Category Archive : Market Updates

LAS VEGAS, NV – Area 15, a Las Vegas-based 126,000-square-foot science-fiction themed retail and entertainment complex that offers an “immersive” environment for attendees, broke ground on a 20-acre expansion of the facility last week.

Crews began building 36-foot walls that will enclose the expansion, with new attractions slated to include Universal Destinations & Experiences, a year-round horror entertainment experience called Horror Unleashed, indoor skydiving, and a plethora of other attractions that will cater to the ever-changing tastes of the tourists who visit Las Vegas, according to AREA15 Chief Executive Officer Winston Fisher.

Consumers continue to gravitate toward artful new forms of entertainment providing immersive experiences, authentic connections and real emotions,” Fisher said. “The demand continues to grow, and we are ready to dive into this substantial expansion and find more partnerships that will have a lasting impact on the AREA15 District and the City of Las Vegas.”

450,000 square-feet of retail and food and beverage space will be added as well, in addition to multiple building structures ranging from 1,000 to 60,000 square feet, all of which will be available for rent to merchants and businesses.

The completion date for the AREA15 expansion project has not been publicly revealed yet.

AREA15, located on a 40-acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, originally opened its doors for business in 2018 and has already attracted a reported five million visitors since then. With the name being a playful take on the infamous Area 51 – a secret U.S. Air Force base located in the Nevada desert – AREA15 offers a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books, in addition to other fanciful events and attractions.

The addition of music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants were originally announced when the venue first opened, and are only now coming to fruition with this new expansion.

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 – This year, New Year’s Eve partiers need to be on the lookout, as Airbnb will be utilizing advanced artificial intelligence technology to clamp down on parties that are held on December 31 in Sin City.

The online rental hosting service will use what they describe as “proprietary AI and machine learning technology” to ensure that individuals utilizing their service are not violating their guidelines. This, according to Airbnb, will apply to 750 guests in the Las Vegas Valley and 1,290 guests in Nevada overall. A total of approximately 63,000 people across the continental United States that will be affected by this new technology as well.

The aim of this system is to try to identify one, two and three night booking attempts for entire home listings over the holiday weekend that could be potentially higher-risk for a disruptive and unauthorized party incident and block those bookings from being made,” an Airbnb statement said. “Guests able to make local reservations will need to attest they understand Airbnb bans parties and that if they break this rule they face suspension or removal from the platform.”

According to the company, the AI technology being utilized is able to identify hundreds of various indicators that could single out an individual property as being utilized for a banned party event. Among these indicators include the length of the stay that the individual is attempting to book, the location of the listing in relation to where they are coming from, the type of listing being booked, and if the client is attempting to book the reservation at the very last minute.

Airbnb – who noted that they began to use AI technology in 2020 – said that they prevented thousands of individuals in 2022 from booking entire homes for purposes that ran afoul of their guidelines, including 63,550 in the United States alone.

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 Gold Spike & Oasis Hotel, a historic property located in downtown Las Vegas and previously owned by late Zappos boss Tony Hsieh, has been listed on the open market by his family, which has engaged the services of brokerage firm Logic Commercial Real Estate to aid in the sale.

According to Logic Commercial Real Estate’s website, the Hsieh family began accepting offers earlier in December, although no asking price has been listed as of yet, and it is as of yet unknown if any offers have been made or accepted on the hotel.

The Gold Spike & Oasis Hotel is comprised of two adjacent properties with a combined 70,861-square-feet in size, situated on 1.5-acre plot of land. The hotel offers a total of 130 rooms split amongst the two buildings, as well as a bar and a nightlife entertainment venue.

The establishment has not been providing gambling to patrons, but it nonetheless still possesses a Nevada gaming license, which has been preserved by the current ownership.

Originally opening its doors for business in 1976 under the name of The Rendezvous, the Gold Spike & Oasis was purchased by Hsieh in 2013 for $22 million.

Hsieh passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, reports say.

For two decades, Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail shoe selling giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

In February 2021, much of the Las Vegas real estate empire amassed by Hsieh was listed on the open market by his family, totaling nearly 100 properties throughout the downtown area.

Recently, Logic Commercial Real Estate was tasked with selling an additional five of Hsieh’s properties, including The Gold Spike & Oasis, The Downtowner Hotel, the John E. Carson office and the building occupied by Nacho Daddy on Fourth Street.

