Category Archive : Market Updates

LAS VEGAS, NV – The luxury housing market in Las Vegas is already off to a very strong start in 2025, with January’s biggest sale coming in at a whopping $13.5 million for a high-end property located in the affluent The Ridges master-planned community in Summerlin.

Simply Vegas owner and listing agent of the sale, Gavin Ernstone, said that Las Vegas is off to one of the best years that its luxury housing market has seen in some time.

It’s a very busy start to the year,” he said. “We’re just seeing a very solid influx of people buying. The market is the strongest it’s been in about three years.”

Situated in The Ridges’ Azure neighborhood, the 12,445-square-foot home – originally built in 2013 – is located on a 0.89-acre plot of land boasting breathtaking scenic views and features five bedrooms, five full baths, four half baths and a four-car garage.

Situated on a huge, near-acre lot with utmost privacy and amazing mountain views, this home has style, finish and build qualities that are second to none,” Ernstone said. “It has a fantastic floor plan with dual primary suites with one up and one down. Both suites have gorgeous spa-quality baths and spectacular walk-in closets.”

The home also has many posh amenities, such as a large chef’s kitchen with Wolf and Sub-Zero appliances, a great room with a showcase wine cellar and large bar, and an upstairs game room that converts into a movie theater.

Multiple pocketing doors create the ultimate indoor/outdoor vibe and lead to an oasis-like backyard,” Ernstone said. “There’s an enormous pool, chic cabana, full outdoor kitchen and putting green that transform the yard into the ultimate private resort.”

The residence, located on Flying Cloud Lane, was a unique sale in the sense that it involved a transaction between two LLCs; according to Clark County records, Azure 53 LLC was the seller, whereas the buyer is listed as being Red Global 4 LLC, managed by noted entrepreneur, venture capitalist and philanthropist Darin Feinstein.

While much of the real estate market in Vegas has seen a slowdown amid skyrocketing interest rates on home mortgages; however, the luxury market has not faced such issues, as many of the deals carried out in that segment involve wealthy individuals who typically close their deals with cash.

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 – Martinique Bay, a 256-unit apartment complex located in Henderson’s Green Valley North master-planned community, has been purchased by a New York-based real estate management firm for a currently undisclosed price.

Clarion Partners Real Estate Income Fund Inc. (CPREX) made the announcement of the acquisition late last week, with Rick Schaupp, the firm’s Managing Director and Fund Manager, saying that the multifamily property was an attractive buy due to it being located in an up-and-coming neighborhood that is adjacent to numerous desirable local amenities.

The purchase of Martinique Bay, in the thriving planned community of Green Valley, is not only ideally located near the Harry Reid International Airport and major shopping and employment hubs, but it is also a great property for families with its above-average unit sizes and access to some of the best public schools in the greater Las Vegas metro,” Schaupp said.

Martinique Bay, according to its website, is a garden-style, luxury apartment building offering tenants two-and-three-bedroom units with numerous high-end perks that are sure to “turn your dream home into a reality.” In addition, the complex’s closeness to the entertainment and dining options of the city of Las Vegas is touted as a major plus as well.

Inside, modern comforts like ample closet space and full-size laundry appliances help simplify your lifestyle, while premium finishes like stainless-steel appliances and bay windows provide plenty of aesthetic appeal,” the website reads. “As a bonus, you’ll be able to take advantage of a robust amenity package and a vibrant location near the very best of the city.”

CPREX currently has over $11 billion invested in the multifamily housing industry throughout multiple major metropolitan marketplaces across the country – including $2 billion in Las Vegas alone – and boasts decades of experience in property management.

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 a new report released this week by multinational financial services company Wells Fargo, 2025 will be a difficult year for the residential real estate market in the United States, and Las Vegas will not be exempt from experiencing this in the coming months.

Vice President and Economist for Wells Fargo, Jackie Benson, noted that the currently high level of interest rates on home mortgage loans – which are at 7 percent at the moment – will most likely discourage prospective buyers from acquiring properties and sellers from listing them until rates hopefully go down.

