Clark County Commissioner Proposes Mandatory “Affordable Housing” in New Apartment Complexes

LAS VEGAS, NV – In an effort to combat skyrocketing rents making it difficult for some residents to put a roof over their heads, a commissioner in Clark County is proposing that a mandatory “affordable housing” law be put into effect as it relates to every new apartment complex erected within the county’s limits.

Commissioner Michael Naft said that multiple constituents have reached out to him as of late, asking for help in addressing the county’s high rents which are making life unaffordable for many working-class families and individuals.

“I’ve got a binder on my desk of people who contact my office and say that their landlords raise their rent by $700, month over month,” he said. “It’s not sustainable for our community. I see this as a way to incent the developer to do the right thing.”

Similar rent control laws have been enacted throughout the country, particularly in regions where the average rent has effectively priced some families out of the market entirely. Nevada state law has allowed local municipalities to implement such laws since 1999, although to date none have chosen to do so; if passed, Clark County would be the first in the state to do it.

Naft’s proposed law, if it comes to fruition, would mandate that apartment complexes with 250 units or more would need to establish 10 percent of them as “affordable rentals” that are geared towards those making 80 percent or less of the region’s median income, which in Clark County would amount to $45,000 or less annually.

Currently, the average rent for a one bedroom apartment in Clark County is approximately $1,600 per month; over the course of the last two years, rents have jumped to a high degree, with wages reportedly not keeping pace with the cost-of-living increases.

Executive Director Susy Vasquez of the The Nevada State Apartment Association released the following statement, saying that her organization would be willing to support Naft’s proposed legislation.

“As presented, the Nevada State Apartment Association is currently neutral, leaning towards supporting the item,” she said. “We look forward to continuing conversations and ultimately providing a purpose driven solution which will bring added stability to our community.”

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 – During the depths of the COVID-19 pandemic the housing market unexpectedly started to boom, propelled by record-low interest rates on home mortgages and buyers enticed by acquiring homes with cheap money. But as demand continued to increase, home prices began to swell, with buyers taking solace in the fact that interest rates nonetheless remained very affordable.

Unfortunately, this is no longer the case, as an attempt to lower out-of-control inflation and prevent a potential recession, the Federal Reserve has begun increasing their interest rates. This, sadly, has correspondingly caused a significant jump in the cost of home loans as well, and combined with record home prices – the median price of a single-family home in Vegas in May 2022 was $482,000 – has caused the market to slow as some buyers are now finding themselves priced out.

With demand decreasing due to financial concerns, sellers – who have been consistently raising their asking prices for months, breaking records each and every time – have finally begun showing signs of relenting, and as a result Vegas-area listings are now slowly starting to appear with newly-applied discounts.

Reports show that sellers of a southwest Las Vegas Valley home for sale recently shaved $25,000 off their asking price; last Thursday, a Henderson home saw a $31,000 decrease; and a northwest valley area home has had a total of $110,000 in price cuts since it was first listed.

In fact, in May 2022, 13.7 percent of active listings in Las Vegas had a price cut, as opposed to the 11.5 percent average across the United States, reports say; while listings overall continue to climb in price, May represented the third month in a row where active listings showed price cuts, with Zillow economist Nicole Bachaud saying that the overall marketplace may be showing distinct signs of much-needed stabilization.

“Sellers are finally being challenged to price their homes competitively, after a period in which buyers seemed willing to meet almost any asking price, and in many cases bid over list price to beat out other interested buyers,” she said. “It’s absolutely true that there is an affordability crisis in the housing market, but low mortgage rates had kept monthly payments in check even while prices rose at a record pace.”

Housing markets – especially in Las Vegas – can often turn on a dime, but the current developments may be indicating that sellers may not be able to overprice anymore, opening up the potential for renewed affordability; time will tell if this ends up being true or not.

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 – First-time homebuyers in Las Vegas are starting to face an uphill battle in some respects. Not only are they competing with ever-rising house prices and increasing interest rates on mortgages, but they are also going head-to-head with one especially difficult adversary: investors with deep pockets and the desire to pay top-dollar for homes they then convert to rentals, something that some families just starting out are unable to match.

With a small amount of inventory – the housing market in Las Vegas currently has just a one-month supply, whereas a six month supply is considered “balanced” – investors are often out-bidding first-time homebuyers by offering all-cash deals and quick closings, something that most sellers are ideally looking for, according to Las Vegas Realtors trade group President Brandon Roberts.

