Category Archive : Market Updates

LAS VEGAS, NV – According to reports, the Madison Square Garden Entertainment (MSG) Corporation has taken over as the construction manager of the Las Vegas MSG Sphere, the technologically-impressive event venue that has seen its share of delays as of late.

MSG, though a wholly-owned subsidiary, will take over “strategic planning and the construction timeline, as well as management of all subcontractors,” according to a press release put out by the company. The previous construction manager, an engineering firm called AECOM, will remain on the project in a supporting role, according to MSG’s president of development and construction Jayne McGivern.

“We have taken significant steps to strengthen our internal construction team,” she said. “This, along with valued support from AECOM, will give us greater transparency and control over the construction process, while enabling us to continue benefiting from AECOM’s expertise.”

The MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip. The exterior of the sphere will feature 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

Originally slated to be opened in 2020, the project has fallen behind scheduling estimates and is now eying a 2023 opening date.

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, Congress and the Senate approved a massive $892 billion COVID-19 economic stimulus bill in order to help combat the financial damage inflicted upon the country by the ongoing COVID-19 pandemic. Including in the bill – in addition to $300 weekly unemployment benefits and $600 stimulus checks – is also a one-month extension of the current national eviction moratorium and an emergency rental assistance program.

Originally decreed by President Donald Trump and enacted by the Centers of Disease Control and Prevention (CDC) in September, the Federal eviction moratorium was originally set to expire on December 31. However, as mandated in the new stimulus package – which has cleared both the House and Senate, the bill now moves to Trump’s desk for signature by an extended deadline of January 31. Late last night Trump asked Congress to increase the amount in the stimulus checks to $2,000 for individuals or $4,000 for couples before he signs it into law, instead of what he called the “ridiculously low” $600 for individuals.

In addition, the stimulus package also contains $25 billion in emergency rental assistance funds and moves back the deadline for the use of funds remaining from the first stimulus package enacted by the government, known as the CARES Act.

While an additional month where tenants cannot be evicted due to non-payment of rent will not be the news that most landlords will want to hear, the additional emergency rental assistance funds that will be made available – in addition to the aforementioned $600 checks and $300-a-week unemployment boost – will hopefully mean that delinquent tenants will be able to catch on up back rent in the near future.

It should be noted that a recent statewide eviction moratorium was enacted by Governor Steve Sisolak in response to the original Dec. 31 end date of the federal eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021. It is unknown at this time if Sisolak will revise his own moratorium based on the newly-passed federal extension or not.

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 recent reports, the newly-instituted eviction moratorium put in place by Nevada Governor Steve Sisolak  has limitations imposed upon it that were not immediately made known to the public. Legal experts are noting that Sisolak’s new moratorium, issued in response to a Federal CDC moratorium due to expire at the end of the year, contains fundamental differences from the previously-expired version that the Governor originally signed in March.

According to Attorney Jim Berchtold with the Legal Aid Center of Southern Nevada, while the Sisolak’s original moratorium offered blanket protection to anyone who faced eviction in face of COVID-19-related issues, the new moratorium he recently issued – which lasts until March 31 – only applies in certain situations and comes with a series of requirements that the original did not.

“This one is not automatic. Only certain people qualify for its protections,” Berchtold said. “The person has to be unable to pay rent due to some COVID related reason. They have to make less than $99,000 per year in 2020 and they have to be at risk of homelessness, or forced into a group living situation, if they are evicted.”

In order to ensure qualification for Sisolak’s new moratorium, Berchtold noted that it is required that anyone hoping to take advantage of it apply for the current CDC-related moratorium and then submit the relevant paperwork to their landlord.

Part of the reasoning behind Sisolak’s new moratorium is to help prevent the spread of the current spike of COVID-19. The new moratorium does not apply, however, to tenants who are destructive to their residences or are proving to be a nuances and/or danger to their neighbors, according to reports.

In addition, if you are a tenant who is faced with eviction for non-payment of rent due to COVID-19-relation issues, Clark County’s CARE Housing Assistance Program (CHAPS) can provide rental assistance so that landlords –  who themselves are experiencing extreme financial hardship throughout the pandemic – can receive payments that they desperately need.

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 reports, the Las Vegas Turnberry Place penthouse of Barbara and Bruce Woollen, often used to host a variety of star-studded fundraisers and lavish parties, was recently listed on the market for a whopping $5.5 million.

