Las Vegas Closes Out 2019 with Slew of Home Sales

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 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 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 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 – 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 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 recent reports, a Japanese developer showed off some cutting-edge “green” technology in the form of a pricey prefabricated home in Summerlin constructed from a substance called “Shawood,” which is a sustainable form of lumber that is earthquake resistant.

Japan-based Sekisui House, along with its building company Woodside Homes, is the developer and creator of Shawood, were scheduled to be featured at the Consumer Electronics Show (CES), held from January 7 to 10 at the Las Vegas Convention Center. Shawood is noted as being a healthy construction substance that is resilient and sustainable, and represents a different approach to traditional home design methods.

Shawood is incorporated into a post-and-beam construction system that are designed and fabricated by way of computer engineering and automation in Japan – and then shipped worldwide for assembly – to ensure a precise fit and sturdy construction, reports say. Sekisui House, the largest developer of pre-fab housing in the world, has only recently entered the American market after previously erecting homes in Japan and Australia for a number of years.

The recent Shawood-based Summerlin home – a multi-million-dollar pre-fab unit that reflects Japanese engineering but traditional Western-style design – is being used as a showcase for Japanese building innovation, and was featured during the Las Vegas CES. The house, building in collaboration with Builder magazine, looks to break the status quo and advance home and building construction into the future. The framing of the house – which comes in at an overall square footage of 5,400 feet – was constructed entirely out of Shawood; the roofing, tile, and windows, contrast, were purchased from U.S.-based sources. Other advantages of Shawood are lower cost and higher efficiency, in addition to faster construction with less workers and experience required (the parts come with easy-to-follow blueprints), and builders that have seen the home thus far have all been impressed by the precision and the quality of the materials and construction. Could  Shawood – along with Japanese design aesthetics – be the next big thing when it comes to Las Vegas home construction?

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 Greater Las Vegas Association of Realtors (GLVAR) are saying that the Las Vegas housing market, already massively on the mend after the mid-2000’s recession, is expected to perform strongly for the next few years at least; this runs in contrast with a recent Realtor.com report that indicated the possibility of the market softening in the region in the next few years.

According to experts, Las Vegas is one of ten cities in the United States that is anticipated to show continued strength over the next three-to-five years, especially in terms of population growth and job creation.

Earlier in December, Realtor.com stated that home prices in numerous U.S. markets, including Las Vegas, could start to come down in 2020. But according to a statement by incoming 2020 GLVAR President Tom Blanchard, the Realtor.com report simply doesn’t fit with the activity that he’s been seeing in Las Vegas in recent years.

“It confirms my thoughts regarding the Realtor.com forecast that was being circulated a week or so ago,” he said. “The Realtor.com forecast didn’t make sense to me. The Las Vegas market shows all signs to continue steady sustainable growth through 2020.”

Zillow, a national real estate website, concurs with Blanchard; Cheryl Young, an economist, noted that she expects stability and possibly even growth in Las Vegas in 2020, and the country as a whole.

“Price growth will be slow, but positive,” she said. “This past year was a year of transition for the Las Vegas metro. An infusion of supply helped to temper the hot home value growth in recent years.”

According to GLVAR, the median price for a home in Las Vegas in November 2019 was $307,000, which represents an increase of 4 percent from the same period in 2018; local home prices hit their lowest in 2012 during the recession at $112,000.

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 – NexPoint Residential Trust, a real estate firm based in Dallas, Texas, recently made a huge purchase of Las Vegas rental properties to the tune of $345 Million, signifying the group’s desire to get in on the Southern Nevada apartment scene in a big way.

NexPoint acquired four apartment complexes recently- the 528-unit Bloom, the 320-unit Bella Solara, the 315-unit Torreyana, and – through a related party – the 360-unit Elysian at Flamingo, all of which are located in the western Las Vegas Valley. The first three properties were purchased from the Bascom Group and Oaktree Capital Management, whereas the fourth was purchased from the Calida Group, reports say.

