Category Archive : Market Updates

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

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

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

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

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

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

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

Rents in Schulman Properties’ apartments range anywhere from $2,000 to $4,000 per month for one or two-bedroom units, all the way up to $8,000 per month for penthouses; despite the high prices and having only just opened in early July, Ilmunia on Raiders Way is already 35 percent leased, Schulman said.

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

LAS VEGAS, NV – This week, the Oakland Athletics are set to reveal the financing details and overall construction plan for the Major League Baseball (MLB) team’s proposed new ballpark on the Las Vegas Strip, ahead of their highly-anticipated relocation there starting with the 2028 season.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

LAS VEGAS, NV – According to new census data, Mesquite, a city in Clark County located just northeast of Las Vegas, is the fastest-growing in the entire state of Nevada, and at its current rate of expansion it could potentially see its population increase by as much as 50 percent within the next two decades.

As per the U.S. Census Bureau, by percentage growth Mesquite was the fastest-growing city in Nevada through the years 2020 to 2023, seeing its population jump from 20,616 in 2020 to 22,786 in 2023, which represents an increase of 10.5 percent; this exceeds the growth of both of its nearest competitors, North Las Vegas (9.0 percent) and Fernley (7.4 percent).

As per Mesquite’s Director of Development Services, Sungman Kim, the city could see the number of residents within its borders exceed 45,000 by the year 2041. The reason for Mesquite’s rapid growth is its growing popularity with a very specific demographic: retired Americans and/or Canadians – known as “snowbirds” – who prefer to spend winters in a warmer climate. As a result, about 45 percent of the city’s population is made up of individuals aged 65 or more.

The real estate stats back up the assertion that a growing number of snowbirds are purchasing homes in Mesquite to live in only part-time; while the city had 2016 vacant homes in the year 2023, a mere 16 percent of those – made up of 102 homes, 34 condos and 27 town homes, ranging from $275,000 to $1.6 million – are currently on the market for sale.

“It means that most of the vacant houses are not for sale, which again means, I assume, that those are probably the second house for the snowbirds,” Kim said.

In addition to the warm winter climate, other draws the city offers for older individuals are several highly-rated golf courses – including the Palms Golf Course, which first opened back in 1990 – and three casinos, in addition to several off-road vehicle trails that are especially popular with visitors to the area.

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

LAS VEGAS, NV – A man so passionate about collecting automobiles that he actually installed 13-foot-wide front doors on his lavish estate so he can roll in and park some of his most cherished rides in his living room – yes, his living room – has listed the Las Vegas residence on the open market for nearly $11 million.

Julius Salerno loves relaxing in the living room of his 11,400-square foot home in Summerlin’s swanky The Ridges master-planned community while looking at many of his prized collector cars – of which he owns 100, including a Bugatti Veyron, Pagani Huayra and Koenigsegg Agera RS – parked right next to him. He’s also fond of displaying his Ducati motorcycle in the space as well, parked right on top of an elevated circular table.

What vehicles he isn’t able to display in his home or elsewhere on his property due to space constraints are stored in a warehouse.

However, Salerno – an attorney and co-founder of Bellami Hair, a wig and hair-extension company – recently made the decision to move to Dubai, and as a result he has decided to list his Vegas home for $10.999 million, having originally purchased it for $4.95 million in 2020.

53 PAINTED FEATHER WAY, LAS VEGAS – $10,995,000.00

The residence – situated upon a half-acre of property – boasts numerous luxury amenities, such as an elevator, movie theater with $600,000 surround-sound system, game room, gym, massage room, two-story office, four-car garage, a Crestron smart-home system, and a 1,660-square-foot swimming pool with a swim-up bar and 20-foot waterfall feature.

The home is surrounded by trees, affording the residence the sense of privacy from the street, and the massive backyard deck offers several fire pits, a kitchen, a gazebo and a putting green.

When asked why he would want to leave such a beautiful home, Salerno noted that he enjoys the lifestyle in Dubai, having visited the United Arab Emirates-based city several times. And while he will be taking a number of his prized cars with him on moving day, a major portion of his collection will remain in the United States, where he still keeps a home in California.

