Category Archive : Market Updates

LAS VEGAS – The Las Vegas Ballpark, home field for the Las Vegas Aviators of the Triple-A Pacific Coast League, formally opened on April 9 against the Sacramento River Cats, drawing big crowds to the first official event held at the new sports facility and signaling a new era for a team formally plagued by one of the worst home stadiums in the sport.

Las Vegas Ballpark – a $150 million project, funded in part by an $80 million naming rights deal with Las Vegas tourism officials – replaces the Aviators’ previous home at Cashman Field, where the team had resided since 1983. The decision to build a new stadium for the team – previously known as the 51s – was due to many issues stemming from Cashman Field, such as poor conditions in the playing surface, bullpens, and clubhouse, as well as inadequate training facilities.

The problems with Cashman Field, however, culminated on August 22, 2015, when the stadium’s sewage system backed up, expelling raw sewage into the dugouts, forcing the teams to set up chairs on the field for the remainder of the game.

Clearly, it was time for the Aviators to move on to higher – and less stinky – ground. The official groundbreaking was held on February 13, 2018 on a plot of land located near the intersection of South Pavilion Center Drive and Summerlin Center Drive, next to City National Arena. By April 2018, excavation was 85 percent complete with nearby grading for parking lots about 90 percent complete. By June 2018, it was on schedule to be open before the 2019 season.

Before christening the stadium with their opening game on April 9, the Aviators had a soft opening on April 6 hosting a NIAA Sunset 4A Region high school baseball game between Palo Verde High School and Centennial. Considered by many to currently be the pinnacle of minor league baseball stadiums, the $150 million Las Vegas Ballpark, located in Summerlin, Nevada in the Las Vegas Valley, features a number of luxury-style amenities that rival nearly any found in the major leagues.

Las Vegas Ballpark includes 22 suites, a center field pool and several bars. The ballpark has breathable mesh seats, with 8,000 installed, with a total capacity of 10,000. Las Vegas Ballpark also has the largest video board in minor league baseball at 3,930 square feet; the Daktronics video board is 31 feet high by 126 feet wide and features a 13 HD pixel layout. The stadium also has indoor batting cages, a weight room and a rehabilitation center.

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 – Elon Musk, technology entrepreneur, investor, engineer, and co-founder of Tesla, Inc., has been recommended for another company he owns – The Boring Company, an infrastructure and tunnel construction company – as a leading candidate to work on a massive tunnel project in Las Vegas on behalf of the city’s convention center.

The Boring Company has been pegged for a project involving the construction and operation of a “people mover” that would service the Las Vegas convention center, slated to be completed in time for the January 2021 Consumer Electronics Show, according to officials.

A people mover is a type of small scale automated guide-way transit system, and in the case of the one envisioned for the convention center, it would only serve for local transport; while many people movers transport passengers from airports, downtown districts or theme parks to other destinations, the convention center’s people mover would be more limited in scope, solely dedicated to servicing event attendees.

Before work can begin, however, the Las Vegas Convention and Visitors Authority must vote upon the measure; if the contract is awarded to The Boring Company – one of the cheaper overall bidders – the project will enter a design phase followed by the commencement of actual construction, with an estimated cost of anywhere up to $55 million, according to officials.

In addition, The Boring Company’s estimate for the overall length of the project was considerable faster than their competitors with President Steve Davis claiming the project could be completed within the span of just one year.

The people mover concept for the convention center is still in its infancy, and thus there are various details that have yet to be solidified. While the project will ultimately take the form of an underground tunnel that will take passengers from the station to locations within the convention center, it is not currently known what the exact transport method will be for taking visitors to and from their individual destinations. Among the options being weighed by officials include Tesla Model X or Model 3 motorized vehicles, as well as an electric tram capable of holding up to 16 passengers. The amount of stations and their locations within the center have also not yet been determined.

The Las Vegas Convention Center, ever embracing new tech, has been expanding recently, with the final result encompassing two miles from end to end; the addition of the people mover is expected to make negotiating the vast complex far more manageable once work is complete for the estimated million people who visit the site on an annual basis.

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.

Nearly 6-Mile Multi-Year Repaving of Las Vegas Boulevard Expected to Cause Headaches for Motorists

LAS VEGAS – The famed Las Vegas Strip is about to get a major overhaul in the form of a massive repaving, and it’s one that’s sure to create a major headache for local area drivers throughout the course of the multi-year effort, which represents a joint effort of the Las Vegas Valley Water District and Clark County.

A 5.7 mile stretch of Las Vegas Boulevard, ranging from 215 Beltway to Sahara Avenue, is going to be experiencing ongoing work beginning in June of this year, with the project expected to be finished by July of 2022, according to the Clark County Public Works department.

