Category Archive : Market Updates

LAS VEGAS, NV – With the controversial extension of the Nevada eviction moratorium issued last month by Governor Steve Sisolak due to finally come to an end come October 15, state officials have announced that ample aid for both landlords and tenants beleaguered by difficult circumstances brought about by the COVID-19 pandemic will be made available as soon as possible.

A second batch of funding – a total of $60M – has been granted to Clark County, with both tenants and landlords eligible to get a cut, officials recently revealed. However, according to State Treasurer Zach Conine, that funding – while significant – nonetheless amounts to a mere band-aid as it relates to the ongoing financial distress many are in due to the pandemic.

“Sixty million dollars is a big number, but let’s be clear: we think the problem is a lot more significant than that,” he said. “Our goal for these new assistance programs as we roll them out is to make sure they have a lot of people involved for bandwidth, and try to make the program as quick and effective as possible.”

In order to keep aid coming, Conine noted that state officials are continually lobbying Congress for more assistance. In addition, the State Treasurer’s office will lend aid to the Nevada Supreme Court as it relates to new mediation programs, which will attempt to help landlords and tenants to come together and work out payment plan options for back rent and/or mortgage payments.

Governor Sisolak, in recent interviews, has expressed hope that the state will be able to make the additional rental assistance funding available to Nevada residents affected by COVID-19 in time for the current eviction moratorium deadline of October 15.

However, some Nevada landlords have expressed a lack of confidence in state government’s ability to roll out the promised assistance in time, citing numerous delays with previous rounds of rental assistance as well as state’s continuing backlog of unemployment claims. 

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 news reports, business magnate, industrial designer, engineer, and philanthropist Elon Musk’s The Boring Company has been making rapid progress as of late on its Las Vegas “people mover” system, with the tunnel-based self-driving car transport system nearly complete.

After a year of construction, Musk confirmed this week via Twitter that the ambitious project will be finished shortly.

“Tunnels under cities with self-driving electric cars will feel like warp drive,” he tweeted. “First operational tunnel under Vegas almost done.”

A people mover is a type of small scale automated guide-way transit – utilizing self-driving, all-electric Tesla vehicles – that will service the Las Vegas Convention Center via twin tunnels, and was originally slated to be completed in time for the January 2021 Consumer Electronics Show; however, due to the COVID-19 pandemic, the event has since been changed to online-only this year.

The Tesla vehicles that the people mover will utilize have a capacity of 16 passengers and there will be 62 vehicles in use at the time it opens to the public.

However, that isn’t the end of The Boring Company’s ambitions in Las Vegas; Musk has stated that he is envisioning on extending the tunnel to the north end of the Las Vegas Strip to also serve Wynn Resorts’ Encore and Resorts World; the so-called “Vegas Loop” was confirmed by Clark County Commissioner Tick Segerblom via Twitter.

The people mover, in its current form, encompasses two miles from end to end, and is expected to make negotiating the vast Las Vegas Convention Center complex far more manageable for the estimated one million people who visit the site on an annual basis. Upon completion of the $52.5 million project, each tunnel will be one-way and will whisk up to 4,400 attendees per hour from Convention Center’s South Hall across the 200-acre campus, free of charge.

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 city council of Las Vegas is considering beefing up enforcement of penalties imposed upon apartment buildings and hotels that are considered “dangerous” due to repeated code violations.

The proposals, which are expected to be heard today, came to be following outrage over a fire in December at the Alpine Motel Apartments that took the lives of six people and injured an additional 13. The Alpine had a history of coming up short in terms of safety inspections, and had not been inspected for over two years prior to the deadly fire, reports say. The Alpine was inspected after the fire, at which time officials discovered 42 fire code violations.

The new program to be proposed on Wednesday by the city council, if approved, would focus on aging properties – often catering to low-income families – that are considered dangerous due to potential fire hazards and inadequate fire safety equipment, and would strengthen an existing program introduced in 2017.

The scope of the program would be expanded as well. Currently, the safety program only applies to apartment complexes with at least five units; if passed by the city council, the amended program would lower that number to at least four units, which would add coverage to an additional 1,110 apartment buildings.

