Housing Market in Las Vegas Currently “Flat,” – A Good Thing, Experts Say

LAS VEGAS, NV – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

Shelter Realty Property Management specializes 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 former Las Vegas home of famed magician David Copperfield – situated on “Billionaires Row,” known for its many high-priced mansions owned by celebrities and business magnets – was listed in February for $5.25 million and was quickly bought, with reports indicating the hot property will close within the coming days following intense interest from several buyers. 

Billionaires Row – located near the Las Vegas Strip – has seen high-powered individuals such as Mike Tyson, Clark Gable, Carole Lombard, Phil Ruffin, the sultan of Brunei, and Wayne Newton call it home over the years. 

Copperfield’s former residence – an estate located within the gated Marquis Community at 6755 Agave Azul Court, which served as the magician’s secondary residence as part of his four-year contract with MGM – is a lavish 8,228-square-foot four-level custom estate.  

The property sold within just two weeks of being put up for sale, and experts say it is expected to close in early May. The quick turnaround on the listing, according to experts, is due to it being exceedingly rare for any of the homes on Billionaires Row to be put up for sale; on the occasions they do become available, they are often snapped up very quickly. 

Custom built by Las Vegas-based developer Blue Heron and California-based firm Danielian Associates, the estate was considered ahead of its time when it was first constructed, utilizing insulated concrete for the home’s frame, solar thermal power, and an energy-efficient cool-roof system. Compared to conventional building techniques, the home – located on a half-acre plot of land – achieved a 76 percent reduction in energy use. 

In addition, the home features two primary suites, three en suite guest rooms, an executive office and an elevator. The backyard boasts a vanishing-edge swimming pool with a swim-up bar, spa, sunken outdoor kitchen and a detached Zen casita with pocket doors that hide away. 

Shelter Realty Property Management specializes 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.

HENDERSON, NV – One of the most appealing parts of living or spending time in Las Vegas is the feeling of luxury. While some permanent residents opt to purchase large homes in the area, rental properties can also pack the same iconic Las Vegas glitz and glam. 

For instance, just outside of Las Vegas sits the most expensive rental in the area — a 15,000-square-foot megamansion. The sprawling complex sits on over 2 acres of land in Henderson. 

Along with a great, unobstructed view of the strip, the property also features a stunning look at the surrounding mountains. However, the amenities of the megamansion don’t stop there, as the compound also boasts unique features like an 18-car garage and a chef’s kitchen with two islands. 

Those looking to enjoy the great outdoors can do so by taking a dip in the property’s 50-foot-long edgeless pool. Once finished soaking, the spa is the perfect relaxation spot before heading inside. 

Potential tenants who love to entertain will be happy to hear the mansion has a rooftop party deck with beautiful views of the area, especially at night when the strip shines the brightest. The deck area also features a pizza oven and a barbeque area for grilling. 

The inside of the home has room for multiple family members with access to seven bedrooms and 11 bathrooms. Families with kids and teenagers will notice many fun areas of the house for everyone to enjoy including:

• Bowling alley
• Movie theater room
• Indoor basketball court
• Wet bars and wine closets with wine or soda on tap

If you and your family are looking for a dream house that embodies Las Vegas, this megamansion is a great place to visit. 

Shelter Realty Property Management specializes 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 baseball season in full swing, we have already seen several interesting storylines. However, the one that has generated the most buzz doesn’t have much to do with the game itself. Instead, it has to do with the relocation of the Oakland Athletics to Las Vegas.

In a move that shocked most of the baseball world, the Athletics agreed to a contract with the city to allow them to build a new stadium just west of the Las Vegas Strip. While this is good news for sports fans in the area, it could also have a tremendous impact on the surrounding real estate. 

According to Nicholas Irwin, an Assistant Professor of Economics at UNLV, adding a new professional sports team to the area would cause the land nearby to be worth more. However, Irwin did have the following to say about the advantages and disadvantages of the Athletics coming to town:

“If land prices do go up, it would push some people out of the area. It could lead to more commercial activity in the area as well. You never really know what type of impact it will have on the city as a whole until it comes in and you see the aftereffects.”

While many residents are excited about the news, there is one thing many people are worried about — traffic. The traffic situation in Las Vegas is already stressful for many tourists, and a bad situation could worsen with the addition of the baseball team. 

County Commissioner Jim Gibson stated that his team plans on reviewing all transportation options to ensure the city is prepared for the influx of visitors and fans. 

Shelter Realty Property Management specializes 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 – For many people, visiting Las Vegas is a dream vacation full of opportunities to relax and take in the sights of one of the most glamorous cities in the United States. However, for the residents of the town, especially those classified as seniors, it can be challenging to find an affordable place to live. 