Celebrities entertained by the Woollens’ at the penthouse included household names such as Sir Anthony Hopkins, Jane Seymour, and Jonathan Winters. Hopkins, a noted artist in addition to being an award-winning actor, once held an art show at the penthouse selling all of the paintings he had on display.

The Woollens’ were known for holding fundraisers at the penthouse that benefited local causes such as the arts community and underprivileged children; over the years the couple raised over $1 million that they donated to charity. The two were also known for investing in commercial and residential real estate.

The penthouse at Turnberry located at 2777 Paradise Road-3704, Las Vegas, NV 89109, is considered unique, coming in at two stories with a large outside deck – featuring 2,200 square feet of exterior space – with a 300-square-foot pool, a Jacuzzi, and a dual-sided fireplace. The penthouse is one of only eight top floor suites offered at Turnberry Place. In addition, it is the only top floor penthouse for sale in Las Vegas with a private pool and spa.

The inside is just as fancy as the outside, with over 6,421 square feet of interior space including three bedrooms and five bathrooms; luxury  trappings include crown molding, 11-foot ceilings, marble flooring, and a formal living room featuring a full bar with a granite counter.

Turnberry Place is a luxury residential high-rise condominium complex near the Las Vegas Strip in Winchester that contains four towers. All of the towers are 477 feet tall and have 38 floors. The community is considered the largest tax payer in Clark County, 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 – Condo and timeshare owners on the famed Las Vegas Strip have recently been renting out their residences via short-term rental websites such as Airbnb, allowing renters to circumvent pricey resort fees that they would otherwise be responsible for paying, according to reports.

In today’s rough economy when a dollar saved is a dollar earned, Airbnb’s introduction on the Strip is allowing tourists who are braving the ongoing COVID-19 pandemic to get the most for their money; enjoying the experience of staying in a luxury resort hotel for less. For example, Elara by Hilton Grand Vacations typically runs $159.80 on a Monday; however, the same exact type of room in the same hotel on the same night will only cost you $79 when booked through Airbnb.

It’s the same experience, but the Strip’s at-times excessive fees no longer apply since the unit is already owned or shared by someone else. While this is currently legally allowed within Clark County – who has been imposing stricter rules on short-term rentals as of late – it’s nonetheless frowned upon by some resorts, who understandably view services such as Airbnb as competition.

While Clark County forbids residential areas to have short-term rentals private owners on the Strip are allowed to engage in this activity, provided that they are properly licensed; in addition, the rules that are imposed differ resort to resort as well, depending on management.

Resorts on the Strip that allow Airbnb include The Signature at MGM Grand and Vdara, both of which function under the umbrella of MGM Resorts International. Westgate however, which is located east of the Strip, does not allow the practice.

Occasionally, listings will covertly pop up on Airbnb in Strip resorts that do not allow short-term rentals, including Westgate, Jockey Club, and Palms Place.

If you’re wondering why some resorts do allow short-terms rentals, however, the answers are typically that guests are likely to spend their money on amenities available at the hotel itself, such as restaurants, spas, and casinos, thus resulting in additional revenue.

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 – Nevada Governor Steve Sisolak, citing recent massive spikes in the COVID-19 pandemic, announced Sunday that he would be extending a “statewide pause” that he implemented in November in an effort to help curb the spread of the virus. In addition – and perhaps more controversially – he will also be reinstating a previously-expired residential eviction moratorium, which will bar most evictions in Nevada throughout the end of March 2021.

Sisolak originally clamped down on activities that could potentially spread COVID-19 in a November 22 mandate – originally set to end Tuesday, but now extended to January 15 – that included a cap on the number of patrons allowed at public businesses such as gyms, restaurants, bars, casinos, and bowling alleys.

In addition, mask rules were tightened and previous public gathering limits of 250 people were cut by either 50 or 25 percent capacity – whichever results in a lower number – and private gatherings at 10 people from a maximum of two households.

Perhaps an even bigger announcement on the part of Sisolak was the fact that he will be reinstating his original eviction moratorium that previously expired on October 15. The moratorium, which goes into effect at 12:01 a.m. on Tuesday, December 15, will ban all residential evictions that are based on a tenant’s inability to pay their rent and will last until March 31, 2021.

Tenants may still be evicted for other reasons, such as breaking the law, proving to be a threat to their neighbors, damaging the property, and other related reasons.

Sisolak’s new eviction moratorium is set to address a nationwide moratorium issued by President Donald Trump through the Centers for Disease Control and Prevention (CDC) that is set to expire on December 31, in addition to looming deadlines after which federal assistance funds will no longer be available.

