Las Vegas City Council Approves $1M for “Tropicana Trails” Affordable Housing Complex

LAS VEGAS, NV – Funding has been approved for a new affordable housing complex within Las Vegas, with the city council last week earmarking $1 million in public funds towards the $21.5 million project.

Upon completion, “Tropicana Trails” – being developed by George Gekakis Inc. – will be comprised of 50 studio apartments, built upon a 2.5-acre plot of land in unincorporated Clark County slated to be located near East Tropicana Avenue and Boulder Highway. Units will be primarily aimed at being made available to people who had previously been homeless, those who are in danger of becoming homeless, and survivors of domestic violence.

In addition to the $1 million provided by city officials – the final batch of funding that required official approval – the remainer of the funding for the project is coming by way of the Nevada Housing Division, Clark County, and a $1 million grant provided by the Federal Home Loan Bank of San Francisco, according to Gekakis Executive Vice President David Paull.

“We’re very excited to see this go,” he said.

HELP of Southern Nevada, a not-for-profit group that assists members of the Southern Nevada homeless community, will serve as administrators of the complex once it opens. Prospective tenants will be required to meet certain qualifications set by the federal HOME Investment Partnerships American Rescue Plan Program, and rental assistance will be provided by the Southern Nevada Regional Housing Authority.

According to Las Vegas city officials, construction on Tropicana Trails – the land upon which its being built was purchased by Gekakis in May of this year for $2 million – is scheduled to start in April 2025, with an estimated completion date of summer of 2026.

Once completed, the complex will include amenities such as a library, computer, wellness and business rooms, and a garden courtyard; utilities will be included in the rent.

For more information visit: https://ggidevelopment.com/december-news/

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 lowering from the all-time high that was originally achieved in 2022, home prices in Las Vegas have been slowly but surely creeping back up to that lofty level, with November 2024’s numbers coming the closest yet to that record amount.

In November, the median price for a single-family home sold in Southern Nevada via Las Vegas Realtors’ Multiple Listings Service was $480,000, which represents a 6.7 percent jump over November 2023’s $450,000 median price; it is also now just $2,000 shy of May 2022’s all-time record high amount of $482,000.

Meanwhile, November’s median price for condominiums and townhomes was $301,250, a decrease from October’s all-time record high of $315,000, but still a 9.5 percent increase year-over-year.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

There is now an approximate three-and-a-half months’ supply of homes on the market in Las Vegas, which experienced its worst year for sales in 2023 since 2008; however, Las Vegas Realtors President Merri Perry said in a statement that the local real estate market in 2024 has improved and that she is hopeful that 2025 will bring much-needed stability to the region.

Increases in the number of homes available for sale and in the number of properties being sold this year are good signs for our housing market heading into 2025,” she said.

At the end of November, there were 5,570 single family homes listed on the Las Vegas market without any offers, which represents an increase of 28 percent year-over-year. In addition, there were 1,856 condos and townhomes listed without offers in November, a whopping 47.2 percent jump from the same period of time one year prior.

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

LAS VEGAS, NV – Following housing costs in Southern Nevada reaching extremely high peaks after the lifting of lockdown measures following COVID-19’s wake in 2022, tenants are now finding rents in the region reverting back to pre-pandemic levels.

In fact, according to a report released by the University of Nevada, Las Vegas’ (UNLV) Lied Center for Real Estate rents in Nevada are now essentially at the same level today that they would have been at if the COVID pandemic had not taken place at all.

The data suggest that asking rents, today, are on par with what they would have been projected to be based on how the market was trending pre-COVID-19,” the UNLV report said.

However, that same report also highlights a troubling trend in Nevada; that before the pandemic, rents in the state had already been increasing on an annual basis by 5 percent or more, leading to affordability concerns for many of the state’s residents.

The UNLV report examined how much “workforce housing” was available throughout the state; that is, housing options that can be afforded by individuals making 60 percent to 120 percent of Nevada’s area median income (AMI) of $87,800.

