Category Archive : Market Updates

LAS VEGAS, NV – Clark County has courted controversy after releasing the pre-application process for procuring licenses for short-term rentals starting in spring of 2023, which include restrictions that have many applicants crying foul over their purportedly restrictive nature.

Once the license pre-application period was officially opened to the public – both via the Clark County website as well as in-person at the Business License Office – over 40 individuals and counting so far have engaged in the process, and almost immediately many complaints began rolling in.

One of the applicants, Winnie Yang, was attempting to obtain a license to rent out her Spring Valley home as an Airbnb unit in order to make extra money on the side; however, she claimed that the license she is hoping to acquire has far too many restrictions that will make it difficult for her to operate the property as she wants to.

Among the factors that she said were an issue include the total number of rentals cannot be greater than one percent of the housing inventory; once the 6-month pre-application process is completed, a random lottery will be utilized to determine who will receive a short-term rental license; and despite Clark County’s plan to issue approximately 2,800 licenses, individuals will be granted one and one only, and they will only be allowed to operate a single property with that license.

Jackie Flores of Greater Las Vegas Short-Term Rental Association has claimed that the short-term rental restrictions are infringing on the constitutional rights of homeowners, and filed a lawsuit in August against Clark County regarding the matter.

“It’s considered the most restrictive ordinance for short-term rentals in the U.S.,” she said. “A lot of those provisions and restrictions, we feel, violate the state constitution and US Constitution.

Previously, short-term rentals were not legal in Clark County; however, in 2021, Assembly Bill 363 was voted into law, and decreed that as of July 1, 2022, it would be legal for companies such as Airbnb and VRBO to operate within the county. Furthermore, the county was also tasked with regulating the new industry, and lawmakers have since crafted an ordinance for that purpose, according to Clark County spokesperson, Erik Pappa.

“We want to allow everyone to compete equally for this process regardless of how many properties you have. We’re balancing a lot of competing interests,” he said. “We want to make sure that there’s adequate public safety. We’re going to inspect the buildings. We’re going to make sure that they have business licenses. Make sure that there is fire protection. All the things you want if you were staying in a hotel.”

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 – Although the reasoning and purpose for doing so as of press time is still unclear, the Las Vegas Raiders ownership have purchased a vacant property located directly across the street from their home – Allegiant Stadium – for $16.56 million, with records indicating that the sale officially closed earlier in September.

The 2.7 acre property – which had previously been slated to be used to build a hotel, although those plans were later scrapped – is located on Polaris Avenue just west of the stadium, and media inquiries as to the Raiders’ plans for the land were not responded to.

The sale – aside from driving speculation as to what the Raiders intend to do with the property – is serving to illustrate just how much property values have soared in Las Vegas recently, especially when it comes to the heart of its downtown area. Case in point: the property that the Raiders paid over $16 million for in September 2021 is made up of two parcels that had previously sold at different points in recent history for a combined total of $7.8 million.

When asked by local media, Clark County Commissioner Michael Naft noted that the Raiders may have made the purchase in order to beef up Allegiant Stadium’s parking options for attendees.

“They’re always looking at options for closer and on-site parking,” speculated Naft.

If that is the case, it wouldn’t be the first time the Raiders have splashed out for property near the stadium in order to construct parking; in 2019, while the 65,000-seat stadium was still in development, the team spent over $28 million to buy a 17.3 acre plot of land located about one mile away in order to build a parking facility with approximately 2,700 spots.

Currently, Allegiant Stadium has over 35,000 parking spaces situated within one mile of the venue; the property purchased by the Raiders earlier this month already has a small, exclusive lot that attendees can park in for $100 per event.

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 home of the NFL’s Las Vegas Raiders, Allegiant Stadium, is due to receive a new neighbor on Las Vegas Boulevard in the form of a new hotel in order to give the hundreds of thousands of individuals who travel to Southern Nevada per year to watch the pro football team’s games a nearer place to stay.

