Short-Term Rental Owners Consider Legal Action Against City of Henderson Over Potential New Restrictions

LAS VEGAS, NV – According to recent reports, short-term rental owners are considering legal action against the city of Henderson in response to potential new restrictions that they claim could hurt their business.

Until recently, Henderson was the only Southern Nevada city that allowed short-terms rentals to operate in a residential neighborhood without any major restrictions on how long renters could remain in a property. The city of Henderson currently imposes an annual licensing fee upon short-term rental owners of $820.

However, Henderson has been receiving pushback from many of the neighborhoods that these short-term rentals are located in, with residents issuing complaints that range from noise and disruptive parties to an overall abundance of rentals on a single block, giving the neighborhood – according to one complainant with four rentals within 200 feet of her home – the feel of “a motel strip.”

In addition to the rentals that operate legally, there are reports of additional unlicensed homes being rented out illegally as well. Henderson has been collecting fines from renters that violate their rules, but reports indicate that this is not helping the situation sufficiently.

Therefore, the Henderson City Council will be voting this week on proposed amendments to their ordinance that governs short-terms rentals due to the blowback from residents. The recommended changes include clarifying what constitutes a violation; revising the process for filing complaints; requiring 1,000 feet separation between rentals; limiting rental duration by a particular party to 21 days; revisions to fines and fees, and more.

However, renters are threatening legal action against Henderson if the new rules are not considered reasonable or if they infringe on their constitutional rights, but expressed willingness to be flexible and work with the city council to arrive at an agreement.

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 – According to recent reports, the mad scramble for local real estate and the subsequent record-setting months of rising median single-family home prices during the pandemic has real estate experts speculating that Las Vegas may potentially be in another bubble, reminiscent of the mid-2000’s that eventually gave way to a recession.

Multiple sellers are reporting that despite the ever-increasing prices of homes on the market – October 2020 saw the single-family homes median sales price reach and all-time high of $340,000 – multiple offers are often being made on new inventory as soon as they are available, with the activity surrounding it being described as “frenzied” and “defying logic” – lending itself to fears of a new recession in the works.

However, according to experts, there are several important differences between today’s real estate market and the one that eventually lead to the mid-2000’s recession; in the past, loans were easy to come by and the strong Southern Nevada economy led to skyrocketing property values, house-flipping, and mass construction. When the recession hit and the bottom dropped out, few regions were hit as badly as Las Vegas, with property values tanking, construction projects halted, and countless homes foreclosed upon.

Fast-forward to today, and while on the surface circumstances may seem similar, requirements for loans are mort strict now. While record-low interest rates are making it easier for people to get loans with monthly payments that they absolutely can afford, lenders are going to far greater lengths to verify a borrower’s income, employment, and assets; in the mid-2000’s, this often didn’t happen at all, leading an expert to note that “if you could walk and chew gum, you got a mortgage.” The result? A large increase in defaulted home loans, which experts say is unlikely to happen today.

So while experts are still scratching their heads over the current state of home pricing and demand in 2020 Las Vegas amid the pandemic and it’s uncertain what the market will ultimately look like within the next few years, it’s safe to assume that another bubble is, in fact, not around the corner.

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 – Soaring prices in the Las Vegas housing market are being shaped by one vitally important factor above all others – dwindling supply of residences available for buyers, according to recent reports. October 2020 saw yet another record broken when it comes to the median price for an existing single-family home sold in Southern Nevada, with prices now up to $340,200, representing a jump of approximately 11 percent from October of 2019.

Real estate experts are noting that thanks to COVID-19, the house buying season that normally hits its peak during the summer has continued into the fall with no signs of slowing down; that, coupled with demands for housing not being met in terms of new construction – in some instances slowed down by the pandemic – have resulted in home prices that seem to get higher month-after-month.

Townhouses and condominiums are also growing in cost, with the median sales price in October coming in at $186,500, compared to $171,250 during the same period of time last year.

Typically, to maintain a balanced real estate market, a six-month supply of homes is needed; currently, Las Vegas finds itself far below that threshold, with only a 1.5 month supply of homes for sale. Approximately 4,000 homes were sold in October 2020 alone.

Experts are also attributing the demand for homes to historically low interest rates on home loans, in addition to an order issued by Nevada Governor Steve Sisolak that allowed real estate agents statewide to be able to resume open houses for prospective buyers; the latter move has been attributed to more people getting out and buying homes and more homeowners putting their residences up for sale.

