Category Archive : Market Updates

LAS VEGAS, NV – According to the Southern Nevada Home Builders Association (SNHBA), the Las Vegas Valley – in the span of as little as eight years – could potentially run out of land upon which to develop housing, a serious situation that the organization said needs to be addressed sooner than later to avoid issues in the future.

SNHBA CEO Tina Frias noted that the eight-year timeframe – based on data supplied by a company called Applied Analysis – necessitates government action to free up additional federal desert lands to develop in order to keep Southern Nevada’s housing supply on par with the current level of supply and demand.

At the end of the day, from a homebuilding perspective, we need more land,” Frias said. “So, it’s important for us to have the land to develop in the first place.”

According to officials, the federal government currently owns 88 percent of the land in Clark County, with over half of that property – 2.6 million acres – managed by the Bureau of Land Management (BLM). A BLM spokesperson said that the 1998 Southern Nevada Public Land Management Act Mandated the federal agency to sell select plots of public land within the Las Vegas Valley, and so far nearly 44,000 acres have been sold or leased, with an additional 27,000 acres still pending.

In an effort to do away with the bureaucracy that some say is the cause behind the difficulties in accessing land for development in Southern Nevada, Governor Joe Lombardo recently endorsed a bill called the Accelerating Appraisals and Conservation Efforts Act in an effort to cut through the red tape and get the feds to release more land in the region for badly-needed home construction.

Nevada families deserve access to attainable housing – and that begins with eliminating governmental barriers to development,” Lombardo said.

According to Redfin, the current median sale price of an existing single-family home in the Las Vegas Valley has jumped 9.2 percent year-over-year alone, driven by low inventory and high demand; opening up more land for development, experts say, would help lower home prices in the long run and make the housing market more affordable.

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 Clark County Board of Commissioners have officially approved the first stage of plans for an ambitious project: the Las Vegas Spaceport, which its developer says will build a strong space-based economy in Southern Nevada and will one day become a busy hub for both commercial and private space tourism.

Last week, construction permits were approved for an airstrip for the upcoming the Las Vegas Executive Airport, which will be located at a 240-acre site near Pahrump, north of Highway 160. When the airport complex is completed, according to the project’s CEO Robert Lauer, work will begin on making the connected $320 million spaceport a reality, with a heliport to be built near the Strip in order to transport guests to and from the space-age facility.

But until plans for the spaceport itself are presented to county commissioners for approval, Lauer said the airport will begin efforts to raise its public profile and attract tourists for rides in slightly more conventional aircraft for the time being.

Part one is going to build public support through tourism, because it exposes the average person to what the industry is building and the opportunities that are provided,” he said, noting that visitors would be able to pay $6,500 for rides in fighter jets – which may be available as soon as this summer – that provide enough g-force to simulate the effects of space travel, as well as parabolic flights for $9,000 that actually provide a real zero-gravity environment.

Lauer said that the plans for the spaceport include 40 commercial hangars, a STEM college with advanced flight simulators, a civilian space flight assimilation program, a hotel, passenger terminal, rooftop observation deck and restaurant, with the facility expected to begin looking for an operator within the next three to four years, and actual space travel itself expected to begin within five.

What is on the horizon are space planes,” Lauer said. “There are several companies that we’re working closely with right now that are building the next generation of space vehicles, which I believe will dominate the future of the space industry.”

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 – They’re not quite there yet, but according to a new report released by Las Vegas Realtors (LVR), the prices of homes in the Las Vegas Valley this past May continued to inch up to their all-time high point, illustrating the fact that demand is still exceeding supply in Southern Nevada.

LVR’s report, which acquires its data from Multiple Listing Services, noted that during May the median sale price for an existing, single-family home in Las Vegas was $473,000, representing a 7 percent jump year-over-year and moving that number ever closer to the all-time record high achieved in the valley, which was $482,000 during May 2022.

