Category Archive : Market Updates

LAS VEGAS, NV – A custom-built home overlooking the famed Las Vegas Strip, described by its listing agent as “breathtaking” and boasting an aviation-themed design and impressive 30-foot ceilings, has been listed on the market for $18.5 million.

Located in Henderson within the MacDonald Highlands master-planned community of Dragon’s Reserve, the home – built by noted luxury developer Blue Heron in 2021 – features over 10,067 square-feet of living space with seven bathrooms.

The listing agent, Natalia Harris of Las Vegas Sotheby’s International Realty, said that the incredible views offered by the elevated property make it a unique find in Southern Nevada.

As you step inside, you instantly feel like you are soaring over Vegas,” she said. “The combination of the 30-foot ceilings, open floor and panoramic Strip, city and mountain views truly make it one of a kind.”

The listing notes that the home is filled with clever technological gadgets that give it a vibe like something out of a James Bond movie; these features include a hand sensor that allows you to access the primary suite with a mere gesture in the air, as well as 23-foot motorized pocket sliding doors.

1526 DRAGON CREST AVENUE, HENDERSON – $18,500,000.00

There are numerous other high-end amenities included with the impressive abode, including a full gym, a well-equipped chef’s kitchen, a spa, and even a 2,000-square-foot infinity pool.

The current owners of the property are both pilots, and have noted that the home was custom-built for them around an aviation-themed design aesthetic; to that end, the residence has numerous angles reminiscent of those you would find within airplanes and hangers, as well as glass walls and tall ceilings. There is also a large garage that houses the sellers’ personal aviation museum.

Despite sales of homes being down overall currently in Vegas, the luxury home market – as well as all-cash sales – are still red hot, and account for the majority of the transactions made in the region this past year.

See full listing details for 1526 Dragon Crest Avenue, Henderson

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 Super Bowl slated to take place in Las Vegas this year, experts are predicting that the elite event – which will be attracting sports fans from across the nation, and perhaps even the world – will result in the highest hotel average daily rate (ADR) for any host city in Super Bowl history.

Super Bowl LVIII, the championship game of the National Football League (NFL) for the 2023 season, is scheduled to be played on February 11, 2024 at Las Vegas’ Allegiant Stadium. A rematch of Super Bowl LIV, it will be played between the National Football Conference (NFC) champion San Francisco 49ers and the American Football Conference (AFC) champion and defending Super Bowl champion Kansas City Chiefs.

With that being the case, the rental market’s ADR in Las Vegas is projected to reach $573 between the days of February 9 through 11, the highest level out of any Super Bowl weekend in history. The reason for such a surge in prices is clear when you look at the statistics- it is currently anticipated that the rental market in Vegas – from Friday through Sunday night on Super Bowl weekend – will reach a whopping occupancy rate of 87.9 percent, and that level of demand naturally has a significant effect on pricing.

The ADR of $573 – combined with the projected occupancy rate of 87.9 percent – would equate to a revenue per available room (RevPAR) rate of $504. This would result in not only the highest level of demand in Super Bowl history, but also one of the highest for any sporting event in the history of Sin City itself; for example, the Formula One Vegas Grand Prix – held in November 2023 from a Thursday through Saturday period – resulted in an ADR of $502 a RevPAR of $390.

The current record holder for the highest Super Bowl ADR and RevPAR level is Miami, and one of the main reasons that Las Vegas is expected to overtake that record this February is due to the fact that the city has over twice the number of hotels (393) and rooms (172,707) available when compared to the Floridian 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 – While it had previously been known as a place where individuals would purchase vacation homes they would mainly visit on weekends, the Lake Las Vegas master-planned community has seen an explosion in development over the last few years – starting with the early months of the pandemic – and is currently poised to have its biggest sales year ever in 2024.

This news comes as additional nationwide attention will be focused on Lake Las Vegas in February, as both participating football teams in Super Bowl LVIII will be lodging at hotels located there, with the Kansas City Chiefs staying at Westin Lake Las Vegas, and the San Francisco 49ers at Hilton Lake Las Vegas.