Mortgage rates probably aren’t going to come down too much,” she said. “And we think the Feds are going to end up at 3.75 percent for interest rates, so that’s elevated far above where we were before the pandemic when rates were zero percent and because of that economywide interest rates are expected to remain elevated, so we don’t expect mortgage rates to get below 6 percent frankly.”

Wells Fargo, in their report, included data specific to the Las Vegas Valley that indicates that while the rate at which home values are appreciating in the region has been slowing in recent months, they are nonetheless increasing faster than what is considered the average nationally.

For example, while the U.S. average home value increase year-over-year is currently 3.4 percent, in Las Vegas that rate is nearly 5 percent, as per consumer and business information and analytics firm CoreLogic.

Slowed sales in Southern Nevada have resulted in an increase in inventory, but housing supply is nonetheless lower than ideal due to the currently high level of mortgage rates; Las Vegas metropolitan area active listings, while 42 percent higher than they were year-over-year, are 17 percent lower than they were prior to the COVID-19 pandemic.

However, some experts are anticipating that President Trump – who is viewed as business-friendly and has expressed a desire to address the housing crisis in the country – could contribute to the situation improving to some degree in the near future.

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 – Over 150 single-family homes were purchased in the Las Vegas Valley throughout 2024 by a real estate investment firm backed by Wall Street, according to property records.

The Greenwich, Connecticut-based firm in question, Starwood Property Trust, bought 151 homes in the valley in October for a combined $58.2 million, spread out over three separate transactions. The homes are located in several different communities across the valley, including North Las Vegas, Henderson and the southwest and northwest valley.

Starwood Property Trust will be turning most of these valley-based properties into rental units, as the mammoth firm – worth an estimated $6.45 billion – currently owns numerous rental homes throughout the United States.

Kristi DesJarlais, Senior Vice President of Communications and PR for Invitation Homes – the largest owner of single-family rental homes in the United States, owning 84,000 in 16 markets as of July 2024 – confirmed that the Dallas, Texas-based firm would be serving as property manager for an as-yet unknown number of the new homes acquired by Starwood Property Trust late last year.

Previously, in 2023, Starwood sold 264 homes that it owned in the valley to Invitation Homes in a deal worth $98 million.

The acquisitions by Starwood Property Trust are part of an ongoing phenomenon where hedge funds and corporate landlords backed by Wall Street – in addition to affluent investors – have been responsible for a rash of purchases of single-family homes across the country in recent years that they then typically utilize as rental properties. However, experts say this has been contributing to a shortage of affordable housing for families, in addition to being responsible for a rise in rental rates as well.

At this rate, according to a study by MetLife Investment Management, by 2030 approximately 40 percent of all houses in the United States could be owned by Wall Street corporations.

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 – Despite the fact that sales in 2024 of new homes in master planned communities throughout the country declined by 2 percent overall, two Las Vegas neighborhoods placed in the top five list nationally for the year, and two others in the top 50.

The list in question is compiled annually by homebuilding consultants RCLCO and John Burns Real Estate Consulting.

Cadence, a master planned community located in Henderson, achieved its highest national ranking in history during 2024, reaching the lofty position of number three after making tis way up slowly but surely over time. Last year, Cadence sold 1,386 units, which represents a whopping 44 percent increase over the 964 in sales it recorded in 2023, placing them sixth at that time.

Summerlin, situated in the Las Vegas Valley, rounded out the list’s top five, coming in fifth nationally with 1,055 sales; however, this represents a decline in its ranking when compared to 2023’s sales numbers, which were three percent higher with 1,090 sales.

Placing 26 in 2024’s overall sales figures was West Henderson’s Inspirada with 543 sales, a year-over-year decrease of 6 percent, with the upscale community previously ranking 28 in 2023. However, according to Inspirada’s developer, KB Home, the project is nearing completion and home sales – while obviously still impressive – will be ultimately limited by that factor in the near future.

And finally, a newcomer to the list for 2024 – Heartland at Tule Springs in North Las Vegas – lands at 39 with 463 in sales, an increase over the 303 the community achieved in 2023.

