Category Archive : Area Living

LAS VEGAS, NV – Tivoli Village, a mixed-use development center consisting of retail and office space and located on over 28 acres in Las Vegas next to the Summerlin community, has announced that it is now under new ownership and will be getting some new additions to the facility, including a new apartment complex.

Tivoli Village was bought by real estate firm 3D Investments for $216 million from its landlord, IDB Group USA Investments; on the day that the sale was announced, Clark County records show 3D Investments then turned around and sold eight acres of the property to The Calida Group – a Las Vegas apartment developer – for $27 million.

The Calida Group has plans to construct a new apartment complex adjacent to Tivoli Village that will take the form of a five-story, 300-unit building, with the groundbreaking expected to take place in early 2023. This will compliment an existing apartment building on the property, Elysian at Tivoli, which is a 359-unit complex that opened in May 2021.

Aside from the eventual addition of the new apartment complex, 3D Investments noted that those who frequent the open-air, Mediterranean-themed Tivoli Village – which features 370,000 square-feet of retail and restaurants and 300,000 square-feet of office space – will most likely see no other major changes to the center itself.

However, the group has also announced plans to eventually develop the property’s northern edge in an effort to draw more tenants and customers to the center, but the exact plans for that project have not yet been finalized, according to 3D Investments.

Tivoli Village was originally announced in May 2005 and at the time was dubbed “The Village at Queensridge” before switching over to its current name. Due to poor economic conditions, the decision was made to develop the property in phases, with the first phase opening in 2011.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new report indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country.

The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere in the nation comprising 30 percent of the average income.

These new numbers have catapulted Las Vegas into being the seventh least-affordable large city in the United States on a rent-to-income basis, according to the report.

The ever-increasing rents in Vegas, fueled by intense demand for housing options that have only been exasperated by the tail-end of the COVID-19 pandemic, is forcing some financially-challenged residents to resort to renting rooms in houses – some paying as much as $500 per month – or adding roommates in order to make ends meet.

The report indicates that, year-over-year from 2021, rents in Las Vegas have increased approximately 25 percent, which is a jump that is causing many people still recovering from jobs losses sustained during the pandemic to be frugal with their renting habits.

However, even resorting to renting a room to get by isn’t easy, the report says, as there can be safety and comfort concerns associated with such a move, in addition to a lack of space and/or the ability to keep pets, depending on the rules established by the person renting the space.

Luckily, experts say that the ever-increasing rents and home prices in Las Vegas are not sustainable, and expectations are that the market will eventually stabilize to more manageable levels.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Bonnie Springs Ranch, a defunct attraction near Blue Diamond, Nevada that included an 1880’s-style western town replica and a zoo, is set to get a high-end makeover in the form of a new luxury housing development.

A groundbreaking was recently held for The Reserve at Red Rock Canyon – the new name for the property – which, upon completion of construction, is slated to include 16 luxury homes, each situated upon 2 to 4 acres of land apiece.

The homes are catering distinctly to the affluent, with prices starting at a whopping $6.6 million; however, that price only includes the plot of land; if owners want to actually have a residence in which to live as well, they’ll have to build one themselves.

But despite the steep price tag for the property, owners will not have free reign to build anything their hearts desire upon it; guidelines state that any residences must be “compatible with the canyon” and not “stick out,” and the home itself is encouraged to be comprised of several structures as opposed to “one giant building.”

Once development is finished, The Reserve at Red Rock Canyon – located off State Route 159 – will take the form of a guard-gated community comprised of over 60 acres, with the majority of it surrounded by federally-owned land and some degree of private property.

Homeowners will have access to a number of high-end amenities, such as boutique hotel, an outdoor amphitheater, an event barn, and a gourmet restaurant; in addition, residents will also be treated to perpetual breathtaking views of the Spring Mountains and surrounding Red Rock Canyon National Conservation Area, with developer Joel Laub stating that “Nothing will ever be built around this property.”

Water lines and fire hydrants have already been installed in the community, and additional infrastructure work is underway; actual construction of the community’s commercial aspects is slated to begin by the end of 2022, although that estimate is not set in stone.

“Show homes” are currently in the design process by luxury homebuilder Blue Heron and architecture firm Backen & Backen.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – “Fremont9,” a ritzy apartment complex located in Las Vegas’ downtown area which constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, has been sold for $80 million and will soon be christened with a new name.

