Category Archive : Investing

LAS VEGAS, NV – Las Vegas commercial real estate developer Rob Lauer on Tuesday reportedly began attempting to gather investors to put up $310 million to construct a private spaceport in Clark County. 

If his endeavor is successful, Lauer plans to use the investment capital to form a publicly-traded company that would build the Las Vegas Spaceport, an extensive facility which would consist of a launching pad, a runway for spaceplanes, a control tower, a flight school, and a 200-room casino resort. 

The spaceport is slated to be built on a 240-acre plot of land located between Las Vegas and Pahrump that Lauer previously purchased in November 2022, and the developer notes that this is a long-term project for him, having already been brainstorming the details for the past year. 

Currently 37 companies are in the process of developing aircraft, and Lauer anticipates at least one of them being able to develop a vehicle within the next decade that would be able to achieve Earth orbit in order to begin a wave of so-called “space tourism,” including the possibility of such vehicles visiting an orbiting hotel. 

Lauer said that the location outside of Las Vegas that he has picked for the spaceport is perfect due to the fact that the city attracts millions of tourists on an annual basis, with many of them willing to shell out big bucks in order to enjoy a unique travel experience. 

The forward-thinking entrepreneur said that safety will be of a paramount concern to the facility, and to that end Lauer noted he has extensively consulted with numerous aerospace experts in order to educate himself on the best way to build the Las Vegas Spaceport from the ground up. 

However, despite how impressive Lauer’s plans may look on the surface, Amanda Bellarmino, an assistant professor at UNLV’s William F. Harrah College of Hospitality, said that they realistically don’t appear to be feasible for a number of reasons. 

The challenges I see with space tourism are safety concerns and cost. Right now it seems like an activity for a few very wealthy people,” she said. “There would also be safety concerns, especially with the recent tragedy with the Titan submersible. Unless there is the type of changes we saw with airline travel in the early 20th century in terms of safety and cost reduction, I do not think it will have mass appeal.” 

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 – Construction companies that have been working on the MSG Sphere in Las Vegas claim the company behind the futuristic entertainment venue – which is still under development – owes them millions of dollars in unpaid labor fees, according to a lawsuit filed with the Eighth Judicial District Court of Nevada.

MSG Las Vegas and Platte River Insurance Company of Nebraska are named as defendants in the lawsuit, which has been filed by plaintiffs comprised of Rider Levett Bucknall LTD and 20 unnamed individuals or business entities.

The plaintiffs allege that they had provided construction services for the MGS Sphere valued at approximately $3 million, and that $2 million of that outstanding balance has yet to be paid to them; eventually, they placed a lien against MSG.

Lawyers representing the plaintiffs blame the lack of payment for their clients on James Dolan, CEO of MSG.

There was supposed to be the world’s longest bar in this project,” the attorneys said to the judge overseeing the case. “And they built it and then he came through and deleted it and wanted to take it out. He increased the project cost. Mr. Dolan’s decision against advice increased the project cost and now he’s blaming us for increasing the project costs.”

A Sphere Entertainment spokesperson said, “This story has no merit.”

When completed, the MSG Sphere will be a 400,000-square-foot, 18,000-seat, 366-foot-tall, 516 foot wide, globe-shaped arena – the largest spherical structure on Earth, according to MSG – located on 63 acres of property located behind the behind the Venetian Resort Hotel Casino on the Las Vegas Strip.

The exterior of the sphere will feature 36 miles of variable intensity LED lighting – the aforementioned exosphere – enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured.

The attendee capacity of the MSG Sphere will be scalable, MSG Entertainment said, ranging from approximately 17,500 seated to 20,000 with a mix of seated and standing. The venue will typically not feature sporting events, but rather cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there if needed.

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 loophole in Nevada’s tax laws governing real estate that has been typically and regularly utilized over the years by owners of large properties – such as casinos, hotels, and tourist resorts – is edging closer to being closed as state lawmakers recently voted to move a new bill out of committee on Tuesday.

