Category Archive : Market Updates

LAS VEGAS, NV – Former Las Vegas Raiders quarterback Derek Carr has just put his lavish Southern Highlands mansion on the market for nearly $9 million, following his signing with another NFL team, the New Orleans Saints, last year.

Carr’s mansion, which was built in 2020 and boasts seven bedrooms and nine bathrooms, was listed this week for $8,990,000. The residence comes in at 9,628 square-feet and is located in a gated community that charges a $72 monthly homeowners association fee.

The home has a sleek, modern design aesthetic, with an open layout, tall ceilings, hardwood flooring, and oversized picture windows. The living room has a modern floating fireplace and a sculptural chandelier, and the kitchen has a seated center island, stainless steel appliances, marble countertops, and a pantry. There is also a stone-walled den and large office on the first floor as well.

52 Olympia Canyon Way, Las Vegas – $8,990,000.00

The mansion also has numerous high-end amenities, including a private balcony attached to the primary suite by a wall of sliding-glass windows, as well as walk-in closet, sitting area, and a spa-inspired bathroom with a soaking tub. There is also a guesthouse, a caretaker’s house, sports court, full gym with a golf simulator, and an eight-car garage.

The spacious backyard features a large lawn, two pools, and a patio area with a built-in outdoor barbecue.

Carr, who joined the Raiders in 2014 when they were still based out of Oakland, California, helped the team reach the playoffs during the 2016 season. However, after his performance was deemed below expectations during the 2022 season, Carr lost his starting job and agreed with Raiders leadership to be released following the conclusion of the season. Then, in March 2023, Carr signed with the New Orleans Saints for a four-year contract worth upwards of $150 million.

See full listing details for 52 Olympia Canyon Way, Las Vegas

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 – Reports have come out regarding a recent class action lawsuit filed against Airbnb in Nevada by a Las Vegas landlord that claims that the online short and long-term homestay broker not only does nothing to prevent individuals from posting illegal listings on their website, but also profits from these listings to the detriment of their legitimate customers.

The plaintiff in Giller v. Airbnb, Inc. – a case filed in June 2024 but only recently coming to public light – is claiming that the online marketplace has violated the Nevada Deceptive Trade Practices Act. Both local and state laws in Nevada mandate that Airbnb confirm that new hosts on their service are indeed the sole person authorized to rent the property in question.

However, the plaintiff in this case is alleging that she rented out a single-family home in Las Vegas to a long-term female tenant in June 2021 for a period of one year, with the provision that the tenant not be able to sub-lease it or utilize it as a short-term rental.

After renewing the lease to this person twice – both in June 2022 and May 2023 – the plaintiff discovered four unauthorized individuals “freely” entering and leaving the house using the security code on the front door while she was performing routine yard work on the property.

The plaintiff soon discovered that her home was listed as a short-term rental on Airbnb – with her tenant’s status on that site being a “Superhost,” indicating she had been doing this for some time and had received positive reviews from multiple guests – but when she reported this violation to the company, she claims that Airbnb “refused to take any action” and continued to allow her tenant to list the property on their platform.

The class action lawsuit – that is seeking to include any landlords in Nevada who currently or previously had properties that were illegally rented out by an Airbnb host from June 10, 2020 to the present day – complains that Airbnb is willing to continue profiting from listings that violated short-term rental laws in Nevada, is not performing mandated due diligence when vetting new hosts, and is still allowing hosts to illegally list properties on their platform without the owner’s consent.

The plaintiff is seeking a jury trial, and is asking for over $75,000 in damages.

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 new report indicates that the majority of homebuilders in Las Vegas saw strong sales increases during the first half of 2024 when compared to the same period of time in 2023, with seven of the top ten developers in the region reporting impressive jumps in the double-digits.

Led by Lennar, the current top homebuilder so far this year, there were a total of 884 sales of new construction homes in Las Vegas in June 2024 alone, which represents a 31 percent decrease from May – when that number was 1,273 – but a 15.6 percent decrease from June 2023, when 1,048 new homes were sold.

But despite the overall slowdown in sales in June, 2024 is nonetheless going strong, with a total of 6,652 in net sales having been made, which is a 16 percent jump from 5,589 from the same period of time in 2023.

Among builders seeing double-digit sales increases Lennar led the pack, having had 1,198 net sales so far in 2024, which – when taking away cancellations – represents a 19 percent increase over the 1,009 they sold in the first half of last year. Lennar was also the top selling builder in June as well, with 148 net sales.

Next up is D.R. Horton, whose 931 net sales in the first half of 2024 was a jump of 6 percent over the 879 sold in the first half of 2023. In third was the Pulte Group with 900 net sales – 15 percent higher than the 785 sold in 2023 – and in fourth was KB Home, which had net sales of 728. However, despite their placing on the list, KB actually recorded a decrease in sales when compared to last year, moving only 728 new homes as opposed to 856 last year.

