New 265-Unit Apartment Complex Set to Open in Henderson’s Cadence Community in 2022

LAS VEGAS, NV – A Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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 – Once you’ve unpacked your last box and organized your belongings in your new home, the most strenuous part of your relocation is finished. However, your move is not quite complete until you handle some essential tasks that will help you settle comfortably. Use this list of practical steps after you arrive in your new living environment:

Making Home Improvements

First, thoroughly inspect your new property to see if there are any necessary repairs or improvements you should tackle.

1. Look for repairs and improvements you can DIY, such as painting the walls, replacing faucets, and changing out cabinet hardware.
2. Consider hiring a professional to clean your furniture. Search for “professional furniture cleaning near me” and read reviews to find a trustworthy cleaner.
3. Tend to your property’s curb appeal. Making upgrades to your landscaping, pressure washing and painting the siding, painting the front door, and other minor projects can make a big difference.
4. Boost the security of your household and property by installing a smart security system.

Knocking Out the Necessities

Make sure you get these essential tasks out of the way soon after arriving at your new home:

1. Find a DMV office nearby to update your license and registration.
2. Register your new address with the post office, and confirm that your mail is being forwarded to the correct location.
3. Make a list of all the local contacts you need handy should an emergency occur.
4. Learn about state and local taxes and other costs of living so you can prepare a budget.

Settling Into the Community

Finally, it’s time to get to know your neighborhood and community so that you can truly settle in!

1. Help your child transition smoothly into their new school routine.
2. Meet the neighbors. Throwing a housewarming party and taking gifts door to door are a couple of the surest methods!
3. Pick up a local newspaper or magazine to learn about your new community.
4. Make a plan for trying out as many local restaurants and coffee shops as you can in the first month.

If you’re like most people after a move, you want to settle into your new home and community as soon as possible. The tips and resources above will help you do just that. After tackling home repairs and improvements, taking care of administrative tasks, and exploring your neighborhood and city, you’ll be primed to comfortably kick off your new chapter.

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

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau 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.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer 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 – Since the end of the eviction moratorium in Las Vegas on May 31, 2021 – which was originally set in-place during the COVID-19 pandemic – Las Vegas has since seen a significant spike in evictions for a number of different reasons, but primarily for nonpayment of rent for an extended period of time.

While some of these evictions are due to genuine financial hardship brought about by the pandemic, reports indicate that many of these were due to tenants “gaming the system” by claiming hardship when none actually existed.

In September 2020, the Las Vegas Metropolitan Police Department reported 800 eviction notices were served, along with 395 lockouts; these took place while the eviction moratorium was still in-place. It should be noted that while the moratorium forbade evictions due to financial issues encountered due to the pandemic, other reasons for an eviction – such as destruction of property or being judged to be a threat or nuisance to your neighbors – remained valid.

In September 2021 – after the eviction moratorium had ceased – police reported that the number of evictions on record effectively quadrupled, with 1,168 for eviction notices served and 1,482 lockouts having been carried out.

Some of these tenants, however, are able to remain in their residences due to Nevada Assembly Bill 486, which states that someone cannot be evicted if they have a pending application for rental assistance through programs such as the CARES Housing Assistance Program (CHAP). However, if an application is not pending, Bill 486 does not apply and the eviction can go forth.

The COVID-19 pandemic caused untold hardship not just for renters in Las Vegas – as well as nationwide – but also for landlords, many of whom were forced due to eviction moratoriums on both a federal and local level to allow tenants who were not paying any rent to nonetheless live for months in their properties, essentially for free.

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 luxury resort-style condominium project is slated to be built in MacDonald Highlands in Henderson, which will be the first high-rise apartment building constructed in the city since the mid-2000’s recession if it is approved by the Henderson City Council.

The proposed $600 million Pinnacle Residences at MacDonald Highlands will be comprised of 183 units – spread out over two towers, one being 24 stories and the other 25 – currently in the planning process, will include underground parking.

The designs of the project have yet to be finalized, but Pinnacle Residences is to cater to the wealthy based on the current anticipated pricing plan; units are expected to start at $1.5 million and go all the way up to $13 million for penthouses, which will feature terraces with private pools and outdoor kitchens, outdoor dining and outdoor sitting areas.