In Clark County alone, the report notes, for members of the workforce within that income range – comprised of “teachers, firefighters, law enforcement, hospitality staff and health care workers” – only one third of the units on the market were considered affordable to those in that demographic making 60 percent of AMI, or about 52,000 annually.

The cost of housing and utilities to be considered “affordable” is 30 percent of a household’s monthly income; if a greater percentage of income needs to be allocated to housing, it is no longer considered affordable. Currently, as of November 2024, the average monthly rent for a one-bedroom apartment in Clark County is $1,486.

While rent in Clark County jumped anywhere between 20 and 30 percent since 2020, the UNLV report notes that – when compared to the second quarter of 2022 – rents are currently now down 3.7 percent and running, showing that the market is achieving some degree of stability once again.

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 report released by Redfin indicates that during the third quarter of 2024, the Las Vegas Valley saw the largest jump of home purchases by corporate investors in the entire nation, representing over $1 billion in transactions during that time period.

Totaling approximately $1.02 billion worth of homes being bought by investors in Q3 2024 at an average price of $420,000 each; the valley saw a 27.9 percent increase in such purchases from Q2, the largest such jump out of all major metropolitan areas in the United States. Following Las Vegas in that regard was Seattle, Washington with a 21.8 percent increase and San Jose, California with 19.5 percent.

Out-of-state corporate investors have been snapping up homes in Vegas in increasingly large numbers for use as rentals, or to flip them for a profit. As per a 2023 study conducted by the University of Nevada, Las Vegas’ Lied Center for Real Estate, about 15 percent of all homes in the valley were owned by such entities, with an astonishing 25 percent of all homes in North Las Vegas alone belonging to investors.

And in the ensuing time since that study was released, it is very likely that those percentages have risen even further.

Dana Anderson, a data Journalist for Redfin, noted that there are specific qualities that draw investors to purchasing homes, such as affordability; such qualities are abundant in Las Vegas, explaining the increase in such activity.

Low-priced homes are appealing to investors mainly because they cost less,” she said. “Because of their relatively low price, investors who buy them have a bigger pool of buyers if they’re looking to re-sell, and a bigger pool of renters if they’re looking to become a landlord.”

However, overall investor home-buying has leveled off since reaching an all-time high during the COVID-19 pandemic, with the Redfin report noting that it is “harder for investors to buy homes then sell them for a big profit than it was during the pandemic because home prices and loan costs are high.”

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 – Members of Generation Z – which are comprised of individuals under the age of 25, or anyone born after 1997 – are the youngest segment of the nation’s homebuying community, and this demographic makes up the smallest percentage of those purchasing houses in Las Vegas, a new report says.

According to a new study from Construction Coverage, only 3.3 percent of all home mortgage loans were taken out in Las Vegas by members of Generation Z in 2023, the least of any age group in Southern Nevada; this goes below the national average for this specific demographic, which is 5 percent.

In contrast, Construction Coverage spokesperson Mike LaFirenza noted that the average age of homebuyers in the country has reached its highest level in years, signifying that younger generations are encountering difficulty in affording housing amid high prices and home loan interest rates.

Las Vegas’ high demand from older buyers creates stiff competition with the percentage of homebuyers aged 55 and older ranking third among large metros at 27.6 percent.” LaFirenza said. “This competition is particularly tough on younger homebuyers, who often lack pre-existing equity for their down payments, making their offers less competitive.”

Some experts say that Vegas’ overall lack of generational wealth, combined with many local occupations being in the service industry – which is not known for paying high wages at early, entry-level positions, with high-earners only achieving that status after achieving seniority – could be playing into the barriers that Gen Z is encountering.

Competition from affluent transplants from California are also figuring into the situation, as is the remote nature of portions of Nevada’s professional workforce, which do no necessitate the purchase of homes. And the median sale price for a single-family home threatening to set a new all-time record isn’t helping younger buyers, either, LaFirenza said.

