Category Archive : Area Living

LAS VEGAS, NV – Ground on a new Class A, 342-unit multifamily housing complex was recently broken as part of a joint venture by the NRP Group and Rockefeller Group in Las Vegas; this marks NRP’s first-ever development in Sin City, and Rockefeller’s first-ever multifamily project in the state of Nevada.

When completed in early 2027, Silverado – designed by Perlman Architects – will take the form of 15 three-story buildings located on a 10-acre lot in Enterprise, located 10 miles from the Las Vegas Strip, Harry Reid International Airport and Allegiant Stadium.

The buildings will contain one, two, and three-bedroom units. In addition, the complex will boast many amenities for its tenants, including a swimming pool, sports court, and a clubhouse with a social lounge, gym and coworking spaces, among other features.

For the next two years at least, according to NRP Group Vice-President Michael Moriarty, there will be no other Class A projects within a 3-mile radius of the Silverado complex.

The Rockefeller Group has developed approximately 3,000 housing units across the country, with an additional 2,000 currently under construction; most recently, the company completed Sol38, a 360-unit housing community in Nevada’s neighboring state of Arizona.

Multifamily housing development has increased in Southern Nevada in recent months, with over 9,500 units under construction as of December; more than 3.200 units were broken ground on during the first 11 months of the year alone. In contrast, during the same span of time in 2023, ground was broken on only 2,800 apartment units.

However, overall housing construction levels now still remain below what they were at the same period of time in 2023, when they were 16.5 percent higher with over 11,400 units in the works at the time; some of these projects had been started the year or so prior.

Completion of Silverado is anticipated to be in early 2027.

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 – For many years, Las Vegas earned a reputation for low cost-of-living and an affordable lifestyle; however, due to rising prices and a lack of inventory, a new report has revealed that the housing market in the city has become one of the least affordable in the nation.

According to the Urban Land Institute’s 2024 Home Attainability Index, Las Vegas currently ranks as the 11th least affordable major metropolitan area in the country, with only a scant 18 percent of the homes on the market being considered affordable by households of four persons that make Southern Nevada’s annual median income of $70,723.

At present, it would take about 37.4 years for a family in Las Vegas making the average median income to save up enough down payment money for a home in the city.

The top five least affordable cities in the Urban Land Institute’s report are, in order: San Francisco, San Jose and Los Angeles, California; Honolulu and Stockton, California.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

RCLCO Real Estate Consulting Chief Executive Officer and one of the authors of the Urban Land Institute’s report, Adam Ducker, said that of all the issues plaguing the Las Vegas housing market, the number one is the lack of land to develop and the slowdown in home construction it has caused.

We’re just not producing enough housing for the growth that we’re experiencing, which is true in most markets but particularly in high-growth markets including Las Vegas,” he said.

Some Realtors are hoping that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do indeed come to pass – could lead to new building activity in Southern Nevada and a plethora of new options for residents looking to buy a residence.

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 – $25 million has been approved by the Nevada State Infrastructure Bank to finance the initial phase of the redevelopment of the Desert Pines Golf Club, currently owned by the city of Las Vegas, into the largest affordable housing project in the history of the state of Nevada.

The Desert Pines Redevelopment Project – located at East Bonanza Road and North Pecos Road, mainly servicing the residents of east Las Vegas – will be a master-planned community comprised of 1,082 affordable multifamily housing units and 280 market-rate housing units.

In addition, the Desert Pines community will also offer a 10,000-square-foot community center, a 10,000-square-foot early education center, a 30,000-square-foot job training center and 75,000 square feet of commercial space.

The $25 million loan will be to finance the project’s initial infrastructure, work which will be carried out by the not-for-profit group Urban Strategies and developer McCormack Baron Salazar. However, the main thrust of Desert Pines’ development will be a broad partnership between multiple entities, including the state of Nevada, the city of Las Vegas, Clark County, the AFL-CIO Housing Investment Trust as well as the Southern Nevada Building Trades Unions, reports say.