This buying spree comes amid a record period of growth for the Las Vegas rental market; following a housing shortage in recent years due to a rapidly-expanding economy and recovery of the local real estate market after a decade of stagnation, developers have surged in the last year, building numerous apartment complexes as a solution to the shortage. 

But regardless of the increase of availability in the rental market, tenants have been forced to contend with a general lack of vacancies and increasing rent prices, creating real concerns regarding affordability. 

According to reports from Moody’s, the average rent for an apartment in Las Vegas in the third quarter of 2019 was $1,138, which represents an increase of 5.2 percent from the same period of time in 2018; the average growth rate for the United States overall in that same time period was 4.1 percent. However, recent reports have indicated that some degree of stability has been occurring in the Las Vegas market due to the increase in rental units, due to the diligence of construction developers.

According to their website, NexPoint Residential Trust is an externally advised, publicly traded, Real Estate Investment Trust, focused on the acquisition, asset management, and disposition of multifamily assets, located primarily in the Southeast United States and Texas. The company pursues investments in class A and B multifamily real estate property, typically with a value-add component, where they can invest capital to provide “life style” amenities to “work force” housing.

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 – This week, President Trump signed a $738 billion Federal spending bill for the 2020 Fiscal Year into law that averts a government shutdown and provides funding for numerous essential services as well as instituting several new aspects, such as granting federal employees paid parental leave and authorizing the official creation of a new branch of the military- Space Force.

However, there were several other, less publicized aspects of the spending bill that will prove very beneficial to realtors across the country; three in particular, in fact, that National Association of Realtors (NAR) President Vince Malta said installed “Confidence and stability” into America’s housing market and economy.

First up is a nine-month extension of the National Flood Insurance Program (NFIP). The program enables property owners in participating communities to purchase government- administered insurance protection against losses from flooding, and this extension ensures that policies will continue to be issued and renewed through September 30, 2020, during which time NAR hopes Congress will be using it as a stepping stone towards a 5-year re-authorization of NFIP with significant reforms included to ensure that the programs remain both affordable and sustainable. 

Next is the Terrorism Risk Insurance Program (TRIP), which received a seven-year re-authorization. This bill was originally signed into law by President George W. Bush in 2002 in response to the September 11 attacks, creating a federal “backstop” for insurance claims related to acts of terrorism. Without the protections this bill affords, numerous aspects of the real estate industry would face hazards in terms of financing, especially when it comes to commercial developments. NAR has been a strong and vocal supporter of the re-authorization of TRIP.

And finally, three tax provisions directly impacting the real estate industry – that originally had all expired at the close of 2017 – were granted temporary extensions through the end of 2020; these extensions are all retroactive to the beginning of 2018. First, forgiven mortgage debt is excluded from gross income; this means that property owners who sell their primary residence for a price that falls short of the debts secured by liens against the property will not have to pay taxes on the forgiven amount. Next, premiums for mortgage insurance can continue to be deducted. And third, “green” improvements to commercial structures for the sake of making them more energy-efficient also remain tax-deductible.

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 – On the world-famous Las Vegas Strip, nowadays you will find the usual stalwarts – mainly casinos and hotel resorts – nestled in tightly with another money-making business currently expanding their presence: retail. Looking to take advantage of the massive amount of foot traffic that roams about the Strip on a daily basis, retail is becoming more and more prevalent in that unique section of Vegas, with their ownership paying astounding amounts of money for as many precious square-feet of real estate as they can get their hands on.

The businesses that are dotting the Strip these days are nothing out of the ordinary; mainly convenience stores, pharmacies, souvenir shops, T-shirt vendors, tour booths, and more. But in a city with a thriving and huge tourism industry like Las Vegas, these stores are typically packed on a near 24-hour basis generating huge dollar totals from the 42 million visitors to Vegas on an annual basis.