The top 50 list itself was comprised of 35,123 overall sales during 2024, a two percent decrease from 2023, when that number was 35,856. The number one ranked community in the nation for 2024 was once again The Villages in Florida with 3,208 sales, a six percent increase year-over-year.

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 the death and devastation brought on by the ongoing Los Angeles wildfires continues unabated in neighboring California – with countless unfortunate residents displaced from thousands of homes at this point – a real estate industry expert is anticipating the tragedy to begin impacting the housing market in the Las Vegas Valley, an area already dealing with a significant housing crisis of its own.

Many Los Angeles residents who have lost their homes due to the out-of-control fires may be considering looking to relocate to Southern Nevada, on either a temporary or permanent basis, according to the Director and Associate Professor of the University of Nevada, Las Vegas (UNLV) Lied Center for Real Estate, Shawn McCoy.

McCoy’s contention that Vegas could be expecting a mass migration of displaced Los Angelinos is based on a previous study conducted by UNLV in 2018 on a series of Colorado wildfires that took place between 2000 and 2012 that destroyed a total of approximately 360,000 homes.

Nevada Department of Motor Vehicles data says that Los Angeles residents make up the majority of out-of-state transplants into the Las Vegas Valley – 43 percent, to be exact – with nearly 158,000 of them opting to relocate to Southern Nevada between 2019 and 2024, the largest number of newcomers out of any other state in the country.

The chief reason cited for the constant influx of Californians into Nevada over the years has been affordability – the cost of living in L.A. is infamously expensive – and that trend is expected to grow as displaced Golden State residents flee to Nevada as the wildfires continue, which McCoy said could also seriously impact an already highly-competitive local rental market.

We may certainly see the fires in L.A. place upward pressure on rent locally in Las Vegas, both as a result of displaced L.A. households whose homes were damaged, but also from two other important groups,” he said. “Households near the wildfires but that were not directly affected by the fires may now hold a heightened awareness or concern of potential future fires and act on that heightened awareness by moving out. This may be especially true given research which shows that about 18 percent of the housing stock in the Palisades is multifamily housing.”

In addition, the valley could also see an increase of arrivals from those who had been thinking of moving to Los Angeles from out-of-state, but are now experiencing second thoughts by the abundance of destructive wildfires.

Think, for example, about households currently outside of L.A. or even the state of California who were in the process of considering a move to L.A.,” McCoy said. “These fires may change these households’ perception of L.A. fire risk and instead of moving to L.A. to rent, they may instead turn to other cities including Las Vegas.”

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 Calida Group, a multifamily real estate development and investment firm based out of Clark County, has closed on a purchase of a parcel of land in the southwest Las Vegas Valley next to a prominent hotel, with plans to begin building a luxury apartment complex starting in late 2025.

The purchase takes the form of a 13.2-acre parcel next to the Durango Resort located in the vicinity of Durango Drive and the 215 Beltway, with the Calida Group paying approximately $18.3 million to Las Vegas apartment developer Ovation for the property, according to records.

The developer has announced plans to hold the official groundbreaking on the project early this upcoming spring, with the facility boasting 393 upscale apartment units spread out over a four-story Ainsley-branded building, which is set to include “ultra-modern designer fixtures, timeless hardware and luxurious amenities.”

Calida’s Co-Founder, Doug Eisner, noted that the currently-unnamed project will have a slew of high-end amenities for tenants that fall in-line with other neighboring properties that the firm has built in Las Vegas, such as a game lounge with billiards and shuffleboard, in addition to a gym, sauna, yoga studio, Himalayan salt cave and massage and steam rooms.

In addition to all of the upscale trappings and perks of living in the new facility, one of the main draws, according to Eisner, will be the location of the apartment complex, which is in an up-and-coming part of the valley that is within walking distance of the Durango and its plethora of food and entertainment offerings.

“We think it’s a huge amenity,” Eisner said.

Units at the upcoming complex will range from 575 to 1,450 square feet, with monthly rent expected to be between $1,700 to $3,200 per month, according to the Calida Group.

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 – Amid the ongoing wildfires that have already reportedly destroyed over 10,000 structures in Southern California – as well as taking into account the rising number of natural disasters that have rocked numerous regions throughout the nation – there has been an increased number of Google searches on the part of people who have been seeking out areas to potentially live in that are deemed safe in that regard.

