Newly-Built Las Vegas Homes Continue to Set All-Time Price Records, Surpassing Pre-owned Comrade

LAS VEGAS, NV – While the prices of pre-owned homes in Las Vegas continue to shatter records nearly each and every month, prices of newly-built homes have been continuing to break records of their own, actually surpassing their pre-owned comrade in the month of November by a significant margin.

According to Las Vegas homebuilders, the median price of a newly-built home in the Southern Nevada region for the month of November 2021 was $444,677, as compared to the median price of pre-owned homes during the same period of time, which was $420,000.

The median price of newly-built homes noted for November represents an 11.5% increase over the same period of time in 2020, and due to non-stop demand and supply chain issues brought about by the COVID-19 pandemic, that upward trajectory is not expected to end anytime soon, experts say.

November’s numbers mark the sixth time that the record for prices of newly-built homes in Las Vegas shattered all-time records, illustrating that 2021 was a year of significant growth for the industry.

Builders closed 1,054 new-home sales in November, which is a 26% increase year-over-year; this brings the total of newly-built homes sold in Las Vegas for 2021 up to 10,915, a jump of 17% from November 2020. And of course, that’s not taking December’s numbers into account, which should be out later this month.

In addition, 1,293 new-home permits were issued in Las Vegas last month, up 28% from one year ago, for a total of 13,774 so far this year – a massive 32% increase over November 2021.

The majority of residences that builders have been concentrating on constructing as of late are single-family homes, and sales have flourished throughout 2021 due to rock-bottom mortgage rates that have allowed buyers to lock in low-interest loans, getting them the most for their dollar when it comes to purchasing a house.

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 Bascom Group – a significant player as of late in the Southern Nevada real estate scene – has announced the purchase of Sun Chase, a 200-unit multifamily property in Las Vegas for over $40 million.

Scott McClave, Bascom’s Senior Principal of Acquisitions, noted that the purchase was driven by the city’s continued population and employment growth and the subsequent – and continuing – high demand for apartment rental options.

“Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy,” he said. “This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market.”

Bascom purchased Sun Chase for $40,500,000, which translates to $202,000 per unit; the firm stated that Apartment Management Consultants would be providing property management services for their tenants.

Originally built in 1984, Sun Chase is described as a “low density” apartment community, consisting of one and two-bedroom units with many of its floorplans including private patios or balconies. In addition, the complex includes many amenities for residents, including a fitness center, resident clubhouse, pool / BBQ area, and a putting green.

Upon their purchase of the community, Bascom announced that they would be sinking a significant sum of money into the property in an attempt to “modernize” it; renovations to the fitness center, clubhouse, and pool areas are planned, and the putting green is slated to be repurposed into a landscaped park area for residents that will feature a shaded play structure, BBQ station, and seating areas.

Sun Chase is located in the vicinity of multiple attractions in the Las Vegas valley, including the world-famous Las Vegas Strip, the Hughes Center, and the newly-built Allegiant Stadium, home of the NFL Las Vegas Raiders.

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 St. Croix multifamily community in Las Vegas was recently purchased by SB Real Estate Partners for $73.1 million from Strata Equity, which represents the second high-profile – and high-priced – acquisition of a Southern Nevada apartment complex by SB in 2021.

The 256-unit, 21-building garden-style St. Croix community was purchased in an off-market transaction, and will be rebranded as Portola West Vegas. SB is planning on infusing the property with $4 million in upgrades and renovations – both to the inside and out – to reportedly increase its “competitiveness” in the Las Vegas marketplace.

The community was last sold in 2013, when Strata Equity bought it for $18.7 million; the $73.1 million price they got from SB represents a whopping fourfold increase on Strata’s initial investment in the property.

SB has announced their intention to commit a significant amount of investment resources – to the amount of $300 million – into the Las Vegas metro marketplace in 2022 with several more purchases of rental properties in the cards.

Their first entry into the Las Vegas real estate marketplace was made this past November when SB purchased the 241-unit Russell Apartments, which has since been rebranded as Portola on Russell; extensive renovations in the amount of $2 million were announced for that property as well.

SB noted at the time of Russell’s purchase the property would be the first of many investments the firm would make in higher-end Las Vegas apartment complexes that they would be offering at lower-than-average rental price points.