Sisolak noted on Sunday that he knows these new measures will produce hardship for many people – in particular landlords – but given the dramatically-rising numbers of COVID-19 hospitalizations in Nevada and a lack of economic assistance from the Federal government, he felt he had no choice.

“I know the mitigation restrictions in place under the current ‘pause’ are devastating to many Nevadans who just want to go back to ‘normal,’ who are worried about their jobs, their businesses, keeping their homes and getting their kids back to school,” he said. “But as I’ve said for nine months now, we must do what we can to protect the health and safety of the public. That remains more important than ever as we experience these record numbers.”

Since the pandemic hit in March, Nevada – and the tourism-driven Las Vegas in particular – has experienced massive unemployment numbers and widespread economic damage as shutdown measures closed businesses and entertainment venues.

On Sunday, Sisolak – who has received backlash on his handling of the pandemic – stated that if the measures he is implementing this week do not curb the spread of COVID-19, even more stringent restrictions may take place.

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 reports, experts on the Las Vegas real estate scene are saying that the region is set for a huge explosion of rental house development, based on current demand and market conditions. The rental house market was a huge source of income for developers during the period after the mid-2000’s recession, and during today’s economic uncertainty brought about by the ongoing COVID-19 pandemic, it is remaining profitable, prompting companies to bring all of their resources to bear on the Southern Nevada marketplace in order to construct more rental properties.

For example, developer Moderne Communities broke ground in February – right before the pandemic took home on the United States – on Moderne at Centennial, a $40 million development consisting of 185 single-story rental duplexes and freestanding houses, with the expectation of having tenants moving in by February 2021, exactly one year after work originally began.

Another company getting on the bandwagon is American Homes 4 Rent, which has recently opened a 34-house rental project in the Spring Valley and a 35-house rental project in the south Las Vegas valley. In addition, they are currently in the process of developing other rental communities as well. Overall, the company currently owns over 1,000 single-family houses in the Las Vegas area.

Las Vegas has been a popular location for developers of rental properties for many years; the market expanded rapidly in the wake of the mid-2000’s recession with companies and individuals purchasing homes for cheap and renting them out, and in recent years – as the local economy as continued to recover and thrive – the need for more and more housing options have increased.

The concept of single-family homes being constructed in large quantities explicitly as rentals – as opposed to being sold outright – is a fairly new concept in this day and age,  but it’s been increasing in popularity across the country and Las Vegas developers have taken notice.

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, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.

In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”

At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.

As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.

Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.

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 – One fact of the ongoing COVID-19 pandemic is that everyone is feeling the financial crunch that the disease has ushered in, top to bottom. And one group that is being hit hardest of all are landlords, some of whom are seeking assistance from local government in order to survive.

While many people are struggling throughout the pandemic – Las Vegas’ tourism-dependent economy has taken a larger hit than most this year, leading to massive job losses and record unemployment numbers – some forget that landlords across the state of Nevada are also bearing the brunt of the economic damage.

Despite the eviction moratorium Nevada Governor Steve Sisolak issued in March having recently ended, a similar decree by U.S. President Donald Trump that lasts throughout the end of 2020 has given reprieve to many who were facing homelessness.

And while this is an excellent thing, it nonetheless achieves its goal while standing on the backs of landlords and property managers across Nevada, many of whom are feeling the financial pinch more than most. Most, not wanting to put good people out on the street, have been working with tenants who have fallen on hard times, often at significant personal cost and hardship.

Some landlords – many of which in Nevada are actually small mom-and-pop operations, as opposed to large cooperate entities – have petitioned Clark County for grants that are offered to small businesses by way of the Federal CARES Act, currently due to expire by the end of the year unless Congress grants an extension.

“You can use the funds for anything you deem necessary to stabilize your business during this difficult time,” said Michael Naft, Clark County Commissioner for District A. “So that might be back rent. It might be utility assistance.”

To many property owners the CARES Act is proving to be literal lifesaver, and a large number of them are depending on the proposed extension that Congress is working on in their next COVID-19 relief bill, possibly to be presented for consideration this week.

However, some landlords have faced an uphill battle in the form of tenants who have not lost their jobs due to COVID-19, yet nonetheless have taken advantage of eviction moratoriums and not paid rent anyway.

“We do have a few tenants that have never lost their job throughout this whole thing that have stopped paying rent,” said apartment complex owner Ben Lamson. “I don’t appreciate the people that are trying to take advantage of the situation.”

