Former Lucky Dragon Hotel Re-Branded and Re-Opened as “Ahern Hotel,” Plans Extensive Renovation

LAS VEGAS, NV – According to reports, the former Lucky Dragon has been given a new lease on life, as new ownership has re-branded and re-opened the facility with plans to give the hotel and casino a huge make-over.

The newly christened Ahern Hotel – named after owner and developer Don Ahern – will eschew the Lucky Dragon’s previous Chinese-themed design aesthetic – most of the decorations, including statues and a dragon chandelier, have been removed from the premises and are currently in storage awaiting sale – in favor of a more conventional look and feel, although the building still features its previous red exterior, but with all-new signs reflecting the name change.

Originally opening in 2008 with 203 rooms and a 27,500 square-foot casino – considered small compared to their local competitors – the former Lucky Dragon was inspired by Asian concepts in an effort to appeal to Asian customers, who were expected to be the resort’s primary customer base.

However, the establishment experienced low customer turnout over the years that it was open and as a result, the Lucky Dragon permanently closed for business on October 2, 2018. It was eventually sold for $36 million in April 2019 to Don Ahern, and reopened as the Ahern Hotel and Convention Center in late 2019.

Currently, the casino is not being re-opened; instead, Ahern noted that he intends to transform the casino into conference and convention space, with work expected to begin in March 2020; currently, the new facility is slated to have a separate name, although that moniker has not yet been publicly revealed.

Ahern estimated that he will be spending less than $10 million on the changes to the former casino space – including new eateries such as an Italian and a sushi restaurant – and hopes the entire resort would be ready in time for a grand opening on July 4, 2020.

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 – shareDOWNTOWN, a new Las Vegas apartment complex which completion is expected in May 2020, will be offering a new and unique twist on the lifestyles of its tenants; a focus on healthy and active activity and is said to truly set the facility apart from the many other apartment buildings springing up in the region.

Currently under construction by Cherry Developments in the Arts District at Casino Center Drive and Colorado in the downtown are of Las Vegas, shareDOWNTOWN focuses on small, affordable apartments conveniently situated within a busy employment area, giving local workers a place to live within easy walking distance of their jobs.

The apartment complex, which will be four stories in height, will feature over 60-one bedroom units, which are being aimed at people who work at the many bars, clubs, restaurants and retail establishments that are in the area. The apartments are slated to be 480 square-feet in size, with a projected rent ranging from $1,100 to $1,300 per month.

But the truly unique draw of shareDOWNTOWN will be the emphasis placed upon physical fitness and health; reports say. Unlike the average apartment complex, which typically features gym or fitness facilities in one centralized location in the premises, shareDOWNTOWN will offer calisthenic exercise stations on each and every floor, allowing residents easy access to the equipment they need to adhere to a healthy and active lifestyle.

Eschewing complex machinery and equipment in favor of what the developer referred to as “an urban style workout,” shareDOWNTOWN’s exercise rooms primarily rely on body-weight exercise stations that will provide for a full-body workout making use of movements such as dips, pull-ups, push-ups, and more. Such exercises, the developer says, are effective, as they don’t rely on machines that can become “outdated” or bulky dumbbells and free weights. Instead, they merely utilize the tenant’s own body alone, which can have its own advantages when it comes to convenience and safety.

Rendering photo credit: shareDOWNTOWNLV on Facebook.

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 were recently approved for operation in Henderson, Nevada, with the Community Development manager laying out a series of rules and legal guidelines that participating residences must abide by in order to operate on these services.

Short term rentals have been steadily gaining in popularity over the years as a cheap and convenient way for landlords to accommodate guests with short-term lodging and tourism-related activities by essentially renting out their home to relative strangers. Much like ride-sharing services such as Uber and Lyft and the drivers they employ, AirBNB, VRBO, Booking.com, do not own any real estate listings, nor do they host events; instead, the services acts as a broker, receiving commissions from each booking.

