Category Archive : Area Living

LAS VEGAS, NV – Las Vegas Boulevard will soon be receiving a new 754-unit apartment complex in what is currently a stretch of desert land running along the famous road. Ariva, headed up by investor group WTI Inc. out of Cupertino, California, is currently under construction and, when completed, stands to be one of the largest rental developments in the city, according to reports.

Like many new developments in Las Vegas these days, Ariva is slated to be a mixed-use facility, combining rental apartments with retail and office space. The project, which originally broke ground in August of this year, is expected to start renting the initially offering of apartments in late 2021, with the entire project expected to be completed in mid-2023, reports say.

Work on the complex is being carried out by Las Vegas contractor Sam Nicholson, and is being constructed in a spot on Las Vegas Boulevard that’s considered slightly off the beaten trail in terms of tourism. Situated several miles south of the glamour of Las Vegas’ hotels and casinos, Ariva is being built in an area made up more of large plots of vacant, expensive land that has only recently begun to experience large-scale development.

The Ariva project has been in various stages of development for over three years, and when completed, will encompass at least twice the size as the average apartment complex in the Southern Nevada region, reports say. The property is located on – 46.6 acres – originally purchased by WTI in July 2017 for $24.5 million, after the company had their plans approved by Clark County the month before.

When finished, Ariva – formerly known as The Arch – will possess four pools, a huge gym, two penthouses, and approximately 71,000 square feet of commercial space.

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 upcoming high-speed railway system between Las Vegas and Southern California that has been long-gestating has finally seen some forward momentum, as developer Brightline has released some new details on the project, including branding, an estimate on the construction, and how long it may take to complete.

Work on the project, now dubbed “Brightline West,” is expected to start this year, with a completion date set for early 2024, according to reports. Brightline has stated, however, that the schedule is subject to change.

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. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

Part of the delays associated with the project is the upcoming sale of $3.2 billion in bonds on the part of Brightline to cover the first phase of the $8 billion cost. The bonds are required to have been sold by December 1; if this date is not met, funds allotted by California for the project will be taken back and instead placed back into the state’s affordable housing fund. Potential delays to the project if Brightline does not meet the December 1 date are currently not known.

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

LAS VEGAS, NV – According to recent reports, an East Las Vegas golf course once owned by famous gambler Billy Walters will potentially be converted into land for housing by its current ownership.

Rezoning of the 160-acre Royal Links Golf Club for residential use was recently approved by the Clark County Commission. The club property, owned by Shelby Futch – who purchased it in 2016 – is located one mile east of Nellis Boulevard, running along Vegas Valley Drive.

Futch has noted that he envisions a very dense network of approximately 1,200 homes to be built upon the property; plans for the project have been filed with Clark County, but at this point in time they are merely considered to be in a conceptual stage and nothing more. Reports indicate that land owners will sometimes get potential projects officially approved in order to make their property more appealing to an outside developer, who would then swoop in and make a purchase.

The Royal Links Golf Club was originally owned by Walters, an entrepreneur, philanthropist, and retired professional gambler widely regarded as among the most successful sports bettors in Las Vegas, having a winning streak which extended for over 30 years. In 2011, Walters claimed he could make anywhere from $50 to $60 million on a good year from sports betting alone.

Walters bought the land from the city of Las Vegas in 1999 for $894,000, but afterwards found himself embroiled in controversy in 2005 after offering the city $7.2 million to lift a deed restriction on residential development – approved by the City Council, which was headed by Walters’ personal friend and former lawyer, Mayor Oscar Goodman – so as to allow residential development, which would have vastly increased the property’s value. Nevada’s then-attorney general announced an investigation into the matter, and the City Council then quickly reversed its decision.

In April 2017, Walters was found guilty of insider trading and was sentenced to 5 years in prison and fined $10 million. He was recently released from prison due to being vulnerable to COVID-19.

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 offering a stay of execution that has lasted for months as it relates to those who have faced financial hardship due to the ongoing COVID-19 pandemic, Nevada Governor Steve Sisolak confirmed this week that the extended eviction moratorium he has authorized – which expired yesterday, Oct. 15 – will not be extended any further, giving numerous Las Vegas landlords and property managers free reign to begin eviction proceedings against thousands of tenants starting today.

The governor noted that, at this point in time, extending the eviction moratorium further “would just be duplicative.”

Sisolak had previously extended the eviction moratorium – which he originally enacted in March to assist the countless residents who were left  unemployed and furloughed due to the pandemic – the day before it was due to expire on Sept. 1. However, Sisolak has also finally recognized the hardship his decree has laid upon Nevada landlords, who were expected to allow their tenants to remain in their homes while often receiving no rent at all, while being expected to maintain their normal level of services out-of-pocket.

