Category Archive : Market Updates

LAS VEGAS, NV – A real estate brokerage firm, Logic Commercial Real Estate, has been selected to sell five downtown Las Vegas properties that are owned by the estate of late Zappos CEO Tony Hsieh. 

The five properties that the firm will be attempting to find buyers for include The Downtowner boutique hotel; the John E. Carson office and retail building, along with the building’s adjacent parking lot; a six-unit retail property at the intersection of Las Vegas Boulevard and Fremont Street; a building on North Fourth Street that is occupied by Mexican-style eatery Nacho Daddy; and the Gold Spike bar and nightlife venue and adjacent Oasis hotel. 

Currently, no asking prices for the five properties have been publicly announced by Logic Commercial Real Estate; however, the firm’s President, Jeff Jacobs, noted Hsieh’s importance over the years to Southern Nevada, and said the utmost care would be taken in selecting the right buyers for his holdings. 

“We understand the importance of these properties and the significance of Tony Hsieh’s vision for revitalizing downtown Las Vegas,” Jacobs said. 

Hsieh had passed away in November 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 been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area. 

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 holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

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 initially announcing a deal in late April to purchase property off of the Las Vegas Strip in order to construct a $1.5 billion ballpark, the Oakland Athletics MLB team – who are following the NFL Raiders in uprooting and transplanting themselves from California to Nevada – reversed themselves this week and announced they have instead reached an agreement with Bally’s Corp. to purchase land currently occupied by the Tropicana Resort & Casino, where they will now construct their new baseball stadium.

The new home of the Athletics’ will now be on a nine-acre plot of land situated on the 35-acre Tropicana site, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage.

The A’s home stadium is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark would be in the hands of Bally’s, according to the company’s president, George Papanier.

“We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas,” Papanier said. “To be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip.”

Papanier noted that the development of the A’s new stadium would be steeped in the long-standing history of the site on to which it is to be erected, becoming an iconic landmark in the city of Las Vegas on par with the Tropicana itself.

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come.” he said. “We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”

The project is expected to cost $1.5 billion.

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 – Kerry King, the guitarist for the infamous thrash metal band Slayer, has listed his Las Vegas mansion on the real estate market for $4.3 million. 

The design of King’s home may surprise his many fans, with the lavish estate – complete with a clean, ultramodern, and boxy design aesthetic – running in contrast to the reputation Slayer has garnered since forming back in 1981, with the band known for their dark and blistering music and occult overtones. 

The Slayer co-founder’s onstage appearance also belies his choice in lavish accommodations, with the rocker typically decked out on stage in his signature forearm gauntlet – adorned with rows of large, spikey nails – while belting out his savage guitar licks. 

4195 BADURA AVENUE, LAS VEGAS – $4,299,000.00

King originally purchased the custom-built property brand new for $3,819,000 in 2020; his current asking price is now $4,299,000. The home comes in at a whopping 6,000 square feet and features five bedrooms, seven bathrooms, and a striking contemporary design. 

The residence features a floating staircase, floor to ceiling glass walls, wood floors, and clean lines; each room has glass pocket doors that all allow access to the backyard, which has a large pool. 

Of course, the home of a rock star would not be complete without numerous luxury amenities, including a deck-based sauna, a wine room, pool house, and an outdoor kitchen with a bar. And for buyers seeking cutting-edge technology, the house also includes smart home automation and numerous solar panels. 

The reason why King has placed the estate on the market is currently unknown. 

Slayer disbanded back in November of 2019 after playing their final show in Los Angeles, California; however, King remains active on the music scene, having recently been jamming with a new band that includes former Slayer drummer Paul Bostaph that will begin performing live later in 2023. 

Click here to view full listing details for 4195 Badura Avenue, Las Vegas

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

LAS VEGAS, NV – In a state known for pricey luxury real estate purchases, a Henderson mansion that is currently under contract could eclipse them all if the sale goes through, considering the property’s whopping $75 million asking price.

Located within the MacDonald Highlands – a series of affluent residential neighborhoods in Henderson – a lavish residence slated to be constructed by development firm Terra FirmaIs is under contract for the aforementioned record $75 million, and will be one of the largest luxury homes ever built in the Las Vegas valley, clocking in at an eye-popping 55,000 square feet.

The previous record holder when it comes to luxury sales in Las Vegas was a newly-built 15,000-square-foot home situated on 1.26 acres – also in MacDonald Highlands – that was purchased in 2021 for $25 million.

The deal for the potentially record-breaking home sale is due to close in mid-May, at which time it will officially appear in Clark County records.

The especially interesting part of this transaction lies in the fact that the home has not even been constructed yet; the design has yet to be finalized and is subject to change, but in its current configuration the residence is slated to be 55,000 square feet in size and standing either two or three stories with a total of 13 bedrooms.