The development will be carried out in phases, with the first one slated to cost $54.3 million; the overall total cost of the project is anticipated to come in at approximately $450 million, and will provide thousands of jobs throughout its construction. Phase one alone is expected to create 1,000 jobs, and later phases are said to provide as many as 2,475 construction jobs as well as 4,905 supplier and induced jobs.

The workers on the Desert Pines project are mandated to be comprised of at least 50 percent local Nevada state residents who must be paid state prevailing wages. Also, disadvantaged workers will be prioritized during the hiring process and 15 percent of all workers must be registered as apprentices.

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

LAS VEGAS, NV – While still generally far more affordable than most other areas of the country, the cost of living in Las Vegas has come under scrutiny recently amid surges in both house prices and rent, but a new survey released by real estate company Redfin indicates that a recent increase in the number of housing units available on the market has led to a corresponding decrease in the amount of money that tenants are paying their landlords each month.

While not all renters are experiencing a drop in what they pay, many reportedly are; when Las Vegas Valley resident Erin Bernot was queried in a local media report, she noted that while her monthly payment had recently risen by nearly 20 percent – prompting her to move to a more affordable place – some friends of hers had experienced a significant drop.

I have been pretty much priced out. If I wanted to do another year lease, they wanted to raise it over 19 percent,” Bernot said, then relating the good deal her friend was offered in contrast to her own.

When he renewed his lease over on Flamingo (Road) here, they dropped his rent like $150,” she said.

Real Estate Advisor Ana Jaramillo, when asked for her assessment of the current situation in Southern Nevada, said that the entire region is an intricately intertwined financial ecosystem, with all aspects of it feeding into and influencing one another.

Ultimately, however, she said that increases in available housing supply have resulted in a recent downward trend in terms of rental prices.

The rental market affects the housing market as a whole. It’s all kind of intertwined,” Jaramillo said. “We have a lot of houses on the market right now to rent. So therefore, the prices of those rental properties have gone down.”

The median rent price for homes and apartments in the Las Vegas Valley in September was $1,475, which represents a 1.5 percent drop from August, according to a recently-published a study by Redfin; nationally, that drop was just 0.5 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 – While Las Vegas has always been a hotbed of real estate activity, a new report indicates the city currently boasts the highest levels of growth in terms of new home listings out of the entire nation.

According to residential real estate brokerage and mortgage origination services company Redfin, in August of 2024, the number of new home listings in Sin City jumped an impressive 12.8 percent year-over-year, which represents the biggest increase out of any metro area in the United States.

However, Redfin did not note the overall number of listings that this encompassed, just the percentage of the increase from one year to the next.

The growth of new listings in Vegas beat out competing cities such as San Diego, California, which saw an 11.7 percent increase, and Sacramento, California, with an 9.5 increase.

In contrast, Atlanta, Georgia, saw its number of new home listings decrease the most nationally, with a whopping drop of 19.4 percent year-over-year.

As for what is driving the large increase of new home listings in Las Vegas, experts point to numerous factors influencing the real estate market, such as a growing number of residential transplants from neighboring California – most likely escaping high living costs and heavy tax burdens – as well as lowering interest rates on home mortgages following the Federal Reserve’s recent rate cuts.

The continued upward trajectory of Vegas’ real estate industry is also being driven by the arrival of new professional sports teams – such as the Raiders NFL team – as well as significant investments on the part of Hollywood bigwigs such as Sony, which is establishing a new studio in Summerlin.

“Everyone is coming here,” Perry said. “I’ve had a lot of cash buyers come in, and a lot of Californians are coming because prices are so high they can sell their property and pay cash here and have a big nest egg because everything in Las Vegas is cheaper.”

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 – T.B. Penick & Sons, the general contractor of Las Vegas’ first “all-for-rent” apartment complex celebrated a significant construction milestone this month, officially topping off the building – which is when the last beam is placed atop a structure – in anticipation of its planned opening in summer of 2025.

