Category Archive : Market Updates

LAS VEGAS, NV – Long in development, Elon Musk’s “The Boring Company” has finally completed the Tesla-powered underground people mover – AKA “The Loop” – that will service attendees of the Las Vegas Convention Center going forward, according to reports.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that will ferry people back and forth to the Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Loop system project cost is $52 million, with construction originally started in 2019 underneath the convention center campus. The system will be serviced by 62 Tesla cars, although it has been said that the system can handle more if needed; the current vehicle allotment can transport an estimated 4,400 people per hour.

The Boring Company has stated that they plan on expanding the tunnel system that they have started for the Convention Center, with plans for new people mover routes to various area resorts and even the airport having already been submitted to city officials.

The expanding high-tech underground people mover network is anticipated to be yet another major draw for tourists in Las Vegas, where the local economy is dependent on the income brought in by out-of-town visitors.

The first major event at the Convention Center that will make use of The Loop will be The World of Concrete, the commercial construction industry’s largest annual international event for concrete and masonry professionals, set to be held from Tuesday, June 8 through Thursday, June 10, 2021.

Shelter Realty Property Management specializes 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.

NORTH LAS VEGAS, NV – Reports indicate that a prominent real estate developer that specializes in warehouses has purchased a huge stretch of land in North Las Vegas with plans to develop a large-scale industrial park for use by e-commerce firms and other companies.

350 acres were bought for $44.75 million by VanTrust Real Estate, which noted in a press release announcing the deal that was the one of the largest in recent years by a private developer in the Southern Nevada region.

The property was sold by Southern Nevada land investor and broker Mason Harvey, and according to property records the sale closed on March 31.

Work on the project’s initial infrastructure phase is slated to commence this fall and will make up approximately 1.5 million square feet; this phase of construction is expected to be completed in 2023, at which point the second phase will begin.

Currently, the final completion date for the industrial park has yet to be announced.

In recent years, the industrial component of Las Vegas’ construction has been expanding and increasing, with many developers concentrating on building warehouses that end up housing businesses such as distribution centers for e-commerce firms. The allure of developing these projects in Southern Nevada is due to the large amounts of land available and the low prices and cost of living when compared to many other regions of the United States.

VanTrust has completed several such warehouse facilities in North Las Vegas in recent years, with big companies such as Amazon, The Honest Company, Sephora, and Fanatics among those that have moved in to establish distribution centers there.

VanTrust’s overall construction in North Las Vegas is comprised of 5.5 million square feet, all of which has been quickly sold, with their most recent sale being the $110 million sale of an 855,000-square-foot Amazon warehouse to an investment firm in Los Angeles.

Shelter Realty Property Management specializes 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 elaborate, castle-styled mansion owned by magician Lance Burton, located in Henderson, Nevada, has been listed on the market for a whopping $4.49 million, according to reports. The move comes after Burton moved from Las Vegas – he hasn’t performed there since 2018 – to a farm based in Kentucky in late 2020, which has been in his family for nearly 100 years. He had previously been a regular performer at the former Monte Carlo hotel-casino on the Strip, but ended his run there in 2010 and has been doing shows both nationally and around the world since then.

The mansion, located in southeast Henderson off College Drive, west of U.S. Highway 95 in the Black Mountains, was originally built by Burton in 2006 and was designed to resemble a medieval-style castle. Taking up 14,376 square feet and situated on 10 acres of land, it boasts three stories and six bedrooms and features a observation tower with 360-degree views with a three-car garage. The address is 1280 Scooter St, Henderson, NV 89002.

Burton noted that the castle-like exterior – including cutouts at the top where defending archers could shoot through in medieval times – is merely a façade; the interior is just a comfortable modern home with all the amenities one would expect of a high-end residence, including guest bedrooms, a gym, a two-story library, and a home theater with eight reclining seats. The home also features a large living room, complete with a bar and four televisions.

With Burton being a magician, there are also some more whimsical aspects to the mansion as well; it has secret doors built into the walls that, when closed, are undetectable to the average person; in fact, the second story of his library is only accessible via such a secret door.

The only major amenity that the home lacks is a pool, since Burton said that he didn’t use the one in his last residence; however, the master bedroom does have a grotto area and spa. The spa is indoors but has the pocket with doors that open to the outside; and privacy is not an issue, ether – the mansion sits atop a mountain and entry requires passing through a series of three gates.

All in all, a unique and impressive piece of real estate.

Shelter Realty Property Management specializes 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 – Due to the low housing inventory throughout Southern Nevada – coupled with high demand – more and more people seeking residences are turning to North Las Vegas, causing prices to shoot up to a degree that is causing real estate experts to do a preverbal double-take, according to reports.

