Category Archive : Market Updates

LAS VEGAS, NV – Prado, a new Blue Heron Nexus community nestled within Las Vegas’ Section 10 neighborhood – one of the oldest developments in the Valley – is currently offering multiple plots of land upon which buyers can select a series of luxury, pre-designed, custom-built homes that the company will construct for them.  

However, these homes aren’t cheap, with the starting price point coming in at $1.8 million and the average home selling for $3.5 million. Blue Heron offers four different floor plans to choose from, each with different elevation styles and structural options, ensuring each home will be different. 

The Nexus division of Blue Heron is a new addition to the firm, with the communities they create offering an alternative to designing and custom-building homes. Their Las Vegas community – which opened this past June – sits upon 10 acres and currently has 18 oversized homesites, with over 50 percent of them having already been sold. 

(Nexus) started three years ago. We take all the best Blue Heron architecture and predesign a series of homes. We have five different product lines in 10 Nexus communities,” said Chris Beucler, President of Blue Heron’s Nexus division. “What makes this product so unique is we designed it for infill projects. Prado was an old-school site that got sold to another developer. We purchased it from them. We have 10 acres here that we turned into half-acre homesites.” 

For those who wish to try before they buy, however, Blue Heron currently has an impressive $6.5 million show home listed for sale within Prado that illustrates just what you can really acquire from the company if you have exceedingly deep pockets. 

7388 OLIVE CREEK COURT, LAS VEGAS – $6,500,000.00

The show home – located at 7388 Olive Creek Court on a half-acre plot of land – offers 5,887-square-feet of space and features the unique “Vegas Modern” style architecture exclusive to Prado, and a semi-custom floor plan with four en suite bedrooms, five full and one-half baths, and an attached four-car garage. 

You’re getting the same team designing these homes as you are in an elite home,” Beucler said. “You can look at any of our homes, and it doesn’t look like another home you’d see in the market. It looks like a full custom home.” 

See full listing details for 7388 Olive Creek Court, 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 – A project previously approved by Clark County that would have seen an NBA-ready arena erected in Las Vegas to entice an existing basketball franchise – or a newly created expansion team – to move to Nevada has been quietly cancelled. 

While experts have noted that a new arena was not required to lure an NBA team to Southern Nevada – T-Mobile arena could potentially be shared with the NHL’s Golden Knights – having a facility dedicated to professional basketball competition would make Las Vegas a very attractive candidate for such a thing. 

Clark County commissioners had approved plans for a basketball arena – dubbed All Net Arena – to be erected on a plot of land located on the North Las Vegas Strip, situated between the Fontainebleau and the Sahara resorts. However, after the groundbreaking ceremony was held 10 years ago, the project has sat in limbo with no construction being carried out at the site, due in-part to the lack of the $5 billion in funding previously promised by the developer. 

In the ensuing years, officials have extended the permits for the project several times, but to no avail. Finally, after a decade of delays, Clark County Commissioner Tick Segerblom announced this week that the project’s construction permits have been pulled by unanimous vote of 7-0, quietly killing it off for good. 

Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” he said. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.” 

All Net Arena Had been slated to be a 22,000-seat arena with a retractable roof, convention center, movie theater, and grocery store. 

While the league currently has no plans to create an expansion team, NBA Commissioner Adam Silver has heavily hinted that Las Vegas would very much be in the running if those plans were to change. 

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 Las Vegas residence of a mobster linked to the real-life inspiration of one of the characters from the 1995 crime movie “Casino” has been listed on the real estate market for $550,000. 

Casino was directed by Martin Scorsese and stars Robert De Niro, Sharon Stone and Joe Pesci. The movie follows Sam “Ace” Rothstein (De Niro), a gambling expert who is asked by the Chicago mob to oversee the day-to-day casino and hotel operations at the Tangiers Casino in Las Vegas. Other major characters include “made man” Nicky Santoro (Pesci), and Ginger McKenna (Stone), a streetwise hustler. 

The recently listed home – currently owned by an unnamed dancer – had previously belonged to John Spilotro, the brother of Tony “The Ant” Spilotro, who served as the inspiration for Pesci’s character Nicky Santoro, a brutal street enforcer. John inspired the character of Nicky’s brother Dominick in the movie, who was played by Philip Suriano. 