Fifth place goes to Richmond American with 578 net sales (up 37 percent over 422 in 2023); in at sixth was Century Communities with 410 net sales (an impressive 122 percent jump over 185 last year); and seventh goes to Toll Brothers, who had 36 net sales (up 80 percent over 191).

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 administration will be authorizing the sale of a set acreage of land in Southern Nevada by the Bureau of Land Management (BLM) for the price of $100 per acre, expressly for the construction of affordable housing to address the shortage plaguing residents of the state.

Currently, the federal government owns 88 percent of the land in Clark County along, with over half of that property – 2.6 million acres – managed by BLM. The failure to release parts of that land for development has contributed to the current housing crisis being experienced in the region, experts say.

BLM has been authorized to release 525.5 acres for 15,000 units of affordable housing for $100 an acre, with the initial 20 acres located in the middle of a Mountain’s Edge neighborhood in the southwest Las Vegas Valley.

During a previous visit to Nevada while campaigning for reelection in November, the President had also encouraged lawmakers to pass a bill to establish a 5 percent cap on rent increases in existing rental units.

In a statement, Nevada Governor Joe Lombardo addressed both the proposed rent cap and the decision to allow BLM to release land for affordable housing development. He acknowledged the action as helpful but insufficient to fully address the challenges faced by prospective homeowners in the state.

While the release of federal land for subsidized housing in Las Vegas is one arrow in our quiver, significant work remains in alleviating high housing costs for the middle class and eliminating federal barriers to housing development across the state,” Lombardo said. “Like many others, I’m also concerned about President Biden’s rent control proposal, which studies have repeatedly shown to inadvertently raise rental costs and lead to lower-quality housing options. My administration remains committed to delivering sustainable and practical long-term housing solutions for Nevadans.”

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

LAS VEGAS, NV – In response to the ever-rising need for additional accommodations for out-of-town visitors, a Las Vegas-based developer – Schulman Properties – has announced they currently have two new hotel projects in the works in the Valley.

According to Schulman Properties chairman and owner Bob Schulman, the first of these two proposed projects is a $115 million luxury apartment and medical facility complex in the city’s bustling Arts District named Ilmunia Midtown, slated to be located near the intersection of Charleston Boulevard and Grand Central Parkway.

Schulman said that the growing popularity of the Arts District has been attracting more and more tourists in recent years, making it a prime site for new hotel space.

The Arts District, providing the restaurants and the entertainment and stuff it does, and the arts, I think it’s all huge,” he said. “I think we’re like San Diego’s (Gaslamp Quarter) 20 to 30 years ago.”

The second hotel proposed by Schulman Properties is yet another luxury complex, this one situated in Lake Las Vegas. Both projects are in early stages of development, and currently any schedule for their completion is not yet available.

Schulman’s company is focusing on luxury real estate in Las Vegas – a segment of the industry that he says is growing by leaps and bounds as of late – having opened a 232-unit apartment building earlier this month in Henderson called Ilmunia on Raiders Way that is already quite busy.

The developer noted that his apartments cost an average of approximately $90 million to construct, followed by an additional $20 for high-end amenities that include gourmet room service, pools, outdoor movie screens, exercise facilities, dog parks, and much more.

Rents in Schulman Properties’ apartments range anywhere from $2,000 to $4,000 per month for one or two-bedroom units, all the way up to $8,000 per month for penthouses; despite the high prices and having only just opened in early July, Ilmunia on Raiders Way is already 35 percent leased, Schulman 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 – This week, the Oakland Athletics are set to reveal the financing details and overall construction plan for the Major League Baseball (MLB) team’s proposed new ballpark on the Las Vegas Strip, ahead of their highly-anticipated relocation there starting with the 2028 season.

At the meeting of the Las Vegas Stadium Authority scheduled for Thursday, July 18, one of the items on the agenda is the Athletics’ draft development agreement, which is slated to contain a full breakdown of where the money streams that will make the proposed $1.5 billion stadium a reality are coming from, including $380 million courtesy of Southern Nevada taxpayers.

The new home of the Athletics – who are joining the NFL Raiders in moving from their former hometown of Oakland, California – will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue.

Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. Bally’s Corp., who owns the Tropicana, has stated that they will be imploding the two hotel towers in October.

The A’s home stadium will take the form of a 35,000-seat retractable roof stadium. In addition to the $380 million in public funds that have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

Construction is scheduled to begin on the team’s Las Vegas Strip ballpark in April 2025; the A’s will be playing their final season at their Oakland Coliseum this year, after which they will temporarily be based out of a Sacramento minor league ballpark for the 2025-2027 seasons before moving to Las Vegas.

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 – If you’re interested in buying a house in Las Vegas and are starting from scratch when it comes to saving for a down payment, a new study indicates that it could take over 17 years for the average person to accumulate enough dough to ensure they have an affordable monthly mortgage payment, given the conditions of the 2024 housing market.

