Real Estate Experts Note a Specific Week in April is the Best Time of the Year to Sell Your Home

LAS VEGAS, NV – When it comes to selling your home, owners are naturally looking to get the very best price they can in return for their pricey investment. And while spring is considered by many the best time of the year to list your property, real estate experts are noting that one specific week in April – especially in Las Vegas – is typically the best time to put your house on the market. 

Many experts have shown that sellers can get significantly more in return for their homes when they list them in springtime; according to reports a home that would normally fetch $187,000 in January can sell for as much as $208,273 in May. 

But in 2023 real estate gurus are noting that April is looking more and more like the best time of the year to sell a home for numerous reasons, with the week of April 16 to 22 – particularly in Las Vegas –being ideal due to the fact that the rapidly changing real estate market is anticipated to reach its zenith during that specific one-week span of time, according to Sam Saltzwedel from Realtor.com. 

“That’s largely because families want to move when school is out. Interest rates aren’t significantly going down yet. [They] are basically the only factor that stopped houses from continuing to skyrocket,” he said. “While it does not have the highest price or the lowest time on market, this week offers higher than average prices and lower than average time on markets while also offering a higher-than-average number of buyers.” 

That ideal week, however, can change depending on which city across the country you may be examining; while April 16 to 22 is considered the target in Las Vegas and numerous other cities this year, experts say the last week of March was the time to list in Los Angeles or Chicago, whereas in Seattle the ideal listing week would be April 2 to 9. 

The exact formula for determining the ideal listing week comes down to listing prices, the average number of days on the market, and online views per property; in addition, the number of other sellers in a given region that will provide competition for your listing is also a factor, with too much inventory being available in a particular market often driving down demand or prices. 

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 – Elon Musk’s The Boring Company has announced their proposed plan to increase the size of their Las Vegas Loop – the underground transport system they constructed underneath the city – by approximately 50 percent, representing a grand total of 65 miles. This is provided that local officials approve the plan, which seems likely given the project’s initial success so far.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that currently ferries people back and forth to the Las Vegas Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Boring Company had previously stated they plan on expanding the tunnel system, with plans for new people mover routes to various area resorts and the airport having already been submitted to city officials.

The proposed additions would be comprised of a series of crisscrossing tunnels underneath the streets of the city that would enable passengers to travel to casinos, retail areas, the University of Nevada Las Vegas campus, and even residential areas. If approved by city officials, the Loop network would expand to 69 stations and a total of 65 miles of tunnels, as well as an additional undetermined number of Tesla vehicles to navigate them.

If the plan comes to fruition, a Loop station would conceivably be located within a few blocks of almost anywhere in central Las Vegas, Including stations adjacent to the University of Nevada, Allegiant Stadium – home of the Las Vegas Raiders NFL team – as well as Harry Reid International Airport.

There would also be an additional tunnel added that would run parallel to the Las Vegas Strip with several stations throughout its length, which could conceivably offer a high-speed express route joining the North and South sections of the city; currently, a similar tunnel connects the east and West sections.

he city of Las Vegas has not yet commented on the proposed additions to the Las Vegas Loop.

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 – Despite the fact that Clark County officials have recently stated they plan to make changes to some of the rules governing the short-term rental industry within their jurisdiction, that doesn’t appear to be enough for the Greater Las Vegas Short-Term Rental Association (GLVSTRA), which has announced they want the Nevada Supreme Court to rule on whether or not the short-term regulations county officials have laid in place are constitutional or not.

GLVSTRA has been engaging in a legal battle with Clark County regarding what they refer to as overly strict and intrusive ordinances put in place regarding homes rented through services such as Airbnb and Vrbo. In February, District Court Judge Jessica Peterson ruled that aspects of the ordinances are unconstitutional and issued a preliminary injunction to temporarily block them.

Sections of Clark County’s ordinances that Peterson declared unconstitutional included a clause that mandated that those seeking to establish a short-term rental must sign their application under penalty of perjury; in addition, random inspections of rental properties with no notice, vague definitions over what is considered a “party” or a “disturbance,” and the ability of the county to issue “discretionary fines and penalties” were also temporarily struck down by last month’s ruling.

Despite clearing that legal hurdle, GLVSTRA appealed to the Nevada Supreme Court this week because they say their full array of claims against Clark County were not addressed by the District Court Judge’s ruling, according to GLVSTRA President Jacqueline Flores.

Flores said that her organization takes particular exception to Clark County’s use of a lottery system to determine which short-term rental applicants will be granted licenses, in addition to requirements mandating specific minimum distances between rental properties and hotels.

Despite attempts to sit down and hash things out with Clark County officials, Flores said the two sides were unable to come to a fair and equitable arrangement, thus necessitating the organization’s move to appeal the case to the state’s highest court.