The home will be constructed upon four combined lots for a total of 1.1 acres. The groundbreaking on the project is expected to take place in early 2024, and construction of the residence will take approximately two-and-a-half years, according to the developer.

Upon completion, the home will reflect a modern design aesthetic and possess many high-end amenities, such as a gym, a movie theater, a gaming room, sports court and swimming pool.

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 – Nevada lawmakers are working on new legislation that, if passed, would track and ultimately limit the purchasing power of corporate investors within the state’s strained housing market, with the proposal passing with bipartisan support out of a Senate committee last week.

Senate Bill 395 would authorize the Secretary of State’s office to establish a public registry of the corporations and limited liability companies that buy and own residential real estate in Nevada, and would cap said investments by those entities to 1,000 housing units annually.

Before being able to purchase residential property, businesses would be required to register with the Secretary of State’s securities division. Deeds would have to clearly list the corporate owner of the property and note that it is not being utilized as their primary residence.

State Senator Dina Neal (D-North Las Vegas) noted that the proposed law was born out of the necessity of needing to know exactly who major players are in the state’s real estate market, identifying which ones are making it harder for residents to purchase homes, and ultimately limit corporate purchasing power in the real estate market to alleviate that issue.

According to a report, approximately 25 percent of all single-family homes sold in Nevada in 2021 were bought by investors; recently, Nevada’s residential housing market has been a hotbed of investor activity, with only Georgia and Arizona topping it in that regard.

While Neal was drafting SB 395, she utilized the research of Shawn McCoy, director of the Lied Center for Real Estate and an associate professor of economics at the University of Nevada Las Vegas. McCoy noted that his research showed that many working-class families were consistently losing out on purchasing properties to corporate investors.

“I am meeting young people who make $78,000 and they cannot find a home,” said Neal. “They cannot bid (against investors). They don’t have the money. The market is so out of their price range. Who wants to pay $3,000 a month for their first home? Nobody. It’s unsustainable.”

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’ infamous “Underground House” – a “doomsday bunker” built 26 feet underground in 1978 by Avon cosmetics executive and subterranean living enthusiast Jerry Henderson – is still languishing on the market since it was first listed in 2019 for $18 million. However, the asking price has recently been lowered due to the lack of takers, with the seller now asking just $5.9 million for the one-of-a-kind dwelling. 

The 5,000 square-foot underground house originally cost $10 million to build, and is situated within a 15,000 square-foot steel-reinforced concrete bunker. Despite its intended purpose being to survive a potential nuclear holocaust, the house – which retains its authentic 1970’s design aesthetic to this day – features numerous amenities, including a pool, terraces, a waterfall, a generator, and a 1,000-gallon water tank. 

3970 SPENCER STREET, LAS VEGAS – $5,900,000.00

Included in the deal is also a 2,300 square-foot, two-bedroom house located above-ground that serves as a gateway to entering the underground house. The property’s current owners – The Stasis Foundation, which reportedly advocates for cryogenics, or the practice of freezing humans for scientific purposes – are represented in the sale by Stephan LaForge of Berkshire Hathaway. 

LaForge said that the recent price reduction “reflects the range of offers the property has received since being listed.” However, he noted that it would cost up to eight times its current asking price to build a comparable property. 

Previously, the property sold in 1990 for $1.3 million after Henderson passed away, and again in 2005 for $2 million. The Stasis Foundation purchased it in 2014 for $1,150,000. 

The underground house has two bedrooms and three baths, a vintage 1970’s-style kitchen, a large living room with beamed ceilings, a stone fireplace and a theater. Natural lighting patterns are automatically maintained to simulate the passage of daytime into night, and a faux “backyard” is accessible via sliding glass doors and features artificial grass, trees, a swimming pool, a fountain, BBQ, and small cottage. 

Click here to view full listing details for 3970 Spencer Street, 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 new report released by a national moving company indicates that Las Vegas, Nevada currently ranks as the second-highest location in the United States that both people and businesses are moving to.

In its 13th annual top moving destinations list, Penske Truck Rental noted that – for the second year running – Las Vegas was the second most popular city for customers to rent its moving trucks for a one-way trip in 2022, indicating that these travelers were intending to stay at their destination permanently.

Houston, Texas topped the company’s list as the country’s most popular one-way moving destination for the second year in a row. Third, fourth, and fifth places were held by Orlando, Phoenix, and Atlanta – the city’s first appearance on the list since 2020 – respectively.

In 2022, approximately 27.3 million people moved in the United States according to the U.S. Census Bureau, representing a 4 percent year-over-year increase.

