Las Vegas Currently Has Lowest Number of New Home Listings Year-Over-Year Nationwide

LAS VEGAS, NV – According to a new report by online real estate brokerage Redfin, in June 2023 Las Vegas’ real estate marketplace experienced the largest year-over-year decline in the number of new home listings when compared to the rest of the nationwide market. 

Las Vegas came in first out of the 50 biggest United States metro areas when it came to the decline of new home listings in June, with a 47.5 percent decrease when compared to the same period of time one year prior. The remaining cities in the top five, in order, were Phoenix, Arizona (41.1 percent), Riverside, California (36 percent), Oakland, California (34.9 percent) and New Brunswick, New Jersey (34 percent). 

The main reason attributing to these numbers is due to a general lack of inventory of new homes across the country, with the resulting demand beginning to reignite a phenomenon that existed during the pandemic where homes are once again starting to sell for more than their initial asking prices.  

Redfin noted that the average sale to list price ratio has hit 100.1 percent, the first time this has occurred in almost a year. 

A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25 percent from a year ago and the total number of homes for sale down 12 percent as homeowners hang onto relatively low mortgage rates,” the report says. “Despite the double dilemma of low inventory and high prices, early-stage homebuyer demand is picking up.” 

In addition, Las Vegas also came in second among metro cities in terms of the biggest year-over-year drops of home sale prices in June; first place in that category was Austin, Texas, which saw a 9.8 percent decline when compared to June 2022, followed by Vegas (7.6 percent), Detroit, Michigan (6 percent), Oakland, California (5.9 percent)m and Fort Worth, Texas (5.7 percent). 

The top cities that saw the largest year-over-year home sale price increases were, respectively, Milwaukee, Wisconsin (11.2 percent), Providence, Rhode Island (8 percent), Newark, New Jersey (6.3 percent), Miami, Florida (6.2 percent) and West Palm Beach, Florida (5.5 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 – With the rental market in Las Vegas growing by leaps and bounds as of late, this positive situation has unfortunately also given rise to an equally hazardous one – an exponential increase in the number of rental scams, which have already cost would-be renters of homes and condos in the valley thousands of dollars. 

Patsy Wagner had wanted to move to Las Vegas; unbeknownst to her, the individual she contacted about a home they claimed to be renting was a scammer, who took her for a $950 down payment but then never showed up at the address to meet her in person. 

I cannot tell you how many times I sat there for two hours waiting for this scammer to show up and never showed up. He had excuses,” she said. “I never thought this would happen to me. I’m supposed to be smarter than that.” 

Unfortunately, Wagner’s experience mirrors that of a growing number of people in the Las Vegas real estate market as of late; experts say the problem is mainly caused by people who are not utilizing licensed realtors when looking for a rental. 

If they would have used a licensed realtor, I’m pretty confident that maybe none of them would have been scammed,” said one local realtor, who noted that he had had six clients who had come to him after being scammed out of as much as $3,000 beforehand. 

Many scammers prey upon their victims by creating a “phantom rental,” which is essentially a fake listing; some of them even manage to gain access to lock box codes to show houses to individuals who are interested in renting them, which adds a veneer of legitimacy to their attempted grift. 

Expert say that the best way to avoid being scammed when looking to rent a house or condo is to only deal with a licensed realtor, and to try not paying any money up front if possible. In addition, never wire money, don’t provide a security deposit or first month’s rent before signing a lease, and be especially wary of property owners or realtors who do not wish to meet you in person.  

In addition, if you are the victim of a scam, you can report it to the Better Business Bureau of Southern Nevada by clicking here. 

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 national property broker Redfin, Las Vegas, Nevada is currently among the top three destinations for family relocations in 2023 so far. 

The report notes that currently, a record number of metro-based homebuyers – 25.4 percent, to be exact – across the country are looking to pull up their roots and move to a different metro area, representing an increase year-over-year from 23 percent in 2022 and less than 20 percent prior to the COVID-19 pandemic. 

The main driving force behind the increase in migration for American families is the fact that mortgage rates are currently at record highs, driving up prices of housing and greatly increasing the need for many to move to more affordable areas where they can get more bang for their buck. 

The order of the top three areas where families are relocating to, according to Redfin, are Phoenix, Arizona; Las Vegas, Nevada; and Miami, Florida. These three cities have grown greatly in popularity because the average home is significantly less expensive than in major coastal metropolises such as New York or San Francisco, where the cost of housing has made life almost impossible for many middle-class families. 

