Category Archive : Economy

LAS VEGAS, NV – Amid skyrocketing demand and a shortage in options on the open market, finding affordable housing in Las Vegas is becoming difficult to achieve for some residents, citing steadily rising rents in the valley – which reports say are seeing some of the highest increases nationwide –  as the reason why.

Some Southern Nevada residents are reporting that the cheapest monthly rents they are encountering when looking among available inventory of two-bedroom apartments on the market is ranging from approximately $1485 in the valley’s northeast area to as high as $1700 in Henderson and $1850 in the southwest.

In addition, a report published recently indicates that rents in Henderson have ballooned by as much as 45 percent from one year ago.

Of course, contributing to the rental issue is the fact that Las Vegas is still in the grip of a housing and rental shortage that developers are struggling to address, with numerous apartment complexes and housing communities currently in the works that real estate experts are saying are expected to help stabilize rents in the region once they are completed.

But in the meantime, reports indicate that owners and investors are currently testing the waters in terms of seeing how much they can get for their rental properties in a red-hot marketplace, often increasing their asking prices in light of any amenities that their properties possess, such as it being a newer build or if it has a pool.

However, until more house and apartment rentals are available in Las Vegas – with more and more projects are being announced and started by the day – some local residents are expressing sincere concern over finding affordable places to live in the meantime.

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 housing market in Las Vegas has been setting records for months, thanks in part to cheap money in the form of low-interest mortgages and a serious increase in buyers from out of state – many from California, who are looking for investment opportunities, and when you put those two factors together, you get a town that is on-course to becoming the house-flipping capital of the country.

Southern Nevada has been described by experts as an “extreme seller’s market” as of late, so when it comes to flipping a home – that is, buying it, renovating it, and then selling it for a profit – competition can be fierce for buyers; however, when it comes to selling, these homes are often going for more than their asking prices.

The demand for housing in Las Vegas –  and indeed, across the United States – is such that it has given birth to a new flipping phenomenon known as “iBuyers,” or “instant buyers,” which are people who will buy a home, make “light repairs,” and then “quickly resell” them for a profit. Oftentimes a buyer will have offers within 24 hours of listing a property, reports say, and often they will be in the form of cash due to the influx of wealthy out-of-state investors.

Investors have been snapping up homes across the country in recent months, but the focus as of late appears to specifically be Southern Nevada. Reports say that residential real estate investors purchased 3,043 homes in the Las Vegas area in the second quarter of 2021, which represents a whopping increase of 279 percent from the second quarter of 2020 – the highest year-over-year increase nationally – when the market was being negatively impacted by the COVID-19 pandemic.

Nearly 23 percent of all homes bought in Southern Nevada during the first quarter of 2021 were by investors, reports say, and the region was ranked fifth nationally among 41 metro areas in the number of investor purchases.

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 housing market in Las Vegas has been enjoying a year of success amid skyrocketing home prices that has resulted in all-time records being set while sellers are often offered more than their asking prices by desperate buyers. However, August appeared to buck that trend – albeit only slightly, with prices appearing to stabilize – before the market resumed its hot streak in September as if nothing ever happened.

According to a recently-released report, the median sales price of previously owned single-family homes in Las Vegas appeared to plateau after hitting an all-time record in July with $405,000, as that price – which had been steadily climbing for the past year – remained at that exact level in August as well.

Regardless, it illustrated how far the housing market in Vegas has recovered, as that August $405,000 median sales price still represents a 25 percent increase over the same period of time in 2020.

However, it was soon revealed that the housing market in Southern Nevada had not hit a plateau, but simply experienced more of a momentary lull; according to trade association Las Vegas Realtors, rising prices in the region had taken a “momentary pause” during August while the market prepared for a pre-holiday surge.

Once the holiday season hits, the market can be expected to temporarily flatten once again, as it did from November 2020 to January 2021 when the median sales price of pre-owned homes remained at $345,000; in January, prices began climbing once again.

However, it remains to be seen if the market flattens as much – or for as long – this upcoming holiday season, as one of the reasons for the intense house-buying activity that Vegas has been experiencing as of late is being driven by historically-low mortgage rates, which are driving buyers to snap up every property they can.

What that being the case, there remains the possibility that this holiday season may not slow down as much as in previous 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 – A developer has announced plans for a $200 million high-rise apartment complex that is slated to be built in southwest Las Vegas, right on the great big empty hole that was left by a previous developer that had the very same idea – albeit unrealized – over 15 years ago.

Tim Deters, founder of Tru Development Company, recently noted that he is planning to obtain a nearly $200 million loan in October to cover the costs of developing the mammoth project, which is planned to take the form of a huge, 614-unit rental complex.