In 2023, Lake Las Vegas saw its second-highest level of sales since the mid-2000s recession, with 302 new homes purchased; this represents a 42 percent jump over 2022, when 212 homes were sold. However, the highest number of homes sold at that community following the recession was 389 in 2021, which took place during the height of the COVID-19 pandemic when many people across the country were purchasing new residences.

We’ve had our second-best year ever and the sales are piling up on themselves,” said Pat Parker, President of Lake Las Vegas developer Raintree Investment Corp. “We had one person who bought four custom lots and then bought a house at (our Shoreline project). If you get a customer who does that, you’re doing well. We’re strong from $8 million all the way to $500,000.”

Sales in Lake Las Vegas have grown to such a degree that Pulte Del Webb Lake Las Vegas – a 55-and-up retirement community – saw the second highest number of sales in the entire Las Vegas Valley in 2023 with 148 brand-new homes purchased.

Sales of existing single-family homes have also been brisk in Lake Las Vegas, with 187 sold via the Multiple Listing Service (MLS) in 2023 – with an average sales price of $933,000 – exceeding the 144 sold in 2022 and 163 sold in 2021.

There were also 18 townhomes sold in Lake Las Vegas in 2023, with an average price of $516,000.

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 changing hands several times in recent years, the former Las Vegas home of comedy legend Jerry Lewis is once again for sale, with the current owner asking $2.5 million.

Lewis had resided in the home – located in Las Vegas’ swanky Scotch 80s neighborhood – for almost 35 years; upon his death in 2017, it initially had difficulty in finding a buyer before eventually being sold to Jane Popple in 2019 for $1.2 million. It was then auctioned off for the sum of $2.5 million, but when the bid fell through, it was listed on the open market for $1.8 million.

Thereafter, the property was sold to Iddo Gavish of Century 21 Gavish Real Estate for approximately $1.4 million. Gavish had spruced up the property before putting up for sale, modernizing the home with several large-scale updates to the landscaping, gates, pool, master bathroom and kitchen due to a need for “rehab and renovation.”

Later, the home – which comes in at 7,230 square-feet and offers an impressive six bedrooms and six bathrooms – was purchased by Blooming Desert LLC in 2021 for $1.4 million. It was then put up for sale for a brief amount of time in 2022 for an asking price of $2.7 million; however, the home was later sold in September 2023 in a foreclosure sale for approximately $2 million to Brumbies Capital, a private lending company.

1701 WALDMAN AVENUE, LAS VEGAS – $2,500,000.00

Nate Strager of Luxury Estates International Is the listing agent for the property, which was put on the market on January 17. The home listing notes that additional renovations were carried out following the foreclosure amounting to approximately $40,000 worth of work, which focused mainly on landscaping and refinishing the pool.

Two sets of sliding glass doors gaze out to an extensively renovated backyard with new turf, mature trees, brick walkways, a gazebo and firepit-ready corner patio,” the listing says.

Other amenities in the house include a large chandelier in the family room, a covered balcony overlooking downtown Las Vegas, and a three-car garage with a small living space that could function as an additional bedroom.

See full listing details for 1701 Waldman Avenue, 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 – 2023 saw an impressive number of condominium sales in Las Vegas, with the highest-priced property that exchanged hands last year taking place courtesy of Mark Davis, the owner of the Las Vegas Raiders NFL team, who sold off his condo located in Summerlin’s affluent The Summit Club for a cool $10.5 million.

Davis – who had originally listed the condo for $13.5 million – purchased the 2,862-square-foot unit in March 2021 for $5.3 million, making the sale price a substantial return on his initial investment.

Clark County property records lists Stay Away LLC as the buyer of the two-story condo, which boasts two bedrooms, two three-quarter baths, one half bath, a great room with a fireplace, a large kitchen, and a balcony.

Davis made the decision to sell his condo because he wanted to be closer to West Henderson, where the Raiders’ headquarters is located. At the time of the listing, he reportedly stated he realized he would be unable to see the Raiders’ Allegiant Stadium from The Summit Club abode, which was “starting to drive me crazy.”

