Category Archive : Market Updates

LAS VEGAS, NV – An injunction hearing scheduled for this past Thursday regarding a lawsuit filed by a group of short-term rental owners that alleges that Clark County is violating their property rights has been delayed for December 19, further drawing out the legal process that had originally begun when the case was filed this past August.

The lawsuit, brought by the Greater Las Vegas Short-Term Rental Association (GLVSTRA), is seeking 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 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 were mandated to create their own set of regulations.

GLVSTRA founder Jackie Flores said that the new ordinances – 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.

“Our position is that both the state law and the Clark County ordinance just goes too far where it’s actually violating people’s constitutional rights and freedoms,” Flores said. “AB 363 makes it hard for people to get a license and once you get a license, it makes it easy for people to get in trouble for minimal things.”

Some of the contested regulations created by Clark County officials include no more than 10 people in a property, minimum two-night stay reservations, rentals being no closer than 1,000 feet one another, and no-warning, on-the-spot county inspections, among others, Flores said.

“They have a provision in the ordinance that says any Count Official can come to your private home at any time whenever they feel like it and for whatever they want and you have to let them in your property,” she said. “You have to let them in your house and we felt like that was like you’re going way too far.”

Flores added that the cities of Henderson, Las Vegas, and North Las Vegas offered compliance periods right after their respective ordinances were passed, but that Clark County did not follow suit.

In addition, the application process being offered to get licensed – including an upcoming permit lottery –  is overly convoluted and cumbersome, Flores claimed, and will likely result in as many as 80 percent of the over 12,000 illegal short-term rentals in Clark County not being able to legitimize themselves.

“Right now they have a pre-application period of six months,” she said. “That period is just really you pre-applying but nothing really happening, and then after those six months then they’ll have at some point in time they still don’t know when a lottery then you move onto the next step which is application to the license.”

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

LAS VEGAS, NV – An “outdated” equestrian property extensively transformed into an “organic luxury modern farmhouse” located in an out-of-the-way section of Las Vegas has been listed on the open real estate marketplace for nearly $2 million, according to reports.

The residence, located at 7435 W. Richmar Avenue – situated in a “peaceful nook” under Exploration Peak in the southwest Las Vegas Valley – was originally purchased in February 2022 by the husband-and-wife real estate team of Natalia and Ben Harris before their extensive renovation of the property.

The 3,358-square-foot home has now been listed for $1.849 million and features six bedrooms, four baths, formal living and dining and an executive office/flex space, all situated upon two acres of property isolated enough to give homeowners a strong sense privacy, but close enough to shopping and entertainment venues for when groceries or a night on the town are desired.

The house also boasts a detached casita, mature fruit trees, a greenhouse, resort-style pool, recreational vehicle parking and an oversized motor court entry.

7435 WEST RICHMAR AVENUE, LAS VEGAS – $1,849,000.00

Another selling point of the property is the large amount of nearby wildlife, with the owners noting that hundreds of species of birds are on display on a daily basis and coyotes are visible running up the nearby hills.

The property’s $250,000 in renovations – carried out by Gary Martin of GC Construction – were primarily confined to the residence’s interior, which Natalia and Ben Harris noted had a “cramped” feeling due to an excessive amount of partition walls; many of these were subsequently knocked down to create a spacious open-concept floor plan.

The overall aesthetic of the home, according to Natalia Harris, is now one of an “organic, modern farmhouse to pay tribute to the equestrian aspect of the property,” avoiding a completely modern feel in favor of an emphasis on warm, natural colors and textures.

Other upgrades include the gutting of the outdated kitchen and substituting it with a gourmet kitchen featuring quartz countertops and a striking black chevron backsplash, replacing the existing central multicolored stone fireplace with a LED black porcelain tile fireplace, and ripping out the old primary bathroom and transforming it into an exotic, resort-style bath.

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 – Growth Holdings, a Las Vegas-based holding company, has received a construction loan in the amount of $85 million towards the development of Otonomus Las Vegas, an apartment complex slated to be comprised of both residential and short-term rental units.