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 Summerlin home of noted Las Vegas injury law attorney Farhan Naqvi has been sold for a whopping $7.4 Million, according to recent reports. The two-story home, located in The Ridges – a master-planned community within Summerlin – fetched the third-highest sale price of 2020 thus far, a year that has seen the sale of luxury homes in Las Vegas set records despite the ongoing COVID-19 pandemic.

Naqvi, well-known in Southern Nevada from his ongoing television commercial advertising his law practice, originally purchased a lot next to The Ridges’ Bear’s Best golf course, and then acquired the services of Blue Heron – a developer that specializes in luxury homes who constructed the residence in 2015.

The home, located on just under an acre and constructed in a “cool, modern” style, comes in at 7,000 square-feet in size with five bedrooms, a five-car garage, a fancy entry courtyard, and “amazing views” of the famed Las Vegas Strip. Also on the property is a 1,800 square-foot, two bedroom guesthouse. The home has been purchased by a Sacramento, California civil attorney, reports say.

Naqvi’s new residence will not be far from his original abode; he is currently in the process of having a home constructed in Summerlin’s Summit Club resort community.

The high number of luxury sales in the region as of late has been credited in-part to California residents who are moving into Las Vegas to escape the high cost of living in their former home state; high taxes have been a driving force behind many residents and businesses leaving California for Vegas in recent years.

According to the Multiple Listing Service, 95 homes with a value of $1 million or higher were sold in October, with 96 such homes selling the month before.

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 reports, increased and ongoing desire on the part of companies for more industrial space in Las Vegas is overwhelming the efforts of local developers who are struggling mightily thus far to keep pace with demand.

Due to a number of factors, more and more companies are making Las Vegas home, and these companies need space to set up shop; space that is becoming scarcer by the day as need outstrips available inventory.

Among the factors figuring into this mass exodus on the part of businesses into Southern Nevada are those looking to establish west coast operations and companies fleeing neighboring states – such as California, where taxes and the high cost of living are becoming intolerable – for regions like Las Vegas where business can be much more profitable by way of lower taxes and cheaper living expenses.

While this influx of new businesses is a boon for Las Vegas’ economy, developers have been working hard to keep up with the constant want for new industrial space in their backyard. However, recent efforts have been managing to just barely keep pace with demand; over 10 million square feet of new industrial space has been added to Las Vegas since 2019, and an additional 6.3 million square feet are currently under development as of November – an increase over the average rate of industrial construction – with much of that upcoming space already experiencing significant leasing activity, reports say.

The ongoing COVID-19 pandemic hasn’t had much of a negative impact upon industrial leasing in the Las Vegas region, either, with current activity approximately matching what occurred in 2019. Ecommerce and tech companies are making up the bulk of new leasers in the marketplace, but other businesses – such as manufacturing, retail, trade, and more – are also significant, with North Las Vegas representing the biggest submarket for new industrial leasing.

Experts predict that this trend will continue well into 2021 as local population grows and the economy continues to recover from the pandemic.

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 recent reports, Virgin Hotels Las Vegas, which was originally looking to open their doors for business this fall, is currently facing the possibility of delays that could push that opening into early 2021 due to complications caused by the ongoing pandemic.

Due to spikes in positive COVID cases nationwide, Nevada Governor Steve Sisolak placed renewed restrictions on businesses and gatherings for three weeks in an effort to curb the spread of the disease. Among the restrictions are non-essential businesses such as casinos reducing their guest capacity to a maximum of 25 percent and event gathering having a cap of 50 imposed; previously, the cap was 250. Owing to these and other conditions caused by the pandemic, including construction delays, JC Hospitality – the owner of Virgin Hotels Las Vegas – sent an internal staff memo out noting that the property’s management is considering pushing back the fall opening to January 15, 2021.

In the memo, Richard Bosworth, JC Hospitality President and CEO, noted that while Sisolak’s restrictions are currently only set for three weeks, that time period could be increased if COVID is still a threat. Regardless, the restrictions currently in place would most likely interfere with pre-opening events and activities as well as occupancy projections.

Bosworth’s memo also contained a potentially grim forecast; with the opening of Virgin Hotels Las Vegas pushed back to mid-January, he took the time to point out that the CDC and John Hopkins University have issued a warning that another COVID spike could occur in January as colder weather sets in, which could spell trouble for the hotel’s opening if this is accurate.

That said, Bosworth acknowledged that future developments with COVID could possibly delay the opening of the hotel – located at the site of the former Hard Rock Hotel & Casino Las Vegas and featuring 1,500 rooms and a 60,000 square-foot casino – even further.

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.