“The first-time buyer is at a big disadvantage,” he said. “Sellers want their money with the least amount of contingencies and as fast as possible. You can’t really blame them for that.”

34 percent of all sales in Las Vegas in May 2022 were all-cash transactions, which represents a 3 percent increase over the same period of time in 2021, which experts say likely means more investors are pouring their money into the Southern Nevada marketplace.

Sometimes these homes are fixed up and flipped for a profit; however, experts say, more often these days they are converted into rentals. Housing of any sort is tight in Vegas these days, but investors purchasing homes from the region’s already slim inventory and leasing them out is creating hardship for those seeking a starter home to purchase.

Reportedly, more and more investors – both individuals and corporations – are making buying homes and renting them out a more significant part of their business model, not just in Las Vegas, but across the United States.

In addition, with mortgage interest rates beginning to skyrocket, more and more buyers – especially affluent transplants from neighboring states such as California – are also opting to pay for home with cash in order to avoid expensive financing costs.

But while the percentage of all-cash home purchases in Vegas are creeping up, they are still far below the level they achieved before the mid-2000’s recession hit; at that time, approximately 60 percent of all home sales in the region were cash-only affairs.

However, experts are predicting that if another recession hits in the near future – which some economists are saying is indeed possible – the possibility remains that it could benefit homebuyers on a budget, as many investors may feel the need to sell off multiple properties, possibly at discounted 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 – Commissioners in unincorporated Clark County approved an ordinance on Tuesday to regulate short-term rentals, officially legalizing an industry in the region that includes services such as Airbnb and Vrbo that operate online marketplaces for lodging, primarily homestays for vacation rentals and tourism activities.

The ordinance comes as a great many neighborhoods across the country have issued previous complaints regarding short-term rental customers disturbing their neighbors with noise and wild partying, which has been a long-standing complaint in regards to the service.

Previously, short-term rentals were not legal in Clark County; however, in 2021, Assembly Bill 363 was voted into law, and decreed that as of July 1, 2022, it would be legal for companies such as Airbnb and VRBO to operate within the county. Furthermore, the county was also tasked with regulating the new industry, and lawmakers had been working ever since – based on public feedback –  to craft an ordinance for that purpose.

Clark County commissioners on Tuesday discussed numerous new regulations that would govern the industry within its borders, including occupancy limits, minimum stays, distance separation, and the responsibilities rental operators.

The short-term rental ordinance (full report can be read here) passed Tuesday includes the following provisions:

• Not more than 1% 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
• Not within 2,500 feet of a resort hotel (state-mandated)
• Hosts must allow the County to inspect the residential units without advance notice
• Allow misdemeanor citations for violations of this ordinance, thus opening the possibility of criminal liability for issues as minor as the placement of trash

A 24-hour telephone hotline will be made available to local residents to report any issues relating to short-term rentals in their neighborhood; those operating the rentals will be required to have personnel in their employ that will be able to respond to and address reported issues within a 30-minute time span.

John Choi, Airbnb’s Head of US West Public Policy, issued a statement on the news of the new ordinance, criticizing Clark County for what he called passing rules that are “stricter than what is required by state law.”

“From the start, Hosts on Airbnb have offered to work with Clark County Commissioners on rules that allow regular people to share their homes to earn extra income and to support the region’s tourism economy, both of these are needed now more than ever as residents continue to navigate economic headwinds,” he said. “Today Clark County commissioners passed new rules that are stricter than what is required by state law and will take money out of the pockets of Nevada residents and the local tourism economy.”

“Short-term rentals have been a lifeline for residents who rely on the income to make ends meet and for travelers looking for safe, comfortable accommodations that offer more space and control over their environment,” Choi continued. “Now is the time for the tourism sector to work together to bolster Clark County’s economy and hospitality industry.”

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 – Following the Federal Reserve’s hike of 75 basis points to its key benchmark rate in an attempt to lower crippling inflation gripping the United States and head off a possible recession, interest rates for home mortgages have been steadily increasing after having hit record lows during the COVID-19 pandemic; that factor, combined with inflation and skyrocketing home prices, have caused a recent slowdown in home sales nationally.

The current interest rate on a standard 30-year fixed-rate mortgage hit an average of 5.78 percent this week; this is up from 5.23 percent just last week, and a big increase compared to the same point in time one year prior, when rates averaged just 2.93 percent.