Assembly Bill 448 – sponsored by Rep. Steve Yeager and Rep. Sandra Jauregui, both Democrats – was previously unanimously voted by the Senate Revenue and Economic Development Committee to advance to the Nevada State Assembly. The bill was again approved in that chamber by a unanimous vote, after which it is now to be sent to the floor of the State Senate for a final vote of approval.

The loophole in question has been used for years by large-scale property owners in Nevada – particularly in Las Vegas – to avoid paying real estate transfer taxes; since 2007, property owners have reportedly saved themselves a combined total of $27 million by utilizing this technicality.

“AN ACT relating to taxation; revising the exemption from the real property transfer tax applicable to certain transfers of real property between business entities; and providing other matters properly relating thereto,” reads the bill’s official summary.

If the bill is approved by the State Senate – which experts say is very likely to occur – it will then head to the desk of Governor Joe Lombardo, who is expected to sign the bill into law.

When and if Assembly Bill 448 is indeed passed and becomes the law of the land, it will mandate that the real estate transfer tax is to be paid if the property is transferred to a business entity that was created for the purpose of avoiding those taxes.

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 – Following a committee hearing on Monday for a bill for the proposed Las Vegas ballpark stadium of the Athletics – which recently announced they would be transplanting themselves from California to Nevada – the Southern Nevada Building Trades Union (SNBTU) has publicly shown their support for the project, saying that the construction of the famed MLB team’s new home would benefit the local economy by generating over 5,000 new jobs. 

The A’s recently reached an agreement with Bally’s Corp. to purchase a nine-acre plot of land currently occupied by the Tropicana Resort & Casino, where they will now construct their new stadium. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium – which is slated to take the form of a 35,000-seat retractable roof venue – and to build a new 1,500-room hotel and casino on the remaining acreage.  

SNBTU has launched a new campaign to support the A’s move to Las Vegas, dubbed “A+ Jobs,” which will “educate the community about the positive impact building the stadium would have on Las Vegas.”  

The reason for SNBTU’s support of the A’s move, according to the organization’s Secretary-Treasurer, Vince Saavedra, is that the development of their stadium will allow “SNBTU to expand its roster to put the construction trades to work.” 

Vegas has proven itself as a major-league sports town, so it makes sense for us to add a Major League Baseball team,” he said. “Our roster of skilled construction workers have always built the biggest projects in Vegas and we’re ready to step up to the plate to build the stadium. By showcasing our members on baseball cards, we are highlighting the impact this project will have on jobs and working families in our community.” 

SNBTU noted that the development of the A’s new stadium will create over 5,000 “good-paying” jobs for individuals in numerous trades, including ironworkers, bricklayers, laborers, electricians and more; in addition, its construction would also spur new investment opportunities in Las Vegas, in addition to increasing tourism as well. 

The stadium is projected to spur billions in new investment and bring 400,000 additional visitors to the area each year – all without raising taxes,” Saavedra said. 

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

LAS VEGAS, NV – A real estate brokerage firm, Logic Commercial Real Estate, has been selected to sell five downtown Las Vegas properties that are owned by the estate of late Zappos CEO Tony Hsieh. 

The five properties that the firm will be attempting to find buyers for include The Downtowner boutique hotel; the John E. Carson office and retail building, along with the building’s adjacent parking lot; a six-unit retail property at the intersection of Las Vegas Boulevard and Fremont Street; a building on North Fourth Street that is occupied by Mexican-style eatery Nacho Daddy; and the Gold Spike bar and nightlife venue and adjacent Oasis hotel. 

Currently, no asking prices for the five properties have been publicly announced by Logic Commercial Real Estate; however, the firm’s President, Jeff Jacobs, noted Hsieh’s importance over the years to Southern Nevada, and said the utmost care would be taken in selecting the right buyers for his holdings. 

