Category Archive : Market Updates

LAS VEGAS, NV – For a great while, condominiums failed to figure into the Las Vegas real estate marketplace to the same degree as stand-alone homes did; however, that began to drastically change right before COVID-19 hit, but while the pandemic caused a brief hiccup in the ascension of condos as a viable real estate marketplace asset, the market nonetheless recovered and rose to a status of prominence that is currently showing no signs of slowing down.

Today, condos in Las Vegas are viewed as an excellent and affordable alternative to the ever-increasing expense of stand-alone homes, especially among Millennials who are approaching typical home-buying age. In fact, in December 2021, condo sales in Southern Nevada totaled over $221 million, representing a 38.5 percent increase over December 2020, with the median sales price year-over-year jumping by 30.1 percent.

Condos have become a popular means to achieve home occupancy in Las Vegas in the face of the demand for housing options that, thus far, local Southern Nevada home developers have not been able to adequately address. This comes in the face of increased migration to Vegas by residents from neighboring states – especially California – that are in search of more affordable lifestyle options or investment properties when compared to their previous homes.

The two main groups that are driving condo sales in Las Vegas as of late are – first of all – millennials, many of whom are approaching the age where they are where they are considering becoming first-time homeowners. This is being driven in-part by this tech-savvy generation’s embracement of the concept of digital home buying, which can often be done on their cell phones for an easy shopping experience.

Secondly, approximately 25 percent of Las Vegas condo buyers since 2019 have been residents from California, some of whom were making the move to Nevada permanent and were able to purchase residences with cash due to the sale of their original home; many others have been second-home buyers who have retained their California residences.

Experts see 2022 continuing this trend, especially if the state of California passes its much-talked-about “wealth tax,” in addition to other ongoing cost of living increases that residents consider excessive and, in many cases, unsustainable.

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-based real estate firm Nigro Development held a public groundbreaking ceremony recently to signify the start of construction on SpringHill Suites, a 127-room hotel situated in the Las Vegas Valley north of the 215 Beltway at Decatur Boulevard.

According to a statement issued by the firm, construction of SpringHill Suites is slated to be completed in the first quarter of 2023, with Nigro Development President Michael Nigro saying that it will address a very real need for housing options in this part of the city.

“The southwest region of Las Vegas has developed so much in recent years, and there is an increasing need for this type of property to support those in the community as the population and visitor numbers grow, along with the new industrial businesses opening in the area,” he said.

Nigro Development is no stranger to the Las Vegas real estate scene; they are responsible for creating several mass rental properties in Southern Nevada in an effort to address the serious demand for affordable housing options as the local economy continues to recover in the wake of the COVID-19 pandemic.

In addition to SpringHill Suites, the company has also been responsible for constructing a Residence Inn on St. Rose Parkway in Henderson and a Fairfield Inn & Suites on Sky Pointe Drive in the northwest valley, both of which were completed in 2019. In addition, the firm also broke ground on a 119-room TownePlace Suites in North Las Vegas in 2020; that project is slated to be finished and open for business in the spring of 2022.

“With over 600,000 square feet of space currently under management for investor partners, Nigro Properties has proven success in the property management realm,” Nigro’s website states. “Nigro Properties ongoing objective entails providing first class environments for conducting business while attracting and maintaining satisfied tenants. Nigro Properties’ staff never ‘rests on its laurels.’ They are steadfast in their quest to maintain the highest levels of quality customer service in Las Vegas, always fostering positive tenant relations and exceeding expectations.”

Feature photo: Todd Nigro, Brian Paulson, Michael Nigro, Dave Voiss, Mike Cook, Cory Frank pose during the ground breaking at Decatur Commons and going vertical ceremony for Springhill Suites. Photo credit: Ronda Churchill for Nigro.

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 – At this point, it may be a moot point, but the numbers for January 2022 are in, and once again home prices in Las Vegas have set yet another all-time record, showing that – even with the advent of yet another new year – the real estate scene in Southern Nevada does not appear to be showing any signs of slowing down.

