Category Archive : Market Updates

LAS VEGAS, NV – A new report from UNLV’s Lied Center for Real Estate confirms an ongoing trend in Las Vegas as of late where rents are increasing in poor and middle-class neighborhoods, where in contrast they are consistently lowering in more affluent areas, with several factors contributing to this developing issue. 

Las Vegas-area realtor Michelle Gamble said that many of her lower-income clients are facing a hard time out there in terms of the increasing amounts of money they must devote to rent, noting that currently, “the market is tough.” 

I’ve had clients who came into Nevada, they moved here about four years ago where they were paying like $900 a month,” she said. “Now their rent is up to $1500 and $1600. And no upgrades.” 

Another realtor, Steve Hawks, confirmed the ongoing issue where lower and middle-class rents are rising, whereas rents in rich areas are dropping; this is a phenomenon that he attributes to the low home mortgage interest rates that many buyers took advantage of during the COVID-19 pandemic. 

The higher-end rents are coming down quite a bit. The lower-end to mid-range rents are staying steady. Maybe going up a little bit,” he said. “Many sellers are no longer selling their home to buy another. Instead, they’re renting their home out because their interest rate is so low and their payment is so low.” 

In contrast, Hawks said, the recent price increases at the lower end of the rental spectrum can most likely be attributed to out-of-state hedge funds that snapped up a great deal of affordable housing in the region who are now looking to turn a quick profit. 

They pretty much control the rental market in that arena under $500k. They have by far the most rentals,” he said. “This is what happens when you have big corporate America buy single family houses where people can’t rent. People can’t buy. What does that do? It causes prices to go up. It causes rents to go up. That’s the number one problem right 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 – Amid Clark County’s numerous delays issuing licenses for short term rentals within its borders, more and more homeowners are illegally listing their properties for rent on services like Airbnb and VRBO, risking serious fines if they are caught. 

Homeowners who are prospective short-term rental operators have been vocal in their complaints about the county’s slow licensing process as the typically busy summer season is passing them by; many are also worried about missing out on tourists visiting the region for upcoming Formula 1 races.  

Currently, Clark County officials have not provided a timeframe for when the first licenses will be issued, only initially stating that applications must be submitted by late June; this date was later pushed back to late August after some homeowners complained that they did not receive pertinent information in the mail following a March 29 pre-application lottery. 

According to Greater Las Vegas Short-Term Rental Association (GLVSTRA) President Jackie Flores, due to the delays some homeowners have resorted to clandestinely listing their rental properties online in order to help cover the costs incurred by their currently empty units. 

They’re stuck in a situation where they have bills to pay,” Flores said. “We have told [county officials] many, many, many times.” 

Homeowners who were previously operating short-term rentals were required to stop doing so in order to apply for a license. Leslie Doyle, 83, said that she has lost 50 percent of her income by doing so, and the delays are crippling her financially. 

Some of us will die waiting,” she said. “We [seniors] are the ones who need it most.” 

If caught, the penalties for running unlicensed short-term rentals in Clark County are stiff, ranging from $1,000 to $10,000 a day and even a potential visit from the Las Vegas Metropolitan Police Department. 

Currently, GLVSTRA is in the process of suing Clark County over the proposed regulations governing short term rentals, claiming that some of them are unconstitutional. Barring any delays, the Nevada State Supreme Court may hear the case in December. 

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 – At a recent meeting of NAIOP Southern Nevada’s Henderson Commercial Real Estate panel, a great deal of talk was dedicated to what many of its members were referring to as an “up and coming area” in terms of hot real estate: West Henderson, which many of the meeting’s attendees were saying is currently “the place to be” in terms of the region’s housing market. 

Panelist Neil Sansone of Henderson-based Sansone Companies noted that he was born and raised in the area and said he’s always felt that West Henderson had massive untapped potential that was only now just becoming realized. 

There is a lot of opportunity out there,” he said. “I don’t know why they called it ‘Old Henderson’, it was always just Henderson, so I guess it’s now West Henderson because it’s the last part of Henderson to develop out.” 

