Category Archive : Market Updates

LAS VEGAS, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau 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.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist 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 is expected to provide 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 – MIG Real Estate LLC has announced the sale of Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, Nevada, to new owner Woodside Health for $26.7 million. The seller was represented in the transaction by Cushman & Wakefield and JLL, reports say.

Originally built in 2006, Pecos Plaza is a Class B medical and office campus that is anchored by a two-story building with an additional seven single-story medical and professional office buildings, all located on a 7.62-acre plot of land at 9005-9089 South Pecos Road. The plaza is situated nearly seven miles from downtown Henderson, just over 18 miles from Las Vegas, and has access to Interstate 215.

Reports indicate that the campus is currently 93 percent occupied, with the property anchored by multiple retail establishments such as Michaels, Starbucks, Denny’s and UPS, among others. The medical facilities located on the campus are Belle Medical, Las Vegas Urology, Serenity Dental and Innovative Pain Care Center, in addition to several more.

MIG Real Estate LLC had originally acquired Pecos Plaza in 2014, having purchased the campus for $17.5 million from Wells Fargo Bank.

New Pecos Plaza owner Woodside Health has an extensive history when it comes to the medical field. The company was originally founded in 2008, and this newest purchase represents their 48th acquisition overall, giving them a combined total of over 2.5 million square feet – about twice the area of Chicago’s Millennium Park – in healthcare assets across the country, spread out over Arizona, Florida, Georgia, Nevada, Ohio and Texas.

Earlier in 2023, Woodside – as part of a $140 million transaction – recapitalized a medical office portfolio spread out over four states, consisting of 10 properties with a combined size of 423,000-square-feet. And in June 2022 Woodside purchased Optum Center – a 81,907-square-foot medical office building anchored by UnitedHealthcare – in Phoenix, Arizona for $20 million.

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 impending Formula 1 race in Las Vegas will represent an enormous opportunity to draw in record-breaking crowds of tourists to attend the iconic event, and obviously those tourists will need places to stay while in town. However, local homeowners are fuming over what they perceive as a missed financial opportunity due to the fact that short-term rentals currently remain illegal in Clark County, depriving them of the chance to rent out their properties for a tidy profit. 

Local homeowner Tina Turnbull was hoping to rent her home to out-of-town visitors during the Formula 1 event, but currently finds herself forced to turn people away due to the current situation regarding short-term rental laws in Clark County. 

Everyone else is excited and I’m just kind of like, feel like huge opportunities are being missed for me,” she said. “I’ve already turned down multiple booking requests. I just have to explain to them that because of the local laws, I can’t rent the house for less than 30 days.” 

After approving a short-term rental ordinance in June 2022, Clark County had started an application process for short term rentals in September 2022. The 1,300 applications they subsequently received were placed in a random number generator, which assigned a number to applicants to determine the order in which they would be considered for a license. However, after homeowners submitted paperwork this past August during the next phase of the process, they have been left waiting for answers that so far have not come. 

Turnbull Is among those homeowners who say they have been left dangling. 

Louis Koorndyk, co-founder of the Greater Las Vegas Short-Term Rental Association (GLVSTRA), said that his members have grown upset over their inability to tap in to the expected $1 billion local economic boost that the Formula 1 race is expected to generate when it takes place on Sunday, November 19. 

All the hosts or potential hosts out there are finding this extremely frustrating. The buzz in the community is really, why is it taking so long? When are these licensing dices going to start to be issued?” he said. “They want to be a part of this because the host community contributes to everything. They contribute economically. They help. They don’t take away from the hotels and casinos, they add.” 

In response to reporting on this situation, Clark County issued the following statement: 

At this time, we are in the process of reviewing the applications for completeness and eligibility. This process is necessarily time-consuming to ensure that the large volume of applications are evaluated in a consistent and fair manner. Applications that are incomplete or ineligible will be issued denials,” the statement read. “After this portion of the application review process is completed, Clark County Business License will identify applicants that may move on to safety inspections based on the order of priority established by the Random Number Generator selection process.” 

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 compound located in Las Vegas’ affluent Spanish Trail community that was previously owned by the Prince of Brunei – and at one time occupied by late pop singer Michael Jackson – has been listed on the market for a whopping $25 million. 

The compound, coming in at over 110,000-square-feet and located on a 16-acre plot of land, is located at 99 Spanish Gate Drive and at one time was linked to Jefri Bolkiah, the prince of the tiny Asian country of Brunei. Reports also indicate that in 2007 Michael Jackson had moved into Bolkiah’s compound and stayed there for some time. 

