Land Prices in Las Vegas Currently Twice as High Than During Recession

LAS VEGAS, NV – According to reports, the growing construction happening in Las Vegas in an effort to meet the demands of housing needs is having a rather predictable effect upon the price of the land this housing is sitting upon; that is, that price is going up.

In 2019, investors paid a median price of approximately $383,840 per acre of land for development in Southern Nevada, which represents an amount twice that from the depths of the mid-2000’s recession, reports say. Experts attribute this increase to numerous factors, including a skyrocketing economy and job market and a resulting influx of new hires into the region. Developers have scrambled to meet the growing demand for housing, erecting new homes, condos, and apartment complexes as quickly as they are able.

And of course, demand sets the price, and land owners acted accordingly, raising the rates per-acre significantly. But this follows with the history of Las Vegas, with land prices rising and falling in accordance with the economy and real estate market at any given time. For example, land prices dropped greatly during the recession, whereas they were quite lofty beforehand.

However high land prices are currently, they are not yet at their pre-recession peak; in 2007, when building in Vegas was in a frenzied state, an acre of land fetched as much as a median price of $835,180 per acre.

It also remains to be seen what effect the ongoing Coronavirus pandemic will have upon land prices in Las Vegas – and nationwide – as construction slows amid a mass population quarantine and temporary business closures dictated by local and federal government. But even if land prices do drop in the here and now, it’s a sure thing that they will eventually bounce back – and perhaps climb even higher – once the virus clears and becomes a thing of the past. However, some experts predict the Coronavirus could become seasonal such as the flu increasing the need for a vaccine even further..

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 now infamous coronavirus outbreak has brought the city of Las Vegas to a near-standstill, with casinos and hotels closed in an effort to head off the rate of infection. However, reports indicated that the real estate and construction industries are nonetheless doing their best to continue to meet the needs of the population in these historically difficult times, and despite the expected uphill battle, have made some progress in doing just that.

After several months of strong home sales and following a massive recovery of the local real estate market and economy, Las Vegas home sales have taken a hit due to the worldwide coronavirus pandemic, with some deals being delayed while other cancelled outright. The issues are fueled about concern over the long-terms effects of the coronavirus on the economy, as well as the local job market and the performance of stocks.

However, there are just as many real estate transactions that are still ongoing, and the local real estate and construction markets are doing what they can to adapt to changing conditions as best they can. Motivated buyers are still pounding the pavement to get good deals, and many agents and builders are still showing homes and apartments, albeit by appointment only for now.

Likewise, some buyers are avoiding the concept of “social distancing” to potentially find better deals while many are holed up in their homes in self-imposed quarantine. However, reports indicate that builders are not currently considering price drops, seeing this as a temporary situation that will eventually right itself.

In addition, due to the housing demand in Las Vegas – and the fact that the virus will eventually blow over with life returning to normal, although unknown how long that will take – people are still researching homes via the internet, with some even buying homes without even visiting them in-person, instead going by photo galleries and video tours.

January and February of 2020 both saw over 1,100 home sales in Las Vegas, and before the coronavirus scare March 2020 was on course to produce similar strong numbers, reports say, with 589 sales already recorded. Buyer traffic in new homes overall dropped this week to less than 4,000 people, down from 5,000 two weeks ago, reports indicate.

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 – Owing to the rapid spread of the coronavirus pandemic across the United States – and globally – the International Council of Shopping Centers (ICSC) announced last week that they would be suspending the annual REcon convention – the largest Real Estate-based event in the nation – that was due to be held in Las Vegas in late May.
In addition, ICSC announced that they would be suspending all other organization events planned through June 30.

Recon normally attracts tens of thousands of attendees to Las Vegas ever year; the 2019 event boasted over 36,000 attendees, according to ICSC. However, ICSC representatives were quick to point out that this was a “postponement” and not an outright cancellation of the event; a memo issued by ICSC noted that they are already in the process of evaluating alternate venues and dates for the 2020 Recon, giving hope to the fact that it will still take place later in the year.