Davis currently has a $14 million home under construction at 77 Sunset Strip in the Henderson hillsides of Ascaya, where he plans to reside full-time.

The 15,000-square-foot Ascaya residence is being developed by luxury builder Blue Heron on a 6.3-acre plot of land that Davis purchased for $6 million. The three-story home is being built so that it resembles Allegiant Stadium – of which it will have unobstructed views – with the upper floor being patterned after the bridge of a ship.

Following Davis’ condominium, the number two condo sale in Las Vegas for 2023 was an $8 million tie between a 6,401-square-foot penthouse at Turnberry Place and a 3,922-square-foot condo at the Waldorf Astoria on the Las Vegas Strip.

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 – Las Vegas has seen an explosion of development in recent years, and 2024 doesn’t seem to indicate the momentum will be slowing down anytime soon. That being said, there are a number of high-profile hotel and resort projects in the works during this upcoming year, and below you’ll find a breakdown of some of the more significant ones, along with their current status.

First up is Dream Las Vegas, a boutique hotel that has been proposed to be built on Las Vegas Boulevard. Construction on the 531-room project halted in early 2023 after the developer’s financing infamously – and publicly – dried up; however, developer Shopoff Realty investments announced in October that it was attempting to acquire new financing, and that development was tentatively slated to start up once again in the early months of 2024. However, as of now there has been no additional progress made on the project, although Shopoff Realty Investments CEO and President, Bill Shopoff, recently announced that he had reached a loan commitment, with new financing expected to close in February and work on the project to resume by late March.

Next on our list is the Atari Hotel – yes, as in the legendary videogame brand – which is being described by developer GSD Group as a “modern hospitality experience inspired by gaming culture.” Las Vegas was announced as being one of the first locations for the new Atari-branded hotel chain, with renderings of the project originally publicly revealed in 2020. The hotel was slated to take the form of a 400-room facility located adjacent to the Las Vegas Strip, with an anticipated opening date of late 2022, but that date came and went without any progress. However, Atari Hotels recently reached out to the media and announced that GSD Group is currently in talks to find a site for the project, indicating that it is still in the works.

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history. While Hard Rock plans to continue operating The Mirage under its current name for the time being, the plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon.

And finally, a currently-unnamed 43-story casino-resort project backed by billionaire Tilman Fertitta Is expected to make some serious progress this year. The proposed hotel is slated to be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and applications for building permits were originally submitted in March 2023. The project is envisioned as a hotel resort with 2,420 hotel rooms, in addition to multiple restaurants, meeting and convention space, a spa, wedding chapel, and a 2,500 seat theater.

Of course, this is just a small sampling of the many high-profile works that are in development right now in Las Vegas; a follow-up article will shed light on more.

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 recently unearthed, 1.62 acres of land on the Las Vegas Strip were clandestinely purchased by MGM Resorts International in May 2023 for $54 million.

Located in-between the Bellagio and the Cosmopolitan, just south of the iconic fountains, the property in question had previously been owned by Steve Wynn, who at the time also owned the Bellagio, Mirage, and Treasure Island. MGM bought those venues from Wynn in 2000, and in the process inherited the real estate developer and art collector’s rights to the 1.62-acre plot of land – currently zoned as a vacant lot – that it later went on to purchase in May.

The casino giant has not yet publicly revealed their plans for the plot of land, but experts find the purchase intriguing given the fact that MGM does not own the majority of the property upon which their resorts and casinos are located. For example, many of the MGM owned and operated casino hotels on the Las Vegas Strip are actually located on land owned by VICI Properties.

Since the news of last year’s sale has been publicly revealed, many in the real estate industry have wondered what MGM‘s plans for the property could be; however, experts say is unlikely that it will be used for another hotel or casino, given the relatively small size of the plot. Likewise, it is not expected to be used to create any sort of pedestrian connection between the Bellagio and the Cosmopolitan given the fact a covered walkway leading to an escalator already exists for that purpose.