Reports indicate that last year’s red-hot market has carried over into 2022, with January’s median sales price of previously-owned single-family homes – which makes up the majority of home sales in Las Vegas – was $435,000, an increase of 2.4 percent – or approximately $10,000 – over December 2021, which itself was yet another record-setting month.

In addition, last month’s new record represents a whopping 26.1 percent increase – or about $90,000 – year-over-year from January 2021.

However, both sales overall and the amount of homes available on the market have both dropped recently; 2,561 houses were sold in January, which is a drop of 19.4 percent from December and 2.9 percent year-over-year. Only 1,821 single-family homes were listed in January without offers, which is a 19.1 percent decrease from December and 21.3 percent less than January 2021.

In addition, January’s record was a threefold increase from ten years ago following the national recession, at which time home prices in Southern Nevada reached a record low of $118,000 in January 2012.

Experts say that Las Vegas’ home sales are still being driven in-part by current low interest rates on home loans, which are expected to steadily rise as the year goes on but are still expected to remain historically low for the foreseeable future; this has resulted in fast sales and rapidly rising prices, making Vegas currently very much a seller’s market.

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 Sands has entered into an agreement to sell its Vegas property and operations – including the Venetian Resort and the Sands Expo and Convention Center – for a total of $6.25 billion to several companies, signifying that significant changes are likely to come for the iconic Las Vegas Strip casino.

VICI Properties Inc. will be purchasing both the land and real estate assets of the Venetian Resort and the Sands Expo and Convention Center for $4 billion in cash, reports say. In addition, Apollo Global Management – a private-equity firm – will acquire the Venetian Resort’s operating company for $2.25 billion.

The sales will be finalized once Nevada regulators have issued their approval; however, the Nevada Gaming Control Board has already “unanimously signed off on Apollo Global Management’s purchase of the Venetian, Palazzo and Venetian Expo, indicating one of the largest Las Vegas Strip asset sales announced in 2021 is closer to wrapping up.”

Reports indicate that Sands is selling its Southern Nevada properties due to the nearly insurmountable competition from Caesars and MGM, who control a large portion of the famed Las Vegas Strip. In contrast, Sands have instead pivoted their attention to their properties in Macau and Singapore, according to Chief Executive Robert Goldstein.

“This company is focused on growth, and we see meaningful opportunities on a variety of fronts,” he said. “Asia remains the backbone of this company and our developments in Macau and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities.”

However, Sands is still expressing a continued interest in developing and expanding their remaining assets in the United States as well, Goldstein said.

“There are also potential development opportunities domestically, where we believe significant capital investment will provide a substantial benefit to those jurisdictions while also producing very strong returns for the company,” he 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 – 2022 remains an extremely competitive and pricey industry for Las Vegas luxury real estate, with the top two properties currently on the market so far this year ranging in price from a low of $24.5 million to a whopping high of $32.5 million.

The top spot is taken by a Henderson home located in Carina Way in Seven Hills listed for $32.5 million that offers views of the Rio Secco golf course. If sold for this price, it will take the all-time record for the highest-valued home price in Las Vegas history, which currently belongs to the 2021 sale of a $25 million residence in MacDonald Highlands in Henderson.

2738 CARINA WAY, HENDERSON – $32,500,000.00

The 14,207 square-foot, three story residence has four bedrooms, nine baths, numerous high-tech amenities, and three climate-controlled garages with space to accommodate up to 12 vehicles; amazingly, the garage even has a car lift that can deliver one of the vehicles directly to the home’s master bedroom.

“There’s lots of activity. We’re in the midst of negotiating an offer, and it’s a good offer,” said the home’s listing agent. “It’s a fabulous house and exciting home to sell, and we’re excited for the first quarter of this year for sure.”

The second-highest priced home on the list belongs to real estate developer and art collector Steve Wynn, who is selling his Billionaire’s Row Enclave Court home for $24.5 million;  in 2018, Wynn purchased the home in Country Club Hills adjacent to the TPC Summerlin golf course for $13 million. The two-story, eight-bath home comes in at 13,500 square feet, and features an additional $16 million in remodeling efforts by Wynn.