Recon, the largest real estate show in the country, offers a variety of programming and events for attendees, ranging from retail deal making, networking, information, seminars, and more. In addition, guests will often partake in extracurricular events as well as the night life that Vegas offers during the off-hours, feeding into and benefiting the local economy.

A number of conferences and industry events have been postponed or outright cancelled, both in Las Vegas and across the country, as measures have been taken to slow and contain the spread of the coronavirus pandemic. Unfortunately, while such measures will likely contain the outbreak and prevent long-term economic damage, the fact is that there will absolutely be – at the very least – very real and significant effects in the here and now to the industries – such as hotels, caterers, entertainment, and more – that depend on these events for their very livelihoods.

Currently, the number of events in Las Vegas that have been cancelled due to coronavirus are approximately 30.

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 skyrocketing economy that Las Vegas has been enjoying since miraculously recovering from the mid-2000’s recession has hit a bit of a stumbling block in the form of the infamous coronavirus outbreak. Tourism had increased, multi-million dollar construction projects and development deals were constantly springing up, unemployment was dropping, and the real estate industry was enjoying a huge surge not seen since before the burst of the housing bubble. But in the wake of the coronavirus, business are shutting their doors – both in Vegas and nationwide – and the economy of Southern Nevada is starting to feel the pinch.

Casions and resorts are starting to see decreased demand as tourism drops amid airline flight restrictions and overall travel fears, and employment cuts are expected to take place in a variety of industries. This holds especially true in the hospitality industry, the very lifeblood of Las Vegas. MGM Resorts International is expected to begin layoffs starting next week, and according to reports it could amount to as many as 150 employees. MGM is one of the largest employers in Nevada.

In a city where tourism is king and people come in droves to be entertained in crowded casinos and event venues, the coronavirus is not an ideal situation, although it will take some time to ascertain the full extent of its impact on the local economy. It’s possible that the measures being taken now to limit exposure via social activity will prevent long-term economic damage and minimize the job, revenue and development project losses.

The degree to which tourism is important to the economic well-being of Las Vegas cannot be overstated, and the coronavirus is sure to have a trickle-down effect to almost every industry in the city. According to reports, tourists poured $35 billion in Southern Nevada in 2017, through which over 234,000 tourism jobs were supported. Currently, construction jobs are not being majorly affected, although some contractors have reported delayed shipment of materials needed for their projects when coming from China and Italy, areas of the globe where the coronavirus has hit the hardest.

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, home prices in Las Vegas, already in a constant state of increase, have finally managed to surpass pre-recession housing bubble-era prices after over 13 years of recovery, when not adjusted for inflation.

The median sales price of a single-family home set a record last month when it hit an all-time peak of $316,000, $1,000 more than the previous all-time record established in 2006, before the burst of the housing bubble lead to a deep recession that almost decimated the housing market in Southern Nevada for over a decade.

That amount, however, still manages to lag behind pre-recession peak prices when inflation is taken into account, reports say, which shows how pricey property had gotten in the region before the economy went south. When adjusted for inflation in 2020 dollars, the 2006 peak price would translate to approximately $400,500, which represents an additional $84,500 above today’s market.

Median home prices in Las Vegas have increased 6.7 percent from the same period one year earlier. In addition, February 2020 was an especially busy month for sales, with 2,471 houses sold, with represents an increase of 25.7 percent from February 2019. This represents good news for the market, as sales had previously leveled off in the region due to concerns regarding affordability began affecting the market overall.

Despite the fact that home prices still lag behind their pre-recession peak when inflation is taken into account, this new financial milestone is important given the fact that the recovery of the Las Vegas real estate market in particular lagged behind much of the rest of the United States after it began to recover from the recession.

Essentially, the real estate market in Las Vegas has finally come “full circle” and, given its continued positive momentum, it may only be a matter of time before more records are set.

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 the experts, if you’re in a rush to sell your home for top-dollar, there are a number of tried-and-true methods to approaching that transaction in order to ensure you get the most for your investment in the least amount of time. After all, the longer that a home is one the market, the lower its asking price tends to dip, so expediency is key, and this is how it’s done.

