Category Archive : Market Updates

LAS VEGAS, NV – Lawmakers have proposed new legislation that, if passed, would result in higher property tax increases for Nevada homeowners. State Senator Dina Neal (D-North Las Vegas) has introduced Senate Bill 96, which proposes setting the floor at 3% for residential property tax increases, which she said would be a way to provide security for the budgets of local governments if a looming recession comes to pass, a possibility predicted by many financial experts. 

“The bill was set up to stabilize revenue and make sure that the local governments, if a recession does come in the future, that they will not lose revenue but that they will maintain 3 percent all the time,” she said. 

Previously, before the mid 2000’s recession, property tax increases in Nevada resulted in a great deal of financial hardship for many residents, forcing some to sell their homes. The Nevada Legislature attempted to combat this issue in 2005 by capping tax increases at up to a 3% maximum for owner-occupied, single-family homes; commercial and rental properties had their tax increases kept at up to 8%. 

However, Neal’s bill would see residential property taxes for Nevada residents increase at a rate of 3% annually; commercial and rental properties would have their increases capped out of rate between 3 and 8%. 

The purpose of the bill, according to Neal, is to prevent property tax rates from dipping below the 3% mark. 

While some groups have spoken out in favor of the legislation – including the Nevada Association of Counties – it also predictably garnered a great deal of backlash as well. The Nevada Republican Party, the state Independent American Party, the Libertarian Party of Nevada and Americans for Prosperity, among others, have protested the potential of raising property taxes on Nevada residents. 

“Nevada does not have a revenue problem. It has a spending problem,” said Nevada Republican Party Executive Director Alida Benson. “It is outrageous that this bill, which will target Nevada families who are already suffering under the heavy burden of out-of-control cost-of-living increases, is even being considered.” 

It is unknown if the bill will ultimately become law. Since it would increase tax revenue to the state, it would require a 2/3 majority vote. In addition, Governor Joe Lombardo has repeatedly pledged not to raise taxes on his constituents, giving Senate Bill 96 a significant uphill climb if it is to be passed. 

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 – Expanding their footprint in Southern Nevada even further, the Las Vegas Raiders NFL team recently purchased an office and warehouse building across the street from their home of Allegiant Stadium, spending approximately $10.6 million according to property records.

The Raiders had already been utilizing the 33,000 square-foot building in question – located at 5525 Polaris Avenue – after having signed a 10 year long rental agreement in 2020 with brokerage firm Colliers International. However, for undisclosed reasons, the Raiders have instead opted to purchase the property outright.

To date, the Raiders – along with team owner Mark Davis – have amassed an impressive array of real estate transactions in Southern Nevada since transplanting the team there in 2020.

Initially, the Raiders purchased over 60 acres of land near the famed Las Vegas Strip in 2017 for 77.5 million; it was there that they constructed Allegiant Stadium, their 65,000 seat, $2 billion home stadium.

After that, they purchased an additional 55 acres in Henderson for approximately $6 million in 2018, where they then constructed a 300,000 square-foot practice facility and headquarters complex; however, in early 2020 they sold the complex for $191 million, only to subsequently lease it back from its new owner.

Then, in 2019, the Raiders purchased just over 17 acres of property within a mile of Allegiant for $28 million, in order to utilize it for stadium parking. 2020 saw the team buy an additional 3 acres west of the stadium for $16 million, as well as three industrial buildings next to their Henderson headquarters for over $56 million.

Davis has been buying and selling a great deal of real estate in Vegas on a personal basis as well; he has purchased both undeveloped land and a condo in the exclusive Summit Club community, only to later turn around and sell both before buying a 6.8 acre site in Henderson’s Ascaya community, where he is currently building a three-story luxury estate.

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 – Despite having only just been listed on the market in early March, the Las Vegas-based “Jungle Palace” mansion of late entertainer Roy Horn – of “Siegfried and Roy” fame – has officially and quickly been sold for its impressive asking price of $3 million.