While communities like the Ensemble Senior Apartments offer lower rent options for seniors, the number of available units has been slowly dwindling. To help create more affordable housing options for seniors, state officials signed over five acres of federal land to Clarke County. County representatives have plans to utilize the space to build another community with 195 units. 

The new addition of the apartment complex is part of a larger initiative that kicked off in September 2022 aimed at providing more low-cost housing options to Las Vegas Valley residents. Aptly named “The Welcome Home Initiative,” the program is set to allocate over $120M to similar projects around Clark County. 

Nevada Senator Catherine Cortez Masto had the following to say about the affordable housing project:

“An initiative like this one requires everyone to come together. It starts from the ground up by not only developing and getting the land initially but also requires individuals with the patience to put a project like this together.”

Adding new housing communities like the Ensemble and the complex being built within the coming years are significant steps to fighting homelessness in the community. However, Clark County still estimates a shortage of over 85,000 homes for low-income people.

With the help of city officials and groups around Clark County, the goal of providing low-cost homes for the community’s residents is one that many hope will be reached over the next decade. 

For more information on Ensemble Senior Apartments call (702) 990-2737.

Shelter Realty Property Management specializes 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 crews recently reached a major milestone on the development of the F1 Paddock Facility site located off of the Las Vegas Strip in anticipation of the organization’s first race in the city in decades, slated to take place in just seven months.

The 400 workers at the site held a topping out ceremony to celebrate the final barrier being installed on the structure’s roof, a major achievement that signifies the Paddock Facility is now 60 percent complete.

Governor Joe Lombardo and F1 President Stefano Domenicali were at the ceremony, and symbolically signed the final barrier before workers lifted and installed it on the facility’s roof.

“We want to create a legacy for Las Vegas and Formula 1 for the future,” said Domenicali.

A paddock is where the race teams park their transporters; these transporters become temporary garages where the race mechanics prepare the race cars.

Previously, Formula 1 announced they will be putting $240 million into the street-based night race as part of a multi-year deal with the city of Las Vegas, making the event their third annual Grand Prix in the United States following the Grand Prix at Austin, Texas and the Miami, Florida Grand Prix.

The $240 million that Formula 1 is investing went into the acquisition of a 39-acre site in Las Vegas – located northeast of East Harmon Avenue and Koval Lane – in order to build a permanent pits and the aforementioned paddock facility.

Formula 1 cars are the fastest regulated road-course racing cars in the world, and the Grand Prix races take place worldwide on both purpose-built circuits and closed public roads.

The upcoming Las Vegas-based Grand Prix is slated to take place in the center of the city – with the track situated partly on the Las Vegas Strip – starting in November 2023.

Shelter Realty Property Management specializes 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 – A boarded-up, abandoned motel on the famed Las Vegas Strip that has been home to vagrants, feral cats, and vandalism for a number of years has been purchased by a Native American tribe with plans to demolish the structure and subsequently repurpose the property.

According to property records, the Three Affiliated Tribes of the Fort Berthold Indian Reservation in North Dakota – also known as Mandan, Hidatsa and Arikara Nation – purchased the former White Sands Motel site last week for $10.25 million.

The long-time zombie property is located on a narrow 1.1-acre parcel of land adjacent to the former Route 91 Harvest festival site and represents the latest investment on the part of the MHA Nation, which to date has purchased a total of 23 acres along the southern portion of the Strip for a total combined price of $115 million.

The motel building – originally constructed in the 1950s – is currently in a substantial state of disrepair, having been the target of vandalism and squatting by homeless people and cats for years, and according to MHA Nation Chairman Mark Fox, the plan is to completely raze the property and redevelop it.

“It definitely cannot be salvaged,” Fox said, adding that the MHA Nation will “tear it down and clean it up,” a process that he estimates will cost at least $1 million. There is currently no timeline in place for the site’s demolition.

The MHA Nation is still formulating a strategy or their real estate holdings in Las Vegas; Fox noted that they either might be used to develop a casino-resort, or just flipped to new owners for a profit.

“We’re really going to the drawing board,” Fox said.

The White Sands Motel site has been unsuccessfully put on the open market several times over the years for various asking prices. It was initially offered for $25 million in 2016, then for $18 million in 2021, and finally $12 million in spring 2022, with no takers each time.

Shelter Realty Property Management specializes 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 – A new report indicates that Millennials – individuals born between 1981 and 1996 – have experienced a huge increase in homeownership – as opposed to renting – showing a large spike in 2022 and a 64 percent jump overall within the past five years. Las Vegas in particular is considered one of the epicenters of this phenomena, with the city currently showing the second largest increase in Millennial home ownership nationwide. 

According to a study that examined the top 50 metropolitan areas in the United States, over the past five years Las Vegas has shown a 158 percent increase in the number of Millennials who own homes, which is second to only Richmond, Virginia, which registered a 234 percent increase. 

