Category Archive : Real Estate

LAS VEGAS, NV – Over 150 single-family homes were purchased in the Las Vegas Valley throughout 2024 by a real estate investment firm backed by Wall Street, according to property records.

The Greenwich, Connecticut-based firm in question, Starwood Property Trust, bought 151 homes in the valley in October for a combined $58.2 million, spread out over three separate transactions. The homes are located in several different communities across the valley, including North Las Vegas, Henderson and the southwest and northwest valley.

Starwood Property Trust will be turning most of these valley-based properties into rental units, as the mammoth firm – worth an estimated $6.45 billion – currently owns numerous rental homes throughout the United States.

Kristi DesJarlais, Senior Vice President of Communications and PR for Invitation Homes – the largest owner of single-family rental homes in the United States, owning 84,000 in 16 markets as of July 2024 – confirmed that the Dallas, Texas-based firm would be serving as property manager for an as-yet unknown number of the new homes acquired by Starwood Property Trust late last year.

Previously, in 2023, Starwood sold 264 homes that it owned in the valley to Invitation Homes in a deal worth $98 million.

The acquisitions by Starwood Property Trust are 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 – Despite the fact that sales in 2024 of new homes in master planned communities throughout the country declined by 2 percent overall, two Las Vegas neighborhoods placed in the top five list nationally for the year, and two others in the top 50.

The list in question is compiled annually by homebuilding consultants RCLCO and John Burns Real Estate Consulting.

Cadence, a master planned community located in Henderson, achieved its highest national ranking in history during 2024, reaching the lofty position of number three after making tis way up slowly but surely over time. Last year, Cadence sold 1,386 units, which represents a whopping 44 percent increase over the 964 in sales it recorded in 2023, placing them sixth at that time.

Summerlin, situated in the Las Vegas Valley, rounded out the list’s top five, coming in fifth nationally with 1,055 sales; however, this represents a decline in its ranking when compared to 2023’s sales numbers, which were three percent higher with 1,090 sales.

Placing 26 in 2024’s overall sales figures was West Henderson’s Inspirada with 543 sales, a year-over-year decrease of 6 percent, with the upscale community previously ranking 28 in 2023. However, according to Inspirada’s developer, KB Home, the project is nearing completion and home sales – while obviously still impressive – will be ultimately limited by that factor in the near future.

And finally, a newcomer to the list for 2024 – Heartland at Tule Springs in North Las Vegas – lands at 39 with 463 in sales, an increase over the 303 the community achieved in 2023.

The top 50 list itself was comprised of 35,123 overall sales during 2024, a two percent decrease from 2023, when that number was 35,856. The number one ranked community in the nation for 2024 was once again The Villages in Florida with 3,208 sales, a six percent increase year-over-year.

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

LAS VEGAS, NV – The Calida Group, a multifamily real estate development and investment firm based out of Clark County, has closed on a purchase of a parcel of land in the southwest Las Vegas Valley next to a prominent hotel, with plans to begin building a luxury apartment complex starting in late 2025.

The purchase takes the form of a 13.2-acre parcel next to the Durango Resort located in the vicinity of Durango Drive and the 215 Beltway, with the Calida Group paying approximately $18.3 million to Las Vegas apartment developer Ovation for the property, according to records.

The developer has announced plans to hold the official groundbreaking on the project early this upcoming spring, with the facility boasting 393 upscale apartment units spread out over a four-story Ainsley-branded building, which is set to include “ultra-modern designer fixtures, timeless hardware and luxurious amenities.”

Calida’s Co-Founder, Doug Eisner, noted that the currently-unnamed project will have a slew of high-end amenities for tenants that fall in-line with other neighboring properties that the firm has built in Las Vegas, such as a game lounge with billiards and shuffleboard, in addition to a gym, sauna, yoga studio, Himalayan salt cave and massage and steam rooms.

In addition to all of the upscale trappings and perks of living in the new facility, one of the main draws, according to Eisner, will be the location of the apartment complex, which is in an up-and-coming part of the valley that is within walking distance of the Durango and its plethora of food and entertainment offerings.

