Nevada Real Estate Agent Growth at Highest Level in Entire Nation, Study Says

LAS VEGAS, NV – According to a new study released this week, the number of new real estate agents entering the industry in Nevada is at the highest level in the entire nation, testament to the high level of property transaction activity within the Silver State.

As per a new study put out by Flatworld Mortgage Solutions – using data from the U.S. Bureau of Labor Statistics – about 1,140 new real estate agents joined the Nevada market from 2022 to 2023, the most out of any state in the country. Following up Nevada in a distant second place was Tennessee with 850, and in third place was Missouri with 770.

In contrast, California ranked highest among states that lost the most agents, with an astounding 8,160 heading for greener pastures during the time period of the study. Second highest in agents jumping ship was North Carolina with 5,870, followed by Texas with 3,190 and Florida with 1,350.

Flatworld Executive Vice President Rajeev Kumar noted that a variety of factors are figuring into the recent swell of realtors in Nevada.

Nevada’s leadership in real estate agent job growth could be attributed to its thriving economy, rapid population growth, and strong demand for housing,” he said. “The state’s favorable climate and relatively affordable living options may also make it an attractive destination, potentially driving increased investment and creating numerous opportunities for real estate professionals.”

In reaction to the story, Las Vegas Realtors President Merri Perry said that it was a clear indication that real estate growth in the Las Vegas Valley – in both the residential and commercial sectors – is still very much on the upswing.

Studies like this one suggesting that the number of Realtor jobs in Nevada increased through 2023 reinforce our state’s reputation for being a strong real estate market with a growing economy,” she said. “While the housing market may have slowed a bit in the past two years, LVR and its members still appreciate the fact that Southern Nevada has a range of advantages over other parts of the country.”

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 – While still generally far more affordable than most other areas of the country, the cost of living in Las Vegas has come under scrutiny recently amid surges in both house prices and rent, but a new survey released by real estate company Redfin indicates that a recent increase in the number of housing units available on the market has led to a corresponding decrease in the amount of money that tenants are paying their landlords each month.

While not all renters are experiencing a drop in what they pay, many reportedly are; when Las Vegas Valley resident Erin Bernot was queried in a local media report, she noted that while her monthly payment had recently risen by nearly 20 percent – prompting her to move to a more affordable place – some friends of hers had experienced a significant drop.

I have been pretty much priced out. If I wanted to do another year lease, they wanted to raise it over 19 percent,” Bernot said, then relating the good deal her friend was offered in contrast to her own.

When he renewed his lease over on Flamingo (Road) here, they dropped his rent like $150,” she said.

Real Estate Advisor Ana Jaramillo, when asked for her assessment of the current situation in Southern Nevada, said that the entire region is an intricately intertwined financial ecosystem, with all aspects of it feeding into and influencing one another.

Ultimately, however, she said that increases in available housing supply have resulted in a recent downward trend in terms of rental prices.

The rental market affects the housing market as a whole. It’s all kind of intertwined,” Jaramillo said. “We have a lot of houses on the market right now to rent. So therefore, the prices of those rental properties have gone down.”

The median rent price for homes and apartments in the Las Vegas Valley in September was $1,475, which represents a 1.5 percent drop from August, according to a recently-published a study by Redfin; nationally, that drop was just 0.5 percent.

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

LAS VEGAS, NV – The real estate scene in Las Vegas always goes hot and heavy, but according to a new report, September 2024 was a standout month in terms of the sheer number of high dollar properties being listed for sale on the open market. Numerous luxury homes and condominiums were put up for grabs last month, ranging in price from $7.7 million all the way up to a whopping $15 million.

For the purposes of this article, we will be covering the top four most expensive listings in September, and what they offer for their respective price points.

The most expensive new listing was the aforementioned $15 million home located at 607 Alpine Summit Drive in The Peak at MacDonald Highlands, a guard-gated community in Henderson. Despite its hefty price tag, this custom, 8,200 square-foot custom Blue Heron home is still in the process of being built. It boasts six bedrooms, six-and-a-half baths and a five-car garage, in addition to a sky deck, a 1,324 square-foot pool and views of the Las Vegas Strip.