West Henderson’s footprint, as per reports, is considered as running “from Las Vegas Boulevard to the west, St. Rose Parkway to the north, the master-planned communities of Seven Hills and Anthem to the east, and the Sloan Canyon National Conservation Area to the south.” 

Laurie Norkus, a broker with NewMarket Commercial Real Estate, said that many developers consider West Henderson to be incredibly “hot” right now, and many of her clients have been asking her about the possibility of expanding its residential development, which people are increasingly willing to pay top dollar for. 

West Henderson is the place to be right now,” she said. “The landlords (in West Henderson) keep asking for pricing and I will give them the average pricing for Vegas, and they’re basically doubling it and they’re running with it and people are paying it. So I’m kind of excited about it and hopefully it doesn’t skew our comps (comparable real estate in the area) too badly, but we’ll see what happens.” 

Currently, West Henderson has a population of approximately 332,000 people, with experts estimating that number to increase to at least 500,000 or more by 2035 as development of currently unused land continues. 

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 incredibly unique new home has hit the Las Vegas real estate market whose eye-catching pirate theme should nonetheless catch the attention of the desert city’s landlocked landlubbers, boasting an affordable price that ensures it will most likely not remain up for grabs for any great length of time. 

The home, located at 501 Sam Jonas Drive near Alta and Buffalo drives and currently listed for $349,999, features 4 bedrooms and three bathrooms spread out over 6,969 square feet. From the outside it’s a fairly normal, run-of-the-mill looking residence; however, once you walk through the front door, you’ll find yourself transported to a nautical paradise that Blackbeard the Pirate himself would be proud to call home. 

The living room has a coffee table with a built-in ceiling-high mast with a sale attached to it; rustic wood accents are everywhere you look; there is a pirate ship-styled DJ booth complete with a cardboard cutout of Johnny Depp’s Captain Jack Sparrow character from Disney’s “Pirates of the Caribbean” movies; there’s a decorative wooden plank bridge; atmospheric mood lighting; and numerous helms, skulls, plants, and 3-dimensional painted murals abound. 

Have you been tirelessly scouring the seven seas in search of a legendary treasure? Well, look no further, for your quest ends here,” the listing says. “Prepare to set sail on an extraordinary journey as every inch of this home is intricately customized to fit the captivating pirate theme.” 

Despite the steadfast reverence to the old days of high sea piracy, the home is not lacking in modern amenities as well, including a recently updated roof and air conditioning unit. 

If your creative soul is seeking a truly unique and unparalleled abode, set your course for a true treasure that awaits your claim,” the listing says. 

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 – What’s the point in buying yourself a swanky new mansion in a high-end Las Vegas neighborhood if you don’t have a fancy sports car to park in front of it? That’s the marketing approach that one seller is taking, offering a free Ferrari along with the $4.8 million Henderson mansion he’s selling if the buyer in question meets or exceeds the residence’s listed price. 

Realtor Jordan Betten said that offering the fancy Italian sports car as an added bonus is an experiment; if successful, it’s something that he plans on expanding upon with his future luxury real estate offerings. 

This is definitely a thinking-outside-of-the-box approach towards selling Las Vegas luxury homes,” he said. “If this marketing technique is successful, we plan on including a Lamborghini with our next luxury listing coming up in MacDonald Highlands for $7 million.” 

The estate up for grabs is located at 22 Anthem Pointe Court, comes in at an impressive 8,414 square-feet in size, and boasts seven bedrooms and eight bathrooms. It also features a number of lush amenities, including a movie theater, climate-controlled wine cellar, outdoor pergola, sports bar, steam room, and a secret hidden library. 

22 ANTHEM POINTE COURT, HENDERSON – $4,800,000.00

The seller of the house also owns the Ferrari that is being offered, which is a 2010 California model with low mileage that is estimated to be worth anywhere between $100,000 and $115,000. This is certainly an enticing bonus item, and the idea for its inclusion in the sale was inspired by a question from a prospective buyer during an early showing of the residence, according to Betten. 