Dubbed “Capella” and located in the Las Vegas neighborhood of Symphony Park, the facility will be the first in the city where tenants will have all-inclusive rent agreements, also known as “all-for-rent” or “rent with utilities included.”

According to developer Southern Land Co., Capella will feature 272 apartments – comprised of one and two-bedroom units and penthouses – spread out over 22 stories, with impressive views of the famed Las Vegas Strip, the downtown area, and the mountain ranges surrounding the city.

The apartments will boast numerous amenities, such as kitchen islands that are movable, high-end finishings, and the latest in smart home technology. The bottom floor of the building will also offer 16,250 square feet of commercial space, including retail and restaurant options.

Southern Land Co. is developing Bria, which is Capella’s 275-unit near-duplicate counterpart, with both projects slated to open next summer. Once opened, they will join Auric, another apartment complex that Southern Land Co. opened in Symphony Park in 2021.

Both Capella and Bria will have fancy perks for residents, such as a lounge, state-of-the-art fitness center, yoga studio, dog run, co-working space, concierge services, resort-style swimming pool and hot tub, as well as a pool lounge with outdoor bar, grills, televisions, and jumbotron.

Southern Land Co. founder and CEO Tim Downey said that the dual projects will prove to be a boon to the residents of the artsy Las Vegas neighborhood.

“The introduction of Bria and Capella furthers our vision of making Symphony Park a premier urban neighborhood that blends luxury living with arts and culture – and the topping off of Capella signifies that we are one step closer to realizing our vision,” he said.

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 cost of housing in the United States is a hot button topic leading up to the presidential election in November, and a new study shows that the residents in a growing number of states across the nation are becoming “cost burdened” by the percentage of their income that they have to devote to paying their monthly rent and utilities, with Nevada and Arizona leading the pack in terms of this demographic.

“Cost burdened” is a designation for individuals or families who are paying over 30 percent of their income on rent each month; in 2019, there were seven states where a majority of tenants were in this situation. However, fast-forward to 2023, and that number of states is now at a shocking 21, according to the U.S. Department of Housing and Urban Development (HUD), with approximately 22 million renters nationwide now having to devote a substantial amount of their take-home pay to ballooning housing costs.

Having to allocate over 30 percent of their income to rent and utilities may leave tenants with difficulty in paying for other necessary goods and services, including medical care, transportation, clothing, and food, HUD says.

The three states that have recorded the largest increases in the percentage of cost burdened renters are Arizona, which jumped from 46.5 percent to 54 percent; Nevada, from 51.1 percent to 57.4 percent; and Georgia, from 48.8 percent to 53.7 percent. Coincidentally, all three are presidential swing states, and both candidates – Republican Donald Trump and Democrat Kamala Harris – are sure to make addressing the affordable housing crisis a focus during their campaigning there.

According to the University of Nevada, Las Vegas, the Las Vegas area itself had the largest number of cost burdened renters in the entire state at 58.3 percent, beating out New York City (52.6 percent) and San Francisco (48.9 percent).

Other states that saw large increases in their cost burdened populations include Florida (55.9 percent to 61.7 percent) and Maine (44 percent to 49.1 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 – Ground was broken last Friday on a unique and pioneering affordable living apartment complex in downtown Las Vegas that caters exclusively to the needs of blind and visually impaired residents.

Dubbed “Visions Park,” the $30 million project will be located next door to the Blind Center of Nevada campus at 950 Visions Park Lane, and will feature numerous amenities to help sight-challenged tenants retain some degree of independence, including flooring that makes different kinds of noises when you walk on it in order to help blind individuals navigate, as well as special types of lighting to assist those who are visually impaired.

In order to bring this project to life, the cities of Las Vegas, Henderson, North Las Vegas, Clark County, and even the state of Nevada have pooled their collective resources in order to create an apartment complex that is accessible to those who rely on the resources of the Blind Center of Nevada.