Initially approved by the City of Henderson in mid-July of 2019; previously, short-term rentals where only allowed in commercial-tourist zoning areas, such as Lake Las Vegas. However, Henderson officials changed their stance on the issue after the City of Las Vegas made regulations governing short-term rentals far stricter. Seeing a potential money-making opportunity for Henderson – it’s estimated that the city could make as much as $370,000 annually with the introduction of Airbnb into the community – officials approved the move, albeit with a series of regulations of their own attached.

According to the City of Henderson, Short term rentals are allowed to operate in residential areas within the limits of Henderson as long as they adhere to the following set of rules:

1. The local Homeowners Association (HOA) approves, and the homeowner proves compliance with HOA rules.
2. The owner of the property must take a class at the College of Southern Nevada (Cost: $250. Duration: 2 days in-class or 2 weeks online).
3. Pay the City of Henderson an annual fee of $820.
4. Pay a 13 percent monthly lodging tax.
5. Install noise monitoring systems both inside and outside the home (via a company like Noise Aware).
6. Notify all neighbors within 200 feet of the property (via certified mail) that the home is going to be an Airbnb.

Rentals can range from a complete home, a single bedroom, or even just crashing on someone’s house in a pull-out sofa bed. The allure of allowing short term rentals within Henderson is obvious when it comes to a cash-flow standpoint; the services have been generating significant revenue in other regions of Nevada for some time now. For example, in 2019 Nevada Airbnb hosts ‘as a whole’ earned $53.5 million from Memorial Day weekend through Labor Day, according to figures released by the company. In addition, Clark County Airbnb guest usage generated $36 million in a period spanning from May 25 to Sept. 2 that same year.

Another reason for Henderson’s approval of is a potential remedy for the ongoing issue of the unauthorized renting of homes in the area; in addition, officials have announced that they will be working with an outside company that will monitor rental websites – utilizing advanced compliance software – for local homeowners who are violating rental ordnances; those who do may face fines of $500 a day that the property is rented. Instances of holding a party or wedding, or operating with a suspended license, will also incur a $500 a day fine.

Clearly, Short term rentals are growing in popularity and government officials of Henderson – faced with the dollar amounts other areas of Nevada have seen an influx of recently in conjunction with the short-term lodging service – found it was in the city’s best interests to get in on the action themselves.

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, developer Jonathan Fore is set to build a new luxury apartment complex in Las Vegas after having the project recently received the approval it needs to go forward from Clark County commissioners.

Fore is also responsible for the construction of Lotus, an apartment complex located on Spring Mountain Road, adjacent to Valley View Boulevard several years ago. The developer noted that the proposed new complex – dubbed The Pearl – will be a 170-unit building spread out over seven floods, and will be situated nearby the Lotus on the opposite side of Valley View Boulevard.

The first three floors of the building would be comprised of a private parking garage and over 11,000 square feet of retail space at the ground floor, according to documents filed with Clark County. The complex would be on a 2-acre plot of land, and apartments would range from 690 to 1,382 square feet, with rents in the neighborhood of $1,550 to $2,500 per month.

Las Vegas has seen a large number of apartment complexes built there in recent years as the economy has bred rapid job growth and a subsequent influx of new residents from other states looking to take advantage of that fact, as well as Vegas’ overall lower cost of living when compared to many other regions of the United States. Apartment construction in Vegas has been mostly in the suburbs, due to the relative ease and affordability of doing so when compared to other areas of Southern Nevada.

Fore announced that he hopes to hold the groundbreaking for The Pearl in August of this year, and is eyeing a construction completion date of summer 2022. Fore also noted that adding a new apartment complex in Chinatown would be a boon to both prospective future tenants and local businesses, as there are many retail, dining, and entertainment options nearby.

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 – 2019 was a big-money year in terms of apartment complex sales, according to recent reports. As an affordable alternative to the rising costs of home ownership in the Southern Nevada region, apartment rentals have surged in popularity in Vegas as more and more people move to the area in search of employment due to the vastly improved economy in recent years.

Several apartment complexes have changed hands in Vegas throughout 2019 for some impressive dollar amounts; one example is Evo, a complex situated in the suburbs that went for $104.5 million shortly before the beginning of the 2020. The complex is indeed impressive, as it offers high-class amenities for residents such as an indoor basketball court, steam and sauna rooms, and a rooftop lounge.