The units will range in size from 6,000 square feet to 7,000 square feet, with three to five bedrooms and numerous amenities included, with the feel said to be “more like a luxury hotel resort.”

Currently, about 140 reservations have been made thus far, with prospective residents plunking down anywhere between $10,000 and $100,000 for units; it should be noted that these reservations are refundable until early 2022, at which time they will be converted into purchase and sales agreements with 25 percent down and the remainder due when the unit is complete and ready for move-in.

The Henderson City Council will review the plans for the project and potentially give their approval for it to proceed in December. If approved, the developers – Las Vegas and Mexico- based Azure Resorts and Canada and New York-based Luxus Developments – anticipate readying the site in early 2022 and starting construction in the third quarter of that year, with an expected completion date of summer 2024.

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 MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip for some time now, has entered a new phase of construction on its way to its anticipated 2023 opening date.

The project has progressed to a point that the steel structure that will support the venue’s interior LED display and multi-layered audio system has entered a concentrated point of development, MSG Entertainment said in a press release.

Upon completion of the venue’s concrete and steel domed roof late last month, developers on the project have transitioned to a section of the MGS Sphere that will support a hanger system under the dome that will house its significant multimedia presence, according to vice president for construction at MSG Entertainment Nick Tomasino.

“Completing MSG Sphere’s domed roof is a significant milestone because it allows us to begin the next phase of construction – building the steel framework to support the advanced audio and visual immersive technologies that will make MSG Sphere a first-of-its-kind entertainment destination,” he said.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed 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 – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent facade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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 – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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 Russell Apartments, a 241-unit garden-style apartment community in West Las Vegas, has been purchased by a California-based firm that is making its first foray into the Southern Nevada real estate marketplace.

SB Real Estate Partners reportedly paid $67 million for The Russell Apartments, which was 98 percent leased at the time of the sale. SB has announced that they intend to invest an additional $2 million for renovations and upgrades into the property, located at 9620 West Russell Road, with plans to re-brand it as “Portola on Russell.”

Planned renovations to the property include improvements to apartment interiors, common areas, and the facility’s exterior.

The Russell Apartments features one, two, and three-bedroom apartments, in addition to an array of upper-scale amenities, such as a resort-style pool area with a pool-side cabana, barbecue grills, lounge seating areas, a fitness center, dog park, playground, sand volleyball court and a putting green.

SB Real Estate Partners have stated that upon completion of the proposed renovations, the apartment community will be able to compete with higher-end rental complexes in the Las Vegas valley, while offering a lower-than-average price point for rent.

As California residents have been fleeing the state due to ever-increasing taxes and unsustainable living costs, Southern Nevada has seen new additions to its population on a regular basis due to it’s much more reasonable living expenses when compared to its neighboring state to the west.

In addition, the prominence of remote working during the COVID-19 pandemic – especially when it comes to the tech industry – has also been driving up Nevada’s population as well in the past year, and due to these realities, SB Real Estate Partners noted that it was time for them invest in the Las Vegas real estate marketplace.

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 – As the pandemic winds down and more travel restrictions are removed, more people are looking to catch up on the vacationing that they were forced to do without when the pandemic was at its worst. And, in Las Vegas, according to Fox News, short-term rental hosts are taking in bigger profits than ever before as tourists seem to be willing to pay nearly any price to get away for a few days.

Travis Schurr, an Airbnb “superhost” – which Airbnb’s website describes “as experienced hosts who provide a shining example for other hosts, and extraordinary experiences for their guests” – currently runs nine rental homes in Henderson.

Because of his superhost status, Schurr is able to access software programs that synch up with current rates that hotels in the region are charging, allowing him to change his pricing of his short-term rentals dynamically on a day-to-day basis in order to remain competitive. And so far in 2021, the profits he’s enjoyed month-to-month have only gotten higher and higher due to the incredible demand.