According to Zillow, the median household income in the Las Vegas Valley is $77,502, and the average home there is worth $427,509; in order to be able to “comfortably” afford a monthly mortgage payment, the average family would need to have a down payment of $198,306.

With that in mind, if an average household were to sock away 10 percent of their income each and every month, it would take them 17.6 years to save that amount. That period of time represents a decrease from its peak – which was 20 years of saving in 2022 – and an increase of 3.3 percent from prior to the COVID-19 pandemic.

Zillow senior economist Orphe Divounguy noted that the current issues that many families are facing when it comes to the affordability of housing is forcing them to remain as renters for the time being, although relief may be coming in the form of an expected home value drop by as much as 1.2 percent over the next 12 months.

(This) reflects a market where more listings are coming onto the market, and staying there for longer, than previously anticipated,” he said. “Many homeowners are breaking free of rate lock, cashing in on massive appreciation of their property, and moving on with their lives. Meanwhile, would-be buyers are struggling with monthly mortgage costs that have more than doubled since pre-pandemic times.”

This situation is exasperated in Las Vegas, Divounguy said, due to the fact that the local real estate market remains much more competitive when compared to much of the nation.

Home value appreciation (in Las Vegas) has been stronger than the national average over the last year, partly because housing demand has kept up with the increase in supply,” he said. “While new listings are now up 23 percent compared to a year ago, total for sale inventory is just 3.5 percent higher than in May 2023. Although momentum has shifted somewhat, Las Vegas remains in a bigger hole than the nation in terms of available inventory, compared to normal, pre-pandemic levels.”

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 a new report released by a Sothern Nevada real estate industry group, the prices of homes in Las Vegas continued to increase during the month of June, while the inventory of residences being put on the market also showed growth.

Las Vegas Realtors noted that the median sale price for an existing single-family home in the Las Vegas Valley was $475,000 in June, which was a $2,000 jump from May, when that price was $473,000. It also represented a year-over-year increase of 7.7 percent over June 2023’s price of $440,990.

And when it came to condominiums and townhomes, in June the median price for these types of residences was $295,000, the same price that it was in May and a 7.3 percent increase year-over-year.

At the end of June, there were 4,114 single-family homes listed for sale without any offers, a small bump from May’s 3,869 home availability but a jump of 11.8 percent from the same period of time one year prior. In addition, there were 1,367 condos and townhomes on the market without offers at the end of June, an increase from May’s availability of 1,324 and a whopping 47 percent increase from June 2023.

Las Vegas Realtors President Merri Perry noted that the cost of housing in Las Vegas continues to rise despite the fact that home mortgage interest rates remain at historically high levels.

Fortunately, our local housing market has been outperforming most of the country in a few key ways,” said Perry. “For example, home sales have been down nationally and approaching some of the lowest levels on record. Here in Southern Nevada, we’ve been selling more homes this year than we did last year. And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year. At the same time, we’re seeing more homes available for sale, which is good news.”

In June, the combined total of homes, condos and townhomes sold was 2,698.

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 massive, lavish ranch located just south of Las Vegas that was once owned by legendary entertainer Wayne Newton has been listed on the market by Nevada-based Smoketree Group for an eye-popping $31.3 million.

The ranch – situated at 6629 South Pecos Road on a 39.5-acre plot of land – was originally built by the world-famous actor and singer in 1966, and was dubbed “Casa de Shenandoah” during the time that he lived there.

The ranch started out small at first – with just his Southern-style mansion initially located there – but over the years Newton expanded to match the opulence that “Mr. Las Vegas” himself is known for by adding an additional eight homes, a horse stable with 50 stalls, a museum for his collection of 100 cars, a facility for exotic animals, and even a runway for his private jet.

In 2010, a firm called CSD purchased Casa de Shenandoah for $18 million, with plans to change it into a public attraction similar to Elvis Presley’s Graceland, with plans for Newton to continue living there while retaining a portion of the property’s ownership.

However, the star soon entered into a lengthy legal battle with one of his business partners over the Newton Museum project, and when the matter was finally settled in 2018, Casa de Shenandoah was then closed to the public.

Smoketree later purchased the estate for $5.56 million in 2019, only to turn around and list it a year later for $29.9 million. The property failed to sell – even after several reductions to the asking price – and it was later removed from the market in February 2022.

Smoketree re-listed it in 2023 for $28.5 million, eventually pulling it once again when there were no takers; however, with the greatly increased number of sales in the Las Vegas ultra-luxury home market recently, their latest attempt to sell the property may finally be met with more success.

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 Las Vegas home contractor is facing felony charges after he allegedly bilked numerous clients out of a combined total of over $200,000 in payments for remodeling work he never completed…and all with a license that had previously been suspended back in January, officials say.

