Category Archive : Market Updates

LAS VEGAS, NV – Jade, a new 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, has recently sold for an incredible price, once again highlighting the strong desire that landlords and property management firms are expressing for rental units in Southern Nevada.

Ideal Capital Group, a real estate firm based out of Clovis, California, reported that they have acquired Jade for $124.5 million from developer Jonathan Fore last month; the sale price represents approximately $433,798 per unit, which experts say is much, much higher than average for an apartment complex in the Las Vegas Valley.

Jade, the newly-constructed property, is situated near the famed Las Vegas Strip, and that fact – in addition to a lack of other recent apartment construction nearby and a regular influx of new residents into the city – is why Ideal Capital chose to make the purchase, according to President and CEO Austin Herzog.

“We just believe in Vegas long-term,” he said, noting that his firm intends to hold onto the property – their first purchase in the region – for an extended period of time.

Located at 3150 West Twain Avenue near Dean Martin Drive, Jade boasts numerous high-end amenities for tenants, including smart-home panels that are compatible Amazon’s “Alexa” digital assistant service, a sky lounge, package “concierge” lockers, electric vehicle charging stations, and more.

2021 saw a whopping 193 Sothern Nevada apartment complex sales being made, far eclipsing the 91 that were sold in 2020 – a much lower number than usual due to the COVID-19 pandemic – or the average of 172 per year for the last five years of the previous decade.

In addition, the average price per luxury apartment unit in 2021 was $215,151, which represents an impressive 38 percent increase over 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 – The Las Vegas luxury real estate market continues to be fueled in no small part by California residents leaving their home state in droves – mainly due to excessive taxes, high cost-of-living concerns, and draconian COVID-19 restrictions – in favor of Las Vegas’ Henderson and Summerlin communities, both of which have been favored heavily by recent out-of-state transplants.

In contrast to their native California, Las Vegas offers everything individuals who are fleeing the Golden State could want, including lower taxes, secure high-end communities, breathtaking views – both scenic, and of the city of Las Vegas itself – and impressive amenities conducive to a luxurious lifestyle.

Reports say that an extremely high percentage of wealthy buyers from California are settling in Henderson and Summerlin, both of which contain affluent, gated, master-planned communities that offer high-end homes with numerous perks for residents and breathtaking views of the surrounding countryside.

However, which of these two communities Californian buyers are gravitating towards when they arrive in Southern Nevada tends to differ on what part of their home state they are coming from, experts say. Those coming from Orange County, for example, tend to favor the offerings of Summerlin. This is due to many factors, but especially its “city-like” feel; the community is located against the Spring Mountains of Red Rock National Conservation Area, and features a vibrant, pedestrian-friendly urban center with a mix of world-class dining, shopping, events and entertainment options.

In contrast, those coming from areas with a slightly more rural aesthetic, such as San Diego, tend to lean more towards Henderson, which features more of a “small town” charm. The community offers lush greenery, extensive landscaping, and 1,400 acres of developed parks and trails. Located near Lake Las Vegas and Lake Mead National Recreation Area, Henderson was also highlighted as Money Magazine’s 50 Best Places to Live in America in 2018 and one of the safest cities in America by Forbes in 2017.

But regardless of where they chose to settle – Henderson, Summerlin, or elsewhere – the steady influx of wealthy out-of-state residents choosing to make Southern Nevada their new home isn’t expected to end anytime soon.

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 all of the real estate milestones that occurred in Las Vegas over the course of 2021 – perhaps one of the unlikeliest years for this to have taken place, given the ongoing COVID-19 pandemic – the local high-rise condo marketplace is yet another aspect of this industry that broke records over the course of last year.

Las Vegas’ high-rise market saw itself break its all-time record in 2021, recording more than twice the sales than it did in 2020; in addition, the highest price ever paid for an individual unit was eclipsed in 2021 as well with the $16.25 sale of a condominium at The Martin, a luxury tower located in Paradise, Nevada.

2021 represents an amazing about-face for Las Vegas’ high-rise industry after it sank to concerning lows in 2020 due to the pandemic; that year, high-rise condo sales dropped 18 percent to 584, whereas that number had been 692 in 2019. The reasoning for the decrease year-to-year was attributed to buyers purchasing more homes in an attempt to isolate themselves during the peak of COVID-19, eschewing densely-populated high-rises.