See full listing details for 53 Painted Feather Way, Las Vegas

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

LAS VEGAS, NV – A homeowner is fighting a $180,000 fine imposed upon him by the city of Las Vegas for operating an unlicensed short-term rental back in 2021, claiming that his tenant was the one that actually listed the property without his knowledge and that the huge fine – which is mostly made up of late fees – violates his right to due process under state law.

Originally, homeowner Xin Tao was hit with an initial fine of $2,132 in August 2021 for violating Las Vegas’ strict laws governing short-terms rentals within city limits. However, Tao said that a tenant that was living at the property at the time was the one that listed it out via Airbnb without telling him, and following multiple complaints by neighbors, Las Vegas authorities conducted over 10 inspections and ultimately issued the fine.

Tao, who does not reside in Nevada, unsuccessfully attempted to evict the tenant when he learned of the situation; since he believed that the tenant should have been the one to pay the fine, he himself refused to do so. Unfortunately for him, Las Vegas’s short-term rental code imposes a $500 per day late fee penalty, causing the fine to eventually swell to $180,000, leading to the very real threat that Tao’s home could be auctioned off to satisfy the debt, although Las Vegas officials have yet to go in that direction.

In response, Tao has filed a lawsuit against the city of Las Vegas, with the lawyer representing him – Andrew Bao – claiming that the city never informed his client that he was accruing $500 per day in late fees for two whole years, denying him of his right to due process under the Nevada Constitution.

To have a $2,132 fine astronomically balloon to $180,000, without notice for more than two years, is a violation of due process and Petitioner’s constitutional rights,” the lawsuit reads. “Further, the $180,000 is an excessive fine and punishment in violation of Petitioner’s constitutional rights.”

The filing of the lawsuit follows a May 13 hearing where a judge denied Tao’s motion to have the fine thrown out due to his failure to appeal the penalty within 25 days following a previous vote by the city council to uphold it.

Tao is demanding $15,000 in damages plus attorney’s fees, the cancellation of the $180,000 fine, and an injunction protecting Tao’s home from being foreclosed on by the city.

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 – When they open their doors for business later this year, Otonomus Hotel will be offering guests a unique way to ensure a memorable stay each and every time they come: utilizing artificial intelligence (AI) to customize and enhance their experience to their exact needs and wants.

Philippe Ziade, CEO and Founder of Growth Holdings – Otonomus Hotel’s developer – said that this new concept of fully powering a hotel with AI in order to personalize guests’ stay is filling a very real void that currently exists in the current hotel model. And he noted that the firm’s status as not just a real estate developer, but as a tech company as well, ensures that the coding goes hand-in-hand with the bricklaying.

“So, it’s really all these layers that the hospitality industry is missing today. That’s what we’re bringing with the concept. It’s really the best value product on the market – that’s how we see it. Where it gives you the best of both worlds,” Ziade said. “We are different to start with, because we are developers as well as technology developers – not just real estate – so that makes us very unique in connecting these minds across these different industries to create that new concept.”

Currently in development, the “Class A” complex – which will be a hybrid comprised of 60 percent hotels rooms and 40 percent apartments – is situated on a 13-acre plot of land in the vicinity of Allegiant Stadium, located at the corner of Russell Road and Decatur Boulevard. The apartment will feature standard 12-month leases as well as short-term rentals that come fully-furnished.

All rooms will boast interconnectivity via a series of doors that can be locked or unlocked by the hotel’s AI algorithm, allowing guests to book the exact number and configuration of rooms they want for their stay, from just one single room all the way up to a six-bedroom penthouse.

The AI – via a downloadable mobile app – will also function as a “personal assistant” that can be used to request cleaning, as well ordering food, extra towels or toiletries to be sent to your room; the requested items will be delivered via a two-way cabinet by the main door of your room, known as an “E-Butler.”

In addition, the AI will keep a permanent record of the guest’s preferences, so if they return even years later, their room will automatically remember the same exact temperature and language preferences, how they take their coffee, food likes/dislikes, and other settings as before, as well as being able to offer personalized entertainment recommendations and even the ability to check in and out through their phone.

So, two years later you come – we have a better service than a five-star hotel,” Ziade said. “Because they’re not going to remember who you are unless you spend millions of dollars. So that’s what we do.”

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.