Currently, interest on home loans is at its highest point since 2008, causing Americans that are already hurting financially due to whopping retail, grocery, and gas prices to rethink the possibility of buying a home in the here and now, according to National Association of REALTORS Senior Economist and Director of Forecasting Nadia Evangelou.

“These rising mortgage rates hurt affordability and decrease the purchasing power of many buyers,” she said. “In addition to increasing the amount buyers will pay to borrow for their mortgage, higher interest rates lower their purchasing power since a larger portion of their monthly payment will be put toward interest.”

Due to the Fed’s decision to raise basis points by the highest amount in 28 years – in addition to several other hikes planned throughout the rest of the year – more buyers are adjusting their shopping budgets for homes, as rising interest rates lower their respective buying power. In January, the average buyer could have afforded a $360,000 home with a $1,400 monthly mortgage payment; now, with the most recent interest increase, that same $1,400 monthly payment would only procure a home worth $270,000.

With interest rates now at 5.78 percent and climbing, buyers’ money is not only worth less, but they will also be paying more over the course of the loan itself; at last week’s 5.23 percent interest rate, the monthly payment on a $300,000 loan – excluding taxes and insurance – would have been $1,653. However, with rates now being 5.78 percent, the monthly payment on the same loan would now be $1,756, which represents an additional $1,236 per year.

But all is not bleak- experts are saying that the high interest increases may simply be a case of over-correction on the part of lenders, and if the Fed’s basis point increase indeed proves to be successful in curbing inflation, mortgage rates could start to come down once again, especially amid a slowdown in demand for home loans, which have decreased 16 percent year-over-year.

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 – Arioso, a 195-unit affordable rental community for low-income seniors in southwest Las Vegas, recently held its grand opening celebration, and the developer – Ovation Design & Development – said that more accommodations catering to low-income residents are vitally needed as rents continue to climb throughout Southern Nevada and the nation.

Ovation founder Alan Molasky said that as affordable rental options continue to shrink for local residents – especially seniors, many of whom live on tight, fixed incomes – Ovation’s commitment to serving this venerable segment of society is their number one priority.

To that end, Molasky – who was accompanied to Arioso’s Grand Opening with numerous local dignitaries, such as Governor Steve Sisolak and Clark County Commissioner Justin Jones – said that Ovation’s high-quality apartment complexes are not only lower-priced for qualified seniors, but also offer a number of amenities, such as recreational and resident service components.

“The need for affordable housing and supportive elderly housing in the Las Vegas Valley is well-documented,” Molasky said. “Southern Nevada already has a desperate shortfall now, and with a growing senior population, it is estimated that 85,000 additional affordable housing units will be needed in the next 10 years to meet the demand.”

Governor Sisolak stated at the event that one of the biggest problems facing residents of Nevada is rental options they can afford, especially as rents have been skyrocketing following the end of the COVID-19 pandemic.

“I’m proud of the work being done across all levels of government and with community partners, like Ovation, to address the affordable housing crisis in Nevada,” Sisolak said. “With my $500 million ‘Home Means Nevada’ investment, we will be working with partners across the state to build more affordable housing, get Nevadans into homes and keep them in their homes, as well as create good-paying jobs.”

The Energy Star-rated Arioso represents the 13th affordable senior housing community built and managed by Ovation, and includes one and two-bedroom apartments, and offers a recreation/wellness center, swimming pool and Jacuzzi, social gathering spaces and other amenities for residents.

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 – While the housing market in the United States began to explode in the initial months of the COVID-19 pandemic – with a corresponding increase in home values that are continuing to skyrocket to this day – investors have been looking to get into the on-fire real estate industry, and one of the top locations that they’re doing so these days is Las Vegas, Nevada, which features one of the fastest-growing markets in the country.

Investors are buying more and more homes in Las Vegas, and as a result are starting to edge out many first-time homebuyers in Vegas. Currently, 18.4 percent of all home sales – or one out of every six – in the U.S. was to investors, consisting of large corporations, local companies, or private individuals who typically either renovate and flip them, or convert them to rental units.

However, when it comes to Las Vegas, that number goes up to a whopping 29.2 percent of investors – or the equivalent of over one out of every four sales – that are snapping up homes in the region at a fever pitch. In the first three months of 2021, investors spent a total of $1,738,006,386 purchasing homes in Vegas, and that degree of spending appears to not be diminished as the pandemic has been winding down.