The Calida Group, an apartment developer based in Las Vegas, confirmed that they purchased the 232-unit Fremont9 complex – which was 90.5 percent occupied on the day the deal went down – and news of the sale already has the property “trending upwards,” according to Calida co-founder Doug Eisner.

Fremont9 – which is located at 901 Fremont Street at the corner of Fremont and Ninth – will be officially rebranded within the next few months as “Ely on Fremont,” Eisner revealed.

When it originally opened in 2018, Fremont9 was the first new, large-scale apartment complex on Fremont Street in a number of years, and is part of a development trend concentrating on Southern Nevada urban-area rental facilities to address housing demand.

The sales price of Fremont9 equates to approximately $344,828 per apartment unit; in 2021, the average per-unit sales price of apartment buildings in the region was $215,151.

Eisner noted that part of the attraction to the purchase of Fremont9 was younger tenants who are “hyper-social” and are looking for apartments close to the many entertainment and restaurants options afforded by the Las Vegas Strip.

During the worst of COVID-19, renters tended to favor suburban rental properties in order to avoid densely-populated areas, but as the pandemic wanes, more and more people are once again looking for rentals amid the hustle and bustle of the city, Eisner said.

The five-story Fremont9 offers numerous amenities for tenants, including a clubroom lounge with billiards, outdoor courtyards with bocce ball and fire pits, a yoga and spin studio, a media lounge and more; in addition, Eisner said that there is also unrented ground-floor retail space that is being converted into live-work units.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Addressing concerns over cost-of-living increases in Southern Nevada in recent years, a developer has begun construction on an affordable housing project targeting Las Vegas senior citizens in the east section of the valley, a vulnerable population that is often neglected when it comes to housing options in their price range.

According to the Neighborhood Housing Services of Southern Nevada (NHSSN), ground was broken on “The Golden Rule Senior Apartments” on Eastern Avenue on Thursday of last week, which – once completed – will provide 60 rental units for very low-to-moderate-income seniors.

The National Low Income Housing Coalition has stated over the course of the last several years that the Las Vegas-Henderson-Paradise metropolitan area has offered the lowest amount of housing options for renters with limited means, with only 16 out of every 100 homes built catering to those in lower income brackets, reports say.

The Golden Rule apartment complex – located at 820 N. Eastern Avenue – is expected to be completed by February 2023, according to Clark County Commissioner William McCurdy, who said that Las Vegas needs to address the housing needs of its senior population.

“Too many of our seniors are struggling as rents and the cost of living in Las Vegas increase,” he said. “I’m very happy that we were able to contribute financially toward the completion of this project, which will house those with little income and provide needed social support for these residents.”

The project is being funded with $600,000 in Account for Affordable Housing Trust funds (AAHTF), $828,000 in National Housing Trust Funds from the State of Nevada (NHTF), $675,000 in the form of a permanent loan from Chase Bank, $1.9 million from the City of Las Vegas, and $12.3 million from private investor Boston Financial.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Due to ever-increasing demand and a lack of inventory, the cost of apartments in the Las Vegas valley continues to climb, with the median monthly price of a one-bedroom unit hitting its highest level ever, a development that is continuing to stoke concerns over affordability among residents in the region.

Reports indicate that roughly half of the valley’s residents are renters, and the rapidly-increasing costs of doing so are starting to weigh heavily upon them; the monthly rent for a one-bedroom apartment currently ranges between $1,200 to $1,700, with the median price being $1,500. In stark contrast, that price just one year prior was approximately $1,100.

Experts say that month-to-month rent increases are going up at levels not seen before; part of that reason can be attributed to rising interest rates pricing some home buyers out of the market, resulting in them turning to rental units instead. This is resulting in more renters being on the market than is typical, and that demand is causing landlords to raise their asking prices to account for it.

In order to get a foot in the door amid the intense competition for apartments and rental properties, experts suggest that renters should make sure they have good credit scores – typically 650 or better is a good start – in addition to having a problem-free rental history. Salary is important as well, as landlords often look favorably upon those who are making at least three times the amount of their monthly rent in take-home pay.

