Category Archive : Market Updates

LAS VEGAS, NV –  The housing market in Las Vegas has been enjoying a year of success amid skyrocketing home prices that has resulted in all-time records being set while sellers are often offered more than their asking prices by desperate buyers. However, August appeared to buck that trend – albeit only slightly, with prices appearing to stabilize – before the market resumed its hot streak in September as if nothing ever happened.

According to a recently-released report, the median sales price of previously owned single-family homes in Las Vegas appeared to plateau after hitting an all-time record in July with $405,000, as that price – which had been steadily climbing for the past year – remained at that exact level in August as well.

Regardless, it illustrated how far the housing market in Vegas has recovered, as that August $405,000 median sales price still represents a 25 percent increase over the same period of time in 2020.

However, it was soon revealed that the housing market in Southern Nevada had not hit a plateau, but simply experienced more of a momentary lull; according to trade association Las Vegas Realtors, rising prices in the region had taken a “momentary pause” during August while the market prepared for a pre-holiday surge.

Once the holiday season hits, the market can be expected to temporarily flatten once again, as it did from November 2020 to January 2021 when the median sales price of pre-owned homes remained at $345,000; in January, prices began climbing once again.

However, it remains to be seen if the market flattens as much – or for as long – this upcoming holiday season, as one of the reasons for the intense house-buying activity that Vegas has been experiencing as of late is being driven by historically-low mortgage rates, which are driving buyers to snap up every property they can.

What that being the case, there remains the possibility that this holiday season may not slow down as much as in previous 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 – The Blackstone Group, an investment management company based in New York City, is reportedly going to be putting the Cosmopolitan resort of Las Vegas up for sale, and their hefty asking price is said to be at least $5 billion, if not more.

Two years ago, Blackstone had attempted to sell the Cosmopolitan for a $4 billion asking price, but at the time found no takers, yet as time went by and the COVID-19 pandemic took hold of the country, prices of casinos have nonetheless continued to rise as investment firms have often bought them and then split the costs with management firms they bring in to run things.

Some real estate experts have speculated that a potential taker for Blackstone’s offer may be Apollo Global Management Inc., which has been purchasing casinos globally; MGM Resorts International is also being talked about as a possible partner and property manager, although there have been no official statements from either organization confirming this.

The Cosmopolitan, which encountered financial difficulty during its $3.9 billion construction phase due to the mid-2000’s recession, finally opened its doors for business in 2010; it was later sold by owner Deutsche Bank AG who would then sell the resort for $1.73 billion to Blackstone in 2014.

The Cosmopolitan is located just south of the Bellagio on the west side of Las Vegas Boulevard, between CityCenter and the Blackstone-owned Bellagio casino. The resort consists of two high-rise towers – the Boulevard Tower and the Chelsea Tower – and features 3,027 rooms, a 110,000 square-foot casino, 300,000 square-feet of retail and restaurant space, a spa and fitness facility, a 3,200-seat theater, and 150,000 square-feet of meeting and convention space.

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 real estate firm from Atlanta, Georgia has gotten into the highly competitive Southern Nevada rental marketplace with the recent announcement they have purchased two large apartment complexes located in the east-side of the Las Vegas Valley.

The firm, known as Carroll, noted that they had acquired the Emerald Springs, a 436-unit complex, in addition to The Meadows, a 383-unit building situated only three miles away and located on the very same road, which is Nellis Boulevard; Emerald Springs is near Bonanza Road, and The Meadows is near Desert Inn Road.

While Carroll did not mention the amount the firm paid for the two apartment complexes, public records from Clark County reveal that the properties sold for a combined total of $163.25 million.

Investors have been buying rental properties in Las Vegas in droves as of late, fueled by low borrowing costs and a demand from consumers moving to the city for its flourishing job market and relatively low cost of living. Records indicate that 10,424 Las Vegas apartments were purchased by investors in 2021 through the month of July, in comparison with the same period of time in 2020, was only 3,065 acquired. 

David Perez, Carroll’s chief operating officer, confirmed in a statement to media that both Emerald Springs and The Meadows are currently 96 percent occupied when the purchases took place, ending a three or four-year quest on the part of the firm to find the right rental space in the Las Vegas area to invest in.

Carroll also has rental holdings in the western region of the U.S. and that Las Vegas has proved an especially attractive city to invest in as its economy is still in the process of recovering from the pandemic and tourists – which are a driving force of Vegas’ financial well-being – are finally starting to coming back.

Also, in contrast to the rising rent rates in Vegas as of late – the average rent jumped 22.7% year over year in July – Perez noted that while maintenance will be improved at the two properties, the firm is not looking to raise rates for tenants in an effort to provide affordable housing.