In addition, the project will aid in reducing travel time and costs getting to and from the Blind Center, as currently some – such as Havander Davis, a visually impaired man who has attended the campus since he was a child – report a commute of anywhere from one to two hours every day.

This is something that blind people or even people with disabilities need, moving into a place that is already going to be accessible is going to be amazing,” Davis said.

Henderson City Councilwoman Carrie Cox, who helped make the project a reality, said that the challenges of visual impairment have affected members of her own family, making this cause a deeply personal one.

It takes a toll. I’ve had a personal experience with my own mother and seeing her sight fail her towards the end of her life,” Cox said, noting that her mother’s situation improved when she began attending the Blind Center. “And to know the difference that that made for her, there was really not a lot of options. So, this is amazing to me that the Blind Center has taken this leap to bring us all together and to make something happen for those that are visually impaired.”

Visions Park is slated to open in the beginning of 2026; there are already 300 people on the waiting list.

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 presidential campaign of Kamala Harris released an ad this week detailing her plan to address the housing shortage and lower home costs in the United States, should she be successful in her bid to be elected to the White House in November.

The advertisement – targeting residents in swing states including Nevada, where the median home price as of July was $480,000 – first details the struggle of the family of the Democratic nominee for president to save and purchase their first home when she was a child.

From there, the advertisement then proceeds to recap the plan that Harris revealed last week in North Carolina that calls for a $40 billion housing initiative fund for local municipalities throughout the country, the construction of three million new homes, and tax incentives for residential developers that target first-time homebuyers.

In addition, Harris’ plan also aims to provide “first-generation” homebuyers – defied as “any individual whose parents or guardians never owned a home during the homebuyer’s lifetime and whose spouse has not owned a home in the last three years” – with down payment assistance in the amount of $25,000, as well as a $10,000 tax credit for first-time buyers.

The Research Director of the University of Nevada, Las Vegas’ Lied Center for Real Estate, Nicholas Irwin, noted that Harris’ proposal, if implemented properly, could be effective in addressing the housing crisis that the state is currently experiencing, which currently has the sixth-lowest homeownership rate and 11th-highest median rent in the country.

I’m a big, big proponent, like most people in the real estate space, of building more housing as best we can,” he said, while pointing out the fact that about 80 percent of the land in Nevada is federally-owned. “We don’t have the option to just go build. Federal agencies are not disposing of [it’s land] perhaps as quickly as we would like, especially when it comes to addressing our affordable housing needs.”

However, the Executive Director of the Nevada Housing Coalition, Maurice Page – while also acknowledging the potential in Harris’ plan – expressed worry that it could ultimately inflate housing costs down the line.

These will definitely create some amount of inflationary pressure, because you’re putting more money in a certain group’s hands, the first-time homeowners,” he said. “But if you pair a demand-side policy like that with supply-side, getting more houses online, hopefully it will dampen that effect.”

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 – After an extended period of time that has left many Las Vegas landlords grumbling and downright angry over the prospects of missed income, unincorporated Clark County has finally begun to issue short-term rental licenses…well, three of them anyway, amid a massive backlog of applicants hundreds deep who have been waiting for over a year-and-a-half to begin legally renting their properties.

The road to this point in time began in 2021, when Nevada passed legislation mandating that cities and counties within the state create regulations and a process for granting licenses for short-term rentals; Clark County would create their own ordinance in Summer 2022, but from there, further progress has been slow.

Cities such as Las Vegas and Henderson have already been issuing licenses and regulating short-term rentals within their confines for some time now, but Clark County only truly got the ball rolling in March of 2023, at which time they held a lottery where the names of over 1,300 prospective applicants were drawn to be reviewed and, if they met the criteria, eventually granted licenses.

However, the process of reviewing and issuing said licenses has turned out to be a long and drawn-out affair, with Clark County officials extending deadlines several times while reviewing qualified applications and allowing them to move forward in the process.

