Southern Nevada Real Estate Market Seeing Increase in Infill Housing Being Built In The Las Vegas Valley

LAS VEGAS, NV – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

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 Nevada State Apartment Association (NVSAA) released a report earlier this week indicating that the apartment marketplace of Las Vegas is showing definite signs of stabilizing after months of skyrocketing rents and low availability, while nonetheless remaining one of the very fastest-growing markets in the United States.

The report shows that, in the third quarter of 2021, apartment rents in Southern Nevada jumped an eye-opening 22 percent when compared to the corresponding period of time in 2020. The current average apartment rent in Las Vegas is $1,403 per month, representing a $255 increase year-over-year, when the average rent in the region was $1,148.

NVSAA Executive Director Susy Vasquez noted that the report is good news for Southern Nevada, as its previous rate of growth was not sustainable in the long-term.

“Rents are stabilizing as we enter the time of year fewer people tend to move,” she said. “Rents are expected to continue increasing, but not at the rate we’ve experienced this year. The growth rate of the past 12 months is just not sustainable for a healthy market.”

In addition, the average apartment vacancy rate in the third quarter of 2021 was 3.9 percent; this number represents a sizable decrease from the third quarter of 2020, when that number was at 5.4 percent.

The NVSAA noted that Las Vegas is still holding on as one of the fastest-growing apartment marketplaces throughout the COVID-19 pandemic. 2020 data indicates that the number of residents of Clark County has jumped by approximately 40,000 people – or 2 percent of the overall population – over the course of the last year.

The fact that the county’s population has continued to swell despite the effects of the pandemic and subsequent business lockdown measures speaks to the region’s quickly-recovering economy and increasing job growth in the recovering leisure and hospitality sectors.

The report also indicated increasing growth in apartment construction, with 6,300 new units currently in development during the third quarter of 2021, as opposed to only 3,800 units in the second quarter.

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 — Elon Musk’s Boring Company is currently one step closer getting the approvals it needs to begin construction on its so-called “Las Vegas Loop,” which would see the developer of the successful Las Vegas Convention Center “people mover” create a similar project running underneath the famed Las Vegas Strip.

Next week, the Boring Company will be attending a series of meetings with Clark County officials in an attempt to gain the approvals it needs to make the Las Vegas Loop a reality. The project would consist of a 15-mile underground dual-tunnel system that will ferry people back and forth through the Resort Corridor – with additional stops at Allegiant Stadium and UNLV – via automated Tesla electric vehicles.

Boring Company will be presenting a proposal for the alignment of the proposed route to Clark County officials next week; however, each stop along the proposed route would need additional individual land use permits before they can be constructed, which may represent a lengthy procedural process for billionaire Elon Musk’s company.

Plans classify the Las Vegas Loop as a monorail, but this is not accurate; in reality, passengers would be whisked to their destinations on paved roads and in unmanned Tesla electric cars. 

Currently, the Las Vegas Loop is slated to stretch underground along Las Vegas Boulevard from Russell Road to Sahara Avenue, with additional stops to the North of Sahara that are outside of the city of Las Vegas’ jurisdiction; these stops will have to acquire additional permits before they can be developed.

In addition, a particular route – dubbed “Caesars Loop” – will stop at several properties operated by Caesars Entertainment on Las Vegas Boulevard, as well as connecting to the previously up-and-running “people mover” that the Boring Company had constructed for the Las Vegas Convention Center.

Boring is also seeking a franchise agreement that would enable them to establish the times that the loop would operate, collect fares, and sell advertising and concession deals, and offer discounts to patrons of various hotels and casinos.

If the franchise agreement is granted and Boring is unable to complete construction of the Las Vegas Loop for whatever reason within a specified period, they will be on the hook for filling in any tunnels that may have already been excavated.

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 – After numerous delays, the construction of the Majestic Las Vegas – a new hotel located just off the Las Vegas Strip – is slated to have its groundbreaking in early 2022 according to the hotel’s website, which touts the facility as being a “one of a kind” non-gaming, non-smoking, ultra luxury resort.

The hotel, which will cost $850 million, will be located on the site of the Clarion Hotel on Convention Center Drive, across from the newly expanded convention center. The Clarion was purchased in 2014 by developer Lorenzo Doumani, who eventually tore the hotel down nine months later in anticipation of developing the Majestic on the property.

Originally, the Majestic was to have been completed in the summer of 2021, but ran into numerous delays. However, even with the announced early 2022 starting date, the developer anticipates the project being completed by late 2024.

Once completed, the Majestic – which will be developed by Lorenzo Doumani’s Majestic Resorts – will feature 720 rooms and will not have gambling or smoking allowed on the premises. According to the five-star hotel’s website, it has been designed by renowned architect Paul Steelman and will have six “extraordinary” freestanding restaurants, 270,000 square feet of Corporate Sky Suites located on the tower’s top ten floors, and an “all encompassing” medical wellness spa and fitness facility that will be “amongst the finest of its kind anywhere in the world.”

“I think what’s not here; what’s lacking is a high-end boutique, non-gaming, non-smoking, ultra-classy sophisticated kind of place and that’s what we’re going to do,” he said.