While the roadway will be receiving a fresh start on life, the work also opens up the opportunity for the Las Vegas Valley Water District to install new water mains in place of old ones that were sorely in need of replacement; this includes dual lines in some regions. Also, further enhancements will be added to Las Vegas Boulevard throughout the construction process; multiple improvements and upgrades to the infrastructure are slated to include technology governing pedestrian safety, new roadway medians, and the installation of new, energy-efficient LED lighting.

In addition, there are plans to add a fourth lane to the Boulevard in order to alleviate traffic congestion in the area and enhance safety as it relates to foot traffic; local pavement, officials say, is currently in poor shape, and this project is aimed at addressing it.

Clark County officials have noted that they are taking great pains to conduct the repaving and renovation work on Las Vegas Boulevard as quickly as possible. While seeking to avoid impacting or worsening local traffic congestion – an estimated 36,000 to 60,000 vehicles utilize the Boulevard on a daily basis – work will be carried out at night, between 2 a.m. and 10 a.m. on Monday through Thursday.

County officials have noted that work has been coordinated convention hall and resort owners along the Las Vegas Strip to ensure that major meetings, entertainment conventions and expos are not impacted by the repaving and other rehab work being carried out. At least two lanes in either direction are slated to remain open at all times during all phases of the project, officials say.

The construction will be carried out in five phases throughout a three-year work schedule; Phase A is estimated to cost approximately $33 million and cover the region of the roadway from Sahara to Spring Mountain Road. The complete cost of the project, including all five phases, has yet to be estimated, officials 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.

LAS VEGAS – At a recent meeting of the Economic Club of Las Vegas, economic experts predicted that the already rapidly rising property prices on the famed Las Vegas Strip could continue their upward trend well into the next decade.

John Knott, head of the CBRE Global Gaming Group, noted that heavy demand for the limited parcels of land on the Strip could translate to a mammoth value of $50 million an acre once a mass series of construction and development projects slated to begin in 2020-21 begin. This is in heavy contrast to current values which are still far below the $30 million an acre level.

Land sales have recently begun to take off on the Las Vegas Strip; before, while much of the city was held in the grip of the housing crisis, plots of land often laid unused for years at a time. But with the recovery of the real estate market and subsequent housing boom taking Vegas by storm, prices have been on the rise at levels not seen in ages. As a result, Knott’s hefty prediction which are to come near the turn of the decade are not appearing to be too far-fetched, given current conditions.

Part of Knott logic, according to reports, is dependent upon the estimated 2020-21 completion of several high-profile construction projects, such as the expansion of the Las Vegas Convention Center, as well as the opening of Resorts World Las Vegas, the Las Vegas stadium, as well as other developments that will only serve to drive up the value of any surrounding undeveloped land. Anticipation of new transportation infrastructure in order to serve these new venues on the Las Vegas Strip will also add to the asking price of any remaining property, and as plots of land are snapped up, the value of any remaining plots will continue to escalate.

In addition, as the population of Vegas continues to increase as more out-of-state residents transplant themselves here to take advantage of the very healthy job market, reports indicate there exists a possibility that the Strip may be increased in length in order to accommodate growth which could also bring additional development to areas adjacent to the Strip as well.

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 – The HGTV hit television series Flip or Flop Vegas has returned for a third season this year, highlighting the unique ups and downs of the Southern Nevada real estate scene with the first of its latest batch of new episodes recently premiered on March 21.

Featuring the exploits of Aubrey Marunde, a Vegas-based real estate expert and designer, and her husband Bristol, a designer, contractor, and former Mixed Martial Artist who has competed in the UFC and Strikeforce, the program sees the couple buy distressed properties and renovate them while a camera crew captures the process from beginning to end. A spin-off of the series Flip or Flop, the program originally debuted on April 6, 2017 and proved to be an instant hit, finding a loyal audience and earning 12.5 million viewers since its premiere.

Season three features an additional 10 episodes in which the Marundes – owners of real estate company Alter Luxury – take downtrodden residences in the region and renovate them in the flashy, well-known style that many have come to expect of Las Vegas. The design aesthetic the Marundes’ bring to their typical flip typically entails lots of chandeliers and lighting and hardware in order to deliver an over-the-top result that has garnered a big demand for the couple’s work. The couple’s time to flip a property averages about three weeks; once on the market, their average sell time is five to seven days.