“We understand the importance of these properties and the significance of Tony Hsieh’s vision for revitalizing downtown Las Vegas,” Jacobs said. 

Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire, reports say. 

For two decades, Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail shoe selling giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas. 

In February 2021, much of the Las Vegas real estate empire amassed by Hsieh was been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area. 

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

LAS VEGAS, NV – Nevada lawmakers are working on new legislation that, if passed, would track and ultimately limit the purchasing power of corporate investors within the state’s strained housing market, with the proposal passing with bipartisan support out of a Senate committee last week.

Senate Bill 395 would authorize the Secretary of State’s office to establish a public registry of the corporations and limited liability companies that buy and own residential real estate in Nevada, and would cap said investments by those entities to 1,000 housing units annually.

Before being able to purchase residential property, businesses would be required to register with the Secretary of State’s securities division. Deeds would have to clearly list the corporate owner of the property and note that it is not being utilized as their primary residence.

State Senator Dina Neal (D-North Las Vegas) noted that the proposed law was born out of the necessity of needing to know exactly who major players are in the state’s real estate market, identifying which ones are making it harder for residents to purchase homes, and ultimately limit corporate purchasing power in the real estate market to alleviate that issue.

According to a report, approximately 25 percent of all single-family homes sold in Nevada in 2021 were bought by investors; recently, Nevada’s residential housing market has been a hotbed of investor activity, with only Georgia and Arizona topping it in that regard.

While Neal was drafting SB 395, she utilized the research of Shawn McCoy, director of the Lied Center for Real Estate and an associate professor of economics at the University of Nevada Las Vegas. McCoy noted that his research showed that many working-class families were consistently losing out on purchasing properties to corporate investors.

“I am meeting young people who make $78,000 and they cannot find a home,” said Neal. “They cannot bid (against investors). They don’t have the money. The market is so out of their price range. Who wants to pay $3,000 a month for their first home? Nobody. It’s unsustainable.”

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 – Members of the Nevada state legislature are currently mulling over legislation that, if passed, would institute a ceiling on the amount that landlords could increase the rent of their tenants, with the cap tied to the local cost of living index for the rental unit’s surrounding area, a number that would be determined by the Nevada State Housing Authority.

In addition, the legislation in its current form would also mandate that landlords would be prohibited from imposing any rent increases upon a tenant during the first year they inhabit the unit in question. 

The bill – authored by Nevada State Senator Pat Spearman – also includes language that would officially declare a housing crisis in the state if it were passed.

“A minimum-wage earner would need to work 62 hours to afford a studio apartment,” Senator Spearman said to the Senate Commerce and Labor Committee last week, adding that women and people of color are disproportionately affected by the affordability gap when it comes to housing options.

Senator Spearman also noted that approximately 30 percent of single-family homes in Nevada are currently owned by investors.

While several groups have come out in support of Spearman’s legislation, there is also a fair amount of opposition to it as well; State Senator Jeff Stone – who rents out properties himself – expressed concern over a clause in the bill that pertains to the degree of profit a landlord can gain from their rental units.

“How do you define reasonable return on investment, when there are so many variables that different landlords have to contend with?” Stone asked, who said that simple mom and pop landlords – among whose number he counts himself – to be disproportionately affected if this bill is passed in its current form.

“To create all these bureaucratic pathways that I have to go through to justify what I can charge a tenant, not to charge 5 percent when inflation is 8.5 percent, you’re already requiring landlords to take a 3.5 percent hit,” Stone said.

Stone said another clause in the bill governing new construction does not do enough to incentivize new housing developments and only offers an advantage to large-scale investors.

“You are going to hinder investment,” he said. “And if you hinder investment, it’s going to exacerbate the supply and demand issues that we have here in Nevada.”

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 – Construction of the greatly anticipated Dream Las Vegas hotel-casino project has been “fully stopped” after developer Bill Shopoff revealed this week that his funding has temporarily dried up, leaving him owing approximately $25 million to $30 million for work on the resort.

