Category Archive : Market Updates

LAS VEGAS, NV – Two new high-rise luxury apartment complexes in Las Vegas – the first such projects slated to be erected since prior to the mid-2000s recession – have driven home the very real demand for high-end accommodations in the city, with the two projects already fetching a combined total of over $600 million in sales before even a single brick has been laid.

Construction for the two projects – Four Season Private Residences Las Vegas in MacDonald Highlands in Henderson and Cello Tower in downtown Las Vegas – is planned to begin at the end of 2024. Four Season, with an anticipated completion date of late 2026, has nonetheless already recorded $542 million in sales, with 97 of the 171 units sold so far; meanwhile, the 240-unit Cello Tower has already exceeded $100 million in sales, reports say.

The two-tower Four Season project – designed by Wimberly Allison Tong &Goos (WATG) – will have residences that range from 2,279 square feet to 8,349 square feet and offer numerous luxury amenities, including semi-private elevators, private garages, furnishings by Wimberly Interiors, customizable terraces with outdoor kitchens, and social gathering and dining areas.

In addition, residents will have access to three multi-level resort-style pools, fine on-site dining and event spaces, while owners of larger units will have the option of having their own private outdoor pool.

Prices at the Four Season range from $3.67 million for two-bedroom units, all the way up to $28.95 million penthouses.

Meanwhile, the 32-story Cello Tower – located on the grounds of the Origin at Symphony Park mixed-use enclave in downtown Las Vegas and designed by architecture firm Perkins Eastman – will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two-bedroom residences that will start at $700,000 and up.

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities.

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 – Recently, the Chair of Nevada Democrats’ senior caucus, Donna West, along with Assemblywoman Sandra Jauregui (D-Las Vegas), jointly announced that they will be drafting a new rent control bill that they will attempt to make into state law, despite the fact that Republican Governor Joe Lombardo vetoed an identical measure after it landed on his desk during last year’s legislative session.

The proposed legislation – titled AB298 – would limit the amount rent can be increased for senior citizens and individuals with disabilities to 10 percent. In addition, it would also require landlords to reimburse prospective tenants for any unused fees they are charged during the housing application process, such as those charged for conducting background checks if said checks are not, in fact, carried out.

The bill would also mandate landlords to list all charges and fees up-front in lease agreements.

The proposed bill is exactly the same as the one Lombardo gave the ax to in 2023 – then titled SB275 – after it had been approved by both the Nevada Senate and Assembly. The governor defended his veto at the time, claiming that rent control could result in housing shortages, less property maintenance, and lowered government property tax revenue.

Jauregui, however, said that the rising rents in Southern Nevada are causing financial hardship for many residents, and that rent control is one way to combat affordability concerns.

Over the past few years, housing costs in Nevada have skyrocketed, pushing too many people to the brink,” she said. “Every Nevadan is being priced out. One of the things that I heard when I was going door to door was, ‘Hey, I’m applying for a place and I’ve applied for 10 places, which is $100 per application, which is $1,000 that just ate into my security deposit.”

According to Rent.com, the current average apartment rent in Las Vegas is $1,288 per month, which represents a 0.6 percent decrease year-over-year; this number is 17 percent lower than the national average of $1,558.

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 a local industry group, the prices of homes in Southern Nevada continued to drop in October for the second month in a row, while condominiums and townhomes – prices of which already hit an all-time high last month – continued to set records.

As per Las Vegas Realtors (LVR), the median price of a pre-existing, single-family home in Las Vegas in October 2024 was $475,531; this represents a $4,369 decrease from September 2024, when that amount was $479,900, itself a $100 drop from August. However, October’s house price numbers represent a 5.9 percent increase year-over-year from October 2023, when the price of a home was $449,000.

Currently, the region’s all-time record for single-family homes is $482,000, originally set in May 2022.

In contrast, October’s median price for condos and townhomes set an all-time record for the second month in a row, hitting $315,000 after reaching their highest level in history at $299,500 in September, with that number, in turn, surging a whopping $7,500 over August’s $292,000. October’s condo and townhome numbers represent a 14.3 percent year-over-year increase from October 2023’s price of $275,500.

LVR President Merri Perry Noted in a news release that many buyers had put their purchasing plans on the back burner while awaiting the outcome of the 2024 presidential election; now that that contest has been decided, she said she anticipates it to have a very distinct impact on the real estate scene, both in Las Vegas and nationwide.

It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans,” Perry said. “As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”

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 – One of the major hot-button topics that may affect the outcome of the 2024 presidential election on Tuesday is said to be the housing crisis currently plaguing the Las Vegas Valley – and the affordability concerns that are driving it – due to a growing lack of land available for new development, experts say.