Other apartment complexes that have sold for big money in Las Vegas in 2019 include Allanza at the Lakes for $152 million; Elysian at Flamingo for $104.6 million; Vegas Towers for $104 million; and Pointe at Centennial for $100 million.

However, despite these impressive total dollar amounts, there’s another aspect of these sales that need to be taken into account in order to estimate the true value of these properties- price per unit. Price per unit is relatively simple to figure out- it is the price paid for the complex divided by the number of rental units.

For example, the Evo is a 367-unit complex; since it sold for $104.5 million, the price per unit comes to approximately $284,741. Allanza at the Lakes, which sold for $152 million, has 896-units; that brings its price per unit to approximately $169,643. These contrasting prices per unit totals underscore the fact that there is far more to any rental property purchase than the initial buying price.

The Las Vegas valley is currently the epicenter of investor activity in terms of interest in apartment properties; one property owner recently noted that when he put up three Vegas-based properties in a $241 million bulk deal, he quickly received 40 offers; 30 of those were for individual buildings in the offer, whereas 10 of those offers were for the entire three properties. Clearly, Las Vegas is in the midst of an apartment boom; however, it’s up to landlords to make sure it stays that way with stable rents that take long-term affordability concerns into consideration.

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 Las Vegas real estate scene has been on an upward trajectory ever since the recovery of the recession, and the apartment scene has been no exception. With more and more businesses calling Vegas home as the economy has improved rapidly, more and more people have been picking up and moving there in search of job opportunities, and apartments offering a fast and less expensive alternative to houses for single people or new families just starting out.

Until recently, given the rapid growth of Vegas real estate, housing prices – including apartments – have been steadily on the rise, igniting affordability concerns in many; however, according to the Nevada State Apartment Association, Vegas apartment rents, while still rising, are nonetheless doing so more slowly than in recent months and years past.

Based on reports, the average rent in Las Vegas towards the end of 2019 was $1,080 per month, which represents a 4.5 percent increase over the same period one year prior; in contrast, the rent growth from 2018 to 2017 was 7.4 percent. In addition, late 2019 saw an apartment vacancy rate of 6.5 percent, a drop of .3 percent from 2018 and an increase of 11 percent from the depths of the recession era.

Clearly, according to these figures, apartment vacancy rates are declining, and rents are increasing, albeit more slowly than in recent years. Part of the slowing in rent increases can be attributed to the current market inventory; responding to demand, with developers constructing more apartments, with over 12,000 going up in early 2015, and over 2,100 built in 2019. Additionally, reports note that the new 3,800 are slated to go up in 2020, with many of them to be located near the famed Las Vegas Strip, as well as along the I-215 Beltway adjacent to Henderson, Summerlin and the southwest valley.

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, 2020 in Las Vegas is expected to be the year of the condominium, as the affordable housing alternative – often replete with numerous amenities that stand-alone house owners aren’t privy to – are showing a distinct increase in popularity.

The reasons condos are attracting so much attention from buyers recently are numerous; many people prefer the security that living in such a community often affords its residents, whereas others also enjoy the different amenities – such as fitness facilities, gaming clubhouses, and swimming pools – that are typically available to residents.

And the fact that condos are, on average, cheaper than full-on home ownership in a real estate marketplace with steadily climbing prices is an attractive feature as well, allowing owners to be able to swing the cost of living in an affluent community that they might otherwise not be able to afford.

Some condos run from the $200,000s to $300,000 range for one- and two-bedroom condominium flats and three-bedroom loft-style town homes, ranging from 1,058 square feet to 2,500 square feet. In contrast, the median price in Las Vegas for a single-family home in December 2019 was just under $313,000, and those homes do not come with the additional benefits provided by living in a condo community, including the aforementioned security, amenities, and other extras, such as landscaping, underground parking, and more. Many condo communities are also situated near major shopping and entertainment complexes, or sometimes even feature their own exclusive shopping facilities for residents to use.

With the prices of the Las Vegas housing market still climbing since the end of the recession (although prices are starting to slow and stabilize as available inventory increases), more and more people it seems are turning to condominiums for their housing needs, and as a result more developers are constructing additional condo units in order to satisfy that need.