Due to the strong demand for homes in Vegas, Bristol noted that the experience of flipping homes there – the act of repairing and renovating a house with the intention of quickly selling it for a profit – is a far more intense experience than in many other parts of the country. With the speed in which land is being picked up by developers, she said that a flipper needs to be able to be fast on the draw when it comes to identifying and buying prospective properties; in addition, the properties she and her husband renovate are snapped up at far faster speeds than elsewhere in the country as well, leading to a never-ending supply of fodder for future episodes of their TV show.

Bristol Marunde originally came to be noticed by HGTV via her Instagram page, where she showcased her numerous home renovations; this opened the door for the Marundes to get a shot at their own TV series, High Stakes Flippers, in 2016. Eventually, the concept morphed into Flip or Flop Vegas as the duo attempted to ply their trade – quite successfully – in Sin City itself.

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.

Southwest Las Vegas to Be Home of Massive New “UnCommons” Mixed-Use Project; Mini-City Within City

LAS VEGAS – Southwest Las Vegas will be the home to a massive new mixed-use project, combining business, retail, entertainment, and food all in one package, dubbed the “UnCommons.”

Slated to be constructed off of Durango Drive and the 215, UnCommons – once completed – will essentially be a mini-city within a city, a space where the people working there will have all their needs and amenities right at their fingertips. The point of the project, reports say, is to attract businesses and their workers to the valley to provide support once they’re there.

Developers of the UnCommons project have extensively studied similar set-ups in other states and will be one-of-a-kind in Southern Nevada, designed from the ground-up as a “Town Square” of sorts to cater to the needs of the tenants who live and work in this area. It will include various exercise studio and relaxation options, numerous food, shopping, and entertainment options, all within walking distance of both an employee’s place of work and their luxury apartment complex.

Initial plans for the project call for 150,000 square-feet of office space in conjunction with restaurants, shopping establishments, several parking garages, and 875 apartments. Developers have noted that they have had preliminary talks with several business tenants – both in Nevada and beyond – in regards to taking up space at the UnCommons facility.

Phase one of the UnCommons project – currently budgeted at approximately $400 million – is set to break ground in 2020, and as long as there are no unexpected issues, completion of construction is expected by the middle of 2021. Additional phases of the project are expected to be announced in the near future, but will likely consist of an expansion of phase one, with more apartments, retail, and business space added to the existing concept based on initial response.

The development is expected to be a boon for local area residents as well, who will be able to access the conveniently-located public retail and entertainment options built within rather than having to commute to farther areas such as Henderson for a afternoon or evening out. The project is also expected to have an impact on the cost of local homes for sale as well as traffic in the region – both which are expected to rise as a result – however, many see the positives of the UnCommons to outweigh the negatives.

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 – While Southern Nevada as a whole has been experiencing a swell in the number of areas with increased construction in response to the overwhelming demand for affordable housing, reports indicate that the fastest rising region overall is in Eastern Las Vegas Valley.

This news comes to the surprise of many, as you would expect this activity to come out of a larger and more well-known area in the Valley, but the need for new homes – spurred on by a rapidly-growing economy and business/job/real estate market – is being felt all throughout Las Vegas. Ultimately, people are taking property where they can get it, and due to the fact that East Las Vegas is a lesser-known area, home costs are subsequently lesser; an attractive prospect for many facing skyrocketing home prices currently dominating the Vegas real estate scene as buyers are finding themselves paying a premium for whatever they can get their hands on.

East Las Vegas reported the sales of 515 new homes in 2018, which represents a whopping increase of near 90 percent from the prior year. This, according to experts, is the fastest level of growth anywhere in the Las Vegas Valley by a wide margin. While this number is relatively small when compared to other areas of the valley – 2018 saw 3,741 homes closed upon in southwest Vegas – it nonetheless is a vastly higher number, percentage-wise, and the affordability of East Las Vegas will likely result in that impressive output increasing in 2019.

When you look at the numbers, it’s easy to see why buyers are attracted to the homes in the eastern valley- the median sales price of a newly-built single-family home there is currently in the mid-$200,000’s, as opposed to elsewhere in the valley where that number typically reaches as high as $380,000 or more, reports say.

One of the reasons for East Las Vegas’ new reputation is the fact that conditions in some areas were reportedly run-down; developers have been scooping up dilapidated properties recently, razing them, and constructing new homes at price points that are causing a stir among those having difficulty finding a residence in Las Vegas’ otherwise skyrocketing real estate market.

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 – With the recession over and done with and the real estate market on the mend in a major way, living expenses overall in Las Vegas – particularly rents – have been experiencing a steady climb over the course of the last few years as the improved economy is luring businesses and jobs into the region. Henderson is an especially poignant example of this phenomenon, having been currently ranked by ApartmentList.Com as the city with the fastest-growing rental prices in the United States.

