Category Archive : Market Updates

LAS VEGAS, NV – The economic damage inflicted upon the economy by means of the COVID-19 pandemic has left many experiencing financial difficulties, even in the wake of attempts by many states to re-open their economies to prevent the spread of the disease. Unemployment has been rampant, and as a result, bills are becoming harder to pay for many Americans.

Reports indicate that more and more people are, in particular, falling behind on ‘mortgage payments;’ 6.1 percent of April 2020 mortgage payments nationally were 30 days late, up from 3.6 percent the month before. Las Vegas is not immune, and is in fact one of the more worse off regions of the country in this regard.

Part of the reason for Las Vegas’ mortgage issues is its current high level of unemployment; in April 2020 it was a whopping 34 percent, up from just 3.9 percent in February. The cause of skyrocketing unemployment was due to Nevada Governor Steve Sisolak issuing a mandate that all non-essential state businesses close in light of the pandemic. Recently, attempts have been made to re-open businesses, but a resurgence of COVID-19 cases have made this problematic, slowing the state’s economic recovery and preventing job re-growth.

A foreclosure moratorium, issued by Governor Sisolak in March, is due to finally end in September, adding more pressure to families that are experiencing money problems. However, there are hopes that millions of dollars in federal coronavirus relief funds can help keep unemployed Nevadans in their homes while reducing the financial burden on lenders who have not been receiving mortgage payments throughout the pandemic.

Despite the current financial strain on homeowners, the amount of delinquent payments have yet to reach the low levels they did during the mid-2000’s recession. In addition, the housing market has not suffered the same level of damage, and is bouncing back faster than analysts have predicted.

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 economic distress that the ongoing COVID-19 pandemic has been putting on Las Vegas has not had a corresponding effect upon its real estate industry, as several Southern Nevada communities are ranked within the top 30 nationally in terms of builder’s home sales for 2020.

Summerlin ranked the highest nationally, coming in at number four with 642 homes sold by builders in the first quarter of the year. Meanwhile, 467 homes in Valley Vista, located in North Las Vegas, enabled that region to place sixth in the country; Henderson’s Cadence community ranks 14^th, with developers having sold 356 homes; Inspirada, also in Henderson, tied for 25^th with 280 homes sold; and Skye Canyon, located in the upper northwest valley, took 27^th place with 275 homes sold.

The sales of the areas in question are made up of recently-signed sales contracts and do not include cancellations.

The Las Vegas real estate market – much like every industry in Nevada and nationwide – was hit hard by the arrival of the COVID-19 pandemic, which lead to shutdowns of businesses and government-mandated stay-at-home orders that caused widespread economic chaos and record-breaking unemployment.

Real estate was predicted to take an especially big hit from the pandemic, but agents did their best to buck that trend by adapting to the challenges posed by COVID; with homes still in demand, they evolved their business model to include virtual home walkthroughs and online paperwork to adhere to social distancing and safety guidelines, and as a result the Vegas real estate industry didn’t suffer quite as much damage as was initially predicted.

As COVID cases have diminished and the economy of Las Vegas has started to re-open, home sales have surged faster than expected, with some developers actually outpacing their sales bookings compared to the same point of time last year.

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 former chairman and CEO of MGM Resorts International, Jim Murren, has put his Las Vegas mansion – dubbed “Skyspace” – up for sale to the tune of $10.5 million, according to recent reports.

Skyspace is a 13,000 square-foot home situated on 1.5 acres within the Summerlin community and golf club, offering views of the Las Vegas Strip via a series of wall-to-wall windows. It has four bedrooms, a separate one-bedroom guest house, and was constructed a decade ago based on designs by well-known Los Angeles-based firm Marmol Radziner.

The mansion was created with a reverence for art and philosophy; there are several corner spaces that allow for solitary reflection, indoor bamboo and pine trees, and a Zen garden outside the main bedroom laden with multiple pathways that could take upwards of 45 minutes to traverse. The house also contains numerous amenities, including an indoor basketball court, movie theater, wine cellar, pool, spa, and a huge open-concept kitchen.

But the highlight is a large art installation from where the home derives its name- “Skyspace.” A “sensory experience,” it utilizes high-tech equipment to create the illusion of being in space by making use of natural light provided at both sunrise and sunset. The equipment for this experience is not part of the home’s $10.5 million asking price, but is available for purchase separately, reports say.

Mr. Murren, who resigned from MGM in February 2020, has stated that he and his wife are planning on remaining in Las Vegas but simply wanted to downsize to a home more suitable for their needs, as apparently Skyspace afforded them more space than was necessary.

The $10.5 million asking price for Skyspace ranks as one of the priciest ever in Las Vegas; currently, the most expensive is a mansion – also located in Summerlin – that was purchased by famed magician David Copperfield for $17.55 million in 2016.