While upscale communities such as Henderson and Summerlin have been the hotspots for home buying in recent years, North Las Vegas is considered a major up-and-coming territory, with many expecting the region to become a dominant force in the real estate market for the next ten years, at least.

New homes are selling as fast as they’re being built, reports say, and waiting lists are becoming the norm for many developments. New home sales in North Las Vegas have tripled in the last two years; for example, Valley Vista had 1,073 closings in 2020, and Tule Springs had 543 closings, which represents a huge flurry of sales in a relatively short amount of time.

In addition to the availability of inventory at the moment, another attractive feature of North Las Vegas that is bringing in buyers is its relative affordability when compared to other parts of Vegas; currently, the average home in North Las Vegas is selling for $340,000, compared to the southwest where similar homes are going for as high as $497,000.

Experts say that the city of North Las Vegas has been doing an excellent job of making the region attractive to builders. In addition, the region has a surplus of land to build upon when compared to other areas in Las Vegas currently, making it an ideal place for buyers to find a home in their price range, especially those who are working from home due to the pandemic and are looking for an affordable residence to call their own.

Shelter Realty Property Management specializes 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 recent extension until June 30 of the COVID-19 federal eviction moratorium issued by the Centers for Disease Control and Prevention (CDC) spells three more months of relief for tenants, both in Nevada and nationwide. But the eviction ban extension also means three more months that many local landlords will be forced to endure a lack of income, in some instances from people who are fully able to pay their rent but instead are gaming the system and taking advantage of the laws meant to protect those who are financially impacted by the ongoing pandemic.

While the law states that tenants are still responsible for the back rent that accumulates throughout the moratorium, many landlords are worried about people who may owe them thousands of dollars simply packing up and moving on once the ban is finally lifted, and with no way of contacting them to arrange payment, said Danielle Gallant of Guardian Realty, a Las Vegas property manager.

“If a tenant decides before the moratorium is lifted to vacate the house without any notice, they’re gone,” she said. “You have to be able to know where they physically live to send them a demand letter to serve them.”

Throughout the COVID-19 pandemic, many tenants who have experienced financial ruin have been protected from homelessness by the state and federal eviction bans; however, according to the Nevada State Apartment Association (NSAA), an equal number of people have been taking advantage of the bans to simply avoid having to pay rent, despite being able to afford to do so. And this reality is proving to have a devastating effect upon landlords, many of whom are small mom-and-pop operations who are struggling to get by day-by-day themselves, according to NSAA rep Susy Vasquez.

“We are starting to struggle, mom and pops for sure. I know many of them are facing foreclosure and that will definitely impact the housing dynamic in Nevada,” she said.

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

LAS VEGAS, NV – Las Vegas landlords received a double-whammy of bad news as Nevada Governor Steve Sisolak announced a controversial extension of the state’s COVID-19 eviction moratorium until the end of May, prefaced by the Centers for Disease Control and Prevention (CDC) one-upping Sisolak by extending their respective eviction ban until the end of June.

“Originally, I did not plan on extending this moratorium today, but I’m not going to put thousands of Nevadans at risk of losing their homes while funding exists to help them and the landlords,” Gov. Sisolak said upon the lengthening of his eviction ban.

Sisolak’s announcement followed a new directive by the CDC, which extended their federal eviction moratorium until June 30; this was announced two days before their previous ban was set to expire on March 31.

CDC Director Dr. Rochelle Walensky signed the extension at the last minute, citing the extreme financial toll that the ongoing COVID-19 pandemic has taken upon many tenants throughout the United States since its inception last year.

“The COVID-19 pandemic has presented a historic threat to the nation’s public health,” Walensky said. “Keeping people in their homes and out of crowded or congregate settings — like homeless shelters — by preventing evictions is a key step in helping to stop the spread of COVID-19.”

However, the CDC moratorium is not automatic; it only applies to those who make less than $100,000 a year who can prove that they have been negatively impacted by COVID-19 and that they have no other options for shelter.

If a tenant fulfils all of those requirements, they are required to present a signed declaration to their landlord to qualify for protection under the moratorium; however, this does not absolve the tenant from any back rent that they may owe, which will come due when the eviction ban finally comes to an end.

Clark County has money available to help those who are behind on their rent, known as the CHAP program.

While both the Nevada and CDC eviction moratoriums are a boon to tenants who are suffering financially under the pandemic, the announcement is yet another setback to landlords nationwide who have been suffering under the mandate of having to essentially provide free room and board since the beginning of COVID-19 in this country, and it remains to be seen if they will be forced to shoulder yet more of the financial burden with additional eviction ban extensions in the near future.