The estate, located at 1639 Valley Drive, was home to Horn – who lived there with the tigers and lions that were part of Siegfried & Roy’s iconic stage performances – until his death at the age of 75 in May 2020 due to complications from COVID-19.

Horn’s partner, Siegfried Fischbacher, lived a few miles away on an 80-acre compound called Little Bavaria, and passed away in 2021 from pancreatic cancer.

Previously, the estate had been targeted for demolition to make way for an apartment complex; however, those plans quickly changed, with the property subsequently being kept intact and listed for sale instead.

The Jungle Palace features a Moroccan-theme with an 8,750 square-foot main house along with three guest houses, three pools and a jacuzzi, six electric gates, two detached studios, a bird sanctuary, and multiple animal enclosures.

All of the houses on the property are stuffed with treasures and memorabilia – including a 5,000-pound silver tiger from India, Persian rugs, and gold candelabras gifted to them by Liberace – collected by Siegfried & Roy over the course of their iconic career as magicians and entertainers, where they were best known for their appearances with white lions and white tigers.

Siegfried & Roy had a residency at Las Vegas’ Mirage Hotel for 13 years but were forced to end their performances after Roy sustained an injury from one of the tigers on stage in 2003. 

The Jungle Palace was originally constructed in 1954 and later bought by Horn in 1982; following his death, a private firm purchased the estate in 2022 for $1.87 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 – While Las Vegas has been seeing a great influx of new residents in recent years from neighboring states such as California who are looking to escape high taxes and exorbitant cost of living increases, a new report 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. 

In 2022, approximately 5 percent of new residents in Las Vegas were transplants from Florida; while far less than the 38.3 percent that had relocated from Florida that year, it nonetheless represented a higher-than-average amount than from other regions, the first time this has been the case. 

According to Zar Zanganeh, a managing partner with The Agency in Las Vegas, one of the reasons that Southern Nevada is growing in popularity with Floridians is that it offers the same business-friendly environment and 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. 

Lots of people on the East Coast automatically think of Florida when they’re looking for a friendly business environment and no state income tax,” he said. “Some of them start to explore other places if they aren’t sure they want to stay in Florida and discover that Nevada offers the same financial benefits as Florida.” 

The big benefit of Las Vegas compared to Florida and other places is that there are zero natural disasters here,” Zanganeh continued. “No hurricanes, no earthquakes, no tornadoes, no landslides and no wildfires.” 

Some local realtors are also reporting that a number of former Las Vegas residents who moved to Florida actually started moving back to Sin City after the highly-destructive Hurricane Ian hit the Sunshine State in late 2022. 

And finally, another draw for Floridians is the fact that Las Vegas has slightly cheaper real estate prices overall, Zanganeh said, allowing new transplants to get more bang for their buck. 

“There aren’t as many multimillion-dollar condos in Las Vegas as there are in places like Miami,” he said. “Our prices in the luxury market average around $1,000 per square foot, but some are well over $2,000 per square foot. Dollar for dollar, our prices are a little better than Florida, but usually luxury buyers are making a pretty equal trade.” 

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 – Per a new report released by an industry group, home prices in Las Vegas leveled off in February as the available inventory continues to grow, showing definitive signs that the housing market in Southern Nevada is starting to stabilize after several years of rapid growth.

The median price for an existing single-family home in February was $424,995, which is nearly the same exact number as the median price in both February 2022 and January 2023, reports say.

Meanwhile, the median price for condominiums and townhomes sold in Las Vegas in February was $255,000, holding at the same number as January but slightly lower overall year-over-year.

Home prices holding steady comes amid a rising amount of available inventory; at the end of this past February, there were 4,665 homes listed for sale without any offers, which represents a 168 percent increase over February 2022.

In terms of condos and townhomes, there were 1,155 properties listed without offers, which is an increase of over 265 percent year-over-year.