Fires in apartments have been a serious issue in recent years, with 16 people perishing in blazes since 2015. Part of the reason for the death toll and the push to address it is because current state law does not mandate that older buildings adhere to newer safety protocols as they are adopted for newer construction. As a result, older complexes tend to be at greater risk of fires if those running them elect not to upgrade as new fire safety regulations are signed into law.

An example of an older establishment being a particular danger in terms of fire safety is the Alpine, which did not possess a sprinkler system, having originally been constructed in 1972.

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 – Andrew “Dice” Clay, the legendary comedian who rose to prominence in the late 1980s with a brash, macho, persona known as “The Diceman” and in 1990 became the first stand-up comedian to sell out Madison Square Garden for two consecutive nights, recently put his Las Vegas home up for sale for just one dollar short of a cool million.

Listing for $999,999 and originally built in 1968, the Nevada Rancho Estates-based “lucky house,” which he has owned for the past 19 years, has been used relatively little by the comedian during the COVID-19 pandemic, with Clay spending the majority of his time split between his New York and Los Angeles residences.

The home, located at 121 Stonewood Court on a half-acre plot of land at the end of a cul-de-sac, is situated within the Alta Rancho historic district, which is a guard-gated community. It is a one-story ranch-style house coming in at 4,461 square feet in size and has five bedrooms; three full bathrooms, and an additional two half-bathrooms. It boasts numerous high-end amenities, such as a large backyard with a heated pool and spa, extensive landscaping, and more.

The home has been renovated with new plumbing, floors, carpeting, and granite and reflects a “vintage, nostalgic” design aesthetic reminiscent of the late 1960s and early 1970s, according to Realtor Rob Wilner, the listing agent. Clay himself spoke of the home and the great time he had there entertaining his many celebrity friends and acquaintances.

“It has that Vegas feel,” he said. “It has a step-down living room, step-down dining room and step-down bar where we had a blast there all of these years. We had parties all the time with my friends in Vegas with Criss Angel, Tom Green and Wayne Newton. Michael Imperioli from ‘The Sopranos’ would come over when he was in town. We hung out after my shows late at night. It was a great hang and party place. It has that big, open hangout where the bar is and a giant pool. We had so much fun there.”

At age 62, Clay continues to tour and perform stand-up, and has appeared in several films and TV shows, including roles in Woody Allen’s “Blue Jasmine” and Bradley Cooper’s “A Star Is Born.”

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 difficulties posed by the COVID-19 pandemic, Las Vegas home prices set yet another record this August, reaching new heights for local real estate regardless of the hardships other industries have experienced during the same time period.

Reports indicate that the median sales price of single-family homes in the Southern Nevada region was $335,000 by the end of last month, which represents an increase of 1.5 percent from the previous high-water mark set in July, and a year-over-year jump of 9.8 percent from August 2019.

Despite the new high for home prices in Las Vegas, sales activity overall has taken a small dip; this past August; 2,910 homes were purchased by buyers, which is a decrease of 12.5 percent from the prior month and a 8.1 percent drop from August of last year, reports say.

However, the inventory of available homes in Las Vegas has remained tight in August, with 4,639 residences listed without offers, representing a drop of 3.5 percent from the previous month and a whopping 40.3 percent decrease from August 2019.

The ongoing COVID-19 pandemic has caused a great deal of economic stress in Southern Nevada, with the tourism-dependent economy taking a substantial hit as stay-at-home orders helps to contribute to a record-breaking unemployment surge.

However, the need for affordable housing options managed to sustain itself, and that – coupled with evolution within the real estate industry and record-low rates on housing loans – enabled home sales to recuperate more quickly than anticipated, in addition to allowing homes in the region  to retain their value as opposed to depreciating.

As Nevada continues to slowly reopen its economy and unemployment continues to drop, it remains to be seen if the pandemic will have any far-reaching consequences upon the Las Vegas housing market, especially with the possibility if a COVID resurgence as the upcoming fall and winter months make its presence felt.

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, NBA star DeMarcus Cousins has listed his lavish 20,000 square-foot Las Vegas mansion, located several miles west of the famed Las Vegas Strip, for a whopping $8 million.