According to an interview by the Las Vegas Review Journal, “John was a known operative” of the Chicago mafia known as “The Outfit,” – was one of Tony’s five brothers and was investigated by the FBI.

3179 DESMOND AVENUE, LAS VEGAS – $550,000.00

The brothers had both lived on the same block and were both members of “Hole in the Wall Gang,” headed up by the elder Spilotro; the family gained a large degree of fame and infamy following the release of “Casino,” which was based on a true-crime novel by author Nicholas Pileggi. 

Tony – who had been accused by the FBI of murdering as many as two dozen people in Illinois and Nevada – and another one of his brothers, Victor, were killed just outside of the city of Chicago in 1986. It is unknown if John is still alive. 

John’s former luxurious one-story home in Las Vegas has four bedrooms and three bathrooms and is located close to the Strip and the airport. It was recently remodeled and renovated, and while the outside is fairly average looking, the interior boasts large rooms with opulent trappings as well as numerous amenities, including an inground pool, hot tub, a treehouse, and even a zip line. 

See full listing details for 3179 Desmond Avenue, 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 – Serving as a testament to how hard-hit Las Vegas new home sales were in the third quarter of 2022 due to rising interest rates on home mortgage loans, sales showed a distinct surge during the third quarter of 2023, serving as a sign that things are improving in the Southern Nevada housing market. 

According to Andrew Smith, President of Las Vegas-based Home Builders Research, the third quarter of 2023 saw 2,383 net sales of new homes – not taking into consideration cancellations – as opposed to the third quarter of 2022, when there were only 1,385 net sales. 

Last year during the third quarter, home sales were slow,” Smith said. “Builders have adjusted their strategies. They have the ability to use in-house financing to offer incentives for new home sales. They can work with buyers on the loans in the way that resales can’t because they own the lending. They also are helped by a lack of resale inventory.” 

Clearly, experts say, developers have adjusted to the higher interest rates that impacted buyers especially hard during that period of time in 2022; while interest rates are still precariously high, both buyers and builders have had time to come to grips with them and adjust accordingly. 

Sales are also being helped by the fact that mortgage rates have been seeing some minute drops as of late, with buyer and builder confidence both being bolstered by the fact that expectations are beginning to build that the Federal Reserve may no longer be raising interest rates to combat inflation going forward. 

In the middle of this week, the interest rate on the average 30-year fixed-rate home mortgage loan dropped to 7.4 percent; while this does provide some degree of relief considering that rate had risen above 8 percent in the middle of October, it’s still the highest it’s been in over 20 years.  

Still, experts are predicting that interest rates will continue to drop and may reach as low as 6 percent by spring; this will represent a vast improvement, despite the fact that rates will still be twice as high as they were in 2021 when mortgage interest rates were at record-breaking lows. 

It is anticipated that if interest rates do indeed reach 6 percent, home sales will surge even more in 2024, both in Las Vegas and nationwide. 

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 – Construction on the luxury high-rise condominium Cello Tower is slated to begin soon, with the ritzy residential complex to be connected to the Origin at Symphony Park mixed-use enclave in Downtown Las Vegas, according to Red Ridge Development. 

Cello Tower will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two bedroom residences that will start at $700,000 and up. According to Las Vegas Mayor Carolyn Goodman, development of the high rise is intended to address the intense need for more housing in Las Vegas’ downtown area, and she praised Red Ridge’s CEO of Development, Patrick Brennen, for making the project a reality. 

Patrick Brennen is bringing us this wonderful project in a magnificent high-rise,” Goodman said. “People can live in the heart of the city, and there is so much to do with great access. The area is located in the center of our government with federal, state, city and county buildings. Patrick and his team have created this wonderful complex, which is walkable and bikeable along tree-lined streets and so safe.” 

Cello Tower will be comprised of 32 stories – the penthouses taking up the top two floors – and was designed by architecture firm Perkins Eastman. Buyers have the option to purchase as many penthouses on a given floor as they like if they wish to customize and/or combine them, up until the point that they either sell out or construction begins. 