The firm was initially attracted to the Las Vegas marketplace by the population boom in the wake of the COVID-19 pandemic, which saw many families transplanting themselves to Southern Nevada from states with higher costs of living, attracted by promises of a cheaper lifestyle, a booming economy, and a blossoming job market.

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 – Currently, short-terms rentals such as Airbnb and VRBO are not legal in unincorporated Clark County, but all of that is set to change thanks to the passage of Assembly Bill 363 (AB363) by the Nevada Legislature, and county officials are seeking input from local residents on the regulation once the marketplace is allowed to open for business.

Clark County has launched a public survey regarding short-term rentals to assist officials in crafting ordinances that will serve to regulate the market, which AB363 requires be set in-place by no later than July 1, 2022.

Some of the limits to AB363 that local residents will be able to give their opinions on include minimum distance separation between short-term rentals proximity to resort hotels, limits on the number of occupants and number of permits a person may hold.

Erik Pappa, a Clark County spokesman, said that the survey should help to find compromises that will hopefully alleviate any misgivings that residents may have over short-terms rentals potentially appearing near their homes.

“We have to strike an appropriate balance and we really need the public’s input on what that balance should be,” Pappa said.

Currently, Assembly Bill 363 requires a minimum distance of 500 feet between any two short-term rentals – Las Vegas’ current ordinance requires 660 feet – and could also override a mandate that requires a rental property to be occupied by the homeowner.

“Are those standards appropriate or should we require further distance requirements? Should we limit the number of people that can stay at an Airbnb?” asked Pappa.

Clark County officials are urging residents to take part in the survey, which they say is vital in creating ordnances that can impact the quality of live in the neighborhoods that the majority of these rentals will be situated.

The survey, which takes between 10 and 15 minutes to complete, can be accessed at https://www.ClarkCountyNV.gov/survey.

The survey will ask several different questions of residents, including their opinions of having short-term rentals in their neighborhood, any experiences they have had with such services in the past, and other matters that will be taken into consideration when county officials draw up their mandated ordnances.

The survey will be made available to Clark County residents until the end of January, 2022.

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 – Steve Witkoff, a former developer of the Las Vegas Fontainebleau resort – which has since progressed in his absence – has announced a new project in Florida this year.

Developer Steve Witkoff has trumpeted a new project, which will be to redevelop the Shore Club in Miami Beach in 2021. The hotel – situated within two miles of the Fontainebleau Miami Beach, which has the same current owner as its Las Vegas counterpart – closed at the inception of the COVID-19 pandemic and has remained shuttered ever since.

Both the Shore Club and the Fontainebleau are located on Collins Avenue, a hotel-specific thoroughfare which mainly features establishments and lodging that caters to beach partiers. Witkoff’s company has plans in-place to destroy portions of the Shore Club complex and reduce the overall number of its rooms. In addition – according to plans filed this fall with the city of Miami Beach– Witkoff intends to construct a residential tower as well.

The buyers did not disclose in a recent press release what exactly will be built upon the site for the project’s estimated cost of $94 million, but they noted that the 4.7-acre site — located near a train station, a pro basketball arena, and several high-rises — has zoning that allows for 60-plus stories and a combination of residential and commercial uses.

Prior to this deal, Witkoff had claimed ownership of one of Las Vegas’ tallest buildings when he purchased the still under-construction Fontainebleau Hotel and Casino on the Las Vegas Strip in 2017 for $600 million. However, the hotel resort’s original developer then re-acquired the project in February 2021 from Witkoff – which at that point was still unfinished – and announced plans in November to finally open the establishment in 2023.

The Fontainebleau Las Vegas will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, 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, and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

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 their efforts to combat the high demand for housing and apartment options in the Southern Nevada region for the past year-and-a-half, developers in Las Vegas have reported numerous impediments in their pathways, in particular high costs and supply-chain issues brought about by the COVID-19 pandemic.

Despite the housing market in Las Vegas remaining super-hot, experts say, delays brought about by supply chain disruptions have spelled costly issues for developers throughout the region. As a result, contactors in Las Vegas have noted that building and renovating homes and rental units in the region has been “10 times more difficult than two years ago”, despite the intense demand.

With materials hard to come by, the costs of construction have been elevated by several degrees beyond what they would have been prior to the COVID-19 pandemic, according to Nat Hodgson, the director of the Home Builders Association of Southern Nevada.