Cousins, who is currently on the injured list this NBA season with a torn ACL – a serious knee injury that typically requires surgery and an extended recovery time – had previously purchased the residence in 2017 for $6.5 million.

The mansion, situated upon approximately two acres and offering breathtaking views of the surrounding mountains, is loaded with amenities, including a circular driveway with a covered entrance – known as a porte-cochere driveway – as well as an indoor basketball court, a movie theater, a billiards room, a room for listening to music, and an extensive wet bar.

In addition, the two-floor estate features an astonishing 10 bedrooms and 12 bathrooms, serviced by an elevator in case residents or guests don’t care to utilize the stairs.

The backyard boasts of a large landscaped lawn with a resort-style swimming pool that includes a slide that connects with a second pool; all of this has a deck overlooking it from the home’s second floor.

Guests can even take advantage of a dedicated cottage situated in the backyard that has its own kitchen, reports say.

Nicknamed “Boogie”, Cousins was selected in the 2010 NBA draft by the Sacramento Kings. In his first season with the Kings, Cousins was named to the NBA All-Rookie First Team, and from 2015 to 2018, he was named an NBA All-Star. He is also a two-time gold medal winner as a member of the United States national team, winning his first in 2014 at the FIBA Basketball World Cup and his second in 2016 at the Rio Olympics.

Cousins was most recently signed by the Los Angeles Lakers, although he was released from his contract while sidelined with his current knee injury without ever having played a game for the team in the current season.

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 Nevada Governor Steve Sisolak issued a last-second extension to the eviction moratorium he enacted in March, giving residential renters unable to meet their financial obligations due to COVID-19-related circumstances an additional 45 days before their landlords are able to begin proceedings to remove them from their residences due to non-payment.

The moratorium was originally scheduled to end on September 1.

Reports since that announcement indicate a vast number of Nevada landlords – many suffering significant financial distress – are up in arms regarding Sisolak’s extension, expressing frustration for their continued inability to evict their tenants who have not been paying rent for nearly six months at this point.

Numerous groups representing landlords in the state have come out strongly against Sisolak’s decree, with Nevada State Apartment Association Executive Director Susy Vasquez stating that non-payment of rent not only hurts landlords, but entire communities.

“It takes a village to maintain and operate these communities,” she said. “Impacts to our industry trickle down to small business owners, service providers, product suppliers and trades.”

Nevada State Apartment Association Executive Director Susy Vasquez

Caleb Green, an attorney for Detroit, Michigan-based law firm Dickinson Wright PLLC, noted that the extension to the eviction moratorium may be of help to renters, but that it will spell extreme financial distress for landlords who are still required by law to provide services out of their own pockets to tenants who are in some cases paying nothing.

“Any moratoriums on evictions puts pressure on landlords because they’re stuck,” he said. “They don’t have any legal means of removing someone who is not paying, and then the landlord still has legal duties to provide. It has to be habitable. They still have a lot of legal responsibilities and obligations they have to meet.”

Caleb Green, Dickinson Wright PLLC

Nevada’s leading real estate association, Nevada REALTORS, decried the lack of any notice from the Governor’s office as to the extension, which resulted in landlords – many small-time and hurting – being caught flat-footed and scrambling to figure out what to do next.

“Many of these property owners are retirees who own one or two homes and rely on this rental income to support themselves and their families,” Nevada REALTORS said in a statement. “Many of them will now have no recourse or way to cover their own expenses [for another 45 days].”

Nevada Association of Realtors

The moratorium covers only those who are unable to meet rent obligations specifically due to circumstances related to the COVID-19 pandemic. However, it does not absolve them of the responsibility of paying back rent that has accrued, which could leave them with a significant financial hurdle to overcome in the near future. As a result, it’s likely that many local landlords will never see all of the money that they are owed.

There are numerous forms of governmental rent assistance available, at a local, state, and federal level that renters in financial distress can apply for. Rent payments, if an applicant is approved, will be sent directly to landlords. As per Sisolak’s extension, the Nevada eviction moratorium will now last until October 15, 2020.