In addition, conducting an apartment search throughout multiple zip codes – instead of simply sticking to one – and paying attention to large rental complexes that may offer move-in deals can often pay off. Mom-and-pop landlords can be a great way to find a rental as well, as they are often independent owners who are renting apartments in homes – or the entire home itself – and may prefer a tenant that is willing to assist in maintaining the property.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – For a great while, condominiums failed to figure into the Las Vegas real estate marketplace to the same degree as stand-alone homes did; however, that began to drastically change right before COVID-19 hit, but while the pandemic caused a brief hiccup in the ascension of condos as a viable real estate marketplace asset, the market nonetheless recovered and rose to a status of prominence that is currently showing no signs of slowing down.

Today, condos in Las Vegas are viewed as an excellent and affordable alternative to the ever-increasing expense of stand-alone homes, especially among Millennials who are approaching typical home-buying age. In fact, in December 2021, condo sales in Southern Nevada totaled over $221 million, representing a 38.5 percent increase over December 2020, with the median sales price year-over-year jumping by 30.1 percent.

Condos have become a popular means to achieve home occupancy in Las Vegas in the face of the demand for housing options that, thus far, local Southern Nevada home developers have not been able to adequately address. This comes in the face of increased migration to Vegas by residents from neighboring states – especially California – that are in search of more affordable lifestyle options or investment properties when compared to their previous homes.

The two main groups that are driving condo sales in Las Vegas as of late are – first of all – millennials, many of whom are approaching the age where they are where they are considering becoming first-time homeowners. This is being driven in-part by this tech-savvy generation’s embracement of the concept of digital home buying, which can often be done on their cell phones for an easy shopping experience.

Secondly, approximately 25 percent of Las Vegas condo buyers since 2019 have been residents from California, some of whom were making the move to Nevada permanent and were able to purchase residences with cash due to the sale of their original home; many others have been second-home buyers who have retained their California residences.

Experts see 2022 continuing this trend, especially if the state of California passes its much-talked-about “wealth tax,” in addition to other ongoing cost of living increases that residents consider excessive and, in many cases, unsustainable.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – According to the S&P CoreLogic Case-Shiller index recently released by S&P Dow Jones Indices, home prices in the Las Vegas real estate marketplace are rising at levels that are currently outpacing the United States average, and this is not the first instance of this occurring, experts say.

The prices of homes in Southern Nevada, from November 2020 to November 2021, increased 25.7 percent, compared to a 18.8 percent year-over-year increase for the country as a whole during the same period of time, the report revealed, which examined 20 major metro areas, all of which recorded annual price increases in the double-digits.

The highest increase of the 20 metro areas looked at in the report, however, was Phoenix, Arizona, which saw home prices leap up 32.2 percent from November 2020 to November 2021.

The report also bestowed another impressive distinction upon Las Vegas – the fact that the city has had home prices rising faster than the national average for six consecutive months in a row, and that trend is expected to continue until home inventory in the region increases due to ramped-up development efforts.

The report solidifies the fact that intense demand for homes in Las Vegas – driven by an influx of new residents seeking lower taxes and cheap mortgage rates that increased buying power – has resulted in a series of record-breaking home prices, seemingly month-to-month. While the degree to which Vegas’ real estate market has recovered from the mid-2000’s recession is indeed impressive, experts say that home prices are now sparking affordability concerns, especially among first-time buyers.

The December price of previously owned single-family homes in Vegas was a record-breaking $425,000, which represents a 23.2 percent year-over-year jump.

However, the findings of report also indicate that the prices of homes across the U.S. have uniformly been increasing at a “very high” rate overall, but have shown signs of slowing in the past few months; prices are expected to slow further as interest rates for home loans continue to increase.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Illustrating the prominence that Southern Nevada has achieved in the national real estate scene in 2021, recent national rankings have placed four Las Vegas-based master-planned communities in the United States’ top eleven in terms of sales, and five in the country’s top 25; this trend is expected to continue – and possibly increase even further – in 2022, experts say.

National consulting firm RCLCO currently ranks Summerlin in the number three spot nationally with 1,619 sales in 2021, which represents an increase of 11% over the 1,456 sales the community reported in 2020 and 23 percent over 2019’s 1,320 sales.

The number seven spot was taken by Cadence in east Henderson – a project of the LandWell Company – with 864 sales, which was a modest jump of 1% over 2020’s 852 sales – when it ranked 10th – but a 15% increase over the 753 sales the community had in 2019.

In 8th was North Las Vegas’ Valley Vista community with 860 sales, which was actually a decrease of 15% over 2020’s numbers, when they ranked 6th with 1,017 sales.