They asked when they saw the owner’s Ferrari parked in the garage, ‘Does the car come with the house?’ My response was, ‘Give us a cash offer at list price or higher, and we will get you the Ferrari included.’” he said. “We decided that even though the luxury market has been competitive with low inventory for buyers, especially for modernized and remodeled homes, why not add some icing on the cake to make our listing stand out?” 

See full listing details for 22 Anthem Pointe Ct, 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 – Las Vegas residents are being cautioned about a new trend that is sweeping across the nation involving brazen scammers clandestinely attempting to sell other people’s real estate right out from underneath them without their knowledge, a move that can obviously be extremely disorienting and distressing to the victims involved. 

One recent example of this fraud comes from Nevada’s neighboring state of California when Laguna Hills resident Bernie Gates received a shocking letter in the mail informing him that a property he had owned in Boulder City had been listed for sale in March for $175,000 – without his knowing about it – and had just found a buyer. 

The scammer had listed the property with a real estate agency, and then upon news of the sale a title company had sent Gates – still legally listed as the owner-of-record – a certified letter informing him of the transaction. 

Gates, quite understandably, was utterly blindsided since he had never listed the property for sale. He subsequently had the sale cancelled and notified the authorities, narrowly avoiding falling prey to a new form of fraud that Landmark Title of Nevada President Greg Hulett noted is especially worrisome due to the utter brazenness of its perpetrators. 

You hear about people stealing cars, but who the hell steals houses?” he said. “Who steals land?” 

While it may be difficult to understand how such a scam could actually take place in this day and age, experts say that attempting it can actually be fairly easy, as a fraudster attempting to sell another person’s property may not actually be required to prove they actually own it, at least initially. 

Nevada real estate agents are not mandated to verify that their clients own the properties they’re attempting to sell, as per state law; practically any individual can list a property for sale online without offering any proof whatsoever that it belongs to them. These scammers are also able to carry out sales utilizing phone and e-mail correspondence, and often will use fake forms of identification to hoodwink their victims into believing that they are the actual owners of the property in question. 

While some victims are able to discover the scam and thwart it before it is too late, others who fall prey to it are often forced to go through extensive court proceedings to get their property back; in addition, hoodwinked buyers often will have to file insurance claims to get their stolen money reimbursed, which can often be a lengthy and stress-inducing process.  

So, if you are a property owner or buyer in Southern Nevada – or anywhere else in the country – it pays to take extra precautions whenever buying or selling real estate and to make sure that the individual you are dealing with really is who they claim to be. 

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 mixed-use development comprised of retail shopping and a residential housing complex has been proposed at a 73-acre location in North Las Vegas that had previously the homes to two well-known casinos that have since been shuttered. 

Agora Realty and Management has entered a proposal with the North Las Vegas Planning Commission to re-zone the former sites of the Texas Station and Fiesta Rancho casinos – located at Lake Mead Boulevard and Rancho Drive – from resort-commercial to a residential mixed-use classification, in order to build “a mix of experiential commercial, recreation, hotel, retail, restaurant, and multifamily uses.” 

If the Commission approves the rezoning proposal, Agora plans on constructing what it has dubbed “North Las Vegas Sports Village,” which is slated to include what they refer to as an open-air “Champions Plaza” consisting of 450,000 square-feet of retail shops and restaurants, as well as a “vibrant mix of residential housing options for the community” offering 665 housing units, all of which they say will be constructed in phases. 

Some of the more unusual amenities that Agora is planning on building on the site include an ice skating rink, which is slated to be 100,000 square-feet in size, in addition to a sports field, “outdoor entertainment,” a convenience store, a car wash, a child care center, and a vocational school.  

100,000 square-feet of professional office space is also being planned by the developer as well. 

Agora also intends to replace the former casinos that had previously inhabited the property in some manner by asking the North Las Vegas Planning Commission for permission to acquire a gaming license and to construct a 150-room hotel; at least three beer and wine licenses and three liquor licenses have also been applied for. 

The North Las Vegas Planning Commission will consider Agora’s re-zoning request at its Wednesday, July 12 meeting. If the proposals are approved and construction moves forward, Agora anticipates employing at least 925 people to make the extensive and varied development a reality. 