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 – On Wednesday, December 13, a saga that has taken 23 years to unfold has finally come to fruition as the $3.7 billion Fontainebleau Las Vegas finally held its grand opening with a lavish VIP red carpet event that preceded the opening of its doors to the public just before midnight.

However, guests looking to join in on the grand opening event were required to park their vehicles at the Las Vegas Convention Center’s West Hall – which offered free parking – or use valet parking, as the Fontainebleau’s parking garage was not opened until 1 a.m. Thursday, and the venue’s rideshare drop-off was not opened until 2 a.m.

The event was a culmination of decades of effort in order to bring the Fontainebleau project to life, but the road there was wrought with numerous obstacles and setbacks, some so severe that at many points there was intense doubt that the venue would ever open.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the resort in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

Now that the resort is finally open for business, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau mostly adheres to the original vision that was laid out for it back when the project was first announced, consisting of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort will be providing approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

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 long-gestating high-speed railway system between Las Vegas and Southern Los Angeles just got a significant boost this week when U.S. Senator Jacky Rosen announced that $3 billion in federal funding has been secured to begin construction of the project.

The Bipartisan Infrastructure Law is providing the new funding for the Brightline West high-speed rail system, which according to Senator Rosen, will “help bolster Southern Nevada’s tourism economy and reduce congestion on the Interstate 15 corridor.”

This historic high-speed rail project will be a game changer for Nevada’s tourism economy and transportation. It’ll bring more visitors to our state, reduce traffic on the I-15, create thousands of good paying jobs, and decrease carbon emissions, all while relying on local union labor,” Senator Rosen said. “For decades, Nevadans have heard about the benefits of high-speed rail, and I’m proud to have led the charge for months to push the U.S. Department of Transportation to secure critical funding to make this a reality. I’ll always fight to support Nevada’s tourism economy and create good-paying, union jobs.”

Brightline Founder and Chairman, Wes Edens, thanked the Biden Administration for the financial assistance that will finally bring the frequently-stalled high-speed railway system to life.

We’re honored and humbled in the confidence President Biden, Secretary Buttigieg, Senator Rosen and so many others have placed in Brightline’s vision to bring true high-speed rail to America,” he said. “This is a historic moment that will serve as a foundation for a new industry, and a remarkable project that will serve as the blueprint for how we can repeat this model throughout the country. We’re ready to get to work to bring our vision of American made, American built, world class, state-of-the-art high speed train travel to America.”

With the groundbreaking originally announced to take place back in 2020, the Brightline project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and 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. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

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 California-based developer is planning to construct a $380 million mixed-use sports, entertainment, and retail facility in Las Vegas, with Agora Realty & Management having recently closed on financing and land purchases at the former site of two Las Vegas casinos in order to bring the project to life.

Plans for the upcoming facility including housing, retail, and the a professional-grade public ice rink, which will be managed by the NHL‘s Golden Knights, who play at the Las Vegas Strip’s T-Mobile Arena and won this year’s Stanley Cup championship.

The 73-acre project is slated to be called Hylo Park and will be located in North Las Vegas at the intersection of Rancho Road and Lake Mead Boulevard. It will be made up of 1300 residential units, a retail center anchored by a supermarket, and many sports and entertainment aspects that will be added in a number of construction phases.

The main attraction of the project – and the aspect the rest of the facility will be built around – is Champion Square, which will be a sports village and public plaza that will include the public ice rink, as well as practice facilities that can be utilized by youth and amateur hockey and skating leagues.

The idea behind the project is to capitalize on Las Vegas’ rising profile as a sports destination following the recent influx of transplanted major sports teams and events to the region, including NHL, NFL, MLB, and Formula One racing.

Agora Realty CEO Cary Lefton said in a statement that the extensive sporting attractions at Champion Square would appeal to both the local Las Vegas community as well as traveling sports teams, and stands to be a “lucrative traffic generator” for surrounding restaurants and businesses.

From our longstanding work with North Las Vegas we knew that the city needed more housing and community services for its growing population,” he said. “We also recognized an opportunity to leverage the draw of Las Vegas’ fast-growing sports industry.”

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 on Wednesday by local industry association Las Vegas Realtors, home prices increased slightly in Southern Nevada during the month of November 2023, where the housing supply itself showed continued signs of shrinking. 

