Category Archive : Market Updates

LAS VEGAS, NV – The MSG Sphere, the high-tech entertainment venue that has been under construction off of the famed Las Vegas Strip since its initial groundbreaking in September 2018, has encountered a series of financial overruns during its development saga that has caused it to exceed Allegiant Stadium as the city’s priciest entertainment venue ever.

Originally, Madison Square Garden Co. – in conjunction with partner Las Vegas Sands Corp. – had estimated the cost of the high-tech stadium at $1.2 billion; however, the initial general contractor of the project, AECOM, later announced that costs were more likely in the range of $1.7 billion. Madison Square Garden took over as general contractor in December 2020, although AECOM continued to provide support.

Costs have ballooned in the four years since the groundbreaking, however, and are now estimated to be a whopping $2.17 billion, taking the title of the costliest entertainment venue in Las Vegas away from the $1.9 billion Allegiant Stadium.

The 17,500-seat auditorium was initially scheduled to open in 2021, but construction was suspended in April 2020 due to the COVID-19 pandemic; construction resumed later that year, with the venue now slated to open in the second half of 2023.

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – known as an exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

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 a deadly fire three years ago that resulted in 6 dead, 13 injured, and dozens of families without a home, the former Alpine Motel Apartments has finally been rebuilt and rechristened as DLUX Lofts, with the new property owner pouring $3 million into the facility’s rehabilitation.

DLUX Lofts isn’t merely a recreation of the original three-story, 42-unit apartment complex that was all-but destroyed during an early-morning fire on December 21, 2019; it represents a significant overhaul, not only in terms of making it safe to occupy once again, but also due to a cutting-edge tech upgrade as well.

The building features a full redevelopment of the original structure, including a new sprinkler system throughout the entire complex – in both the hallways and in each apartment – as well as new utilities, new windows, a new roof, and new flooring.

All of the apartments – which range in size from 300 to 400 square-feet – have been given a luxury makeover, boasting amenities such as stainless steel appliances, quartz countertops, built-in bluetooth speakers, fingerprint and bluetooth-enabled door locks, a smartphone-compatible video-intercom access system, and high-speed WiFi internet access.

Despite all of the shiny new features, the units at DLUX Lofts are surprisingly affordable, with rents expected to be in the neighborhood of $1,150 to $1,350, a price that includes all utilities – such as water, electricity, and internet – as well.

The apartment complex rising from the ashes comes after what was described as the deadliest building fire in the history of Las Vegas, which saw tenants jumping from the windows of their second-and-third story apartments in a desperate bid to escape the flames.

Surviving residents stated that the building – which previously had no sprinkler system at all – had a history of failed fire inspections, and at the time of the blaze had not had any inspections at all for two years. Afterwards, investigators found over 40 fire code violations, in addition to asbestos contained throughout the 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.

LAS VEGAS, NV – A luxury home located in The Peaks, a gated subdivision of Henderson’s exclusive Lake Las Vegas community, has hit the open real estate market for the eye-opening sum of $2,425,000, and boasts a number of nigh-end amenities that should ensure that it’s for-sale status in indeed a short one.

The main selling points of the sizable residence, located at 41 Vista Outlook Street, are that it offers unobstructed views of both the Las Vegas Strip and Lake Las Vegas, according to the realtor handling the sale, Ashley Toussaint.

“Not only does the size of the lot set it apart from others, but it is also one of the only homes within the community offering the desert equivalent to an ocean view,” she said. “When it comes to looking for a property that has it all, this is it. From its convenient proximity to the lake and unobstructed view of the Strip on every level of the home, to the all-encompassing micro-local lifestyle it provides.”

The property features a combined total of 9,000 square-feet of indoor and outdoor living space, with the home itself comprised of 3,606 square-feet with five en suite bedrooms, six bathrooms, a four-car garage, front and back terraces, a resort-style backyard, and an outdoor kitchen.

41 VISTA OUTLOOK STREET, HENDERSON – $2,425,000.00

The home also recently underwent a series of cutting-edge “smart home” upgrades, including automation technology that allows the owner to control numerous functions directly from their smartphone.