The MLS showed that there were 3869 homes for sale in the valley without any offer at the end of May, which is a 6.1 percent increase year-over-year. In addition, compared to one year prior, new listings in Las Vegas surged 19.9 percent in May, an 8.7 percent increase from the previous month.

LVR President Merri Perry Issued a statement on this development, saying that “although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members.”

Meanwhile, the median sales price for brand new homes listed for sale in the valley reached $500,000 in May, which represents a 5.3 percent jump from the same period of time one year ago; while high, this number nonetheless falls below the all-time record for new home listings in the region, which was $525,000 in May 2022.

However, it remains to be seen how much longer home prices continue to swell in Las Vegas, given the growing national trend of lowering housing costs in several major markets – including Austin, San Antonio and Fort Worth, Texas, and Portland, Oregon – as buyers back off in response to high home prices and mortgage rates.

It is expected that this phenomenon will spread to other parts of the country as well as the situation continues, eventually driving home prices down again, says real estate company Redfin in a recent report.

“Nationwide, prices rose 4.4 percent from a year earlier to an all-time high during the four weeks ending June 2,” report said. “But there are early indicators that national price growth could soften soon: 6.4 percent of U.S. home sellers cut their asking price, on average, the highest share since November 2022. And the typical active listing has been on the market for 46 days, up 2.3 percent year over year – the biggest increase in nine months, suggesting home listings are growing stale faster than they were a year ago.”

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 – Amid plans amongst major Hollywood studios to begin setting up operations in Las Vegas – along with the steadily growing presence of more and more professional sports teams within the city – Landon Miller, owner of developer Landon Miller Homes, announced this week that his company would be addressing the increasing demand for high-end housing in Southern Nevada by developing a series of ultra-luxury, $15 million-plus homes.

Initiated by the approved plans for a Sony movie studio and the presence of the Las Vegas Raiders, Golden Knights and other sports teams, the demand for ultra-luxury real estate is expected to surge,” said Miller. “Having grown up in California, I’ve always been captivated by its luxury architectural styles. It’s my goal to mirror that level of architecture here.”

The initial residence to be constructed as a part of Miller’s initiative – whose development has already begun, with completion slated for fall 2025 – will be a $22.9 million dollar estate in Southern Highlands, which will take the form of a 9,500-square-foot, three-story home featuring a cutting edge, contemporary design emphasizing clean lines, large windows, light wood tones, and a cement-plastered interior.

In addition, the estate will boast numerous high-end amenities, including a dedicated media and game room with a wet bar; a large, well-equipped gym; a temperature-controlled wine room with a storing capacity of over 750 bottles; a steam room shower with cold plunge; a resort-style pool; ample vehicle storage, with a three-car daily garage augmented by a huge, subterranean seven-car garage; and a large second-floor terrace with breathtaking views of Las Vegas’ skyline.

The Southern Highlands estate represents the first of a series of posh residences that Miller said he intends to design, build, and sell throughout the Las Vegas Valley, each featuring different architectural styles and unique amenities, noting that he intends to make each one distinctly different from one another.

“Despite Las Vegas’ rapid growth and renowned entertainment scene, the city has surprisingly few ultra-luxe homes. As people relocate from Hollywood and other parts of the United States, they’re looking for an elevated level of luxury, and that’s what we’re striving to provide,” Miller said. “More and more, clients come to us with a desire to create homes that truly reflect their personal style and needs. I work hand in hand with our clients to make my vision and the client’s vision come true.”

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 investment management company Colliers, the southwest valley is home to Las Vegas residents earning the highest median household income within the region.

As per its apartment market report for the first quarter of 2024, Colliers notes that the southwest valley’s median income was $86,682, with that number surpassing the median income in Henderson – the previous number one in that category – which was $86,682. In contrast, in the first quarter of 2023, Henderson’s median income was $92,356, whereas that number was $90,531 in the southwest valley.