Shelter Realty Property Management specializes 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 community of Henderson, located on the tip of the Las Vegas Valley, is set to receive a new factory next year, as a California-based company is gearing up to soon begin construction on the $327 Million facility, according to reports.

Haas Automation, a company that builds machines for manufacturers, currently has construction crews on the site who are in the process of prepping the land for development, including grading the land and installing underground utilities. Ground for the project was originally broken in the fall, and should start showing serious signs of progress by the early-to-mid summer, reports say.

Upon its expected completion in late 2022, the 2.5 million square-foot facility – located south of Henderson Executive Airport – will be the latest addition to the western region of Henderson, which has seen a notable uptick in construction of apartment complexes, homes, and industrial structures such as warehouses in recent years.

The Haas Automation facility is also expected to bring in a number of new jobs to the area, and any new employment opportunities not tied to casinos is a welcome boon to Las Vegas’ growing economy, which is primarily dependent on tourism.

The facility has been an ongoing project for over two years; originally Hass purchased the 279 acres – owned by the City of Henderson with the sale approved by the City Council – for $27.4 million in February 2019, with tax breaks coming from the Governor’s Office of Economic Development later that year to the tune of $10.5 million.

According to reports, the reasoning behind the generous tax breaks is because the Hass facility is being constructed in an area that is currently light on factories, and the state wants to encourage that type of development in the future.

Shelter Realty Property Management specializes 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, rental services such as Airbnb and VRBO are noticing a huge surge in their businesses in regards to locations in the Las Vegas Valley, as vacation rentals are experiencing a massive come-back on the heels of the ongoing COVID-19 pandemic.

One individual who maintains 45 rental properties in the area – 24 of those being short-term rentals – noted that he as of the month of March seen a 200 percent increase in rental activity; previously, in February, there was only a slight bump, making the explosion in rentals currently a huge surprise.

There are a number of potential reasons why this is happening now, including March Madness and the current rollout of the latest round of government economic stimulus checks, but one of the main driving factors many feel is causing this phenomenon is the fact that the COVID-19 vaccine is currently available and is being administered to a growing number of people across the nation each day.

During the previous rental boom in Vegas, property owners noted that their clientele mainly consisted of people coming to Sin City to party; this time around, however, they say that their renters consist more of families who are just looking to get away and unwind after being cooped up in their homes for the past year while riding out the pandemic.

So far this year, the property owner said, they have had 1,075 nights booked, and absolutely none of them have cancelled at all… even after having raised their regular rental rates by 200 percent to take advantage of the demand.

In addition, property owners say, bookings for April currently appear to be on par with March, which experts say is an excellent sign for Las Vegas as a whole, since tourists will be further bolstering the local economy with their spending. 

Shelter Realty Property Management specializes 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, there are mere days before the U.S. Centers for Disease Control and Prevention (CDC) eviction moratorium is set to expire, and Las Vegas renters and landlords alike are speculating as to what the administration of President Joe Biden will do next. Will the government let the moratorium finally end – triggering an immediate flood of mass evictions nationwide – or will they issue yet another extension and further burden landlords across the country?

Originally, the CDC eviction moratorium was put into force in September, and former President Donald Trump extended it until January; President Biden then extended it further until March 31, which as of now is just days away. The reasoning behind the moratorium was to help curb the spread of the ongoing COVID-19 pandemic by preventing homelessness that would inevitably expose more people to the virus.

The recently-passed American Rescue Plan contains over $25 billion in emergency rental assistance, in addition to other monies earmarked for utilities such as heat and electricity. However, it did not contain an extension on the CDC eviction ban as some were expecting.

Advocates for those financially impacted by the pandemic are expecting Biden to issue an extension for several months, and are even entertaining the chance that that the moratorium will be beefed up in ways, offering yet more layers of protection to families that are unable to meet their rent obligations… as well as those who can, but are “gaming the system” to get free room and board.

Recent news indicates that Biden is at the very least considering an extension of the eviction moratorium, and some experts believe that a decision has already been made on the matter. Reportedly, a representative from the Department of Housing and Urban Development (HUD) has contacted housing advocates recently to get their opinions on how to streamline paperwork that tenants can utilize to gain immunity from being evicted due to financial constraints.

Stay tuned for more news in the upcoming days concerning any possible updates to the eviction ban, and the ramifications such news may have upon both Las Vegas renters and landlords.

JUST IN: White House Extends COVID Eviction Moratorium Through June As Millions Struggle To Pay Rent – NBCNews.com – March 29, 2021, 7:23 AM PT

Shelter Realty Property Management specializes 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, more and more people are growing frustrated with the state of the home buyer’s marketplace in the Las Vegas Valley, as what little inventory there is often disappears as soon as it hits the market and often goes for far more than its initial asking price.