“We think it’s a huge amenity,” Eisner said.

Units at the upcoming complex will range from 575 to 1,450 square feet, with monthly rent expected to be between $1,700 to $3,200 per month, according to the Calida Group.

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 2023 proved to be the worst year in Las Vegas since 2008 as far as homes sales went, 2024 proved to be a marked improvement year-over-year, with a significantly higher number of residential real estate sales taking place. And with experts anticipating that home prices may be starting to lower in the coming months, 2025 is looking to have the very real potential to eclipse last year in terms of sales growth.

According to new statistics released by industry group Las Vegas Realtors (LVR) pulled from data by the Multiple Listing Service (MLS) system, during 2024 a total of 31,305 existing homes, condominiums and townhomes were sold in Southern Nevada, which represents an eight percent jump from 2023, when that combined residential total came to 29,069.

While an improvement, 2024 nonetheless falls short of the 50,010 properties that exchanged hands in 2021, which was the region’s all-time record year for sales; it also failed to meet the lower total achieved the following year in 2022, when 35,584 properties were sold.

LVR’s new President, George Kypreos – who assumed the position last week after Past President Merri Perry and 2025 President-Elect Joshua Campa both suddenly resigned from their posts without warning – said that he expects 2025 will see a continuation of Las Vegas’ upward trajectory when it comes to home sales.

December is traditionally one of the slowest months of the year for the housing market, and these statistics reflect that,” Kypreos said. “All things considered, I think this month’s LVR statistics paint a picture of a fairly stable and relatively healthy housing market heading into 2025.”

In December, the median price of an existing single-family house sold in Vegas was $475,000, which represents a decrease from the prior month’s near-record tying amount of 475,531; however, December 2024’s median price is nonetheless 5.6 percent higher than December 2023, when that amount was $449,900. The all-time record for Southern Nevada remains $482,000, originally set in May 2022.

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 high-rise hotel project proposed near the Las Vegas Strip that would cater exclusively to the Jewish community is expected to move forward in 2025 after being recommended for approval by the Paradise Town Advisory Board, according to reports.

Slated to be built at 3601 Vegas Plaza Drive according to documents submitted to Clark County, the 42-story, 648-foot-tall KDH Hotel – formerly known as the King David Hotel – would be located directly to the north of The Mirage and west of Treasure Island. The hotel would include 486 rooms, banquet halls, a day spa, a two-level synagogue, kosher meals, restaurants, bars, a banquet facility, retail and convention space, all situated within short walking distance of Las Vegas Boulevard.

Following the 3-1 recommendation vote for approval by the Advisory Board on December 11, the next step for the KDH Hotel is for the developers to go before the Clark County Commission for review on January 8; potential hurdles include the outcomes of traffic and drainage studies, in addition to aligning the proposed height of the building in accordance with Federal Aviation Administration regulations.

Or Bamidbar Chabad Sephardic Synagogue Rabbi Yossi Shuchat said that he was very happy that there would be an establishment in the heart of the city where the Jewish community – in addition to the many Jewish tourists that visit Vegas every year – would feel welcomed and safe.

I think it is a great place. Anywhere near the Strip would be great because that is where all the conventions happen,” he said. “On the Sabbath, we are not allowed to drive. So religious people, they walk to the synagogue. Also, there are a lot of restrictions using electricity on the Sabbath. So, people have issues with electronic keys for the rooms so if there is a hotel that would work with them and have regular keys and everything that is needed it will be much more comfortable for them.”

However, the KDH Hotel project has received pushback from a neighboring resort-casino; Treasure Island General Counsel Brad testified at last month’s Advisory Board meeting that “the project will have adverse impacts on surrounding properties due to increased traffic and heavy polluting.”