However, 2021 saw all that change once vaccinations were rolled out, and the many amenities that high-rise condos offer for tenants – such as pools, gyms, spas, salons, restaurants, retail, and more – proved to be very attractive, especially for those weary from long-standing lockdowns.

Las Vegas saw 1,321 condo sales in high-rises of five stories in 2021, a number which waylaid the previous record-holding year of 2017, when 970 condos were sold; every year forward, that number had dropped annually until 2021’s turnaround.

In addition, a report that tracks 21 high-rises along and near Las Vegas Boulevard and downtown, One Queensridge Place in the west valley showed 1,161 sales in 2021, up from 505 in 2020 and 607 in 2019. The average price paid for a unit in one of those 21 high-rise towers in 2021 was $561,252.

High-rise condos are expected to continue to be red-hot going into 2022, although the buying frenzy in 2021 means there are far fewer units on the market this year; currently, reports say that just 228 units were listed at the end of 2021, averaging in price at $1.15 million.

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 – Last year, no segment of Las Vegas’ real estate market exploded quite like the luxury market, and experts are anticipating even greater heights in 2022. In 2021, the market skyrocketed, with an increase in the number of sales of many expensive properties – including those costing millions – being driven by residents of neighboring states transplanting themselves to Southern Nevada during the era of COVID-19.

Records indicate that 1,686 sales of homes costing at least $1 million or more were made throughout 2021, as compared to 825 in 2020 and 596 in 2019. And that just covers homes sold via the Las Vegas Realtors association’s Multiple Listing Service; any off-markets sales wouldn’t be covered in those totals, which could be significantly higher in reality.

With such high sales, experts have speculated that the trend will continue into 2022, even though developers have been struggling to build enough high-end luxury homes in order to keep up with the vast demand.

When it comes to percentages, the biggest increases in sales were in the $4 million-plus market; 101 single-family homes in this category were sold in 2021, compared to 51 in 2020 and 20 in 2019.

Luxury homes in the Southern Nevada region have attracted numerous buyers since Las Vegas re-opened after its government-imposed shutdown due to COVID-19. Vegas saw many transplanted residents from neighboring states –with homes at all price points being snapped up – but the largest demand of all was directed at luxury residences.

The momentum in the luxury market is expected to continue into 2022, considering the fact that glut of sales in that category – 223, to be exact – took place right at the very end of 2021. Real estate experts are bullish on 2022 due to several pending pieces of legislation in California aimed at increasing the state’s already insufferably high taxes even higher;  given the fact that these bills are due to go into effect in the very near future, a new wave of transplants into Las Vegas are expected shortly.

This impending influx of wealthy new residents already has some luxury homeowners in Southern Nevada gearing up to sell their homes, and experts are expecting the low inventory to potentially fetch some extraordinary prices, possibly even eclipsing 2021’s all-time record luxury sale amount of $25 million, which was paid for a residence in MacDonald Highlands in Henderson.

Experts say there are properties out there that can possibly command higher prices in 2022, especially considering that pricing and price-per-square-foot has continued to break records consistently 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.

LAS VEGAS, NV – Despite the ongoing COVID-19 pandemic, 2021 saw a record-breaking year in Southern Nevada – its highest ever, in fact – both in terms of home prices and sales, driven by demand and low borrowing costs. And according to real estate experts, that trend is expected to persist well into the new year, with 2022 likely to continue breaking records time and again.

According to Frank Nothaft, chief economist with housing tracker CoreLogic, the pandemic initially caused a large drop in the real estate market; however, once the summer of 2020 hit, things started taking an unexpected turn for the better when mortgage rates dropped.

“Mortgage rates fell to 3 percent or even lower, and for many prospective homebuyers who didn’t lose their jobs, they saw this opportunity presented by record-low, rock-bottom mortgage rates, and the affordability that introduced,” he said. “We saw a lot of prospective homebuyers jump into the market, first-time homebuyers in particular. They saw this as an opportunity to trade up, buy more house, and more house, more room is exactly what they wanted during the pandemic. They needed more space because they needed the office from home. And if they had kids, at that stage of the pandemic, they had to plan for a school room from home, too.”