According to John Tuman, Executive Associate Dean of the College of Liberal Arts and Professor of Political Science at University of Nevada, Las Vegas (UNLV), Latinos, who make up a rapidly-growing demographic in Nevada – 30 percent of residents currently identify as such, with the group estimated to contribute 20 percent of the state’s total votes in the upcoming election – have expressed concern inflation, rent, and housing affordability, with those factors said to be influencing their voting.

Normally, Latinos tend overall to vote Democrat, but recent polls indicate that former President Donald Trump has been making progress with this demographic while campaigning this year as opposed to his opponent, current Vice-President Kamala Harris, Tuman said.

There’s been a lot of debate about whether or not Trump has made inroads with Latinos nationally,” he said. “I think there is evidence that he has, but it’s very sensitive to the states that you’re looking at. Latinos as a group are not monolithic and the demographic composition of different Latino population varies across different states. And so I always try to caution, not to generalize for example from what we’re seeing in Florida or even in South Texas to Nevada.”

However, affordability concerns when it comes to housing isn’t confined to Latinos, Tuman said; indeed, people from all walks of life are expressing the same fears, with the recent number of Californians fleeing the high taxes in their home state for the lower cost of living in Nevada subsequently eating up housing inventory and driving up prices as a result.

We’ve had an influx of people from California who took equity out of their homes and then have driven up new home prices and also existing home prices in different parts of the Las Vegas metropolitan area,” Tuman said.

In addition, research suggests that in as soon as eight years, the valley could exhaust its supply of land for development unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing construction, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

The stance of both candidates on this topic this Tuesday represents a yet another huge factor when it comes to influencing the votes of Southern Nevada residents, with both stating they are in favor of releasing more federal land in the state for housing development.

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 both high housing costs and home mortgage rates driving affordability concerns upon the part of prospective home buyers, Las Vegas-based builders are hoping that the recent rate cut implemented by the Federal Reserve will make the act of purchasing a home in Southern Nevada more economically feasible going into 2025.

In a report released earlier in October, Las Vegas Realtors (LVR) stated that the cost of townhomes and condominiums had reached $299,500 in September, an all-time record high for the region. In addition, exiting single-family homes also approached record highs as well, reaching $479,900 in last month, just shy of the all-time record set in May 2022 of $482,000.

However, when it comes to the price of brand-new homes in the Las Vegas Valley, Home Builders Research reported that that number in September was $550,000 – yet another all-time record – which represents a year-over-year jump of 8 percent. New Townhomes also peaked in price in September at $393,990.

However, as time goes by and the Federal Reserve releases further cuts to interest rates, builders in Las Vegas anticipate not only the cost of constructing homes to correspondingly go down, but – most importantly – builders’ preferred lenders have the ability to offer buyers lower interest rates; those rates will only go down further as more rate cuts are implemented. This is opposed to sellers of existing homes, who would not have the luxury of lowered rates on par with those of new homes.

This, according to Charlie Dougherty, Wells Fargo Senior Economist, is why the new home market in Vegas is currently outperforming the existing home market; due to the lower rates, buyers are simply able to get more while comparatively paying less.

Builders are able to offer pricing incentives that bridge the affordability gap for buyers,” Dougherty said. “Builders have been able to offer a mortgage rate buy-down that helps attract buyers very concerned about affordability issues. Interest rates are certainly a big part of why existing home sales have been sluggish.”

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 study released this week, the number of new real estate agents entering the industry in Nevada is at the highest level in the entire nation, testament to the high level of property transaction activity within the Silver State.

As per a new study put out by Flatworld Mortgage Solutions – using data from the U.S. Bureau of Labor Statistics – about 1,140 new real estate agents joined the Nevada market from 2022 to 2023, the most out of any state in the country. Following up Nevada in a distant second place was Tennessee with 850, and in third place was Missouri with 770.

In contrast, California ranked highest among states that lost the most agents, with an astounding 8,160 heading for greener pastures during the time period of the study. Second highest in agents jumping ship was North Carolina with 5,870, followed by Texas with 3,190 and Florida with 1,350.

Flatworld Executive Vice President Rajeev Kumar noted that a variety of factors are figuring into the recent swell of realtors in Nevada.

Nevada’s leadership in real estate agent job growth could be attributed to its thriving economy, rapid population growth, and strong demand for housing,” he said. “The state’s favorable climate and relatively affordable living options may also make it an attractive destination, potentially driving increased investment and creating numerous opportunities for real estate professionals.”

In reaction to the story, Las Vegas Realtors President Merri Perry said that it was a clear indication that real estate growth in the Las Vegas Valley – in both the residential and commercial sectors – is still very much on the upswing.

Studies like this one suggesting that the number of Realtor jobs in Nevada increased through 2023 reinforce our state’s reputation for being a strong real estate market with a growing economy,” she said. “While the housing market may have slowed a bit in the past two years, LVR and its members still appreciate the fact that Southern Nevada has a range of advantages over other parts of the country.”