Construction of the property – referred to as “an unfinished masterpiece” by its principal broker, Ivan Sher – began in 1996, and is approximately 90 percent complete; there has been no additional development of the compound since 1999, Sher said. 

The home is completely enclosed and finished, but what’s not included is appliances and some detailed finish work isn’t complete, but for the most part it’s a mostly completed home,” he said. “When they built it, they had different expectations about moving to Las Vegas and ultimately ended up not moving.” 

99 SPANISH GATE DRIVE, LAS VEGAS – $25,000,000.00

Sher has not named the current 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 has been put on the market is unknown, he said. 

The 110,320-square-foot compound has 10 interconnecting 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.  

See full listing details for 99 Spanish Gate Dr, 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 – After skyrocketing for a significant amount of time and raising affordability concerns in the city, a new Zillow report indicates that rental rates in Las Vegas have decreased for the second month in a row, showing that the marketplace is beginning to achieve a level of stability.  

The average rental price in September for a two-bedroom apartment in Las Vegas was $1,808 – a figure that Zillow determined by calculating the weighted nationwide average – which represents a 0.2 percent drop from August, and a 1.4 percent drop from September 2022. 

Currently, rental rates in Las Vegas are at their lowest point since October 2022; however, this situation does not echo developments in the rental market nationwide. According to the consumer price index (CPI) – utilized by the federal government to gauge inflation – rents across the country are still on the rise, and experts have stated that high rental rates have been one of the last key metrics that have kept inflation at its current exuberant level. 

Overall rental rates in the country were up 0.2 percent in September, although senior economist Orphe Divounguy stated that such increase is not entirely accurate to the CPI, nor indicative of actual market conditions, due to many new tenants signing 12-month or longer rental agreements.  

With that being the case, current conditions may take approximately a year to start reflecting in the CPI, Divounguy said, and the real numbers indicate that stability is slowly returning to the rental market across the country, as well as in Las Vegas. 

Although the consumer price index showed an uptick in rent prices in September, annual rent inflation continues to moderate and is likely to continue to move in the right direction,” he said. “This is because rent inflation tends to be most responsive to labor market tightness. Wage growth is moderating.” 

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 Parq at Camino, a new luxury apartment complex in North Las Vegas, has been completed and the facility is now open and leasing to new tenants. 

Parq at Camino, developed by Morgan Stonehill, is comprised of 417 units spread out over 13 buildings and is located northwest of the Craig Ranch Regional Park and south of the 215 Beltway. It features one, two, and three-bedroom apartments ranging in square footage from 837 to 1,299, with rents starting at $1,407. 

The complex’s management company, Cushman & Wakefield, noted that Parq at Camino features numerous amenities for their tenants, including electric vehicle charging stations, covered parking, pet washing stations, a dog park, a pool, clubhouse, indoor and outdoor fitness center, business center with computers and internet access, and an outdoor picnic area with barbecue grills. 

The Las Vegas Valley has been experiencing issues with housing options for its many residents with a shortage of both single-family homes and apartments, and one of the areas hardest hit by this problem is North Las Vegas.  

While over the course of the last year North Las Vegas saw rents dipping significantly for one-bedroom apartments, reports indicate that they have been increasing steadily as of late due to increased demand. 

However, that demand is slated to be addressed as numerous apartment units – including Parq at Camino – are either opening or are in the process of opening across the valley, including in North Las Vegas. As more apartment units open, rents are expected to decrease proportionately, providing a measure of relief for those looking for affordable housing options. 

North Las Vegas is currently ranked fifth on the list of cities with the greatest population increase since 2020, according to the U.S. Census Bureau, having added 9,917 additional new residents by 2021.

For information on leasing opportunities at Parq at Camino call (702) 796-7900 or visit: https://www.parqatcamino.com

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 – With the married duo set to move to London in the coming months, celebrity couple Kyle Dean Massey and Taylor Frey have listed their Las Vegas mansion – located in the affluent Spanish Hills master-planned community, which has also been the home to stars such as Nicolas Cage and Mötley Crüe’s Vince Neil – on the open market for $4 million. 

Massey is best known for his leading roles in the Broadway musicals Wicked, Next to Normal, and Pippin, as well as for a recurring role on the ABC/CMT musical drama series Nashville. Frey, meanwhile, is best known for playing Don Hagerty in the horror movie It Chapter Two, and will be starring in the upcoming film The Holiday Exchange with Kyle Richards and Rick Cosnett from a script that he also penned. 