Food deliveries, linen and sundries, retail items, etc, require access to the property,” he said. “I have heard during an in-depth screening for a few board members that a large building on a small parcel will have an impact on its neighbors. I would like to note that that is exactly what this is. We also believe that the inability to stage construction vehicles onsite while building this tower will create massive problems and negatively impact ingress and egress on the North Strip.”

If all goes well at this week’s Clark County Commission meeting, construction on the project could commence later this year.

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

LAS VEGAS, NV – The former sites of the Texas Station and Fiesta Rancho in North Las Vegas – both of whom closed their doors for business in 2020 due to the effects of the COVID-19 pandemic – are now being developed into a new housing community that, upon completion, will help to address the ongoing housing crisis in the region.

Hylo Park, whose construction is anticipated to begin early this year, is slated to take the form of a new mixed-use development – comprised of a 700-unit housing complex, along with entertainment and retail components, among other options – located upon the currently empty 73-acre lot that was left behind following the 2022-2023 demolition of the Texas Station and Fiesta Rancho hotels.

The Hylo Park project was originally announced by Agora Realty & Management in July 2023 following an abortive attempt by the city of North Las Vegas to acquire the property for use as an affordable housing development; however, city officials deemed the purchase price to be too high.

The North Las Vegas Planning Commission approved Agora Realty’s final development plan for the south end of Hylo Park in December, with construction of the project slated to begin in early 2025; a finish date has not yet been publicly announced.

Upon completion, Hylo Park is planned to have a housing complex with approximately 700 brand-new units, in addition to a sports field, an outdoor entertainment venue, a 150-room hotel, restaurants and bars, a convenience store, a car wash, an ice rink, and possibly more.

Reports indicate that surrounding residents have reacted positively to the news of Hylo Park’s development, as the 2020 Texas Station and Fiesta Rancho closures have left locals with a less entertainment options in the area, a situation they anticipate will be remedied by this new project.

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 newly-released records, the all-time record for the sale of a single-family home in Las Vegas was shattered back in May when a residence in the ultra-affluent The Summit Club master-planned community sold for a whopping $35 million, besting the previous record-holder, the sale of singer Celine Dion’s home – literally right next door – for $30 million in 2023.

In addition to setting the new record for overall closing price, the home in question – a two-story estate located on a 1.5-acre plot of land on Summit Club Drive – also set the record for price per square foot, which came out to be $3,063.

The record-breaking home comes in at 11,427 square feet and boasts five bedrooms, seven baths and a six-car garage, along with numerous luxury amenities such as a pool with a waterfall and a spa.

Patrick and Andrea Ramsey were the sellers, and had purchased the land for $2.5 million in 2016 and constructed their custom abode in 2017. Southern California business owners Ronald and Janis Soto were the buyers, and both parties in the sale were represented by Anthony Spiegel, who was working for IS Luxury at the time, but who has since has moved on to Lusso Residential Sales.

Spiegel said that it was a interesting development that the two biggest single-family home sales in the history of Las Vegas were literally neighbors to each other, and noted that the reason for this development is due to The Summit Club being such an attractive place for the rich and powerful to call home.

What gives any real estate real value is the location. At some point, there’s only so much replacement value that can be attributed to the value of the home,” Spiegel said. “If you look at the mega properties around the world, they trade at a premium to replacement value. That premium is generally a location premium. What makes it a $35 million home is that it’s in The Summit, a Discovery Land project and the only membership club in the city. It’s not just a neighborhood. It’s a community that people want to belong to, and there’s a cost that’s not only found in the membership fees but in the real estate.”

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 – Southern Nevada real estate experts are discussing their opinions on how the industry may potentially shift and evolve over the course of the next four years, and many are predicting a boom in the number of luxury housing purchases in Las Vegas under the incoming administration.

Managing Director of RCLCO Real Estate Consulting, Gregg Logan, noted that Trump’s return to the White House could have serious impacts upon the housing market, due to his ties to real estate and the policies he implemented during his previous tenure as President that were deemed to be friendly to businesses. Trump’s calls for less regulation could prove to be a benefit as well, although other policies he supported in the past show that not all the changes he may implement could be beneficial, Logan said.

