Category Archive : Market Updates

LAS VEGAS, NV – With high mortgage rates, decreased sales, and complications due to a currently-high inflation rate, the real estate market can be incredibly complex and competitive to navigate, and Las Vegas, Nevada is no exception to that rule. So, local experts have pitched in to offer some tips on house buying in Southern Nevada, a market which is still proving to be a hotbed of sales activity despite the financial trials and tribulations being experienced across the country. 

First and foremost, a prospective buyer should always make sure to select a qualified realtor to aid them in their search for a home; buying and selling properties without the aid of one throughout the course of the transaction is NOT recommended. 

Looking up reviews of realtors on reputable real estate websites is a good idea, and conducting plenty of research to make sure you’re finding the right person for the job is essential when it comes to the largest purchase you’re ever likely to make in your lifetime. 

Next, you should establish a budget that is both clear and realistic, taking into account how much you can realistically afford; this may narrow the options available to you, but it also helps you to avoid getting into a serious financial bind down the road. When determining a budget, a buyer should take into account numerous financial aspects, including their income, debt, any possible future expenses, and the currently high level of interest rates on home loans. 

High interest rates on mortgages have resulted in a bit of a slowdown in the Las Vegas real estate market due to the fact that many current homeowners are locked into lower interest rate loans and are loathe to sell. This has placed a limit on the amount of available housing inventory at the moment which is presenting budget challenges to buyers, with more and more of them remaining in the rental market for the time being while waiting for conditions to improve. 

However, experts recommend that for those with the financial means to do so, there are indeed a growing number of home buying options available to them in Southern Nevada – especially in the suburbs – and potential refinancing options could be available in the future if and when interest rates drop to a more manageable level. 

Home buying these days may be more difficult than it used to be, but with effort, financial savvy, due diligence, and the right realtor by your side, it’s still an achievable dream for many. 

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 – California-based Realty Income Corp. announced on Friday that it has signed an agreement to invest approximately $950 million into acquiring equity interests from New York-based Blackstone Real Estate Income Trust, Inc. in a new joint venture that now owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. 

Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2023; at that time, Realty income will acquire a 21.9 percent indirect interest in the property by way of an initial investment of $300 million of common equity into the joint venture. Blackstone will retain a 73.1 percent indirect interest, with the remaining 5.0 percent interest being held by MGM Resorts International. 

In addition, $650 million will be invested by Realty Income into the joint venture to acquire a yield-bearing preferred equity interest. 

Sumit Roy, Realty Income’s President and Chief Executive Officer, announced his firm’s sizable investment into Las Vegas, saying that it is expected to yield huge benefits for their investors. 

We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture,” he said. “Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.” 

Located on the famed Las Vegas Strip, The Bellagio is a luxury hotel and casino that was purchased from MGM Resorts by Blackstone back in 2019 for $4.25 billion; MGM retained a small stake and continues to operate and maintain the resort on a day-to-day basis. 

Realty Income Corporation is a real estate investment trust that owns and operates a portfolio of over 12,237 commercial properties. 

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 – An avid football fanatic has listed his Las Vegas home on the open market – after having lived there for 23 years – for $1.15 million, and one only need look inside to realize the depths of his esteem for the game, as his home is filled to nearly bursting with a mind-blowing 2,000 collegiate team helmets. 

In fact, that’s why Pug Winkler, 77, is finally looking to move out of the 2590 East Viking Road residence, as his collection – one of the world’s largest – has simply outgrown its 6,000 square-feet of space. And while the helmets – which are prominently mounted and displayed on the walls of practically every room of the house, even the kitchen and bathrooms – are not included in his current asking price, he noted that they can be included for the right amount of money. 

Obviously there’s a price for everything, but I would never break them up and sell them individually,” Winkler said. 

Winkler, originally hailing from Brooklyn, New York, said he’s been collecting football helmets for 50 years; unmarried, he said he had the luxury of not being forced to confine his hobby simply to a man cave or side office, but instead was able to spread it out to encompass the entirety of his home. 