In 2021 over 1 million sporting fans flocked to Allegiant Stadium, and out of that impressive number, approximately 500,000 of them were visitors from out-of-state. Therefore, after proving to be such a draw as the nation emerges from the COVID-19 pandemic, real estate firm New Angle Development got the bright idea to propose the development of a new hotel right next to Allegiant to give visitors the opportunity to stay as close as possible to the Raiders’ home base.

The currently unnamed project, whose plans have already been submitted to Clark County officials, will take the form of a $275 million, 19-story, 340-room establishment that will be loaded with the high-quality amenities that would be expected of any hotel located on the famed Las Vegas Strip, including a restaurant, spa, pool bar, rooftop bar, ballroom and meeting space.

Clark County Commissioners are scheduled to review the project plans on October 4, 2022; if approval is granted, New Angle Development has stated they expect the project’s groundbreaking to take place in early 2024.

Approval for the project is expected to be granted provided there are no unexpected hurdles, as Clark County’s Comprehensive Planning Department has been quoted as saying that the site chosen by the developer for this hotel would be “ideal” for a hotel, given the high number of tourists that are drawn to Las Vegas each year for Raiders games and other events at Allegiant Stadium.

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 housing market in Las Vegas, once completely on-fire and breaking records left and right, has now just experienced yet another month of cooling as prices of homes have continued to drop for the third month in a row.

In August, the median sales price of previously owned single-family homes – which makes up the majority of the market in Southern Nevada – was down 3.2 percent to $450,000, which represents a $15,000 drop from the previous month.

However, all is not grim; despite the drop, home prices are still 11.1 percent higher year-over-year, but the decrease is still raising eyebrows due to the fact that – prior to three months ago – prices consistently increased month-to-month for over two years.

In addition, sales overall in the Las Vegas marketplace have decreased as well amid higher mortgage interest rates, high home prices, and national inflation hitting a 40-year high. 2,002 single-family homes sold in August in Southern Nevada, which was a drop of 3.1 percent from the month before; also, the end of August saw 7,997 houses were on the market without offers, an increase of 9.1 percent from July.

This isn’t a situation that is unique to Las Vegas, as currently homes in the United States are now selling below their asking prices for the first time in 18 months, whereas previously cheap mortgage interest rates during the pandemic had fueled a slew of homes sales and – as a consequence – that demand drove home prices to skyrocket.

But due to a series of rate increases on behalf of the Federal Reserve in an effort to curb inflation, those low-cost mortgages are now becoming a thing of the past; in August, the average rate on a 30-year home loan was 5.22 percent, as opposed to being just 2.84 percent in August 2021.

However, according to Zillow senior economist Nicole Bachaud, despite the drop in home prices and purchases as of late, sales overall are “still up substantially from last year,” and, despite not yet being a buyer’s market, “it’s becoming a better time to buy, with more time to consider options and less chance of being dragged into a bidding war.”

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

LAS VEGAS, NV – In order to assist with the demand for housing options in Las Vegas, a new charter high school is being established that will focus on developing the construction-related skills of its student body, helping to churn out the next generation that will enable Southern Nevada to continue to grow.

A state board voted unanimously on Monday to approve the Southern Nevada Trades High School, which is currently slated to open in East Las Vegas for its first-ever semester in August 2023.

However, as unique as this concept may sound, it’s actually not the first institute of learning of its kind to appear in the state; the Washoe County School District is partnering with East Las Vegas to open the new school, based on the success of their own home-grown program. The Reno-based ACE High School, has already managed to turn out a large number of impressively-skilled students who are ready, willing and able to pursue a career in construction.

Due to accolades showered upon their Reno forbearers, Southern Nevada Trades High School will be modeling its curriculum upon ACE High School’s, which will also be offering their educational offshoot extensive consultation and guidance.

The reasoning for the creation of an additional construction-focused trade school, according to Southern Nevada Trades High School Chair Brett Willis, is that developers in the state are sorely in need of qualified workers, now more than ever.

“It was identified several years ago that there are just thousands of jobs that we’re short. I know every day we’re out looking for those employees,” Willis said. “We’re a school that’s opening up that’s basically interested in helping kids combine academics with career, technical education. That means there’s gonna be hands-on projects.”