Tenants were not forgiven their missed rent as a result of the eviction moratorium, however, leaving many with a cumulative debt that they probably couldn’t hope to repay. State agencies encouraged tenants and landlords to negotiate settlement amounts, and ample government resources were made available to assist financially-strapped residents with making back rent payments, but this still didn’t address all of the issues being faced by Nevada residents throughout the pandemic.

President Donald Trump has also signed a federal eviction moratorium – enforced by the Centers for Disease Control and Prevention (CDC) that is in effect until Dec. 31. However, to take advantage of it, Nevada residents have to manually opt-in; it does not take effect automatically. Also, Landlords aren’t required to notify their tenant about the CDC order, but if renters believe they are eligible, they must sign a sworn affidavit and give it to their landlord or property manager to qualify.

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, the Elon Musk-owned Boring Company is looking to expand upon the so-called “people mover” underground transit system they have installed for the Las Vegas Convention Center, with the intention of extending its scope into the city’s tourism corridor.

A people mover is a type of small scale automated guideway transit – utilizing self-driving, all-electric Tesla vehicles – that service the Las Vegas convention center, originally slated to be completed in time for the January 2021 Consumer Electronics Show, before it was cancelled due to the ongoing COVID-19 pandemic, that is.

The Boring Company has submitted a special use permit application to the city of Las Vegas, as well as a land use design review to Clark County which, if approved, would account for approximately 15 miles of additional tunnels – in both directions – being constructed throughout Las Vegas. The project is said to be supported by numerous resort hotels in the downtown area.

If the Boring Company’s permits are approved, they would be able to extend the people mover throughout a proposed 50 stations, ranging from the Fremont Street Experience and Circa’s Garage Mahal to Allegiant Stadium, the new home of the Las Vegas Raiders NFL team. In addition, an extension servicing McCarran International Airport is also a possibility.

If approved, the people mover extension would be constructed at the cost of the Boring Company; however, Musk’s business would retain all farebox and advertising revenue generated by the system upon completion, reports say.

The Boring Company has distributed a concept map of the proposed system, showing separate northbound and southbound tunnels running beneath Las Vegas Boulevard, Main Street, Frank Sinatra Drive, Tropicana Avenue, Russell Road, Valley View Boulevard, Arville Street, Flamingo Road and Paradise Road.

Construction on the people mover officially began on November 15, 2019, and is being constructed in partnership with the LVCVA, and is slated to be completed in January 2021.

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 mansion located in Henderson-based Lake Las Vegas recently sold for $6.5 million, fetching the highest sale price for a home in the master-planned community since 2007, according to recent reports. The 8,838-square-foot home is the first luxury residence to be built and sold in Lake Las Vegas by developer Raintree Investment Corporation on behalf of landowner John Paulson.

The home, located at 23 Summer House Drive in a new housing development called Estates at Reflection Bay, boasts 300 feet of waterfront property with a private sandy beach and “outstanding” views, according to a listing on real estate website Zillow. The $6.5 million price tag represents the highest amount paid for a dwelling in the area since 2007.

Raintree will not continue to construct homes in the Lake Las Vegas region; instead, they developed the initial offering to serve as an inspiration to those wishing to move into the community, and instead will be allowing interested parties to purchase lots of land to build their own homes upon. Several lots have closed escrow or are under contract to sell, reports say.

Lake Las Vegas is comprised of a 320-acre artificial lake and 3,600-acre developed area around the lake, located off Lake Mead Parkway east of Boulder Highway. The community features numerous mansions, upscale hotels, golfing and retail establishments. It is being developed by five companies and includes three resorts such as the Aston MonteLago Village Resort, the Westin Lake Las Vegas Resort, and the Hilton Lake Las Vegas.

Currently, the population of Lake Las Vegas comes in at approximately 20,678 within 7,934 households. Home prices vary from lows of $135,000 for a studio condominium to highs of $1,400,000 or more for a four bedroom, five bathroom, fully furnished lakeside home.

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

LAS VEGAS, NV – According to recent reports, a Las Vegas developer is attempting to woo wealthy potential tenants to his new apartment complex by making sure it features numerous amenities catering to a particular crowd; this runs in contrast with how the majority of Nevada developers are handling new projects due to the difficulties posed by the ongoing COVID-19 pandemic.

With unemployment still an issue, many people are in need of affordable living space but are facing significant financial hurdles. But while many are racing to construct low-cost housing options aimed at the masses, long-time developer Bob Schulman, 83, is instead going in the opposite direction and aiming his apartments at affluent individuals.

Schulman’s 220-unit South Beach complex, which he sold for $62 million in 2018, boasted a slew of fancy options for tenants, including indoor and outdoor gyms, steam and sauna rooms, poolside cabanas, sand volleyball, a basketball court and a soccer field. Now the developer has opened a new apartment complex that once again caters to high-end clientele, taking a risk due to the fact that COVID-19 has had a definite negative impact upon the rental scene in Southern Nevada.