However, the residence also comes with several perks to sweeten the deal, including a brand-new electric ICON golf cart to allow the home’s owner to ride around the community to partake in its many amenities – such as restaurants, entertainment venues, golf courses and parks – as well as $10,000 in credit for the Lake Las Vegas Sports Club, which offers a fitness facility, social events, personal trainers, and indoor and outdoor sports.

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 Harmon at 370, an apartment complex located near the famed Las Vegas Strip and adjacent to a large tract of vacant land that Formula One is currently developing into a new racetrack, has been listed for sale, with the property’s new landlord asking for the hefty sum of nearly $189 million.

Previously, the complex had been known as Harbor Island Apartments, and residents had grown quite used to the large plot of land next door – especially since its perpetual state of disuse had resulted in a sustained state of peace and quiet.

However, the 21.4-acre site at 370 East Harmon Avenue – situated approximately one mile east of the Strip – sold to Laguna Point Properties in the spring for $126 million, at which time it was rechristened The Harmon at 370; at the same time as that purchase, Formula One was in the process of buying the empty plot next door.

Greg Campbell, a founding principal with Laguna Point Properties, said that he started getting inquiries about selling the apartment complex before his company had even finished closing on the deal, as the news of a Formula One racetrack being built next door had generated a great deal of hype.

“They get a whole following of people who want to be around them,” Campbell said of Formula One; with that being the case, it didn’t take long for Laguna Point Properties to put the property they had just purchased back on the market, and at a much higher price point than they themselves had paid.

The Harmon at 370 is being marketed as being “suitable for hotel, resort, retail and mixed-use development,” and is expected to be demolished if sold, with the property expected to be developed into something that caters more towards Formula One fans and general tourists, as opposed to long-term housing.

Formula One announced in March that it would hold a 50-lap Grand Prix in Las Vegas in November 2023; the track that is currently in the works will, upon completion, run for 3.8 miles, with racers expected to hit top speeds of 212 miles per hour.

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 – Around the world, few cities have the reputation that Las Vegas does when it comes to serving as a destination for extravagant New Year’s Eve festivities, and apparently AirBnb realizes this, as the well-known online short-term rental business has decided to impose a very strict series of rules for those looking to party in Sin City to ring in 2023. 

In an attempt to curb noise complaints and other issues expressed by homeowners in neighborhoods where AirBnb rentals are located – which are popular venues for tourists to host New Year’s Eve parties – the company announced that they will be going all-out this year to ensure that guests are adhering to all rules and local ordinances, particularly as they pertain to the use of the properties by unauthorized individuals. 

AirBnb, as they have in recent years, will continue to enforce their policy of not allowing one-night rentals in Las Vegas for New Year’s Eve; this pertains to not just apartments, but especially homes as well, as private residences have been responsible for numerous complaints over the years from neighboring homes. 

In addition, AirBnb will also only allow renters this New Year’s who have engaged their services previously, and who have a history of positive reviews; those who have received negative reviews from hosts – or who have no history at all, good or bad – will be barred from renting an AirBnb in the vicinity of New Year’s Eve. 

This policy is not exclusive to Las Vegas; AirBnb will be enforcing it with all of their rental partners throughout the country as a means of ensuring the safety and well-being of both tenants and homeowners. 

“We continue to draw a hard line on disruptive parties and emphasize safe and responsible travel during a weekend where we know some may be more inclined to try to throw an unauthorized party,” the company said in a statement. 

Since introducing the policy, AirBnb has noted that the number of out-of-control shindigs at their rental properties have dropped by 56 percent, which should hopefully go a long way to appeasing neighboring homes in areas with AirBnb units as they celebrate the arrival of the new year. 

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

LAS VEGAS, NV – Station Casinos, a hotel and casino company based in suburb of Summerlin South, has announced the nearly $24 million sale of a plot of land they had owned in Southwest Las Vegas that is adjacent to their currently in-development Durango Hotel and Casino resort.

The plot of land sold consists of 21.3 acres just to the west of the Durango, and was purchased by Las Vegas apartment developer Ovation Development Corporation for a total of $23.9 million; the sale closed last week, according to property records.

The Durango Resort began construction in early 2022, and is being developed at the intersection of Durango Drive and Interstate 215 in the southwest Las Vegas valley. The $750 million hotel-casino is estimated to be completed by fall 2023, and will boast a 73,000 square-foot casino, sportsbook, a 200-room hotel, four restaurants, and meeting space.