Despite the whopping debt he owes currently, Shopoff – President and CEO of Shopoff Realty Investments – is insisting that the project is only briefly halted, and that work will resume “once the terms of the financing are finalized.”

Work has fully stopped at the site, other than anything required for safety,” Shopoff said.

Construction on Dream Las Vegas broke ground on Las Vegas Boulevard last year and is slated to take a different approach from the massive mega-resorts that the city is known for, offering a “smaller, boutique-style experience.”

Shopoff – along with his partner in the project, Contour CEO David Daneshforooz – said that he is in “active” discussions with his lender, and that he anticipates the kinks in his funding to be worked out within the next month or so.

“Clearly, we’re delayed on getting some financing,” he said, explaining that some of the issues regarding Dream’s funding are tied to skyrocketing loan interest rates caused by the record-high inflation plaguing the country.

Currently, the budget for Dream is in the neighborhood of $550 million to $575 million; until now, Shopoff and Daneshforooz have been paying for its development with cash out of their own pockets, and are currently negotiating with their lender for a $400 million plus loan.

Development for Dream is being spearheaded by contractor McCarthy Building Companies, whom Shopoff insisted will be paid and will continue work on finishing the 531-room hotel-casino.

Obviously people want to get paid for their work, and we want them to be paid,” Shopoff said. “They will be paid, and the project will get built.”

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 – Roots Homes is a Las Vegas-based startup that is helping residents of the city to achieve the dream of buying a home via a process known as “fractional homeownership,”  

Fractional ownership in real estate is when individuals own a percentage of a property and share usage rights. Fractional ownership splits the cost of an expensive purchase among several people, and Roots Homes feels that this method can be helpful to millennials and Gen Z individuals who may be facing an uphill battle saving up the funds needed for a down payment. 

Roots co-founder Lauren Self noted that their first client moved into a home in November, and that their tenth client is set to move into their home this week. 

“Our primary purpose is to help people access the largest wealth-building tool that Americans have access to in their whole entire lives, which is homeownership,” she said. 

Self said that she hopes that fractional homeownership – as opposed to other alternative means of acquiring a home, such as rent-to-own – will put more Southern Nevada residents in the path to owning their own homes by allowing them to move from being a tenant to being an actual property owner, a plan that Las Vegas Realtors President Lee Barrett said is “really creative.” 

“It’s not a new concept,” Barrett said. “But it’s a really interesting concept on how it’s broken it down. So I think it’s a good idea.” 

How it works is simple- Roots clients sign a lease for 12 months for a Roots-owned home, during which their monthly payments cover all expenses while ten percent of those payments is set aside toward building equity in the home. No down payment is required. 

However, if a client wants to pay more each month in order to build equity faster, they have that option as well, and at any point during the lease, they have the ability to purchase the home from Roots outright if they are able to.

Roots clients need to have a credit score of over 600 and a monthly income that is three times the monthly rent. 

Fractional ownership offers financial flexibility to individuals looking to buy a home and allows them to live in the house for a year or two to make sure they truly like it before they buy it. 

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 – Due to a desire to escape the overwhelmingly high taxes in their home state, reports indicate that scores of California companies have been flocking to Las Vegas in recent months due to Nevada’s far more “business friendly” tax structure.

Among the top destinations in Nevada that these newly transplanted companies are heading for are Las Vegas, Henderson, and Reno; these three cities alone are in the top ten throughout the overall United States locations that California businesses are heading for in an effort to lessen their overhead expenses and free up funding for investment in their local communities.

Essentially, Southern Nevada is becoming one of the premiere destinations for companies looking to flee the Golden State to get more bang for their buck, according to financial analyst Steve Budin.

Nevada has long had a reputation of being a business-friendly state,” he said.