Ultimately, developers must find a way to increase their output of home construction in order to not only meet the continuing demand, but to also help stabilize prices, lest they continue to increase on a monthly basis.

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 – With the economy continuing to re-open across the country in the wake of the COVID-19 pandemic, many people are looking to finally do a bit of traveling after being home-bound for many months on end.

But while the U.S. Centers for Disease Control and Prevention stresses the safest thing a person can do to stay safe is to simply stay at home, there are precautions one can take when traveling and staying in hotels that can minimize risk and serve to keep you and your loved ones safe while allowing you to get out there and work off a bit of cabin fever at the same time.

First of all, when looking for lodging options while on the road, it’s best to avoid risky establishments such as hostels, which typically utilize shared sleeping areas with total strangers.

When it comes to hotels or Airbnb residences, call ahead and ask if they have a policy that provides a time buffer in their rooms between guests; 72 hours is ideal, but any amount of time that allows hotel staff to engage in a thorough, top-to-bottom cleaning of the room will suffice. All surfaces should be subjected to intense cleaning, including scrubbing floors with spar and water, washing all towels and sheets with hot water, and an overall disinfection of all areas and items that are touched by guests often, such as door knobs, light switches, and so on.

Also inquire if the hotel that you’re interested in enforces strict social distancing protocols. Once there, avoiding common areas and make a point of taking stairs instead of elevators. In addition, bringing your own cleaning and protective supplies – such as disinfecting wipes, hand sanitizer, and masks – is good idea as well, just in case.

According to infectious disease expert at the University of California, Dr. Natascha Tuznik, hotels have reported very few instances of COVID-19 infections since they have been allowed to re-open, which illustrates that they are taking their cleaning and disinfecting routines – as well as the health of their guests and staff – very seriously. So, if you feel the need to travel in the near future, hotels should provide a safe and secure place for you to stay while the pandemic is still sorting itself out, as long as you’re careful and do your research first.

Photo: Sign outside the entrance to the Four Seasons Hotel on Las Vegas Boulevard. Editorial credit: Ceri Breeze / Shutterstock.com, licensed.

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

LAS VEGAS, NV – Despite the COVID pandemic continuing to flare up around the country – and the economic woes that follow in the disease’s wake – Las Vegas has nonetheless managed to set records as home prices have managed to hit all-time highs for the fifth consecutive month in a row, according to recent reports.

October 2020 saw the demand for residences in Las Vegas to continue to climb, with the median sales price of previously-owned single-family homes – which make up the majority of the marketplace – reach $340,000, representing a 0.9 percent increase from September, itself a record-making month for the real estate industry. In addition, jumps in home prices last month saw an increase of 10.8 percent from October 2019, showing that despite the economic impact of COVID still being felt, it hasn’t done much to slow down home prices.

Market inventory is still growing smaller as well, with the end of October seeing only 4,501 single-family homes on the market without offers, a decrease of 6.2 percent from the previous month and a decrease of 37.6 percent from October 2019. 3,225 homes were sold in October, representing a decrease of only 1.4 percent from the previous month but a jump of 11.2 percent from the same time period in 2019.

While negatively affected early on in the pandemic, the Las Vegas housing market bounced back far more quickly than anticipated and has been described as being “on fire” in recent months, due in part to much lower interest rates on loans as of late.

Before the pandemic hit, the record median sales price of single-family homes was $316,000 in February, a milestone that had taken 13 years to reach after the mid-2000’s recession; in mid-2006, right before the market crashed, the record median home price was $315,000.

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 – According to reports, construction on Brightline West, an $8 billion railway system that would have linked Las Vegas and California – one which has been in the works for years now, has been indefinitely delayed due to last-minute financial hurdles the project has been unable to clear.

Brightline, developers of the project, announced that a $2.4 billion bond they were planning on selling to fund the first phase of construction – with a sale deadline of December 1 – has now been delayed due to several reasons, ranging from the COVID-19 pandemic and its effects upon financial markets to the upcoming election and the economic uncertainty that it is creating.

It is currently not known when Brightline plans to offer the bond for sale, but representatives from the company maintain that they will keep tabs on the market, that investors are still interested in the project, and that it will eventually resume its forward momentum.

“Brightline West received a significant amount of investor interest, despite the challenging market. We ultimately had a deal, but it would have been restrictive,” they said. “We have always said we will fund this project with a combination of equity and debt — exactly as we have [with the passenger rail system the company operates] in Florida. That continues to be our plan.”