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, AirBnB has recently instituted a new policy in Las Vegas – as well as nationwide for that matter – which imposes restrictions on renting homes through their service for some local residents under the age of 25.

Individuals under the age of 25 will not be able to rent an entire home – as opposed to just a single room – through the AirBnB unless they have a previous, proven record of consisting of positive reviews from previous home rentals. A minimum of three positive reviews are required, and the reviews can be compiled from anywhere in the country; they do not have to be specifically situated in Las Vegas, AirBnB said.

If someone under the minimum age of 25 and without the required review credentials attempts to rent a home, they would automatically be blocked from doing so by the website; the rental will not be processed. A recent example AirBnB supplied was an 18 year-old Las Vegas resident who was unable to utilize the service.

The reasoning for the move on the part of AirBnB , according to a release they put out, is to help curb the spread of the conronavirus pandemic, citing public health mandates in place throughout the country. In addition, they noted that they typically have more issues with younger renters in general.

“We’re taking actions to support safe and responsible travel in the United States,” Airbnb said. “[Young people] wanting to get out of their situation get into an Airbnb with a pool, bigger backyard, bring their friends in and then obviously we know what happens when people have been locked up for the last three months.”

Henderson has reported several complaints from AirBnB rental houses, which may have contributed in-part to this new program.

This policy pertains to all United States residents under the age of 25, and only affects AirBnB listings near the area in which the under 25 year-old resident resides; these residents are able, however, to rent entire homes outside of the area where they live. Private rooms and hotel rooms are exempt from this clause, AirBnB says.

Editors Note: The photo used in this article, a woman installing AirBnB on a Lenovo tablet, is for editorial use only. It is credited to Daniel Krason and licensed through Shutterstock.com.

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 impact of the ongoing COVID-19 pandemic, house prices and sales totals in Las Vegas continued to break records in June, illustrating that the real estate industry is in the process of a very real comeback as Nevada’s economy slowly continues to reopen.

Las Vegas house prices hit a record high with the median price of a previously-owned single-family home hitting $350,000, representing a jump of 3.2 percent from the previous month and 6.9 percent from the same period of time last year.

In addition, the number of homes sold in June was also robust, with 2,464 changing hands; this represents a whopping 44.7 percent increase from May but still a drop of 15.1 percent from June 2019, showing that the pandemic is still taking a toll on overall sales numbers.

Nonetheless, despite sales activity remaining below 2019 levels, this activity represents a significant recovery for the industry as a whole.

Although, there could be just one fly in the ointment- as Las Vegas has been easing stay-at-home orders originally intended to curb the spread of the COVID-19, there have been reports of increased numbers of residents testing positive for the disease. If this surge is not contained or controlled, it could possibly lead to another round of quarantine orders and mandatory business closures. Hopefully, this will not be the case.

In addition, despite Nevada reopening its businesses and entertainment venues, it will take time to truly access the overall damage done to Las Vegas’ economy and job market, even if it indeed manages to avoid further COVID-related restrictions.

Regardless, it appears that the pandemic’s impact upon the housing market, while very real, was still less severe than experts had been warning. The industry evolving to adapt to the “new normal” helped to negate the impact to some degree, with agents resorting to virtual home tours and online paperwork to minimize contact with clients and maintain their sales.

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 – With the country slowly reopening its economy in the wake of the COVID-19 pandemic – with varying degrees of success – one question on many minds is travel. After sitting in quarantine for the past several months, people are understandable suffering from acute bouts of cabin fever. But at the same time, they’re wondering- is it safe to travel? Am I putting my health at risk if I stay in a hotel, cabin, or rental home?

According to recent reports, the Centers for Disease Control and Prevention (CDC) does say that travel can lead to an increased risk of exposure to contracting COVID-19; the travel industry is taking notice and making every attempt to minimize the risk to the customers who are starting to patronize their establishments once again.

Two organizations – the American Hotel and Lodging Association and the Vacation Rental Management Association – have released extensive guidelines based on CDC recommendations to help curb the spread of COVID-19, and when it comes to travel, the best practice these days is coming as close to a “no contact” stay as humanly possible. Paying online as opposed to in-person is recommended, as is staying in places that utilize digital keys.

Social distancing is vitally important. You should maintain a minimum distance of six feet from all other guests and staff in any lodging, in addition to wearing masks. Touching potentially contaminated surfaces is less problematic, due to the nature of how the virus spreads, but should be taken into consideration as well. Make sure you clean and disinfect tables, chairs, sinks, and so on before touching them.

Also, guidelines vary from region to region in the United States, so it’s for the best to educate yourself on them for where you’re going, BEFORE you go. Call ahead to any place that you might be staying and ask how often cleaning is carried out, if hand sanitizing/washing stations are available on common areas, and how effective their air ventilation systems are. It’s advisable to bring your own sheets and pillow cases as well as your own cleaning/disinfecting products just in case, and tell management that you do not want housekeeping to turn down your room. You’ll handle that yourself each day.