Last month, the median price for an existing single-family home in Las Vegas was $450,000; this amount represents a small increase from October’s median price, which was $449,000, and a 4.4 percent increase year-over-year, when that amount was $430,990. 

The median price for condominiums and townhomes sold in Vegas during the month of November 2023 was $275,000, which is a 5.8 percent increase from the same period of time in 2022. 

Lee Barrett, president of Las Vegas Realtors, noted in a statement that seasonal trends were being bucked in Southern Nevada due to a number of factors, including a limited number of homes on the market as well as increasing interest rates on home mortgages, which are currently hovering precariously close to 8 percent. 

Interest rates are higher now than in past years and our housing supply is about as low as it gets,” Barrett said “These factors seem to be propping up home prices and slowing down home sales.” 

At the end of November, 4,353 single family homes were available for sale in Las Vegas without any offers, which is a year over year decrease of 40 percent; when it comes to condos and townhomes listed without offers, that amount comes in at 1,261, a year-over-year decrease of 22.8 percent. 

1,894 existing homes, condos, and townhomes in Vegas were sold in November 2023; that number represents a 5.7 percent decrease for homes and a 0.6 percent decrease for condos/townhomes when compared to November 2022. 

Currently, Las Vegas has an approximate four-month supply of properties for sale, in contrast to the same period of time in 2022, when there was a four-month supply. 

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 massive mega-mansion compound in Las Vegas’ affluent Spanish Trail community that boasts a super-impressive 25 bedrooms and 46 bathrooms has been sold for a whopping $25 million. The sale ties the record for the most expensive home ever sold in the region, which was originally set as a 15,000-square–foot residence in Henderson that sold for $25 million in 2021. 

The compound – which was previously built for and owned by Jefri Bolkiah, the Prince of the tiny Asian country of Brunei – comes in at 110,320-square-feet and is situated on a 16-acre plot of land located at 99 Spanish Gate Drive.

The compound has 10 interconnected buildings, with the main house coming in at 37,466-square-feet with five bedrooms and eight baths. There’s also a 47,367-square-foot athletic club/pool house with an indoor badminton and squash courts, a hotel-sized spa and gym, indoor pool, bowling alley and nightclub.

In 2007, singer Michael Jackson had reportedly moved into Bolkiah’s compound and stayed there for some time. 

Construction of the property originally began in 1996 and is approximately 90 percent complete; there has been no additional development of the compound since 1999, according to the listing agent. While the home is completely enclosed and finished, appliances aren’t included and some degree of detailed finish work isn’t complete; however, otherwise, the home is mostly completed.

When asked why construction wasn’t finished, the listing agent noted that when Bolkiah built it, he had “different expectations” regarding Las Vegas and ultimately ended up not moving there. 

The listing agent has not named the now-former owners of the property, noting that he has not dealt with them directly and instead has been conducting business through their lawyers and financial advisors; the reason the property was put on the market is unknown, 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 – Howard Hughes Holdings is set to open a huge new office project in the southwest Las Vegas Valley in 2024, and while no tenants have been announced yet, experts expect that the property will fill up quickly once construction is complete due to high demand in the area. 

The Meridian campus – slated to open this upcoming January and located near the 215 Beltway on Town Center Drive – will encompass 147,000 square feet, spread out amongst two three-story office buildings that will be linked by a centralized lobby. 

Cushman & Wakefield will be handling leasing duties for Meridian, and according to the company’s senior director, Charles Van Geel, a flood of tenants are expected to vie for space at the facility because it is situated in a very desirable location. 

You can’t help but notice the attractive mountain views in one direction, the cityscape in the other direction yet you’re still in the renowned Summerlin community that has green spaces, great schools seamlessly connected with the valley’s transit infrastructure,” Van Geel said. 

Following the transition to remote work during COVID-19, many employers are attempting to woo workers back to the office now that the pandemic is in the rearview mirror; Amy Lance, a director for Cushman & Wakefield, said that Meridian will make a very enticing carrot on a stick for employers to dangle due to its proximity to the 215 Beltway, ensuring an easy commute 

We’re really hearing from companies who want their employees back,” she said. “I mean they may give them the option to work from home one to two days a week, but I think that’s going to change in the future.” 

Demand for office space in the southwest valley is among the highest in Southern Nevada, with the average rent per square foot coming in at $31.09; in contrast, average rent per square foot in the city of Las Vegas itself is $26.96.  

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 – 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.