Southern Nevada Trades High School will accept up to 200 freshmen and sophomores when it opens next year, who will be taught by working professionals in the field with decades of experience.

For more information on ‘Building a Brighter Future’ with Southern Nevada Trades High School call them at (702) 758- 3512 of visit their website: https://www.snvtradeshighschool.org

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 high rents that many Las Vegas residents have been struggling with recently are expected to remain at their current levels for the time being, according to a new report.

The one-two punch combination of 40-year high levels of national inflation and increased interest rates brought about by the Federal Reserve’s several recent rate hikes – done in an attempt to curb inflation – have contributed greatly to the strain that’s hitting many Southern Nevada renter’s wallets, said Las Vegas economist Mike PeQueen.

“Rent is probably the single largest expense for anybody at this point,” he said. “While it’s a bad sign for the community, it’s not really unexpected because we’ve all watched with interest the last couple of years as residential real estate prices have increased. That is great for people that own homes. For people that rent residential units, it makes the price of living in residential units more expensive, and that over time does hurt a community.”

In addition to inflation and higher interest rates, the realities of supply and demand have also remained a constant factor; simply put, there are fewer apartments in Vegas than people who want to rent them, allowing some landlords and property managers to charge premium rates.

Also, the mid-2000’s recession saw a drastic reduction in the number of homes being built; that, coupled with another construction decrease during the COVID-19 pandemic, has resulted in a high degree of scarcity when it comes to residential homes. With that being the case, many prospective homebuyers are turning to rentals to tide them over, exacerbating the demand for them even more and correspondingly driving up rent even further.

Currently, the average rent for a 2-bedrrom apartment in Las Vegas runs $1,600 a month, with that number reaching as high as $1,800 in more affluent and in-demand places such as Henderson.

PeQueen notes, however, that rents will eventually drop down to more manageable levels once more apartments and houses are built in Southern Nevada and the national economy stabilizes; it will just take some time for that to happen, he said.

“Until we see lower interest rates, and a chance for developers to catch up with what’s in the pipeline of building already, we’re probably not going to see much relief on rents,” PeQueen said. “We have seen recently the rate of increase of rents in Southern Nevada has started to top out. So I don’t think they’re going to shoot up a lot from here, but we’re probably not going to see decreases in rent at this time.”

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

LAS VEGAS, NV – In what was perhaps a case of seller’s remorse, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA Shaquille O’Neal has decided to pull his private 1-acre estate in the southeast Las Vegas valley from the open marketplace, a mere two weeks after he first listed it for sale and just one year after he originally purchased it.

Shaq originally closed on the 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park for $1.95 million in July of 2021; according to Clark County records at the time, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

The retired champion basketballer had originally listed the blue stucco home for $3 million, but the news that his son Shareef had signed a six-figure deal to play for the NBA G League team Ignite – based out of neighboring Henderson – was most likely Shaq’s reasoning for deciding to keep his Las Vegas estate after all.

In addition, O’Neal has heavy business ties in the Southern Nevada region, including co-ownership of Big Chicken sandwich shop east of the Las Vegas Strip.

The estate features numerous high-end amenities, such as multiple seating areas, a fireplace, a formal dining room adorned with an oil painting of Shaq himself, and a first-floor master bedroom hidden behind a secret door. The entire house is filled with a wide variety of basketball-related memorabilia, including multiple trophies and framed photographs.

The backyard – with a private second-floor balcony overlooking it – boasts a brand-new swimming pool and hot tub, golf putting green, built-in barbecue, and poolside casita that can serve as a small guest house.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, he reportedly does utilize the southeast valley residence as a regular abode when not working.

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 muscle-bound stars of “Australia’s Thunder from Down Under” – an Australian male revue who perform in Las Vegas and tour internationally – are set to star in a new HGTV/Discovery+ cable television series entitled “Flip the Strip,” where they go to various Vegas-based real estate properties to help renovate and/or build them in some manner.

