Las Vegas Real Estate News

LAS VEGAS, NV – $25 million has been approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club, currently owned by the city of Las Vegas, into the largest affordable housing project in the history of the state of Nevada.

The Desert Pines Redevelopment Project – located at East Bonanza Road and North Pecos Road, mainly servicing the residents of east Las Vegas – will be a master-planned community comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust as well as the Southern Nevada Building Trades Unions, reports say.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction. Phase one alone is expected to create 1,000 jobs, and later phases are said to provide as many as 2,475 construction jobs as well as 4,905 supplier and induced jobs.

The workers on the Desert Pines project are mandated to be comprised of at least 50 percent local Nevada state residents who must be paid state prevailing wages. Also, disadvantaged workers will be prioritized during the hiring process and 15 percent of all workers must be registered as apprentices.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report released by industry group Construction Coverage, the median apartment rent – that is, the number smack dab in the middle of the average – in the Las Vegas-Henderson-North Las Vegas metro area is just over $2,100 per month, making it the 20th-highest in the United States currently. 

The median apartment rent in Vegas is presently $2,107, which illustrates the steady increase in cost-of-living expenses in Southern Nevada recently. However, the region remains far more affordable than many other major metros in the nation.

In particular, the San Jose-Sunnyvale-Santa Clara metro area in California came in at the very top of Construction Coverage’s report, with the median apartment rent there hitting an astonishing $3,811.

Construction Coverage pulled the data used in their report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, and the following is a rundown of the median rental rates for a variety of apartment types in Las Vegas, from the cheapest to the most expensive.

• Median rent among all apartment types: $2,107
• Median rent for a studio apartment: $1,424
• Median rent for a 1-bedroom apartment: $1,598
• Median rent for a 2-bedroom apartment: $1,894
• Median rent for a 3-bedroom apartment: $2,654
• Median rent for a 4-bedroom apartment: $3,075

In addition, the state of Nevada overall placed 11th in the country with a median rent price of $2,031; this is in contrast to the national median rental rate of $1,865. Meanwhile, the top five states with the highest median rental rates are Hawaii at $2,909, followed by California at $2,803, Massachusetts at $2,461, New York at $2,335, and Washington at $2,295.

According to the report, the number of states whose median monthly rent exceeded $2,000 last year was nine; in 2024, that number increase to 12.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The prices of residential apartment units in Las Vegas high-rise buildings have continued to rise considerably despite the market currently experiencing its lowest number of sales since the advent of the 2020 COVID-19 pandemic.

According to a new report released by Applied Analysis, there were 499 high-rise unit sales in the third-quarter of 2024, with only 149 of those sales taking place during the normally-busy period of time between July and September.

Those numbers represent the slowest third quarter for high-rise units in Las Vegas since 2020, when only 125 were sold in the midst of the pandemic. In contrast to 2024, the third quarter of 2023 saw an impressive 567 units change hands.

But despite the decreasing number of sales, prices of high-rise units in Sin City continue to rise. In the third quarter, the average price of a unit was $633,619, which represents a 5.7 percent jump year-over-year, with the average in the third quarter of 2023 being $579,147. In addition, the overall average price per square foot between the third quarters of 2023 and 2024 rose from $484 to $531, an increase of 8 percent.

Instead, as opposed to residential-only units, Las Vegas in the third quarter saw comparatively stronger sales in the condo-hotel market, with MGM seeing the most at 29 sales with an average price of $402,309, followed by a second-place tie between Trump Las Vegas and Palms Place, each of which saw 15 sales, with price averages of $349,200 and $365,859, respectively.

Third place was Turnberry Place with 13 sales with an average price of $929,611, followed by Turnberry Tower with 12 sales and a $528,541 average, Sky Las Vegas with 11 sales and a $630,073 average, and finally Veer Tower with 10 sales and an average price of $705,900.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – While Las Vegas’ real estate scene showed a dip in activity leading up to the recent election due to the uncertainty surrounding its outcome, a new report indicates that local Realtors are “cautiously optimistic” when it comes to the potential impact that the upcoming Trump presidency could have upon the Southern Nevada marketplace.

When speaking to local media, many Vegas Realtors said that the real estate market experienced several months of slowdown while buyers set aside purchase plans until after the election, with the uncertainty regarding its outcome creating a sense of anxiety when it came to decision making for many. However, now that the election is over, there is a greater sense of clarity for many, and reportedly buyers and sellers in Vegas are once again ramping up their activity.

