Year-in-Review: Top Las Vegas Real Estate Transactions of 2022; Market Again Becoming Red Hot

LAS VEGAS, NV – Las Vegas has been on the comeback trail in a variety of ways since the COVID-19 pandemic has subsided, and 2023 promises even bigger and brighter things to come. But it’s always important to learn from and reflect upon the past, and the top real estate transactions of 2022 prove that – despite some setbacks encountered along the way – the Las Vegas marketplace is once again becoming red hot.

The top five Las Vegas real estate transactions of 2022 were, in no particular order:

Houston billionaire Tilman Fertitta made some major waves when he spent a whopping $270 million in June on a 6.2-acre plot of land at Las Vegas Boulevard and Harmon Avenue that will become the home for a currently unnamed 43-story, 2,420-room hotel-casino.

Next up is Formula One, who purchased approximately 40 acres east of the Las Vegas Strip at Harmon Avenue and Koval Lane in June for $240 million, upon which they are constructing a new race track that is scheduled to debut in November 2023, at which time it will host a 50-lap Grand Prix race.

Also of note is MGM Grand and Mandalay Bay’s properties coming under the full ownership of Vici Properties, who was previously the landlord of those establishments. Vici, which had owned a 50.1 percent stake, announced that they are in the process of buying the remaining 49.9 percent from New York-based financial firm Blackstone for $1.27 billion in cash, giving them full ownership going forward.

Next  on the list is Hollywood A-lister Mark Wahlberg, who purchased 2.5 acres in Summerlin’s The Summit Club for $15.6 million in July, followed by another Summit Club residence in August for $14.5 million. The actor noted that the hefty acquisitions were not only so he could become a Nevada resident, but so that he could also use his purchases to construct movie studios in an effort to make Las Vegas “Hollywood 2.0.”

And finishing off the list is Station Casinos’ purchase of about 126 acres at Las Vegas Boulevard and Cactus Avenue for $172.4 million in July, as part of the company’s efforts to increase their foothold in Southern Nevada by 50 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 Village, the site of the infamous 2017 mass shooting that is considered the deadliest such event in U.S. history, was announced on Friday as having been sold by MGM Resorts International to the Three Affiliated Tribes of North Dakota (MHA Nation). 

It is currently unknown how much the 13-acre plot of land, located at the site of the 2017 Route 91 Harvest Festival, was sold for, although the sale does not include an additional two-acre section of the property that had been set aside for a permanent memorial to the victims of the shooting, according to MGM Resorts President Bill Hornbuckle. 

“We know the importance this location holds to so many and have always put tremendous thought into every consideration involving the site,” he said. “This is no exception.” 

The Three Affiliated Tribes of North Dakota is made up of the Arikara, Hidatsa and Mandan Nation tribes – also known as the MHA Nation – and is noted for collecting approximately $1.7 billion in tax revenues over the course of the last 15 years by allowing the federal government to drill for oil on their lands. 

The MHA Nation already owns and operates the 4 Bears Casino & Lodge on Fort Berthold Reservation land since 1993, and despite the future development plans of the Las Vegas sale not yet being disclosed, Three Affiliated Tribes attorney John Fredericks III teased that it may be used as the location of a new tribal-run hotel/casino resort. 

“This is a sound investment for the MHA Nation,” he said. “There are no immediate specific plans for development but the MHA Nation will be exploring its development opportunities in the near term.” 

On October 1, 2017, Stephen Paddock, 64, opened fire on the crowd attending the Route 91 Harvest music festival on the Las Vegas Strip in Nevada, firing over 1,000 bullets from 32nd-floor rooms in the Mandalay Bay hotel. Paddock killed 60 people and wounded at least 413 others; the ensuing panic increased the total of those injured to 867.  

Paddock was later found dead in his room, having shot himself; his motive for the shooting was never revealed. 

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 – Summoning images of anti-authority, slam-dancing men and women in leather jackets sporting outrageous, multi-colored hairdos, The Punk Rock Museum is slated to mosh its way into Las Vegas with an anticipated opening date of March 2023, offering an experience to music fans like none ever seen before.

Brought to life by a group of punk rock legends known as the “Punk Collective” – including NOFX’s Fat Mike, Pennywise’s Fletcher Dragge, Bryan Ray Turcotte, Vinnie Fiorello, and more – The Punk Rock Museum, currently under construction, will offer music fans “the world’s most expansive, inclusive, and intimate display of artifacts, fliers, photos, clothing, instruments, handwritten lyrics, artwork, and just about everything else donated by the people and bands who were there.“

The 12,000 square-foot facility will offer a plethora of memorabilia and artifacts representing one of the most turbulent music genres ever conceived, including handwritten lyrics, instruments – which will not only be viewable by guests, but actually playable as well – clothing, photos, flyers, and artwork representing some of the biggest names in punk rock, such as Blondie, Sum 41, Rise Against, Devo, and more.

