Downtown envisioned for Pahrump — how it’s coming together
Downtown envisioned for Pahrump — how it’s coming together Robin Hebrock/Pahrump Valley Times Pahrump Valley Main Street has designated the stretch of Highway 160 from Calvada Blvd. to just past Basin Avenue as the area's "downtown", where the focus of the group's revitalization and beautification efforts will start. By Robin Hebrock Pahrump Valley Times August 27, 2024 - 2:11 pm In 2017, the Nevada Governor’s Office of Economic Development (GOED) established Nevada Main Street and the program has quickly grown to include more than two dozen active Main Street organizations all across the state, the newest of which is launching right here in Pahrump. “Being part of this program, it’s so valuable,” Donna Corey told the Pahrump Valley Times. “Particularly for the rural areas of the state. Through this program, members can have access to some funding, to some training, to a strong format by which they can help the businesses that exist to improve the look and the feel of their downtown areas.” Corey is the assistant executive director of Southwest Central Regional Economic Development Authority (SWCREDA), which falls under GOED. As such, it is part of Corey’s mandate to assist with creating the local Main Street organization. She is now a member of the newly formed Pahrump Valley Main Street Board of Directors, along with SWCREDA President Roy Mankins, Great Basin College Pahrump Director Chris Salute, community activist Dr. Tom Waters and town of Pahrump tourism director Arlette Ledbetter. Acting as a liaison of sorts for the board is Jaynee Reeves, who works as an administrative secretary for the county and town. Selected as the director for Pahrump Valley Main Street is Karen McHale, a real estate agent with a background that includes accounting. She’s also a retired engineer who worked in construction project management for many years. “So I know how to estimate everything, how to put the projects together. If we need permits or anything like that, I know how to do all of that,” McHale said. Now that the organization’s by-laws have been written and its nonprofit paperwork filed, the board can get down to the business of picking projects to pursue. They’ll be starting with small initiatives, mainly aimed at beautification, McHale explained. As it stands today, Pahrump doesn’t have a formal “downtown” area and that’s something Pahrump Valley Main Street aims to change. “We’ve designated a ‘downtown’ and we’ll begin to work to give it that feel, as much as we can,” Corey explained, noting that the stretch of Highway 160 from Calvada Blvd. to just past Basin Avenue has been selected for Pahrump Valley Main Street’s focus. The group is also eyeing the stretch of Calvada Blvd. from Highway 160 to Pahrump Valley Blvd. as a possible future arts district and looks to include businesses along Highway 372 in its efforts, too. “There’s been a lot of brainstorming and we have a long list of things we could do, so we’re going to pick a few small things to focus on first. We’ll then have to develop those out. We need to figure out what we need, how much it’s going to cost, who is involved - is it county, is it NDOT, is it private? — and then we have to get funding,” McHale added. The Nevada Main Street program offers its own funding opportunities, with $663,000 awarded to 16 different Main Street organizations this year alone. That allotment included almost $50,000 for Tonopah Main Street for downtown park storefront improvements. McHale said she intends to apply for Nevada Main Street funds in the 2025 grant cycle but she’ll be looking into much more than just this. “We can also go after all kinds of other grants,” McHale, who has grant writing experience, remarked. “So I’ll be going out there to see what other funds we can pull in as well.” The domain name for the pending website PahrumpValleyMainStreet.org has been secured and the board will be holding formal meetings once a month moving forward. McHale noted that board intends to work closely with as many local partners as it can to achieve the greatest outcome for the community. For more complex projects, the board will also be forming sub-committees that will offer a chance for local stakeholders to get directly involved. For more information on Pahrump Valley Main Street contact Corey at Corey.SWCREDA@gmail.com More on the state program can be found at GOED.NV.gov Contact reporter Robin Hebrock at rhebrock@pvtimes.com Nevada Main Street projects funded in 2024 The Nevada Governor's Office of Economic Development was excited to announce that nearly two dozen projects were funded under the Nevada Main Street program in 2024, with at least one project in each of the 16 communities that applied. Awardees included: • Downtown Reno Urban Main Street: multi-purpose Main Street clean fleet - $45,442 • Eureka Main Street: downtown sign project and downtown art installations - $18,734 • Main Street Fernley:, Main Street Park high visibility crosswalks - $28,000 • Goldfield Main Street: Goldfield town square, Goldfield Gazette, and Goldfield town square fence - $32,901 • Hawthorne Main Street: The Plaza on Main Street - $49,353 • Jackson Street Alliance: modular office project – $50,000 • Main Street Boulder City: historic landmark installation - $38,000 • Main Street Gardnerville: façade improvement grant program, Heritage Park gardens, and open-air market - $50,000 • Main Street Winnemucca: Winnemucca mural and music festival - $50,000 • Mesquite Opportunities Regional Fund: Mesquite Corridor plan - $33,800 • MidTown Reno: MidTown welcome center – $45,000 • Moapa Valley Revitalization Project/Moapa Valley Main Street: St. Thomas Historic Community Garden - $50,000 • Tonopah Main Street: Downtown Park, storefront improvement grant - $49,722 • Virginia City Main Street: website development, and community engagement program - $22,000 • Wells Main Street: complete Main Street retail center - $50,000 • White Pine Main Street: façade improvement program - $50,000
The Real Story Behind What’s Happening with Home Prices
The Real Story Behind What’s Happening with Home Prices If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move. As a buyer, you might be worried about paying more than you should. And if you're thinking of selling, you might be concerned about not getting the price you're aiming for. So, here's a quick breakdown to help clear things up and show you what’s really happening with prices—whether you're thinking about buying or selling. Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they're not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear: But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago. What’s Next for Home Prices? It’s All About Supply and Demand You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market. Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said: “. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further. Why You Should Work with a Local Real Estate Agent While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What's happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it's crucial to get local insights from a knowledgeable real estate agent. As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area. So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs. Bottom Line Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.
What Mortgage Rate Are You Waiting For?
What Mortgage Rate Are You Waiting For? You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below): And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect. Expert Projections for Mortgage Rates Experts say the overall downward trend should continue as long as inflation and the economy keeps cooling. But as new reports come out on those key indicators, there’s going to be some volatility here and there. What you need to remember is it’s not wise to let those blips distract you from the larger trend. Rates are still down roughly a full percentage point from the recent peak compared to May. And the general consensus is that rates in the low 6s are possible in the months ahead, it just depends on what happens with the economy and what the Federal Reserve decides to do moving forward. Most experts are already starting to revise their 2024 mortgage rate forecasts to be more optimistic that lower rates are ahead. For example, Realtor.com says: “Mortgage rates have been revised slightly lower as signals from the economy suggest that it will be appropriate for the Fed to begin to cut its Federal Funds rate in 2024. Our yearly mortgage rate average forecast is down to 6.7%, and we revised our year-end forecast to 6.3% from 6.5%.” Know Your Number for Mortgage Rates So, what does this mean for you and your plans to move? If you’ve been holding out and waiting for rates to come down, know that it’s already happening. You just have to decide, based on the expert projections and your own budget, when you’ll be willing to jump back in. As Sam Khater, Chief Economist at Freddie Mac, says: “The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move.” As a next step, ask yourself this: what number do I want to see rates hit before I’m ready to move? Maybe it’s 6.25%. Maybe it’s 6.0%. Or maybe it’s once they hit 5.99%. The exact percentage where you feel comfortable kicking off your search again is personal. Once you have that number in mind, you don’t need to follow rates yourself and wait for it to become a reality. Instead, connect with a local real estate professional. They’ll help you stay up to date on what’s happening and have a conversation about when to make your move. And once rates hit your target, they’ll be the first to let you know. Bottom Line If you’ve put your moving plans on hold because of higher mortgage rates, think about the number you want to see rates hit that would make you re-enter the market. Once you have that number in mind, let’s connect so you have someone on your side to let you know when we get there.
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