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

LAS VEGAS, NV – The real estate scene in Las Vegas always goes hot and heavy, but according to a new report, September 2024 was a standout month in terms of the sheer number of high dollar properties being listed for sale on the open market. Numerous luxury homes and condominiums were put up for grabs last month, ranging in price from $7.7 million all the way up to a whopping $15 million.

For the purposes of this article, we will be covering the top four most expensive listings in September, and what they offer for their respective price points.

The most expensive new listing was the aforementioned $15 million home located at 607 Alpine Summit Drive in The Peak at MacDonald Highlands, a guard-gated community in Henderson. Despite its hefty price tag, this custom, 8,200 square-foot custom Blue Heron home is still in the process of being built. It boasts six bedrooms, six-and-a-half baths and a five-car garage, in addition to a sky deck, a 1,324 square-foot pool and views of the Las Vegas Strip.

Up next is a $14.5 million listing at 64 Promontory Ridge Drive within The Pointe at The Ridges in Summerlin, a guard-gated golf course luxury neighborhood. This 10,591-square-foot mansion features six bedrooms, 10 bathrooms, a four-car garage, a theater, lounge with a full bar, chef’s kitchen and prep kitchen, and a home automation system.

Coming in third on our list is a $13.28 million, three-story condo at 4525 Dean Martin Drive in Panorama Towers Las Vegas. The unit has 8,000 square feet of living space with two bedrooms and five bathrooms, and has many opulent amenities including a spiral crystal staircase and hammered copper sinks. Residents also have access to Panorama Towers’ many perks, such as a fitness center, yoga studio, pool, private cabanas, spa facilities, massage rooms, a business center, theater and racquetball court.

And finally, we have 591 Cityview Ridge, which comes in at $11,499,999. Located in MacDonald Highlands in Henderson, this newly-constructed estate comes with five bedrooms and seven bathrooms, and is sure to wow anyone with its home gym with a sauna as well as a full kitchen, 65-foot infinity pool, Jacuzzi, two firepits, built-in backyard patio heating and barbecue.

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 – Those looking for sustainable housing options in Las Vegas’ trendy Arts District may wish to look into Midtown, a high-tech, environmentally-friendly “green” luxury apartment complex spearheaded by female developers that represents a unique new addition to the city’s downtown area.

Midtown – located at the north end of the Las Vega Arts District at 921 South Main Street, managed by Berkshire Hathaway HomeServices Nevada Properties with retail sales represented by the Martinez Group – will be holding a public open house event for prospective new tenants on Friday, October 25, from 5 p.m. to 8 p.m.

The facility will boast “modern residences alongside micro-retail, small business spaces and luxury amenities,” according to Aldo Martinez of the Martinez Group.

Midtown is designed for people who want an active, community-driven lifestyle, similar to the energy and vibrancy you find in New York City,” he said. “It is going to be the future of urban living in the valley, where sustainability and style come together. It’s a place where you can live, work and unwind, all while enjoying a modern environment without giving up any luxury.”

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

If you’re interested in registering for the open house event, please visit midtownvegas.bhhsnv.com/midtown-open-house. Since space at the complex is limited, it is recommended registering as early as possible.

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 U.S. Department of Justice (DOJ) has stepped-up enforcement of a federal civil rights law known as the Fair Housing Act that prohibits housing discrimination based on race or color, religion, sex, national origin, familial status or disability.

In particular, the DOJ is focusing on an aspect of the Fair Housing Act that was added in 2016 by the Obama Admin’s U.S. Department of Housing and Urban Development (HUD) that forbade landlords and property owners from utilizing background checks to screen prospective tenants to ensure they do not have criminal records before allowing them to rent their properties.

At the time that the ban on criminal background checks was instituted, the HUD General Counsel at the time, Helen R. Kanovsky, wrote that the new rule was needed – even if no discrimination whatsoever was intended on the part of a property owner – “because of widespread racial and ethnic disparities in the U.S. criminal justice system, criminal history-based restrictions on access to housing are likely disproportionately to burden African Americans and Hispanics.”

Recently, the feds have ramped-up their efforts to aggressively pursue landlords in the instances that this practice has been alleged to have occurred, filing lawsuits against them. One recent example involves legal action taken against Suburban Heights, an apartment complex in Kinloch, Missouri, with the DOJ claiming that management has been actively violating the Fair Housing Act since 2015 by actively and disproportionately discriminating against potential Black renters with criminal histories – including felony convictions – more than their White counterparts.

The DOJ further noted statistical Black-White racial disparities in conviction and incarceration rates in the United States, saying landlord background screenings unfairly hurt Black renters once they have served their time and are looking to re-enter society.