In addition to serving as a chronicle of punk rock history and the people who made it happen, the museum will also offer a bar, tattoo parlor, wedding chapel, jam room, and a variety of other experiences for guests to indulge in.

The Punk Rock Museum was originally slated to open on January 13, but a series of construction delays have pushed that date back to March 10. Upon opening, visitors will actually be taken on guided tours of the museum by punk icons such as Louiche Mayorga from Suicidal Tendencies, Noodles from The Offspring, Stacey Dee from Bad Cop/Bad Cop, Don Bolles from The Germs/45 Graves, Greg Hetson from Circle Jerks/Punk Rock Karaoke, Warren Fitzgerald from The Vandals, and Zach Blair from Rise Against. 

“Everyone who books one of these tours will hear stories no one else has heard before, from the people who lived them,” the museum’s website says.

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 owners of short-term rentals and members of the Greater Las Vegas Short-Term Rental Association (GLVSTRA) were granted a preliminary injunction last week against Clark County regulations governing the local industry they criticized as being “stricter than required by state law.”

Clark County commissioners had imposed numerous regulations upon short-term rental hosts including occupancy limits, minimum stays, distance separation, and their responsibilities as rental operators; some of the ordinances that hosts took exception to include the following: 

• Not more than one percent of housing in the county can operate as short-term rentals
• No more than one license per person
• Maximum occupancy of two people per bedroom or 10 people per unit
• Bookings must be a minimum of two nights
• Minimum two-night stay for every reservation
• Not within 1,000 feet of an existing short-term rental
• Hosts must allow the County to inspect the residential units without advance notice
• Misdemeanor citations for violations of this ordinance, thus opening the possibility of criminal liability for issues as minor as the placement of trash 

Hosts in Clark County – who have been applying for licenses rent out their homes through services such as Airbnb and VRBO – berated the regulations, saying that they interfered with their ability to run a successful business.

In November 2021 short-term rental owners and GLVSTRA sued Clark County, with GLVSTRA founder Jackie Flores saying that their property rights were violated by the regulations.

“Our position is that both the state law and the Clark County ordinance just goes too far where it’s actually violating people’s constitutional rights and freedoms,” Flores said at the time. “They have a provision in the ordinance that says any Count Official can come to your private home at any time whenever they feel like it and for whatever they want and you have to let them in your property. You have to let them in your house and we felt like that was like you’re going way too far.”

Last week a judge granted a preliminary injunction against Clark County, preventing the ordinances from being enforced pending a comprehensive review by the court to determine if indeed the rights of rental owners are being violated or not.

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 developer of the Fontainebleau Hotel and Casino announced this week that they have acquired a $2.2 billion construction loan to finally complete the project following a protracted – and extremely bumpy – development history. 

The long-gestating Fontainebleau project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – finally resumed construction in November 2021 after it was re-acquired by its original developer after changing hands several times over the years. 

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, set out to finish what he began 12 years ago after he put the brakes on the resort due to lack of funding, despite it already being 75 percent completed at the time. 

Fontainebleau Development had originally begun building the resort in 2007, but it was indefinitely halted two years later by the recession, forcing the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic. 

From there, the Fontainebleau sat unfinished for years until Fontainebleau Development re-acquired the project and resumed construction in 2021; currently, the resort is now expected to be finished in late 2023, following Soffer’s securement this week of $2.2 billion in new funding. 

When the resort is completed, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC. 

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and other amenities. The resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ economy. 

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 MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip since its initial groundbreaking in September 2018, has encountered a series of financial overruns during its development saga that has caused it to exceed Allegiant Stadium as the city’s priciest entertainment venue ever.

Originally, Madison Square Garden Co. – in conjunction with partner Las Vegas Sands Corp. – had estimated the cost of the high-tech stadium at $1.2 billion; however, the initial general contractor of the project, AECOM, later announced that costs were more likely in the range of $1.7 billion. Madison Square Garden took over as general contractor in December 2020, although AECOM continued to provide support.

Costs have ballooned in the four years since the groundbreaking, however, and are now estimated to be a whopping $2.17 billion, taking the title of the costliest entertainment venue in Las Vegas away from the $1.9 billion Allegiant Stadium.