Otonomus Las Vegas is planned to be completed and to begin welcoming tenants during the fourth-quarter of 2024, and will be comprised of 303 fully-furnished units boasting numerous luxury-minded perks, such as stainless steel appliances, granite and quartz countertops, tile backsplashes and LED lighting.

The apartment complex – developed by Growth Airo 1, LLC – will take the form of a building that will be comprised five stories, and its living units will share a number of specific design aspects, such as open floor plans, 10-foot ceilings, walk-in closets, and private balconies.

Tenants will also have access to a number of swanky amenities, such as a cutting-edge fitness facility, a clubhouse, multi-functional meeting space, three courtyards with picnic and barbecue areas, lounge areas, and two resort-style pools with cabanas.

In addition, Otonomus Las Vegas will have a retail component as well, with 38,000 square-feet being available to businesses such as restaurants, office space, and various shops, among others. The first floor of the building will be dedicated to retail, whereas the remaining second through fifth floors will be comprised of tenant living space.

Otonomus Las Vegas is being developed in collaboration with Airbnb and is being built at the corner of Decatur Boulevard and Russell Road, which is only a seven-minute drive from Allegiant Stadium, home of the Las Vegas Raiders. And while first introduced in Las Vegas, Growth Holdings have indicated their plan to expand the Otonomus concept to Japan and other countries around the world in the future, if this initial endeavor is successful.

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 – For entrepreneurs seeking an integration of their life and work experience into a single flexible space, Juhl, located in downtown Las Vegas, offers the unique combination of a luxury condominium with office, commercial or retail space that’s sure to appeal to go-getters looking to establish their brand while living where they work.

Juhl provides tenants with two-story live-work condominiums that provide visible street-level space for business, combined with separate, private second-floor living space that allows a seamless blending of living and working environments. The live-work condos range in size from 1,359 square feet to 1,993 square feet and cost in the range of $550,000 to $650,000, with building management offering a $25,000 tenant improvement credit to help the tenant to customize their space.

The block-sized Juhl, located on Bonneville Avenue, is the only mixed-use development in Las Vegas’ downtown area, and has a wide variety of businesses occupying its street-level business sections, from restaurants to retail establishments. All Juhl units are zoned for commercial use and include access to a private parking lot as well as ample street parking for customers and clients of its tenants.

The actual commercial units themselves are spacious and can be easily customized, with high ceilings, floor-to-ceiling windows, concrete flooring, a rear entrance, and a half-bath. And as for the second story living space, Juhl’s tenants have access to a one-bedroom, one-bath unit with a private entrance, balcony, and a contemporary kitchen with stainless steel appliances and granite countertops.

Juhl tenants also have access to a variety of amenities, including a two-story fitness center, a resort pool, dedicated concierge, 24-hour security, summer kitchens and grilling stations, movie theater, a Vino Deck, private pet walk and electric car charging stations.

For anyone interested in starting their own business and enjoying a conveniently-located space to call home in order to create a healthy life/work dynamic, Juhl offers a unique and dynamic way to achieve this goal.

For more information visit https://www.juhllv.com call (702) 816-5466.

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 Mirage Las Vegas is slated to transfer operations next month from MGM Resorts International to Hard Rock, the gaming arm of the Seminole Tribe of Florida, marking the first time that a Native American tribe will run a resort casino on the famed Las Vegas Strip in its long history.

The Seminole tribe has developed extensive hotels and resorts for gaming on some of their reservations, and in 2007 the tribe bought the Hard Rock Cafe franchise for $965 million, including 124 Hard Rock Cafes, four Hard Rock Hotels, two Hard Rock Hotel and Casino Hotels, two Hard Rock Live! concert venues, and stakes in three unbranded hotels. Since then, they established the Hard Rock Cafe brand in their hotels and casinos. They now have a total of seven casinos.

Hard Rock announced that it had purchased the rights to operate The Mirage in December 2021 for an eye-opening $1.075 billion; currently, no immediate changes are anticipated, with the resort’s iconic volcano show expected to continue functioning as usual for the time being.

