percent in Henderson. It is typical for changes in commercial real estate pricing to trail those in the residential sector, whether they will see the same steep declines of Las Vegas residential remains to be seen.


$11bn Hit to Clark County’s Taxable Base

In early March legislators finally filled the $887 million Nevada state budget shortfall, however, this is just a temporary measure to see the state through to 2011, and falling property values are impacting tax collections. Clark County has taken a $435 million hit on property taxes so far this year as a result of appeals being filed in relation to Clark County tax assessment rates.

Whilst many individual home owners are getting in on the act it is really the casinos and other commerical property owners that are having the biggest impact. Las Vegas Hilton’s assessed property value was dropped from $285 to $120 million, and Aliante’s was more than halved from $117 to $45 million. Even established communities in places such as Henderson are being impacted.

All 80 tax districts are facing the same problems, with 8,300 owners having filed appeals with the assessor’s office this year, compared to just 725 in 2007. In total the county is looking at a reduction of $11 billion in its taxable base. With just $16.2 billion of property values left to tax, and massive pressures on government spending, how long can Nevada continue without restructuring its tax system?


Homes for Sale in Henderson

When you look for homes for sale in Henderson today it is difficult to imagine that in the 1940s this was an industrial, polluted town. However, it has thrown off its grimy past and grown to a population of nearly a quarter of a million, some of whom live in Nevada’s most attractive neighborhoods: Lake Las Vegas, Seven Hills, MacDonald Ranch, Anthem, and Green Valley. Residents do not need to travel to the strip for casinos as there is the Green Valley Ranch Station and Sunset Station. When it comes to shopping the Galleria at Sunset is on a par with any major mall in the country.

Henderson started out a lot smaller that it is today, and it has grown from 13 square miles to 105 square miles. This growth has not been at the expense of the environment, and there are extensive green parks throughout the area. It all started back in 1910 when James Miller became the first person to live in the area when he homesteaded Jericho Ranch. By the 1920s the ranch was subdivided into Jericho Heights, and it later grew to become a community known as Midway City.  A temporary boost in Henderson’s development came with the 1931 building of the Hoover Dam. Constructions workers who could not afford Boulder City settled in Midway, however, as soon as the dam was completed in 1936 they left a ghost town behind them.

Midway City is what we know today as the Pittman area, and it was the first area to be settled. The second area, known as the Basic Townsite, was on a much larger scale. Magnesium was a very important metal in the manufacture of military equipment and in 1941 Basic Magnesium Incorporated (BMI) opened a factory at Basic Townsite. The construction of homes soon followed in the area that has since become downtown Henderson (the temporary housing that was built to house the workers in the early BMI days went to be used as low income housing into the 1970s). Charles B. Henderson, an Elko senator, was instrumental in providing a loan to BMI, and the town took his name.

With the end of the war, the demand for magnesium dropped out, and Henderson’s population shrank in the same way that it had after the completion of the Hoover Dam. The BMI plant shut, and, along with Basic Townsite, was eventually purchased by the state in 1948. With half of Henderson’s homes empty and a closed factory on the state’s books, something had to be done. Another war was around the corner, and with the start of the Korean War magnesium came back into demand. This meant the reopening on the old BMI factory, and in 1952 it was sold by the state along with the Townsite. With an instant increase in the number of private houses, Henderson incorporated as a city in 1953.

Henderson’s expansion came via acquisitions of land from the Bureau of Land Management, and most of the homes for sale in Henderson today are on what was previously BLM land. As the city acquired land from BLM it would sell it onto developers, and as the BMI plant grew so did the surrounding area. From 1960 to 1970 the population doubled to just under 24,000 and throughout the 1970s the city continued its expansion. This growth was led by industrial facilities such as the Levis Strauss warehouse that opened in 1978. As a result the city was functional rather than pretty, and it suffered from the effects of pollution. All this changed in the 1980s, when Henderson underwent an amazing transformation.

One of Las Vegas’s most prominent figures, Hank Greenspun, started the master-planned community of Green Valley, and this set the standard for all future developments thereafter. Greenspun assembled 3,500 acres over a 20 year period and then increased that holding when the city of Henderson sold him 4,720 acres. At the same time the 3,500 acres now officially became part of Henderson. The development did not get off to a flying start though as the first Green Valley developer built twenty houses, and then promptly went bust. Things picked up when Pardee Homes came in, and built 500 homes on 100 acres it acquired in 1977. Pardee was followed by the Collins Brothers, US Home, and Metropolitan Homes. The most significant development was the Green Valley Athletic Club in 1988, which added some much needed facilities. High end developments such as the Fountains and Ridges followed and Green Valley started to shape up as a rich master-planned community. Many people looking for homes for sale in Henderson restrict themselves to Green Valley, but other developments such as Seven Hills and Anthem, took the lessons of Green Valley and provide their own unique twist on living in Henderson.


Las Vegas Real Estate

Geography and Demographics of the Las Vegas Real Estate Market
The Las Vegas real estate market consists of land and properties in the Las Vegas metropolitan area in the Southern part of the state of Nevada. The Las Vegas metropolitan area is also known as the Las Vegas-Paradise-Henderson Metropolitan Statistical Area.

Metropolitan Statistical Areas are central urbanized areas consisting of a relatively high population density. They can be made up of multiple counties, but in the case of the Las Vegas metropolitan area consists of just Clark County, which is the 15th largest county in the U.S. and is made up of five cities: Las Vegas, Henderson, Boulder City, Mesquite, and North Las Vegas.

