Category Archive : Market Updates

LAS VEGAS, NV – Located in Downtown Henderson, The Pass Casino – formerly known as the Eldorado, until it was sold in late 2020 – has announced plans to add onto the establishment by building a six-story Atwell Suites-branded hotel on the property.

Developer Joe DeSimone, who renovated and renamed the Eldorado upon its purchase for an undisclosed price, has filed plans with the city of Henderson to construct the approximately $20 million hotel, which is slated to have 90 rooms. While a specific date has not yet been decided for the project’s groundbreaking, it is anticipated to take place in either September or October, reports say.

The Atwell Suites hotel – a brand of British-owned IHG Hotels & Resorts – is expected to offer a variety of amenities for guests, such as a pool and wine bar; however, construction of a dedicated parking garage is not necessary, DeSimone notes, since The Pass itself already possesses one that will be adequate enough to serve the needs of the hotel as well.

DeSimone, founder and owner of First Federal Realty DeSimone, said that building a hotel for The Pass is a great business move, as the casino’s location at 140 Water Street is centrally located in an up-and-coming area.

Recently, the once quiet Water Street has seen a large increase in foot traffic as breweries, restaurants, an ice rink, and other entertainment options have been added in recent years. DeSimone noted that The Pass has benefited from the street’s current upward trajectory – calling recent business “very strong” – and said that part of his reasoning for adding the hotel is due to the fact that the area is currently without any significant hotel competition.

The nearest large-scale hotel to The Pass’ location – the Fiesta Henderson – has yet to reopen after having shut down during the COVID-19 pandemic, and has not made any announcements regarding its future.

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 short-term rentals – such as Airbnb and Vrbo – finally approach a state of legality in Clark County as of July 1, lawmakers are signifying that they are in favor of establishing a lottery system for when it comes to issuing the over 2,800 licenses to individuals and companies that are looking to get involved in the local house-sharing industry.

The Clark County County Commission is not only looking to find an ideal method to address the huge number of house-sharing rental applications they will receive, but also how to crack down on the even larger number of illegal short-term rentals that are clandestinely operating within the county’s jurisdiction; current estimates put the number between 6,000 to 12,000 properties.

In 2021, Assembly Bill 363 – sponsored by Assemblywoman Rochelle Nguyen – was voted into law, and decreed that as of July 1, 2022, short-term rentals would begin to be legal in Clark County; furthermore, the county would also be tasked with regulating the new industry within its borders, and lawmakers have been working ever since to craft ordinances for that purpose.

Recently, Commissioners agreed on several possible regulations for short-term rentals, including capping licenses to one percent of all homes; adopting a 1,000-foot distance requirement between rentals; limiting licenses to one per homeowner or company; and enacting an application cost of at least $1,000.

As for tackling violations, lawmakers seemed to favor fines up to $1,000 per violation for legal short-term rentals, and fines of up to $10,000 per violation for ones that are operating illegally.

However, details are still in flux and have yet to be cemented amid various concerns that officials do not possess the significant backing in terms of finances or manpower that will allow them to enforce the new ordnances, both among legal and illegal short-term rentals alike. Renters finding ways to skirt around the laws – such as creating multiple LLCs – are a potential issue as well.

A recent survey indicated that the majority of Clark County’s residents are not in favor of short-term rentals becoming legal; those who want to provide input to the county’s plans can email them to [email protected].

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 – Just over three years after originally purchasing it, the owners of a prominent luxury Las Vegas apartment complex have turned around and sold the property off for a very impressive return on their initial investment.

It was announced this week by broker Cushman & Wakefield that the 220-unit South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million. Griffin had originally purchased the complex in 2018 for $62 million, with this week’s sale representing a tidy profit of $30.5 million.

The $97.5 million sale price comes to approximately $443,182 per unit, which is twice what the average was on the market during 2021; when Griffin purchased the property in 2018, the per-unit price also was double that of the market average at the time at $281,818.

Upon the announcement of the purchase, seller Logan Capital issued a statement, touting South Beach’s “unmatched amenity package” and “excellent location” while cementing the high-end apartment complex as a leader in Las Vegas amongst “discerning lifestyle renters.”

Griffin also put out a statement, noting that originally they had intended to hold onto South Beach for the foreseeable future, but the firm was presented with an “opportunity to realize outsized returns” and due to that, they decided to sell “earlier than anticipated, and with a great result.”

Located at 8920 West Russell Road, South Beach offers numerous upper-crust amenities for tenants, including poolside cabanas, a huge outdoor TV, an outdoor gym, a sand volleyball court, a sports field, a Zen garden, fitness studios, a massage and treatment room, steam and sauna rooms, and a poker room.

Apartment sales in Las Vegas have been heating up recently amid the waning days of the COVID-19, whereas they had displayed a distinct drop in changing hands while the pandemic was at its peak; in 2021, 193 complexes were sold in the region, compared with just 91 in 2020.