Home prices have skyrocketed in the area, with the median sale price now over 50 percent higher than pre-pandemic levels,” he said. “Even with a relatively lower cost of living, the financial hurdles for younger buyers are substantial. With cost-of-living-adjusted incomes ranked 37th out of 53 large metros, Las Vegas’ affordability gap keeps ownership just out of reach for many in their early twenties.”

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

LAS VEGAS, NV – While the prices of houses in the U.S. continue on their upward trajectory – steadfastly fueling concerns regarding affordability for many – the new Case-Shiller U.S. National Home Price NSA Index (graph) released by S&P CoreLogic on November 26 indicates that the degree of home price growth is finally slowing down after a significant streak of month-to-month increases.

The Case-Shiller Index shows that in September 2024, annual home-price growth increased 3.9 percent; this represents a decrease in growth from August 2024 – when that amount was 4.2 percent – as well as the first time in ages when growth numbers actually decreased instead of continuing upward.

Home values in September continued to climb, but also showed some degree of slowdown; Case-Shiller’s 10-city index climbed 5.2 percent – representing a decrease from August’s 6 percent – and the 20-city index was up 4.6 percent, down from 5.2 percent.

The Case-Shiller Index also showed the top five cities in terms of price growth in September, with New York City taking the top spot, and Las Vegas coming in fourth. The top five, and their respective increases, are as follows:

• New York City, New York (7.5 percent)
• Cleveland, Ohio (7.1 percent)
• Chicago, Illinois (6.9 percent)
• Las Vegas, Nevada (6.7 percent)Detroit, Michigan (5.3 percent)
• Washington, D.C. (5.3 percent)

In contrast, the metropolitan area that showed the slowest rate of growth in September was Denver, Colorado, with just 0.2 percent.

Corporate economist for Navy Federal Credit Union, Robert Frick, said that the growth drops in this month’s Case-Shiller Index may represent some good news for the housing market, particularly when it comes to buyers.

Sales prices of existing homes falling is a bit of good news for buyers, and while 2024 will go down as one of the worst years for sales, maybe we’re finally seeing a sustained deceleration in price increases,” he said. “With mortgage rates up recently, the price drop will be lost in overall housing affordability. But together with lower mortgage rates next year, as many are forecasting, a slowdown in price increases could mean markedly improving conditions for buyers in 2025.”

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 – In Clark County, there are some 10,000 short-term rental properties, but only a tiny percentage of them are licensed; the others have incurred large fines that have added up to millions of dollars for the county’s coffers over the years.

During a recent interview, Rachel O’Brien from OpenTheBooks.com spoke on the fines that have been imposed upon these illegal short-term rentals, the slow pace that Clark County has taken in issuing out licenses, and how the county compares to other regions of the country in regards to its regulation of services such as Airbnb that offer rental properties for fewer than 30 days.

Out of the over 10,000 estimated illegal rentals in Clark County, only 1,300 submitted applications last year to get a license,” she said. “The county told us this week that that 549 of those are still in the lengthily application and review process. So far, 146 licenses have been issued, so only one in five applications are getting approved and getting licenses, which means only 1.5 percent of all rentals are currently legal and licensed.”

There’s a lot more work to do in Clark County, and officials keep getting asked when are they going to do another application process, as the original one was a year-and-a-half ago,” O’Brien added. “They haven’t announced another application, but they said that they are working on it.”

O’Brien was then asked how much money Clark County been able to truly collect after fining people who are operating without a license.

Since 2019, Clark County has issued $10.5 million in fines, and sometimes the fines can be up to $10,000 a day,” she said. “So, we’ve seen one property get a $240,000 fine, and another property received a $56,000 fine… these are huge amounts of money, and sometimes they are being fought by the homeowners, as in many cases the fines are high and possibly unconstitutional.”

O’Brian noted that County Commissioner Ross Miller suggested putting a cap on the amount of fines that could be issued; in addition, OpenTheBooks.com inquired if the county would be interested in adjusting the fines that have been doled out to violators, but said they received no response.