Originally, work on Brightline West was expected to start this year, with a completion date set for early 2024, according to reports. The finished rail line would have resulted in a 34-mile stretch of track in Nevada running along Interstate 15 that would have ended at the south end of the Las Vegas Strip. This line would be fed by several other lines from various locations in California resulting in a total of approximately 185 miles of track overall, and providing a link between Las Vegas and Los Angeles.

The delay is sure to cause some degree of economic impact, as according to Brightline West’s official website, it would have created more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it would have generated $1 billion in tax revenue.

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 North Las Vegas city council unanimously voted to impose restrictions upon short-terms rentals of rooms and homes, such as those rented via Airbnb, including a new rule that requires a $900 a year licensing fee for the privilege of doing so; a fee that is currently the highest in the valley, according to reports.

The vote came after a public comment period – held virtually, due to COVID-19 concerns – where the city council listened to residents who were both for and against the idea of short-terms rentals in their neighborhoods. While some expressed strong opposition to the new restrictions and fees, many North Las Vegas residents expressed dissatisfaction with the number of Airbnb rentals that end up being party houses.

In addition to the annual $900 fee, there will also be a 13 percent transient lodging tax imposed on rentals whose occupants stay less than 30 days; if the stay is over 30 days, the 13 percent tax is waived.

There are also numerous other rules that Airbnb renters must adhere to, such as the installation of noise monitoring equipment, at least $500,000 in general liability insurance, and making sure that all neighbors living within 200 feet of the property are notified that the property is a short-term rental.

Short-term rentals in Las Vegas have taken off in the last year, and especially during the ongoing pandemic, as it allows homebound families and friends to vacation in a fancy home in a tourist destination while maintaining lodging that adheres to social distancing regulations, more so than most hotels can manage.

However, some rentals have caused issues for the surrounding community, as many occupants typically use the residence as loud and disruptive party houses; hence the strict new rules adopted by the North Las Vegas city council.

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 – Las Vegas Boulevard will soon be receiving a new 754-unit apartment complex in what is currently a stretch of desert land running along the famous road. Ariva, headed up by investor group WTI Inc. out of Cupertino, California, is currently under construction and, when completed, stands to be one of the largest rental developments in the city, according to reports.

Like many new developments in Las Vegas these days, Ariva is slated to be a mixed-use facility, combining rental apartments with retail and office space. The project, which originally broke ground in August of this year, is expected to start renting the initially offering of apartments in late 2021, with the entire project expected to be completed in mid-2023, reports say.

Work on the complex is being carried out by Las Vegas contractor Sam Nicholson, and is being constructed in a spot on Las Vegas Boulevard that’s considered slightly off the beaten trail in terms of tourism. Situated several miles south of the glamour of Las Vegas’ hotels and casinos, Ariva is being built in an area made up more of large plots of vacant, expensive land that has only recently begun to experience large-scale development.

The Ariva project has been in various stages of development for over three years, and when completed, will encompass at least twice the size as the average apartment complex in the Southern Nevada region, reports say. The property is located on – 46.6 acres – originally purchased by WTI in July 2017 for $24.5 million, after the company had their plans approved by Clark County the month before.

When finished, Ariva – formerly known as The Arch – will possess four pools, a huge gym, two penthouses, and approximately 71,000 square feet of commercial space.

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 upcoming high-speed railway system between Las Vegas and Southern California that has been long-gestating has finally seen some forward momentum, as developer Brightline has released some new details on the project, including branding, an estimate on the construction, and how long it may take to complete.

Work on the project, now dubbed “Brightline West,” is expected to start this year, with a completion date set for early 2024, according to reports. Brightline has stated, however, that the schedule is subject to change.

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

Part of the delays associated with the project is the upcoming sale of $3.2 billion in bonds on the part of Brightline to cover the first phase of the $8 billion cost. The bonds are required to have been sold by December 1; if this date is not met, funds allotted by California for the project will be taken back and instead placed back into the state’s affordable housing fund. Potential delays to the project if Brightline does not meet the December 1 date are currently not known.

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 the eviction moratorium put into place by Nevada Governor Steve Sisolak has since expired, the end of the Nevada moratorium is finally giving Las Vegas landlords the opportunity to gain access to properties that have been home to tenants that have not been paying rent for the past six months or so, and what some of these landlords are discovering is the end of one hassle but, unfortunately, the beginning of yet another.