New York businessman Eli Gindi, while on a trip to Vegas five years ago, learned that part of the Strip’s Showcase Mall was for sale; after talking to a vendor who told him that they were paying a whopping $50,000 a month in rent on a simple table in that mall – and obviously doing while turning in a healthy profit – Gindi refused to leave to go back to New York until he had purchased part of the property for $145 million. His company – Gindi Capital – later purchased the rest of the mall, and then began snapping up other shopping and dining properties on the Strip with profits beginning to rolling.

Previously, the Strip’s retail presence was primarily countless casinos and resorts lining its streets; stores and eateries were contained within, requiring foot traffic to actually enter and seek them out. However, over the years, street-front retail has come to the forefront, so to speak, and as a result business owners have been fighting each other over the demand for precious and ever-elusive space.

The demand for retail in Las Vegas stands in stark contrast to similar tourist spots in much of the rest of the country, where retail is slowly but surely drying up in many markets as internet-based alternatives take over. Part of the reason is price; in New York City’s Times Square, retail property often goes for as much as $1,800 per square foot, whereas on the Strip that rate averages around $300. Also, the tourist-to-resident ratio when it comes to foot traffic in Las Vegas is far, far higher than it is in Manhattan, leading to more potential consumer opportunities.

These factors all combine to create a unique circumstance in Las Vegas where retail is a force to be reckoned with, and one that continues to grow and become more profitable by the day.

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 recent reports, the recent influx of high-profile professional sporting teams to Las Vegas – including the Raiders NFL team in 2020 – has created a unique atmosphere in the region for real estate salespeople; the idea of wealthy athletes looking to transplant themselves into their new home town, and looking to do it in (expensive) style, can make for good career ideas.

Realtors have been looking forward to the very real possibility of high-paid members of numerous sporting teams seeking to purchase multi-million-dollar homes in the Las Vegas area, even going so far as attending recent seminars giving insight on dealing with athletes and their unique – and at times, difficult – housing needs.

While some athletes are looking to spend millions of dollars on a fancy home, others – who may not have many years left on their contracts or are not as high-paid as others – are looking for something a bit easier to do away with once their time in Southern Nevada is up.

Nonetheless, the recent exodus of high-profile sports teams to Vegas has the potential to make Realtors serious money; reports indicate that with the Raiders taking up permanent residence in Vegas come their 2020 season, demand from players – already used to jet-setting lifestyles – for luxury homes and condos in proximity to the famed Las Vegas Strip will be high. Even the lowest-paid NFL player makes the league minimum of $500,000, so there will likely be money to burn on the part of the Raiders players once they arrive.

In addition, with the ongoing construction of the team’s corporate headquarters and practice facility in Henderson, the entire Raiders management and support staff will be making the move to Vegas as well, opening up even more high-cost housing needs that Realtors will need to satisfy. Raiders quarterback Derek Carr, coach Jon Gruden, and president Marc Badain, have all already purchased homes near the team’s Henderson practice facility, and more are sure to come in the months ahead.

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 – October 2019 home sales in Las Vegas ended up being one of the most successful months since the mid-2000’s, thanks in-part to a series of closings on very pricey homes in the region. That trend, according to recent reports, is expected to carry over into the rapidly-approaching new year, maybe even further.

While this is a good sign for those investing in Vegas real estate, it is also causing people to revisit the issues surrounding cost-of-living in Las Vegas and concerns of maintaining Southern Nevada’s well-known “affordability,” a condition that many feel was recently threatened by the ever-climbing home and rental prices that have been showing signs of stabilizing in the marketplace. 

Further, reports have indicated that prices of existing Las Vegas homes that have sold in 2019 have increased by only 2.6 percent; however, prices are expected to increase to much higher levels come 2020 and 2021, according to a University of Nevada, Las Vegas economist – a prediction which runs in direct opposition to speculation that prices in Las Vegas were on the verge of lowering as developers construct more housing options due to the high demand.