Colliers International’s Executive Vice President for Multifamily Investment Sales, Jeffrey Swinger, said in the report that the southwestern valley – which is made up mainly by the up-and-coming township of Enterprise – is at the moment very clearly attracting workers and families in higher income brackets who are purchasing homes in the region, although it remains to be seen if this will remain to be the case going forward.

It’s kind of a hodgepodge to be honest. It’s not a master plan, so it’s kind of a free-for-all, and over the past few years it’s become very attractive because it has the land,” Swinger said. “Places like Green Valley and such, they’re all built out now. Summerlin is kind of a different animal, and then if you look at the Beltway and (the southwest valley’s) proximity to the Strip and the jobs, that’s why all the development has taken off there.”

Enterprise is quickly becoming one of the fastest growing areas in the entire nation, with a plethora of residential and commercial development currently underway. Reports indicate that the unincorporated township is growing at double the rate as the rest of the Las Vegas Valley, expanding by 60 percent between the years of 2010 and 2023 – as opposed to 20 percent for the rest of the valley – and boasted 245,243 residents by the end of 2023.

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 official groundbreaking was held this Thursday for the $112 million Flats Arts District project, an upcoming multifamily complex that is being erected in the Las Vegas Arts District via a joint venture between CEDARst Cos. and Bridge Investment Group.

The project is being constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

The property was initially purchased in January for $6 million; as an example of how property values have skyrocketed in Las Vegas over the years, the last time this plot of land was sold – back in 2011 – it went for a mere $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units. It will also have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

The official ground-breaking ceremony was originally expected to take place in February, but a series of delays pushed it back to late May; the first tenants were expected to be able to move into their units by the end of 2025 and the project finished by March 2026, but now the first completed units will be made available in mid-2026 and the complex itself completed late that same 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 – New data from Redfin indicates that apartment rental rates in Las Vegas are increasing faster than the national average, a development driven both by strong demand and an overall limited amount of inventory, among other factors.

Many other cities in the Southeast and Southwest United States have seen rental rates dropping when compared to last year, with the average rate having increased 1.7 percent by the end of April and 1.1 percent year-over-year. However, Las Vegas has bucked that trend, with rates having increased 2.4 percent by the end of April and 1.7 percent year-over-year.

Furthermore, Colliers International’s recently-released first-quarter report noted that the situation in Las Vegas could get worse come 2025, as by that point the pipeline for new multifamily projects in the valley will have dried up, which in turn could lead to a significant spike in rental rates.

The forward-looking supply and demand fundamentals for multifamily continue to be strong and will get stronger through 2025-2026,” the report stated. “This is due to a strong economy and the current difficulties that persist to start new projects in this environment. Sales will continue to be slow in the foreseeable future until we can experience improvements in the capital markets. But overall, we’re very bullish on the performance of Las Vegas apartments going forward.”

1,130 new apartment units were added to the Las Vegas Valley in the first quarter of 2024, which represents an increase from the 543 units added during the same period one year prior. In addition, more apartment construction projects were recently finished in Henderson, North Las Vegas, and the southwest valley, and currently another 6,625 multifamily units are currently under development.

And finally, the Redfin report noted that another contributor to rising rental rates in Vegas are the still high level that interest rates for home mortgages currently are at.

Elevated mortgage rates are likely bolstering U.S. rental demand, and as a result, propping up prices,” the report said. “The average 30-year-fixed mortgage rate is more than double the 2.65 percent record low hit during the pandemic. Some renters are putting off their home purchasing plans because monthly payments for homebuyers are near their all-time high.”

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 – Real estate investors have been ramping up their activity nationwide once again, and one of the areas that has seen the largest increase in single-family home purchases on the part of corporate entities as of late is the Las Vegas Valley.

According to a new report by Redfin, the number of homes purchased by investors in Las Vegas was 2.7 percent higher in the first quarter of 2024 when compared to the fourth quarter of 2023, the second highest increase in the entire country. The only other major city that ranked higher in that regard was Oakland, California, which saw a 2.9 percent jump quarter-over-quarter.