Once the shift in operations is complete, The Mirage will be switching from its current MGM Rewards program to Hard Rock’s Unity Rewards customer loyalty program, and eventually the name of the resort itself will be re-branded with the Hard Rock name, with extensive renovations transforming the building’s façade to the same trademark guitar-style shape as other Hard Rock resorts.

However, The Mirage will remain operating under its current moniker and form for the time being, as reports indicate that MGM has licensed the Mirage name and brand to Hard Rock for three years, royalty-free.

Despite that, it is expected that the venue may be closed for a period of time after Hard Rock takes over in order to make changes, renovations, and improvements where needed, although this has yet to be officially announced and may not prove to be 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 – According to a newly-released report, the housing market in Las Vegas is continuing to show signs of cooling, with prices – although still relatively high – dropping from September to October amid slowed activity brought about by high inflation and mortgage rates.

In October, the median price for an existing single-family home sold in Southern Nevada was $440,000, which represents a 2.2 percent decrease month-over-month from September, when that price was $450,000.

October’s drop was the fourth time in five months when home prices in Vegas have lowered from the previous all-time record for the region, which hit a whopping $482,000 in May of this year. Regardless, the median price for an existing single-family home in October was still up 7.3 percent from the same period of time in 2021.

Meanwhile, prices of townhomes and condominiums in Southern Nevada also dropped last month, although not to the degree of houses. In October, the median townhome and condo price was $266,000, a decrease of 1.5 percent from September but an increase of 12.7 percent from October 2021.

Brandon Roberts, president of Las Vegas REALTORS®, said that ever since the Federal Reserve began jacking up interest rates in an effort to curb national inflation, it has had a correspondingly harsh effect upon real estate, even in strong markets such as Nevada.

“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” he said. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”

In October, 2,192 homes, condos and townhomes were sold in Las Vegas, which is a drop of 44 percent year-over-year for homes and 41.9 percent for condos and townhomes, respectively.

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 real estate in Las Vegas – along with the entire country – has been facing a recent slowdown amid rampant inflation, high prices, and increasing mortgage rates, one aspect of the market has not only endured, but has actually continued to flourish- Southern Nevada’s warehouse market.

In October, newly-built industrial park SunPoint West sold for $143 million to German asset manager DWS Group. What was especially notable about the sale was that before the construction on the facility was even completed in September, it had already been fully-leased by tenants.

SunPoint West represents just one of a series of new warehouses near North Las Vegas Airport that are being snapped up as quickly as they are being built. The faciltiy’s developers, SunCap Property Group and Diamond Realty Investments, originally announced plans for the facility in 2021 as a six-building project spanning nearly 40 acres and covering approximately 730,770 square feet.

While demand for industrial real estate in Las Vegas grew quickly in the last few years, it only increased more during the COVID-19 pandemic and hasn’t let up since; greatly heightened public reliance on internet-based shopping paved the way for a much larger need for distribution facilities, with Southern Nevada proving to be extremely valuable in that regard.

Currently, industrial vacancies in the region are at record-lows, and rents are correspondingly rising higher and higher, with more and more landlords purchasing buildings and developers announcing new projects, with the main focus being placed on North Las Vegas.

Much like the home-purchasing frenzy in Vegas during the pandemic when buyers were often over-bidding and closing on houses sight-unseen, it’s now become fairly common within the last several years for industrial facilities to be fully-leased before construction on them has even been completed, with demand currently outstripping supply.

Essentially – despite the overall hurdles facing the real estate market currently – developers in Las Vegas seemingly can’t build industrial and warehouse space fast enough.

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 – Construction workers in Las Vegas have seen increased wages throughout last year, according to a recently-released study, but unfortunately those extra earnings have been gobbled up by the 40-year high inflation that currently holds the country in its grip, essentially negating any gains that were to be had.