Gabriel Adame – owner of Adame Handyman Services, AKA Adame Construction – was taken into custody by authorities last Wednesday following a disciplinary hearing with the Nevada State Contractors Board over funds he purportedly stole from clients for work he never bothered to finish.

Adame and his attorney had accepted multiple charges in February after complaints were filed against him by multiple homeowners, with some claiming that the contractor had left them with as much as $35,000 in uncompleted remodeling work.

At the hearing four months ago, the judge presiding over the complaints, Noah Addison, listened to the tales of five of Adame’s alleged victims, many of whom were very angry over what they said were his deceitful and criminal business dealings with them.

One Las Vegas homeowner, Emily Moon, when asked is she had anything to add about the accused, declined, saying that, “I don’t think I want those words on record.”

Director of Investigations for the Nevada State Contractors Board, Terry Wike, noted upon Adame’s arrest last week that his organization had been looking into the contractor’s activities for quite some time, and wanted to make sure that they had all of their ducks in a row before finally having the cuffs slapped on him.

The investigation took more than a year. We have recently filed five charges against Gabriel Adame for his acts in taking money from homeowners and not completing work,” he said. “There’s a variety of levels of uncompleted work. He would take a down payment, and he would not complete the work.”

Wike said that homeowners should be very cautious when looking to have remodeling work done on their homes, making sure that they use common sense when it comes to issuing down payments and to thoroughly vet any contractor before having dealings with them.

You can’t take a down payment in excess of $1,000 or 10 percent of the value of the contract, whichever is less. We were often seeing down payments of 50 percent of the price of the project,” he said. “Make sure all your contracts are in writing, and they include scheduled payments. That’s so the payments don’t get ahead of the work.”

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 sale of the Anthem Country Club home of former Las Vegas Raiders head coach Josh McDaniels for $4.8 million was the highest-priced residential transaction in the valley in May, according to new real estate figures that have just been released.

Despite the seemingly impressive payday, McDaniels actually came out on the short end of the deal, selling his home for a loss after initially purchasing it two years ago for $4.95 million.

The residence, located on a half-acre in Henderson’s high-end Anthem master-planned community, is a one-story, Santa Barbara-style home originally built in 2005 that offers 6,705 square feet of space and has four bedrooms, six baths, an office and a three-car garage.

The home boasts a wide array of lavish and high-end amenities, including a movie theater, billiard room, wet bar with pocket doors, and wine chillers. The large, well-equipped kitchen is designed for entertaining guests and features a walk-in pantry, butler’s pantry, and breakfast nook, marble flooring and a Sonos® surround sound system controlled by an iPad that includes both indoor and outdoor speakers.

In addition, the extensive backyard includes a covered patio, pool, spa, built-in barbecue area with a fireplace, and views of the nearby golf course.

The sale marked the end of McDaniels’ residency in Las Vegas following his public firing as the Raiders’ head coach halfway through the 2023 NFL season. At the time of his ouster, he had only helmed the Raiders for less than two years, but during his tenure he was criticized for his team’s inability to hold leads and close out games; he finished his time with the Raiders with a record of 9–16.

Before purchasing his Anthem Country Club home, he had previously considered living in Southern Highlands.

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 – After failing to sell earlier this year for its asking price of $2.5 million, the former Las Vegas home of comedy legend Jerry Lewis has now gone to auction with a current starting bid of $1 million.

Its current owner, Australian private lending firm Brumbies Capital, originally purchased the home of the late “King of Comedy” – who resided there for 35 years until his death – in September 2023 for $2 million.

The 7,230 square-foot home – located in Las Vegas’ swanky Scotch 80s neighborhood and boasting an impressive six bedrooms and six bathrooms – initially had difficulty in finding a buyer following Lewis’ passing in 2017 at the age of 91. It was eventually sold to Jane Popple in 2019 for $1.2 million, and then auctioned off for the sum of $2.5 million; however, when the winning bid fell through, it was listed on the open market for $1.8 million.

Thereafter, the property, 1701 Waldman Ave, Las Vegas, was sold to Iddo Gavish of Century 21 Gavish Real Estate for approximately $1.4 million. Gavish subsequently modernized the home, making several large-scale updates to the landscaping, gates, pool, master bathroom and kitchen.

Later, the home was purchased by Blooming Desert LLC in 2021 for $1.4 million, and then put up for sale for a brief amount of time in 2022 for an asking price of $2.7 million; the home was later sold by Nevada Trust Deed Services in a foreclosure sale to Brumbies Capital.

The two-story residence – built in 1954 and located at 1701 Waldman Avenue – will be holding an open house on June 29 followed by an offer presentation, with the formal opening bid set at $999,999 with an undisclosed reserve price that will only be made public if it is met, reports say. Bidders are required to pre-qualify or provide proof of funds.

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.