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 – Las Vegas Realtors Association President Brandon Roberts is predicting that, as Southern Nevada’s home prices continue to break record after record – causing intense affordability concerns – the market will eventually right itself and stabilize, noting that the current situation is “not sustainable” long-term as it is.

In February 2022, the median price of existing single-family homes in Las Vegas reached a new record – $450,000 – which itself leapfrogged the previous record just the month before. Overall, the median price was just $355,000, with the new record representing a whopping 26.8 percent year-over-year increase and over three times the $118,000 existing homes were fetching in January 2012 during the recession.

It’s easy to see how much the intense housing demand is driving home prices up in the region; in 2021, there were 38,601 home sales in Vegas, and over 50,000 when townhouses and condominiums are added into the equation. However, this represents a situation that Roberts says can’t last.

“Local home prices can’t keep going up this fast, forever. The increases we’ve been seeing in the last year or so are just not sustainable,” he said. “It remains to be seen how much higher these prices can go and when we might start to see the market stabilize, as many national experts have been predicting. Either way, I seriously doubt you’ll see home prices more than triple again in a single decade.”

Given the record-setting nature of the real estate industry in 2021, Roberts said that he expects this trend to continue into 2022 but that prices and demand will start to level off as interest rates on home loans begin to slowly rise from the historic lows they hit during the COVID-19 pandemic.

“That affects people’s buying power, which could affect the demand on some of the properties,” Roberts said. “I do think we will stay strong because we have low inventory, and we will continue to see that. As soon as they are coming on the market, they’re selling. We’re in a shortage of housing, I don’t think builders could build it fast enough because of supply, labor and permits. I think we will see increases (in prices) but not at the level we saw last 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 – The defunct Terrible’s Hotel & Casino, which has been closed and sitting unused for two years, will be demolished and the property used to construct a large-scale industrial park, according to an announcement by a Reno developer.

Terrible’s, which originally opened in 1987 and closed for good in 2020, was owned by the Herbst family – operators of the Terrible Herbst gas station chain – and is located about 25 miles south of Downtown Las Vegas.

Public records show that on February 24, Tolles Development Company closed on a $44.7 million deal with the Herbst family for the sale of the approximately 142.3 acres of real estate in Jean Nevada off Interstate 15 that Terrible’s Hotel & Casino sits upon.

Tolles partner Cory Hunt noted that the location is ideal for an industrial park, since truckers delivering goods from Southern California could drop off their wares and be home in what would amount to a one-day round trip, as opposed to having to travel much further into Nevada. In addition, the location already has utility service in-place due to the hotel’s presence.

Hunt said plans are in-place to develop the property into a 1.9 million-square-foot warehouse and distribution complex, with a groundbreaking possibly planned for 2023; from there, it is estimated that the industrial park would take anywhere from three to five years to construct. Clark County commissioners approved plans for the project last month.

The last construction phase of the project will involve the current Terrible’s Hotel & Casino building itself, although it is not currently yet known how the structure will be demolished. However, Hunt facetiously said that if they decide to implode it, it would be done in over-the-top “Vegas style” and that he would be happy to allow a filmmaker to record the explosion for a movie to “help us celebrate blowing it up.”

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 – “Fremont9,” a ritzy apartment complex located in Las Vegas’ downtown area which constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, has been sold for $80 million and will soon be christened with a new name.

The Calida Group, an apartment developer based in Las Vegas, confirmed that they purchased the 232-unit Fremont9 complex – which was 90.5 percent occupied on the day the deal went down – and news of the sale already has the property “trending upwards,” according to Calida co-founder Doug Eisner.

Fremont9 – which is located at 901 Fremont Street at the corner of Fremont and Ninth – will be officially rebranded within the next few months as “Ely on Fremont,” Eisner revealed.

When it originally opened in 2018, Fremont9 was the first new, large-scale apartment complex on Fremont Street in a number of years, and is part of a development trend concentrating on Southern Nevada urban-area rental facilities to address housing demand.

The sales price of Fremont9 equates to approximately $344,828 per apartment unit; in 2021, the average per-unit sales price of apartment buildings in the region was $215,151.

Eisner noted that part of the attraction to the purchase of Fremont9 was younger tenants who are “hyper-social” and are looking for apartments close to the many entertainment and restaurants options afforded by the Las Vegas Strip.

During the worst of COVID-19, renters tended to favor suburban rental properties in order to avoid densely-populated areas, but as the pandemic wanes, more and more people are once again looking for rentals amid the hustle and bustle of the city, Eisner said.

The five-story Fremont9 offers numerous amenities for tenants, including a clubroom lounge with billiards, outdoor courtyards with bocce ball and fire pits, a yoga and spin studio, a media lounge and more; in addition, Eisner said that there is also unrented ground-floor retail space that is being converted into live-work units.