2590 EAST VIKING ROAD, LAS VEGAS – $1,150,000.00

I have no wife to answer to, and if I did, and she said no, she wouldn’t be my wife anymore,” he said, who never actually played football himself in college but “loves watching the kids play.” 

Winkler began acquiring his helmets after selling a previous substantial collection of sports memorabilia; proceeds from that sale were large enough that he was able to retire, build his home, and go on numerous trips around the world. 

The property for sale consists of two houses – the main and an attached guesthouse – with Winkler’s collection spread out amongst the two of them. The main house comes in at 3,770 square feet and has four bedrooms and three bathrooms; the master bedroom boasts numerous amenities, including a jacuzzi, a sauna, and two walk-in closets, where he stores his collection of 150 football uniforms. 

Meanwhile, the guesthouse is 2,169-square-feet in size with four bedrooms and three bathrooms and can bring in as much as $4,800 per month in rent. 

Upon making the sale, Winkler said he plans on moving to Arizona.

See full listing details for 2590 East Viking Road, 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 – Hard Rock International, the new owners of the Mirage Las Vegas, have gained the approval of the Clark County Zoning Commission to replace the resort’s iconic volcano attraction with a massive guitar tower-themed resort and casino, reflecting the eventual rebranding of the property into the Hard Rock Las Vegas. 

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate the resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history.  

While Hard Rock plans to continue operating The Mirage under its current name for the time being, the eventual plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. 

The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon. 

According to Jennifer Lazovich, a land-use attorney with law firm Kaempfer Crowell, the design of the proposed tower that Clark County approved last week will see it take the form of giant back-to-back guitars featuring “brightly lit strings” and massive floor-to-ceiling glass panes. 

Hard Rock had been repeatedly questioned about their plans for the volcano attraction since taking over the property, which has entertained tourists and visitors to the city for years; unfortunately, earlier this year the company confirmed their plans to eventually demolish it, citing the fact that it does not generate any revenue. 

For the time being, MGM will license the “Mirage” name to Hard Rock until the rebranding project is complete; Hard Rock Las Vegas is expected to open in 2025 or 2026. 

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 – Real estate agents in Las Vegas – and, across the country – are paying very close attention to a current class action lawsuit filed by home sellers that, if successful, could have serious ramifications upon how realtors are compensated for the property transactions they handle. 

How compensation is currently handled for a real estate agent is that they are essentially paid the same commission from the seller regardless of their degree of experience; a newcomer will make the same exact amount as one that has been in the industry for many years. 

However, the plaintiffs in Moehrl v. National Association of Realtors (NAR) – a lawsuit filed in the state of Illinois against both NAR and several major real estate brokerage companies – argue that home buyers should pay for their own agents; this is opposed to the current practice in the industry, where the commission paid by the seller between buyer and seller agents is split, which the plaintiffs claim is anti-competitive. 

Speaking to a local Fox affiliate news station this week, Las Vegas-based real estate agent Steve Hawks expressed concerns that – should the plaintiffs prevail in their case – it could result in buyers being much choosier about who they work with, which could force many new real estate agents out of the industry altogether.  

If this lawsuit goes through, it would probably cut the agent count from 1.6 million to about 200,000,” he opined. “It’s going to impact agents that aren’t experienced.” 

Hawks said the reason that inexperienced realtors would be disproportionately affected in a negative way if the plaintiffs win their case is because if buyers are forced to shoulder the burden of paying fees in the event of a home sale, they will almost certainly want to go with an agent who has more experience in the field. 

If you’ve been in the business one day or 30 years, when you do a transaction on the MLS (Multiple Listing Services), you’re getting paid the same amount,” he said. “In the future, when the buyers see that it’s going to cost them money one way or the other with their agent, they’re going to start interviewing their buyer’s agent similarly to how sellers do their listing agent.” 