Following the region’s worst year for sales since 2008, Las Vegas has bounced back, with new listings pouring into the market and prices continuously rising to what may soon be a new all-time record high point. This is being fueled in-part by the end of the election – both the stock and cryptocurrency markets have responded positively to Trump’s return, reports say – in addition to a recent second rate cut by the Federal Reserve – 25 basis points – that is hoped will have an impact on home mortgage interest rates.

Many Realtors are saying that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his previous-revealed plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do come to pass – could lead to an explosion of new building activity in Southern Nevada and a plethora of new options for those looking to buy a residence.

However, some critics of Trump point out that his plan to impose expensive tariffs on imports could have a negative impact upon the housing market, as it could make housing construction more costly overall. In addition, his plans for mass deportation of illegal immigrants could also have a similar negative effect, as many currently work in construction trades.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Two new high-rise luxury apartment complexes in Las Vegas – the first such projects slated to be erected since prior to the mid-2000s recession – have driven home the very real demand for high-end accommodations in the city, with the two projects already fetching a combined total of over $600 million in sales before even a single brick has been laid.

Construction for the two projects – Four Season Private Residences Las Vegas in MacDonald Highlands in Henderson and Cello Tower in downtown Las Vegas – is planned to begin at the end of 2024. Four Season, with an anticipated completion date of late 2026, has nonetheless already recorded $542 million in sales, with 97 of the 171 units sold so far; meanwhile, the 240-unit Cello Tower has already exceeded $100 million in sales, reports say.

The two-tower Four Season project – designed by Wimberly Allison Tong &Goos (WATG) – will have residences that range from 2,279 square feet to 8,349 square feet and offer numerous luxury amenities, including semi-private elevators, private garages, furnishings by Wimberly Interiors, customizable terraces with outdoor kitchens, and social gathering and dining areas.

In addition, residents will have access to three multi-level resort-style pools, fine on-site dining and event spaces, while owners of larger units will have the option of having their own private outdoor pool.

Prices at the Four Season range from $3.67 million for two-bedroom units, all the way up to $28.95 million penthouses.

Meanwhile, the 32-story Cello Tower – located on the grounds of the Origin at Symphony Park mixed-use enclave in downtown Las Vegas and designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Recently, the Chair of Nevada Democrats’ senior caucus, Donna West, along with Assemblywoman Sandra Jauregui (D-Las Vegas), jointly announced that they will be drafting a new rent control bill that they will attempt to make into state law, despite the fact that Republican Governor Joe Lombardo vetoed an identical measure after it landed on his desk during last year’s legislative session.

The proposed legislation – titled AB298 – would limit the amount rent can be increased for senior citizens and individuals with disabilities to 10 percent. In addition, it would also require landlords to reimburse prospective tenants for any unused fees they are charged during the housing application process, such as those charged for conducting background checks if said checks are not, in fact, carried out.

The bill would also mandate landlords to list all charges and fees up-front in lease agreements.

The proposed bill is exactly the same as the one Lombardo gave the ax to in 2023 – then titled SB275 – after it had been approved by both the Nevada Senate and Assembly. The governor defended his veto at the time, claiming that rent control could result in housing shortages, less property maintenance, and lowered government property tax revenue.

Jauregui, however, said that the rising rents in Southern Nevada are causing financial hardship for many residents, and that rent control is one way to combat affordability concerns.

Over the past few years, housing costs in Nevada have skyrocketed, pushing too many people to the brink,” she said. “Every Nevadan is being priced out. One of the things that I heard when I was going door to door was, ‘Hey, I’m applying for a place and I’ve applied for 10 places, which is $100 per application, which is $1,000 that just ate into my security deposit.”

According to Rent.com, the current average apartment rent in Las Vegas is $1,288 per month, which represents a 0.6 percent decrease year-over-year; this number is 17 percent lower than the national average of $1,558.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new report by a local industry group, the prices of homes in Southern Nevada continued to drop in October for the second month in a row, while condominiums and townhomes – prices of which already hit an all-time high last month – continued to set records.

As per Las Vegas Realtors (LVR), the median price of a pre-existing, single-family home in Las Vegas in October 2024 was $475,531; this represents a $4,369 decrease from September 2024, when that amount was $479,900, itself a $100 drop from August. However, October’s house price numbers represent a 5.9 percent increase year-over-year from October 2023, when the price of a home was $449,000.

Currently, the region’s all-time record for single-family homes is $482,000, originally set in May 2022.

In contrast, October’s median price for condos and townhomes set an all-time record for the second month in a row, hitting $315,000 after reaching their highest level in history at $299,500 in September, with that number, in turn, surging a whopping $7,500 over August’s $292,000. October’s condo and townhome numbers represent a 14.3 percent year-over-year increase from October 2023’s price of $275,500.