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 lavish Las Vegas mansion that was once rented as a home for a whopping $50,000 a month 15 years ago by the late and controversial “King of Pop” Michael Jackson has been listed for sale on the market.

The 17,461-square-foot Las Vegas estate – surrounded by a 10-foot-high wall – is located in the western Las Vegas Valley, and currently has an asking price of $9.5 million.

Luxury real estate brokerage The Agency announced Friday that a 17,461-square-foot mansion in western Las Vegas, home to the King of Pop 15 years ago, is on the market for $9.5 million. Sellers Dong Xue and his wife Jeanette Zhou – both big fans of Jackson – bought the home in 2010 for $3.1 million.

2785 SOUTH MONTE CRISTO WAY, LAS VEGAS – $9,500,000.00

The mansion – which Jackson rented for a year in 2006 after spending time in the Middle East and Ireland – is located on an acre of land 15 minutes from The Las Vegas Strip at 2785 South Monte Cristo Way. It features eight bedrooms, nine bathrooms, and a Roman-style interior, an indoor fountain, custom chandeliers, a home theater, a security room, marble flooring and an orchestra loft overlooking a grand ballroom.

Jackson – whose sisters and parents lived in the Southern Nevada region at the time he rented the home – had faced allegations of sexual abuse for a number of years, and some have speculated that he had rented the compound in order to have privacy from paparazzi, which are rare in Las Vegas.

Some of Jackson’s personal furniture – including a dining table and a sofa – remained in the house when Xue and Zhou purchased it; the couple, previously California residents, had been using the mansion as their primary residence for over ten years.

The property was listed on the market Thursday, March 3.

Feature photo: Jackson attending The 4th Annual Roger Neal Oscar Viewing Dinner-Icon Awards and After Party at The Hollywood Palladium, Los Angeles, CA on February 24th, 2019 File photo: Eugene Powers, Shutter Stock, licensed.

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 – Ever-increasing home prices in Las Vegas are now outstripping the current average in the United States, according to a recent Case-Shiller report, with the end of 2021 setting the stage for what to expect in 2022.

House values in Southern Nevada in December 2021 had shockingly jumped 25.5 percent from the same period of time in 2020; this runs in contrast with the 18.8 percent price climb on a national basis, according to reports. Vegas home prices have been accelerating past the national average now for the past seven months in a row.

Arizona, specifically Phoenix, is also a region where home prices have been rising fastest over the course of the past year, blasting past the national average to an even greater degree than Vegas. As of press time, home prices in Phoenix have jumped a whopping 32.5 percent year-over-year, illustrating the exuberant degree that home prices have raised overall in the United States during the past 365 days, despite – or perhaps because of – the impact of the pandemic.

Among the 20 markets covered by S&P Dow Jones, home prices are at an all-time high despite high unemployment caused by the COVID-19 pandemic; this factor has been mitigated by rock-bottom interest rates on home loans that have allowed buyers to maximize their budgets.

Rising home costs, both in Las Vegas and nationwide, have also been driven by limited inventory and “persistent demand,” real estate experts say.

However, of the 15 markets tracked by the Case-Shiller report, Southern Nevada has been proven to be an especially popular place for people to move to due to its low cost of living when compared to other regions with higher tax brackets and overall lower – for the time being – home prices.

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 – Gene Simmons, widely known bassist for the legendary rock band Kiss, has sold his Vegas area mansion after he first listed it on the market in October 2021, a mere six months after originally purchasing it.

Simmons’ luxurious home – located at 7 Talus Court in Henderson – is currently under contract, reports say. He had first listed it for $15 million, but then dropped the price to $13.5 million one month later. He also announced earlier in February that he was even willing to take certain types of cryptocurrency – such as Bitcoin – in exchange for the home.

The 72 year-old rocker had originally purchased the mansion in May 2021 for $8.2 million, in addition to an adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million. However, he only resided there for several months before going on tour, leaving the home empty.

Simmons’ mansion is a two-story, six-bedroom, 10,871 square-foot residence with six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished 3,026 square-foot basement and 2,284 square-foot basement garage.

The home is situated on nearly a full acre of land, including a “little forest” of over 130 trees that Simmons had planted on approximately a half-acre he said set him back $1 million.

When asked why he was selling it, he stated in an interview that his family was “not fans of 115-degree weather,” adding “how many houses do you need anyway?”

Known by the alias “The Demon” when rocking out on-stage, Simmons also noted in a separate interview that he was leaving his long-time home in Los Angeles for a 12,000 square-foot mansion in Lake Tahoe; he cited the need for a “quieter life” and the fact that California had become “inhabitable” due to its high tax rates.