Incarceration data indicates that Black individuals are significantly more likely than White individuals to have the types of convictions covered by Suburban Heights’ Criminal History Ban,” the DOJ said in court documents. “This is true nationwide and, to an even greater extent, in St. Louis City and St. Louis County. Black individuals are at least four times, and often more than five times, more likely than White individuals to be incarcerated in prisons, both at any given point in time and over the course of their lifetimes.”

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 – KB Home, a major homebuilder in the Las Vegas Valley, has announced that they have purchased a large plot of “prime” land adjacent to Henderson upon which they intend to construct multiple housing units next year.

The 20 acres of land located in the Southeast valley along Boulder Highway and northeast of Harry Reid International Airport will be the site of KB Home’s latest construction endeavor, with the developer stating they will erect 229 homes at the site.

KB Home purchased the commercially-zoned land from The Siegel Group – a Las Vegas-based real estate investment and management firm – for $19 million, and is currently in the process of entitling the land for residential development.

The Siegel Group President, Stephen Siegel, noted that his firm had received numerous offers for the land in recent years, and said that he is happy that it will be used to address the housing crisis that is currently plaguing Southern Nevada.

We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

KB Home’s Division President, Jim McDade, revealed that the 229-unit single-family housing community will be dubbed “Manzano,” and that both construction work and home sales will commence on an unspecified date in 2025.

The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” McDade said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The original plot of land involved in the deal totaled 27 acres, with The Siegel Group holding onto the remaining seven acres for future development; there is also currently a 186-unit extended-stay hotel located on the property as well.

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 – Short Term Rentals are very much in demand in areas that feature popular tourist destinations, and with one of the most visited cities on Earth – that being Las Vegas, of course – Nevada is no exception. Coupled with the age-old adage that demand sets price – Nevada is home to some very costly STR listings, with two properties in particular ranked among the most expensive in the United States.

BestBrokers has published the results of a study that examined seven-night Airbnb stays throughout the country during July 2024 – which is considered to be the peak rental month – in order to determine the priciest ones in the nation. Variables in the study included the type of property, cost per night, maximum guest capacity, the number of bedrooms and baths, and what amenities were on offer.

Nevada had an Airbnb that came in third most expensive on the list: Zephyr Cove’s Sierra Sunset Estate, which is located on 24 acres of lakefront property with a private dock and a 150 square-foot beach. The residence itself comes in at 16,703 square-feet and has eight bedrooms, eight-and-a-half bathrooms, and a maximum guest capacity of 16 people. It also boasts numerous high-end amenities, such as a private theater, exercise room, wine cellar, game room with a bar, and a gourmet kitchen with a butler’s pantry.

The cost for all this? An eye-popping $39,563 per night; if filled to the maximum number of guests who all agree to split the cost evenly, they each would be shelling out $17,309 for each night for their stay.

The second Nevada-based STR on BestBrokers’ list was ranked 16th costliest in the country, and that entry is a waterfront estate in Glenbrook on Lake Tahoe called Villa Harrah. The property is a 20,000 square-foot residence with seven bedrooms and seven-and-a-half bathrooms, and can accommodate up to 10 guests at a time.

Amenities are plentiful, including a full cinema, wet bar, and pool table to a deluxe spa with a sauna, hot tub, salt room, and even a nail and hair salon. A large terrace leads to a pool, a beach and private pier.

The cost per night for this property is an incredible $23,171; contrast that with the average national cost of a nightly rental – $216 – and you clearly see these two Nevada listings are indeed for those with fat wallets only.

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 by Las Vegas Realtors (LVR), the median price of condominiums and townhomes in Vegas during the month of September hit their all-time high, while single-family home prices dropped ever-so-slightly still remaining perilously close to record levels.

In September, the median price of condos and townhomes in the Valley reached their highest level in history at $299,500, surging a whopping $7,500 over August’s $292,000 median price; this bests the previous record set in July when that amount was $296,000, and represents a 10.9 percent increase year-over-year.

As for pre-existing, single-family homes in Vegas, September’s median price was $299,500, a 6.6 percent year-over-year increase and an ever-so-slight decrease of just $100 from August’s $480,000 median price. September’s price, while infinitesimally lower from the month before, nonetheless remains just $2,100 shy of the region’s all-time record of $482,000, originally set in May 2022.

While real estate prices in Southern Nevada dropped slightly prior to the Federal Reserve’s half-percentage point interest rate cut in August, September overall saw prices rise yet again; single-family homes have increased in value in eight out of the nine months of this year so far.

LVR President Merri Perry nonetheless remained optimistic that the Fed’s rate cut – and the additional ones it plans to institute in the near future – will make homes in the Valley more affordable sooner rather than later.

The interest rate cut announced in September by the Fed can only help the housing market,” she said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective homebuyers.”

2.277 homes, condos and townhomes changed hands in Las Vegas in September, representing an overall decrease year-over-year among all three; home sales were 1.6 percent lower when compared to September 2023, and condo and townhome sales were down 12.1 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.