Jaime Solorzano is a newly licensed real estate agent in Las Vegas, and said that he isn’t worried about the outcome of the case considering how hot the local market is currently. 

It doesn’t scare me. There’s many obstacles you always have to overcome. That doesn’t put fear in me,” he said. “It’s actually going to become even better. People are attracted over here more. People are coming in often, often. Way more than usual.” 

Moehrl v. National Association of Realtors is expected to be decided at some point in 2024. 

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 per a new report released this week, when prospective homebuyers nationwide are looking for a new place to relocate, the Las Vegas valley is currently the most searched location out of entirety of the United States. 

Real estate brokerage Redfin noted that home buyers are being inspired to flock to Las Vegas by several notable factors, the most prominent of which being its extremely high degree of affordability when compared to other parts of the country. 

Buyers with the freedom and inclination to relocate are choosing Las Vegas largely because their money goes a long way there,” the report said. “Its typical home sells for $412,000, less than half the price of a home in Los Angeles, the most common origin for buyers moving to Las Vegas.” 

The data in the report was accumulated from searches conducted by approximately 2 million Redfin.com users between April 2023 and June 2023 and encompassed queries for homes currently on the market across over 100 major metropolitan areas. 

In addition, the Redfin report notes that in the second quarter of 2023, a full 25 percent of their users indicated that they were looking to relocate to a different metropolitan area other than where they currently reside, which constitutes a record number of the site’s users looking to move. 

The Redfin report is backed up by newly released research from the University of Nevada, Las Vegas’ Center for Business and Economic Research, which indicates that 115 people are moving to Clark County on a daily basis. In fact, Clark County’s population is expected to grow by approximately 42,066 residents in 2023 alone, and the number of people moving there will continue to increase, according to UNLV, with that number possibly increasing to as many as 56,000 new residents in 2026. 

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 new high-rise apartment complex is slated to be constructed in Henderson – the first-ever located in the city – with the developers stating they plan to raise the bar in terms of luxury accommodations in the region. 

The complex – dubbed Four Seasons Private Residences Las Vegas, a fully-serviced luxury residential project – is set to break ground and begin construction at the end of 2023. It will take the form of two towers containing 171 homes, as well as six additional private villas to be located off-site in McDonald Highlands.  

Four Seasons, upon completion, will encompass 7,300 interior square feet and 5,000 exterior square feet, and is being built in partnership with Azure Resorts & Hotels and Luxus Developments. 

The developers describe the project as being a “single-family home, but in the sky,” with the units being marketed to families who are seeking to downsize from high-maintenance houses to a high-rise home with a similar layout. 

The project is also pioneering what they refer to as a “lock and leave” concept, wherein residents can leave their keys at the front desk when going away and have management watch over and maintain their home in their absence. 

Four Seasons will boast 24-hour staff and over 90,000 square feet of amenities, including media rooms, gyms, a golf simulator, an indoor jacuzzi, cryotherapy chamber, wine cellars, meeting rooms, indoor pools an on-site world-class chef with food delivery service, and more. Residents will also be able to access their units through private garages – complete with electric vehicle charging stations – or private elevators. 

Such lavish accommodations certainly don’t come cheap: the homes start at $3.5 million, with some of the high-end penthouses costing as much as $45 million and featuring extras such as large terraces and outdoor kitchens.  

50 residences have been sold already, according to the developer, totaling $250 million in sales so far; the project is expected to open in the first quarter of 2026. 

For more information on Four Seasons Private Residences Las Vegas, please visit https://www.fourseasons.com/residences/private_residences/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 housing market in Las Vegas continued its upward trend in July 2023, with the median price of a pre-existing, single-family home increasing by over $9,000 month-over-month, showing a sustained degree of growth that unfortunately was not shared in the city’s condominium and townhome markets. 

A new report released by Las Vegas Realtors indicates that the median value of a home in Las Vegas for July was $450,000, in contrast to just one month prior in June when that number was $440,990. 