In addition to purchasing homes in Southern Nevada, investors have also been gobbling up numerous rental properties in the area, such as apartment complexes. Several such high-profile sales in Vegas have taken place in recent months, such as Topaz and Viridian – two apartment communities that are located adjacent to one another on West Viking Road – in an off-market transaction worth a combined total of $129.7 million by Laguna Point Properties, a multifamily investment company based out of California.

Obviously, the hot Las Vegas real estate marketplace is attracting numerous big-money inventors from around the country, and that trend is looking to continue into the near future.

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 – Despite yet another all-time record being set for home prices in Southern Nevada for the month of May – something that has consistently happened month-after-month for some time now – conditions show that sales overall are beginning to slow in Vegas, indicating that a gradual shift is occurring towards a more sustainable marketplace, experts say.

The median price of existing single-family homes sold in Southern Nevada during May 2022 was a whopping $482,000, yet again an increase over the previous month’s record. The price represents a 25.2 percent increase over the same period of time one year ago, when the median home price was $385,000.

The median price of condominiums and townhouses in May also broke last month’s record price, with an increase to $285,000, which is a 39 percent jump from May 2021 when that price was just $205,000.

Prices of existing homes for sale in Las Vegas has more than quadrupled since the market has recovered from the mid-2000’s recession, when the median price of single-family homes reached a historic low of $118,000.

According to Las Vegas Realtors President Brandon Roberts, these factors have caused a slowdown in the number of homes being sold in Southern Nevada and a corresponding build-up of available inventory, which is starting to signify the beginning of equilibrium in the local market.

“The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,” he said. “Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable.”

At the end of this past May, there were 3,570 single-family homes listed for sale without any sort of offer, which represents a huge 75.8 percent increase from May 2021. There were also 797 condominiums and townhouses currently on the market without offers at the end of May, which is 50.7 percent higher than was the case in May 2021.

Sales of homes and condos/townhouses were down 8.8 percent and 6.6 percent in May, respectively, when compared to the same period of time one year prior.

Currently, there is over a one-month supply of homes on the Las Vegas market, but while this is higher than was previously available, it is nonetheless still considered a “tight” market and further progress will be needed for it to be considered “balanced.”

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 legendary Oscar De La Hoya, former professional boxing champion and current boxing promoter, has purchased a home that is currently in the process of being constructed in the luxury MacDonald Highlands community in Las Vegas’ Henderson neighborhood for an eye-opening $14.6 million.

De La Hoya, known in his boxing days as “The Golden Boy,” is now in possession of the highest-priced purchase in Las Vegas for the month of May, along with NHL Vegas Golden Knight player Alex Tuch, who was traded to the Buffalo Sabres and subsequently sold his Summerlin home for a pricey sum.

The MacDonald Highlands home purchased by De La Hoya is situated upon one acre and packs 10,460 square feet into a one-story dwelling. The home, located at 1990 South Bundy Drive, was purchased from luxury builder Blue Heron, boasts five bedrooms and an eight-car garage.

The design of De La Hoya’s new home is said to be “classic with a modern twist,” and possesses a high-end look and feel that has become the trademark of Blue Heron, according to listing agent Kristen Routh-Silberman.

“It represents another masterpiece and milestone for Blue Heron and Tyler Jones,” Routh-Silberman said. “It’s sensational and will be a showstopper once it’s complete. Blue Heron is constantly evolving and [with this home] here they are taking modern and mixing it with timeless. It’s a new look for them. It’s very refined for modern architecture. It should be a showpiece in Architectural Digest when it’s finished.”

The home features numerous amenities, including an entrance with water features and a porte-cochere – a covered entrance large enough for vehicles to pass through – in addition to panoramic views of the famed Las Vegas Strip and nearby mountain ranges.

In addition, the master bedroom is located in its own dedicated wing of the house, which also has a digital den and media room, an office, a wet bar, outdoor dining, a wine room, a lap pool, spa, fire lounges, and play areas.

Construction on the home will be completed by next spring, according to the developer.

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 – Eagle Hills, one of Summerlin’s top luxury communities, has a swanky, highly-desirable estate that has just been listed on the open Las Vegas real estate marketplace for the eye-opening sum of $1.7 million.

The estate, located at 9237 White Tail Drive, offers numerous high-end amenities that are sure to attract a large number of affluent buyers, according to listing agent Leslie Carver.

“Eagle Hills is a well-established and popular neighborhood in Summerlin,” she said. “This home is the whole package. It offers a beautiful floor plan, large outdoor space and great community amenities that are exclusive to residents.”