When it comes to sales of newly-constructed homes in Vegas, 932 of them were purchased in October 2019, which represents an increase of 34 percent over the same period in 2018, when 695 new homes were sold. Final numbers aren’t in for November 2019 yet, but sales that month appear to potentially be just as brisk.

Currently, the median price of new single-family homes that sold in October 2019 was $410,414; however, 30 homes among those sold were priced at $1 million or higher, which likely drove the median price upwards. In addition, approximately 28 percent of homes sold in October ranged between $500,000 and $1 million. Meanwhile, the median rent for a two-bedroom apartment is $1,190.

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 – Minnesota-based Life Time, which runs a chain of luxury health and gym facilities, acquired Las Vegas’ Sullivan Square site in November 2019; according to reports there are potential plans in the works to transform the abandoned property into apartments, offices, and a gym.

Sullivan Square was originally purchased in the mid-2000’s with plans to transform it into a site for a Manhattan-style series of skyscrapers, but due to numerous factors – up to and including the recession – the plans never materialized, and the plot of land has sat in a state of disuse ever since, giving mute testament to the real estate crash that held Las Vegas in its grip for nearly a decade before only recently recovering in spectacular fashion.

Life Time has not officially announced plans for the Sullivan Square property, located across from Ikea at the southeast corner of Durango Drive and Sunset Road, however, reports indicate that Life Time plans to install one of their trademark luxury health and gym facilities at the location, in addition to a possible high-end apartment complex and office space for businesses. Retail options were not mentioned in the report, but should probably not be ruled out until concrete plans are revealed.

Originally, in the mid-2000’s, Sullivan Square was intended to be comprised of mixed-use space that would encompass apartments boasting nearly 1,400 residential units; 45,000 square feet of retail space; and 272,000 square feet of office space. However, the recession, combined with a series of lawsuits, resulted in the project never getting off the ground.

New construction of residential high-rise buildings are rare in the Las Vegas region in recent years, due in part to how expensive it is to both build and maintain such a facility. But the developers in this case must see the positive economic growth in Southern Nevada recently as a sign that high-rises may once again present the potential for profit in the years to come.

Photo via Loopnet & The Hoffman Company: Sunset & Durango; Las Vegas, NV 89113 · 14.89 AC · Land For Sale http://www.hoffmanland.com

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 construction status of The Expo at World Market Center Las Vegas, large-scale exhibition facility, recently received an update, courtesy of International Market Centers (IMC). According to a report released by the IMC, the project is currently on-schedule and on-budget, having just entered into the next phase of its development.

The Expo is a new addition to IMC’s downtown Las Vegas campus, and is expected to add an additional 315,000 square feet of space to the facility when it opens in July of 2020.

The Expo at World Market Center Las Vegas, upon completion, will feature exhibition space in the amount of 194,785 square feet, spread out among two separate halls. Hall number one will boast 97,684 square feet of space, and hall number two 97,101 square feet; together, the two halls can house a combined total of at least 1,000 booths. The facility will also have a lobby, a space for event registration, a dedicated shuttle bus area, parking garage, and basic dining facilities.

IMC CEO Bob Maricich noted in a statement that the project is currently running according to plan, and is on-course to meet its July 2020 opening date.

“Construction is on schedule and on budget. We’re delighted to cooperate with the city of Las Vegas to bring this new exhibition venue to Las Vegas, he said. ““All external steel work is scheduled to be completed by January 2020. Other than some construction-related shifts to registration locations and transportation options, it will be ‘business as usual’ for winter 2020 marketgoers.”

The Expo at World Market Center Las Vegas is coming in at a cost as high as $100 million, and the general contractor, Penta Building Group, initially held their groundbreaking in July of 2019. Currently, seven of the project’s ten steel sequences have been finished, and as of this month construction has gone vertical.

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.