1717 ENCLAVE COURT, LAS VEGAS – $24,500,000.00

“It’s like having a boutique Wynn resort,” the listing’s realtor said. “It’s beautiful. It’s ethereal and creates an ambiance like you’re in your own personal resort. It’s breathtaking. The finish-out is gorgeous.”

Many real estate experts realistically expect the $25 million luxury home record to be surpassed this 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 – There has been a recent and significant rise in the number of fake rental listings in Las Vegas as criminals hoping to take advantage of the intense demand for housing options are attempting to scam unwary individuals and families by way of social media.

The Better Business Bureau (BBB) of Southern Nevada is saying that prospective renters should be very cautious when responding to advertisements for apartment or rental properties on Facebook and other similar sites.

According to reports, once such victim of the uptick in rental scams is a woman named Christine – who declined to use her last name – yet was subjected to a “scary” experience when answering one particularly sketchy listing for a home in Henderson on Facebook Marketplace.

“I was desperate for a place, when you’re in that mindset and have kids,” she said. “He said he was the owner of the house. He said he wouldn’t be able to meet me. He would be able to give me a key code. I instantly thought that was a little weird.”

After she toured the property by herself by entering it via the back door – as per the instructions she received – the “owner” proceeded to email her a generic rental application. Suspicious, she had a friend look into the property.

“The house was on Zillow, more than what the guy was asking,” Christine said. “I got scared and I blocked him.” 

The BBB said that it’s common practice for scammers to masquerade as landlords or property managers of rental units they don’t even own – especially ones that have been vacant for extended periods of time – in order to separate the unaware from their hard-earned money.

In order to remain safe when looking for a rental, the BBB suggests adhering to the following guidelines:

• Go to reputable realtors, leasing agencies or property managers.
• If you’re dealing directly with a landlord, confirm they own the property.
• Pay for any fees or applications with checks or credit card fees; you can easily dispute charges.
• Never use Venmo, Zelle or any form of electronic payments for a stranger.
• Report scams to BBB Scam Tracker.
• Facebook advises users to report fraudulent listings or postings.

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 Tropicana – a famous hotel-casino from the Rat Pack era – is in the process of being sold this year to casino operator Bally’s Corporation, and is reportedly facing an uncertain future that could include either extensive redevelopment or even complete demolition to make way for an entirely new establishment.

According to Bally’s Chairman Soohyung Kim, they are currently weighing all possibilities for the Tropicana’s future, although the corporation will “almost certainly” rename the property under the Bally’s brand and will redevelop it in some manner, although literally “knocking it down and starting over” has not been ruled out either in order to “maximize value.”

There is already a Bally’s resort in Las Vegas; however, Caesars Entertainment announced recently that they would be renaming their Bally’s resort on the Strip to the “Horseshoe Las Vegas,” thus freeing up the Bally’s name to be used for the soon-to-be-former Tropicana instead.

In April 2021, Bally’s announced it entered a deal to acquire The Tropicana from Gaming and Leisure Properties in a deal valued at $308 million. Bally’s acquisition of Tropicana is expected to close early this year, with Gaming and Leisure Properties retaining ownership of the land underneath the property for an initial 50-year lease.

In April of 1957, the Tropicana opened with 300 rooms, and had ties to organized crime; today, in its current form, the resort features 1,470-rooms, 50,000 square-feet of gaming floor space, and 72,000 square-feet of convention and exhibit space.

Numerous movies and television shows have filmed scenes at the famed Tropicana, including the 1964 Elvis Presley film Viva Las Vegas, the James Bond film Diamonds Are Forever – Sean Connery’s 007 is seen checking in, declaring “I hear that the Hotel Tropicana is quite comfortable” – The Godfather and The Godfather Part II, the TV show Charlie’s Angels in the 1978 episode “Angels in Vegas,” and many more.

Photo: Exterior view of the famous Tropicana on December 28, 2019 in Las Vegas, Nevada. File: Kit Leong, Shutterstock.com, 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, NY – “La Vista,” a high-end penthouse located in The Martin – a luxury high-rise condominium tower located at 4471 Dean Martin Drive in Las Vegas – has just been listed on the open market for a whopping $10 million.