In recent years, Las Vegas has been experiencing a great influx of new residents from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases; a new report also indicates that more and more individuals from a wholly unexpected state – Florida – are also making the decision to relocate to Southern Nevada as well, for a variety of reasons.

One of the reasons that Southern Nevada is growing in popularity with Floridians, reports say, is that it offers the same business-friendly environment as their native state – as well as similar low cost of living benefits – but without the regular threat of natural disasters such as hurricanes and tropical storms threatening both property and well-being.

The fact that Las Vegas has slightly cheaper real estate prices overall when compared to Florida – allowing new transplants to get more bang for their buck – is another strong motivating factor, according to experts.

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 – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

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 home of famed magician David Copperfield – situated on “Billionaires Row,” known for its many high-priced mansions owned by celebrities and business magnets – was listed in February for $5.25 million and was quickly bought, with reports indicating the hot property will close within the coming days following intense interest from several buyers. 

Billionaires Row – located near the Las Vegas Strip – has seen high-powered individuals such as Mike Tyson, Clark Gable, Carole Lombard, Phil Ruffin, the sultan of Brunei, and Wayne Newton call it home over the years. 

Copperfield’s former residence – an estate located within the gated Marquis Community at 6755 Agave Azul Court, which served as the magician’s secondary residence as part of his four-year contract with MGM – is a lavish 8,228-square-foot four-level custom estate.  

The property sold within just two weeks of being put up for sale, and experts say it is expected to close in early May. The quick turnaround on the listing, according to experts, is due to it being exceedingly rare for any of the homes on Billionaires Row to be put up for sale; on the occasions they do become available, they are often snapped up very quickly. 

Custom built by Las Vegas-based developer Blue Heron and California-based firm Danielian Associates, the estate was considered ahead of its time when it was first constructed, utilizing insulated concrete for the home’s frame, solar thermal power, and an energy-efficient cool-roof system. Compared to conventional building techniques, the home – located on a half-acre plot of land – achieved a 76 percent reduction in energy use. 

In addition, the home features two primary suites, three en suite guest rooms, an executive office and an elevator. The backyard boasts a vanishing-edge swimming pool with a swim-up bar, spa, sunken outdoor kitchen and a detached Zen casita with pocket doors that hide away. 

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.

HENDERSON, NV – One of the most appealing parts of living or spending time in Las Vegas is the feeling of luxury. While some permanent residents opt to purchase large homes in the area, rental properties can also pack the same iconic Las Vegas glitz and glam. 

For instance, just outside of Las Vegas sits the most expensive rental in the area — a 15,000-square-foot megamansion. The sprawling complex sits on over 2 acres of land in Henderson. 

Along with a great, unobstructed view of the strip, the property also features a stunning look at the surrounding mountains. However, the amenities of the megamansion don’t stop there, as the compound also boasts unique features like an 18-car garage and a chef’s kitchen with two islands. 

Those looking to enjoy the great outdoors can do so by taking a dip in the property’s 50-foot-long edgeless pool. Once finished soaking, the spa is the perfect relaxation spot before heading inside. 

Potential tenants who love to entertain will be happy to hear the mansion has a rooftop party deck with beautiful views of the area, especially at night when the strip shines the brightest. The deck area also features a pizza oven and a barbeque area for grilling. 

The inside of the home has room for multiple family members with access to seven bedrooms and 11 bathrooms. Families with kids and teenagers will notice many fun areas of the house for everyone to enjoy including:

• Bowling alley
• Movie theater room
• Indoor basketball court
• Wet bars and wine closets with wine or soda on tap

If you and your family are looking for a dream house that embodies Las Vegas, this megamansion is a great place to visit. 

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 baseball season in full swing, we have already seen several interesting storylines. However, the one that has generated the most buzz doesn’t have much to do with the game itself. Instead, it has to do with the relocation of the Oakland Athletics to Las Vegas.

In a move that shocked most of the baseball world, the Athletics agreed to a contract with the city to allow them to build a new stadium just west of the Las Vegas Strip. While this is good news for sports fans in the area, it could also have a tremendous impact on the surrounding real estate. 

According to Nicholas Irwin, an Assistant Professor of Economics at UNLV, adding a new professional sports team to the area would cause the land nearby to be worth more. However, Irwin did have the following to say about the advantages and disadvantages of the Athletics coming to town:

“If land prices do go up, it would push some people out of the area. It could lead to more commercial activity in the area as well. You never really know what type of impact it will have on the city as a whole until it comes in and you see the aftereffects.”

While many residents are excited about the news, there is one thing many people are worried about — traffic. The traffic situation in Las Vegas is already stressful for many tourists, and a bad situation could worsen with the addition of the baseball team. 

County Commissioner Jim Gibson stated that his team plans on reviewing all transportation options to ensure the city is prepared for the influx of visitors and fans. 

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.