Massey and Frey had purchased the large ranch-style home in 2021 for $1.5 million; it was originally built in 2002 but was extensively customized and renovated after the two acquired it. Located on a one-third of an acre plot of land, the 6,000-square-foot residence – located in an exclusive guard-gated community – boasts five bedrooms and three baths and features luxurious trappings such as marble floors, high ceilings, and high-end wallpaper treatments by designers such as Versace, Roberto Cavalli and Phillip Jeffries. 

5091 MOUNTAIN TOP CIRCLE, LAS VEGAS – $3,950,000.00

The home also comes complete with a gourmet kitchen replete with quartz countertops, dual islands, stainless steel appliances and custom cabinetry. A luxe master retreat set in its own dedicated wing offers a fireplace, large walk-in closets, and a spa-styled bath which includes a steam shower and soaking tub built into a bed of lava rock. 

The backyard, which is accessed through French doors, gives off a resort-style atmosphere and has many luxury amenities, including fruit trees, a pool with cascading waterfall and spa, and numerous areas for lounging and entertaining guests. 

Rounding out the home’s impressive features is an attached four-car garage that includes an electric vehicle charger. 

See full listing details for 5091 Mountain Top Circle, 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 former chairman and CEO of MGM Resorts International, Jim Murren, has sold his Las Vegas mansion – dubbed “Skyspace” – for over $15 million, making it the second highest price that a home has fetched in the Valley this past September, following the sale of actor Mark Walberg’s Summit Club bungalow for $16.65 million. 

Murren had previously listed the residence for sale in July 2020 – at the beginning of the COVID-19 pandemic – for $10.5 million, although he later removed it from the market. He eventually relisted it for $17.75 million, with the home selling last month for $15.95 million. 

Skyspace is a 13,000 square-foot home situated on 1.5 acres on Painted Feather Way within the Summerlin community and golf club, offering views of the Las Vegas Strip via a series of wall-to-wall windows. It has five bedrooms, eight baths, and a separate one-bedroom guest house.  

The mansion was created with a reverence for art and philosophy; there are several corner spaces that allow for solitary reflection, indoor bamboo and pine trees, and a Zen garden outside the main bedroom laden with multiple pathways that could take upwards of 45 minutes to traverse. The house also contains numerous amenities, including an indoor basketball court, gym, movie theater, wine cellar, pool, spa, and a huge open-concept kitchen. 

“Skyspace” derives its name from a large art installation that essentially turns the home into a “sensory experience” by utilizing high-tech equipment to create the illusion of being in space by making use of natural light provided at both sunrise and sunset. The equipment for this experience was not part of the home’s asking price when Murren originally listed it in 2020 but was available for purchase separately; it is unknown if it was included in September’s sale. 

Mr. Murren, who resigned from MGM in February 2020, has stated that he and his wife are planning on remaining in Las Vegas but simply wanted to downsize to a home more suitable for their needs, as apparently Skyspace afforded them more space than was necessary. 

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 – Remote work, which came to prominence during COVID-19, has remained a work model that is quite popular amongst many individuals even now that the pandemic is officially over, leading to a nationwide decline in the demand for office space; indeed, many metro areas are still reporting high degrees of vacancy and experts expect a hybrid work model to remain the norm for the foreseeable future. 

However, Las Vegas is one of the few major metropolitan areas in the United States that is bucking this trend, with reports indicating that demand for office space in the city continues to remain strong in direct contrast to most other regions in the country. 

Marc Magliarditi, a first vice president at the commercial real estate firm CBRE, notes that while office vacancy is still slightly off from pre-pandemic numbers, the rates of office occupancy in Las Vegas didn’t come close to experiencing the same negative impact that the pandemic had upon other cities, and that demand has been steadily increasing more and more each day. 

Magliarditi contributes that continued growth to numerous factors that are unique to Vegas, such as several professional sports teams recently taking up residence in Southern Nevada; an increasing population; a robust and ever-growing economy; and its greater number of suburban residents when compared to other cities 

We’ve been fortunate here in Las Vegas,” he said. “That demand has been pretty steady, and I would even say strong, post-pandemic.” 

Las Vegas’ business-friendly taxes has also been a draw in terms of filling office space, with numerous companies relocating from California and other parts of the country to do business in the Valley, and the one thing that these companies all have in common – in addition to wanting to save money, that is – is that they all need commercial space to reside in. 

In addition, these companies are investing in new and improved office space in an effort to entice and retain new employees in a post-pandemic work market, currently making Las Vegas office space some of the most sought-after real estate in the country. 

