Category Archive : Real Estate

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 – A strikingly unique mansion on sale in the gated Las Vegas community known as The Ridges in Summerlin that features a cobblestone Italian street complete with faux storefronts has sold for nearly $6 million. 

Dubbed “Little Italy” and located at 15 Bright Hollow Court in The Ridges’ affluent gated Azure community, the home was originally listed for $6.5 million, with the eventual sale being finalized on May 30 for $5.9 million to a homeowner currently living in The Ridges. 

The owners of the six-bedroom mansion, Lara and David Stone, spared no expense to create a stunning replica of an Italian street in the backyard of their home, located on a 0.6-acre plot of land. 

Built by the Stones in 2011, the three-story, 9,771 square-foot home features six en suite bedrooms, formal living and dining, an executive office/library with built-ins, a craft room/office and an elevator. 

The backyard has a lightwell in its basement that is located under the backyard, and in an effort to spruce it up in an unusual way, the couple took a suggestion from Lara’s mother to build a European street scene around it. With the Stones having visited Italy multiple times, it seemed only natural to use it as inspiration, they said. 

The result is an ultra-realistic replica of an Italian street – “Via Di Pietra” which translates to “Stone Street” – complete with cobblestone floors, fake storefronts with windows and doors, and quaint little cafe tables. The storefronts, while fake, nonetheless contain rooms behind them, such as a wine cellar and a home theater. 

Other amenities in the house include a pool, an outdoor fire pit, a basketball court. Crestron 4 Smart Home Technology, and a four-car garage and porte-cochere entry. 

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 Las Vegas estate of National Hockey League (NHL) star Max Pacioretty, a left winger for the Carolina Hurricanes, has sold for an impressive $11 million.

The sale represented two significant milestones for the Southern Nevada region; it is the highest price ever paid for a home in The Ridges – a luxury master-planned community in Summerlin, where Pacioretty’s home was located – as well as the highest price paid for a home anywhere in the greater Las Vegas area so far this year.

Initially starting his career with the Montreal Canadiens, Pacioretty, 34, was traded to the Vegas Golden Knights before the 2018–19 NHL season; although the move reportedly revitalized his career, he was traded to the Hurricanes in July 2022 due to salary cap complications with the Golden Knights, thus necessitating the sale of his Vegas home.

The NHL player’s now-former home in The Ridges is indeed an impressive estate, consisting of a single-story mansion with 10,000 square-feet of living space, situated upon a half-acre plot of land.

The home offers a plethora of opulent amenities, including a Calacatta marble fireplace, wine cellar, personal gym, sauna, screening room, 55-foot pool, fire pit, sport court, an outdoor kitchen, and a built-in hockey practice surface.

The kitchen boasts double islands and a walk-in pantry, and the primary bedroom suite comes with sliding glass doors that allow access to the yard and pool. The bathroom features a soaking tub as well as double showers.

Over the course of his career, Pacioretty has scored 326 goals and accumulated 318 assists; however, Pacioretty is currently sitting out due to an injury he sustained to his Achilles tendon in January.

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 – Currently, Asians and Polynesians are making up some of the fastest growing ethnic groups in Las Vegas, and according to experts they are starting to make a serious impact on the Southern Nevada real estate market. 

With May representing Asian American and Pacific Islander Heritage Month, realtor Shane Nguyen – who has worked in the local industry for the past 26 years – said that approximately 12,000 members of the Asian American Pacific Islander (AAPI) community are moving to Las Vegas on an annual basis; at the time of the 2020 U.S. Census, there were 335,000 individuals who identified as being AAPI living in Clark County alone. 

Nguyen noted that the reason Vegas is so appealing to AAPI people is because housing prices are more affordable compared to many other large metro areas in the country, with most of the members of the community that are moving here hailing from California. 

The real estate over there is almost three times more than over here so as you can see it is very affordable and it’s close to California,” he said. 

In addition to the more affordable housing, another reason why many AAPI people are moving to Southern Nevada is due to the extremely business friendly climate when compared to neighboring states such as California. This makes for a significant lure to Asians and Polynesians, whom Nguyen noted tend to be very hard-working and entrepreneurial. 