Redfin stated that the current average price of an investor-purchased home in the United States is $464,560, and in the first quarter of 2024 these entities have spent $31.3 billion so far snapping up properties left and right.

Meanwhile, according to MLS data, the number of single-family homes up for sale in the Las Vegas Valley is approximately 4,000, and 17 percent of those – amounting to 697 – are priced at less than $400,000, with the median sale price currently being $435,000, as per Redfin.

With the limited amount of inventory in Vegas at the sub-$400,000 price point, investors are increasing their activity in the Valley to take advantage and get the most value for their money.

Also, the majority of investor purchases – 69 percent – are made up of all-cash transactions, so they are far less impacted by the currently high mortgage loan rates that are impacting the real estate industry, Redfin noted.

The amount of investor activity in Southern Nevada has been compounded by the rising number of hedge funds and institutional investment companies backed by Wall Street that have been purchasing large numbers of single-family homes and turning them into rental properties, resulting in increased scarcity in a market with already low inventory.

The problem, both in Vegas and nationwide, has gotten to the point where several bills are being introduced – both on both federal and state levels – that, if passed, would forbid institutional investors from purchasing additional homes, and potentially even force them to sell off the ones they do have over a set period of time.

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 – In anticipation of increased tourism during the upcoming Memorial Day weekend, Clark County officials have begun to ramp up their enforcement of short-term rentals operating within their borders that are doing so without a license.

Clark County will have their STR enforcement team out combing the streets in response to community complaints; as of May 21, 2024, the team has already issued close to the same number of citations – 289 – for unpermitted short-term rentals than they did for the entirety of 2023, when that number was 348.

In addition, Airbnb have stated that they are also cracking down on rentals in the area this weekend that are potentially being booked to host large and unruly parties. Currently, the online short-term rental platform is running reservation requests through an automated process that examines all information available – the prior history of both the host and the guest, the timing of the reservation, and numerous other factors – in order to approve or deny the customer’s stay in Clark County.

A similar process that Airbnb had in place in Las Vegas for Memorial Day weekend in 2023 resulted in over 1,000 applicants being turned away from renting properties through their platform.

The intense crackdown on unpermitted short-term rentals in Clark County is occurring while homeowners wishing to rent out their abodes through services such as Airbnb and Vrbo continue to wait for the ongoing application process for a license, which so far has taken nearly two years.

The delays on the part of Clark County are causing intense frustration for many, said Greater Las Vegas Short-Term Rental Association founder Jacqueline Flores, who noted many homeowners are missing out on vital income that they could otherwise be getting.

It’s very frustrating. I mean, the homeowners are outraged,” she said. “Who knows how long that’s going to take the county because we don’t know if they’re going to do these hearings daily or just on certain days of the week. Are they just going to be monthly hearings? So, we don’t know how long that process is going to take.”

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 Clark County property records, Lennar Corporation, one of the largest home construction companies in the United States, has bought 37 acres of land in Henderson for $45 million from California-based Trilogy Land Holdings LLC.

It is expected that Lenar will develop the vacant land – the sale of which closed on March 1 – into a single-family residential community. The property is located in west Henderson, just south of the Henderson Executive Airport and the master-planned community of Inspirada, close to the McCullough Range and Black Mountain.

Based out of Miami-Dade County in Florida, Lennar Corporation is the second-largest homebuilder in the nation based on the number of homes sold as of 2023, with 68,817 recorded closings; in that same year, the company was ranked 119th on the Fortune 500. Lennar Corporation’s share price has soared 235 percent in the last half decade, with a 17 percent gain in just the last three months alone.

Henderson, Nevada is heralded as one of the fastest-growing municipalities in the nation, seeing a large explosion recently in both the residential and commercial real estate industries; in January, the city approved plans submitted by Woodside Homes of Nevada for the development of two residential subdivision projects – dubbed Cadence Acacia and Cadence Meridian – on nearly 17 acres of land, for a total of 160 lots.