Trump’s potential influence on the real estate market is a mixed bag of potential influences. In Trump’s first term, the Tax Cuts and Jobs Act of 2017 temporarily boosted GDP growth, led to a short-term increase in corporate profits and spurred a rise in consumer spending and business investment,” he said. “But this disproportionately benefited the wealthy and corporations, with only modest wage gains for most workers. Meanwhile the tax cuts substantially increased the federal deficit, raising concerns about long-term fiscal sustainability. This time around his policy’s influences on inflation, a growing federal deficit and a tighter immigration policy could similarly lead to mixed results for the economy, overall, and real estate in particular, making adaptability essential for industry stakeholders.”

In addition to commercial real estate tax breaks and easing regulations governing the construction industry – which may very well stimulate the expansion of businesses and investments – Logan said that Trump’s proposed tax cuts favoring the wealthy will most likely result in a sharp increase in the number of luxury properties purchased during his admin, both in Las Vegas and nationwide.

Potential tax breaks for high-income individuals could increase demand for luxury properties, as wealthy investors may pursue high-end real estate assets,” he said. “If Trump’s tax policies favor high-net-worth individuals, luxury markets could experience a surge in activity.”

However, Logan said that Trump’s proposed tariffs on imported goods, along with tighter immigration policies, could potentially result in higher construction costs, a lower pool of workers and, consequently, the need for higher wages to supplement the workforce.

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 – Two cases that are currently before the United States Supreme Court, depending on their outcome, could have a serious impact upon several aspects of the home development industry, mainly when it comes to federally-mandated environmental reviews and how they could affect the overall timeline of construction projects.

Depending on the outcomes of San Francisco v. EPA and Seven County Infrastructure Coalition v. Eagle County, Colo., addressing the housing crisis in Southern Nevada could face significant setbacks, as developers could be required to greatly increase the scope of federally-required environmental reviews and/or studies to gauge the potential impact that their construction projects could have.

The Las Vegas Valley has been experiencing a housing crisis in recent years, due to a shortage of affordable housing units; this can be attributed to several factors, but the main culprit experts say is an overall lack of land to develop, given the fact that much of the land in Southern Nevada is owned by the Bureau of Land Management (BLM). Critics of BLM have pointed out that the federal agency has been slow to release additional lands for housing development, contributing to the housing crisis that is currently ongoing in the valley.

However, even if additional lands are released for development, builders could face an uphill battle depending on the outcome of the two aforementioned Supreme Court cases. Reviews to ensure that the surrounding environment and wildlife – as well as any federally-protected endangered species – are not harmed by any given construction project can already contribute to a significant amount of time and planning, ranging anywhere from months to years.

These cases could cause environmental impact reviews and studies to become even more stringent, mandating that the review process take into consideration a more diverse array of environmental harm, including potential threats to drinking water and other maladies.

The overall intention of these lawsuits is to ensure the health and well-being of millions of people across the country, a cause that should be lauded; the unfortunate side-effect, however, is that it may take even longer to address Las Vegas’ housing crisis depending on the outcome, according to the National Association of Home Builders.

Both of these cases have the potential to add uncertainty to the development process. And uncertainty translates to added time and money,” the organization said in a statement.

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 historical data supplied by Las Vegas Realtors, the median price of a single-family home in Las Vegas has jumped a whopping 50 percent since the beginning of the COVID-19 pandemic in 2020.

In December 2019, the median price of a home in Southern Nevada was $312,990; at the time, the average national home sale price was $384,600.  

But fast-forward to October 2024, and the median price in Southern Nevada has now swelled to $475,531, an increase of $162,541 over pre-pandemic levels, and just shy of the region’s all-time record high of $482,000, originally set in May 2022; it also represents a 5.9 percent jump year-over-year from October 2023.

Meanwhile, the national median is now $501,100, an increase of approximately $116,500 from price levels at the start of the pandemic.