Asking Price

First of all, you want to make sure that your asking price right off the bat is the right one; if that’s the case, you will often find yourself with several offers within the first few days the house is on the market, as real estate agents often check each and every day and quickly go for the good deals. Knowing what does and doesn’t sell in your neighborhood is important to achieve this.

Home Inspection

Getting a home inspection before putting the property on the market is a good idea as well, just to avoid running into a situation where issues are discovered while showing the home, which can delay your sale or lower your price.

Prime Times

Also, waiting until a time of year where the overall inventory of available homes on the market is lower than normal is a good idea, if you can spare the time; late summer and late fall are usually the best times to list in this regard, as new listings tend to stand out at those times of years, despite not being known as “prime” listing times.

Curb Appeal

Establishing good “curb appeal” is a nice idea as well, as first impressions are important. Make sure your landscaping is up-to-date, that your property is clean and uncluttered, and that your home needs no major aesthetic repairs. Also, a fresh coat of paint and perhaps even a new front door – if it’s needed – never hurts when it comes to wowing a potential buyer.

Buyer Perception

As for the interior, a simple paint-job works best, with white being a great choice due to the fact that it will make your home appear clean, bright, and will give off the illusion of it being larger. To that end, also make sure that your rooms are not cluttered with unneeded items; this especially holds true to personal items such as family photographs, which will not only make the rooms look smaller but will also make it harder for a buyer to envision the home as “theirs.”

Advertising Methods

And as for advertising, traditional methods are still very effective and reliable, but don’t forget about the power of social media – particularly Facebook ads – as well. Also, set up regular open houses, and make sure your home is clean and well-lit when you’re showing it.

These are just a few tips to help sell your home quickly and for the maximum price. Feel free to speak with one of our agents if you are considering selling and ask for a free market analysis.

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 – In southwest Las Vegas, newly-announced construction projects are set to revitalize the region after seeing it in a state of decline for a number of years. Set along the 215 Beltway, a number of new developments are springing up, and locals are reportedly glad to see the positive impact it’s set to have on the area.

For example, in the vicinity of S. Durango Drive and W. Sunset Road there’s a new major shopping center in the works called The Bend, which is slated to host a number of new businesses, including dine-in movie theaters, retail establishments, and several different types of restaurants. The shopping center will come in at 170,000 square feet, will feature 725 parking spaces, and will be the largest development for dining and entertainment in the area.

According to The Bend’s website, ten tenants have been signed to date, with more on the way. The website notes that The Bend “will be the largest dining, entertainment and shopping destination in the Southwest area of the valley.” Since it was announced, The Bend has signed the first new Galaxy Theater Luxury in Southern Nevada, in addition to many dining establishments, including Lotus of Siam, Freed’s Dessert Shop, The Great Greek, Aces & Ales Brewery and more.

Currently there is no projected completion date for the construction of the Bend provided by the company that is working on it, but work seems to be progressing smoothly according to reports. In addition, there are several industrial projects in the works in the southwest valley, with a number of businesses of varying types set to make their presence felt in the coming months.

Residents that were interviewed have expressed support for the work going on in the area, with many saying that it would contribute to boosting the local economy, which was hit especially hard in the region during the recession; in turn, these improvements would likely attract other businesses and homeowners and help to raise home value, sparking further investment and improving life for the community overall.

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 Las Vegas Raiders’ practice facility – which is still currently under construction – was sold by team officials last week for the hefty sum of $191 million. But where will the Raiders practice then, you might ask? Why at that very same facility, since right after the sale Raiders officials leased the facility right back, a growing and popular trend in Las Vegas real estate known as a “leaseback.”

A form of flipping – buying a property, building upon it or renovating existing structures, and then selling it for a profit – the leaseback takes the concept to the next level by having property owners sell a building, only to rent it right back for whatever use they may need it for. The practice has generated billions of dollars in revenue in Vegas in recent months, and apparently the Raiders are the latest entity to get in on the action… and they’re not even officially residents of the city yet.