Henderson is the second-largest city in Nevada, and according to reports, it has been experiencing growth in the cost of rental properties that outpaces any comparable city in the country over the course of the past year. The current 2019 monthly rent of an average two-bedroom apartment in Henderson comes in at $1,340, which represents a jump if 3.7 percent over the same period one year ago; the national average rental price, however, only increased 0.9 percent. This cements Henderson as a growing location in terms of demand, but it remains to be seen that, if rent continues to climb at its current rate, if the cost of living will eventually outstrip that demand.

A close contender in terms of rising rents is Las Vegas itself, which currently ranks fifth in the country; a two-bedroom apartment in Vegas will typically set you back $1,160 per month in 2019, which is an increase of 3.1 percent over the same period in 2018. Again, it remains to be seen if these increases will eventually become prohibitive to renters who are looking to get the most for their money in terms of living expenses.

Henderson and Las Vegas are standouts in the sense that, in much of the rest of the United States, rental costs – while also increasing overall – have nonetheless risen at a comparatively much slower rate throughout 2018.
Las Vegas’ rental scene has seriously ramped up in recent years, with the area seeing a large increase in development, especially in suburban areas. In addition, investors have been making numerous purchases of apartment buildings, rental complexes, and reduced vacancies – brought on by a large influx if new residents looking for jobs have produced a climate where rents have been rising to the point that some tenants are finding difficult to keep pace with. Work, however, is being undertaken by numerous developers in order to construct new and affordable housing options in order to bring more stability to Southern Nevada’s housing and rental market.

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 – Developers have announced that planning for an extensive mixed-use project is currently in the works adjacent to the Las Vegas Palms Casino Resort – located one mile west of the Vegas Strip, at Flamingo Road and Valley View Boulevard. The location is to encompass a number of businesses and amenities once it is completed in the next year or two. The land tract where construction is taking place is currently vacant, and the project is looking to offer a large degree of revitalization to the surrounding community.

The anticipated project is comprised of an upscale hotel – non-gaming in nature – in addition to a high-end apartment building and a number of retail businesses and franchise eateries such as Chick-fil-A, reports say. The hotel, according to reports, is likely to be branded by Delta and will be comprised of 270 rooms and is slated to potentially reach as high as 24 stories; work on the structure is expected to begin in the latter quarter of 2019, whereas work on the Chick-fil-A facility is expected to begin in the second quarter.

Other stores that are lined up for space in the development include Walgreens Pharmacy and chain restaurants Del Taco, Denny’s, and Wahoo’s Fish Taco. An additional 286-unit apartment complex – to be dubbed Elysian at the Palms, developed by The Calida Group – is also in the planning stages and, with construction expected to take approximately a year-and-a-half once work has begun, reports say. The facility, once completed, is expected to include guest amenities such as a gym, tanning booths, a massage spa, a gaming room, and a bar.

Before the bust of the housing bubble in the mid-2000’s the Flamingo Road and Valley View Boulevard land tract was originally slated to be the home of at least two new hotels, both originally in to be built in a distinct “Manhattan” style with numerous luxury trappings. However, deals for construction on the site all fell through with the market crash and the subsequent recession hit the Las Vegas real estate market especially hard; a malady that Las Vegas has only recently recovered from, with record growth now recorded by experts indicating a city on the rise and in need of new and continued development for the first time in nearly a decade.

The project is being headed up by CAI Investments, which is based locally in 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 – Las Vegas’ Symphony Park, a 61-acre mixed-use site currently under development in downtown Las Vegas, will be the home of a new Marriott Hotel, thanks to city officials who recently voted to approve the project. The new Marriott convention hotel brings with it a $95 million investment, which officials say will support Symphony Park’s development and create much-needed jobs in the downtown area.

Once housing a Union Pacific rail yard, Symphony Park currently is being master developed for mixed-use by the city of Las Vegas, also the landowner. Symphony Park is home to the Cleveland Clinic Lou Ruvo Center for Brain Health, Smith Center for the Performing Arts and the Discovery Children’s Museum.

Slated to be a 406-room, six story hotel with a projected opening date of summer 2020 will be constructed on the corner of Grand Central Parkway and Symphony Park Avenue – will offer a number of amenities for guests, such as an upscale restaurant, a fitness gymnasium, as well as retail stores and 20,000 square feet of spaces that can host large-scale meetings and conferences, officials say.

Officials anticipate that the project will produce approximately 150 construction jobs via developer Jackson-Shaw – a company responsible for 21 hotels to date – and once completed will employ over 275 people both directly and indirectly; in addition, the hotel is expected to generate about $1.5 million in tax revenue for the state and local municipality, according to reports. Previously, Jackson-Shaw was responsible for building local hotels the Hampton Inn Tropicana and the Renaissance Las Vegas.