Prices of suites will start at $10 million, reports say, with Doumani – who originally officially announced the project in 2019 – saying that the Majestic is something different for Las Vegas, which is exactly what the city needs at this point in time.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – TruAmerica Multifamily, a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States, recently announced the acquisition of several rental properties across the country, including a garden-style community in Las Vegas, Nevada.

TruAmerica stated that they have “increased their footprint” in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, with Co-Chief Investment Officer Matthew Ferrari referring to these regions as being “among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth.”

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.

The purchases among these three states, TruAmerica announced, come to a total of $209 million, and account for a combined total of approximately 1,000 apartment homes, with Nevada, Florida, and Utah now representing about 25 percent of TruAmerica’s entire real estate portfolio. The company has plans to invest heavily in these properties – especially Nevada, which has experienced skyrocketing growth in its local economy and real estate market as of late – with improvements currently in the works to interiors, exteriors and amenity spaces.

Since its founding in 2013 by real estate investor Robert E. Hart, TruAmerica has acquired and/or manages a portfolio of more than 45,000 apartment units valued at roughly $10 billion, located in California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.

TruAmerica largely focuses on investing in and renovating older mid-level or “Class B” garden style and midrise apartment communities. In its first years of existence, TruAmerica focused on investments in major metro areas throughout the western U.S., with Las Vegas counting among the earliest cities that the company has put extensive amounts of money into.

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 southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

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 – Home prices in Las Vegas set yet another record in September, all while several experts have noted that the skyrocketing real estate prices in the Southern Nevada region are finally showing signs of beginning to stabilize.

The median sales price of previously owned single-family homes, which accounts for the majority of the home sales in Las Vegas, hit a record $406,500 in September, which represents a 0.4 percent increase from August and a whopping 20.5 percent jump from the same period of time last year, reports say.

3,209 houses were purchased in September, which is a virtually identical number from August but a 1.9 percent decrease from September 2020. Inventory of available homes on the market increased slightly last month, but still hovered at levels well below what was available last year.

At the end of September, 3,463 single-family houses were on the market without offers, representing an increase of 6.4 percent from August but a decrease of 27.8 percent from September 2020.

The real estate market in Las Vegas has essentially been supercharged over the past year, with the city bouncing back far quicker than anticipated after the economic impact of the COVID-19 pandemic resulted in lost jobs due to extended lockdowns of businesses.

A fast-recovering economy, low-cost home loans, high demand and low inventory have resulted in rapidly accelerating housing prices – with intense competition often driving buyers to pay more than the asking price – that had some worrying about affordability issues, with the median sales price having increased by over $100,000 since January 2020.

However, experts have also noted that while records are still being set, increases have been gradually slowing going up by smaller and smaller amounts but recognizing that pricing trends seen before the pandemic may soon become the norm, especially as developers work diligently to address demand for affordable housing and rental options.

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 – Businesswoman, writer, and famed television personality Martha Stewart has announced that she will be opening a restaurant at the Paris Las Vegas Hotel and Casino, which is planning to demolish part of the existing building to make room to accommodate the new eatery.

The information for the new venture was obtained via paperwork for a construction permit for the facility, which is currently named simply “Martha Stewart Restaurant,” but will most likely obtain a more colorful moniker later on. The restaurant is slated to take the place of the recently-closed Martorano’s, a South Philadelphia-inspired eatery.

Stewart will not be the only celebrity to have a restaurant at the Paris Las Vegas Hotel and Casino; instead, she will find herself in the company of Gordon Ramsay Steak – an ultramodern spot serving dishes such as beef Wellington in a “boisterous British setting” – and Brioche by Guy Savoy, a sweet and savory grab-and-go brioche shop offering delectable flaky French pastries.

In addition, this winter will see Paris Las Vegas also open the Vanderpump à Paris, a cocktail bar by British restaurateur, designer, television personality Lisa Vanderpump.

Stewart’s previous attempt at entering the restaurant field was in New York City when she opened the Martha Stewart Café in 2015, which permanently closed its doors for business in 2019.

Caesars Entertainment – the owner of Paris Las Vegas – has yet to officially announce Stewart’s restaurant, nor have any announcements been made in regards to the type of cuisine the establishment plans to serve or its anticipated opening date, but word will likely come soon as construction permits have already been applied for.

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 estate of Tony Hsieh has put the late Zappos CEO’s 1970’s-style Las Vegas estate on the market for a whopping $2 million, following the recent news that much of his Las Vegas real estate empire has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area.

Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire and had no will before his death, reports say.

For two decades, Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

Scotch 80s, the neighborhood where Hsieh’s former estate is located, was originally developed in the 1950’s and 60’s, and was known for its elaborate luxury homes.

Hsieh first purchased the 14,336 square-foot Scotch 80s residence in 2012 for $1.5 million shortly after his Amazon sale. The estate – originally constructed in 1977 – 1250 Shadow Lane still retains its original charm and design aesthetic, and features seven bedrooms, 15 bathrooms, and is noted for its huge, open-design living spaces and dormitory-style bedrooms. In addition, it also boasts an apartment situated above the garage and several additional bedrooms in a separate carriage house.