Some experts say that the most likely use for the land on part of MGM is to sit on it while its value appreciates – typical of the finite amount of real estate on the Strip – with the intention of eventually selling it off to another entity to develop.

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 – An apartment complex catering to low-income seniors has begun construction in the southwest Las Vegas Valley this week, a project spearheaded by a local non-profit organization known as Nevada Hand that is looking to address affordability concerns for elder residents.

Dubbed Buffalo Cactus Senior Apartments, and owned by Buffalo Cactus LP, the complex is located on Buffalo Drive and Cactus Avenue and, upon completion, will take the form of a 125-unit community for senior citizens, according to Nevada Hand’s Vice President of Community Affairs Wally Swenson.

We’re excited here to be breaking ground,” he said. “The only day that I’m more excited about than breaking ground is the day, we call it key day, when we give keys to the residents when they can move in.”

Swenson was on hand at this week’s groundbreaking, wearing a hard hat and getting his hands dirty with the rest of the crew in an attempt to keep up with the increasing demand for affordable housing in Las Vegas, particularly when it comes to its most vulnerable citizens.

We have a housing crisis throughout the nation and we have one locally,” he said. “We have one statewide. 84,000 is the gap between what we currently have and what we need.”

Buffalo Cactus Senior Apartments isn’t the only project that Nevada Hand has in the works to further their goal. In addition, they’re also currently building an additional 2,000 affordable units throughout the city, as well as housing 8,000 seniors and low-income families currently throughout 5,000 units they have already completed.

According to Nevada Hand, Buffalo Cactus Senior Apartments is targeted at individuals making between $20,000 and $35,000 per year, which is considered to be in the low to very low-income range. In contrast, the average one-person household adjusted income in the Las Vegas Valley is $60,700, as per the U.S. Department of Housing and Urban Development.

Nevada Hand is a non-profit that – in addition to housing – provides other services for seniors and low-income families in the city, including shuttles for their tenants and a food bank. The organization accepts donations, and if you are interested in helping to support them, please click here.

For more information on affordable housing call (702) 739-3345 or visit the Nevada Hand website; https://www.nevadahand.org, Nevada’s Nonprofit Leader in Affordable Housing.

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 an increase in sales prices over the course of 2023, a new report indicates that the year was the slowest the Las Vegas Valley housing market has seen since 2008 – a time span of 15 years – with an 18 percent drop from 2022 alone.

According to new statistics from Las Vegas Realtors, in December 2023 the medium price of a single-family home was $449,900, an increase of approximately 6% when compared to the same month in 2022, when that amount was $425,000. However, December 2023’s prices still fall below the all-time record of $482,000, which was originally set in May 2022.

Las Vegas Realtors President Merri Perry – who recently succeeded Lee Barrett in the position – said that the fall in sales can mostly be attributed to a limited housing supply in the region, and anticipates that 2024 will see the Las Vegas real estate scene bounce back in a very real way.

It was good to see interest rates coming back down late in the year. That helps more buyers afford a home,” Perry said. “While we still need more homes on the market, many national experts are predicting at least some increase in the housing supply as we get into 2024. That should help buyers and help us sell more homes.”

Overall, 29,069 existing homes, condominiums, and townhomes were sold in Southern Nevada in 2023, a decrease of 18% from 2022, when 35,584 were sold; in contrast, 2021 saw a record-setting number of home sales for the year at 50,010.

Listings of new homes in Las Vegas saw a 10.3% decrease when compared to November, and a 30% decrease year-over-year. However, housing prices jumped 1.3% in December from the previous month and a whopping 19.5% from December 2022.

Experts are also attributing “sticker shock” to the slowdown in home sales due to elevated interest rates on mortgages. But with those rates anticipated to begin to slowly drop in the coming year, that may fuel more instances of home purchases, particularly in light of the fact that home values currently don’t appear to be dropping. After all, if rates start to drop but prices continue to increase, experts say, it’s better to buy now than in the future when prices may be even higher.