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

LAS VEGAS, NV – American Homes 4 Rent (AH4R) has announced that they are opening a community of 28 brand-new single-family homes in Las Vegas, dubbed Desert Wind Ranch; the development marks AH4R’s third such community in the Las Vegas marketplace, with the first two located in the neighboring Big Buffalo and Cactus Cliff communities.

The residences in Desert Wind Ranch range from three-to-four bedroom homes, varying in size from 1,600 square-feet to 2,200 square feet, with leasing starting at approximately $1,600 per month. Included in the rent payments are scheduled front and back yard maintenance, which AH4R states will allow residents to “enjoy their weekends” without having to worry about time-consuming yard work.

Design concepts for all Desert Wind Ranch homes across the board, AH4R notes, include granite countertops, stainless-steel appliances, luxury vinyl plank flooring, elegant bathrooms, quality fixtures, central heating and air conditioning, and two-car garages. All homes in the community utilize upscale finishes and popular floor plans and incorporate pet-friendly yards and desert landscaping.

Desert Wind Ranch is also located conveniently nearby local job centers, dining, shopping and entertainment, making it an ideal place for new families to live, AH4R said.

AH4R is also touting the company’s virtual tour technology – called “Let Yourself In” – for prospective tenants to remotely view the interior and exterior of homes they are interested in, providing a safe environment for homebuyers during the ongoing COVID-19 pandemic.

Multiple homes are currently available for lease, AH4R said, with more on the way soon, eventually resulting in a full community of 28 homes upon completion of construction.

As of June 30, 2020, AH4R owns 53,000 single-family properties in 22 states. In addition to Desert Wind Ranch, American Homes 4 Rent owns more than 1,000 homes in the Las Vegas area, including those communities of Big Buffalo and Cactus Cliff.

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 – On the eve of the Sept. 1 deadline of the residential eviction moratorium originally put into place as a response to the rampant unemployment and financial crisis gripping the state of Nevada, Governor Steve Sisolak on Monday extended the moratorium for an additional 45 days, according to recent reports.

Sisolak, at a news conference held Monday, indicated that he was extending the protections for those who are having difficulty making their rent or mortgage payments due to COVID-19-related financial issues. The reasoning behind his decision, Sisolak said, was to allow additional time for local municipalities to disperse rental assistance funds, allow the state to make headway into its backlog of unemployment claims, and to give a proposed mediation program for landlords and tenants approved by the Legislature in August time to be fully developed and carried out.

“We will allow more time for these programs to be fully implemented and give assistance to those who need it most during this difficult time,” Sisolak said, while noting that “we can’t keep continuing this moratorium forever.”

Sisolak stated at the conference that an additional $10 million in CARES Act money would be put towards the state’s rental assistance program that eligible renters could apply for; the funds, if approved, will to be paid directly to landlords.

If the moratorium was allowed to lapse, approximately 249,700 Clark County residents could have faced eviction proceedings. Originally, the moratorium was put into place by Sisolak on March 29 amid the economic collapse brought about by the COVID-19 pandemic; Sisolak issued a decree in June, stating that the moratorium was to be lifted and residential evictions allowed again as of Sept 1.

Nevada’s leading real estate association, Nevada REALTORS, issued a statement stating their opposition to Sisolak’s 45-day extension, saying that they sympathized with people who had lost their income due to the pandemic but that the extension will cause tremendous hardship for property owners throughout the state.

“On behalf of Nevada REALTORS and our more than 18,000 members throughout the state, we are very disappointed in Gov. Sisolak’s decision,” they wrote in the statement. “Many of them will now have no recourse or way to cover their own expenses.”

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, a new series of affordable, fully renovated studio apartments are now available in downtown Las Vegas, an area of the city that has been sorely in need of such accommodations.

Stax Studios is located at 501 South 10th Street – near Las Vegas Boulevard and Fremont Street – featuring over 44 completely renovated units with a number of convenient amenities. The facility is being marketed towards those who are seeking an “urban lifestyle,” according to a statement put out by property management company WestCorp Management Group, and as such will fit in with the overall renovation of downtown Las Vegas.

The apartments seek to take advantage of the recent spurt of new jobs in the area as well as allowing tenants to take advantage of easy access to local entertainment, retail and dining options just a hop, skip, and a jump away.