Indeed, while the Las Vegas housing market as a whole remains one of the most prosperous in the nation, 2002 is expected to see condos come to greater prominence than they have in many years.

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 City of Las Vegas recently announced plans to construct a new $20 million resource center starting this summer, with a significant part of the project to include permanent housing for the city’s growing homeless population. 

The project, located in the so-called Corridor of Hope – also known as “homeless corridor” – at 314 Foremaster Lane, will see the old buildings there demolished and new ones erected; the project, from beginning to end, is expected to take approximately 18 months, reports say. The new development that will be constructed at that location has been dubbed the “Courtyard Homeless Resource Center.”

The property has already been home to numerous resources for homeless people since 2017, but the final plans call for several buildings to be built on the site, including an 800-person shelter, a guest services building, laundry services, medical and mental health facilities, and more. Additional space on the property will be able to accommodate an additional 500 people, reports say.

The announcement comes in close timing to the November 2019 roll-out of a new city ordinance that essentially makes it illegal to sleep in public places. People are allowed to sleep on the streets when public shelters are unavailable, but will otherwise be subject to possible arrest and jail time if caught doing so. Full roll-out of the ordinance is expected to take place by February 1, 2020.

The Courtyard Homeless Resource Center will provide numerous services aimed at not only giving homeless people a place to eat, sleep, and clean up, but also instilling them with what they need to get a foothold in civilized society once again and get themselves back on their feet. Amenities such as a mailing address that residents can use on job applications, a place to do laundry, and other various forms of assistance are all geared toward the disenfranchised in Las Vegas.

The Courtyard Homeless Resource Center will be paid for in-part by the Mayor’s Fund for Las Vegas Life.

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, a law focusing on “tenant rights” in Las Vegas passed in 2019 has already resulted in a marked decrease in the number of evictions filed by landlords and property managers for the first time in ten years. In 2019, approximately 30,000 summary eviction cases were filed in Las Vegas Justice Court, which represents a 7 percent decrease from the prior year and the lowest number since 2016. Senate Bill 151 (SD 151) – legislation that increased the amount of time a tenant had to pay overdue rent from five to seven business days, in addition to offering other protections –  was signed into law in July 2019, and that same month’s records indicate an immediate impact – July’s evictions alone dropped 30 percent compared to the same period in 2018.

However, in contrast, more evictions were filed in December 2019 than the previous December, with numbers expected to continue to rise in 2020, experts say. Judging by those statistics, some could argue that SB 151 – even with the extra leeway it gives tenants – is merely delaying the inevitable and hurting landlords in the process, as opposed to helping hard-working people in their time of need.

The most significant aspects of SB 151 are a 5 percent cap on late fees when it comes to overdue monthly rent; tenants are now given up to 5 days to re-enter a vacated home or apartment in order to retrieve what the bill refers to as “essential personal effects” before they are permanently locked out; and an increase of the approved “pay or quit” eviction notice time period from five days to seven. In addition, landlords can no longer serve an eviction notice themselves; now, only a sheriff, constable, or licensed process server may do so.

SB 151 has proven deeply unpopular with landlords and property management companies, who claim that the law is essentially taking money out of their pockets while allowing disreputable tenants to “game the system” and further put off paying their rent on-time. In contrast, others – including the Nevada Coalition of Legal Service Providers – have applauded the bill, claiming that it is leading to less strain on courts and allows people to stay in their homes.

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 close of 2019 saw the housing market in Las Vegas mirror the opening in very much the same way – with a slew of home sales at levels approaching pre-recession era peak levels, giving the market some serious momentum leading into the new decade after a year where sales had slowed slightly after continuous years of growth.

2,609 single-family homes with a median price of $312,990 were sold in December, representing a price increase of two percent over the month before and six percent from the same period one year prior, according to reports; in addition, the number of homes sold were up over November by 8.4 percent and up over December 2018 by 21.8 percent.