The 304-unit Tuscan Highlands is Schulman’s new establishment, located in the south end of the Las Vegas valley, and includes numerous luxury amenities aimed at a well-to-do younger set, including an esports lounge, sport court, restaurant, wine garden, rock climbing tower, gym and spa, soundproof studio, and even special tenant lockers for grocery delivery that are temperature-controlled. It also includes a fitness director on-staff and charges tenants a $125 monthly “resort fee” to assist with the costs of extras.

The developer originally broke ground on the complex in early 2019, before the local economy was ravaged by the pandemic; however, despite initial fears over how COVID-19 would affect rentals, Schulman reports that multiple apartments at Tuscan Highlands – where rent ranges from $1,275 to $3,800 per month – have been leased, with 78 of the 304 units currently occupied and climbing.

Clearly, despite the economic uncertainty out there these days, there are still people that can afford the finer things in life.

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

LAS VEGAS, NV – According to news reports, business magnate, industrial designer, engineer, and philanthropist Elon Musk’s The Boring Company has been making rapid progress as of late on its Las Vegas “people mover” system, with the tunnel-based self-driving car transport system nearly complete.

After a year of construction, Musk confirmed this week via Twitter that the ambitious project will be finished shortly.

“Tunnels under cities with self-driving electric cars will feel like warp drive,” he tweeted. “First operational tunnel under Vegas almost done.”

A people mover is a type of small scale automated guide-way transit – utilizing self-driving, all-electric Tesla vehicles – that will service the Las Vegas Convention Center via twin tunnels, and was originally slated to be completed in time for the January 2021 Consumer Electronics Show; however, due to the COVID-19 pandemic, the event has since been changed to online-only this year.

The Tesla vehicles that the people mover will utilize have a capacity of 16 passengers and there will be 62 vehicles in use at the time it opens to the public.

However, that isn’t the end of The Boring Company’s ambitions in Las Vegas; Musk has stated that he is envisioning on extending the tunnel to the north end of the Las Vegas Strip to also serve Wynn Resorts’ Encore and Resorts World; the so-called “Vegas Loop” was confirmed by Clark County Commissioner Tick Segerblom via Twitter.

The people mover, in its current form, encompasses two miles from end to end, and is expected to make negotiating the vast Las Vegas Convention Center complex far more manageable for the estimated one million people who visit the site on an annual basis. Upon completion of the $52.5 million project, each tunnel will be one-way and will whisk up to 4,400 attendees per hour from Convention Center’s South Hall across the 200-acre campus, free of charge.

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 – American Homes 4 Rent (AH4R) has announced that they are opening a community of 28 brand-new single-family homes in Las Vegas, dubbed Desert Wind Ranch; the development marks AH4R’s third such community in the Las Vegas marketplace, with the first two located in the neighboring Big Buffalo and Cactus Cliff communities.

The residences in Desert Wind Ranch range from three-to-four bedroom homes, varying in size from 1,600 square-feet to 2,200 square feet, with leasing starting at approximately $1,600 per month. Included in the rent payments are scheduled front and back yard maintenance, which AH4R states will allow residents to “enjoy their weekends” without having to worry about time-consuming yard work.

Design concepts for all Desert Wind Ranch homes across the board, AH4R notes, include granite countertops, stainless-steel appliances, luxury vinyl plank flooring, elegant bathrooms, quality fixtures, central heating and air conditioning, and two-car garages. All homes in the community utilize upscale finishes and popular floor plans and incorporate pet-friendly yards and desert landscaping.

Desert Wind Ranch is also located conveniently nearby local job centers, dining, shopping and entertainment, making it an ideal place for new families to live, AH4R said.

AH4R is also touting the company’s virtual tour technology – called “Let Yourself In” – for prospective tenants to remotely view the interior and exterior of homes they are interested in, providing a safe environment for homebuyers during the ongoing COVID-19 pandemic.

Multiple homes are currently available for lease, AH4R said, with more on the way soon, eventually resulting in a full community of 28 homes upon completion of construction.

As of June 30, 2020, AH4R owns 53,000 single-family properties in 22 states. In addition to Desert Wind Ranch, American Homes 4 Rent owns more than 1,000 homes in the Las Vegas area, including those communities of Big Buffalo and Cactus Cliff.

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 – Resorts World Las Vegas, a hotel and casino currently under construction by the Malaysia-based Genting Group on the Las Vegas Strip, is still on-track to meet its original projected summer 2021 opening date, despite the trials and tribulations presented by the COVID-19 pandemic, according to reports.