Up next is a $14.5 million listing at 64 Promontory Ridge Drive within The Pointe at The Ridges in Summerlin, a guard-gated golf course luxury neighborhood. This 10,591-square-foot mansion features six bedrooms, 10 bathrooms, a four-car garage, a theater, lounge with a full bar, chef’s kitchen and prep kitchen, and a home automation system.

Coming in third on our list is a $13.28 million, three-story condo at 4525 Dean Martin Drive in Panorama Towers Las Vegas. The unit has 8,000 square feet of living space with two bedrooms and five bathrooms, and has many opulent amenities including a spiral crystal staircase and hammered copper sinks. Residents also have access to Panorama Towers’ many perks, such as a fitness center, yoga studio, pool, private cabanas, spa facilities, massage rooms, a business center, theater and racquetball court.

And finally, we have 591 Cityview Ridge, which comes in at $11,499,999. Located in MacDonald Highlands in Henderson, this newly-constructed estate comes with five bedrooms and seven bathrooms, and is sure to wow anyone with its home gym with a sauna as well as a full kitchen, 65-foot infinity pool, Jacuzzi, two firepits, built-in backyard patio heating and barbecue.

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 – Those looking for sustainable housing options in Las Vegas’ trendy Arts District may wish to look into Midtown, a high-tech, environmentally-friendly “green” luxury apartment complex spearheaded by female developers that represents a unique new addition to the city’s downtown area.

Midtown – located at the north end of the Las Vega Arts District at 921 South Main Street, managed by Berkshire Hathaway HomeServices Nevada Properties with retail sales represented by the Martinez Group – will be holding a public open house event for prospective new tenants on Friday, October 25, from 5 p.m. to 8 p.m.

The facility will boast “modern residences alongside micro-retail, small business spaces and luxury amenities,” according to Aldo Martinez of the Martinez Group.

Midtown is designed for people who want an active, community-driven lifestyle, similar to the energy and vibrancy you find in New York City,” he said. “It is going to be the future of urban living in the valley, where sustainability and style come together. It’s a place where you can live, work and unwind, all while enjoying a modern environment without giving up any luxury.”

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

If you’re interested in registering for the open house event, please visit midtownvegas.bhhsnv.com/midtown-open-house. Since space at the complex is limited, it is recommended registering as early as possible.

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 U.S. Department of Justice (DOJ) has stepped-up enforcement of a federal civil rights law known as the Fair Housing Act that prohibits housing discrimination based on race or color, religion, sex, national origin, familial status or disability.

In particular, the DOJ is focusing on an aspect of the Fair Housing Act that was added in 2016 by the Obama Admin’s U.S. Department of Housing and Urban Development (HUD) that forbade landlords and property owners from utilizing background checks to screen prospective tenants to ensure they do not have criminal records before allowing them to rent their properties.

At the time that the ban on criminal background checks was instituted, the HUD General Counsel at the time, Helen R. Kanovsky, wrote that the new rule was needed – even if no discrimination whatsoever was intended on the part of a property owner – “because of widespread racial and ethnic disparities in the U.S. criminal justice system, criminal history-based restrictions on access to housing are likely disproportionately to burden African Americans and Hispanics.”

Recently, the feds have ramped-up their efforts to aggressively pursue landlords in the instances that this practice has been alleged to have occurred, filing lawsuits against them. One recent example involves legal action taken against Suburban Heights, an apartment complex in Kinloch, Missouri, with the DOJ claiming that management has been actively violating the Fair Housing Act since 2015 by actively and disproportionately discriminating against potential Black renters with criminal histories – including felony convictions – more than their White counterparts.

The DOJ further noted statistical Black-White racial disparities in conviction and incarceration rates in the United States, saying landlord background screenings unfairly hurt Black renters once they have served their time and are looking to re-enter society.