When comparing the current rules on the books in Clark County to other major metropolitan areas in the United States, O’Brian said that large fines levied against illegal short-term rentals are commonplace.

Henderson charged people over $200,000 in fines last year and this year combined, and Las Vegas fined one person $180,000, and he’s suing and saying he’s not going to pay that,” she said. “And around the country, you have Dallas, which has banned short-term rentals and people there have sued and a judge pressed pause on the ban and it’s still awaiting a final decision in court. New York City allows short-term rentals only if the owners are staying on site with the renters, and they’re only allowed up to two guests.”

Washington, DC and San Francisco limit rentals to 90 days a year, and in LA you can only rent up to 120 days,” O’Brian continued. “Palm Springs limits their rentals to 20 percent of the housing stock, whereas Clark County limits it to just one percent, which is a very small number, and New Orleans has banned it in certain areas. But in all of these areas, just like in Clark County, they have to register and they have to pay taxes, and there are illegal rentals in a black market everywhere, and there are fines just like there are in Clark County.”

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 – According to a new study, Las Vegas currently has one of the highest eviction rates in the nation, owing in part to the Nevada state judicial system leaning in favor of the rights of landlords, particularly when it comes to nonpayment of rent by tenants.

As per Princeton’s Eviction Lab, Las Vegas currently ranks seventh out of the 34 major metro areas throughout the United States that they track in terms of eviction filing rates.

There were 190,133 eviction filings in Clark County between March 2020 and August 2024, which represents a 21 percent increase over the levels experienced prior to the COVID-19 pandemic. In August 2024 alone, there were 4,041 eviction filings, a jump of 25 percent when compared to an average pre-pandemic month.

Clark County has one of the fastest and cheapest eviction processes in the country; landlords are only required to provide seven days’ notice for an eviction and the cost to file the proper documentation with the court system is just $71.

In addition, landlords in Clark County face an easier path to eviction in the courtroom as well, as – unlike most other legal proceedings involving corporations – they are not required to hire a lawyer to represent them. Instead, a landlord can simply have an agent appear to make the case for the eviction, again making the process faster and cheaper.

Evictions in Las Vegas hit their highest point ever in December 2022 – up 82 percent when compared to before the pandemic – following the end of eviction moratoriums at the end of May 2021 that were put into place to protect individuals who claimed they were financially impacted COVID-19.

While the percentage of local evictions has lowered significantly since then, the real estate market in Southern Nevada – like much of the country – is in a state of constant flux as housing options remain scarce and highly-priced.

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 – $25 million has been approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club, currently owned by the city of Las Vegas, into the largest affordable housing project in the history of the state of Nevada.

The Desert Pines Redevelopment Project – located at East Bonanza Road and North Pecos Road, mainly servicing the residents of east Las Vegas – will be a master-planned community comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust as well as the Southern Nevada Building Trades Unions, reports say.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction. Phase one alone is expected to create 1,000 jobs, and later phases are said to provide as many as 2,475 construction jobs as well as 4,905 supplier and induced jobs.

The workers on the Desert Pines project are mandated to be comprised of at least 50 percent local Nevada state residents who must be paid state prevailing wages. Also, disadvantaged workers will be prioritized during the hiring process and 15 percent of all workers must be registered as apprentices.

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 – According to a new report released by industry group Construction Coverage, the median apartment rent – that is, the number smack dab in the middle of the average – in the Las Vegas-Henderson-North Las Vegas metro area is just over $2,100 per month, making it the 20th-highest in the United States currently. 

The median apartment rent in Vegas is presently $2,107, which illustrates the steady increase in cost-of-living expenses in Southern Nevada recently. However, the region remains far more affordable than many other major metros in the nation.

In particular, the San Jose-Sunnyvale-Santa Clara metro area in California came in at the very top of Construction Coverage’s report, with the median apartment rent there hitting an astonishing $3,811.