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities. 

Units at Cello Tower will go on sale by the end of 2023; construction on the high-rise is expected to be completed by 2026. For more information on Cello Tower, unit availability as well as to register a specific interest, please visit: https://originatsymphonypark.com/cello-tower

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 – Workforce housing property Intrigue Apartments Las Vegas – formerly known as Andiamo Apartments – was recently sold by Wilshire Unlimited to a private family trust in a deal that was worth $33.5 million. 

Part of the sale price was comprised of a $17.5 million Fannie Mae loan that carries a seven-year term with four years of interest-only payments and a 30-year amortization schedule. 

Intrigue Apartments Las Vegas – located at 4600 Vegas Drive, in the vicinity of Highway 95 and five miles from downtown Las Vegas and two miles from North Las Vegas Airport – is made up of 193 units spread out over eight two-story buildings and was originally constructed in 1986. There are both one and two-bedroom floorplans available, with square footage ranging from 700 to 900 feet. There are numerous amenities for tenants including a fitness center, a clubhouse, a swimming pool, laundry facilities, and 300 parking spaces. 

As a workforce housing property, Intrigue Apartments is intended to be affordable to households earning between 60 and 120 percent of area median income (AMI), targeting middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like. Many cities across the country are investing in workforce housing properties, as it is increasingly difficult these days for middle-income workers to buy or rent housing in the areas in which they work. 

Despite that fact, a recent Yardi Matrix report indicates that multifamily investment has decreased in Las Vegas over the past year. In the first half of 2023, the total sum of transactions amounted to $283 million, compared to the first half of 2022 when that amount was a whopping $2.2 billion. In addition, the average price per unit in the city of Las Vegas dropped by 25.7percent year-over-year this past June, amounting to $184,407. 

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 – Realtors in Las Vegas have noted that sales of high-rise condominiums have gone through numerous ups and downs since the mid-2000’s recession. However, the latest surge in the market has been driven by something taking many by surprise: the phenomenon known as sports tourism, with the latest example being driven by an intense and unprecedented level of demand for high-rise apartments along the Las Vegas Strip due to the ongoing Vegas Grand Prix Formula 1 race. 

Heidi Williams, a Las Vegas realtor specializing in selling high-rise condos out of The Signature at MGM Grand, said that prices for luxury units at the complex “have increased anywhere from 30 percent to 50 percent depending on the type of unit” due to the Las Vegas F1, which runs along the Strip this week. 

I don’t think a lot of people understood how much money there was in F1 and how much money there is in the sport, in the backing (of fans),” Williams said. “I think that people are very excited about F1, and I think a lot of these people just want to be a part of it.” 

The 30-floor Signature at MGM Grand boasts 1,750 suites and offers condos ranging from 520-square-foot properties listed for $320,000 to 1,394-square-foot properties priced as high as $800,000. 

Williams noted that she began seeing purchases at the property related to the F1 race starting approximately nine months ago, with approximately 25 to 30 percent of her clients indicating to her that their condo purchases were specifically due to wanting to be in proximity to the race. 

The F1, running from November 16-19, has been anticipated to draw as many as 170,000 people to Las Vegas. The racecourse runs at the Formula One Pit Building across the street from the Signature off Harmon. From there, it heads down Koval Lane, circles around the MSG Sphere and then goes on Sands Avenue before turning onto Las Vegas Boulevard for a mile; from there, the course turns onto Harmon Avenue and then finally back toward the Pit Building. 

That being said, it’s no wonder units are being snapped up at The Signature at MGM Grand, as the building offers unique views of the racecourse that aren’t available to most spectators. Williams noted that many of the condos being sold at the facility are being purchased by people who solely wish to use them each year just to view the F1 race; The Signature at MGM Grand has a policy that allows units to be rented out when they are not “owner occupied,” thus allowing tourists to purchase them to generate income during the remainder of the year they are not residing there. 

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 new report released by H&R Block reveals that more middle-class Americans are moving out of state in search of affordable lifestyles, and that Las Vegas, Nevada is among the top destinations for families and individuals looking to get more bang for their hard-earned buck. 