Avoid enclosed spaces such as elevators in favor of stairwells, and if possible keep windows open to help circulate air. Be careful if you use gyms and pools. Inquire about the lodging’s policies on social distancing and mask use, as well as temperature/virus testing procedures for staff. Is the hotel operating at a reduced capacity to keep crowding down? To that end, are they limiting single-night stays?

Nothing is foolproof when it comes to COVID-19, but following these guidelines can help minimize your risk of contracting it when traveling.

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, Las Vegas homebuilders are reporting an increase in the number of homes sold, despite having to deal with the ramifications of the ongoing pandemic; this represents a rebound of sorts for an industry that saw quick and widespread shrinkage when COVID-19 first reared its ugly head back in March 2020.

Vegas-based developers reported 289 brand-new home construction contracts for the week ending June 21 – minus cancellations, which would have made that number higher otherwise – a significant jump from the number reported for the week ending April 5, when a mere 38 contracts were signed. The amount of interested parties visiting new subdivisions has been on the rise as well for the past two months.

However, despite the increase in signed contracts, homebuilders are noting that the process of actually constructing those homes will still encounter numerous hurdles and speed bumps in the form of the conronavirus pandemic. Layoffs and furloughs of a percentage of the workforce, along with strict guidelines imposed upon worksites by state and local governments regarding social distancing in order to curb the spread of the disease will certainly slow the average pace of building homes.

Previously, builders were speeding along at over 1,000 construction permits per month acquired for various projects; only 417 were pulled in May, representing a decrease of 50 percent from May 2019.

During the height of the pandemic, Nevada Governor Steve Sisolak issued mandates to keep non-essential businesses closed; as a result, countless thousands were either laid off or furloughed, and as a result of their new-found financial uncertainty, many people cancelled purchase agreements that they had only just signed.

However, with Nevada in the process of slowly reopening their economy, it appears that financial stability is starting to return as well, as evidenced by the increase in new home contracts being signed. Only time will tell if this upward trend continues.

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, Steven Wynn, a real estate businessman and art collector known for his involvement in the luxury casino and hotel industry, has listed his mammoth Las Vegas mansion for sale for a whopping $25 million.

Wynn purchased the mansion – located at 1717 Enclave Court in Summerlin near Town Center Drive and Summerlin Parkway – just over two years ago. The estate comes in at 13,500 square feet with six bedrooms and nine bathrooms, situated on a street that is known as “billionaire’s row” for its many mansions and high-priced properties.

Wynn’s mansion, which recent benefitted from a $16 million renovation project, features a plethora of amenities including a game room, wine closet, gilded doors, silk carpeting, a butler’s pantry, and a full wing dedicated to a live-in caretaker. There are also extensive security features, including infrared security cameras monitoring the grounds and a backup power system in case of power failure.

Famed magician David Copperfield owns a neighboring mansion, a 31,000-square-foot estate that he purchased in 2016 for $17.55 million, the highest price ever paid for a Las Vegas mansion at the time; obviously, if Wynn’s mansion sells for its advertised price, that would set a new record.

The sale was announced to the public via a release put out by listing broker Ivan Sher of Berkshire Hathaway Home Services Nevada Properties.

This is one of the finest homes available in the country,” the release says. “The current owner completely reimagined the space, creating a timeless experience with incomparable finishes and museum-quality art protection and display.”

Wynn’s ownership of the mansion is not referred to in the release, but according to public records Wynn purchased the property in March 2018 for $13 million. At the time he had just resigned from his company after being accused of sexual misconduct; Wynn denied all allegations.

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 35-story Circa Resort and Casino, originally slated to open its doors for business in December of 2020, has announced that they could now be open as soon as October.

The first five floors of the tower are scheduled to open October 28, just prior to Halloween; this includes everything except for the hotel tower, which will open at a later date.

The early opening is a milestone that owner Derek Stevens – also owner of the Golden Gate and the D Las Vegas hotel-casinos – attributes to the skill and speed of developer McCarthy Building Companies and construction manager Tre Builders.

“It was really the creativity of McCarthy and Tre Builders to get the first five floors open earlier,” Stevens said. “It’s exciting. During this crazy year of 2020, it’s great to have this story that we’re opening early.”

The Circa, clocking in at 1.25-million-square-feet, is located in downtown Las Vegas at 18 Fremont Street. It will have 777 guest rooms, five restaurants, a two-level casino, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen.

In addition to a plethora of amenities for guests, the Circa will also boast the largest sportsbook in the country. A sportsbook is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, hockey, soccer, horse racing, greyhound racing, boxing, and mixed martial arts. The Circa was designed by architecture and design firm Steelman Partners. The hotel-casino, initially announced at the Downtown Las Vegas Events Center in January 2019, also holds the distinction of being the first downtown Vegas resort to be built from scratch – as opposed to the renovation or re-purposing of an existing structure – since 1975.