Up next is Inspirada in West Henderson, which was ranked 11th on RCLCO’s list with 741 sales, which represents an impressive 25% jump over their 2020 numbers – when 592 homes were sold – and a 15% increase over the 645 sales they had in 2019.

Outside of the top eleven, Skye Canyon comes in tied for 22^nd place with 655 sales, a huge bump of 39% higher than they were in 2020 when they sold 472 homes and placed 46th in the United States; in 2019, they reported 460 sales.

According to RCLCO Vice President Karl Pischke, Las Vegas had more high-end communities in the nation’s upper echelon of sales rankings than anywhere else in the country for 2021.

“Las Vegas had five communities in this year’s master plan list, and three in the top 10 and then Inspirada at 11 and Skye Canyon 22nd,” he said. “No other metropolitan area had more master plan communities in the top 10 than Las Vegas, which is a great distinction. When you look at the home sales within those five communities, they increased by about 8 percent between 2020 and 2021 (compared to 5 percent nationally for the top 50). That’s a positive picture. Low mortgage rates and demographics were helping drive some of that.”

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The oft-delayed Brightline West high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating once again is being heralded as back on-track, along with a potential extension into an additional L.A. suburb that would open up an additional region of California to Southern Nevada.

Following a series of delays that, as our last report, had construction slated to begin in 2021, the Miami-based Brightline West – the only private passenger rail company in the country – is now anticipating an early 2023 start on construction which would include an additional 49-mile extension into California’s Rancho Cucamonga suburb, pending final federal approval which is expected by November 2022.

This additional extra extension would connect into the original, previously-approved 216-mile railway from California’s Victor Valley to Las Vegas and would feature trains that travel between 180 and 200 miles-per-hour. With the Rancho Cucamonga extension – which would connect to downtown Los Angeles via an existing commuter train – the length of the electrified railway leading to Vegas would be extended to a total of 265 miles.

In a statement, Brightline noted that the high-speed railway system between Las Vegas and L.A. would generate jobs, help to reduce pollution, and deliver convenience for commuters.

“Brightline looks forward to working with the Federal Railroad Administration on finalizing the permitting process and making this America’s high-speed-rail showcase system,” they said. “Brightline West is the most shovel-ready project in the nation and provides the best opportunity for this country to have a new high-speed rail system within the next few years, achieving success for this administration’s goals related to jobs, climate and equity.”

Currently, the projected launch date of passenger rail service for this line is in 2026, with an estimated total development cost of $8 billion. The finished rail line would result in a 34-mile stretch of track in Nevada running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The Las Vegas luxury real estate market continues to be fueled in no small part by California residents leaving their home state in droves – mainly due to excessive taxes, high cost-of-living concerns, and draconian COVID-19 restrictions – in favor of Las Vegas’ Henderson and Summerlin communities, both of which have been favored heavily by recent out-of-state transplants.

In contrast to their native California, Las Vegas offers everything individuals who are fleeing the Golden State could want, including lower taxes, secure high-end communities, breathtaking views – both scenic, and of the city of Las Vegas itself – and impressive amenities conducive to a luxurious lifestyle.

Reports say that an extremely high percentage of wealthy buyers from California are settling in Henderson and Summerlin, both of which contain affluent, gated, master-planned communities that offer high-end homes with numerous perks for residents and breathtaking views of the surrounding countryside.

However, which of these two communities Californian buyers are gravitating towards when they arrive in Southern Nevada tends to differ on what part of their home state they are coming from, experts say. Those coming from Orange County, for example, tend to favor the offerings of Summerlin. This is due to many factors, but especially its “city-like” feel; the community is located against the Spring Mountains of Red Rock National Conservation Area, and features a vibrant, pedestrian-friendly urban center with a mix of world-class dining, shopping, events and entertainment options.

In contrast, those coming from areas with a slightly more rural aesthetic, such as San Diego, tend to lean more towards Henderson, which features more of a “small town” charm. The community offers lush greenery, extensive landscaping, and 1,400 acres of developed parks and trails. Located near Lake Las Vegas and Lake Mead National Recreation Area, Henderson was also highlighted as Money Magazine’s 50 Best Places to Live in America in 2018 and one of the safest cities in America by Forbes in 2017.

But regardless of where they chose to settle – Henderson, Summerlin, or elsewhere – the steady influx of wealthy out-of-state residents choosing to make Southern Nevada their new home isn’t expected to end anytime soon.

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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com