Cities in Arizona, Nevada, Florida, and Texas are the top places in the country budget conscious members of the middle-class are moving to, according to 2022 tax data utilized by H&R block for their report. And the number two city on that list is Las Vegas, with the tax preparation company noting it is an up-and-coming destination for those seeking to relocate to a region in the country where taxes are lower and homes are more affordable. 

Andrew Arevalo, a real estate agent who is licensed in both Nevada and Colorado, said that in recent years Las Vegas has been stealing the thunder from other parts of the country that had previously been considered financially friendly to the middle-class. 

It’s weird to say this out loud, but I feel like Vegas is the new Colorado,” Arevalo said. “It has shifted from Denver getting a lot of people from out of town to Vegas. It has now officially taken over.” 

According to metrics from H&R block, the American middle-class is made up of those with an adjusted median household income ranging between $45,000 and $145,000 a year. The company based this on guidelines provided by the Pew Research Center as well as anonymously collected data from those who had filed taxes with them within that income bracket in 2022, coming in at 4.6 million people. 

Arevalo noted that – according to the Multiple Listing Service – there are presently over 13,000 homes listed in Clark County, which is where Las Vegas is situated; a number of properties on the market is currently assisting in keeping it affordable, with the median sales price of a Las Vegas home in September being $410,000, according to residential real estate brokerage and mortgage origination services company Redfin. 

In contrast, Arevalo noted that in Denver the median sales price of a home is $568,500, with currently only 4,700 homes available on the market. It is this reason, he said, that the cash-strapped middle-class are now passing over Denver and are instead heading to Vegas. 

At the end of the day, all they really care about is their bottom dollar in their pocket,” 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 all-time highest priced home sold in Las Vegas is suddenly finding itself back on the market a mere two years after it was originally purchased, however with a substantial uptick in its asking price. 

The three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community earned its place in the record books after it was sold in 2021 for a whopping $25 million, after initially being listed on the market at $28 million.  

The brand-new home, located at 685 Dragon Peak Park and built by luxury developer Blue Heron, was purchased by billionaire and LoanDepot Founder and Chairman Anthony Hsieh. 

However, the home has recently found itself back on the open market once again, this time for the even more eye-opening sum of $34 million; when asked why its owner was willing to part with the property so soon after purchasing it, the listing agent stated that Hsieh is moving out because he is working on yet another home with Blue Heron that he intends to move into once its development is finished. 

685 DRAGON PEAK DRIVE, HENDERSON – $34,000,000.00

An ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Hsieh’s soon-to-be-former residence features a great room with retractable walls, an office casita, water on three sides, views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management. 

The home also boasts seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars. 

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar. 

While Hsieh’s $34 million asking price may seem steep, it should be noted that new-build luxury sales in Las Vegas have been proven to be largely immune to the real estate slowdown plaguing most of the nation, already breaking its record for the number of sales over $1 million in the first half of 2023. 

See full listing details for 685 Dragon Peak Park, Henderson

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, the prices of homes in the Las Vegas valley experienced a small increase during the month of October – which is usually the opposite of established norms during the fall season – while both sales and the number of listings currently on the market slowed slightly. 

As per industry group Las Vegas Realtors, in October the median price of an existing single-family home that was sold in Southern Nevada was $449,000, representing a 2.6 percent increase from September and an 18.3 percent increase year-over-year.  

One of the main factors that experts cite for the rise in home prices during what is normally considered an off season can be attributed to the lower number of listings currently available in the Valley, which is pushing the average list price for a home up. 

The number of available home listings last month was down 38 percent when compared to October 2022 and down 0.9 percent from September 2023, as per the Multiple Listings Service.  In addition, the number of homes sold in October also decreased from September by 6.7 percent and 1.5 percent year-over-year.  

All told, $922 million in homes traded hands in the Las Vegas Valley last month. 

Due to these and other issues currently impacting the industry – including record high inflation and increased interest rates instituted by the Federal Reserve to get that financial malady under control – Las Vegas Realtors President Lee Barrett noted that the real estate scene in Southern Nevada is going to be experiencing a few tough months. 