However, despite Phoenix, Las Vegas, and Miami topping the list of the most attractive places for families to relocate to in 2023, Redfin notes that the overall number of homebuyers looking to relocate to new metro areas has actually decreased year-over-year by 7 percent – the biggest decrease on record so far – due to the fact that current skyrocketing mortgage rates have put off many Americans from actually purchasing new homes these days. 

However, the report notes that if people are willing to relocate, then they’re willing to move as far as it takes in order to score a bargain; in contrast, the number of homebuyers looking to relocate within their own home city or town has decreased also by a record-breaking level, in this case a whopping 18 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 – Being a landlord of a rental property typically comes with many responsibilities, and one of the major ones is dealing with regular upkeep, maintenance, and repairs that will inevitably be required as a result of not only normal wear and tear, but tenant negligence, acts of nature, or a variety of other factors. Issues could range from a leaky faucet or broken water pipe all the way up to replacing an HVAC System or even an entire roof.  

But while approaching a maintenance or repair job may seem fairly straightforward to the uninitiated, exactly who a landlord chooses to employ to go about it can have major financial repercussions for them, as well as their management company, if they are not familiar with the laws in their state that mandate licensure requirements based on the size and complexity of the job at hand. 

The Nevada State Contractors Board (NSCB) is a quasi-governmental consumer protection and advocacy agency empowered by the state – according to their website – to ensure “the integrity and professionalism of the construction industry in Nevada. The NSCB has the responsibility to promote quality construction by Nevada licensed contractors through a regulatory licensing system designed to protect the health, safety and welfare of the public.”

Essentially, the NSCB is tasked with “determining the qualifications of applicants prior to licensing, setting forth conditions for licenses, such as limiting the field and scope of the operations of a licensed contractor, bond requirements and establishing maximum contractual limits.” The NSCB is also empowered to create rules and regulations governing the construction industry within the boundaries of the state, and is able to enforce them by levying penalties upon violators, such as fines and other punitive measures.

One particular aspect of NSCB regulations that Nevada landlords should be especially careful to abide by comes to the type of individuals or companies they employ when conducting repairs on their rental properties. While a local handyman who does not meet specific NSCB licensing requirements may be acceptable to conduct minor maintenance or repairs upon a property, any work that goes above the value of $1,000 – and if it requires a specialty license such as electrical, plumbing and heating, refrigeration and air conditioning, roofing and siding, or so on – must be carried out by NSCB-licensed contractors who are considered experts at their respective trades.  

Not adhering to this important aspect of Nevada state law (NRS 624) can see a landlord slapped by the NSCB with numerous penalties, including significant fines and more.

Landlords should also beware of repairmen who tout themselves as being a “licensed handyman,” as no such thing actually exists within the state of Nevada. While anyone conducting business in the state must possess a business license, this is not the same thing as having a contractor’s license granted to qualified individuals or companies by the NSCB. Based on this fact, the scope of services that a handyman is able to provide in the state is curtailed by law, and attempting to circumvent that law for any reason could result in serious consequences. 

For one, a landlord could find themselves fined or otherwise penalized by the NSCB, as mentioned earlier in this document. But perhaps even more importantly, work carried out by an unlicensed handyman who does not meet the skill requirements mandated by state law could potentially carry out extremely shoddy repairs that ultimately could result in additional expenditures down the line at best, and potential danger to a landlord’s tenants and/or property at worst. 

Under Nevada state law (NRS 624.031), there are also numerous aspects of home repair and maintenance that are illegal to be carried out by a handyman, unlicensed contractor, or homeowner who intends to either sell or lease the residence within one year. These illegal acts include work normally performed by a licensed Plumbing, Electrical, or HVAC contractor; any work that requires an official permit to carry out; a job where the combined cost of material and labor are in excess of $1,000; and any work related to safety measures. 

Also, according to the NSCB, contracting without a license is considered a crime in the state of Nevada; as per the agency’s website, “It is unlawful for any person or combination of persons to engage in the business or act in the capacity of a contractor within the state of Nevada or submit a bid on a job situated within this state without having an active license.”

The first offense is a misdemeanor, second offense a gross misdemeanor, and third offense a Class E felony, according to the NSCB. 