A central part of the metropolitan area is the Las Vegas Valley, a 600 square mile basin, which includes the metropolitan area’s largest city, Las Vegas. Las Vegas is the most populous city in the U.S. state of Nevada, and the 28th most populous city in the United States with an estimated population of 558,383 as of 2008.

The estimated population of the Las Vegas metropolitan area as of 2008, was 1,865,746. Back at the time of the 2000 census the racial makeup of the MSA was 71.58 White, 9.08% Black, 5.74% Asian, 0.79% American Indian and 12.81% of other or mixed race, and the median income for a household in the MSA was $44,616 and the median income for a family was $50,485. The per capita income was $21,785.

Economy of the Las Vegas Real Estate Market
Las Vegas is the entertainment capital of the world, and is home to fourteen of the U.S.’s fifteen largest hotels. The Las Vegas economy is driven by leisure and tourism, with the key employment sectors for the last decade having been construction, especially residential construction, and leisure and hospitality. The Las Vegas recovery will be driven by improvements in the national economy fueling tourism, and by the imbalances in the local housing market correcting. Economic recovery in Southern Nevada will probably lag behind the rest of the country as employment and wages will have to rebound nationally before visitor volume and gaming revenue can rebound locally.

Other sectors that male a contribution to the economy are conventions, shopping, and restaurants, and like casinos these are mainly fueled by tourists. The pro-business tax climate has seen the commercial sector steadily growing, and in addition to this government, the military and schools are significant employers.

The Las Vegas-Paradise MSA lost 58,600 jobs between May 2008 and May 2009, sending the unemployment rate to 11.1 percent. The largest loss of jobs occurred in construction (-17.3 percent), information (-10.9 percent) and professional & businesses services (-9.3 percent). Gaming revenues and visitor volume are down compared to April 2008, and only the deep discounts offered by local hotels have improved room occupancy. Multiple gaming companies are in default on their debt or declaring bankruptcy. Condo projects have seen their prices fall approximately 30 percent from their peak. Home foreclosures remain high throughout the Valley, and apartment occupancy is at its lowest level in 10 years.

All real estate sectors have grown with the economy: casinos have driven demand for off-strip warehouses; a growing business community has seen more offices being built; and retail has grown as a tourist attraction as well as to meet the needs of a rapidly growing population. The residential real estate sector has been hard hit by the recent economic downturn, and consists of a wide range of stock from single family homes, through to luxury condos.

Las Vegas Casino Industry – the commercial real estate driver
In the first six months of 2009 Nevada’s gaming revenues were down 13.5%, and 14.7% on the strip. In June the state’s gaming revenue sunk to 2004 levels: casinos collected $818.2 million from customers in June, which is a 13.8% decline from June 2008, and is the 18th straight monthly decline. On the Strip gaming revenue fell 14.8% in June to $414.5m.

A lot of Las Vegas’s appeal is based on the discretionary income that had increased through stock heavy 401Ks, home value increases, and easy lending practices. This lead to a building boom and focus on higher end casinos.

Las Vegas is more highly correlated with the national economy than it was previously because of its reliance on this discretionary income which has been eroded by the current recession. The wealth effect that drove Vegas’s boom is unlikely to come back quickly, particularly in the middle-market segment of customer.

The way that Las Vegas has traditionally worked is to have each building cycle create it in demand. But the idea of “build it and they will come” is clearly not something that will work in the current environment, and there is a significant supply of housing coming online.

Basically the industry built some very grand casinos based on average room rates in excess of $250 per night and with easy access to financing. With room rates below half that target the debt is becoming harder to service, and it may be the case that the cost structures are unsustainable, and that the next few years will witness collapses and changes of ownership. It may the case that the bull cycle owners go bust, and it is the next owners that make the money.

The Las Vegas Office Real Estate Market
There is 32 million square feet of offices over 10,000 square feet in Las Vegas, excluding those which are owner-occupied, or medical office buildings. Whilst one million square feet of office space was built in 2008, this was just 37% of 2007 levels. Vacancies in offices stood at 17% by the end of 2008.

The Las Vegas Retail Real Estate Market
There is 61 million square feet of off-the-Strip non-owner occupied retail buildings larger than 20,000 square feet. Vacancy in retail space stood at 9.9% at the end of 2008, which is double the rate at the end of 2007. With rising unemployment, and a fall in the discretionary spending of consumers the retail sector has been hard hit.

Las Vegas Residential Real Estate Market
In July foreclosure filings were up 32% on the same time a year earlier, and Nevada had the nation’s highest foreclosure rate for the 31st straight month. Deutsche Bank estimates that the MSA of Las Vegas-Paradise has 81% of homeowners who own homes valued at less than is owed on them, and it predicts that this will increase to 90% by the first quarter of 2009. These price pressures are likely to drive an increase in foreclosures. In the multi-family home sector vacancy rates increased from the average of 7.68% in 2007 to 8.76% in 2008. In the Class A sector the vacancy rate for apartments was 7.80%, Class B was 9.26% and Class C was 9.04%.

The Las Vegas Industrial Real Estate Market
Of the 102 million square feet of industrial real estate in Las Vegas, approximately 35 million is warehouse distribution, of which 40% is Grade A quality. Typical warehouses are around 100 to 250,000 square fee, but there are also larger distribution centers, and industrial parks of multiple buildings. North Las Vegas and the South West are the dominant sub-markets. In addition to servicing the Las Vegas MSA population of two million, and its massive hotel industry, the warehouses are used as regional distribution hubs for the 11 south-west states that can be reached overnight.