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 affluent out-of-state residents fleeing highly-taxed regions of the country for Las Vegas due to its more affordable cost of living experience, demand for luxury rental units have reached a fever pitch, driving the market to surpass the $50,000 per month mark and beyond, and without any signs of slowing down due to increasingly low inventory.

Newer listings on the market in Southern Nevada have several luxury rental homes and condos going for prices ranging from $35,000 per month all the way up to a full-furnished unit – a 10,600 square foot residence in The Ridges with six bedrooms and six baths – for a whopping $65,000 per month.

Currently, the most expensive rented luxury property – acquired last fall on a one-year lease – is a $50,000 per month for a Summerlin one-story mansion that comes with landscaping, pool maintenance and weekly cleaning. The home is situated on 0.82 acres and is estimated to be worth over $9 million, and includes a private office, game room, movie theater, sunken wet bar, resort pool with spa, a gym and a basketball court.

The second-most expensive, currently rented rental property in Las Vegas is a $30,000 per month Ascaya property.

In addition to fleeing highly-taxed states such as California, another driving factor of the luxury market in Las Vegas was the COVID-19 pandemic and the subsequent rise of remote working, enabling people to ply their trades from any region of the country during business lockdowns. Prior to COVID, experts say, the high end of the Vegas luxury rental market was averaging about $25,000 to $35,000 a month, as opposed to $50,000 or higher now.

Experts say that many of these wealthy, out-of-state renters have actually purchased their own properties and are currently in the midst of having their own high-end homes built upon them; in the meantime, they are renting local luxury units to reside in until construction is completed, at which time the property is passed on to the next affluent transplant to the region.

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 north edge of the Las Vegas Strip was in the midst of multiple construction and development projects that – with the arrival of the mid-2000’s economic recession – instead resulted in huge empty tracts of land and little-to-no foot traffic. The vibrancy and excitement of the Strip had failed to carry to the end of Las Vegas’ casino corridor… until now, it seems.

Originally, plans for megaresorts and other projects were slated for the north edge of the Strip, but the recession stalled these plans indefinitely; however, new development is finally being spearheaded, and local residents are hopeful that the turnaround they’ve been long hoping for is finally set to take place.

In June 2021, Resorts World Las Vegas – a $4.3 billion casino and resort – opened for business, representing the first new resort constructed at the northern end of the Strip in over ten years. Fontainebleau Las Vegas, derailed by the recession, is finally back under development and is slated to finally open in late 2023, after being purchased once again by its original developer. And finally, a $1 billion, 1.4 million-square-foot expansion Las Vegas Convention Center’s West Hall was completed and opened in June 2021.

In addition to projects that have been started from scratch, there are others that are centering on pre-existing properties that are currently being renovated or upgraded in some way, such as the Sahara Las Vegas, which is remodeling its 1,100 rooms and pool to the tune of $150 million, along with adding new restaurants.

Also, The Strat recently finished a $110 million facelift as well – adding a new coat of polish to its rooms, casino, and restaurants – and Circus Circus expanded its arcade and carnival game area, added a new ride, and is in the middle of a $9 million renovation of their food court.

With the Las Vegas economy bouncing back and tourism picking up again in a big way with the (hopefully) final days of the COVID-19 pandemic, experts are expecting the new-found interest that developers are paying to the north edge will result in the area possibly becoming the “hot side of the Strip” within the next five years.

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 – Due to ever-increasing demand and a lack of inventory, the cost of apartments in the Las Vegas valley continues to climb, with the median monthly price of a one-bedroom unit hitting its highest level ever, a development that is continuing to stoke concerns over affordability among residents in the region.

Reports indicate that roughly half of the valley’s residents are renters, and the rapidly-increasing costs of doing so are starting to weigh heavily upon them; the monthly rent for a one-bedroom apartment currently ranges between $1,200 to $1,700, with the median price being $1,500. In stark contrast, that price just one year prior was approximately $1,100.

Experts say that month-to-month rent increases are going up at levels not seen before; part of that reason can be attributed to rising interest rates pricing some home buyers out of the market, resulting in them turning to rental units instead. This is resulting in more renters being on the market than is typical, and that demand is causing landlords to raise their asking prices to account for it.

In order to get a foot in the door amid the intense competition for apartments and rental properties, experts suggest that renters should make sure they have good credit scores – typically 650 or better is a good start – in addition to having a problem-free rental history. Salary is important as well, as landlords often look favorably upon those who are making at least three times the amount of their monthly rent in take-home pay.

In addition, conducting an apartment search throughout multiple zip codes – instead of simply sticking to one – and paying attention to large rental complexes that may offer move-in deals can often pay off. Mom-and-pop landlords can be a great way to find a rental as well, as they are often independent owners who are renting apartments in homes – or the entire home itself – and may prefer a tenant that is willing to assist in maintaining 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.