Incarceration data indicates that Black individuals are significantly more likely than White individuals to have the types of convictions covered by Suburban Heights’ Criminal History Ban,” the DOJ said in court documents. “This is true nationwide and, to an even greater extent, in St. Louis City and St. Louis County. Black individuals are at least four times, and often more than five times, more likely than White individuals to be incarcerated in prisons, both at any given point in time and over the course of their lifetimes.”

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 – Clark County announced this week that they had purchased 20 acres of U.S. government-controlled land from the Bureau of Land Management (BLM) to construct Nevada’s first-of-its-kind affordable residential housing community.

Officials confirmed that Clark County bought the land – located along Cactus Avenue in the southwest Las Vegas Valley – from BLM for the price of $100 an acre, with the intention of constructing 210 single-family homes aimed at first-time homebuyers who earn approximately $70,000 a year or less.

The community will be dubbed “Cactus Trails” once it is complete, and will offer three- and four-bedroom homes with numerous amenities for its residents, such as a playground, walking and hiking trails, and much more.

The plan, originally announced on July 16, will see Clark County retaining ownership of the land, which will ensure that prices remain at affordable levels, according to a post made by officials on X (formerly Twitter).

Plans for the project are expected to be submitted this fall,” the post said. “After the homes are built, qualified homebuyers will purchase the home while the County maintains ownership of the land to keep the cost of homebuying attainable for working families.”

Documents were signed last Friday officially transferring the 20 acres of land at a ceremony attended by officials from Clark County, the Biden Administration, BLM, and the Department of Housing and Urban Development (HUD).

At the event, District F Commissioner Justin Jones noted that Clark County’s commitment to providing affordable housing for its residents is a top priority.

Clark County has invested millions of dollars to foster development of affordable housing for working families and seniors on fixed income within our community,” he said. “Cactus Trails will be a first-of-its kind development in our community, aiming to offer affordable homeownership opportunities to working families.”

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 – KB Home, a major homebuilder in the Las Vegas Valley, has announced that they have purchased a large plot of “prime” land adjacent to Henderson upon which they intend to construct multiple housing units next year.

The 20 acres of land located in the Southeast valley along Boulder Highway and northeast of Harry Reid International Airport will be the site of KB Home’s latest construction endeavor, with the developer stating they will erect 229 homes at the site.

KB Home purchased the commercially-zoned land from The Siegel Group – a Las Vegas-based real estate investment and management firm – for $19 million, and is currently in the process of entitling the land for residential development.

The Siegel Group President, Stephen Siegel, noted that his firm had received numerous offers for the land in recent years, and said that he is happy that it will be used to address the housing crisis that is currently plaguing Southern Nevada.

We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

KB Home’s Division President, Jim McDade, revealed that the 229-unit single-family housing community will be dubbed “Manzano,” and that both construction work and home sales will commence on an unspecified date in 2025.

The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” McDade said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The original plot of land involved in the deal totaled 27 acres, with The Siegel Group holding onto the remaining seven acres for future development; there is also currently a 186-unit extended-stay hotel located on the property as well.

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 – Short Term Rentals are very much in demand in areas that feature popular tourist destinations, and with one of the most visited cities on Earth – that being Las Vegas, of course – Nevada is no exception. Coupled with the age-old adage that demand sets price – Nevada is home to some very costly STR listings, with two properties in particular ranked among the most expensive in the United States.

BestBrokers has published the results of a study that examined seven-night Airbnb stays throughout the country during July 2024 – which is considered to be the peak rental month – in order to determine the priciest ones in the nation. Variables in the study included the type of property, cost per night, maximum guest capacity, the number of bedrooms and baths, and what amenities were on offer.

Nevada had an Airbnb that came in third most expensive on the list: Zephyr Cove’s Sierra Sunset Estate, which is located on 24 acres of lakefront property with a private dock and a 150 square-foot beach. The residence itself comes in at 16,703 square-feet and has eight bedrooms, eight-and-a-half bathrooms, and a maximum guest capacity of 16 people. It also boasts numerous high-end amenities, such as a private theater, exercise room, wine cellar, game room with a bar, and a gourmet kitchen with a butler’s pantry.