That price increase can be contributed to several factors that continue to persist despite the fact that interest rates for home mortgages remain historically high. These factors include the high degree of demand combined with a shrinking amount of housing inventory in Southern Nevada, which is serving to drive up the value of what homes are remaining available on the market. 

The all-time record for the median price of a home in Las Vegas was $482,000, which was achieved in May of 2022. 

While the prices of homes in Las Vegas continued to climb in July, the lower demand for condos and townhomes resulted in the median price dropping to $273,500, a $1,500 month-to-month difference from June when that number was $275,000. 

In their report, Las Vegas Realtors noted that 83.2 percent of homes and 85.6 percent of condos and townhomes sold within 60 days in July 2023; this represents a significant year-over-year decrease, as 95.2 percent of homes and 95.7 percent of condos and townhomes sold within 60 days in July 2022. 

Another decrease in July came in the form of cash buyers for real estate, as they made up one-quarter of all sales for the month; in contrast, that percentage was one-third during the same period of time one year ago. 

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 – Since the use of short term rental services such as Airbnb and VRBO were legalized in unincorporated Clark County, the ability of local officials to properly license renters and establish a series of regulations governing the industry has been slow and wrought with speed bumps, causing a great deal of frustration for those waiting to make their properties available to the many tourists that visit Southern Nevada each week. 

An initial batch of guidelines rolled out were received negatively by renters and were eventually ruled as being unconstitutional by a judge. A lawsuit is now pending with the Nevada Supreme Court against Clark County brought by the Greater Las Vegas Short-Term Rental Association (GLVSTRA), which claims that an overly complicated application process – including what they say was an inadequate amount of time to submit paperwork, prompting the county to extend deadlines – has been financially damaging to their members. 

In their process of writing these new regulations, they just threw anything and everything they could think to make it as difficult and as hard for people to get a license and to operate even after you have a license,” said GLVSTRA President Jacqueline Flores. “We really didn’t have a seat at the table.” 

According to a website that tracks properties listed on short term rental sites Airbnb and VRBO – known as AirDNA – the Las Vegas metropolitan area has approximately 13,000 active rentals, and officials in Clark County have said that they are attempting to “methodically” fine-tune their licensing process to ensure they are taxed properly. 

The issues originally stem from the passage of AB363 in 2021 by the Nevada State Legislature, which mandated that municipalities create licensing processes and regulations for short term rentals; previously, such rental units were illegal in Clark County, although enforcement of this ban was practically nonexistent.   

Since the passage of AB363, cities such as Henderson, Las Vegas and North Las Vegas have created procedures covering application, inspection, and enforcement, but many renters in Clark County have claimed their process in particular has been needlessly convoluted and overly strict. Some points of contention include a 1,000 feet minimum distance between rentals, a 10 p.m. curfew for outdoor activities, and radios, stereos and sound speakers being relegated to indoor use only. 

Issues with the application process – which included a pre-application lottery and tight deadlines the submission of paperwork – have resulted in extreme frustration on the part of renters, according to Flores, who claimed that Clark County has “purposefully created this convoluted mess” as a means to purposely discourage short-term rental owners from applying for licenses, reportedly in response to quality-of-life complaints issued by residents that have short term rental hosts as neighbors. 

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 – UnCommons – a 40-acre mixed-used facility currently under development in southwestern Las Vegas – recently announced an expansion of the experimental project with the addition of The Assembly, a 5,000-square-foot conference and event pavilion scheduled to open in September. 

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to the aforementioned event pavilion. 

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as a hub for the facility’s office tenants when needed. 

The concept behind the $800 million project is that it will be a space where the various employees working for businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips. 

The 830 apartment units are spread out amongst 3 towers, and already have 40 residents who have moved in; in addition, six office tenants have also set up operations in their respective spaces, including companies such as Draft Kings and CBRE Group Inc; companies such as Deloitte and Newmark will also be coming in soon. 