Station Casinos had originally purchased a 71-acre plot of land at the site, of which 50 acres is devoted to the Durango project; Station’s parent company, Red Rock Resorts, had previously announced that they would sell off the remaining redundant acreage, saying it would most likely be going to the developer of a multifamily residential project.

The location of the Durango is proving to be in a fast-growing part of Southern Nevada, and an additional apartment complex – especially one situated in a bustling, touristy section of the city – would go a long way to helping address the housing shortage plaguing the region.

This isn’t the first time Station and Ovation have conducted business; previously, the developer had purchased a five-acre lot in Henderson from the company in fall 2021 in order to build a 55-and-older residential complex.

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

LAS VEGAS, NV – UnCommons – a large mixed-used facility currently under development in southwestern Las Vegas – has officially entered the apartment construction phase of its development – known as phase 2 – after having fully leased the office buildings that were erected during the first phase.

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

The concept behind the $400 million project is that it will be a space where the various employees working for the businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right at their fingertips.

UnCommons was announced in early 2019 and broke ground in summer 2020, and according to Matter Real Estate Group – the company behind its development – the project has officially begun work on its first 352-unit apartment complex, dubbed Vestra, which is slated to be available for move-ins in March 2023.

A second apartment complex, the 454-unit Domus, is currently in its design phase.

Matter has finished and fully leased two office buildings – with tenants including CBRE Group, Morgan Stanley and DraftKings – and is in the process of building two more; in addition, multiple restaurants and entertainment venues are slated to open in 2023 as well, including The Coffee Class, Smitten Ice Cream, SoulBelly, Saint Honoré Doughnuts and a sports bar called General Admission.

When completed, UnCommons is expected to be a boon for its inhabitants, who will be able to access the conveniently-located public retail and entertainment options built within rather than having to commute to farther areas such as Henderson for a afternoon or evening out.

Phase 2 is expected to be completed by summer 2023.

For more information on availability and more, visit https://uncommons.com

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

LAS VEGAS, NV – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she 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 – Claudio Fischer, a former commercial airline pilot turned real estate millionaire, is currently attempting to bring his goal of opening a resort on the famed Las Vegas Strip into reality after being forced to place the project on the back burner when the COVID-19 pandemic hit in 2020.

Fischer is in the midst of negotiations in his native Santiago, Chile with Las Vegas Convention and Visitors Authority (LVCVA) President and CEO Steve Hill and Chief Financial Officer Ed Finger to purchase a 10-acre plot of land – the former location of The Riviera – located on the southeast corner of Las Vegas and Elvis Presley boulevards.

Currently, the deal being discussed is for Fischer to acquire the property for the sum of $120 million. Originally, the parties in question appeared close to cutting a deal in March 2020, but when the pandemic occurred – halting Las Vegas’ economy and shuttering its casinos for an incredible 78 days – all involved agreed to put the project on hold until things had cleared.

The land that The Riviera had once stood upon was purchased by the LVCVA in order to allow them to finish the development of the Las Vegas Convention Center’s new West Hall, while leaving 10 acres of the property undeveloped with the intention of selling it down the line for a potential resort.

As the pandemic wore on, the parties kept in touch and waited for the right time to progress on the project; currently, according to Hill, the deal is slated to be closed by December 15 at the latest.

If the deal goes through, the LVCVA will still be allowed to use the land for parking and outdoor convention exhibits up until Fischer begins construction, for which he has a deadline to start of January 1, 2031; if he has not begun the project by that point, the LVCVA would then have the option to buy back the property.

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 sale of the former apartment complex of late entrepreneur and Zappos CEO Tony Hsieh has been deemed fraudulent by a Las Vegas judge since his estate never approved of the transaction, leaving the buyer in a state of limbo in regards to the rights to their purchase.

Much of the Las Vegas real estate empire amassed by Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown Las Vegas area. Hsieh had passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

The apartment complex in question, known as Cassia – which Hsieh purchased in 2012 – is located at 319 South Ninth Street, and was purportedly sold in March for $1.2 million by an individual named Santiago Espinosa, who claimed to be a managing member of Hsieh’s limited liability company that owned the property.