Las Vegas Valley realtor Anthony Luna concurred with his associate’s sentiment, noting that California companies currently make up a large percentage of his business, with out-of-state investors currently funding 56 new construction projects under his watch.

Local business owner Austin Pena noted that his company has saved millions of dollars after relocating to Nevada.

It has helped us understand the value of a dollar and how we should be as efficient as possible,” he said.

One of the main factors that are drawing numerous businesses to Southern Nevada is the fact that the state does not have a warehouse tax, an advantage that California cannot boast of; this accounts for the large number of companies that deal in warehouse goods that have been uprooting their operations and relocating to Las Vegas these days.

Another factor driving California businesses to come to Nevada is that commercial space back home is becoming extremely limited; in particular, it is becoming increasingly difficult to find warehouse and office space combined in California, whereas such accommodations are easy to come by in Nevada.

And finally, it can be said that Nevada’s “business-friendly” tax structure also benefits the state’s residents as well, as the taxes paid by new companies setting up in the state will go to funding public amenities such as schools, firehouses, police stations.

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 – Talonvest Capital, Inc. and their client, Metropolis Development Group, have announced that they have successfully acquired a $12.2 million construction loan they will utilize in building a large, cutting-edge storage facility in Las Vegas, Nevada.

Talonvest Capital, Inc. is a boutique real estate firm that, as per their website, provides “advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States.” The firm boasts “four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.”

According to the website of Metropolis Development Group – Talonvest’s client in this endeavor – the development firm has 85-plus years of experience in constructing “self-storage projects in underserved areas and brings new purpose to buildings and land in the self-storage arena.”

The two entities have combined their talents and, this week, have closed on a 36 month, $12.2 million loan to develop 910 climate-controlled storage units across 90,921 net rental square footage (NRSF) along North Rancho Drive within half a mile of US-95, a section of Las Vegas that is considered a “high demand market” in terms of commercial storage space.

Scott Looney, Managing Member of the Metropolis Development Group, noted that he was impressed by the Irvine, California-based Talonvest’s ability to navigate the red tape normally associated with acquiring sizable construction loans, and that his firm was looking forward to breaking ground on the upcoming project.

“This was our first time working with the Talonvest team and we were very impressed with what they delivered,” he said. “Their extensive relationships with lenders, capital expertise, and attention to detail made for a seamless transaction process and great results.”

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 Raiders owner Mark Davis recently purchased three industrial buildings – one of which being the unfinished practice facility of the WNBA Las Vegas Aces – for $56 million, increasing the NFL team’s foothold in Southern Nevada even further. 

Davis purchased the three buildings, which are situated next to the Raiders’ Henderson-based headquarters, from Matter Real Estate Group.

The Aces’ 80,000-square-foot training complex is currently new, albeit unfinished, and once construction is expected to be completed in March 2023, and anticipated to include numerous amenities such as a weight room, daycare facility, player lounges, a lecture hall, and more. 

The Aces were originally purchased by Davis from MGM Resorts International in 2021, and in September 2022 the team won the WNBA Finals against the Connecticut Sun. 

The Raiders have a major real estate footprint in Las Vegas, including 60 acres of land purchased for $77.5 million in 2017 upon which their current home field – Allegiant Stadium – stands, as well as 55 acres of land in Henderson purchased in 2018, where they constructed a 300,000-square-foot practice facility and headquarters complex. 

An additional 20 acres of land adjacent to Allegiant Stadium was also purchased by the Raiders for $44 million that will mainly be used for a parking facility. 

Davis is also in the process of building a 15,000-square-foot home located within a luxury master-planned community in Henderson called Ascaya which will feature a man cave, professional kitchen, bar, steam room, library and 5,500-square-foot garage. The home is costing the Raiders owner $14 million, but currently its overall completion date is still up in the air. 

As for the aforementioned three industrial buildings that make up Davis’ most recent acquisitions, their exact intended use – aside from the Aces’ training facility – has yet to be revealed. 

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.