The historically tight housing supply we’ve been dealing with this year, along with the cyclical patterns we see almost every year around this time, seem to be propping up prices,” Barrett said. “We usually see home prices and sales cool down a bit along with the weather as we head into the fall and winter. We’ll see how these traditional trends play out this year. Higher interest rates and a smaller housing supply are playing a bigger role than in past years.” 

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

LAS VEGAS, NV – Las Vegas has seen an explosion in the expansion of both its residential and commercial sectors in recent years – including Summerlin, Henderson, and the Las Vegas Strip, to name a few – but Enterprise, an up-and-coming township located in the southwest Las Vegas Valley, has been turning heads lately as one of the fastest growing areas in the United States.

Clark County statistics indicate that Enterprise is currently experiencing a degree of rapid growth that puts it ahead of any unincorporated area in the Valley; in fact, if it were to incorporate itself today, it would rank only behind Las Vegas, Henderson and North Las Vegas in terms of the largest cities in the county.

While Enterprise has been in existence for some time, Clark County Commissioner Justin Jones noted that the main factor contributing to its current skyrocketing growth was the recent construction of a major roadway and the development of several high-end neighborhoods.

Enterprise really started to explode with the construction of the 215 Beltway and development of the Rhodes Ranch, Mountain’s Edge and Southern Highlands master-planned communities, which began more than 20 years ago,” Jones said. “With the beltway providing a connection to the Summerlin and Henderson communities and easy access to the airport and the Strip, Enterprise was highly attractive to working families and businesses.”

Enterprise is located on a plot of land approximately 66 square miles – or 42,600 acres – south of the 215 Beltway, beginning in the vicinity of Fort Apache Road and Warm Springs Road and ending at the intersection of Interstate 15 and St. Rose Parkway.

In addition of the 215 Beltway and the aforementioned master-planned communities, other significant developments in the township consist of a planned high-speed rail Brightline Station that would serve as a direct link to Los Angeles; a potential NBA arena and casino resort; and several high-profile resorts and residential projects that are currently either in the planning or active construction phases.

According to 2022 Clark County statistics, Enterprise boasts a population of 233,896 residents, 185,506 single-family homes, and over 29,000 apartment units, with many industry experts calling the township a legitimate real estate hotspot that will continue to grow and thrive for years to come.

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 sale of Decatur 215, a 126,678-square-foot shopping center in Las Vegas, was announced by owner Brixton Capital on October 30, who sold the property in a 1031 exchange to a private investor for $36.3 million, with the deal reportedly brokered by Lucescu Realty on behalf of the buyer. 

Brixton Capital had previously purchased Decatur 215 from Kimco Realty five years ago for $28.6 million; after acquiring the property, Brixton overhauled and renovated the parking lot, repaving it and restriping the parking spots. 

Construction on Decatur 215 was originally finished in 2013, at which time the retail shopping center opened its doors for tenants. It is situated on a 16.2-acre plot of land and is comprised of eight buildings, all of which were fully leased at the time of its sale.

Decatur 215 – located in The Springs neighborhood at the southeast corner of North Decatur Boulevard and West Tropical Parkway – features a wide variety of retail tenants, including such well-known brands as Target, Petco, ULTA Beauty, Hobby Lobby, Blaze Pizza, and many others. The shopping center’s proximity to Route 95 also provides easy and fast access to and from downtown Las Vegas.  

The sale of Decatur 215 isn’t Brixton Capital’s only high-profile real estate deal in 2023; earlier this year, the New York-based real estate investment firm also purchased a 143,217-square-foot retail center located in Stockton, California in an off-market transaction that was arranged by Hanley Investment Group. 

Despite numerous issues brought about by the nation’s ongoing struggles with inflation and the continued fallout from the COVID-19 pandemic, the retail sector in Las Vegas has not only shown signs of resiliency, but of continued growth as well. As per a new report by Marcus and Millichap, the city experienced a 3 percent population growth between 2021 and the first quarter of 2023, resulting in the creation of approximately 50,000 new households. Job growth in retail has also been steady, with the number of employees in the metro area increasing by 3,500 during the first five months of 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.