“We have been trying to work with the county commissioners in good faith and they have refused to do that so far,” Flores said. “We need a Nevada Supreme Court ruling. That way we’re able to address all those municipalities at the same time, and ultimately the entire state.”

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 an effort to crack down on potentially disruptive and loud partying during spring break season, Las Vegas police have been conducting unannounced and random spot checks on short term rental properties to ensure that occupants are adhering to local laws and ordinances and not creating a disturbance for their neighbors. 

Reports indicate that police have been showing up to properties rented out through services such as Airbnb and Vrbo throughout the city and unexpectedly knocking on doors, reminding the short-term renters within that holding loud parties or allowing underage drinking is illegal and will be enforced if encountered by authorities. 

Police noted that the large increase in spot checks is a common department policy during periods of time such as spring break where excessive partying is anticipated. 

However, the validity of the spot checks have been questioned by the Greater Las Vegas Short Term Rental Association (GLVSTRA), with the organization claiming they have not been receiving any complaints from neighbors of short-term rental properties in the city.  

At a time when Las Vegas faces a shortage of police officers, the county should be far more interested and concerned on using these officers to answer emergency calls from residents and reducing response time for far more serious issues in the Valley,” GLVSTRA said. 

Proposed rules and ordinances governing Airbnb and Vrbo rentals have been a regular bone of contention between Clark County officials and the short-term rental industry. In particular, Clark County has ordinances in place that ban holding large parties, weddings, and other events on short-term rental properties where the attendance would exceed the maximum occupancy limit of the dwelling in question. 

However, in February a Clark County District Judge ruled that the county’s definition of what constitutes a “party or wedding” was worded in a way as to make it “vague and ambiguous.” 

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 – Ground was recently broken on Cartier Industrial, a new industrial space located on a 4.28-acre plot of land in North Las Vegas, after successful completion of grading of the property which was achieved in late January of this year.

The project – located on the northwest corner of North Lamb Boulevard and East Cartier Avenue, with easy access to major highways such as I-15 and 515 – is the latest in the large number of industrial facilities that have been popping up throughout Las Vegas over the past year or two, with the city becoming a popular shipping hub for numerous companies across the country.

Once completed, Cartier Industrial is slated to be made up of a freestanding, concrete tilt building which will include eight 9×10-foot dock loading doors and two 16×14-foot grade level doors, both with a 30-foot clear height. There will also be an R-24 insulated tilt wall panel system, R-38 roof deck insulation, 81 parking stalls, an ESFR fire suppression system, M-D zoning, and rear loading truck access.

Tim Castello, Certified Commercial Investment Member (CCIM) and owner of the project’s developer, Castello-Monkarsh Development, noted that Cartier Industrial will help to serve the very much growing need for industrial space in Las Vegas.

Cartier is providing a much-needed product for the industrial sector in North Las Vegas.  This project is perfect for an Owner-user, whereby the owner can lease out half the building and reduce their carrying costs.  This is just one of the projects we are developing in the area,” Castello said. “The industrial sector valley wide is at historic lows with vacancy rates at less than 1.7%. This project is a rare opportunity as we are offering it for either purchase or lease at an affordable rate. Cartier is situated in a desirable neighborhood welcoming to industrial users.”

The facility will be available for either sale or lease once it has been completed, and according to the developer it will be able to be split up between two separate tenants 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 – Construction of the greatly anticipated Dream Las Vegas hotel-casino project has been “fully stopped” after developer Bill Shopoff revealed this week that his funding has temporarily dried up, leaving him owing approximately $25 million to $30 million for work on the resort.

Despite the whopping debt he owes currently, Shopoff – President and CEO of Shopoff Realty Investments – is insisting that the project is only briefly halted, and that work will resume “once the terms of the financing are finalized.”

Work has fully stopped at the site, other than anything required for safety,” Shopoff said.

Construction on Dream Las Vegas broke ground on Las Vegas Boulevard last year and is slated to take a different approach from the massive mega-resorts that the city is known for, offering a “smaller, boutique-style experience.”

Shopoff – along with his partner in the project, Contour CEO David Daneshforooz – said that he is in “active” discussions with his lender, and that he anticipates the kinks in his funding to be worked out within the next month or so.

“Clearly, we’re delayed on getting some financing,” he said, explaining that some of the issues regarding Dream’s funding are tied to skyrocketing loan interest rates caused by the record-high inflation plaguing the country.

Currently, the budget for Dream is in the neighborhood of $550 million to $575 million; until now, Shopoff and Daneshforooz have been paying for its development with cash out of their own pockets, and are currently negotiating with their lender for a $400 million plus loan.

Development for Dream is being spearheaded by contractor McCarthy Building Companies, whom Shopoff insisted will be paid and will continue work on finishing the 531-room hotel-casino.

Obviously people want to get paid for their work, and we want them to be paid,” Shopoff said. “They will be paid, and the project will get built.”