“Everything you can imagine that goes into a house (is affected), because people say can you give me a list of what’s hard to get? It’s like it depends on what day of the week it is,” he said.

While overall, construction materials have jumped over 14 percent compared to what they would have cost a year or so ago, according to data from the National Association of Home Builders. Lumber in particular – a primary component of home construction – has significantly increased in demand – with a top price of $1,600 on the NASDAQ during summer of 2021, for the first time ever, before settling on the still-high price of $1,100 during recent months.

John Compagno, president of Renovations of Las Vegas Inc., said that the scarcity of materials presents challenges, but the continued affordability of homes in the region has remained constant, and workarounds mean that construction projects can continue for the time being.

“Although things are challenging at times with the lack of workmen and the cost of materials, on the flip side we’re very, very busy. So, it’s somewhat of an offset,” he said.

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 – Hard Rock International announced last week that, as a part of a whopping $1 billion deal, they are intending to construct an elaborate guitar-shaped hotel on the famed Las Vegas Strip.

Hard Rock will be purchasing The Mirage’s operations side from MGM Resorts International in a deal worth over $1 billion in cold, hard cash; part of that deal will see the development of a fancy new hotel that is sure to live up to Hard Rock’s rock-and-roll reputation.

The hotel is slated to take the form of the purple-hued tower hotel in the shape of a guitar, with six bright light beams penetrating upward into the night, which will represent strings on the neck of a guitar. The hotel will be located directly next to The Mirage, which will be rebranded and renamed as the Hard Rock.

Hard Rock should fit in nicely with the plethora of themed hotels and resorts that Las Vegas is known for, such as the replica Eiffel Tower at Paris Las Vegas and The Mirage’s volcano. However, currently, the announcement of this new venture is still early and no concrete details have been revealed yet about the project, according to Hard Rock spokeswoman Gina Morales.

“I wish we had more to share, but at this stage, we are not ready to discuss details on the design, development and timeline of the Las Vegas construction project,” she said in a statement, adding that the “first order of priority is to be respectful of the process of gaming regulatory approvals and the closing.”

Approvals and permits are anticipated to be completed by the end of 2022, Morales said, with development expected to commence shortly afterward.

Hard Rock International – owned by the Seminole Tribe of Florida – operates restaurants, casinos, hotels and other venues around the world; the organization owns a 450-foot-tall guitar-shaped hotel tower in Florida, which is similar in appearance as the one planned for the Las Vegas Strip.

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 – Questions of affordability have once again reared their ugly head in terms of Las Vegas’ rental marketplace, as year-end reports indicate that pent prices have jumped considerably over the course of 2021 when compared to the year beforehand.

Reports say that Nevada overall has now been thrust into the nation’s top five states in terms of rent increases over the past year, and when the two-year average is figured in, Nevada is actually propelled into the top four.

According to analysts, in Nevada the average price of rent has jumped 25 percent since the beginning of 2021, and 34 percent since 2019.

The report also indicates that the city of Las Vegas itself has seen a large jump in rental prices in 2021, with costs increasing by 27 percent since the beginning of the year; the average rent in Vegas currently, the report says, is $1,243.

Developers in Southern Nevada have been ramping up construction of new apartment complexes and rental homes over the past year in order to address the rising rent prices the region has been experiencing since the recovery of the local economy and the arrival of more jobs and out-of-state residents.

The development of more living options are, according to many real estate professionals, the key to solving the skyrocketing prices that are currently weighing on Las Vegas’ rental marketplace, which are leading many to question the region’s long-standing reputation for affordability when compared to neighboring states such as California.

Of all U.S. states, Arizona experienced the greatest increases in rental prices since 2019, with a 38 percent jump. In direct contrast, North Dakota was at the very bottom of rental prices over the past two years, with the state actually reporting an 8 percent decrease since 2019.

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 Las Vegas, the all-time records just keep getting higher, as the prices of pre-owned homes on the market reached yet another milestone in the month of November 2021.

According to reports, the median price of existing single-family homes sold in Southern Nevada in November was a whopping $420,000, which represents a jump of 2.4 percent over October 20201 and an increase of 21.7 percent from the same period in November 2020, when that price was $345,000.