The Raiders sold their Henderson-based headquarters and practice center – which is still being built – to Mesirow Financial of Chicago in February 21, and then immediately entered into a lease agreement with Mesirow for 29 years, with the option of extending that lease for a total of 70 years, divided up into seven separate ten-year options, according to Clark County records.

The rent the Raiders will be paying to Mesirow is not currently known.

Leasebacks are common occurrences in many industries in Las Vegas, including fitness centers, fast-foot restaurants, and casino hotels; the advantages are many, including a large influx of cash up-front to the seller and the opportunity to establish a lock in long-term lease. For the buyer, the advantage is that they have an instant renter for their property, as opposed to acquiring it and then having it sit vacant – and not generating a dime in revenue – while they search for a tenant. However, leasebacks have their potential pitfalls as well, especially if the seller has financial issues or closes their doors for business; but regardless, leasebacks are growing in popularity in Vegas, as the benefits often far outweigh any potential issues that might come down the line.

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 Vegas Strip is set to welcome back a seasoned player in the hotel game, and one of the most iconic brands in the business. According to recent reports, McLean-based Hilton is slated to open a massive mega-resort – comprised of three hotels – that will potentially add up to one of the biggest multi-brand deals in the company’s existence.

The original Las Vegas Hilton, an enormous resort, opened in 1971 and was located just one block from the Strip at 3000 S Paradise Road until the company’s property management services ended in 2012. However, now the brand is set to return to the Strip in a big way, with a $4.3 billion investment in a sprawling new hotel complex – opening in partnership with Resorts World Las Vegas – that is anticipated to open its doors for business in the summer of 2021.

The hotels, which will be operated under Hilton Hotels & Resorts, LXR and Conrad brands, will offer up a number of amenities for guests, spread out amongst a grand total of 3,500 rooms between the three hotels, and spread out over 88 acres of land. The complex will also feature 350,000 square feet of meeting and convention space, a 5,000-seat theater, and a 220,000 square foot pool complex with seven pools, a spa and fitness center.

The original Las Vegas Hilton – from 1981 to 1990, considered the largest hotel on the planet at 2,956 rooms on 65 acres – was lauded for its posh nature and the large number of celebrities that resided there; of special note was famous rock-and-roller Elvis Presley, who famously owned a penthouse on the hotel’s 30^th floor. The original Las Vegas Hilton is now branded as the Westgate Las Vegas Resort and Casino, owned by Westgate Resorts and operated by Paragon Gaming.

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 – Ascot Group, a New York-based developer, has submitted plans with the city of Henderson for a potential apartment complex to be constructed at the base of a local mountain, according to recent reports.

The proposed apartment complex, which would be comprised of 132 units spread out over three buildings and featuring a separate clubhouse, would be situated behind a neighborhood near the Paseo Verde and Horizon Ridge parkways.

The proposal was submitted in the form of a letter to Henderson by Cray Flynn of the Ascot Group, which included plans drawn up by Wood Rodgers, an engineering firm based in Nevada. City officials will review the plans and respond to Ascot with any concerns, changes, or feedback that they deem needed.

According to the correspondence sent to Henderson officials, a Wood Rodgers representative notes that “The proposed layout of the buildings is designed to complement the overall character of the area while preserving access to the adjacent open space and the Amargosa Trail.”

The project would call for three 45-foot tall buildings, comprised of two building types, according to the letter submitted to Henderson officials. Underground parking would also be available to residents of the apartments, although Ascot states in their letter that they would need to extend two streets through tunnels in order to create access, while encroaching as little as possible upon the surrounding landscape. According to the letter, “the development goals are to maintain and enhance the natural setting of the mountainside.”

It should be noted that this is merely a proposal; Ascot has not officially submitted any official documents or applications to begin actual construction on the apartment complex.

The areas that Ascot is proposing for the potential construction is currently a low-density residential zone; if the project were officially pursued, Ascot would have to successfully petition Henderson to re-zone the area to a medium-density residential district in order to allow it to proceed, as a low-density district would not allow for an apartment complex.