Current plans for the project involve construction on an underground parking garage, which is slated to be completed first, with work on the apartment units – which will be completed in several phases – then starting immediately upon the garage’s completion.

The complex will feature numerous amenities for tenants when finished, including a 12,000-square-foot clubhouse, a high-end gym, a pool area with cabanas, a beer garden, and an outdoor workout facility.

The property, located south of the 215 Beltway at 8030 West Maule Avenue between Buffalo Drive and Cimarron Road, was originally acquired by developer Rodney Yanke during the mid-2000s, who had planned to build an apartment complex called the Spanish View Tower. However, the project never came to fruition; after the site was excavated and work on a parking garage begun, the project ended up going into bankruptcy and has sat vacant ever since.

In 2012, investor Jack Woodcock partnered with Deters to acquire the property and plans slowly came together that culminated with the recent development announcement. Deters noted that he took on this project because rentals in Las Vegas are still in very high demand, and that developers are not churning out units fast enough to meet it.

Recently skyrocketing construction costs, coupled with demand, have also caused rents in Vegas to steadily climb; the average rent in Southern Nevada jumped 23 percent in July 2021 when compared to the same period of time one year ago, whereas the average year-over-year increase nationally was 9 percent.

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 – North Las Vegas is set to receive a slew of new rentals homes soon to help address Southern Nevada’s intense housing demand, as an Arizona developer has announced that they are set to break ground on a tract of dwellings later this year.

Rental homes have made up a growing segment of the housing market in Las Vegas, as the booming economy and the slow-but-steady withdrawal of the COVID-19 pandemic have given rise once again to the need for affordable rental properties.

Avenue North, originally opening their doors for business in 2011, is looking to begin development of the 165-unit project –  which will be built on nearly 12 acres running along Simmons Street, just south of Ann Road – within the next three or four months, according to founder Ryan Hartman.

The property itself was purchased by Avenue North in late 2019, and Hartman notes that the development – which will be in partnership with Arizona real estate firm Harvard Investment – will be coming in at approximately $50 million in cost.

In addition to feature single-family homes with backyards, the project will also include such amenities as a clubhouse, fitness center and a pool, just like many high-end apartment buildings.

While most of the houses will be stand-alone, detached models, Hartman noted that 29 of them are planned to sit on top of a row of five parking garages, one garage going to the home sitting atop it, and the other four being made available to rent to other tenants in the development.

Hartman’s project is his first ground-up rental development in Southern Nevada, he said, adding he has multiple projects in Phoenix and is looking to buy land for more in the Las Vegas area.

Build-to-rent housing communities have been rising in popularity with renters, developers, and investors, with noted companies such as American Homes 4 Rent, The Calida Group, and Moderne Communities getting in on the action in Southern Nevada.

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 housing market continues to astound, as a unique, all-time record was set last month; the price of previously owned single-family homes shot past the $400,000 mark, a boon for sellers but a sign that has some buyers worrying that they may be priced out of the market if this trend continues.

In July, the median sales price of pre-owned, single-family houses in Las Vegas – making up the vast majority of the real estate marketplace – hit $405,000, which represents a 2.5 percent increase from the last record high achieved in June, and a 22.7 percent jump from July 2020, reports say.

3,352 houses were sold in July, which was a drop of 5.4 percent from the month before, but a small increase of 0.8 percent from July 2020. And while the amount of available homes on the market increased from June to July, the overall inventory remained low, leading to a continuing increase in prices.

Reports indicate that 3.007 houses were available for sale on the open market at the end of July, representing a 22.5 percent increase from the previous month but a 37.4 percent decrease year-to-year.

The housing market in Las Vegas has been a hotbed of activity in recent months, with demand essentially outstripping inventory and leading to skyrocketing prices, fueled by low interest rates on home loans that have allowed buyers to indulge themselves at times. Competition has been fierce as a result, with interested parties – many coming from neighboring states – dog-piling on attractive home prospects and routinely paying over the asking price in order to get the upper hand on other potential buyers.

As a result of this activity, home builders and sellers alike have regularly been increasing their prices in order to take advantage of the intense demand, often putting interested buyers on waiting lists and sometimes even accepting bids for properties, experts say.

However, this highly-competitive marketplace is unfortunately serving to price some first-time buyers out of the running for home purchases, forcing them to make do with rentals homes or lower-priced condos.

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 house selling boom that’s taken the nation – and particularly Las Vegas – in its iron grip since the COVID-19 pandemic has begun easing off has finally begun to show some early signs of stabilizing and cooling down, despite the fact that many new homes introduced to the market are still being snatched up at an incredibly quick pace, reports say.