Nothaft noted that he was surprised at how long Las Vegas’ hot streak has lasted, saying that he had expected interest rates on home loans to have increased by now.

“Our forecast was that we’d see mortgage rates rising by now…well, they didn’t. Mortgage rates reached record-low levels. That has been a very powerful stimulant to the housing market,” he said. “In Vegas, we’ve got buyers coming in who earn a lot more money than the typical Vegas household who are able to buy a much more expensive home.”

However, Nothaft stated that the boom has made it harder for some Las Vegas families to be able to afford homes in the region, previously well-known for its low cost of living.

“You see prices really getting bid up. It makes it just that much harder for households, families that have been living in a market like Las Vegas to afford to buy,” he said. “What we’ve observed during the summer is something that we’ve never seen in the last 20, 25 years in the country. In the summer of ’21, more than one-half of the homes that sold on the MLS sold above the list price. And it’s not just that they’re selling above the list price, they’re selling quickly.”

Nothaft said that he’s expecting mortgage rates to eventually begin to climb, but most likely that will not happen at a rate that will have an impact upon Las Vegas home sales in 2022, which are expected to continue to climb… along with prices.

“We’re expecting a gradual rise in mortgage rates,” he said. “So, if that scenario comes to pass, and we see mortgage rates gradually rise and return back to some type of normal level, by the time we get to 2023, 2024, then we’ll see a gradual slowing down in home sales activity and in home price growth.”

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 – 2021 was many things to many people, but for Southern Nevada, it represented the all-time record-setting year in the region’s real estate history, despite the lasting effects of the COVID-19 pandemic upon its economy still being felt to this day.

A record 50,010 residential properties – encompassing houses, condominiums, and townhomes – were sold in Las Vegas in 2021, which is a jump of 21.5 percent from the year before.

In December, the median sales price of previously owned single-family homes reached a never-before seen $425,000 – an increase of 1.2 percent over November’s record, and 23.2 percent year-over-year – with 3,178 single-family homes purchased.

The previous all-time high for home sales in Las Vegas was originally sent back in 2011, and that number was 2,000 homes less than the record set in 2021; experts called what was achieved last year in “remarkable,” considering the fact that these records were set in the midst of a pandemic, during a period where local home prices have never been higher and the supply never lower.

The COVID-19 pandemic contributed to high unemployment rates throughout Las Vegas – 33 percent of the workforce was unemployed in spring 2020 – but despite an early hit the real estate market rebounded far faster than experts had expected, driven in-part by super-low mortgage rates that allowed buyers to get the very most for their money.

As for sellers of Las Vegas homes, most were inundated with offers, and many sold at or even well above their respective asking prices; median sales prices often set new records nearly every month. Buyers jockeying to purchase newly-built homes, due to fierce demand, were often forced to join waiting lists and at times even drew names for the chance to submit a bid on a home.

The real estate market in Las Vegas is mainly driven by single-family homes, but demand increased for attached dwellings during 2021 as well; condos and townhomes also set records last month, with the median sales prices of both hitting $242,000, a 30.1 percent year-over-year increase. Who knows what 2022 will bring?

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 – Amid the announcement that Allegiant Stadium – home of the newly-transplanted NFL Las Vegas Raiders football team – would be hosting the Super Bowl in 2024, expectations of business and residential development and growth in the surrounding area to take advantage of the expected influx of visitors to the region has hit an all-time high.

Currently, the area surrounding Allegiant Stadium is made up of mostly commercial buildings, but as of the 2024 Super Bowl announcement, experts are expecting that will change as quickly to take advantage of the incoming tourist-related sporting activity that is expected in the wake of the 2024 NFL Super Bowl.

An agent that just sold a building directly around the corner from Allegiant Stadium, Ross Fabrizio, was recently interviewed by Las Vegas 8 News Now, and noted that the upcoming mainstream sporting activity in Vegas has the ability to transform the area around Allegiant Stadium into a unique money-making opportunity for all involved.

“The Raiders and Allegiant Stadium gave [my buyer] an opportunity for him to move his business elsewhere and take advantage of the situation,” Fabrizio said. “I think you will see some transition, that is a really tight timeline. This is a ‘make it happen’ kind of town if you have a dream in the morning you can make it happen in the evening, that is the Las Vegas way.”