It’s the age-old dilemma- shortages combined with fierce competition always drive up prices in any industry, but this holds especially true when it comes to home sales, and especially when it’s in Las Vegas.

Many homes are being snapped up as soon as they get listed for sale, and many buyers are paying in cash; realtors are saying home inventory in the valley is the lowest it’s been in 20 years due to how incredibly hot the market is at the moment. At this point, the COVID-19 pandemic – which has brought many industries to their knees – has been little more than a speed bump when it comes to real estate.

Indeed, experts predict that the Las Vegas real estate market will continue to perform strongly throughout the end of 2021, and many developers are working non-stop to build housing on every available square-inch of land in the region in order to get in on the action. But until supply satisfies demand, many are noting that overbidding on properties will remain the norm, making it very challenging for people to get their foot in the door of a home… literally.

Even those who are able to purchase a house in Las Vegas have the battle scars to show for it. One report indicates that a recent home-buyer had been on the hunt for the past three months, but every time they found something they liked, it was already under contract.

Eventually, bidding wars broke out, but while top-dollar was usually paid for any home, a distinct advantage was given to those paying in cash, even if they slightly underbid… for obvious reasons.

Eventually, the home buyer referenced above managed to find a house after warring over five properties in a row. His advice? Act quickly on any property that catches your eye, and expect to pay at least 10-15 percent more than it’s listed for. Such is the reality of the modern-day Las Vegas real estate scene.

Shelter Realty Property Management specializes 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, a new online home rental scam is making the rounds, and a Las Vegas realtor is warning people interested in becoming a tenant in the near future to be especially wary of deals that seem too good to be true.. because they most likely are..

Realtor Robert Hau notes that the individuals perpetrating this new scam are taking the hard-earned money of people that have been lured in with promises of a cheap home rental, and the especially devious part? The scammers don’t even own the home in question.

Hau relayed an instance where crooks listed one of his own Las Vegas-based rental properties on Facebook – even using his listing photos – at an absolute steal of a price – a three bedroom, 1,300 square-foot home for $900 per month. For this kind of a deal, who wouldn’t jump, considering how in-demand housing is in Vegas currently, especially when it’s this cheap?

What made the home in question a target was because it was in escrow at the time; since it was vacant, it was easier to use as scam bait, Hau said. This way a con-man can have a prospective renter meet him at the property, and get the victim to give them money in the form of a deposit, an application fee, or anything they can soak them for.

The Nevada State Apartment Association offers several tips for renters looking to avoid getting scammed, such using safer sites for house-hunting such as Zillow or Apartments.com. It’s also advisable to visit the Clark County assessor’s website to confirm the identity of the property owner so you know if something funny is happening or if someone else meets you at the house.

And finally, never use cash for any fees or deposits – always use a cashier’s check, money order, or credit card.

Shelter Realty Property Management specializes 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, a new Las Vegas-based reality television show will be coming soon that focuses on the city’s expensive luxury housing marketplace. “Selling Summerlin” is set to illustrate “the aggressive and luxurious real estate market in Sin City,” according to a recent announcement by the well-known cable channel VH1, also home of the real estate reality show ”Love & Listings.”

The show is not affiliated in any way with the Las Vegas community known as Summerlin, but instead will showcase all manner of luxury housing and rentals throughout the Southern Nevada region. It is set to star two Las Vegas-based realtors, Michele Sullivan with Berkshire Hathaway HomeServices Nevada Properties and Alese Morrow with Synergy Sotheby International Realty, as the two work together – and against each other – while showcasing some of the priciest and ritziest properties around.

Executive producer of “Selling Summerlin,” Tai Savet of Ouse Media Group, said that he felt Las Vegas was the perfect city to host a reality show focusing on luxury real estate. The show will not be scripted, he said, but instead will serve as a legitimate showpiece for female luxury realtors in the high-stakes city of Las Vegas.

“There’s going to be a lot more drama than they think, and none of it is going to be scripted,” Savet said. “You will see some authentic good old rush to the finish line, and everybody will do what it takes to get there.”

The show will not only feature the ins-and-outs of how real estate transactions are carried out, beginning to end, but also the private lives of the show’s stars as well. The show has been shooting throughout the COVID-19 pandemic and has been strictly adhering to health and social distancing standards, with smaller crews on-site and stars and crew both wearing masks.

The premiere date of “Selling Summerlin,” along with what markets it will be airing in, has yet to be announced.

Shelter Realty Property Management specializes 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.