LVR President Merri Perry Noted in a news release that many buyers had put their purchasing plans on the back burner while awaiting the outcome of the 2024 presidential election; now that that contest has been decided, she said she anticipates it to have a very distinct impact on the real estate scene, both in Las Vegas and nationwide.

It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans,” Perry said. “As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – One of the major hot-button topics that may affect the outcome of the 2024 presidential election on Tuesday is said to be the housing crisis currently plaguing the Las Vegas Valley – and the affordability concerns that are driving it – due to a growing lack of land available for new development, experts say.

According to John Tuman, Executive Associate Dean of the College of Liberal Arts and Professor of Political Science at University of Nevada, Las Vegas (UNLV), Latinos, who make up a rapidly-growing demographic in Nevada – 30 percent of residents currently identify as such, with the group estimated to contribute 20 percent of the state’s total votes in the upcoming election – have expressed concern inflation, rent, and housing affordability, with those factors said to be influencing their voting.

Normally, Latinos tend overall to vote Democrat, but recent polls indicate that former President Donald Trump has been making progress with this demographic while campaigning this year as opposed to his opponent, current Vice-President Kamala Harris, Tuman said.

There’s been a lot of debate about whether or not Trump has made inroads with Latinos nationally,” he said. “I think there is evidence that he has, but it’s very sensitive to the states that you’re looking at. Latinos as a group are not monolithic and the demographic composition of different Latino population varies across different states. And so I always try to caution, not to generalize for example from what we’re seeing in Florida or even in South Texas to Nevada.”

However, affordability concerns when it comes to housing isn’t confined to Latinos, Tuman said; indeed, people from all walks of life are expressing the same fears, with the recent number of Californians fleeing the high taxes in their home state for the lower cost of living in Nevada subsequently eating up housing inventory and driving up prices as a result.

We’ve had an influx of people from California who took equity out of their homes and then have driven up new home prices and also existing home prices in different parts of the Las Vegas metropolitan area,” Tuman said.

In addition, research suggests that in as soon as eight years, the valley could exhaust its supply of land for development unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing construction, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

The stance of both candidates on this topic this Tuesday represents a yet another huge factor when it comes to influencing the votes of Southern Nevada residents, with both stating they are in favor of releasing more federal land in the state for housing development.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – With both high housing costs and home mortgage rates driving affordability concerns upon the part of prospective home buyers, Las Vegas-based builders are hoping that the recent rate cut implemented by the Federal Reserve will make the act of purchasing a home in Southern Nevada more economically feasible going into 2025.

In a report released earlier in October, Las Vegas Realtors (LVR) stated that the cost of townhomes and condominiums had reached $299,500 in September, an all-time record high for the region. In addition, exiting single-family homes also approached record highs as well, reaching $479,900 in last month, just shy of the all-time record set in May 2022 of $482,000.

However, when it comes to the price of brand-new homes in the Las Vegas Valley, Home Builders Research reported that that number in September was $550,000 – yet another all-time record – which represents a year-over-year jump of 8 percent. New Townhomes also peaked in price in September at $393,990.

However, as time goes by and the Federal Reserve releases further cuts to interest rates, builders in Las Vegas anticipate not only the cost of constructing homes to correspondingly go down, but – most importantly – builders’ preferred lenders have the ability to offer buyers lower interest rates; those rates will only go down further as more rate cuts are implemented. This is opposed to sellers of existing homes, who would not have the luxury of lowered rates on par with those of new homes.

This, according to Charlie Dougherty, Wells Fargo Senior Economist, is why the new home market in Vegas is currently outperforming the existing home market; due to the lower rates, buyers are simply able to get more while comparatively paying less.

Builders are able to offer pricing incentives that bridge the affordability gap for buyers,” Dougherty said. “Builders have been able to offer a mortgage rate buy-down that helps attract buyers very concerned about affordability issues. Interest rates are certainly a big part of why existing home sales have been sluggish.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – According to a new study released this week, the number of new real estate agents entering the industry in Nevada is at the highest level in the entire nation, testament to the high level of property transaction activity within the Silver State.

As per a new study put out by Flatworld Mortgage Solutions – using data from the U.S. Bureau of Labor Statistics – about 1,140 new real estate agents joined the Nevada market from 2022 to 2023, the most out of any state in the country. Following up Nevada in a distant second place was Tennessee with 850, and in third place was Missouri with 770.