The Circa will employ 1,000 people when it opens. It is being constructed on the site of the former Las Vegas Club and Mermaids Casino, which were demolished in 2017.

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 Henderson City Council has voted on hiring a company to design and build an arena to serve as the home for the Henderson Silver Knights minor league hockey team. The new arena, which was approved last month despite opposition from the public will replace the Henderson Pavilion at Green Valley and Paseo Verde parkways.

Following approximately two hours of public comments from people both in favor of and against the development, the Whiting-Turner Contracting Company was awarded the project, with only one Councilman – Dan Stewart – voting against it, and another – John Marz – not present at the meeting.

The new venue, which was listed on the meeting agenda as having a top price of $70 million, currently calls for a structure that houses 6,100 seats and an on-site parking lot containing 1,400 spaces. In addition to hosting home games for the Silver Knights, it will also be available for community events such as music, performing arts, and graduations.

The cost of the project is expected to be divvied up evenly between the City of Henderson and the Vegas Golden Knights, who are the owners of the Silver Knights.

Some members of the community have come out against the new venue, mainly as it related to the use of public money towards its construction. Some residents have attempted to collect enough signatures in order to include the project on the ballot in the upcoming November election season in an attempt to stop the city from funding their share of it. Other concerns involve the potential impact upon the surrounding neighborhoods that construction could have.

The existing pavilion is under 20 years old, and has reportedly suffered from numerous issues that would take extensive renovations to correct. Construction on the new venue is slated to begin in August 2020.

The photo used, in this article showing a sign of the Henderson Silver Knights taken June 17, 2020, is for editorial use only. It is credited to Chara Stagram and licensed through Shutterstock.com.

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 Forbes, the national housing market is managing to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, and they said that among the cities that are showing the most signs of a positive recovery is Las Vegas, Nevada.

Mortgage applications have been increasing over the course of the last two months, Forbes noted, and both demand and prices for homes are at the same level – or even higher – than they were in January 2020, prior to the COVID-19 outbreak, indicating a “recovery trajectory,” they said. Loan applications for early June 2020 were 13 percent higher than they were during the same period one year ago, and represented a straight eight weeks in a row of growth.

Forbes attributes this rapid recovery to the fact that, unlike some industries during an economic downturn, housing is an “essential good” and thus is to some degree recession-proof. Other factors that have helped the housing industry counter the damage done to the economy by the pandemic are current low mortgage rates and the ways that realtors have adapted to the pandemic with virtual walk-throughs and online paperwork.

Home prices displayed slower growth in recent months, but never actually started to decrease; however, growth has begun to increase more quickly recently – driven both by demand and an overall lack of supply, with new listings down nationwide 21 percent year-over-year – indicating a recovering marketplace.  

According to Forbes’ article, Las Vegas and Denver are leading the pack in terms of housing market recovery, with Boston, San Francisco and San Diego following closely behind. Many of these marketplaces are already seeing strong sales and prices that are on par with – or even higher – than they were before COVID-19 hit. In contrast, Buffalo, Columbus, Providence, Chicago are currently showing the least evidence of housing market recovery.

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 Vegas luxury housing market stands to be impacted by the ongoing coronavirus pandemic… but just not in the way that you might initially expect. According to reports, the new work-at-home trend – born at first out of necessity due to governmental “stay at home” orders to help curb the spread of the virus – has morphed over time into an entirely new outlook on work environments in general.

With many companies realizing that members of their workforce could be just as productive while working from a home office, the idea of remote employment has given rise to the idea of simply living wherever you like in the country, as opposed to be tethered to the specific region your company is headquartered in. Known as “COVID buyers,” these people are seeking out their ideal homes in whatever part of the country they want to live in. This development was initially discussed in a report released this June by John Burns Real Estate Consulting, which stated:

“The shift to staying home has given many people the opportunity to work from wherever they want,” they said. “State-of-the-art technology will make an even bigger difference now, as people are looking to relocate out of expensive areas. Salt Lake City, Las Vegas, Boise, Portland and Phoenix are all experiencing surges in California buyers, some of whom have been greenlighted to work from home permanently.”

As mentioned in the report, when given a choice of anywhere in the country to live and work, Las Vegas is turning out to be one of the more popular areas to do so. And the choice among many newcomers to the region is clearly to go big- in May, 53 homes with a value of $1 million or higher closed, the second-highest total for any month in 2020 thus far. This trend is happening at the right time as well, given the fact that Las Vegas is in the midst of reopening its economy after being on lock-down since March due to the pandemic. Home sales in Vegas are already showing signs of recovery and prices have not only been maintained, but have actually managed to rise slightly, showing that the market has retained its value.

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.