According to County Commissioner Michael Naft, the area round Allegiant Stadium had been originally approved to be a more pedestrian-friendly area with restaurants and entertainment venues; however, with the recent announcement of the 2024 Super Bowl coming to Vegas, those plans may be fast-tracked in order to bring them to fruition as soon as possible.

Naft said that he expects more businesses to re-locate to the area round Allegiant Stadium as the 2024 Super Bowl comes closer and closer to kick-off time.

“We continue to work with business owners in the area who want to go through a transition, some of it is going to happen naturally, some of it is going to happen with us encouraging it to happen,” he said. “10 years ago that was largely a warehouse district, as more and more events take place like the Super Bowl, the makeup of the surrounding areas is going to change over 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 – Rickie Fowler, a professional golfer who plays on the PGA Tour who is perhaps most notable for winning the Abu Dhabi HSBC Golf Championship in 2016 – and at the same time achieving a career-high ranking of fourth in the world – has reportedly sold his luxury condominium at The Summit Club in Summerlin for $6 million, a mere six months after he purchased it for only $2.1 million.

Fowler, 33, according to Clark County records, sold the condo privately in November to the Scarpelli Family Trust, owned by Michael and Janet Scarpelli. Records also indicate that Fowler – originally hailing from Murrieta, California – also owns a home in Jupiter, Florida.

The third-floor condo, originally purchased by Fowler in May, is located in the three-story Club Tower Suites – Las Vegas Raiders owner Mark Davis also owns a condo on the same floor that he paid $3 million for – and comes in at 1,906 square feet.

Fowler had achieved his all-time best showing on the PGA tour this past October, finishing tied for third place at The CJ Cup and earning $565,500.

Club Tower Suites has 16 condo units – all of which have been purchased – and is located next to a still-under-construction clubhouse in The Summit Club that, upon completion, will offer an additional 15 condos. In addition, demand for residences in the community has yielded plans for yet another building to eventually be constructed that will have yet 20 more condo units.

The Summit Club is located in Las Vegas’ Summerlin high-end master-planned community, and as such is called home by numerous celebrities, business owners, athletes and sports team owners. Residences in The Summit Club often fetch impressive prices on the real estate marketplace; 2021 saw the second-highest price ever paid for a home in the community at $18.75 million.

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 the prices of pre-owned homes in Las Vegas continue to shatter records nearly each and every month, prices of newly-built homes have been continuing to break records of their own, actually surpassing their pre-owned comrade in the month of November by a significant margin.

According to Las Vegas homebuilders, the median price of a newly-built home in the Southern Nevada region for the month of November 2021 was $444,677, as compared to the median price of pre-owned homes during the same period of time, which was $420,000.

The median price of newly-built homes noted for November represents an 11.5% increase over the same period of time in 2020, and due to non-stop demand and supply chain issues brought about by the COVID-19 pandemic, that upward trajectory is not expected to end anytime soon, experts say.

November’s numbers mark the sixth time that the record for prices of newly-built homes in Las Vegas shattered all-time records, illustrating that 2021 was a year of significant growth for the industry.

Builders closed 1,054 new-home sales in November, which is a 26% increase year-over-year; this brings the total of newly-built homes sold in Las Vegas for 2021 up to 10,915, a jump of 17% from November 2020. And of course, that’s not taking December’s numbers into account, which should be out later this month.

In addition, 1,293 new-home permits were issued in Las Vegas last month, up 28% from one year ago, for a total of 13,774 so far this year – a massive 32% increase over November 2021.

The majority of residences that builders have been concentrating on constructing as of late are single-family homes, and sales have flourished throughout 2021 due to rock-bottom mortgage rates that have allowed buyers to lock in low-interest loans, getting them the most for their dollar when it comes to purchasing a house.

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 Bascom Group – a significant player as of late in the Southern Nevada real estate scene – has announced the purchase of Sun Chase, a 200-unit multifamily property in Las Vegas for over $40 million.

Scott McClave, Bascom’s Senior Principal of Acquisitions, noted that the purchase was driven by the city’s continued population and employment growth and the subsequent – and continuing – high demand for apartment rental options.

“Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy,” he said. “This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market.”