Stax Studios makes two studio floor plans available to prospective tenants, with the smaller apartment option coming in at 285 square feet and the larger one at 400 square feet. Leases start at $899 per month, and insurance, trash, and water are included at those prices. In addition, all apartments come complete with laminate flooring, private patios, stainless steel appliances, free wi-fi internet access, quartz countertops, and private parking.

Social spaces are also provided where tenants are able to gather with one another, such as an outdoor barbecue space with fire pit, hammocks, and covered seating areas. Stax Studios is also pet-friendly and even features an on-site gated dog park.

With the COVID-19 pandemic slowly coming to pass and the local Las Vegas economy starting to rebound, many young professionals are looking for affordable apartment options in the middle of the downtown area; Stax Studios offers such an option, with studios situated adjacent to legendary Las Vegas Boulevard, allowing easy access to jobs as well the plethora of entertainment options that “the Strip” has to offer.

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 – Resorts World Las Vegas, a hotel and casino currently under construction by the Malaysia-based Genting Group on the Las Vegas Strip, is still on-track to meet its original projected summer 2021 opening date, despite the trials and tribulations presented by the COVID-19 pandemic, according to reports.

The previous site of the Stardust Resort and Casino until 2007, groundbreaking for Resorts World took place in May 2015, and construction began in late 2017. At a cost of $4.3 billion, Resorts World is potentially the most expensive resort property ever developed in Las Vegas.

Even with the limitations and delays presented due to COVID-19, not only is the project proceeding on-schedule for its opening date, but the property’s management announced in July the addition of a 5,000-seat theater in partnership with AEG.

Genting Group credits their ability to remain on-track throughout the course of the project with numerous cutting-edge safety protocols that they have introduced to keep workers safe and healthy while abiding by all guidelines imposed by local and state government in order to curb the spread of COVID-19.

Resorts World Las Vegas will offer a whopping 3,500 rooms for guests upon its 2021 opening, as well as a 75,000 square-foot nightclub, convention space, a 220,000 square-foot pool complex, an LED video globe, and a 100,000 square-foot LED screen, measuring 294 feet in height and 340 feet in width.

Portions of the property will be branded as Hilton, while other portions will be marketed under two of Hilton’s other brands, LXR Hotels and Conrad Hotels.

In addition, Resorts World has also commissioned The Boring Company, owned by Tesla’s Elon Musk, to construct an underground people mover system, similar to the one that the company is currently constructing for the Las Vegas Convention Center. The system would function as an extension of the one for the Convention Center, and would ferry people back and forth between the two locations upon completion.

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 Calida Group – one of the largest developers in Southern Nevada – is planning to open a new apartment complex in the Hughes Center office park in fall of 2020, one that promises a plethora of upscale amenities for tenants, according to reports. Dubbed the Elysian at Hughes Center, the complex – which will begin pre-leasing later this month – is a 368-unit facility with apartments that range in size from 619 square feet to 2,477 square feet. Rent varies from $1,285 to $4,400 per month, according to Calida Group reps.

The complex takes the form of two five-story buildings, each constructed around a six-level parking garage.

Elysian at Hughes Center features a slew of high-class perks for tenants, ranging from a 5,065 square-foot indoor and outdoor “sky lounge” providing panoramic views of the Las Vegas Strip, a clubhouse that contains exercise facilities, tanning rooms, a golf simulator, and a wine-tasking lounge, as well as landscaped resort-style pool, spa, and recreation decks.

The apartment complex is located on a 6-acre site one mile east of the Las Vegas Strip, at the northern edge of the 68-acre Hughes Center. Calida purchased the property for $15.9 million in 2017 from The Blackstone Group, which also serves as the Hughes Center landlord. Ground was broken on construction for Elysian at Hughes Center on January of 2019.

Calida owner Eric Cohen has expressed great excitement about the Elysian project, noting that its home at Hughes Center – an office park with thousands of workers and situated within walking distance of dozens of restaurants – makes it an “amazing location” and a great alternative to the high-rises that are on the nearby Strip.

The projected cost for the project is over $100 million, reports say.

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.