Lee Barrett, president of Las Vegas Realtors, said in a news release this week that the city’s housing market is indeed showing signs of stabilization after years of skyrocketing prices, which should be an encouraging sign to those with affordability concerns.

“The local housing market is much more balanced now than it has been in recent years,” Barrett said in the release. “Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized, and we have more homes on the market.”

Barrett also noted that the bump in home sales from January to February was a positive sign that the market is heading in the right direction, even as the interest rates on home mortgages continue their climb to nearly 7 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 – 2022 continued the trend in Las Vegas of strong sales of luxury homes – a situation that has become common into 2023 with the top spot being held by the purchase of a $14.5 million bungalow by Hollywood A-list actor Mark Wahlberg, along with numerous other sales throughout the year.

Despite rising mortgage rates slowing down homes sales in Southern Nevada overall, the luxury market has shown zero signs of hitting the brakes.

According to Las Vegas-based Home Builders Research, there were 544 closings of new homes worth $1 million or more during 2022, which represents a 26 percent increase over 2021, when 432 homes in that price range were sold. In addition, 313 luxury homes were sold in 2020 and 247 in 2019, illustrating that the market continues to climb as the years go on.

In contrast, the overall new home market in Las Vegas saw closings decrease 1.6 percent over the course of 2022, which reports say was driven by the increased cost of building materials and labor, as well as increased interest rates on home mortgages.

However, experts say that the luxury market in Las Vegas has continued to thrive due to the simple fact that buyers in that category are typically quite affluent, and often purchase them with cash; in cases where they do not, the increased interest on home loans as of late often does not function as a deterrent, due to their wealthy status.

Aside from Wahlberg’s purchase of a $14.5 million bungalow in The Summit Club – the exclusive resort community in Summerlin – some of the top sales of 2022 also include a Sun West Custom Home that sold for $6.02 million in Ascaya, and a residence on Boulderback Drive also in Ascaya that went for $6 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 8-acre estate of Roy Horn, one-half of the late famed entertainment duo Siegfried & Roy, has hit the Las Vegas marketplace for $3 million.

The estate, located at 1639 Valley Drive and dubbed “Jungle Palace,” was home to Horn – who lived there with the tigers and lions that were part of Siegfried & Roy’s iconic stage performances – until his death at the age of 75 in May 2020 due to complications from COVID-19.

Horn’s partner, Siegfried Fischbacher, lived a few miles away on a an 80-acre compound called Little Bavaria, and passed away in 2021 after a battle with pancreatic cancer.

The Jungle Palace was originally constructed in 1954 and later bought by Horn in 1982; following his death, a private firm purchased the estate in 2022 for $1.87 million and is now looking for sell it off.

The residence features a Moroccan-theme with an 8,750 square-foot main house along with three guest houses, three pools and a jacuzzi, six electric gates, two detached studios, a bird sanctuary, and multiple empty animal enclosures.

1639 VALLEY DRIVE, LAS VEGAS – $3,000,000.00

What is causing some to scratch their heads, however, is the fact that the estate is not being advertised as the former residence of Roy Horn in its Redfin listing for an unknown reason, as many would consider that a major selling point.

Horn famously allowed his lions and tigers to sleep with him in his bed as he was rising them – transferring them to an enclosure when they reached one year in age – and often would swim with them in the estate’s pool.

German-American magicians and entertainers, Siegfried & Roy gained great fame throughout the 1990’s and early 2000’s for their exciting shows at the Mirage Resort and Casino featuring magical illusions and appearances with white lions and white tigers. The duo retired following Horn’s career-ending injury on his birthday on October 3, 2003, when a white tiger used in their act named Mantacore attacked him.

Click here for full listing details for 1639 Valley Drive, 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 – Noted television writer, producer, and author Anthony Zuiker – best known as the creator of the hit television franchise CSI: Crime Scene Investigation – has purchased a lavish $6 million hillside estate in Las Vegas, located within the prestigious MacDonald Highlands in the popular Las Vegas suburb of Henderson.