According to the Federal Reserve Bank of St. Louis, the rate of a 30-year fixed-rate home mortgage is currently at 6.7 percent; the last time this level was achieved prior to the pandemic was just before the mid-2000’s recession, when that number hit 6.6 percent.

Home sales in Southern Nevada were noticeably slower in 2024, but nonetheless showed a significant improvement over 2023, which saw the lowest number of sales in its real estate industry since 2008, when the Great Recession began.

Donald Trump’s impending return to the White House has the real estate community split down the middle in terms of whether if it will help or hurt the industry; the President-elect has promised to oversee an increase in home-building across the nation to address the ongoing housing crisis, in addition to loosening regulations in order to clear out red tape. However, some are worried that his vow to impose expensive tariffs upon imports could result in a spike of home construction prices.

Nonetheless, experts currently feel Las Vegas is in the process of becoming a balanced market between buyers and sellers; time will tell if this condition is sustained, or if the scales tip one way or the other.

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 – Ground on a new Class A, 342-unit multifamily housing complex was recently broken as part of a joint venture by the NRP Group and Rockefeller Group in Las Vegas; this marks NRP’s first-ever development in Sin City, and Rockefeller’s first-ever multifamily project in the state of Nevada.

When completed in early 2027, Silverado – designed by Perlman Architects – will take the form of 15 three-story buildings located on a 10-acre lot in Enterprise, located 10 miles from the Las Vegas Strip, Harry Reid International Airport and Allegiant Stadium.

The buildings will contain one, two, and three-bedroom units. In addition, the complex will boast many amenities for its tenants, including a swimming pool, sports court, and a clubhouse with a social lounge, gym and coworking spaces, among other features.

For the next two years at least, according to NRP Group Vice-President Michael Moriarty, there will be no other Class A projects within a 3-mile radius of the Silverado complex.

The Rockefeller Group has developed approximately 3,000 housing units across the country, with an additional 2,000 currently under construction; most recently, the company completed Sol38, a 360-unit housing community in Nevada’s neighboring state of Arizona.

Multifamily housing development has increased in Southern Nevada in recent months, with over 9,500 units under construction as of December; more than 3.200 units were broken ground on during the first 11 months of the year alone. In contrast, during the same span of time in 2023, ground was broken on only 2,800 apartment units.

However, overall housing construction levels now still remain below what they were at the same period of time in 2023, when they were 16.5 percent higher with over 11,400 units in the works at the time; some of these projects had been started the year or so prior.

Completion of Silverado is anticipated to be in early 2027.

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 – For many years, Las Vegas earned a reputation for low cost-of-living and an affordable lifestyle; however, due to rising prices and a lack of inventory, a new report has revealed that the housing market in the city has become one of the least affordable in the nation.

According to the Urban Land Institute’s 2024 Home Attainability Index, Las Vegas currently ranks as the 11th least affordable major metropolitan area in the country, with only a scant 18 percent of the homes on the market being considered affordable by households of four persons that make Southern Nevada’s annual median income of $70,723.

At present, it would take about 37.4 years for a family in Las Vegas making the average median income to save up enough down payment money for a home in the city.

The top five least affordable cities in the Urban Land Institute’s report are, in order: San Francisco, San Jose and Los Angeles, California; Honolulu and Stockton, California.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates, home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

RCLCO Real Estate Consulting Chief Executive Officer and one of the authors of the Urban Land Institute’s report, Adam Ducker, said that of all the issues plaguing the Las Vegas housing market, the number one is the lack of land to develop and the slowdown in home construction it has caused.

We’re just not producing enough housing for the growth that we’re experiencing, which is true in most markets but particularly in high-growth markets including Las Vegas,” he said.

Some Realtors are hoping that a Trump presidency could have a positive effect on Las Vegas’s current housing crisis, citing his plans to both deregulate the housing industry and to open up additional federal land for home development, which – if those factors do indeed come to pass – could lead to new building activity in Southern Nevada and a plethora of new options for residents looking to buy a residence.

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.