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 – Elon Musk’s The Boring Company has announced that a milestone has been achieved on a massive tunnel project in Las Vegas on behalf of the city’s convention center.

The Boring Company – an infrastructure and tunnel construction company owned by Musk, a technology entrepreneur, investor, engineer, and co-founder of Tesla, Inc. – has been pegged for a project involving the construction and operation of an underground “people mover” that would service the Las Vegas Convention Center, slated to be completed in time for the January 2021 Consumer Electronics Show, according to officials.

After three months of work, the Las Vegas Convention and Visitors Authority (LVCVA) officials announced this week that excavation has been finished on the first of two tunnels – nearly a mile in length and 40 feet underground – that will comprise the people mover, dubbed the Convention Center Loop. The Boring Company will now begin excavation on the second tunnel.

Upon completion of the $52.5 million project, each tunnel will be one-way and will whisk up to 4,400 attendees per hour from the Convention Center’s South Hall across the 200-acre campus in all-electric Tesla vehicles, free of charge. The tunnels will connect the South Hall with the campus’ new West Hall, which was built when the Convention Center recently underwent an extensive expansion and renovation valued at $1.52 billion.

The tunneling was achieved by way of a massive machine that will now be taken apart, transported back to the South Hall, and reassembled, at which time it will start the tunneling process anew, this time on the second tunnel.

The project is designed with the potential to be expanded as needed in the future, and could aid in easing congestion throughout the Las Vegas resort corridor if needed, officials say.

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 recent news that the city of Henderson has approved the operation of Airbnb – an online marketplace for arranging or offering lodging – within city limits, some questions have been raised – such as what’s the best way of getting involved, and what precautions should you take?

According to a recent article, there are a number of important things you should bear in mind if you’re considering renting out your home on Airbnb, a process that has been described as potentially fraught with difficulty; that is, unless you’re armed with the following knowledge.

First of all, make sure your dwelling – whether you’re renting out a couch, bed, room, or an entire house – is ready to go once you place your Airbnb listing. Believe it or not, you can be hit with an immediate booking, so it pays to make sure that your space is clean, presentable, and that there are no issues to deal with, such as water quality or defective air conditioning. Any negative reviews and/or cancelled stays can affect your “Super Host” status, which in turn affects your placement in Airbnb searches.

Next, make sure that you do your homework and familiarize yourself with all of the regulations and guidelines in your community or municipality, as well as Airbnb’s rules in order to ensure that there is nothing illegal about your venture. Sometimes local laws can be tricky when it comes to short-term rentals and it’s your duty to adhere to them in order to prevent your guests from encountering any headaches during their stay.

If you don’t live in the property that you’re renting out via Airbnb, then it’s probably a smart move to hire a property manager to take care of things in your stead. Cleaners, plumbers, electricians and more can be hired as needed by a property manager, and problem tenants can be dealt with in a timely manner, saving you stress and financial hardship.

But regardless of your preparations, things will inevitably go wrong; be it a burst water pipe, an infestation of insects or rodents, or a host of other issues, so be prepared for to encounter a problem, one which you will have to solve quickly and efficiently.

Also, bear in mind that while short-term rentals often allow you to charge more per night than long-term rentals, you could always end up having more overhead as well. Short term rentals patrons are most likely to be on vacation, and will be using significant amounts of air conditioning, electricity, hot water, internet, and all sorts of other amenities; figure this into your financials and make sure you charge fees that make renting worth it in the long run.

Additionally, Airbnb allows hosts to set policies regarding cancellations, fees per-guest, fees for excessive amenity use (hot water, electricity, etc), requirements for damage deposits, and more. Make sure you set guidelines for potential renters and stand by them to make sure you’re not taken advantage of or you’re liable to lose money at the end of a stay when guests have invited more friends than you thought for a huge or destructive party. And finally, just remember that you won’t make everyone happy. No matter how much you prepare, someone will find something to complain about. Just accept it, move on, and look forward to the next guests in your home…and the money they will bring.

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.