The Cliff House, originally built in 2019, is situated upon a half-acre plot of land next to a golf course and features stunning views of the Las Vegas Strip. The residence comes in at 6,099 square feet in size, with four bedrooms and four bathrooms, along with an additional powder room.

Among the many amenities that The Cliff House boasts include a courtyard entry, a six-car garage, and an expansive open-plan living space with 14-foot ceilings, several linear fireplaces, and large-scale marble-like porcelain floor tiles.

There’s also a wine bar and a glass-enclosed wine cellar along with a glass-enclosed home office, as well as an open-concept kitchen with marble-like quartz countertops and high-gloss cabinetry.

An especially unique aspect of The Cliff House is the inclusion of an array of automated floor-to-ceiling glass panels that can be retracted at the touch of a button, opening up the interior of the home to the backyard and its infinity-edge pool and spa, two fire lounges and an outdoor kitchen.

Zuiker, 54, is responsible for the creation of the hit CSI: Crime Scene Investigation, a series of procedural forensics crime drama television shows. The first three CSI series follow the work of forensic scientists as they unveil the circumstances behind mysterious deaths, while the fourth series, CSI: Cyber, emphasizes behavioral psychology and how it can be applied to cyber forensics.

Zuiker, who sold a big house in Lake Arrowhead, California a few years ago at a small loss, also has long-standing real estate ties in Malibu.

LAS VEGAS, NV – Following a lawsuit filed by the Greater Las Vegas Short-Term Rental Association (GLVSTRA), aspects of Clark County’s new regulations governing the local short-term rental industry have been ruled by a District Court judge as being unconstitutional.

GLVSTRA’s lawsuit sought to temporarily block a law set into place in the form of a Nevada legislature bill known as AB 363, which added new ordinances in June 2022 regulating short term rentals in the state. In turn, unincorporated Clark County was subsequently tasked with handling oversight of the industry within its borders and was mandated to create their own set of regulations.

However, GLVSTRA founder Jackie Flores said that the new regulations – both on a local and state level – clearly infringe upon the rights of property owners who wish to rent out their residences via services such as Airbnb and Vrbo.

Last week, Judge Jessica Peterson granted GLVSTRA a temporary injunction. The regulations that have been ruled unconstitutional include signing the business license application under penalty of perjury, inspections with little or no notice, vague definitions of what constitutes a “party” or a disturbance, and the issuance of “discretionary fines and penalties.”

“The Court specifically finds that certain provisions within the Ordinance are unconstitutionally vague and overbroad and fail to provide notice sufficient to enable a person of ordinary intelligence to understand what conduct is prohibited,” Judge Peterson wrote in her ruling. “Accordingly, the provisions of the Ordinance identified in this Order shall hereinafter be enjoined from enforcement and implementation.”

However, the injunction does not stop Clark County from issuing licenses, with the six-month application process concluding in March; over 500 individuals have applied for a short-term rental license so far.

Judge Peterson’s orders are separate from GLVSTRA’s lawsuit. The next steps in the organization’s lawsuit are currently not known.

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 Strip will be getting a interesting new entertainment option soon, as The Bottled Blonde chain of pizzerias and beer gardens has announced they will be building a lavish $50 million nightclub upon the famed boulevard in the fourth quarter of 2024, the franchise’s first foray into Southern Nevada.

The Bottled Blonde Las Vegas will be situated within a 25,000 square-foot standalone building in the Grand Bazaar Shops, next to Horseshoe Las Vegas, and will be comprised of three floors with an open-air rooftop lounge that will offer unobstructed views of the Bellagio fountains.

Several existing buildings on the Strip will be destroyed to make way for The Bottled Blonde’s construction.

The Bottled Blonde – owned by Arizona-based Evening Entertainment Group – currently has 25 bars and restaurants across the country – including in Dallas, Houston, Ft. Worth, and Miami – with media outlets referring to the franchise as “highest-grossing standalone bar in Texas.”