As you can see, the facts clearly speak for themselves; a properly responsible landlord should always leave major repair work to properly licensed professionals, without fail. Cutting corners with a handyman just to hold onto a few bucks or avoid red tape can cost you way more than you save in the long run. 

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 – Out of the record-breaking 75 bills that were vetoed by Nevada Governor Joe Lombardo in June that pertained to housing in the state, the lone piece of legislation that he signed into law at that time – SB 381, which prevents landlords from charging tenants certain fees to perform repairs – is officially due to take effect on July 1. 

SB 381 officially mandates landlords to not charge their tenants any fees for repair work or regular maintenance required by Nevada state law, as long as the reason for said work is a part of normal wear and tear or are issues that otherwise occur naturally over the course of time. 

However, if the repairs or maintenance or as a result of purposeful action or negligence on the part of the tenant, their occupants or guests, then the landlord is allowed to charge any fees that are deemed necessary for the work involved to restore the property to its previous state. 

As per the new law, Nevada landlords are unable to recoup the costs of repairs from their tenants by either a “pass through” – meaning a combination of interchange fees, assessment fees and payment processor fees that can be bundled together or itemized on the monthly rental bill and charged to the tenant – or by direct reimbursement, as long as the repairs in question are required by law to be paid for by the property owner. 

One major aspect of the law that must be highlighted is that SB 381 only applies to fees and costs associated with habitability – defined in NRS 118A.290 – which maintains that the landlord “shall at all times during the tenancy maintain the dwelling unit in a habitable condition.” This concerns keeping the property in suitable or good enough condition to live in, such as ensuring proper waterproofing, plumbing is in working order, adequate heating and electrical, and so on.  

That being said, landlords should still be allowed to charge fees for issues not related to habitability, according to legal experts.  

Property owners and managers are encouraged to seek out legal counsel to ensure that their paperwork and practices are in compliance with SB 381, and make revisions where needed. 

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 – Las Vegas commercial real estate developer Rob Lauer on Tuesday reportedly began attempting to gather investors to put up $310 million to construct a private spaceport in Clark County. 

If his endeavor is successful, Lauer plans to use the investment capital to form a publicly-traded company that would build the Las Vegas Spaceport, an extensive facility which would consist of a launching pad, a runway for spaceplanes, a control tower, a flight school, and a 200-room casino resort. 

The spaceport is slated to be built on a 240-acre plot of land located between Las Vegas and Pahrump that Lauer previously purchased in November 2022, and the developer notes that this is a long-term project for him, having already been brainstorming the details for the past year. 

Currently 37 companies are in the process of developing aircraft, and Lauer anticipates at least one of them being able to develop a vehicle within the next decade that would be able to achieve Earth orbit in order to begin a wave of so-called “space tourism,” including the possibility of such vehicles visiting an orbiting hotel. 

Lauer said that the location outside of Las Vegas that he has picked for the spaceport is perfect due to the fact that the city attracts millions of tourists on an annual basis, with many of them willing to shell out big bucks in order to enjoy a unique travel experience. 

The forward-thinking entrepreneur said that safety will be of a paramount concern to the facility, and to that end Lauer noted he has extensively consulted with numerous aerospace experts in order to educate himself on the best way to build the Las Vegas Spaceport from the ground up. 

However, despite how impressive Lauer’s plans may look on the surface, Amanda Bellarmino, an assistant professor at UNLV’s William F. Harrah College of Hospitality, said that they realistically don’t appear to be feasible for a number of reasons. 

The challenges I see with space tourism are safety concerns and cost. Right now it seems like an activity for a few very wealthy people,” she said. “There would also be safety concerns, especially with the recent tragedy with the Titan submersible. Unless there is the type of changes we saw with airline travel in the early 20th century in terms of safety and cost reduction, I do not think it will have mass appeal.” 

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 – Actor Dean Cain – who grew to national fame playing Superman in the popular television series “Lois and Clark” in the 1990’s – is the latest example of California residents leaving their home for the improved quality of life offered by the neighboring state of Nevada, with Clark County property records showing that he closed on a $4 million home in Las Vegas’ Henderson suburb late last month. 

In a recent interview, Cain said that he enjoyed living in California but had decided to move from Malibu to Las Vegas because he was beginning to find the political climate in the Golden State becoming unbearable for his tastes.  

However, the actor recalled thinking “I believe I’ve done a very, very smart thing” almost immediately after moving to Southern Nevada. 