On the storefront side, six food and beverage locations have already opened – such as Urth Caffe, Teaspoon, and Amari – and two retail businesses have opened their doors, one being a luxury candle maker and the other a hair salon. 

Las Vegas ‘s intense desert heat has been taken into consideration as far as the UnCommons’ design goes, with all buildings on the grounds built around the concept of providing maximum shade to the maximum amount of outdoor square footage possible, ensuring that tenants and visitors are rarely required to be exposed to direct sunlight for any great period of time. 

The final phase of the UnCommons project – which originally broke ground in 2021 – is slated to begin in early 2024. 

For more information on availability and more, visit https://uncommons.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 – A sale of a home in Summerlin’s Summit Club community – dubbed the “Sky Summit” – topped Las Vegas residential real estate sales for the month of July, fetching a cool $15 million for its sellers. 

The Sky Summit was originally constructed in 2020 and is located on Vegas Hill Court; the residence comes in at 8,936 square feet in size – about twice the area of a basketball court – and boasts seven bedrooms, six full baths, two partial baths, a five-car garage, and is situated upon an 0.8 acre plot of land. 

The home features a French contemporary design and impressive views of mountains and a neighboring golf course. The kitchen has a granite island with bar seating, and the primary suite located on the first floor has two custom walk-in closets and a master bathroom that extends from the house and into the outdoors; it is surrounded by dense landscaping to maintain privacy. 

The second floor also features an additional living area with a kitchen and dining area, in addition to a private balcony and two bedrooms. 

This modern, open concept design truly embodies and captures the best of desert living,” the listing says. “With its floor-to-ceiling windows, pocket doors, private Zen courtyard, extensive shaded patios, pool deck and balcony, it truly is a resort unto itself. With smooth white stucco exterior and stone columns, the entrance ushers you into a grand foyer. A great room holds a seating area ringed by beautiful stone, and first and second-story windows allow gorgeous mountain views.” 

The home was purchased by Sweet World Delta LLC from homeowners Candace Carr Easdale and Jack Clarke. 

In addition, a MacDonald Highlands home in Henderson came in as the second-highest sale of July at $12.9 million, with third place going to a residence in Henderson’s Ascaya neighborhood that sold for $8.95 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 – A new mid-year report released this week by Maryland-based RCLCO Real Estate Consulting has listed the master planned Las Vegas community of Summerlin among the top five best-selling in the entire nation. 

Summerlin, located on the western edge of the Las Vegas Valley, came in at number five on RCLCO’s list of the best-selling communities in the United States, having achieved that prestigious ranking by having sold 544 homes through the end of June. But despite that impressive number of sales, it actually represents an 8 percent drop year-over-year, as reportedly 592 homes changed hands in Summerlin by the end of June 2022. 

Frank Stephan, Nevada region president for The Howard Hughes Corp. – the company that began development of the community in 1952 after business tycoon Howard Hughes bought the 25,000-acre parcel of land for $3 an acre – said that the popularity that led to its inclusion in RCLCO list is driven by Summerlin’s all-American family appeal. 

We believe Summerlin’s long-term success is due, in large part, to its thoughtful master plan that established design guidelines that have stood the test of time,” he said. “Planning for schools, shopping centers, cultural centers and office buildings as places of employment have also been integral to the community’s success, creating a place where residents can live, work, learn and play.” 

Stephan noted that Summerlin currently has 15 active neighborhoods – comprised of 120,000 residents – and still has almost 5,000 acres remaining to develop. In addition, it also boasts a bustling downtown that includes retail, restaurants, office space and major sports venues such as the City National Arena and Las Vegas Ballpark. 

With thousands of acres left to develop, Summerlin will continue its trajectory as the best place to live in Las Vegas,” Stephan said. “There is significant ongoing development in Summerlin West. We remain excited about Summerlin’s future and its insatiable momentum.” 

Topping RCLCO’s list of best-selling communities was The Villages in Florida, with 1,960 sales so far 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.