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 has announced plans for a $200 million high-rise apartment complex that is slated to be built in southwest Las Vegas, right on the great big empty hole that was left by a previous developer that had the very same idea – albeit unrealized – over 15 years ago.

Tim Deters, founder of Tru Development Company, recently noted that he is planning to obtain a nearly $200 million loan in October to cover the costs of developing the mammoth project, which is planned to take the form of a huge, 614-unit rental complex.

Current plans for the project involve construction on an underground parking garage, which is slated to be completed first, with work on the apartment units – which will be completed in several phases – then starting immediately upon the garage’s completion.

The complex will feature numerous amenities for tenants when finished, including a 12,000-square-foot clubhouse, a high-end gym, a pool area with cabanas, a beer garden, and an outdoor workout facility.

The property, located south of the 215 Beltway at 8030 West Maule Avenue between Buffalo Drive and Cimarron Road, was originally acquired by developer Rodney Yanke during the mid-2000s, who had planned to build an apartment complex called the Spanish View Tower. However, the project never came to fruition; after the site was excavated and work on a parking garage begun, the project ended up going into bankruptcy and has sat vacant ever since.

In 2012, investor Jack Woodcock partnered with Deters to acquire the property and plans slowly came together that culminated with the recent development announcement. Deters noted that he took on this project because rentals in Las Vegas are still in very high demand, and that developers are not churning out units fast enough to meet it.

Recently skyrocketing construction costs, coupled with demand, have also caused rents in Vegas to steadily climb; the average rent in Southern Nevada jumped 23 percent in July 2021 when compared to the same period of time one year ago, whereas the average year-over-year increase nationally was 9 percent.

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 – Right before the COVID-19 pandemic hit and turned everything upside down, health and fitness company Life Time Inc. had purchased a large empty pit in Las Vegas – right next to Ikea – with plans of transforming the holdover from the mid-2000’s recession into a high-end health club.

However, the pandemic – with its subsequent lockdowns and other health-related restrictions – effectively put a wrench into the works, but Life Time has recently announced that plans for the health club are still going forward.

A Life Time spokeswoman has confirmed – but also noted that plans could still change – that construction on the oft-delayed project is slated to finally begin in the spring of 2022, with hopes of a late 2023 opening for the health club.

The 15-acre plot, located at the southeast corner of Sunset Road and Durango Drive, would take the form of a 60 foot-tall, three-story “athletic resort destination” coming in at a sizable 125,500 square feet. Amenities for club members would include weightlifting, indoor and outdoor pools, fitness classes, sport courts, spa and salon services, and more, according to documents originally submitted to Clark County in 2020 for Life Time’s Southwest Valley Club.

The site of the project was originally planned to have been utilized by a different developer for a high-rise apartment complex in the mid-2000’s, but the burst of the housing bubble derailed those plans and the property – located in a rapidly-goring section of Vegas between Summerlin and Henderson –  has sat vacant ever since.

Health clubs have been one of the more financially beleaguered industries during the pandemic due to government-mandated lockdown orders issued to curb the spread of COVID-19. Even after gyms were allowed to reopen, mandated mask policies and other health requirements resulted in many club members remaining leery about returning there to work out.

However, a Time Life spokesperson has noted that the company has seen “solid consumer demand for our offerings” and is “very pleased as we’ve emerged from the past 17 months.”

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 week, the United States Supreme Court’s decision to overrule the Biden Administration’s latest eviction moratorium – originally enacted to avoid homelessness in the midst of the COVUD-19 pandemic – is nonetheless a prime example of being far too little in the face of far too much, reports say.

The Supreme Court found that the decision of the Centers for Disease Control and Prevention (CDC) to enact a new eviction ban during the COVID-19 pandemic without the express approval of congressional legislation was essentially illegal, despite its well-meaning intentions of avoiding homelessness that could contribute to additional spikes in infections due to the new Delta COVID variant.

However, while eviction cases that have been held in limbo will now be allowed to finally continue, multiple landlords are saying that – due to myriad eviction bans that have allowed some tenants to live rent-free in their homes for over a year – the Supreme Court’s decision may essentially amount to too little, too late.

The majority of landlords in the United States are not large corporate entities, but small mom-and-pop originations that relied on their rental incomes to support their retirements; but after a year of no income and requirements that nonetheless forced them to provide upkeep without any return, many of them are facing financial ruin regardless of the Supreme Court decision.

James Bathgate, a landlord in California, notes that federal rent relief funds have been trickling out ineffectually over the last few months, and will likely never fully cover the immense losses that they have faced due to draconian eviction moratoriums over the past year.

“We had to sell the property because I couldn’t afford it every month, not getting any income from rent and being forced to take $3,000 a month expenses on the property,” Bathgate said. “Is the government going to now pay me $70,000 that they stole from me? I doubt it.”