Currently, the applications of over 700 homeowners are still mired somewhere in the licensing process, county officials say.

In the meantime, homeowners have expressed extreme frustration with what they view as the county dragging their feet in granting their licenses, and lament the missed profits they could have amassed if they were able to take advantage of recent large-scale sporting events, such as the Formula One Las Vegas Grand Prix that took place late last year, which attracted a great many tourists to the city.

One of the homeowners whose license was granted this week was originally drawn as “number 10” in the 2023 lottery, leaving those who drew hundreds higher wondering how much longer they may be forced to wait before they can begin legally renting out their properties.

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 – If the tenant of a rental property you own has a fire, it’s important to know what your responsibilities are as a landlord in the state of Nevada; what are you obligated to provide, and what falls upon the shoulders of your tenant? This article will break that down.

While the specific details may vary depending on the lease agreement that has been signed by both parties, according to Nevada state law if the tenant did not cause the fire and a significant amount of damage has occurred to the property – to the point of rendering it unlivable – either the landlord or tenant will have the option to terminate the lease if they so choose, either individually or jointly.

If the landlord decides to terminate the lease, they would only have to return the security deposit, along with any prepaid rent, the amount of which returned being based on the date that the property was vacated.

But if the tenant has decided to terminate the lease, they are required to immediately vacate the property and must inform the landlord of their intention to void their rental agreement within seven days.

If the property is damaged yet still habitable, the damaged portions of the unit must be vacated until repairs can be affected, and the rent paid by the tenant should be reduced in proportion to the fair rental value of the percentage of the remaining space available to live in until such time that the damaged areas are once again usable.

However, if the fire in question was, in fact, determined to have been caused by the tenant, a member of their household, or a guest – either by accident, negligence, or a deliberate act – none of the above factors are applicable.

In any case, Nevada landlords are not required by law to provide housing for tenants displaced by a fire, unless it is something that was previously agreed to in their lease.

For more information on this topic, NRS118A.400, Damage or destruction of dwelling unit by fire or casualty, please visit KTNV Channel 13: What happens after a rental fire? Legal expert breaks down what a landlord is obligated to provide which includes an interview with an attorney at the Legal Aid Center of Southern Nevada. Please note, this is not legal advice. For guidance, consult a licensed attorney.

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 group of frustrated homeowners in Las Vegas have filed a lawsuit in an attempt to stop the construction of a gigantic Mormon temple in their neighborhood, claiming that the Las Vegas City Council misinterpreted building restrictions when granting approval to the project; the angry residents are requesting that a judge overturn the council’s decision.

The Church of Jesus Christ of Latter-Day Saints temple is slated to take the form of a 216-foot tall, 87,000 square-foot structure that the plaintiffs are saying would disrupt the neighborhood’s character by “dwarfing” all the other buildings and homes in the area, as well as creating light pollution, traffic congestion, and overall disruption in an otherwise quiet area.

We’re talking about a three-story office building that’s going to be lit up 24/7,” resident Brinton Marsden said to local media. “It’s going to stick out like a sore thumb in the middle of a rural setting.”

We have no streetlights, no curbs, no gutters, and no sidewalks, and that’s what we like,” said fellow resident Erin DeLoe. “This structure will be as tall as the Durango Casino.”

The attorney representing the plaintiffs, Evan Schwab, said that the city council abused its authority when they granted approval to the temple project, and alleged that the church’s law firm had made monetary donations to specific council members prior to the vote, creating very real conflicts of interest.

Las Vegas City Council abused its discretion and the findings/rulings,” Schwab says in court documents. “The City of Las Vegas’ decision was not supported by substantial evidence.”

Local residents had conducted protests leading up to the council’s vote; at one of them, they flew a balloon at a height of 216 feet to give a visual representation of the staggering height of the temple once it is complete.

However, the project has its share of supporters as well; local resident Lindsay Nielson, herself a Mormon, said that the church will be a “positive addition to the community” and will “adhere to all regulations” once it is complete.

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.