The cost for all this? An eye-popping $39,563 per night; if filled to the maximum number of guests who all agree to split the cost evenly, they each would be shelling out $17,309 for each night for their stay.

The second Nevada-based STR on BestBrokers’ list was ranked 16th costliest in the country, and that entry is a waterfront estate in Glenbrook on Lake Tahoe called Villa Harrah. The property is a 20,000 square-foot residence with seven bedrooms and seven-and-a-half bathrooms, and can accommodate up to 10 guests at a time.

Amenities are plentiful, including a full cinema, wet bar, and pool table to a deluxe spa with a sauna, hot tub, salt room, and even a nail and hair salon. A large terrace leads to a pool, a beach and private pier.

The cost per night for this property is an incredible $23,171; contrast that with the average national cost of a nightly rental – $216 – and you clearly see these two Nevada listings are indeed for those with fat wallets only.

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 – As per a new report by Las Vegas Realtors (LVR), the median price of condominiums and townhomes in Vegas during the month of September hit their all-time high, while single-family home prices dropped ever-so-slightly still remaining perilously close to record levels.

In September, the median price of condos and townhomes in the Valley reached their highest level in history at $299,500, surging a whopping $7,500 over August’s $292,000 median price; this bests the previous record set in July when that amount was $296,000, and represents a 10.9 percent increase year-over-year.

As for pre-existing, single-family homes in Vegas, September’s median price was $299,500, a 6.6 percent year-over-year increase and an ever-so-slight decrease of just $100 from August’s $480,000 median price. September’s price, while infinitesimally lower from the month before, nonetheless remains just $2,100 shy of the region’s all-time record of $482,000, originally set in May 2022.

While real estate prices in Southern Nevada dropped slightly prior to the Federal Reserve’s half-percentage point interest rate cut in August, September overall saw prices rise yet again; single-family homes have increased in value in eight out of the nine months of this year so far.

LVR President Merri Perry nonetheless remained optimistic that the Fed’s rate cut – and the additional ones it plans to institute in the near future – will make homes in the Valley more affordable sooner rather than later.

The interest rate cut announced in September by the Fed can only help the housing market,” she said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective homebuyers.”

2.277 homes, condos and townhomes changed hands in Las Vegas in September, representing an overall decrease year-over-year among all three; home sales were 1.6 percent lower when compared to September 2023, and condo and townhome sales were down 12.1 percent.

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

LAS VEGAS, NV – While Las Vegas has always been a hotbed of real estate activity, a new report indicates the city currently boasts the highest levels of growth in terms of new home listings out of the entire nation.

According to residential real estate brokerage and mortgage origination services company Redfin, in August of 2024, the number of new home listings in Sin City jumped an impressive 12.8 percent year-over-year, which represents the biggest increase out of any metro area in the United States.

However, Redfin did not note the overall number of listings that this encompassed, just the percentage of the increase from one year to the next.

The growth of new listings in Vegas beat out competing cities such as San Diego, California, which saw an 11.7 percent increase, and Sacramento, California, with an 9.5 increase.

In contrast, Atlanta, Georgia, saw its number of new home listings decrease the most nationally, with a whopping drop of 19.4 percent year-over-year.

As for what is driving the large increase of new home listings in Las Vegas, experts point to numerous factors influencing the real estate market, such as a growing number of residential transplants from neighboring California – most likely escaping high living costs and heavy tax burdens – as well as lowering interest rates on home mortgages following the Federal Reserve’s recent rate cuts.

The continued upward trajectory of Vegas’ real estate industry is also being driven by the arrival of new professional sports teams – such as the Raiders NFL team – as well as significant investments on the part of Hollywood bigwigs such as Sony, which is establishing a new studio in Summerlin.

“Everyone is coming here,” Perry said. “I’ve had a lot of cash buyers come in, and a lot of Californians are coming because prices are so high they can sell their property and pay cash here and have a big nest egg because everything in Las Vegas is cheaper.”