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 the months go by and the economy continues to improve emerging – ever-so-slowly – away from the COVID-19 pandemic, records continue to be broken on a regular basis in Las Vegas’ housing market. But according to experts, while home prices are the highest they’ve ever been in Southern Nevada, there’s at least one way that home values are still underneath their pre-recession levels.

According to local media reports, signs that the Vegas housing market is on fire can be plainly seen in the numbers, with buyers for homes in Spring Valley and Summerlin last week paying a whopping $22,000 and $75,000 over their respective asking prices. And if you don’t think that’s a sign of intense competition, let’s not forget about the Henderson home that recently sold for approximately $160,000 more than its owner had paid for it just a few short years ago.  

But while real estate records are falling by the wayside with increasing regularity as of late in Las Vegas, one way experts note values remain in question is that they are still shy of the levels achieved prior to the burst of the housing bubble in the mid-2000’s, and that’s due to inflation.

In July 2021, the median sales price of previously owned single-family homes in Vegas was an all-time high of $405,000, representing a 22.7 percent jump from the same period of time in 2020. But the previous peak of median house prices in the region was in the middle of 2006, when they reached $315,000… which, in 2021 dollars, would come to $423,834.

Experts say that factor alone illustrates a great many things about Las Vegas real estate, such as the extreme bloat of the pre-recession marketplace and how circumstances today – despite prices rising again to the point of creating affordability concerns – are far more stable overall, leading to less risk of another hosing bubble pop and subsequent financial disaster.

Many analysts predict that the current boom in Vegas will eventually level off as developers continue to construct new homes and rental properties to satisfy demand, although exactly when that will happen is anyone’s guess.

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 – North Las Vegas is set to receive a slew of new rentals homes soon to help address Southern Nevada’s intense housing demand, as an Arizona developer has announced that they are set to break ground on a tract of dwellings later this year.

Rental homes have made up a growing segment of the housing market in Las Vegas, as the booming economy and the slow-but-steady withdrawal of the COVID-19 pandemic have given rise once again to the need for affordable rental properties.

Avenue North, originally opening their doors for business in 2011, is looking to begin development of the 165-unit project –  which will be built on nearly 12 acres running along Simmons Street, just south of Ann Road – within the next three or four months, according to founder Ryan Hartman.

The property itself was purchased by Avenue North in late 2019, and Hartman notes that the development – which will be in partnership with Arizona real estate firm Harvard Investment – will be coming in at approximately $50 million in cost.

In addition to feature single-family homes with backyards, the project will also include such amenities as a clubhouse, fitness center and a pool, just like many high-end apartment buildings.

While most of the houses will be stand-alone, detached models, Hartman noted that 29 of them are planned to sit on top of a row of five parking garages, one garage going to the home sitting atop it, and the other four being made available to rent to other tenants in the development.

Hartman’s project is his first ground-up rental development in Southern Nevada, he said, adding he has multiple projects in Phoenix and is looking to buy land for more in the Las Vegas area.

Build-to-rent housing communities have been rising in popularity with renters, developers, and investors, with noted companies such as American Homes 4 Rent, The Calida Group, and Moderne Communities getting in on the action in Southern Nevada.

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 housing market continues to astound, as a unique, all-time record was set last month; the price of previously owned single-family homes shot past the $400,000 mark, a boon for sellers but a sign that has some buyers worrying that they may be priced out of the market if this trend continues.

In July, the median sales price of pre-owned, single-family houses in Las Vegas – making up the vast majority of the real estate marketplace – hit $405,000, which represents a 2.5 percent increase from the last record high achieved in June, and a 22.7 percent jump from July 2020, reports say.

3,352 houses were sold in July, which was a drop of 5.4 percent from the month before, but a small increase of 0.8 percent from July 2020. And while the amount of available homes on the market increased from June to July, the overall inventory remained low, leading to a continuing increase in prices.

Reports indicate that 3.007 houses were available for sale on the open market at the end of July, representing a 22.5 percent increase from the previous month but a 37.4 percent decrease year-to-year.

The housing market in Las Vegas has been a hotbed of activity in recent months, with demand essentially outstripping inventory and leading to skyrocketing prices, fueled by low interest rates on home loans that have allowed buyers to indulge themselves at times. Competition has been fierce as a result, with interested parties – many coming from neighboring states – dog-piling on attractive home prospects and routinely paying over the asking price in order to get the upper hand on other potential buyers.

As a result of this activity, home builders and sellers alike have regularly been increasing their prices in order to take advantage of the intense demand, often putting interested buyers on waiting lists and sometimes even accepting bids for properties, experts say.

However, this highly-competitive marketplace is unfortunately serving to price some first-time buyers out of the running for home purchases, forcing them to make do with rentals homes or lower-priced condos.