A new study has ranked Las Vegas, Nevada as the number one safest major metropolitan area in the United States in which to live when it comes to the number and severity of natural disasters it experiences.  

Las Vegas’ ranking as the city with the least number of natural disasters in the country – as shown in the U.S. Disaster Avoidance Map – is influenced by a number of factors, including its unique geographic advantages, robust infrastructure, and booming local economy.

The devastation brought about by hurricanes, wildfires, earthquakes, and floods are unheard of in Southern Nevada – partly because it is situated far from coastlines and out of major tornado pathways –not only places Vegas far ahead of most other major metros ranked in the study, but it also results in the city having one of the lowest insurance claim rates in the entire country.

Overall, the U.S. has seen a rise in its number of natural disasters in recent years – which experts attribute to issues such as climate change and growing populations in high-risk areas – including the ongoing Palisades Fire in California, a disastrous calamity that comes on the heels of previous wildfires that caused massive damage to the state in 2023.

In addition, Hurricane Idalia in 2023 caused over $12 billion in damage in Florida in 2023, and multiple states – including Vermont, Kentucky, and Texas – have been forced to contend with major flooding events in recent years.

As a result of the aforementioned events – as well as many more not mentioned here – numerous Americans are starting to re-think where they choose to call home, and for many, Las Vegas will be at the top of their 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 – After 2023 proved to be the worst year in Las Vegas since 2008 as far as homes sales went, 2024 proved to be a marked improvement year-over-year, with a significantly higher number of residential real estate sales taking place. And with experts anticipating that home prices may be starting to lower in the coming months, 2025 is looking to have the very real potential to eclipse last year in terms of sales growth.

According to new statistics released by industry group Las Vegas Realtors (LVR) pulled from data by the Multiple Listing Service (MLS) system, during 2024 a total of 31,305 existing homes, condominiums and townhomes were sold in Southern Nevada, which represents an eight percent jump from 2023, when that combined residential total came to 29,069.

While an improvement, 2024 nonetheless falls short of the 50,010 properties that exchanged hands in 2021, which was the region’s all-time record year for sales; it also failed to meet the lower total achieved the following year in 2022, when 35,584 properties were sold.

LVR’s new President, George Kypreos – who assumed the position last week after Past President Merri Perry and 2025 President-Elect Joshua Campa both suddenly resigned from their posts without warning – said that he expects 2025 will see a continuation of Las Vegas’ upward trajectory when it comes to home sales.

December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.”

In December, the median price of an existing single-family house sold in Vegas was $475,000, which represents a decrease from the prior month’s near-record tying amount of 475,531; however, December 2024’s median price is nonetheless 5.6 percent higher than December 2023, when that amount was $449,900. The all-time record for Southern Nevada remains $482,000, originally set in May 2022.

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 high-rise hotel project proposed near the Las Vegas Strip that would cater exclusively to the Jewish community is expected to move forward in 2025 after being recommended for approval by the Paradise Town Advisory Board, according to reports.

Slated to be built at 3601 Vegas Plaza Drive according to documents submitted to Clark County, the 42-story, 648-foot-tall KDH Hotel – formerly known as the King David Hotel – would be located directly to the north of The Mirage and west of Treasure Island. The hotel would include 486 rooms, banquet halls, a day spa, a two-level synagogue, kosher meals, restaurants, bars, a banquet facility, retail and convention space, all situated within short walking distance of Las Vegas Boulevard.

Following the 3-1 recommendation vote for approval by the Advisory Board on December 11, the next step for the KDH Hotel is for the developers to go before the Clark County Commission for review on January 8; potential hurdles include the outcomes of traffic and drainage studies, in addition to aligning the proposed height of the building in accordance with Federal Aviation Administration regulations.

Or Bamidbar Chabad Sephardic Synagogue Rabbi Yossi Shuchat said that he was very happy that there would be an establishment in the heart of the city where the Jewish community – in addition to the many Jewish tourists that visit Vegas every year – would feel welcomed and safe.