However, despite the huge boost, the study showed that older generations still account for the lion’s share of homeownership in Las Vegas when compared to Millennials. Overall, Millennials and Generation Xers – individuals in their mid 40s to late 50s – account for approximately 28 percent of all homeowners in Las Vegas, trailing behind Baby Boomers – those in their late 50s to mid 70s – by 12 percentage points. 

Generation Z – ranging from preteens to those in their mid 20s – makes up approximately 5 percent of all homeowners in Las Vegas. 

Reports indicate the explanation for this recent explosion in Millennial home ownership can be attributed to several factors; for example, the median income for this particular generation has increased 44 percent since 2017, the largest jump amongst all generations in that period of time.  

In addition, many Millennials moved back in with parents during the COVID-19 pandemic, allowing them to save money at a much greater rate than when they were renting; many also received financial assistance from family members for down payments on homes, the report says. 

These factors helped to counter the many roadblocks Millennials had experienced which had previously been preventing them from purchasing homes, such as heavy student loan debt and high housing prices. 

Shelter Realty Property Management specializes 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 – Members of the Nevada state legislature are currently mulling over legislation that, if passed, would institute a ceiling on the amount that landlords could increase the rent of their tenants, with the cap tied to the local cost of living index for the rental unit’s surrounding area, a number that would be determined by the Nevada State Housing Authority.

In addition, the legislation in its current form would also mandate that landlords would be prohibited from imposing any rent increases upon a tenant during the first year they inhabit the unit in question. 

The bill – authored by Nevada State Senator Pat Spearman – also includes language that would officially declare a housing crisis in the state if it were passed.

“A minimum-wage earner would need to work 62 hours to afford a studio apartment,” Senator Spearman said to the Senate Commerce and Labor Committee last week, adding that women and people of color are disproportionately affected by the affordability gap when it comes to housing options.

Senator Spearman also noted that approximately 30 percent of single-family homes in Nevada are currently owned by investors.

While several groups have come out in support of Spearman’s legislation, there is also a fair amount of opposition to it as well; State Senator Jeff Stone – who rents out properties himself – expressed concern over a clause in the bill that pertains to the degree of profit a landlord can gain from their rental units.

“How do you define reasonable return on investment, when there are so many variables that different landlords have to contend with?” Stone asked, who said that simple mom and pop landlords – among whose number he counts himself – to be disproportionately affected if this bill is passed in its current form.

“To create all these bureaucratic pathways that I have to go through to justify what I can charge a tenant, not to charge 5 percent when inflation is 8.5 percent, you’re already requiring landlords to take a 3.5 percent hit,” Stone said.

Stone said another clause in the bill governing new construction does not do enough to incentivize new housing developments and only offers an advantage to large-scale investors.

“You are going to hinder investment,” he said. “And if you hinder investment, it’s going to exacerbate the supply and demand issues that we have here in Nevada.”

Shelter Realty Property Management specializes 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 – Officials in Clark County Nevada unanimously voted Tuesday to amend their ordinances governing short-term rentals within its jurisdiction in order to update regulations that a judge had previously ruled to be unconstitutional.

Previously, a lawsuit filed by the Greater Las Vegas Short-Term Rental Association (GLVSTRA) had resulted in a preliminary injunction being imposed by District Court Judge Jessica Peterson, who had ruled that certain aspects of Clark County’s short term rental ordinances regulating the local industry were “vague” and “unconstitutional.” 

County attorney Lisa Logsdon said this week the commissioners agreed to clean up the language in their guidelines, noting that the county “took many of the court’s suggestions in drafting these amendments to ensure that the amendments address the court’s concerns with the ordinance.”

The changes to the ordinance are as follows:

• Renters are no longer required to sign applications under penalty of perjury.
• Inspectors must now provide 48 hours’ notice before showing up to inspect a property; previously, no advance notice was required.
• Large parties are still forbidden at short term rental properties, but the previously “vague” definition of what constitutes a large party has been stricken from the regulations.
• The county will now rely on existing code that regulates noise, lighting and air-quality standards.

However, GLVSTRA President and Director Jacqueline Flores issued a statement reacting to the news of Clark County’s revisions to their ordinance, saying that she did not believe they would be sufficient to alleviate the concerns of the over 700 homeowners that her organization represents.

“Many of those amendments do very little to fix the infirmities the Court has serious issues with and in other cases the County just didn’t fix some of the Sections at all,” she said. “The County is doing very little or nothing at all to satisfy the unconstitutionality of those provisions.” 

Logsdon noted that Clark County officials are eager to arrive at an agreement that would satisfy GLVSTRA’s lawsuit, saying that the district attorney’s office had requested that the association draft a “written settlement offer” and submit it for their consideration. 