A location is also currently under development in Nashville.

The Bottled Blonde offers a plethora of menu options such as chicken wings, salads, and pizzas, but the main draw of the establishment is its late-night club atmosphere.

The Bottled Blonde Las Vegas is currently being developed by Evening Entertainment Group and Creation, a Phoenix-based real estate development and investment firm; according to Evening Entertainment Group co-owner Les Corieri, bringing the chain to Las Vegas has been in the cards for some time now.

“This project has been a long time coming, and we couldn’t be more excited to bring the Bottled Blonde experience front and center to the Las Vegas Strip,” he said, adding that the establishment will stand out from the other fare on the Strip because of its prominent location on the corner of Las Vegas Boulevard and Flamingo Road.

“Our visibility is much better than most people,” he said.

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

LAS VEGAS, NV – The luxury real estate market in Southern Nevada recorded its top transaction in January when Mark Davis, owner of the Las Vegas Raiders NFL team, sold his Summit Club condominium for an impressive $10.5 million.

Davis’ condo was built in 2021 and comes in at 2,662 square feet in size, with two bedrooms and three baths; reports say that he sold the dwelling in order to live full-time in his upcoming $14 million home at 77 Sunset Strip in the Henderson hillsides of Ascaya.

Previously, Davis has purchased a 1.21-acre lot in Summit Club for $8.5 million in 2017, but instead of building a home as was his original intention, he instead sold the lot for $10.5 million in July 2020, stating at the time that he had changed his mind because – part-way through the design process – he realized he would be unable to see the Raiders’ Allegiant Stadium, which was “starting to drive me crazy,” Davis said.

The Ascaya residence is currently under construction by luxury builder Blue Heron on a 6.3-acre plot of land that Davis purchased for $6 million.

Overall, 75 homes in Las Vegas and its surrounding areas worth at least $1 million or more sold in January; this eclipses the 71 sales the luxury market saw in November and 67 in December, but still a far cry from the eye-opening 122 closings in January 2022 and 86 closings in January 2021.

In addition, January saw five sales of properties that were valued at $5 million or more; Davis had originally listed his condo for $13.5 million after having paid $5.3 million for it in March 2021.

Coming in second for January’s luxury sales after Davis’ condo is a home on Flying Cloud Lane in Azure at The Ridges in Summerlin for $8.2 million; the 9,930 square-foot residence features five bedrooms and a five-car garage.

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 results of a new study have indicated that Las Vegas is in the top five “dream cities” in the United States that people moved to in 2022, cementing the fact that Southern Nevada has become a highly desirable location for people to relocate to for a number of reasons, including cost of living and a thriving job market. 

Home Bay, a real estate website, polled 1,000 Americans as to what they would consider to be the ideal city to move to based on several different factors, and Las Vegas was listed as number four out of the top five locales people would be all too happy to uproot themselves in favor of. 

The poll indicated that if money was not a factor, 15 percent of those polled would rather move to Las Vegas than continue residing in their current location. 

The top five “dream cities” that Americans would like to relocate to are as follows:  

• Los Angeles, CA — 19 percent 
• Atlanta, GA — 18 percent 
• Austin, TX — 17 percent 
• Las Vegas, NV — 15 percent 
• Miami, FL — 15 percent 

Los Angeles, Atlanta, Austin, Las Vegas, and Miami are still the hottest tickets in the country,” the report states. “This is based on survey data from 1,000 Americans who said they’d move to these cities first if money were no object. Although these are already major metros, they’re all experiencing growth in their populations.” 

Las Vegas has a plethora of reasons for being a “dream city” to relocate to, including an affordable cost of loving, a booming local economy, an exciting downtown, a competitive real estate market, and a thriving job market, with scores of businesses moving to the city in recent years to take advantage of its “business friendly” tax structure. 

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.