I think it is a great place. Anywhere near the Strip would be great because that is where all the conventions happen,” he said. “On the Sabbath, we are not allowed to drive. So religious people, they walk to the synagogue. Also, there are a lot of restrictions using electricity on the Sabbath. So, people have issues with electronic keys for the rooms so if there is a hotel that would work with them and have regular keys and everything that is needed it will be much more comfortable for them.”

However, the KDH Hotel project has received pushback from a neighboring resort-casino; Treasure Island General Counsel Brad testified at last month’s Advisory Board meeting that “the project will have adverse impacts on surrounding properties due to increased traffic and heavy polluting.”

Food deliveries, linen and sundries, retail items, etc, require access to the property,” he said. “I have heard during an in-depth screening for a few board members that a large building on a small parcel will have an impact on its neighbors. I would like to note that that is exactly what this is. We also believe that the inability to stage construction vehicles onsite while building this tower will create massive problems and negatively impact ingress and egress on the North Strip.”

If all goes well at this week’s Clark County Commission meeting, construction on the project could commence later this year.

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 former sites of the Texas Station and Fiesta Rancho in North Las Vegas – both of whom closed their doors for business in 2020 due to the effects of the COVID-19 pandemic – are now being developed into a new housing community that, upon completion, will help to address the ongoing housing crisis in the region.

Hylo Park, whose construction is anticipated to begin early this year, is slated to take the form of a new mixed-use development – comprised of a 700-unit housing complex, along with entertainment and retail components, among other options – located upon the currently empty 73-acre lot that was left behind following the 2022-2023 demolition of the Texas Station and Fiesta Rancho hotels.

The Hylo Park project was originally announced by Agora Realty & Management in July 2023 following an abortive attempt by the city of North Las Vegas to acquire the property for use as an affordable housing development; however, city officials deemed the purchase price to be too high.

The North Las Vegas Planning Commission approved Agora Realty’s final development plan for the south end of Hylo Park in December, with construction of the project slated to begin in early 2025; a finish date has not yet been publicly announced.

Upon completion, Hylo Park is planned to have a housing complex with approximately 700 brand-new units, in addition to a sports field, an outdoor entertainment venue, a 150-room hotel, restaurants and bars, a convenience store, a car wash, an ice rink, and possibly more.

Reports indicate that surrounding residents have reacted positively to the news of Hylo Park’s development, as the 2020 Texas Station and Fiesta Rancho closures have left locals with a less entertainment options in the area, a situation they anticipate will be remedied by this new project.

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 records, the all-time record for the sale of a single-family home in Las Vegas was shattered back in May when a residence in the ultra-affluent The Summit Club master-planned community sold for a whopping $35 million, besting the previous record-holder, the sale of singer Celine Dion’s home – literally right next door – for $30 million in 2023.

In addition to setting the new record for overall closing price, the home in question – a two-story estate located on a 1.5-acre plot of land on Summit Club Drive – also set the record for price per square foot, which came out to be $3,063.

The record-breaking home comes in at 11,427 square feet and boasts five bedrooms, seven baths and a six-car garage, along with numerous luxury amenities such as a pool with a waterfall and a spa.

Patrick and Andrea Ramsey were the sellers, and had purchased the land for $2.5 million in 2016 and constructed their custom abode in 2017. Southern California business owners Ronald and Janis Soto were the buyers, and both parties in the sale were represented by Anthony Spiegel, who was working for IS Luxury at the time, but who has since has moved on to Lusso Residential Sales.

Spiegel said that it was a interesting development that the two biggest single-family home sales in the history of Las Vegas were literally neighbors to each other, and noted that the reason for this development is due to The Summit Club being such an attractive place for the rich and powerful to call home.

What gives any real estate real value is the location. At some point, there’s only so much replacement value that can be attributed to the value of the home,” Spiegel said. “If you look at the mega properties around the world, they trade at a premium to replacement value. That premium is generally a location premium. What makes it a $35 million home is that it’s in The Summit, a Discovery Land project and the only membership club in the city. It’s not just a neighborhood. It’s a community that people want to belong to, and there’s a cost that’s not only found in the membership fees but in the real estate.”

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.