“January we did $30,000 and then we did more the following month and then we did more the following month,” he said. “We didn’t see a slowdown from January until August we dipped and then September we outdid August, and then October we outdid September.”

October was a huge milestone for Schurr, with the superhost earning over $150,000 from his Henderson rentals, which range from a two-bedroom condominium to a half-acre of land with a four-bedroom house.

Prices can really go up if a major local event is taking place, Schurr notes; for example, when the Las Vegas Raiders NFL team played their first-ever home game at Allegiant Stadium, he was able to change sports fans as much as $1,300 per night – often for several nights in a row – to stay at his properties.

With holiday travel expected to pick up in November, Schurr said that he is expecting this month’s profits to continue their upward trajectory.

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 – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent 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 – Vegas, long thought of as one of the most cost-effective and affordable places to live in the United States, will likely hold onto that distinction for quite some time to come. However, at least one aspect of that impressive reputation has been starting to unravel in recent months, with a report indicating that Southern Nevada’s ultra-competitive home prices are now increasing faster than the national average, leading to many being priced out of the market.

The dependence that Las Vegas has on tourism as one of the main driving forces of its economy has always resulted in an ebb-and-low over the years, and the region’s housing market has been just as vulnerable to those variations in activity.

Over the past 20 years, real estate has hit extreme lows and highs, and currently Las Vegas is in the midst of yet another high, thanks mainly to a rapidly-recovering economy, low inventory, and very low borrowing costs that have enabled home buyers to get the very most for their money.

Similar circumstances have taken hold across the country – home prices have increased nationwide overall – but currently there is nowhere it is quite as acute as it currently is in Las Vegas, according to a new report.

The recently-released S&P CoreLogic Case-Shiller index show home values in Nevada increasing at rates far outpacing the national average; prices in Southern Nevada were up 23.8 percent year over year in August, which represents a much bigger overall jump than the national average of 19.8 percent.

In contrast, August 2020 home prices in Nevada had only increased 4.7 percent year over year, whereas the national average was 5.8 percent, the index notes.

Of course, it should be pointed out that home prices in times of economic hardship have also tended to hit Nevada harder than many other parts of the country as well. During the mid-2000’s recession, home prices in Las Vegas had plunged almost 33 percent year over year; nationally, however, the worst drop by home prices was seen in early 2009, which was just shy of 13 percent.

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 – Less than one year after purchasing the property, legendary KISS rock-and-roller Gene Simmons has listed his luxury home overlooking the Las Vegas Strip for $15 million, which is over $4 million than what he originally paid for it back in May of this year.

Simmons had previously purchased the two-story, six-bedroom, 10,871 square-foot residence at 7 Talus Court, in Henderson for $8.2 million, with the 72 year-old rocker – also known on-stage as “The Demon” – also purchasing the adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million.

Of course, the fact that Simmons is already selling the property – so closely after having plunked down a significant amount of dough to acquire it to begin with – begs the obvious question of “why?” However, the answer – which Simmons recently gave during an interview with the Wall Street Journal – is actually more mundane than one would have expected.

“They’re not fans of 115-degree weather,” Simmons said of his wife, model Shannon Tweed, and their two adult children. “How many houses do you need anyway?”

County records show the property has six bedrooms, six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished basement of 3,026 square feet and basement garage of 2,284 square feet. However, the home has remained largely unused since the purchase.

In a separate interview with the NY Post in March, Simmons noted that he was also parting with his long-time Los Angeles home in favor of a “quieter life” in the form of a 12,000 square-foot mansion in Lake Tahoe, isolated from the public on an extensive four acres of land.

“We are moving out of LA for a number of reasons: one of which are the tour buses. After a certain point, we have had enough of that, even though we appreciate the attention,” Simmons said. “I’m done. There are earthquakes, fires and pandemics every year. Even though there is nice sunshine, I’m done.”

Simmons also noted that that California has become “inhabitable” due to its insanely-high tax rates.

Editors Note: Photo shown is Simmons and his wife Shannon Tweed arriving at the 2011 American Music Awards at the Nokia Theatre in downtown Los Angeles. File photo: E Jaguar PS, Shutter Stock, licensed.

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.