The previous site of the Stardust Resort and Casino until 2007, groundbreaking for Resorts World took place in May 2015, and construction began in late 2017. At a cost of $4.3 billion, Resorts World is potentially the most expensive resort property ever developed in Las Vegas.

Even with the limitations and delays presented due to COVID-19, not only is the project proceeding on-schedule for its opening date, but the property’s management announced in July the addition of a 5,000-seat theater in partnership with AEG.

Genting Group credits their ability to remain on-track throughout the course of the project with numerous cutting-edge safety protocols that they have introduced to keep workers safe and healthy while abiding by all guidelines imposed by local and state government in order to curb the spread of COVID-19.

Resorts World Las Vegas will offer a whopping 3,500 rooms for guests upon its 2021 opening, as well as a 75,000 square-foot nightclub, convention space, a 220,000 square-foot pool complex, an LED video globe, and a 100,000 square-foot LED screen, measuring 294 feet in height and 340 feet in width.

Portions of the property will be branded as Hilton, while other portions will be marketed under two of Hilton’s other brands, LXR Hotels and Conrad Hotels.

In addition, Resorts World has also commissioned The Boring Company, owned by Tesla’s Elon Musk, to construct an underground people mover system, similar to the one that the company is currently constructing for the Las Vegas Convention Center. The system would function as an extension of the one for the Convention Center, and would ferry people back and forth between the two locations upon completion.

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, after an initial drop in the early days of the COVID-19 pandemic, Las Vegas apartment rents have remained strong in the second quarter of 2020 while vacancy rates were stabilized due mainly to Nevada Governor Steve Sisolak’s moratorium against residential evictions.

While Vegas rents showed definite signs of rebounding after the initial outbreak, they nonetheless have grown at a slower rate than before COVID-19 hit; local rents increased 2.2 percent during the second quarter, which while positive, nonetheless pales to the 7 percent rent growth year over year, reports say.

The average vacancy rate for local apartments was 6.8 percent during this period, representing a .4 percent increase from 2019 but a decrease of approximately 11 percent during the midst of the mid-2000’s recession.

Las Vegas rents in the second quarter of 2020 have averaged $1,105 per month, which represents a $25 increase from the same period of time in 2019 but only a 5 percent increase from the region’s peak levels before the recession; from 2015 through 2019, rents in Vegas grew at a steady and regular rate.

Governor Sisolak’s moratorium against residential evictions, combined with numerous forms of governmental assistance on the federal, state, and local level, have enabled approximately 90 percent of renters in Nevada to make their monthly rent; however, with the cessation of federal enhanced unemployment benefits at the end of July, along with the end of the moratorium come September, experts expect rental numbers to take a potentially drastic turn in the third and fourth quarters of 2020.

Another factor contributing to vacancy rates is the increased development of apartment complexes prior to the pandemic in order to satisfy the growing demand for housing options in light of Las Vegas’ blooming economy and job market. Currently, Las Vegas has 3,117 apartment units under construction as of the second quarter of 2020, and upon completion, this will also drive up vacancy rates correspondingly.

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, NY – Gaming industry legend and philanthropist Diana Bennett set a record recently when she was responsible for the highest-priced home sale in Las Vegas in over a year, letting go of her Henderson mansion at 770 Dragon Ridge Drive, Henderson, NV 89012 – for a cool $11.25 million, according to reports.

Bennett, a Northern California businesswoman, co-founder of Paragon Gaming, and inductee into the American Gaming Association’s Hall of Fame, closed on her 17,562 square-foot desert-contemporary-style home last week. The residence features five bedrooms, 10 bathrooms, a gymnasium with a steam shower, a 12-seat movie theater, infinity-edge pool, a pool, a fountain, a massage room, wine cellar, and game room.

Events at the home can accommodate as many as 400 guests, and to that end there are living room-based bars and even paintings that hide televisions behind their facades. The dining room features a design that sees the table surrounded by man-made ponds of water and the room itself is topped off by a large skylight.

The mansion, located in the MacDonald Highlands in Henderson, is also a “green” property, with solar panels on the roof. The buyer has not yet been disclosed. The sale of the Bennett mansion is the largest one on record since July 2019, when Jim Rhodes – well-known Las Vegas developer – sold his home in Spanish Hills for $16 million.

The sale is yet another example of how the COVID-19 pandemic has not had a major negative impact upon the sales of luxury homes in Las Vegas. Real estate in general, while down a bit at first, suffered no major long-term ill effects and has continued to bounce back faster than many experts expected. However, luxury homes in particular have had record sales as of late, with July 2020 seeing the largest amount of them changing hands in the last ten years or more, experts say.

In fact, many are of the opinion that based on current sales figures, 2020 may be on the path to be one of the busiest and most lucrative years on record in terms of luxury home sales.

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.