The study, released by Construction Coverage, indicates that Nevada residents overall have been paying an additional $805 every month on everyday expenses, ranking the state seventh in the nation in terms of the toll inflation has taken upon it.

But construction workers – of which Las Vegas boasts approximately 7,600 – have seen the 7.1 percent pay bump that they experienced in 2021 reduced to the equivalent of just 3.4 percent when inflation is taken into account, showing that this segment of the workforce has been hit especially hard by the current economic crisis.

Throughout the heightened degree of inflation that the country has been experiencing, the Construction Coverage study illustrates that wages have struggled to keep up with the financial burden being placed upon Americans. In particular, Las Vegas has been in great need of construction laborers and inflation has not only been taking its toll upon them, but the industry as a whole – not even to mention that the prices of building materials have also skyrocketed.

Despite their importance to the industry, construction workers are among the lowest-paid segment of real estate development, with the median annual income being about $37,770; in contrast, Las Vegas construction laborers make an average of $37,500 a year, so any gains that are swallowed up by inflation are hurting these workers in the wallet more than usual.

Nevada recently ranked 28th in the country for gains in construction laborer wages, whereas Indiana and Montana had the largest increases in wages in the industry.

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 local developer, who already has a new rental property in the works in downtown Las Vegas, is now eyeing constructing additional properties in a traditionally underserved section of the city – the Historic Westside – that would greatly benefit from the addition of new rental units amid great demand.

Developer Sam Cherry of Cherry Development’s plans for a five-story, 84-unit rental property that is slated to include an additional 10,000 square-feet of retail and office space, was approved last week by the Las Vegas City Council.

The project is to be built upon a city-owned one-acre plot of land near Washington Avenue and Interstate 15 that Cherry had previously purchased for a mere $6; the tiny fee was due to the fact that the apartment complex is aimed at providing housing for local workforce members.

Cherry noted that the retail aspect of the Historic Westside development will likely consist of food and beverage establishments, as well as other types of businesses; the project in total is anticipated to cost approximately $22 million, with the official groundbreaking expected to take place in 2023.

Cedric Crear, one of the members of the City Council that voted to approve the project, stated that he was unable to remember the last time that anyone had built any sort of housing in Historic Westside, and it is hoped that Cherry’s work will spur additional development in the region.

Cherry had previously opened a 63-unit rental complex in Las Vegas’ Arts District two years ago, and currently has an 84-unit project underway on Fremont Street that is expected to be completed in January 2023. These projects are addressing a housing shortage in Las Vegas’ downtown area, something that local officials have said is sorely needed.

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

LAS VEGAS, NV – Whenever Las Vegas does anything, the city does it big. And that includes when one of its iconic structures has outlives its usefulness and a very real need exists to cast it aside to that the land may be used for another purpose.

Multiple buildings along the famed Las Vegas Strip are currently set for demolition and implosion by their ownership in order to make way for new development. First and foremost, plans by Texas billionaire businessman Tilman Fertitta were recently approved by the Clark County Commission, paving the way for a currently-unnamed resort to be built upon a 6.3-acre plot of land on the east side of Las Vegas Boulevard South and Harmon Avenue.

Currently, the site is occupied by a restaurant building, souvenir shops and an out-of-business motel, all of which will have to be razed to the ground before development on Fertitta’s resort can begin.

Other buildings slated for demolition in Vegas in the near future include a cluster of existing properties – including the now-shuttered Hawaiian Marketplace – located on a 9.5 acre plot of land just south of Fertitta’s proposed resort, which would be destroyed to make room for a 300,000 square-foot retail complex.

In addition, Texas Station, Fiesta Rancho and Fiesta Henderson – all shuttered since the start of the COVID-19 pandemic – are also scheduled to be blown up, as announced by owner of the property, Station Casinos parent Red Rock Resorts; the firm also announced plans to demolish the small Wild Wild West in order to redevelop that property as well.

And finally, plans submitted by real estate firm Tolles Development Co. were approved to tear down a shuttered hotel-casino 25 miles south of the Strip in Jean to clear the way for a 2 million-square-foot industrial park.