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 – Lawmakers have proposed new legislation that, if passed, would result in higher property tax increases for Nevada homeowners. State Senator Dina Neal (D-North Las Vegas) has introduced Senate Bill 96, which proposes setting the floor at 3% for residential property tax increases, which she said would be a way to provide security for the budgets of local governments if a looming recession comes to pass, a possibility predicted by many financial experts. 

“The bill was set up to stabilize revenue and make sure that the local governments, if a recession does come in the future, that they will not lose revenue but that they will maintain 3 percent all the time,” she said. 

Previously, before the mid 2000’s recession, property tax increases in Nevada resulted in a great deal of financial hardship for many residents, forcing some to sell their homes. The Nevada Legislature attempted to combat this issue in 2005 by capping tax increases at up to a 3% maximum for owner-occupied, single-family homes; commercial and rental properties had their tax increases kept at up to 8%. 

However, Neal’s bill would see residential property taxes for Nevada residents increase at a rate of 3% annually; commercial and rental properties would have their increases capped out of rate between 3 and 8%. 

The purpose of the bill, according to Neal, is to prevent property tax rates from dipping below the 3% mark. 

While some groups have spoken out in favor of the legislation – including the Nevada Association of Counties – it also predictably garnered a great deal of backlash as well. The Nevada Republican Party, the state Independent American Party, the Libertarian Party of Nevada and Americans for Prosperity, among others, have protested the potential of raising property taxes on Nevada residents. 

“Nevada does not have a revenue problem. It has a spending problem,” said Nevada Republican Party Executive Director Alida Benson. “It is outrageous that this bill, which will target Nevada families who are already suffering under the heavy burden of out-of-control cost-of-living increases, is even being considered.” 

It is unknown if the bill will ultimately become law. Since it would increase tax revenue to the state, it would require a 2/3 majority vote. In addition, Governor Joe Lombardo has repeatedly pledged not to raise taxes on his constituents, giving Senate Bill 96 a significant uphill climb if it is to be passed. 

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 – Expanding their footprint in Southern Nevada even further, the Las Vegas Raiders NFL team recently purchased an office and warehouse building across the street from their home of Allegiant Stadium, spending approximately $10.6 million according to property records.

The Raiders had already been utilizing the 33,000 square-foot building in question – located at 5525 Polaris Avenue – after having signed a 10 year long rental agreement in 2020 with brokerage firm Colliers International. However, for undisclosed reasons, the Raiders have instead opted to purchase the property outright.

To date, the Raiders – along with team owner Mark Davis – have amassed an impressive array of real estate transactions in Southern Nevada since transplanting the team there in 2020.

Initially, the Raiders purchased over 60 acres of land near the famed Las Vegas Strip in 2017 for 77.5 million; it was there that they constructed Allegiant Stadium, their 65,000 seat, $2 billion home stadium.

After that, they purchased an additional 55 acres in Henderson for approximately $6 million in 2018, where they then constructed a 300,000 square-foot practice facility and headquarters complex; however, in early 2020 they sold the complex for $191 million, only to subsequently lease it back from its new owner.

Then, in 2019, the Raiders purchased just over 17 acres of property within a mile of Allegiant for $28 million, in order to utilize it for stadium parking. 2020 saw the team buy an additional 3 acres west of the stadium for $16 million, as well as three industrial buildings next to their Henderson headquarters for over $56 million.

Davis has been buying and selling a great deal of real estate in Vegas on a personal basis as well; he has purchased both undeveloped land and a condo in the exclusive Summit Club community, only to later turn around and sell both before buying a 6.8 acre site in Henderson’s Ascaya community, where he is currently building a three-story luxury estate.

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 – Despite having only just been listed on the market in early March, the Las Vegas-based “Jungle Palace” mansion of late entertainer Roy Horn – of “Siegfried and Roy” fame – has officially and quickly been sold for its impressive asking price of $3 million.

The estate, located at 1639 Valley Drive, was home to Horn – who lived there with the tigers and lions that were part of Siegfried & Roy’s iconic stage performances – until his death at the age of 75 in May 2020 due to complications from COVID-19.

Horn’s partner, Siegfried Fischbacher, lived a few miles away on an 80-acre compound called Little Bavaria, and passed away in 2021 from pancreatic cancer.

Previously, the estate had been targeted for demolition to make way for an apartment complex; however, those plans quickly changed, with the property subsequently being kept intact and listed for sale instead.

The Jungle Palace features a Moroccan-theme with an 8,750 square-foot main house along with three guest houses, three pools and a jacuzzi, six electric gates, two detached studios, a bird sanctuary, and multiple animal enclosures.

All of the houses on the property are stuffed with treasures and memorabilia – including a 5,000-pound silver tiger from India, Persian rugs, and gold candelabras gifted to them by Liberace – collected by Siegfried & Roy over the course of their iconic career as magicians and entertainers, where they were best known for their appearances with white lions and white tigers.