While most tenants relied on the eviction moratorium to avoid homelessness while furloughed or laid off due to the COVID-19 pandemic, others merely took advantage of a well-meaning program in order to get out of paying rent. Likewise, most tenants will go to great pains to leave a property in the same condition as when they moved in, but some landlords are discovering that isn’t the case with everyone.

A recent report indicates that some Las Vegas landlords who have finally been able to evict tenants for non-payment of rent are discovering – much to their dismay –  that some of them took vindictive action while exiting the premises in the form of thousands of dollars of vandalism that the landlord is now on the hook for.

Las Vegas real estate broker and property manager Geoffrey Lavell recently got the chance to inspect a property where the tenants, who had been evicted, inflicted approximately $18,000 in damage to the apartment. High-end appliances were destroyed, multiple hatchet marks were discovered on every wall, the carpet was cut out, and windows, mirrors, and furniture were broken.

“Not having rent for six months is already hard for the homeowner, but having to pay $18,000 or so in repairs is devastating,” he said. “It ruins them financially, and now I fear the only chance the owner has is to sell the property.”

Lavell said that a police report has been filed against the tenant.

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 – According to reports, the Las Vegas luxury home market is being described as “on fire” by experts, with home sales continuing to set records despite the ongoing COVID-19 pandemic. For example, Noel Lee, 71, the CEO of Monster Inc., recently sold his Henderson home – measuring 11,375 square feet with six bedrooms and nine bathrooms – for $7 million, the third-highest price paid for a residence in the Las Vegas valley in 2020 so far. Lee’s two-story home features two master suites, an office, game room, fitness room, wine cellar, theater, an infinity-edge pool, and a five-car garage.

The other two highest 2020 luxury home sales in Las Vegas were a MacDonald Highlands mansion owned by Paragon Gaming co-founder Diana Bennett for a whopping $11.25 million, and a Summerlin mansion located in The Ridges – a master-planned community – for $10.15 million.

In addition, 96 homes with a closing price of $1 million or higher were made in September alone, setting an all-time one month Las Vegas record. Previously, the record for homes at this price point (or higher) was 74 in May of 2019.

Overall, in September, 502 luxury homes and condos were sold in Las Vegas, representing a 16.4 percent increase over the same month in 2019, when 431 luxury homes and condos were sold. In contrast, the number of single-family homes – in all price ranges – in Southern Nevada are down 5.6 percent from 2019.

Industry experts are noting that the sales of existing luxury homes are bolstering the Las Vegas real estate market as a whole, according to reports; there are currently 160 sales pending in September of luxury homes in Las Vegas with an additional seven months of inventory to spare, further showing that the Sothern Nevada luxury sales market is showing no signs of slowing down anytime soon.

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 – According to reports, a residence in the small, unassuming town of Blue Diamond – located 23 miles southwest of Las Vegas – has been listed on the open market for $5.35 million. Originally a mining town founded in the 1940’s and now known for attracting outdoor sporting enthusiasts such as rock climbers and hikers due to its proximity to the Spring Mountains that encircle the Red Rock Canyon National Conservation Area, Blue Diamond is known far and wide as a refuge for those who wish to partake in the wonders of nature.

However, despite the local community being on the small side – there are currently only about 130 homes in Blue Diamond – making the luxury residence located at 4 Montana Court raise eyebrows at its price on the open market.

The 3,249-square-foot, modern-style home features floor-to-ceiling windows that offer views of the Spring Mountains and boasts a plethora of high-tech amenities, such as iPad and smartphone-controlled electromagnetic locks, Crestron-controlled lighting, thermostats, sound and window shades.

The home’s design incorporates Corten steel and concrete, which is said to show off a green or brown film on the surface – known as patina – produced by oxidation over a long period. The overall design aesthetic of the property is said to be “zen,” and also features ample amounts of wood and glass, which represents an organic “breathing, living element,” according to Anthony Spiegel, a Realtor with the Ivan Sher Group, Berkshire Hathaway HomeServices, Nevada Properties.

“It’s raw, yet refined,” he said. “What is so cool about this house is that it has a raw element, but is so deeply refined and sophisticated in its architectural and interior designs and materials that were chosen for both.”

The home also features a two-car oversized garage, a master suite located in the lower level, an upper level with a kitchen and living areas and two bedrooms. The name of the owner has not been publicly disclosed.

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.