Flores responded that there was a lack of interest on the part of Clark County commissioners last month to discuss a potential settlement, but noted that if their attitude is now different, she would be willing to discuss it with them.

“If the County Commissioners have now changed their mind, then we welcome that conversation,” she said.

Shelter Realty Property Management specializes 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 contrast to its recent history as a housing market that experiences numerous highs and lows in terms of pricing, a new report by Las Vegas Realtors indicates that Las Vegas’ marketplace has remained relatively stable so far in 2023. 

According to their report, Las Vegas Realtors noted that the median price of existing single-family homes sold in Southern Nevada during March was $425,000, which represents virtually no change from the month before and a decrease of 7.6 percent year-over-year, when that price was $460,000. 

That price is also lower than Southern Nevada’s all-time record price of $482,000, which was set in May 2022. 

In addition, the marketplace for condominiums and townhomes sold in March was relatively stable as well, with the median price coming in at $260,000, a 2 percent increase from February but a 3.7 percent decrease year-over-year, when that amount was $270,000. The all-time record for condos and townhomes was also set in May 2022, when that price was $285,000. 

Las Vegas Realtors President Lee Barrett noted that the growing stability of the local real estate market shows that there is a “strong underlying interest and demand for owning a home here in Southern Nevada.” 

“Southern Nevada was one of the first places to experience this recent shift in the housing market,” he said. “It seems logical to me that we may also be among the first to come out of this recent slowdown. Our median home price hasn’t changed since December. Local home prices had previously been declining by 1 percent or 2 percent per month. This may be a sign that we’re near the bottom of this cycle.” 

Las Vegas Realtors reports that at the end of March, there were 4,196 single family homes listed for sale without any offers, which represents a 109.3 percent increase year-over-year. In addition, there were 1,103 condos and townhomes listed without offers in that same month, which is a 179.9 percent increase from March 2022. 

2,962 existing homes, condos, and townhomes were sold in Southern Nevada in March, which was a 27.8 percent decrease year-over-year for homes and a 35.6 percent decrease for condos and townhomes. There was approximately a two-month supply of inventory of homes on the market by the end of March, which shows an improvement over the same period of time last year, when there was less than a one month supply available. 

Typically, a six-month supply represents a balanced market between buyers and sellers. 

LAS VEGAS, NV – The Nevada Legislature last week introduced Assembly Bill 340, which, if passed, will change how landlords in Nevada can evict tenants from their properties by forcing them to first file an affidavit in court before they are allowed to start the eviction process. 

AB 340 was presented to the Nevada Legislature Assembly Judiciary Committee last Wednesday, with the sponsors of the legislation saying that its intent is to protect tenants in the state who are struggling to keep up with increases in their rent.

A local organization backing the bill, Battle Born Progress, said that it would give tenants more time to respond to an eviction request by mandating landlords to file a court order before they can serve an eviction notice.

“If a landlord needs to evict a tenant that can still happen,” said Battle Born Progress representative Will Pregman. “But there needs to be an ability for the tenant to reasonably respond to it.”

But while some groups are supporting the bill, many others are criticizing it; Derek Moellinger of Vice Realty Group, which manages apartment complexes, issued a statement condemning AB 340 while also referencing a previous piece of pandemic-era legislation – AB 486, set to expire in June – which stays an eviction proceeding if a tenant has an application for rental assistance pending.

“Landlords have been destroyed in the state because of AB 486. Now the state seeks to further damage landlords with this new bill. I am an investor and I manage almost 1000 properties and I will not put one dollar of my own money into Nevada,” he said. “I counsel every one of my investors to move out of this state and move to a state that actually has fair eviction laws. Right now, in Nevada a tenant can claim to have applied for rental assistance and with that claim, whether true or not, the eviction process will take a minimum of six months and can go as long as a year. During that entire time, the landlord receives no money; and when the tenant finally moves out, the landlord has no recourse to regain any of that lost money. The tenant can then break back into the unit and it is not considered a crime. It’s a civil matter, and the landlord must go back to court and try to remove this person again.”

“These are the kinds of laws that landlords have to deal with in Nevada right now and it’s insane to me that the state wants to further punitively damage landlords when housing is the scarcest resource Nevada has,” Moellinger continued. “You have Investors like me and my friends who have millions of dollars at their disposal and refuse to spend a dollar of it in Nevada anymore. We used to be the reasons blocks were repaired and we were the reason tenants were placed. We were the reason things improved for low-income people. Now it’s a disaster in this state and it’s only going to get worse because the state is chasing away the only people who are willing to actually make a difference, which are owners.”

AB 340 would have to be approved by the state assembly and senate before it could be signed into law by Nevada Governor Joe Lombardo.

Shelter Realty Property Management specializes 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.