As for the Southern Nevada condominium and townhome marketplace, the median price for November was reported as being $240,000, which also breaks the all-time record and represents an increase of 20.2 percent from the process they were fetching in November 2020, which was $199,700.

However, as the Las Vegas real estate market ventures into 2022, experts are anticipating home and condo prices to continue to increase, but at slower levels than they have previously, due in-part to rising interest rates on mortgages.

If median home prices continue to increase by double-digits as they have over the past year, experts say that it will be the first time the region has seen double-digit price growth three years running in over a decade.

Meanwhile, Southern Nevada’s inventory of available homes for sale continues to be smaller than preferred given the intense demand – with only a one-month supply being available which is considered far from ideal – and homes continue to sell at a far greater pace than they have in recent years.

At the end of November 2021, it was reported that 2,805 single-family homes were listed for sale without an offer, which is 25.3 percent lower than in November 2020.

By the end of November, a total of 4,135 existing local homes, condos and townhomes had been sold in Southern Nevada, with those numbers representing an increase in sales of 7.8 percent for homes and 18.7 percent for condos and townhomes over November 2020.

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 keeping with the ongoing trend of the high-priced luxury Las Vegas real estate, “The House of Roses,” a Northwest Las Vegas ranch estate, has been listed on the market for $7.95 million.

The ranch, located at 4225 North Jensen Street and situated on 2.25 acres at the base of Lone Mountain, lives up to its name by featuring lush landscaping that is considered uncommon in Southern Nevada. The property boasts 25 species of roses and numerous varied fruit trees throughout the property, which are able to grow and thrive in the notoriously dry climate by way of a private well-water system.

The ranch’s realtor has dubbed The House of Roses as a “horse owner’s dream property,” with the estate including seven horse stables with automatic waterers, a box stall with an attached 30-foot covered run, a 14,000 square-foot riding arena with shock absorption, a riding ring encircled by steel-board fencing, a 60-foot round training area, and circular driveway for loading and transporting horses and supplies. The estate also has multiple horse corrals and is adjacent to a 2.3 mile trail that is accessed via a remote-controlled gate.

As for the home itself, it comes in at an impressive 8,199 square-feet that includes six bedrooms, eight baths, a four-car garage and a separate guest cottage. It was originally constructed in 2003, and in 2016 was purchased and renovated by Jessica and Josh Pianco; Jessica is the daughter of the late Stan Mallin, original co-owner of Caesar’s Palace.

The home also has two staircases accessing the second floor, several balconies overlooking the horse pastures and training areas, a master bedroom with a fireplace and outdoor seating area, in addition to a den and office space. Aesthetics include rustic wood accents, archways, several courtyards, and backyard views of Lone Mountain and Red Rock Canyon’s Spring Mountain ranges.

LAS VEGAS, NV – Lyric, a high-end apartment complex situated in the south Las Vegas Valley and boasting of a unique set of amenities for tenants, has reportedly been sold last month for an impressive sum of money.

Located at 304 East Silverado Ranch Boulevard near Las Vegas Boulevard, Lyric was recently announced as having been acquired by Starlight U.S. Residential Fund in November for $135.2 million, the latest multi-million dollar rental property in the valley in a year replete with them.

Lyric features an impressive array of unusual and interesting amenities for its tenants, including a pet-washing station, poolside spin bikes, a karaoke lounge, and much more, according to the new owners, who purchased the property with 99 percent of its units already occupied.

The demand for rental units throughout the pandemic has skyrocketed over the past year, and investment groups have taken advantage by snatching up apartment complexes and rental homes whenever they have become available. As a result of the demand – driven by the vastly-improving local economy, despite the ravages of COVID-19 – rent has been shooting up at a record pace while demand far outstrips inventory.

That being said, Lyric is merely the latest such facility to sell for $100+ in the last 12 months; the 456-unit Ely at The Curve was acquired from The Calida Group by LaSalle Investment Management in October for $155.6 million.

In addition, Tuscan Highlands, a 304-unit complex near the M Resort, was purchased by Utah real estate investor Scott Keller in May for $115 million; as the per unit price of that sale amounted to over $378,000 per unit, many sources at the time of the sale referred to the sale as one of the highest prices ever paid for an apartment complex in the Southern Nevada region.

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 – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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.