In Southern Nevada, sales of homes have started to drop ever so slightly over the course of the past few months and the number of available homes on the market has started to build; however, this doesn’t mean that the Las Vegas real estate scene has hit a plateau at all, since the houses that are being sold are still being gobbled up lightning fast.

Reports indicate that approximately 87 percent of previously owned single-family homes that were sold in the month of May had only been listed on the open market for 30 days or less; this represents a significant increase from the sales figures from January, when that number was at 64 percent.

Las Vegas’ real estate market has continued to grow over the past few months, as shown by fast sales and quickly escalating prices, spurred on by low mortgage rates that allow buyers to get more for their money. Regardless, the competition has been fierce, to the point that simply offering the initial asking price on a home is no longer a viable option; typically, the successful buys as of late have paid more.

However, experts are having trouble predicting where Las Vegas’ housing market will ultimately end up as the pandemic slowly comes to an end and the city’s tourism industry finally begins to heat up once again.

Despite the market showing signs of becoming more stable after skyrocketing for months, it nonetheless is still breaking records; the median sale price of a single-family home in May broke the all-time record at $385,000, and the overall inventory of available houses – despite increasing recently – is still low, with the end of May seeing only 2,031 homes for sale without offers.

So while there are a slightly smaller amount of people buying homes at the moment, those that are doing so are still grabbing them at a frantic rate.

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 – As of July 1, 2022, reports say, Clark County’s ban on short-term rentals comes to an end, as mandated by legislation passed by state lawmakers; from that point, all short-term rentals must be legalized and regulated, posing a difficult task for county officials. After all, despite the ban that is currently in-place, reports indicate that over 6,000 properties have been illegally renting regardless.

Assembly Bill 363 mandates that Clark County regulate its short-term rental industry, and with the end of the ban in sight, the possibility that these short-term rentals could start providing significant tax revenue is set to become very real. Rentals are incredibly popular in the Southern Nevada region, given that it is home to the famed Las Vegas Strip.

Assemblywoman Rochelle Nguyen, who sponsored Bill 363, noted that regulations need to be devised that will take into account the needs and concerns of both the residents who are renting their homes out for extra income, their neighbors who have often issued complaints regarding excessive noise and partying, as well as labor groups and local law enforcement.

One of the main reasons Nguyen said that she sponsored the bill – signed into law by Governor Steve Sisolak in early June – was because simply banning short-term rentals was not working at all, and lauded the potential tax revenue they could generate with proper oversight.

“I don’t think they work,” she said. “I think we are missing out on the potential revenue and it makes it difficult for our counties and cities to enforce what is being perpetrated in our communities with these investment properties.”

However, not everyone believes that the bill is perfect; neighbors of rentals who are furious with the noise have claimed that the bill is not strict enough in that regard, and on the opposite side, renters have complained that the new regulations limit them far too much. But the bill is not an end-all, be-all in terms of regulating the industry; it is meant to merely set the overall framework into which local municipalities can develop and implement their own regulations, which Clark County officials currently in the process of working out while maintaining the guidelines already set forth by the state.

Clark County officials have also expressed skepticism regarding their ability to enforce whatever mandates the bill establishes, given their own inability to enforce the county’s soon-to-end ban on short-term rentals. But the degree of flexibility that counties are afforded to create and enforce their own regulations may make that process easier for Clark officials, but at the same time may cause them to incur additional expenses setting up the infrastructure to do so.

Currently, the bill only applies to Clark County, Henderson, Las Vegas and North Las Vegas; all other counties and cities in Nevada are exempt.

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 – Howard Hughes Corp. has announced that they have begun development on two different projects in Las Vegas that will comprise both office space and rental apartments, according to recent reports.

The first of these projects is an upscale office building located in the vicinity of the Las Vegas Ballpark; the second project is what is considered the second phase of construction on the luxury Tanager apartment complex, which seeks to add an additional 295 rental units to the existing structure.

Both of these projects are situated near the open-air downtown Summerlin mall at Sahara Avenue and the 215 Beltway.

Current estimates place completion of the office building near the end of 2022, and the completion of the apartment project in early 2023, according to the Texas-based developer.

The office marketplace in Las Vegas has come under scrutiny over the course of the past year due to the COVID-19 pandemic which saw an increased number of workers telecommuting to work via the internet; this has resulted in a decreased need of physical office space. And despite nearing the end of the pandemic due to the rollout of vaccines, many workers have indicated a distinct preference for working from home due to the convenience and a reluctance to return to the confines of the office life they once took for granted.

Regardless, life in Las Vegas is slowly returning to normal, with tourism increasing and unemployment shrinking to levels below the pandemic’s high-points; experts are saying this is a boon for the local commercial real estate market, and that people will eventually be returning to their offices after the health scare has died down, necessitating the subsequent need for more commercial space sooner or later.