In the past, numerous buildings in Vegas have been blown up not only as a means of clearing the land for new construction, but also as a spectacle for onlookers, with implosions often accompanied by fireworks as onlookers cheer. Among the buildings that have been imploded in Vegas over the past 15 years to make way for new development include the Dunes, Sands, Desert Inn, Stardust, New Frontier, and many others.

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 Venetian Las Vegas is set to receive a major overhaul, as operator Apollo Global Management has announced their intention to invest a whopping $1 billion into a massive remodel of the hotel-casino, which will be one of the most extensive projects of its type on the Las Vegas Strip in quite some time.

The Venetian Las Vegas, which originally opened on May 3, 1999, is located on the site of the old Sands Hotel. Owned by Vici Properties, The Venetian resort complex includes the adjacent Palazzo resort, The Venetian Convention and Expo Center, and the upcoming MSG Sphere at The Venetian, a high-tech entertainment venue. The Venetian-Palazzo complex includes the world’s second-largest hotel, with 4,049 rooms, 3,068 suites and a 120,000 square-foot casino.

Venetian CEO Patrick Nichols confirmed in a recent interview that the remodel of The Venetian that the company would be “investing north of $1 billion, touching every area of the guest experience” over the course of the remodeling project.

“We are looking to elevate our experiences resort-wide. Arrival experiences will be different,” he said. “For both The Venetian and The Palazzo, we plan to renovate, remodel, and redesign all of our suites. We will be offering a number of new [food-and-beverage] concepts, we are taking a deep look at entertainment, nightlife, and bar offerings, and the casino floor will feel significantly different as well.”

In addition, the venue will also introduce an all-new pool deck; a 47,000-square-foot, $50-million TAO Beach Dayclub; and the first restaurant in the United States helmed by world-renowned chef Tetsuya Wakuda, with all redevelopment master-planned by Los Angeles-based design firm RIOS.

However, while a great many things will be changing about The Venetian, Nichols noted that the one thing that will steadfastly remain when all is said and done is the venue’s iconic name.

“We are a themed hotel and we will always be a themed hotel,” he said. “That sets us apart, but the Italy of the ’90s that The Venetian was modeled after has evolved. If we are able to lean into that through the spirit of Italy and discovery, we are not going to look like just another hotel that has refreshed their rooms.”

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 months amid lowering home and condo prices due to the nation’s inflation and rising mortgage interest rates, prices of luxury homes in Las Vegas have finally begun to feel the sting as well, with September representing their first decrease in value since January 2021.

However, experts are saying that this lull is only temporary, with values are already starting to pick up once again as October nears its end, proving that despite the nation’s economic woes having a very real negative impact upon the housing market, luxury homes remain very much in demand.

In Las Vegas during the month of September, reports indicate that 99 homes with a value of $1 million or more were closed upon, a 1.5 percent decrease from August; this is the lowest number since January 2021, when 86 closings of homes in this value range.

The all-time record for the Vegas luxury marketplace, in contrast, was 218 closing in April 2022; this was followed by 178 luxury closings in May, 156 in June, 106 in July, 118 in August, and 99 in September.

But real estate experts say that, despite the dip in September, the market appears to already be bouncing back, with 164 pending deals in-place at the start of October, representing a significant uptick from the month before.

Experts are attributing the lower-than-expected sales of luxury homes in Vegas in September to increasing national mortgage rates – which currently sit at 6.94 percent and rising – which has fueled the highest rates on 30-year fixed-rate home mortgages in 20 years.

In addition to pricing some buyers out of the market, the inflated interest rates have also caused a slowdown of sales due to some sellers now taking a “wait-and-see” approach to listing their properties until interest rates go back down and the market improves.

However, the Vegas luxury market is less affected by these factors, experts say, due to the fact that a few interest points more or less may not dissuade individuals with the significant buying power and net worth from purchasing homes sooner rather than later, as opposed to middle-to-lower-class buyers who not might want, but need – to wait.

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.