In contrast, California ranked highest among states that lost the most agents, with an astounding 8,160 heading for greener pastures during the time period of the study. Second highest in agents jumping ship was North Carolina with 5,870, followed by Texas with 3,190 and Florida with 1,350.

Flatworld Executive Vice President Rajeev Kumar noted that a variety of factors are figuring into the recent swell of realtors in Nevada.

Nevada’s leadership in real estate agent job growth could be attributed to its thriving economy, rapid population growth, and strong demand for housing,” he said. “The state’s favorable climate and relatively affordable living options may also make it an attractive destination, potentially driving increased investment and creating numerous opportunities for real estate professionals.”

In reaction to the story, Las Vegas Realtors President Merri Perry said that it was a clear indication that real estate growth in the Las Vegas Valley – in both the residential and commercial sectors – is still very much on the upswing.

Studies like this one suggesting that the number of Realtor jobs in Nevada increased through 2023 reinforce our state’s reputation for being a strong real estate market with a growing economy,” she said. “While the housing market may have slowed a bit in the past two years, LVR and its members still appreciate the fact that Southern Nevada has a range of advantages over other parts of the country.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – While still generally far more affordable than most other areas of the country, the cost of living in Las Vegas has come under scrutiny recently amid surges in both house prices and rent, but a new survey released by real estate company Redfin indicates that a recent increase in the number of housing units available on the market has led to a corresponding decrease in the amount of money that tenants are paying their landlords each month.

While not all renters are experiencing a drop in what they pay, many reportedly are; when Las Vegas Valley resident Erin Bernot was queried in a local media report, she noted that while her monthly payment had recently risen by nearly 20 percent – prompting her to move to a more affordable place – some friends of hers had experienced a significant drop.

I have been pretty much priced out. If I wanted to do another year lease, they wanted to raise it over 19 percent,” Bernot said, then relating the good deal her friend was offered in contrast to her own.

When he renewed his lease over on Flamingo (Road) here, they dropped his rent like $150,” she said.

Real Estate Advisor Ana Jaramillo, when asked for her assessment of the current situation in Southern Nevada, said that the entire region is an intricately intertwined financial ecosystem, with all aspects of it feeding into and influencing one another.

Ultimately, however, she said that increases in available housing supply have resulted in a recent downward trend in terms of rental prices.

The rental market affects the housing market as a whole. It’s all kind of intertwined,” Jaramillo said. “We have a lot of houses on the market right now to rent. So therefore, the prices of those rental properties have gone down.”

The median rent price for homes and apartments in the Las Vegas Valley in September was $1,475, which represents a 1.5 percent drop from August, according to a recently-published a study by Redfin; nationally, that drop was just 0.5 percent.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The real estate scene in Las Vegas always goes hot and heavy, but according to a new report, September 2024 was a standout month in terms of the sheer number of high dollar properties being listed for sale on the open market. Numerous luxury homes and condominiums were put up for grabs last month, ranging in price from $7.7 million all the way up to a whopping $15 million.

For the purposes of this article, we will be covering the top four most expensive listings in September, and what they offer for their respective price points.

The most expensive new listing was the aforementioned $15 million home located at 607 Alpine Summit Drive in The Peak at MacDonald Highlands, a guard-gated community in Henderson. Despite its hefty price tag, this custom, 8,200 square-foot custom Blue Heron home is still in the process of being built. It boasts six bedrooms, six-and-a-half baths and a five-car garage, in addition to a sky deck, a 1,324 square-foot pool and views of the Las Vegas Strip.

Up next is a $14.5 million listing at 64 Promontory Ridge Drive within The Pointe at The Ridges in Summerlin, a guard-gated golf course luxury neighborhood. This 10,591-square-foot mansion features six bedrooms, 10 bathrooms, a four-car garage, a theater, lounge with a full bar, chef’s kitchen and prep kitchen, and a home automation system.

Coming in third on our list is a $13.28 million, three-story condo at 4525 Dean Martin Drive in Panorama Towers Las Vegas. The unit has 8,000 square feet of living space with two bedrooms and five bathrooms, and has many opulent amenities including a spiral crystal staircase and hammered copper sinks. Residents also have access to Panorama Towers’ many perks, such as a fitness center, yoga studio, pool, private cabanas, spa facilities, massage rooms, a business center, theater and racquetball court.

And finally, we have 591 Cityview Ridge, which comes in at $11,499,999. Located in MacDonald Highlands in Henderson, this newly-constructed estate comes with five bedrooms and seven bathrooms, and is sure to wow anyone with its home gym with a sauna as well as a full kitchen, 65-foot infinity pool, Jacuzzi, two firepits, built-in backyard patio heating and barbecue.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.