The Nevada Film Office – part of the Governor Steve Sisolak’s Office of Economic Development – shared the content of the application for the series presented to them on August 4 by the producers of show, which states that “Australia’s Thunder From Down Under” has been a “fan favorite for visitors of Las Vegas for decades, and now they’re taking their talents to the construction site to show what they’re made of!”

Currently, it is unknown what sort of work the cast will be engaging in – or if any of them even have any construction experience at all – during each of the show’s proposed six hour-long episodes. However, during each episode – according to producers – camera crews will “follow the guys as they work to transform properties around the Las Vegas area.”

The show is slated to have a budget of $1.6 million, and as part of their application, its producers have asked the city of Las Vegas for approximately $206,000 in tax incentives. The show will be filmed in Las Vegas from September 2022 to January 2023, although no specific filming locations have been revealed as of yet.

“Flip the Strip” will be another in a series of reality TV shows that have been filmed in Las Vegas, including “Flip or Flop Vegas” and “Flipping Vegas.”

In 2001, “Australia’s Thunder from Down Under” officially moved into the Excalibur Hotel and Casino; in 2006, the 400-seat showroom was officially renamed “The Thunder from Down Under Showroom” in their honor, and currently holds 12 shows per week.

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 Greater Las Vegas Short-Term Rental Association (GLVSTRA) filed a lawsuit earlier this month against both Clark County and the state of Nevada on behalf of property owners looking to offer their homes for rent via services such as Airbnb and Vrbo, alleging that laws and ordinances passed to regulate the industry are “unconstitutional.”

While legal experts are expecting the GLVSTRA lawsuit to most likely be unsuccessful, the organization is nonetheless proceeding with their case, originally filed on August 2.

The main point of the lawsuit is that the 2021 passage of Assembly Bill 363 by the legislature allowing short-term rentals in the state – and subsequent required local ordinances governing the industry passed by Clark County when the bill went into effect in July – are violating the rights of property owners, according to GLVSTRA co-founder Jacqueline Flores.

“Clark County has the most restrictive STR ordinance in the nation,” she said. “The lawsuit we filed was our last alternative because state and local officials just went too far to the point where their regulations require these homeowners to give up some of their Nevada and U.S. Constitutional protections in order to be allowed to operate.”

“And the regulations include some of the highest fines and punishments, of up to $10,000 and jail time, for simply renting for less than 31 (consecutive) days,” Flores added, who claimed that approximately 80 percent of homeowners within Clark County would be unable to operate rentals under the current restrictive rules.

Currently, Clark County is setting up a lottery process to grant licenses to a limited number of prospective short-term renters within its jurisdiction; however, Flores insists that property owners should be allowed to rent their homes out whenever and however they want – especially in light of the current economic woes plaguing the country – unfettered by local regulations or limitations.

Flores also argues that a healthy rental market improves the local economy, as renters will need to hire maids, cleaning services, handymen, landscapers, plumbers, contractors, and other individuals and companies that assist in maintaining rental properties.

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 – Hollywood actor Mark Wahlberg, known for starring in a slew of blockbuster movies such as “Transformers,” “Boogie Nights,” and “Pain and Gain,” is currently snapping up real estate in Las Vegas, having just completed his second pricey and high-profile purchase in two months.

In July, Wahlberg had bought a 2.5 acre plot of residential land for $15.6 million in the Summerlin-based The Summit Club, a stylish, private neighborhood catering to affluent families and individuals. Wahlberg followed up with the purchase of a new 7,327 square-foot, two-story, four-bedroom townhome in the very same community earlier this month.

The Summit Club’s website describes itself as a “555-acre extraordinary sanctuary” that is nestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, located off Town Center Drive south of Flamingo Road. The website goes on to say “The Summit Club is the only private residential lifestyle club community in Las Vegas. Sit back and enjoy five-star amenities, a championship golf course, a robust outdoor pursuits program and unique terrain-to-table culinary offerings.”

The website also notes a plethora of wellness and recreation programs for residents, as well as snacks-laden golf course “comfort stations,” pickle ball and tennis courts that are adjacent to Wahlberg’s new residence.