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 vacant office building in the city of Las Vegas has been purchased by the Las Vegas Valley Water District (LVVWD) for $21.3 million from the Class B asset’s previous owner, Meadow View Associates and BoydT2.

Located at 330 South Valley View Boulevard, the two-story, 166,409-square-foot building – which was fully vacant at the time of the sale – is located on approximately 10 acres of land. It was originally built in 1983 and has 870 parking spots.

The sellers were represented by Cushman & Wakefield and two other brokers, according to property records.

The building had been previously used by Centel/Sprint and, according to LVVWD spokesperson Bronson Mack, will now serve a number of different and useful purposes, including enhancing water utility operations and the district’s communications infrastructure. In addition, Mack noted that the property would also make an excellent location for a new groundwater well.

As the LVVWD replaces existing operational wells that are reaching the end of the service lifecycle, it is necessary to replace them and this site provides a good location for production wells to access the groundwater system,” he said.

Marlene Fujita Winkel of Cushman & Wakefield said in a statement announcing the sale that the building and its property should be very useful for the LVVWD, as it will add to the district’s already impressive portfolio of land ownership in Southern Nevada.

The property also resides just a few miles west of downtown Las Vegas and the World Market Center and is proximate to two premier master-planned communities, Summerlin and Green Valley,” he said. “It is well-suited for the real estate and locational needs of the LVVWD and the property it currently owns next door.”

The purchase goes along with the LVVWD’s ownership of 251 acres right across the street, which is comprised of administrative buildings, operation support, utility infrastructure, public education buildings, wells, watered storage tanks, and Springs Preserve, a 180-acre land preserve that is open to the public.

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 this week, a Dallas-based corporate landlord backed by Wall Street purchased hundreds of homes in Clark County in a massive sale that took place on a single day in the summer of 2023.

Spread out amongst three separate residential transactions that took place on July 18, a whopping 264 homes in Clark County were purchased by Invitation Homes (NYSE: INVH) from the Miami-based investment firm Starwood Capital Group. The three transactions consisted of $57.5 million for 155 homes, $26.3 million for 70 homes, and $14.1 million for 39 homes, for a grand total of $98 million, as per Clark County property records.

94 of the homes sold were located in the city of Las Vegas, With an additional 77 homes in North Las Vegas. The purchase price for the homes in question ranged from between $292,000 to $694,000, with the average price being $371,514.

While that deal between Starwood Capital and Invitation Homes may seem mind-bogglingly huge, it was merely part of a larger transaction between the two entities that consisted of a $650 million real estate portfolio swap for approximately 1,900 single-family rental homes, most of which are spread out amongst areas in Texas, Florida, Arizona, Nevada, and California.

The deal is part of an ongoing phenomenon where hedge funds and corporate landlords backed by Wall Street – in addition to affluent investors – have been responsible for a rash of purchases of single-family homes across the country in recent years that they then typically utilize as rental properties. However, experts say this has been contributing to a shortage of affordable housing for families, in addition to being responsible for a rise in rental rates as well.

At this rate, according to a study by MetLife Investment Management, by 2030 approximately 40 percent of all houses in the United States could be owned by Wall Street corporations.

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 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties.

Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and a massive carpark that comes in at a full seven stories.

The $75 million paid by Apple Hospitality translates to approximately $251,000 per each of the hotel’s 299 rooms.

Apple Hospitality’s President of Real Estate and Investments, Nelson Knight, said that the acquisition of Springhill Suites was part of his firm’s ongoing plan to further entrench themselves in the ever-evolving and growing tourism trade in Las Vegas, citing recent hot new editions to the city’s entertainment and sporting scenes.

Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” he said. “In addition to robust leisure demand, the hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space.”

Knight also noted that the $75 million that Apple Hospitality paid to acquire SpringHill Suites was a bargain considering the significant return on their investment that is expected.

The attractive purchase price is just under a 10.7x multiple on trailing twelve-month hotel EBITDA,” he said. “With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”

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.