I love California. It’s the most beautiful state. Everything’s wonderful about it except for the policies. The policies are just terrible. The fiscal policies, the soft-on-crime policies, the homelessness policies,” Cain said. “If I wanted to do anything out of Malibu, it took me 45 minutes to an hour to get anywhere. Here, the longest I’m driving is 20 minutes.”  

Cain sold his ocean-view Malibu home in May for $6.25 million, a $1 million reduction from his original asking price. His new residence, located within Henderson’s guard-gated Terracina at Seven Hills development, comes in at 6,600 square feet with five bedrooms, seven bathrooms and a three-car garage, boasting modern, contemporary architecture with views of mountains, city lights, and the famed Las Vegas Strip. 

The interior, which is accessed through a walled courtyard with an elegant “walk on water” entrance, boasts high ceilings and glass walls, with a great room with two fireplaces and three wall mounted televisions and a huge gourmet kitchen. Other high-end amenities include an elevator, movie theater, glass and closed wine cellar, a game room, and a backyard putting green. 

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 planned move of the Oakland Athletics to Southern Nevada took one more step to reality as the Nevada state legislature approved on Wednesday the expenditure of up to $380 million in public funds for the construction of the Major League Baseball team’s proposed new stadium on the Las Vegas Strip.

Senate Bill 1 was approved by the Nevada Senate on a vote of 13-8, after which it was sent to the State Assembly, where it also passed on a 25-15 vote. From there, it is slated to the head to the desk of Governor Joe Lombardo where he is expected to sign it into law, given the fact that he has been steadfastly in support of the project since its inception.

Once Lombardo signs the legislation, as much as $380 million in public funds will be earmarked for the A’s new stadium; in addition, the project in its current form could potentially also receive up to $180 million in transferable tax credits.

Tonight, we thank the members of the Nevada State Legislature and their staff for their hard work, due diligence, and attention to detail as we work to bring the Athletics to Las Vegas,” the A’s said in a statement. “We are especially grateful for the legislators’ time and dedication to shepherding this bill through the process. We look forward to Governor Lombardo’s signature as our next step.”

The new home of the Athletics’ will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage.

The A’s home stadium – the project is expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark will be in the hands of Bally’s.

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 – Las Vegas has always been associated with a degree of opulence, and apparently that’s never been truer than it is now as developers have been working overtime to meet the recent increased demand for luxury apartments within the city.

Tim Deters, president of Tru Development, said that the recent boom in demand for luxury rentals is directly connected to the increasing Las Vegas employment market, combined with the relatively low cost of living when compared to neighboring states. These two factors, he said, contribute to people having the extra cash on-hand needed to enjoy the finer things in life.

We’ve had a tremendous amount of new jobs here and affordable living,” Deters said. “So it allows people to spend more money on discretionary areas like their living. Then, we’ve also seen a huge influx of residents coming in from California.”

Tru Development is a Las Vegas-based service that specializes in nearly all aspects of real estate, including retail, commercial, and residential, with Deters noting that local developers are continuously raising the bar in terms of the high-end perks and touches that people expect out of their luxury accommodations.

I believe we developed one of the first of what I would call true luxury projects called Kaktus Life over in the Southern Highlands,” he said. “The amenities, the interior finishes. I think those are the two key areas. We all keep raising the standard. Clubhouses are getting bigger. Pools are getting bigger.”

Currently, the average rent in Las Vegas is $1430 per month, according to the Nevada State Apartment Association; however, a recent report indicated that many residents would be willing to pay that for the right assortment of luxury trappings and perks.

According to Deters, prices for rent jumped approximately 25 percent after the end of the COVID-19 pandemic. However, those prices are slowly starting to come down, which is helping to drive the increased demand for high-end apartments, as people are starting to get more bang for their buck once again. 

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 – In addition to delays in the pre-approval process on the part of Clark County and early regulations that were considered overreaching and burdensome by many, the latest hurdle that applicants for short term rentals in the Las Vegas area are encountering is difficulties in obtaining insurance. 

According to Las Vegas insurance broker Tiffany VanTuyl, Clark County’s short-term rental regulations are utilizing uncommon and confusing terminology when it comes to insurance requirements which are causing issues for her clients who are attempting to submit applications. 