Located on The Martin’s 44^th floor, La Vista offers spectacular views of the surrounding cityscape via expansive floor-to-ceiling windows and an 800 square-foot balcony; the result is breathtaking 180-degree views of the famed Las Vegas Strip and Allegiant Stadium.

Plus, the sheer size of the condo – La Vista comes in at 5,217 square-feet – is a rarity in Vegas’ high-rise luxury market, in which only less than two percent of the units offer 5,000 square feet or more.

The penthouse also offers three bedrooms, formal living and dining, a great room with a gas fireplace and bar, a climate-controlled wine cellar, and the aforementioned balcony, which features sliding glass entry doors, heaters and special ceiling insulation that produces a 67 percent degree of noise reduction from the hustle-and-bustle of the city outside.

4471 DEAN MARTIN DRIVE 4408, LAS VEGAS – $10,000,000.00

The unnamed seller – who reportedly has a background in construction and design – originally bought La Vista as a “blank slate” in 2015, completely remodeling the condo himself over the course of two years with a luxurious Italian design aesthetic, utilizing well-known design companies such as Dada, Boffi, Miele and Fisher Paykel. Walls feature hand-textures, frameless custom teak cabinetry, integrated appliances, and custom art panels fashioned by Italian artist Alex Turco.

The unit also boasts some high-tech amenities as well, including a Control 4 Home automation system that controls blinds, lights, media and HVAC system. The tenant of La Vista also has three spots in The Martin’s indoor parking garage, as well as access to the building’s resort-style spa and wellness center, yoga studio, pool, private garden lounge, dog park, personal concierge, steam room, library lounge and more.

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 the S&P CoreLogic Case-Shiller index recently released by S&P Dow Jones Indices, home prices in the Las Vegas real estate marketplace are rising at levels that are currently outpacing the United States average, and this is not the first instance of this occurring, experts say.

The prices of homes in Southern Nevada, from November 2020 to November 2021, increased 25.7 percent, compared to a 18.8 percent year-over-year increase for the country as a whole during the same period of time, the report revealed, which examined 20 major metro areas, all of which recorded annual price increases in the double-digits.

The highest increase of the 20 metro areas looked at in the report, however, was Phoenix, Arizona, which saw home prices leap up 32.2 percent from November 2020 to November 2021.

The report also bestowed another impressive distinction upon Las Vegas – the fact that the city has had home prices rising faster than the national average for six consecutive months in a row, and that trend is expected to continue until home inventory in the region increases due to ramped-up development efforts.

The report solidifies the fact that intense demand for homes in Las Vegas – driven by an influx of new residents seeking lower taxes and cheap mortgage rates that increased buying power – has resulted in a series of record-breaking home prices, seemingly month-to-month. While the degree to which Vegas’ real estate market has recovered from the mid-2000’s recession is indeed impressive, experts say that home prices are now sparking affordability concerns, especially among first-time buyers.

The December price of previously owned single-family homes in Vegas was a record-breaking $425,000, which represents a 23.2 percent year-over-year jump.

However, the findings of report also indicate that the prices of homes across the U.S. have uniformly been increasing at a “very high” rate overall, but have shown signs of slowing in the past few months; prices are expected to slow further as interest rates for home loans continue to increase.

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 – Illustrating the prominence that Southern Nevada has achieved in the national real estate scene in 2021, recent national rankings have placed four Las Vegas-based master-planned communities in the United States’ top eleven in terms of sales, and five in the country’s top 25; this trend is expected to continue – and possibly increase even further – in 2022, experts say.

National consulting firm RCLCO currently ranks Summerlin in the number three spot nationally with 1,619 sales in 2021, which represents an increase of 11% over the 1,456 sales the community reported in 2020 and 23 percent over 2019’s 1,320 sales.

The number seven spot was taken by Cadence in east Henderson – a project of the LandWell Company – with 864 sales, which was a modest jump of 1% over 2020’s 852 sales – when it ranked 10th – but a 15% increase over the 753 sales the community had in 2019.