The hotel, which is to be designed with inspiration taken from Spanish architecture and slated to cater to cutting-edge, modern lifestyles, will gel with the designs of neighboring structures and buildings in the Symphony Park development. City official said that they envision the mixed-use facility to become a hub for the arts, as well as a home for numerous professionals and businesses, including those in the science and medical fields.

In addition to the Marriot, other structures under development in Symphony Park include two parking garages that will incorporate up to 30,000 square feet of space for retail establishments, as well as residential apartments that will feature up to 600 single-family units once completed.
All in all, officials are expecting Symphony Park to play a large part in the re-invigoration of the Las Vegas downtown area within just a few years.

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 – Since bouncing back in spades from the mid-2000’s burst of the housing bubble and the resultant economic woes that event thrust upon the majority of the nation, the Las Vegas real estate scene has been skyrocketing in value as home prices have been soaring, regularly outdoing themselves as people move into the region seeking to take advantage of new jobs and a lower cost of living.

However, while that cost of living still remains far below average for much of the country – neighboring Californians are currently paying roughly twice as much or more for much less – the constantly-raising home prices in Las Vegas are nonetheless starting to cause a bit of strain on the marketplace. While houses and apartments are still in great demand, the costs are beginning to reach the breaking point for some. January 2019 represented prices that reached their highest point in months, with the median sales price of single-family homes hitting $300,000; this represents a 1.6 percent increase from December 2018 and a 13.2 percent increase from the same period one year ago.

Again, this price range is far below the national average, but it’s still reaching a point that can no longer be considered “cheap” anymore, either. The market sets the price, unfortunately, and while local developers race to increase their output, it hasn’t been fast enough to placate demand and lower prices.

January also represented another sobering reality for the Las Vegas housing market, as overall home sales were lower than in recent months. Over 7,200 single-family homes were on the market without offers at the end of January, which represents a bump of 9.7 percent from the previous month. However, January is a tricky month to base sales data off of, as this is considered the slowest period for sales in general; experts predict that sales will increase as the year goes on.

Nonetheless, some buyers have reported exercising caution and taking more time to weigh their options when it comes to purchasing homes in Las Vegas, given the vastly-increasing prices in the marketplace. But as developers increase their output and more housing options are made available at a wider variety of costs, prices are expected to gradually lower and bring stability back to a market that still is among the cheapest in the nation amid a booming local economy.

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.

Matter Real Estate Group Looking to Develop $400M Las Vegas-Based Mixed-Use Project

LAS VEGAS – San Diego-based Matter Real Estate Group recently announced plans to create a $400 million project spanning 40 acres in Southwest Las Vegas. The project, dubbed UnCommons by Matter owner Jim Stuart, is to be a mixed-use development consisting of office, retail, and rental space.

The UnCommons office park, slated to be located at the corner of the 215 Beltway and Durango Drive, will consist of 500,000 square feet of office space, 100,000 square feet of retail space, and 875 apartments, Matter officials said. The development is planned to be designed with ease of access to foot traffic in mind, with early design renders illustrating a variety of walkways situated within a densely built series of buildings offering visitors access to a wide array of amenities, including coffee shops, a food hall, restaurants and live entertainment venues.

Matter is currently in the process of purchasing the land needed for the UnCommons project; currently, the company owns approximately 8 acres, but plans on acquiring the remainder of the property by the start of summer this year, once project plans have been officially approved by Clark County officials.

The southwest valley of Las Vegas is considered a fast up-and-comer in terms of business growth and construction, and UnCommons stands to help that reputation continue to develop. Matter officials have noted that the design approach that their company is taking with the project – especially in terms of office construction – is catered to attract young professionals who expect a little something extra in terms of a modern, exciting, and interesting work environment.

In addition to UnCommons, Matter has unveiled plans to construct multiple warehouses in the Southern Nevada region. These include a 540,000 square foot industrial park adjacent to North Las Vegas Airport, a facility spanning 10 acres in the southwest valley, and a 300,000 square foot Henderson-based development located beside the practice facility of the Las Vegas Raiders NFL team.

Matter is currently in the process of working with borrowing institutions to provide capital for the UnCommons project, as well as courting various companies and retail businesses regarding leases at the office park. There is currently no official timetable for when the project is expected to commence or when the project is to be completed by, but Matter representatives indicated that they are keen to get the ball rolling on the project as soon as possible in order to take advantage of the rapid growth that the southwestern Las Vegas valley is currently experiencing.

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.