Hsieh clearly had no issues entertaining guests in the estate’s large in-ground pool and golf putting green, or wowing them with the home’s many amenities, such as crystal chandeliers, large columns, fleur de lys embellishments, delicate stained-glass windows, and gold leafing.

In addition to his Las Vegas estate, Hsieh also spent a great deal of time living in a 240-foot Airstream trailer he had developed, located in Las Vegas’ downtown, as well as Park City, Utah, luxury home.

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 – Amid skyrocketing demand and a shortage in options on the open market, finding affordable housing in Las Vegas is becoming difficult to achieve for some residents, citing steadily rising rents in the valley – which reports say are seeing some of the highest increases nationwide –  as the reason why.

Some Southern Nevada residents are reporting that the cheapest monthly rents they are encountering when looking among available inventory of two-bedroom apartments on the market is ranging from approximately $1485 in the valley’s northeast area to as high as $1700 in Henderson and $1850 in the southwest.

In addition, a report published recently indicates that rents in Henderson have ballooned by as much as 45 percent from one year ago.

Of course, contributing to the rental issue is the fact that Las Vegas is still in the grip of a housing and rental shortage that developers are struggling to address, with numerous apartment complexes and housing communities currently in the works that real estate experts are saying are expected to help stabilize rents in the region once they are completed.

But in the meantime, reports indicate that owners and investors are currently testing the waters in terms of seeing how much they can get for their rental properties in a red-hot marketplace, often increasing their asking prices in light of any amenities that their properties possess, such as it being a newer build or if it has a pool.

However, until more house and apartment rentals are available in Las Vegas – with more and more projects are being announced and started by the day – some local residents are expressing sincere concern over finding affordable places to live in the meantime.

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 – It’s not every day that you get a car thrown in at no-cost to sweeten the deal when you purchase a home, but that’s the plan that was announced by developer Livv recently, who intends to construct two new housing communities in the Las Vegas area whose residences will all come with free Tesla electric cars.

The communities, which are slated to be built in Henderson and the southwest valley, are to be comprised of luxury “smart” and “sustainable” homes, and to that end Livv has stated that each buyer will receive a Model 3 Tesla electric car, each with a retail value of $40,000.

Livv – which constructed Las Vegas Raiders head coach Jon Gruden’s Southern Highlands new $4.3 million home – has stated that the Henderson project – dubbed “Neo” – will break ground in the fall of this year, whereas the southwest valley project to be known as “Magnus” will have work commence upon it in 2022.

Neo will be developed upon 60 acres in the vicinity of MacDonald Highlands, southeast of Horizon Ridge Parkway and Stephanie Street. Plans call for the guard-gated community to be comprised of 84 homes when completed; home prices will begin at $2.3 million and go up as high as $4 million.

The one-and-two story homes in Neo will be semi-customized for the buyers, will offer unobstructed views of the Las Vegas Strip and mountains, and will range in size from 3,600 square feet to 5,000 square feet with three-to-four bedrooms. In addition, each house will have an either three-or-five car garage as well.

Seven floor plans will be available for buyers to choose from after they plunk down the required $25,000 deposit, and selectable interior designs will range from “Euro chic, bohemian and ultra modern.”

The plans for Magnus have yet to be finalized, but the community will be located on 27 acres in the southwest valley, and 94 semi-custom homes are anticipated, ranging in price from $1.3 million to $2.8 million.

Livv has a wide array of projects on their plate, currently with 12 housing communities in the works throughout the world.

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 – New York-based private equity firm Blackstone has entered into an agreement with MGM Resorts International to sell operations of The Cosmopolitan, the Las Vegas-based luxury casino and hotel on the Las Vegas Strip, for $1.625 billion. In addition, the hotel and casino’s real estate assets are being purchased by the Cherng Family Trust – which was set up by the owners of the fast-food chain Panda Express – for over $4 billion.

The total sale, valued at $5.65 billion, was announced on Monday; MGM Resorts International will run the daily operations of the venue for the next 30 years, with three options to renew their lease once it expires for an additional 10 years each time. MGM will pay the Cherng Family Trust a yearly rent of $200 million, with a yearly increase of two percent for the first 15 years of their lease.

Two years ago, Blackstone had attempted to sell the Cosmopolitan for a $4 billion asking price, but found no takers. They put the resort back on the market again this month, now seeking at least $5 billion, and this time it didn’t take long for a buyer to snag the iconic establishment.

The Cosmopolitan opened its doors for business in 2010; it was later sold by owner Deutsche Bank AG to Blackstone in 2014 for $1.73 billion, who then put $500 million into renovating the resort, which features 3,027 rooms, a 110,000 square-foot casino, 300,000 square-feet of retail and restaurant space, a spa and fitness facility, a 3,200-seat theater, and 150,000 square-feet of meeting and convention space.

The transaction is expected to close in early 2022, at which time MGM Resorts International will assume the operations of the resort going forward.

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.