However, attorneys representing Hsieh’s estate were not informed of the sale until May, at which point they stated they had never heard of anyone named “Santiago Espinosa.” District Judge Gloria Sturman subsequently ruled that the sale of Cassia was “clearly fraudulent” and ordered that the deed be immediately returned to Hsieh’s estate.

While the whereabouts of the individual claiming to be Santiago Espinosa are currently known to authorities, the same cannot be said regarding the person who notarized the fraudulent sale, reports say. A source close to the situation alleges that the attempted sale of Cassia was part of a large-scale attempt to rip off real estate buyers across the Las Vegas valley.

The apartment complex had been sold to Galaxy Home Buyers LLC – managed by realtor Sarah Sorrells – and that the reversal of the sale by the judge resulted in the firm taking a $1.2 million loss that they have no choice but to accept.

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 “fix and flip” luxury residence located on Boulderback Drive in Las Vegas that was purchased and extensively renovated has now been listed on the open market for a whopping $5.895 million.

Shelly Kramarczuk, principal and owner of SK Design, first noted the home earlier in 2022, and after purchasing the single-story, four-bedroom, 4,832 square-foot property, oversaw a complete transformation of its interior.

Many of the changes in the home made extensive use of Neolith, a type of sintered stone made from three types of natural materials: Glass, Porcelain, and Quartz. The stone puts together the best features of these raw materials, creating a stone that is highly durable, waterproof, scratch resistant, and resistant to UV rays.

1 BOULDERBACK DRIVE, HENDERSON – $5,895,000.00

An entire wall in the home’s great room is completely made up of Neolith, Kramarczuk noted, and influenced her decision to make it a common design motif throughout.

“It transformed the entire feeling of the home. I am in love with the Neolith product line. It’s so rich in its look and appeal,” she said. “I immediately saw it in my mind when I first entered the home. I had a vision of re-slabbing it to transform the feeling of the home, so that is where I started.”

The great room Neolith wall features a 98-inch television with an integrated sound system and a 100-inch Dimplex fireplace – with the components are built into an AV media wall box behind the television – all of which have been incorporated seamlessly into the structure.

Kramarczuk added a number of other elegant design aspects into the home over the course of its 5-month renovation process, including a $70,000 custom Bocci chandelier hanging over the formal dining table, floor-to-ceiling glass throughout much of the residence, dual contrasting waterfall islands with quartz countertops in the kitchen, and much more, creating what Kramarczuk referred to as a “timeless, organic-modern aesthetic.”

“Boulderback is a special property,” she said. “The floor plan is functional, with four bedrooms and flex rooms that can be customized to the buyer’s interests and needs.”

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 long-abandoned Las Vegas White Sands Motel site – with the pool empty, existing building boarded-up and encircled with barbed wire fencing, now home to a stray cat colony – has been listed on the local real estate marketplace for $1.5 million by the estate of late owner Spartaco Colleli, in the hopes that even the most dilapidated property in Southern Nevada can fetch a healthy sum from the right investor.

The former motel – located on a 1.1 acre parcel of land on Las Vegas Boulevard, across from the Luxor Hotel and Casino – is being auctioned off on a website called Ten-X, which is accepting bids from December 12 to 14. The listing claims that the property’s “redevelopment opportunities are endless” due in-part to its proximity to Allegiant Stadium, T-Mobile Arena, and other well-known establishments.

Currently, it’s unknown if any bids will be made upon the property, or how much money overall it will generate in an auction; however, the building – originally constructed in the 1950s – is currently in a substantial state of disrepair, having been the target of vandalism and squatting by homeless people and cats for years.

With that being the case, the motel will most likely be torn down and the land re-developed if it does indeed sell next month, with the property likely used for some sort of tourist attraction due to its prominent location on the Las Vegas Strip.

The White Sands Motel site has been unsuccessfully put on the open market several times over the years for various asking prices. It was initially offered for $25 million in 2016, then for $18 million in 2021, and finally $12 million in spring 2022, with no takers each time. The $1.1 million starting price for this new auction represents the lowest amount it’s been advertised for yet, and experts believe that this may finally push buyers to take the plunge.

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.