The 17,500-seat auditorium was initially scheduled to open in 2021, but construction was suspended in April 2020 due to the COVID-19 pandemic; construction resumed later that year, with the venue now slated to open in the second half of 2023.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located 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 – known as an 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 venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

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 – After a deadly fire three years ago that resulted in 6 dead, 13 injured, and dozens of families without a home, the former Alpine Motel Apartments has finally been rebuilt and rechristened as DLUX Lofts, with the new property owner pouring $3 million into the facility’s rehabilitation.

DLUX Lofts isn’t merely a recreation of the original three-story, 42-unit apartment complex that was all-but destroyed during an early-morning fire on December 21, 2019; it represents a significant overhaul, not only in terms of making it safe to occupy once again, but also due to a cutting-edge tech upgrade as well.

The building features a full redevelopment of the original structure, including a new sprinkler system throughout the entire complex – in both the hallways and in each apartment – as well as new utilities, new windows, a new roof, and new flooring.

All of the apartments – which range in size from 300 to 400 square-feet – have been given a luxury makeover, boasting amenities such as stainless steel appliances, quartz countertops, built-in bluetooth speakers, fingerprint and bluetooth-enabled door locks, a smartphone-compatible video-intercom access system, and high-speed WiFi internet access.

Despite all of the shiny new features, the units at DLUX Lofts are surprisingly affordable, with rents expected to be in the neighborhood of $1,150 to $1,350, a price that includes all utilities – such as water, electricity, and internet – as well.

The apartment complex rising from the ashes comes after what was described as the deadliest building fire in the history of Las Vegas, which saw tenants jumping from the windows of their second-and-third story apartments in a desperate bid to escape the flames.

Surviving residents stated that the building – which previously had no sprinkler system at all – had a history of failed fire inspections, and at the time of the blaze had not had any inspections at all for two years. Afterwards, investigators found over 40 fire code violations, in addition to asbestos contained throughout the structure.

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 – A luxury home located in The Peaks, a gated subdivision of Henderson’s exclusive Lake Las Vegas community, has hit the open real estate market for the eye-opening sum of $2,425,000, and boasts a number of nigh-end amenities that should ensure that it’s for-sale status in indeed a short one.

The main selling points of the sizable residence, located at 41 Vista Outlook Street, are that it offers unobstructed views of both the Las Vegas Strip and Lake Las Vegas, according to the realtor handling the sale, Ashley Toussaint.

“Not only does the size of the lot set it apart from others, but it is also one of the only homes within the community offering the desert equivalent to an ocean view,” she said. “When it comes to looking for a property that has it all, this is it. From its convenient proximity to the lake and unobstructed view of the Strip on every level of the home, to the all-encompassing micro-local lifestyle it provides.”

The property features a combined total of 9,000 square-feet of indoor and outdoor living space, with the home itself comprised of 3,606 square-feet with five en suite bedrooms, six bathrooms, a four-car garage, front and back terraces, a resort-style backyard, and an outdoor kitchen.

41 VISTA OUTLOOK STREET, HENDERSON – $2,425,000.00

The home also recently underwent a series of cutting-edge “smart home” upgrades, including automation technology that allows the owner to control numerous functions directly from their smartphone.

However, the residence also comes with several perks to sweeten the deal, including a brand-new electric ICON golf cart to allow the home’s owner to ride around the community to partake in its many amenities – such as restaurants, entertainment venues, golf courses and parks – as well as $10,000 in credit for the Lake Las Vegas Sports Club, which offers a fitness facility, social events, personal trainers, and indoor and outdoor sports.

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 upcoming high-speed railway system between Las Vegas and Southern Los Angeles – which has been gestating for a number of years now, having been plagued by a series of delays – has finally seen some forward momentum, as reports indicate that developer Brightline West is now ‘on-track’ to officially break ground on the project in 2023.

With the groundbreaking originally announced to take place back in 2020, the $8 billion project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and ending at a station located on the south end of the Las Vegas Strip.

This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

“The environmental assessment underscores the positive environmental impact of utilizing the I-15 for high-speed rail and is a significant step in the process to receive the key approval to begin construction,” the company said in a statement.

Funding for the project is slated to come from several sources, with Brightline applying for federal grants and private activity bonds in both Nevada and California; in addition, funding could be procured from the recently-passed federal infrastructure bill, part of which is earmarked to support rail projects.

The Brightline West railway project has been long-delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the 2020 presidential election and the economic uncertainty that it created at the time.

If the project finally proceeds in 2023, the expected completion date would is expected to be in 2027.