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 mansion located in Henderson’s Ascaya neighborhood – a private luxury community overlooking Las Vegas – has sold for $20.5 million after having previously changed hands back in June of 2021 for $14.69 million, illustrating the high level of price appreciation in southern Nevada’s luxury home market in recent years. 

The hillside home had been featured in the Las Vegas Review-Journal’s “Real Estate Millions” column in 2018, where it was dubbed the “house of wow and water.” The one-story estate – designed and built by Sun West Custom Homes – is situated on a 2.27-acre plot of land and offers a total of 12,101 square feet of space. It features six bedrooms, six full bathrooms, and two partial bathrooms, as well as a mammoth six-car garage. 

Developer Sun West notes that the mansion boasts many resort-style amenities and caters to both indoor and outdoor living, offering breathtaking views of the famed Las Vegas Strip as well as local mountain ranges. 

The backyard has a 5,900 square foot swimming pool that has a cold plunge and a spa. The great room also features views of the Strip, and the house has an entertaining kitchen with a separate prep kitchen, a game room, theater, study, casita, sports court, and an outdoor kitchen. 

The listing for the Ascaya estate, provided by real estate broker Ivan Sher, describes the home as containing a luxurious aesthetic combined with the natural beauty of the desert surrounding Henderson. 

This is where modern luxury intertwines with breathtaking vistas. When you pull up your car to the porte-cochere you look toward the house and you have dead-on Strip views. Everything is massive in scale. It’s a best-in-class home,” the listing says. “The home is enhanced by six generously proportioned bedrooms, including a mini suite and a full casita, offering versatility and privacy for guests and loved ones, alike.” 

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 by online real estate brokerage Redfin, in June 2023 Las Vegas’ real estate marketplace experienced the largest year-over-year decline in the number of new home listings when compared to the rest of the nationwide market. 

Las Vegas came in first out of the 50 biggest United States metro areas when it came to the decline of new home listings in June, with a 47.5 percent decrease when compared to the same period of time one year prior. The remaining cities in the top five, in order, were Phoenix, Arizona (41.1 percent), Riverside, California (36 percent), Oakland, California (34.9 percent) and New Brunswick, New Jersey (34 percent). 

The main reason attributing to these numbers is due to a general lack of inventory of new homes across the country, with the resulting demand beginning to reignite a phenomenon that existed during the pandemic where homes are once again starting to sell for more than their initial asking prices.  

Redfin noted that the average sale to list price ratio has hit 100.1 percent, the first time this has occurred in almost a year. 

A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25 percent from a year ago and the total number of homes for sale down 12 percent as homeowners hang onto relatively low mortgage rates,” the report says. “Despite the double dilemma of low inventory and high prices, early-stage homebuyer demand is picking up.” 

In addition, Las Vegas also came in second among metro cities in terms of the biggest year-over-year drops of home sale prices in June; first place in that category was Austin, Texas, which saw a 9.8 percent decline when compared to June 2022, followed by Vegas (7.6 percent), Detroit, Michigan (6 percent), Oakland, California (5.9 percent)m and Fort Worth, Texas (5.7 percent). 

The top cities that saw the largest year-over-year home sale price increases were, respectively, Milwaukee, Wisconsin (11.2 percent), Providence, Rhode Island (8 percent), Newark, New Jersey (6.3 percent), Miami, Florida (6.2 percent) and West Palm Beach, Florida (5.5 percent). 

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 rental market in Las Vegas growing by leaps and bounds as of late, this positive situation has unfortunately also given rise to an equally hazardous one – an exponential increase in the number of rental scams, which have already cost would-be renters of homes and condos in the valley thousands of dollars. 

Patsy Wagner had wanted to move to Las Vegas; unbeknownst to her, the individual she contacted about a home they claimed to be renting was a scammer, who took her for a $950 down payment but then never showed up at the address to meet her in person. 

I cannot tell you how many times I sat there for two hours waiting for this scammer to show up and never showed up. He had excuses,” she said. “I never thought this would happen to me. I’m supposed to be smarter than that.” 

Unfortunately, Wagner’s experience mirrors that of a growing number of people in the Las Vegas real estate market as of late; experts say the problem is mainly caused by people who are not utilizing licensed realtors when looking for a rental. 