To that end, Hughes Corp. notes that they have spent hundreds of millions of dollars investing in the property in Summerlin, which it still is planning to develop for future commercial use.

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, prices of homes in Las Vegas are continuing to soar based on continuing demand, while the supply of homes to placate the need for housing options is still falling far behind, proving the truism of the age-old adage of “supply and demand.”

The current median price of existing single-family homes in the Southern Nevada region during the month of May 2021 was reportedly $385,000; this represents an increase over the same period of time in 2020, which was $315,000.

Meanwhile, the May 2021 median price of local condominiums and townhomes came in at $205,000, which is an increase of 10.8 percent from one year prior, at which time those residences were fetching just $185,000, reports say.

While this degree of growth is a boon for the Southern Nevada real estate scene, experts are saying that continued escalation in housing costs may have the detrimental effect of pricing some first-time and entry-level buyers out of the market.

In terms of housing trends in the near-future, experts are saying that since it seems unlikely that prices will be going down in the near-future – indeed, they are expected to continue on their upward trajectory – rentals will also take an increased role in the marketplace until prices begin to stabilize.

Indeed, a six-month supply of homes in any given housing market is considered “balanced,” but May sales figures suggest that Las Vegas merely has a supply of existing homes that is considered one-month or less; however, it must be said that it has been some time since the region has possessed a legit six-month housing supply.

Reports indicate that a total of 4,100 existing local homes, condos and town homes sold during May 2021 while currently this year, local home sales are on pace to exceed last year’s total, reports 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 – Reports indicate that, given the ongoing boom in terms of the sale of ultra-luxury homes in the Las Vegas Valley in recent months, the very real possibility is looming that 2021 could see an especially impressive milestone reached in terms of real estate – the highest price ever paid for a home in the region.

In 2020, the number of homes sold for over $1 million – numbered at 856 – saw a 60 percent increase over the year prior for a whopping total of $1.68 billion, and all despite the economic ravages caused by the COVID-19 pandemic.

Reports say that this trend has continued into 2021 and doesn’t appear to be showing any signs of slowing down; between January and April, 524 homes valued at $1 million or more have already been sold, and with the pandemic in its waning stages as vaccines continue to be distributed at a record pace, it’s safe to say that this year could very well be on its way to exceeding already-impressive 2020’s sales.

In April 2021 alone, 162 $1 million or higher homes were sold, which makes it the second-highest month ever, behind only the 170 $1 million-plus homes sold the month before. In addition, there are currently 257 pending luxury sales, according to the Multiple Listing Service.

Luxury homes have been selling like hotcakes in the Southern Nevada region since nationwide lockdown orders created a new work-at-home phenomenon in the United States, with residents from many neighboring states choosing to relocate to Nevada; not only upgrade their homes, but also to escape highly-taxed states such as California for a lower cost of living.

As a result of demand, the cost of luxury housing in Las Vegas has been skyrocketing, leading to a climate where uber-luxury homes – ones valued at $4 million or more – are also selling almost as quickly as they are listed on the market.

For example, in 2019, there were 26 uber-luxury home sales in Vegas; by the end of 2020 that number had jumped to 53, and between January and April 2021 there have already been 43 sales of homes valued at $4 million or higher.

Clearly, 2021 could be a record-breaking year in many ways for the Las Vegas real estate industry.

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 newly-released truck rental data report, Las Vegas tops the list of places to move to amid the ongoing COVID-19 pandemic, despite the relative shortage of housing options available at the moment.

Penske truck rental has confirmed that Las Vegas is the number one spot to move to, basing that declaration on the sheer number of truck rentals that are one-way; this jibes with the large increase Southern Nevada has been experiencing since 2020, a time when the region’s economy and job market first began to experience a boom, and continues to do well despite the pandemic.

U.S. Census Bureau data also shows Nevada’s population grew by 15 percent in 2020.

A lot of this influx of people is coming due in large part to so-called “tax refugees” from California, with both companies and private residents leaving in droves due to the exorbitant taxes imposed upon them at their former home state. Clearly, the much lower cost of living that Nevada affords them is an attractive alternative, especially when the pandemic has given rise to “virtual commutes” to work, where a computer and an internet connection can allow people to work anytime, anywhere.

Estimates indicate that 38 percent of the homes sold in Las Vegas in 2020 were to former California residents, a whopping number that indicates just how much the city and its surrounding areas are proving to be a huge attraction for those looking to get a fresh start in life and their careers from that nearby area.

Penske serves customers in North America, South America, Europe, Asia, and Australia; among its services are full-service commercial truck leasing, truck fleet maintenance, truck rentals, and used truck sales. The company currently employs more than 36,000 workers worldwide and operates a fleet of more than 300,000 vehicles.

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.