In 8th was North Las Vegas’ Valley Vista community with 860 sales, which was actually a decrease of 15% over 2020’s numbers, when they ranked 6th with 1,017 sales.

Up next is Inspirada in West Henderson, which was ranked 11th on RCLCO’s list with 741 sales, which represents an impressive 25% jump over their 2020 numbers – when 592 homes were sold – and a 15% increase over the 645 sales they had in 2019.

Outside of the top eleven, Skye Canyon comes in tied for 22^nd place with 655 sales, a huge bump of 39% higher than they were in 2020 when they sold 472 homes and placed 46th in the United States; in 2019, they reported 460 sales.

According to RCLCO Vice President Karl Pischke, Las Vegas had more high-end communities in the nation’s upper echelon of sales rankings than anywhere else in the country for 2021.

“Las Vegas had five communities in this year’s master plan list, and three in the top 10 and then Inspirada at 11 and Skye Canyon 22nd,” he said. “No other metropolitan area had more master plan communities in the top 10 than Las Vegas, which is a great distinction. When you look at the home sales within those five communities, they increased by about 8 percent between 2020 and 2021 (compared to 5 percent nationally for the top 50). That’s a positive picture. Low mortgage rates and demographics were helping drive some of that.”

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 oft-delayed Brightline West high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating once again is being heralded as back on-track, along with a potential extension into an additional L.A. suburb that would open up an additional region of California to Southern Nevada.

Following a series of delays that, as our last report, had construction slated to begin in 2021, the Miami-based Brightline West – the only private passenger rail company in the country – is now anticipating an early 2023 start on construction which would include an additional 49-mile extension into California’s Rancho Cucamonga suburb, pending final federal approval which is expected by November 2022.

This additional extra extension would connect into the original, previously-approved 216-mile railway from California’s Victor Valley to Las Vegas and would feature trains that travel between 180 and 200 miles-per-hour. With the Rancho Cucamonga extension – which would connect to downtown Los Angeles via an existing commuter train – the length of the electrified railway leading to Vegas would be extended to a total of 265 miles.

In a statement, Brightline noted that the high-speed railway system between Las Vegas and L.A. would generate jobs, help to reduce pollution, and deliver convenience for commuters.

“Brightline looks forward to working with the Federal Railroad Administration on finalizing the permitting process and making this America’s high-speed-rail showcase system,” they said. “Brightline West is the most shovel-ready project in the nation and provides the best opportunity for this country to have a new high-speed rail system within the next few years, achieving success for this administration’s goals related to jobs, climate and equity.”

Currently, the projected launch date of passenger rail service for this line is in 2026, with an estimated total development cost of $8 billion. The finished rail line would result in a 34-mile stretch of track in Nevada running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip.

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 developer in Las Vegas that had purchased a defunct golf course late last year has just announced plans to construct a large number of residential homes upon the property, in an effort to address the sky-high demand for living options in the Southern Nevada region.

On December 23, 2021, Touchstone Living paid $33.7 million to acquire the shuttered Royal Links Golf Club from Scottsdale Golf Group founder Shelby Futch, whose firm operated Royal Links and had recently closed down the business; the very last day members were able to tee-off was December 17, as per their website.

However, Touchstone founder Tom McCormick announced this week that he would be developing the approximately 162-acre property – located along Vegas Valley Drive about a mile east of Nellis Boulevard – by constructing over 1,600 homes upon it.

In early January, work crews already began the task of removing the golf course itself, a process that will be done in phases as trees and property are relocated around the perimeter of the new community.

McCormick noted that home construction will also be completed in phases, with an initial 1,298 homes – all attached 2-story residences – slated to be built on the main 130-acre section of Royal Links south of Vegas Valley Drive; in addition, 25 acres of the land in the section will be allocated for development into community parks.

In addition, McCormick said that another 320 homes will be constructed on the 32 acres that make up Royal Links north of Vegas Valley Drive; however, all plans for that part of the community are not yet completed and are subject to potential change.

Touchstone’s development is intended to bring lower-priced housing to the Las Vegas market, amid rising home and rent prices that are growing concerns about long-term affordability in 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.