The problems, VanTuyl noted, are due to the regulations that specifically state the following: “Evidence of general liability insurance in the amount of at least five hundred thousand dollars per occurrence that indicates the property is used for transient lodging.” 

The complication is with the term “transient lodging,” which VanTuyl said is not utilized in her industry and is causing a roadblock for her clients who are attempting to obtain coverage. 

No insurance company that I’m familiar with uses that term,” she said. “They use either ‘short term rentals’ or ‘seasonal lodging.’ Every company uses different terminology, so it’s not a cookie cutter coverage.” 

VanTuyl stated that she has reached out to Clark County officials about the issue, but claimed that they have been dragging their feet on assisting her with a resolution, frustrating her clients who have already experienced problems with the short-term application process. 

They did say that they wanted it to say a specific terminology and I’ve sent documents from the underwriting department of two different companies, and they have not responded yet,” she said. 

Louis Koorndyk, co-founder of the Greater Las Vegas Short Term Rental Association. said that he has also been experiencing complaints from renters who have attempted to contact the county over the confusing terminology and have often received conflicting information in response. 

Whoever picked up the line at Clark County will say it absolutely has to say, ‘transient lodging,’ it cannot say seasonal,” Koorndyk said. “Then somebody else will make that exact same phone call and get different information, ‘yes, it may say seasonal.’ So, we have this confusion going on.” 

Clark County officials approved approximately 1,200 short-term rental pre-applications in May, allowing those individuals to proceed with the process of acquiring a full rental license. 

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 – Construction companies that have been working on the MSG Sphere in Las Vegas claim the company behind the futuristic entertainment venue – which is still under development – owes them millions of dollars in unpaid labor fees, according to a lawsuit filed with the Eighth Judicial District Court of Nevada.

MSG Las Vegas and Platte River Insurance Company of Nebraska are named as defendants in the lawsuit, which has been filed by plaintiffs comprised of Rider Levett Bucknall LTD and 20 unnamed individuals or business entities.

The plaintiffs allege that they had provided construction services for the MGS Sphere valued at approximately $3 million, and that $2 million of that outstanding balance has yet to be paid to them; eventually, they placed a lien against MSG.

Lawyers representing the plaintiffs blame the lack of payment for their clients on James Dolan, CEO of MSG.

There was supposed to be the world’s longest bar in this project,” the attorneys said to the judge overseeing the case. “And they built it and then he came through and deleted it and wanted to take it out. He increased the project cost. Mr. Dolan’s decision against advice increased the project cost and now he’s blaming us for increasing the project costs.”

A Sphere Entertainment spokesperson said, “This story has no merit.”

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 366-foot-tall, 516 foot wide, globe-shaped arena – the largest spherical structure on Earth, according to MSG – located on 63 acres of property located behind the behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The attendee capacity of the MSG Sphere will be scalable, MSG Entertainment said, ranging from approximately 17,500 seated to 20,000 with a mix of seated and standing. The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

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 – Clark County will be sending out notices to potential short-term rental applicants following the recent conclusion of a random lottery drawing, with anyone who submitted a pre-application slated to receive their results within eight weeks via certified mail and e-mail; an extended span of time that is causing frustration for many would-be renters.

Among those who pre-applied to run a short-term rental within the confines of Clark County, 1,169 of those applications were deemed as eligible, whereas 137 were declared ineligible.

Among the reasons for failing to qualify as a short-term operator that were cited by county officials included the property being located within 2,500 feet of a resort hotel; being located outside of unincorporated Clark County; being located in an ineligible township; and being located within a building that is classified as a timeshare or vacation home.

Despite the fact that county regulations mandate that all licensed short-term rentals maintain a minimum distance of 1,000 feet from one another, no distance requirements were mentioned after the lottery drawing.

The 1,169 pre-applicants who were successfully drawn in the lottery will be allowed to submit an official application to become licensed as a short-term rental owner operator upon receipt of their notice.

However, the eight-week delay in the notices going out is causing confusion among pre-applicants who are uncertain whether or not to begin making plans for the future, according to Greater Las Vegas Shorter Term Rental Association co-founder Louis Koorndyk.

“The host community is very frustrated with Clark County. They’re trying to make plans; they’re trying to plan their future. They’re trying to figure out, what do we do with this property?” he said. “Expedia has been reaching out to us and asked us questions. They’ve even emailed us saying, look, we’ve seen licensing process put in effect across the country. We haven’t seen anything take this long before.”

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.