Siegfried & Roy had a residency at Las Vegas’ Mirage Hotel for 13 years but were forced to end their performances after Roy sustained an injury from one of the tigers on stage in 2003. 

The Jungle Palace was originally constructed in 1954 and later bought by Horn in 1982; following his death, a private firm purchased the estate in 2022 for $1.87 million.

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 has been seeing a great influx of new residents in recent years from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases, a new report indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons. 

In 2022, approximately 5 percent of new residents in Las Vegas were transplants from Florida; while far less than the 38.3 percent that had relocated from Florida that year, it nonetheless represented a higher-than-average amount than from other regions, the first time this has been the case. 

According to Zar Zanganeh, a managing partner with The Agency in Las Vegas, one of the reasons that Southern Nevada is growing in popularity with Floridians is that it offers the same business-friendly environment and low cost of living benefits, but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being. 

Lots of people on the East Coast automatically think of Florida when they’re looking for a friendly business environment and no state income tax,” he said. “Some of them start to explore other places if they aren’t sure they want to stay in Florida and discover that Nevada offers the same financial benefits as Florida.” 

The big benefit of Las Vegas compared to Florida and other places is that there are zero natural disasters here,” Zanganeh continued. “No hurricanes, no earthquakes, no tornadoes, no landslides and no wildfires.” 

Some local realtors are also reporting that a number of former Las Vegas residents who moved to Florida actually started moving back to Sin City after the highly-destructive Hurricane Ian hit the Sunshine State in late 2022. 

And finally, another draw for Floridians is the fact that Las Vegas has slightly cheaper real estate prices overall, Zanganeh said, allowing new transplants to get more bang for their buck. 

“There aren’t as many multimillion-dollar condos in Las Vegas as there are in places like Miami,” he said. “Our prices in the luxury market average around $1,000 per square foot, but some are well over $2,000 per square foot. Dollar for dollar, our prices are a little better than Florida, but usually luxury buyers are making a pretty equal trade.” 

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 – Per a new report released by an industry group, home prices in Las Vegas leveled off in February as the available inventory continues to grow, showing definitive signs that the housing market in Southern Nevada is starting to stabilize after several years of rapid growth.

The median price for an existing single-family home in February was $424,995, which is nearly the same exact number as the median price in both February 2022 and January 2023, reports say.

Meanwhile, the median price for condominiums and townhomes sold in Las Vegas in February was $255,000, holding at the same number as January but slightly lower overall year-over-year.

Home prices holding steady comes amid a rising amount of available inventory; at the end of this past February, there were 4,665 homes listed for sale without any offers, which represents a 168 percent increase over February 2022.

In terms of condos and townhomes, there were 1,155 properties listed without offers, which is an increase of over 265 percent year-over-year.

Lee Barrett, president of Las Vegas Realtors, said in a news release this week that the city’s housing market is indeed showing signs of stabilization after years of skyrocketing prices, which should be an encouraging sign to those with affordability concerns.

“The local housing market is much more balanced now than it has been in recent years,” Barrett said in the release. “Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized, and we have more homes on the market.”

Barrett also noted that the bump in home sales from January to February was a positive sign that the market is heading in the right direction, even as the interest rates on home mortgages continue their climb to nearly 7 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 – 2022 continued the trend in Las Vegas of strong sales of luxury homes – a situation that has become common into 2023 with the top spot being held by the purchase of a $14.5 million bungalow by Hollywood A-list actor Mark Wahlberg, along with numerous other sales throughout the year.

Despite rising mortgage rates slowing down homes sales in Southern Nevada overall, the luxury market has shown zero signs of hitting the brakes.

According to Las Vegas-based Home Builders Research, there were 544 closings of new homes worth $1 million or more during 2022, which represents a 26 percent increase over 2021, when 432 homes in that price range were sold. In addition, 313 luxury homes were sold in 2020 and 247 in 2019, illustrating that the market continues to climb as the years go on.

In contrast, the overall new home market in Las Vegas saw closings decrease 1.6 percent over the course of 2022, which reports say was driven by the increased cost of building materials and labor, as well as increased interest rates on home mortgages.

However, experts say that the luxury market in Las Vegas has continued to thrive due to the simple fact that buyers in that category are typically quite affluent, and often purchase them with cash; in cases where they do not, the increased interest on home loans as of late often does not function as a deterrent, due to their wealthy status.

Aside from Wahlberg’s purchase of a $14.5 million bungalow in The Summit Club – the exclusive resort community in Summerlin – some of the top sales of 2022 also include a Sun West Custom Home that sold for $6.02 million in Ascaya, and a residence on Boulderback Drive also in Ascaya that went for $6 million.

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.