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 affluent SouthShore Lake Las Vegas master-planned community will be welcoming a prestigious new neighborhood early in 2025: La Cova, which according to developer Tri Pointe Homes is a luxury waterfront resort-style community whose homes will boast a luxurious European design aesthetic, right in the heart of Nevada.

Mike Woodley, President of Woodley Architectural Group – the firm that helped to design the community’s unique look and feel – noted that the guard-gated La Cova will be comprised of 42 residences spread out amongst three enclaves on adjacent peninsulas.

We were careful to contextualize the homes to the existing SouthShore neighborhood,” Woodley said. “These homes belong on this side of the lake in the exclusive SouthShore community. Our designs have the spirit of Old-World architecture but with cleaner lines and a bit more modern aesthetic.”

A total of 38 homes will be located along the shore of Lake Las Vegas, with the remaining four near the community’s edge, adjacent to the SouthShore Country Club golf course.

La Cova’s planning stage lasted two years while honing every possible detail of the community, said Tri Pointe Homes Division President Klif Andrews, right down to ensuring optimal, breathtaking views of the lake and surrounding mountain vistas.

It’s the first time we’ve done a professionally preplanned community, and I think that is exciting,” Andrews said. “Designing floor plans to fit certain homesites maximizes the views and creates an opportunity for a more custom experience. Each home will be one-of-a-kind.”

The homes on-offer in La Cova range in size from 3,200 square-feet to over 4,400 square-feet, with prices starting at $2 million and up. Designs blend modern-style Tuscan and Mediterranean influences and feature large windows for maximum visibility and backyards with lush, resort-style courtyards.

In addition, there will be numerous high-end amenities available for these homes, such as detached casitas, workout rooms, executive offices, club rooms and upper-level balconies. Also, boating, paddle boarding, and many other sport and recreation options are available via the development’s waterfront location.

La Cova is going to be unlike any other place,” Andrews said. “The way we connect homes to the water, it’s like having your own private luxury resort. It gives buyers a rare opportunity to purchase something incredibly unique for our market.”

Tri Pointe Homes is currently offering tours of model houses in the La Cova community, which is still under development.

LAS VEGAS, NV – Las Vegas is one of the most popular tourist destinations in the world, and when those visitors come to Sin City, they obviously need places to stay. And while the city’s hotels are bustling, investors have been hedging their bets on the popular short-term rental industry in recent years, buying up properties to rent out via platforms such as Airbnb and Vrbo.

At current count, there are approximately 10,000 short-term rentals operating in Las Vegas; however, according to a new report, the majority of them are doing so without a license, and are thus considered illegal by Clark County officials.

Landlords operating unlicensed short-term rentals can face serious penalties, with recent examples including hosts incurring fines as high as $180,000 to $240,000. But the majority of these property owners would prefer to be running their rentals legally and on the up-and-up, and blame the extraordinarily sluggish licensing approval process on the part of Clark County for essentially forcing them to skirt the law.

Clark County’s pre-application process opened in 2022, with the deadline for submission having been August 2023. Since then, however, a meager 64 applications have been approved out of the 831 submitted, leaving a looming backlog of over 600 individuals waiting to be able to legally rent out their properties.

According to a statement that Clark County officials issued to the media, the approval process has become ensnared in unforeseen red tape caused by the type of lottery process they employed, and they are attempting to rectify those issues as quickly as possible.

The issuance or denial of a license or a withdrawal of an application will impact other applicants with a higher RNG number on the priority list,” officials said. “Also, the appeal of a denial also requires a hearing process, which requires additional time and delays the process. Additionally, there are factors that impact the timeliness of this process, such as applicants submitting fees timely and getting their inspections scheduled.”

But regardless of the reasons for the delays, Greater Las Vegas Short-Term Rental Association founder Jackie Flores said that every day the property owners she advocates for are forced to wait, is yet another day they are unable to support their families.

A lot of people think people do short-term renting just to get rich, and that is not usually the case,” she said. “The average individuals are senior citizens with a fixed income that are doing it to supplement their income, there are families that have bills to pay and need to make that extra money.”