Bascom purchased Sun Chase for $40,500,000, which translates to $202,000 per unit; the firm stated that Apartment Management Consultants would be providing property management services for their tenants.

Originally built in 1984, Sun Chase is described as a “low density” apartment community, consisting of one and two-bedroom units with many of its floorplans including private patios or balconies. In addition, the complex includes many amenities for residents, including a fitness center, resident clubhouse, pool / BBQ area, and a putting green.

Upon their purchase of the community, Bascom announced that they would be sinking a significant sum of money into the property in an attempt to “modernize” it; renovations to the fitness center, clubhouse, and pool areas are planned, and the putting green is slated to be repurposed into a landscaped park area for residents that will feature a shaded play structure, BBQ station, and seating areas.

Sun Chase is located in the vicinity of multiple attractions in the Las Vegas valley, including the world-famous Las Vegas Strip, the Hughes Center, and the newly-built Allegiant Stadium, home of the NFL Las Vegas Raiders.

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 St. Croix multifamily community in Las Vegas was recently purchased by SB Real Estate Partners for $73.1 million from Strata Equity, which represents the second high-profile – and high-priced – acquisition of a Southern Nevada apartment complex by SB in 2021.

The 256-unit, 21-building garden-style St. Croix community was purchased in an off-market transaction, and will be rebranded as Portola West Vegas. SB is planning on infusing the property with $4 million in upgrades and renovations – both to the inside and out – to reportedly increase its “competitiveness” in the Las Vegas marketplace.

The community was last sold in 2013, when Strata Equity bought it for $18.7 million; the $73.1 million price they got from SB represents a whopping fourfold increase on Strata’s initial investment in the property.

SB has announced their intention to commit a significant amount of investment resources – to the amount of $300 million – into the Las Vegas metro marketplace in 2022 with several more purchases of rental properties in the cards.

Their first entry into the Las Vegas real estate marketplace was made this past November when SB purchased the 241-unit Russell Apartments, which has since been rebranded as Portola on Russell; extensive renovations in the amount of $2 million were announced for that property as well.

SB noted at the time of Russell’s purchase the property would be the first of many investments the firm would make in higher-end Las Vegas apartment complexes that they would be offering at lower-than-average rental price points.

The firm was initially attracted to the Las Vegas marketplace by the population boom in the wake of the COVID-19 pandemic, which saw many families transplanting themselves to Southern Nevada from states with higher costs of living, attracted by promises of a cheaper lifestyle, a booming economy, and a blossoming job 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 – Currently, short-terms rentals such as Airbnb and VRBO are not legal in unincorporated Clark County, but all of that is set to change thanks to the passage of Assembly Bill 363 (AB363) by the Nevada Legislature, and county officials are seeking input from local residents on the regulation once the marketplace is allowed to open for business.

Clark County has launched a public survey regarding short-term rentals to assist officials in crafting ordinances that will serve to regulate the market, which AB363 requires be set in-place by no later than July 1, 2022.

Some of the limits to AB363 that local residents will be able to give their opinions on include minimum distance separation between short-term rentals proximity to resort hotels, limits on the number of occupants and number of permits a person may hold.

Erik Pappa, a Clark County spokesman, said that the survey should help to find compromises that will hopefully alleviate any misgivings that residents may have over short-terms rentals potentially appearing near their homes.

“We have to strike an appropriate balance and we really need the public’s input on what that balance should be,” Pappa said.

Currently, Assembly Bill 363 requires a minimum distance of 500 feet between any two short-term rentals – Las Vegas’ current ordinance requires 660 feet – and could also override a mandate that requires a rental property to be occupied by the homeowner.

“Are those standards appropriate or should we require further distance requirements? Should we limit the number of people that can stay at an Airbnb?” asked Pappa.

Clark County officials are urging residents to take part in the survey, which they say is vital in creating ordnances that can impact the quality of live in the neighborhoods that the majority of these rentals will be situated.

The survey, which takes between 10 and 15 minutes to complete, can be accessed at https://www.ClarkCountyNV.gov/survey.

The survey will ask several different questions of residents, including their opinions of having short-term rentals in their neighborhood, any experiences they have had with such services in the past, and other matters that will be taken into consideration when county officials draw up their mandated ordnances.

The survey will be made available to Clark County residents until the end of January, 2022.

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.