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 real estate sales figures for Las Vegas in the month of September are in, and the median sales price of an existing single-family home in Southern Nevada was $450,000, which is the exact same price it was one year ago in September of 2022. 

The coincidences don’t stop there; the median sales price for condominiums and townhouses in Las Vegas was $270,000 in September, which is once again the same exact price year-over-year. 

These prices were reported by Las Vegas Realtors, and according to the group’s president, Lee Barrett, it’s an example of a degree of stability in the current local housing market that he envisions continuing for the foreseeable future. 

We should probably get used to the current housing market since it’s not likely to change much anytime soon,” he said in a statement. 

Bartlett noted that since March 2022, the Federal Reserve has increased interest rates 11 times in an effort to curb skyrocketing inflation; however, those rate increases have not had much effect upon the Las Vegas real estate market, he said. 

Hopefully, some of our national experts are right in predicting that interest rates could begin to come down a bit sometime next year,” Bartlett said. “Even at current rates and with our very tight housing supply, owning a home here in Southern Nevada is a better deal than renting for most people, especially when you consider that homeownership is still one of the best ways to build wealth and financial stability over time.” 

Las Vegas Realtors reports that available housing options are not remaining on the open Las Vegas market for any significant amount of time, with 85.7 percent of homes and 86.3 percent of condos and townhouses that were sold in September only having been available on the open market for a period of time spanning 60 days or less. 

At the end of September, there were 4,066 homes available on the market without any offers, which represents a 49.9 percent decrease year-over-year; as for condos and townhouses, 1,035 were available at the end of the month without offers. 

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 Las Vegas City Council is currently considering a proposal that, if approved, would add a new mixed-use project to the downtown Arts District planned to be made up of new apartments, hotel rooms, and commercial space. 

The proposed project – which is slated to be located on a 1.78-acre site at the corner of West Utah Avenue and Fairfield Avenue – would take the form of an 83-foot-tall building comprised of 279 apartments, 97 hotel rooms, 2,800 square-feet of commercial space and a 1,000 square foot plaza.  

The application documents have been filed with the city of Las Vegas, with the City Council anticipating discussing the project at its Wednesday meeting this week. Multifamily developer Mojave Group is the firm that has submitted the application to the city, although the documents currently don’t indicate what company would be responsible for managing and operating the hotel that would be located in the building if it comes to fruition. 

Currently, the site of the proposed mixed-use project is occupied by an equipment supply company called Mobile Mini; as part of the application process, Mojave Group is seeking to have the property rezoned so it can be utilized for commercial purposes. 

During a meeting to discuss the project back on August 8, Las Vegas Planning Commissioner Trinity Schlottman noted that despite there being some minor concerns about the mixed-use facility being proposed, the Commission would be voting unanimously to recommend its approval to the Las Vegas City Council due to the pressing need for more housing options in the city’s downtown area. 

This is exactly what we need,” Schlottman said during the August meeting. “We need more households down in the Arts District and downtown. We can tell by Symphony Park since everything that gets built there ends up getting filled up pretty quickly.” 

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 by online real estate brokerage Redfin, somewhere in the neighborhood of 5,000 people relocated from Los Angeles to Las Vegas during the month of August, showing that Southern Nevada is still a very desirable place for people to move to, especially from states with a very high cost of living such as California. 

This impressive number of transplants nonetheless represents a decrease year-over-year; in August 2022, 6,800 people moved to the Las Vegas Valley from Los Angeles. Redfin stated they have gathered this data by utilizing an algorithm that tracks searches made by home buyers in markets outside of their local area, indicating a desire to relocate; this algorithm, according to the company, has a 90 percent success rate in predicting moving behaviors. 

An interesting fact is that while Las Vegas is one of the most popular cities to move to in the country currently – ranked second nationally behind only Sacramento – Los Angeles is actually at the top of the list of cities that people are moving out of.  

Along with Los Angeles, other top cities in the country that people are presently relocating from in large numbers include San Francisco, New York, and Washington D.C., according to the Redfin report; the reasons cited by residents of these cities for leaving include affordability issues, high taxes, crime rates, and the ability to work many jobs remotely becoming more and more commonplace. 

Relocations are holding up better than in-metro moves largely because homebuyers are searching for affordability, and remote work gives many Americans the freedom to move,” the report states. “Nine of the 10 most popular migration destinations have a lower median home-sale price than the most common origin of homebuyers moving in.” 

Currently, according to the UNLV Center for Business and Economic Research, the population of Las Vegas is swelling by approximately 115 residents on a daily basis. 

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.