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 – It seems that that real estate in Las Vegas is getting so in-demand that even the shell of a burnt-out house will sell in near record-setting time. A scorched and gutted one-story home, located off Cheyenne Avenue east of Interstate 15,  features numerous boarded-up windows and no roof, back door, or many walls to speak of, but that didn’t stop a buyer from swooping right on in and picking it up as if it was a brand-new luxury condo.

After the (former) residence was listed on the open market on July 22, six buyers almost immediately submitted offers for it, and while four of them attempted to low-ball the owner – who listed the property as an “investment opportunity” – two agreed to his asking price of $90,000 for the burnt-out wreck of a house. Currently, the owner is under contract to sell to one of the investors.

Thanks to low interest rate home loans, investors have been snapping up homes in the Southern Nevada region for months, with 3,000 having been sold in the second quarter of 2021; this represents a whopping increase of 280 percent from the second quarter of 2020, when sales dropped during the midst of the COVID-19 pandemic.

The owner of the burnt-out house, which was constructed in 1963, had originally acquired the property last September several months after it had burnt down due to a fire. Originally, the man planned on using the remains of the home – which are still in usable condition, and building a new home upon them. However, the owner said he found himself with too many other projects at the time, coupled with the fact that contractors are in high demand right now.

Finding himself on a waiting list for rebuilding the home that could have taken months, he instead decided to take his chances on listing it in hopes that individuals who specialize in rebuilding homes would be interested in picking it up, which is exactly what happened.

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.

The Centers for Disease Control and Prevention (CDC) issued a new national eviction moratorium on Tuesday – after the previous one had expired over the weekend – with this one not taking the form of a “blanket” ban on evictions, but instead targeting counties in the United States with high infection rates of COVID-19.

And while the CDC’s announcement was initially met with waves of confusion over what areas in the country would be affected by it, the question for our readers was quite obviously “will the new eviction ban impact Nevada landlords – especially those in Clark County – yet again?” And, after a few days of waiting, we finally have our answer: yes, it will.

Nevada Health Response indicates that 12 of Nevada’s 17 counties qualify as “substantial” or “high” transmission rate areas, and as a result, those 12 counties are now under the mandate of the CDC’s moratorium not to evict tenants who are unable to make rent payments due to financial hardships brought about by the COVID-19 pandemic. “Substantial” transmission is 50 to 100 cases per 100,000, or a positivity rate between 8 percent and 10 percent, and “high” transmission is 100 or more cases per 100,000 people or a positivity rate of 10 percent or higher.

The new eviction moratorium, slated to expire on October 3, currently affects the following counties in Nevada: Carson, Churchill, Clark, Douglas, Elko, Lincoln, Lyon, Mineral, Nye, Storey, Washoe, and White Pine.

The CDC has stated that the purpose of the new moratorium is to give time to U.S. residents to access billions of dollars in federal rental assistance funds, funds that have been proven to be notoriously slow to distribute.

However, many experts have opined that the CDC’s new eviction moratorium is almost certainly illegal. This may be especially true in light of a recent Supreme Court ruling that the previous eviction ban could not continue beyond July without legislative action on the part of Congress, which failed to happen. In fact, the Biden Administration has already received a legal challenge to the CDC’s new ban, which a U.S. District Judge decreed must be responded to by August 6.

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 the COVID-19 pandemic continues to wind down as vaccination rates increase, the Las Vegas housing market has been skyrocketing, with inventory continuing to shrink as prices correspondingly continue to climb higher and higher. It’s a matter of supply and demand, and currently the demand is outpacing the supply.

It’s a situation that’s starting to prove to be problematic – median home prices in Las Vegas have increased more than 20 percent from 2020 – and many first-time and entry-level homebuyers are finding themselves being priced out of the market.

However, real estate experts are predicting that the end of the federal eviction moratorium – which occurred on July 31 – and the resulting repercussions could result in a stabilizing effect upon housing supply and prices.

The end of the moratorium – which was keeping people behind on their rent in their homes during the height of the pandemic – means that potentially scores of tenants may be facing eviction proceedings for failure to pay rent. As a result, experts say, numerous homes will eventually be making their way into the Southern Nevada marketplace.

However, it will take some time – at least 30 to 90 days, if not more – for the effect of these new homes joining the Las Vegas inventory to be truly felt, as evictions can take some time to play out. In addition, a new law passed by the Nevada legislature will put evictions on-hold if tenants have applied for federal rental assistance money, and the process of awaiting the approval or denial of those funds can take months.

A big shift could be seen by the end of 2021, experts say, as many evictions will have been completed by that time, coinciding with the time of year when FHA loan limits are increased. Currently, FHA loans are limited to $378,000, and the median price for a single-family home in Las Vegas is $420,000; by the end of the year, however, that could all change in the buyer’s favor, opening the doors for a more stable, affordable Las Vegas housing 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.