Construction Coverage pulled the data used in their report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, and the following is a rundown of the median rental rates for a variety of apartment types in Las Vegas, from the cheapest to the most expensive.

• Median rent among all apartment types: $2,107
• Median rent for a studio apartment: $1,424
• Median rent for a 1-bedroom apartment: $1,598
• Median rent for a 2-bedroom apartment: $1,894
• Median rent for a 3-bedroom apartment: $2,654
• Median rent for a 4-bedroom apartment: $3,075

In addition, the state of Nevada overall placed 11th in the country with a median rent price of $2,031; this is in contrast to the national median rental rate of $1,865. Meanwhile, the top five states with the highest median rental rates are Hawaii at $2,909, followed by California at $2,803, Massachusetts at $2,461, New York at $2,335, and Washington at $2,295.

According to the report, the number of states whose median monthly rent exceeded $2,000 last year was nine; in 2024, that number increase to 12.

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 prices of residential apartment units in Las Vegas high-rise buildings have continued to rise considerably despite the market currently experiencing its lowest number of sales since the advent of the 2020 COVID-19 pandemic.

According to a new report released by Applied Analysis, there were 499 high-rise unit sales in the third-quarter of 2024, with only 149 of those sales taking place during the normally-busy period of time between July and September.

Those numbers represent the slowest third quarter for high-rise units in Las Vegas since 2020, when only 125 were sold in the midst of the pandemic. In contrast to 2024, the third quarter of 2023 saw an impressive 567 units change hands.

But despite the decreasing number of sales, prices of high-rise units in Sin City continue to rise. In the third quarter, the average price of a unit was $633,619, which represents a 5.7 percent jump year-over-year, with the average in the third quarter of 2023 being $579,147. In addition, the overall average price per square foot between the third quarters of 2023 and 2024 rose from $484 to $531, an increase of 8 percent.

Instead, as opposed to residential-only units, Las Vegas in the third quarter saw comparatively stronger sales in the condo-hotel market, with MGM seeing the most at 29 sales with an average price of $402,309, followed by a second-place tie between Trump Las Vegas and Palms Place, each of which saw 15 sales, with price averages of $349,200 and $365,859, respectively.

Third place was Turnberry Place with 13 sales with an average price of $929,611, followed by Turnberry Tower with 12 sales and a $528,541 average, Sky Las Vegas with 11 sales and a $630,073 average, and finally Veer Tower with 10 sales and an average price of $705,900.

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

LAS VEGAS, NV – While Las Vegas’ real estate scene showed a dip in activity leading up to the recent election due to the uncertainty surrounding its outcome, a new report indicates that local Realtors are “cautiously optimistic” when it comes to the potential impact that the upcoming Trump presidency could have upon the Southern Nevada marketplace.

When speaking to local media, many Vegas Realtors said that the real estate market experienced several months of slowdown while buyers set aside purchase plans until after the election, with the uncertainty regarding its outcome creating a sense of anxiety when it came to decision making for many. However, now that the election is over, there is a greater sense of clarity for many, and reportedly buyers and sellers in Vegas are once again ramping up their activity.

Following the region’s worst year for sales since 2008, Las Vegas has bounced back, with new listings pouring into the market and prices continuously rising to what may soon be a new all-time record high point. This is being fueled in-part by the end of the election – both the stock and cryptocurrency markets have responded positively to Trump’s return, reports say – in addition to a recent second rate cut by the Federal Reserve – 25 basis points – that is hoped will have an impact on home mortgage interest rates.

Many Realtors are saying that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his previous-revealed plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do come to pass – could lead to an explosion of new building activity in Southern Nevada and a plethora of new options for those looking to buy a residence.

However, some critics of Trump point out that his plan to impose expensive tariffs on imports could have a negative impact upon the housing market, as it could make housing construction more costly overall. In addition, his plans for mass deportation of illegal immigrants could also have a similar negative effect, as many currently work in construction trades.

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.