It’s no secret that downtown Las Vegas has entered a new era. Beyond the iconic Fremont Street experience, locals are flocking to the trendy bars, health-inspired restaurants and the many street fairs that are popping up regularly. The downtown transformation from shabby to chic has also influenced the popularity of surrounding neighborhoods.
What once was old and outdated, are now in high demand and seeing incredible renovations.
Rancho Nevada Estates, approximately 3.5 miles up the road, is a great example! Developed in the early 1970’s, Rancho NV Estates includes 148 custom mid-century homes.
Ranging from 2,000 to more 6,000 square feet, many of these homes have seen facelifts over the past 5-10 years. The central location is a pivotal draw for the neighborhood, as well as the unique retro architecture.
Similar, nearby historic neighborhoods such as Alta District, Rancho Bel Air, and Scotch 80’s, have also seen a similar uprising trend. Renovations combined with an increased desire to be near the action of Downtown Las Vegas is notably reviving these communities.
We are also noticing that the buyer profile for these older, remodeled homes is increasingly young, tech-savvy professionals. Typically, from our number one feeder market, California. Like many growing metropolitans, young adults see value in living close to the entertainment scene, as well as, close proximity to work.
In addition, they prefer recently updated, move-in ready properties and are willing to pay the price for the convenience. This is a big incentive for investors and developers to rehab these downtown properties.
For example, Blue Heron, an architecture, and design firm, recently developed a boutique subdivision near the downtown area named mid-town modern. The community offers a cool, contemporary vibe right in the heart of the city. I was the first outside agent to bring a buyer, a tech-professional from Palo Alto, CA.
Several significant sales in the past year have showcased the incredible potential for revitalization and value in the area.
2981 Pinto Lane, Historic Alta District – Sold for $4.5M! The sale came in at $542 per square foot, a price comparable to many guard gated neighborhoods in Summerlin. This exceptional private compound included just under an acre of lush, mature grounds and a retro residence that has been beautifully maintained.
3020 Campbell Circle, Rancho NV Estates – Sold for a record-breaking $1.85M! More than double any other sale in Rancho NV Estates in the last 8 years. What makes this home so special? Unbelievable interior design. This gorgeous, Santa Barbara-inspired home received a remodel that went all the way down to the studs.
4 Crescent Drive, Scotch 80’s – Sold for $865,000 in just 10 days! Truly a one-of-kind mid-century style home that was modernized in all of the right ways. The sellers purchased the property in 2008 at the height for $605,000.