If they would have used a licensed realtor, I’m pretty confident that maybe none of them would have been scammed,” said one local realtor, who noted that he had had six clients who had come to him after being scammed out of as much as $3,000 beforehand. 

Many scammers prey upon their victims by creating a “phantom rental,” which is essentially a fake listing; some of them even manage to gain access to lock box codes to show houses to individuals who are interested in renting them, which adds a veneer of legitimacy to their attempted grift. 

Expert say that the best way to avoid being scammed when looking to rent a house or condo is to only deal with a licensed realtor, and to try not paying any money up front if possible. In addition, never wire money, don’t provide a security deposit or first month’s rent before signing a lease, and be especially wary of property owners or realtors who do not wish to meet you in person.  

In addition, if you are the victim of a scam, you can report it to the Better Business Bureau of Southern Nevada by clicking here. 

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 national property broker Redfin, Las Vegas, Nevada is currently among the top three destinations for family relocations in 2023 so far. 

The report notes that currently, a record number of metro-based homebuyers – 25.4 percent, to be exact – across the country are looking to pull up their roots and move to a different metro area, representing an increase year-over-year from 23 percent in 2022 and less than 20 percent prior to the COVID-19 pandemic. 

The main driving force behind the increase in migration for American families is the fact that mortgage rates are currently at record highs, driving up prices of housing and greatly increasing the need for many to move to more affordable areas where they can get more bang for their buck. 

The order of the top three areas where families are relocating to, according to Redfin, are Phoenix, Arizona; Las Vegas, Nevada; and Miami, Florida. These three cities have grown greatly in popularity because the average home is significantly less expensive than in major coastal metropolises such as New York or San Francisco, where the cost of housing has made life almost impossible for many middle-class families. 

However, despite Phoenix, Las Vegas, and Miami topping the list of the most attractive places for families to relocate to in 2023, Redfin notes that the overall number of homebuyers looking to relocate to new metro areas has actually decreased year-over-year by 7 percent – the biggest decrease on record so far – due to the fact that current skyrocketing mortgage rates have put off many Americans from actually purchasing new homes these days. 

However, the report notes that if people are willing to relocate, then they’re willing to move as far as it takes in order to score a bargain; in contrast, the number of homebuyers looking to relocate within their own home city or town has decreased also by a record-breaking level, in this case a whopping 18 percent.

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 – Out of the record-breaking 75 bills that were vetoed by Nevada Governor Joe Lombardo in June that pertained to housing in the state, the lone piece of legislation that he signed into law at that time – SB 381, which prevents landlords from charging tenants certain fees to perform repairs – is officially due to take effect on July 1. 

SB 381 officially mandates landlords to not charge their tenants any fees for repair work or regular maintenance required by Nevada state law, as long as the reason for said work is a part of normal wear and tear or are issues that otherwise occur naturally over the course of time. 

However, if the repairs or maintenance or as a result of purposeful action or negligence on the part of the tenant, their occupants or guests, then the landlord is allowed to charge any fees that are deemed necessary for the work involved to restore the property to its previous state. 

As per the new law, Nevada landlords are unable to recoup the costs of repairs from their tenants by either a “pass through” – meaning a combination of interchange fees, assessment fees and payment processor fees that can be bundled together or itemized on the monthly rental bill and charged to the tenant – or by direct reimbursement, as long as the repairs in question are required by law to be paid for by the property owner. 

One major aspect of the law that must be highlighted is that SB 381 only applies to fees and costs associated with habitability – defined in NRS 118A.290 – which maintains that the landlord “shall at all times during the tenancy maintain the dwelling unit in a habitable condition.” This concerns keeping the property in suitable or good enough condition to live in, such as ensuring proper waterproofing, plumbing is in working order, adequate heating and electrical, and so on.  

That being said, landlords should still be allowed to charge fees for issues not related to habitability, according to legal experts.  

Property owners and managers are encouraged to seek out legal counsel to ensure that their paperwork and practices are in compliance with SB 381, and make revisions where needed. 

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.