According to Clark County property records, Wahlberg purchased the townhouse directly from the developers of The Summit Club; in response to media requests for further information, the developer merely said they do not comment on specific transactions in order to safeguard the “privacy of our owners and members.”

However, while the sale appears to have been private, reports indicate that the townhouse was not marketed via any regular listing sites, and The Summit Club’s map on its website merely shows a rendering of the residence and an indication that it has been “sold,” but no specific information on the property is given.

Previously, reports indicated that Wahlberg previously had also nearly purchased a pre-owned Summit Club residence for over $35 million in July, but then changed his mind and bought the vacant plot of land instead, followed by the new townhome purchase earlier this month. It is currently not known what the plans for the vacant plot of land are.

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

LAS VEGAS, NV – The former home of legendary Las Vegas performers Siegfried & Roy is set to be demolished and replaced with an apartment complex, as voted upon by the City Council last Wednesday.

Las Vegas City Council voted 5-1 to build a 334-unit apartment complex on the 12 acres comprising the former estate – nicknamed “Little Bavaria” – of Siegfried Fischbacher and Roy Horn, located in the northwest Las Vegas Valley of Rancho Drive along Rainbow Boulevard. The estate has been unused since the deaths of the two extravagant performers; Horn, 75, passed away in 2020, followed by Fischbacher the following year at the age of 81.

German-American magicians and entertainers, Fischbacher and Horn 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.

Las Vegas Mayor Carolyn Goodman was the only member of the City Council to vote against demolishing Fischbacher and Horn’s estate, instead suggesting that it should be turned into a park honoring the duo, who were both known for their love and preservation of nature.

Several members of the public at the meeting supported Goodman’s stance as well, but the opposing five members of the City Council were unmoved, with Councilwoman Michele Fiore pointing out that such an undertaking would likely cost upwards of “$30 million,” making it economically unfeasible.

“Unfortunately, there is no reality of a 12-acre park there that we could make or purchase,” Fiore said. “As much as I want to sprinkle fairy dust, I cannot. It can’t be done.”

Fiore did suggest that the eventual apartment complex located upon their estate be named “Siegfried and Roy Place” in honor of Fischbacher and Horn, and that a garden be erected on the property. However, Calida Group – the developer of the upcoming apartment complex – said that naming the building after the entertainers would deviate from the existing naming conventions for their other Southern Nevada properties, but they were willing to work with the Las Vegas City Council to find another way to pay homage to their legacy.

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 swanky home located in Summerlin’s high-end The Ridges master-planned community was Las Vegas’ top-priced sale in July, fetching a cool $8 million. This goes a long way to proving that while the housing market in Southern Nevada is experiencing an overall slowdown – much like the rest of the country – its luxury homes can still generate some very impressive sales figures regardless.

The home in question is located on Promontory Ridge Drive in The Ridges and is situated upon 0.54 acres; originally built in 2005, the home comes in at 12,345 square feet with six bedrooms, 7.25 baths, and a four-car garage, and has recently undergone a complete remodel with higher-end finishes.

Also, the home boasts an indoor basketball court, a gym, putting green, game room and movie theater, and the backyard has a resort-style pool/spa and outdoor kitchen.

Overall, the luxury housing market in Las Vegas is in the midst of its slowest period since January 2021 – an issue that is affecting the majority of the housing industry nationwide amid skyrocketing inflation, mortgage interest rates, and overall economic woes – but it still managed to net 105 closings on homes with values of $1 million or more in July.

Nonetheless, this number still represents a significant decrease from the 155 luxury closings in June, and the 167 luxury closings year-over-year. However, July’s figures certainly eclipse January 2021’s luxury sales figures, when just 86 luxury homes were closed on.

In addition, these are still 157 sales of homes valued at $1 million or higher currently pending – just 10 fewer then June – which experts say cements the fact that while Las Vegas luxury real estate has indeed taken a hit from the nation’s current economic turmoil, the $1 million or higher marketplace is still proving to be an overall significant money-maker.

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.