Development in Henderson has also commenced on The Canyon at Ascaya, which upon completion will offer 51 multimillion-dollar residences designed and built by Las Vegas luxury developer Blue Heron, and will feature impressive views of the Las Vegas Valley, including the famed Las Vegas Strip. The homes in The Canyon at Ascaya will be comprised of single-floor, three-to-four-bedroom residences ranging in size from 3,391 square-feet to 4,407 square-feet, and owners will be able to enjoy a wide range of high-end amenities.

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 Tuesday, the end of an era was marked as the Tropicana Las Vegas – one of the oldest remaining vanguards of the iconic Sin City hotel-casinos of the Rat Pack era – closed its doors for business two days prior to its 67^th anniversary, with the structure slated to be imploded later this year to make way for a new stadium for the newly-arriving Oakland Athletics Major League Baseball (MLB) team.

Originally, casino operator Bally’s Corp. had announced that play in the casino would cease at 3 a.m. Tuesday, but in reality, workers had begun breaking down many of the table games at around midnight; the slot machines had already been decommissioned several days prior, and most of the food outlets and restrooms were already closed.

One of the few remaining bars open in the Tropicana, Chill’m, was inundated with customers that evening – including bloggers, YouTubers and influencers – where they celebrated the closing of the iconic hotel-casino with a champagne toast at approximately 1:30 a.m.

In April of 1957, the Tropicana opened with 300 rooms, and had ties to organized crime; today, in its current form, the resort features 1,470-rooms, 50,000 square-feet of gaming floor space, and 72,000 square-feet of convention and exhibit space.

In April 2021, Bally’s entered a deal to acquire the Tropicana from Gaming and Leisure Properties in a deal valued at $308 million. Later, the Athletics’ ownership reached an agreement with Bally’s Corp. and the owner of the resort casino’s underlying land, Vici Properties, to purchase the property for the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s new home is slated to take the form of a 33,000-seat retractable roof stadium, with the team expected to play their first season in 2028.

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 New Frontier Hotel and Casino was an iconic sight on the Las Vegas Strip since it originally opened for business in 1931; over the years it changed hands several times until it’s eventual final sale and closure in May 2007. The structure was finally imploded in November of that same year following a fireworks celebration and countdown chanted by onlookers who gathered to see a remnant of Vegas’ colorful past finally crumble to dust.

Nearly 17 years later, the property continues to sit unused; casino operator Wynn Resorts, which bought the land and four adjacent acres in early 2018, has not announced any plans yet, merely stating in a February securities filing that it “may be used for future development” without any further details being provided.

As a result of the inactivity, a 38-acre tract of land is currently sitting unused between Fashion Show Mall and Resorts World Las Vegas. Over the years, the property was bought and sold following New Frontier’s closure by numerous entities before it was purchased by Wynn Resorts, each of which brought different plans to the table that ultimately never came to fruition.

New Frontier sold the 16-story, 984-room hotel-casino in 2007 for $1.24 billion to Israeli investors who subsequently imploded the tower for a multibillion-dollar project that would have seen the construction of a massive resort with 4,100 hotel rooms, 2,600 resort-condo units, and over one million square feet of casino, restaurant, convention, and retail space. However, the project was never realized, due in part to the mid-2000s recession.

From there, the property was acquired in 2014 by Australian billionaire James Packer in hopes of building a 1,100-room hotel-casino; however, funding issues resulted in the project never getting off the ground, leading to Wynn Resorts purchasing the property – in addition to some adjacent plots – for $336 million in 2007.

But while Wynn Resorts founder Steve Wynn had announced at the time that he wanted to quickly develop the land, he would soon resign as chairman and CEO following a series of sexual misconduct allegations.

Since then, the site of the New Frontier Hotel and Casino has sat vacant and unused.

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.