The 4,192 square-foot residence encompasses four bedrooms, five bathrooms, an open-floor great room featuring an in-wall fireplace and dry bar with glass shelves, private living room, dining room, dedicated office space, soaring ceilings and a covered front entry with a glass front door and double sidelights.

9237 WHITE TAIL DRIVE, LAS VEGAS – $1,700,000.00

In addition, the home offers an open-concept kitchen with granite counters, double dishwashers, a three-compartment sink, and an oversized pantry.

It also features a master bedroom, located on the second floor, in addition to a second room that offers a bar and a balcony leading to the backyard; the main bathroom has marble countertops, and oversized marble shower with a built-in bench, a spacious double vanity, a jetted soaking bath, and much more.

The backyard features a wrap-around covered patio, a large lawn with multiple trees that provide shade, and an iron gate that leads to a secluded walking path.

Another attractive feature of the property is its location within Summerlin’s guard-gated Eagle Hills community, which provides numerous top-of-the-line amenities for its residents, such as private tennis and basketball courts, shaded children’s park, walking trails, and access to a top golf course.

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 – Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has finally sold his mammoth Las Vegas mansion for a fairly deep discount after originally listing it on the market in 2020 for $25 million.

The buyer, affluent British businessman Simon Dolan, stepped up to purchase Wynn’s opulent residence, with property records indicating that the closing price on the property – $17.5 million – was well below the initial asking price when it was first listed two years ago.

Wynn closed on the sale on June 1. Up until that point, the property had been on and off the market several times, with the asking price lowered in March 2022 to $24.5 million; this number represents 30 percent over and above what Dolan would finally end up paying for the residence.

Located at 1717 Enclave Court, the estate comes in at 15,000 square feet with six bedrooms and nine bathrooms, situated on a street that is known as “billionaire’s row” for its many mansions and high-priced properties.

The mansion, which recently benefitted from a major renovation project, features a plethora of amenities including a game room, wine closet, gilded doors, silk carpeting, a butler’s pantry, and a full wing dedicated to a live-in caretaker. There are also extensive security features, including infrared security cameras monitoring the grounds and a backup power system in case of power failure.

The all-cash deal, despite the discounted price, still qualifies as a successful transaction for Wynn; he had originally purchased the property in March 2018 for $13 million, represents a tidy profit for the businessman, even with the money he invested into renovations.

Famed magician David Copperfield owns a neighboring mansion, a 31,000-square-foot estate that he purchased in 2016 for $17.55 million, the highest price ever paid for a Las Vegas mansion at the time; due to Wynn’s estate selling for a discounted price, it failed to set a new record.

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 Las Vegas developer has listed a swanky new spec home built on the grounds of the Southern Highlands Golf Club for the whopping sum of $5.29 million, and to sweeten the deal they’re throwing in a $100,000 Tesla to help fill out the dwelling’s spacious four-car garage.

A spec house – short for speculative house – is a new house that a home developer builds on the speculation that it will sell easily for a profit. Builders design these move-in-ready homes to be as appealing to home buyers as possible.

That being said, Domanico Developers – the builders of the new Southern Highlands Golf Club listing – certainly gave it their all when attempting to offer an appealing home. Located at 15 Fire Rock Court in a guard-gated enclave, the home comes in at two stories and boasts a contemporary design.

The home uses stone on its exterior, and a huge double-height great room boasts vaulted ceilings and a humongous fireplace mantle. There are two master bedrooms on each wing of the lower level, each with a spa-steam shower, walk-in closet, a washer and dryer, and a private trellis-covered courtyard. Next to the great room is a game room that can be used as a theater.

15 FIRE ROCK COURT, LAS VEGAS – $5,290,000.00

The backyard has a swimming pool, barbecue area, a fire pit and serving bar.

According to the realtor representing the developer, in addition to the $100,000 Tesla, another move to sweeten the deal for prospective buyers includes a $100,000 allowance for furniture as well; the home comes with furniture from Staged To Sell which can be purchased by the buyer, if they so choose.

And if the buyer already happens to own a Tesla, they can instead receive a discount on the sale if they prefer, according to listing agent Ernie Domanico, Jr, who noted that the impressive incentives included in the same are part of a creative marketing strategy.

“If the buyers already have a Tesla, we can just credit them $100,000 and they can do whatever they want with it,” Domanico said. “We are trying to do something new to grab people’s attention. Electric cars are a big thing and everyone that goes with electric cars seems to be going toward a Tesla.”