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 Harmon at 370, an apartment complex located near the famed Las Vegas Strip and adjacent to a large tract of vacant land that Formula One is currently developing into a new racetrack, has been listed for sale, with the property’s new landlord asking for the hefty sum of nearly $189 million.

Previously, the complex had been known as Harbor Island Apartments, and residents had grown quite used to the large plot of land next door – especially since its perpetual state of disuse had resulted in a sustained state of peace and quiet.

However, the 21.4-acre site at 370 East Harmon Avenue – situated approximately one mile east of the Strip – sold to Laguna Point Properties in the spring for $126 million, at which time it was rechristened The Harmon at 370; at the same time as that purchase, Formula One was in the process of buying the empty plot next door.

Greg Campbell, a founding principal with Laguna Point Properties, said that he started getting inquiries about selling the apartment complex before his company had even finished closing on the deal, as the news of a Formula One racetrack being built next door had generated a great deal of hype.

“They get a whole following of people who want to be around them,” Campbell said of Formula One; with that being the case, it didn’t take long for Laguna Point Properties to put the property they had just purchased back on the market, and at a much higher price point than they themselves had paid.

The Harmon at 370 is being marketed as being “suitable for hotel, resort, retail and mixed-use development,” and is expected to be demolished if sold, with the property expected to be developed into something that caters more towards Formula One fans and general tourists, as opposed to long-term housing.

Formula One announced in March that it would hold a 50-lap Grand Prix in Las Vegas in November 2023; the track that is currently in the works will, upon completion, run for 3.8 miles, with racers expected to hit top speeds of 212 miles per hour.

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 – Around the world, few cities have the reputation that Las Vegas does when it comes to serving as a destination for extravagant New Year’s Eve festivities, and apparently AirBnb realizes this, as the well-known online short-term rental business has decided to impose a very strict series of rules for those looking to party in Sin City to ring in 2023. 

In an attempt to curb noise complaints and other issues expressed by homeowners in neighborhoods where AirBnb rentals are located – which are popular venues for tourists to host New Year’s Eve parties – the company announced that they will be going all-out this year to ensure that guests are adhering to all rules and local ordinances, particularly as they pertain to the use of the properties by unauthorized individuals. 

AirBnb, as they have in recent years, will continue to enforce their policy of not allowing one-night rentals in Las Vegas for New Year’s Eve; this pertains to not just apartments, but especially homes as well, as private residences have been responsible for numerous complaints over the years from neighboring homes. 

In addition, AirBnb will also only allow renters this New Year’s who have engaged their services previously, and who have a history of positive reviews; those who have received negative reviews from hosts – or who have no history at all, good or bad – will be barred from renting an AirBnb in the vicinity of New Year’s Eve. 

This policy is not exclusive to Las Vegas; AirBnb will be enforcing it with all of their rental partners throughout the country as a means of ensuring the safety and well-being of both tenants and homeowners. 

“We continue to draw a hard line on disruptive parties and emphasize safe and responsible travel during a weekend where we know some may be more inclined to try to throw an unauthorized party,” the company said in a statement. 

Since introducing the policy, AirBnb has noted that the number of out-of-control shindigs at their rental properties have dropped by 56 percent, which should hopefully go a long way to appeasing neighboring homes in areas with AirBnb units as they celebrate the arrival of the new year. 

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 – Station Casinos, a hotel and casino company based in suburb of Summerlin South, has announced the nearly $24 million sale of a plot of land they had owned in Southwest Las Vegas that is adjacent to their currently in-development Durango Hotel and Casino resort.

The plot of land sold consists of 21.3 acres just to the west of the Durango, and was purchased by Las Vegas apartment developer Ovation Development Corporation for a total of $23.9 million; the sale closed last week, according to property records.

The Durango Resort began construction in early 2022, and is being developed at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley. The $750 million hotel-casino is estimated to be completed by fall 2023, and will boast a 73,000 square-foot casino, sportsbook, a 200-room hotel, four restaurants, and meeting space.

Station Casinos had originally purchased a 71-acre plot of land at the site, of which 50 acres is devoted to the Durango project; Station’s parent company, Red Rock Resorts, had previously announced that they would sell off the remaining redundant acreage, saying it would most likely be going to the developer of a multifamily residential project.

The location of the Durango is proving to be in a fast-growing part of Southern Nevada, and an additional apartment complex – especially one situated in a bustling, touristy section of the city – would go a long way to helping address the housing shortage plaguing the region.

This isn’t the first time Station and Ovation have conducted business; previously, the developer had purchased a five-acre lot in Henderson from the company in fall 2021 in order to build a 55-and-older residential complex.

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.