The increase in the number of homes sold in December resulted in a decrease in the overall housing inventory for the Las Vegas region; at the close of 2019, 5,538 single-family homes were on the market without offers, a drop of over 15 percent from the previous month and a drop of over 16 percent from the same period in 2018.

Overall, Las Vegas closed out 2019 with a burst of sales after experiencing a slight slow-down throughout much of the year, fueled in-part over growing home prices and a lack of inventory, especially in affordable price ranges. However, after a strong finish for the year – and indeed, the decade – experts are predicting that 2020 will see this growth continue to increase, especially considering the fact that overall prices are still below the national average, coupled with a lower cost of living as well.

As a whole, 41,269 sold in Las Vegas during 2019, which was a four percent decrease from 2018. However, the sudden spike in purchases in December – typically one of the industry’s slowest months – is a good indicator for what’s to come in 2020, experts 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 – According to a recent interview with a noted real estate professional, the Las Vegas housing market – booming in recent years after laying in dormancy for over a decade – will continue to be fueled going into 2020 and beyond by a number of factors, not the least of which is how the region’s low home inventory will only help to increase overall demand.

The population of Las Vegas is increasing by as much as 50,000-60,000 people annually; that factor, combined with new home construction not keeping pace with demand, has resulted in shortages, especially in price ranges considered affordable to the average working Joe. In contrast, unlike the housing market, rental construction has been keeping pace with demand, resulting in more stabilized pricing.

Homes in Las Vegas at the $350,000 price range are attracting buyers in particular, given the fact that – due to steadily rising prices overall – homes at this price are becoming more and more rare. In recent years, skyrocketing prices of homes in Vegas have begun to raise affordability concerns, as previously Southern Nevada had been lauded for its low cost of living.

While still far more affordable when compared to the national average and especially neighboring states such as California, the cost of a median single-family home in Vegas has been getting to the point where it could potentially become an issue if prices maintain on this path. The $350,000 price range has become the magic bullet, so to speak, offering a balance between profit for sellers and affordability for buyers, especially for new transplants to the regions who have been lured there by job prospects born out of the newly-blossoming economy. In addition, loans for buyers – complete with low interest rates – are widely obtainable in Vegas, although the qualification process is said to be stringent due to the high rate of applicants. Thus, ultimately, getting a house at an affordable price in Las Vegas is a combination of patience and vigilance, in addition to being ready.

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 – Looking to rent a lavish home in Las Vegas – or elsewhere – for a quick getaway? Well, you’d better think twice about any property that you may currently have your eyes on, lest you get separated from your cash with nothing to show for it. According to the Better Business Bureau (BBB), many other age groups – but in particular, Millennials – are being targeted by scams in relation to the rental of housing for either living or vacationing purposes.

Scammers typically attempt to lure in unsuspecting renters with promises of low prices, lush and luxurious extras, or top-notch locations – or a combination of all three at once – and renters, especially Millennials, are urged by the BBB to look carefully before they plunk down their dough, and the number of fraudulent listings out there looking to separate people from their hard-earned money number in the millions, according to reports.

According to the BBB, there are a number of tell-tale signs that a listing may be predatory in nature. The main one is if the owner is not available to show a property in-person, typically due to a “family emergency” out of town, for example. More signs include demands for a deposit and the first month’s rent paid in advance – before even setting foot on the property. Those who are easily-duped may find themselves arriving at their dream vacation destination – such as Las Vegas – without anywhere to stay.  

To date, five million people have fallen prey to this scam, the BBB notes, with many people being especially susceptible due to the fact that the prices are usually a bargain renters don’t want to pass up. The average loss comes in at approximately $900, which is hardly a fortune, but still a significant loss for many working-class people.

The BBB recommends that travelers only use credited sites such as HomeAway, AirBnB and VRBO when making rental lodging arrangements – while avoiding websites such as Craigslist – and to vet any properties that they may be interested in to ensure that they in-fact – exist, and that those claiming to be their owners are the real deal. Another tell-tale signs of a scam is when payment is requested up-front via Western Union, Money Gram, a gift card, or a bank-to-bank wire transfer.

There’s countless scammers out there looking to separate you from your money; if you’re careful, you can avoid them.

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.