We invite small businesses, we don’t have a corporate tax, personal tax, involuntary tax, we don’t have franchise tax, gross receipt tax, so it makes it very attractive for business owners,” he said. 

As of late, Las Vegas’ Chinatown has been expanding rapidly and the AAPI community has, as a result, been spreading throughout the entire valley, providing significant contributions to the local economy as well as the real estate market. 

We help the real estate market in terms of buying homes, there are many investors out there that are not from Las Vegas or Nevada, and they come from other states to invest here because it is so affordable,” Nguyen said. “Las Vegas is an amazing city it is a melting pot and It welcomes all walks of life.” 

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 – Celine Dion has sold her luxurious Las Vegas mansion, located in the affluent Summit Club community, in an off-market deal that netted the world-famous best-selling singer a whopping $30 million.

While the mansion in question has been confirmed to have been owned by Dion, it is currently unknown if the singer behind some of the bestselling English-language albums in history – such as “Beauty and the Beast” and “My Heart Will Go On” – had ever actually moved in to the sprawling estate, which reports say was regularly being worked on by construction companies.

The six-time Grammy Award winner originally purchased the Summit Club home in 2017 for $9.2 million, which makes the $30 million sale a significant return on her initial investment. The deal reportedly closed in late April, with the buyer being an LLC tied to San Francisco-based private equity head Chuck Esserman.

As the property was never actually listed on the open market and was sold as a private transaction, there are few details available about it beyond what is available in Clark County records. The 31,000 square-foot mansion is located upon a 1.4 acre plot of land and has four bedrooms and an incredible 12 bathrooms.

The residence also has a 3,300-square-foot subterranean parking garage and a pool and a spa that overlooks the 12th hole on the Summit Club’s Tom Fazio-designed golf course.

Dion has been regarded as one of the greatest singers in music; with record sales of estimated at 200 million worldwide, she is the best-selling Canadian recording artist, the best-selling French-language artist, and one of the best-selling recording artists of all time.

The guard-gated Summit Club is also home to many other wealthy and powerful individuals, such as Golden Knights owner Bill Foley, motivational speaker Tony Robbins, venture capitalist Marc Andreessen, data center mogul Rob Roy, and Hollywood movie star Mark Wahlberg.

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 – After holding steady for several months, the prices of homes in Las Vegas finally began to rise in April, even as sales of homes continued to dip amid rising inflation and high rates on home mortgage loans.

According to a new report released by Las Vegas Realtors, in April the median price for an existing single-family home in Southern Nevada was $430,000, which represents a 1.2 percent increase from March, at which time the median price was $425,000.

Despite the price finally rising after several months of meaning flat, that number nonetheless remains well below the same period of time in April 2022, when the median price was $475,000.

When it comes to condominiums and townhomes, April’s medium price was $270,000, which is a 3.8 percent increase over March but still down 1.8 percent year-over-year.

Lee Barrett of Las Vegas Realtors said that Southern Nevada is beginning to experience what many cities across the country are: a recent downturn in the housing market after several years of rising prices and prosperity. However, the uptick in prices in April indicates that the market is on the verge of bouncing back yet again.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Approximately 2,500 existing homes, townhomes, and condominiums were sold in Las Vegas in April; that number represents a 34.6 percent decrease for homes year-over-year, and a 31.1 percent decrease for condos and townhomes.

There were 3,737 single family homes listed for sale in Southern Nevada without any offers at the end of April, an increase of 53.1 percent from the same period of time one year prior. Meanwhile, there were 964 condos and townhomes without any offers, which is a 90 percent year-over-year increase.

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 – Kerry King, the guitarist for the infamous thrash metal band Slayer, has listed his Las Vegas mansion on the real estate market for $4.3 million. 

The design of King’s home may surprise his many fans, with the lavish estate – complete with a clean, ultramodern, and boxy design aesthetic – running in contrast to the reputation Slayer has garnered since forming back in 1981, with the band known for their dark and blistering music and occult overtones. 

The Slayer co-founder’s onstage appearance also belies his choice in lavish accommodations, with the rocker typically decked out on stage in his signature forearm gauntlet – adorned with rows of large, spikey nails – while belting out his savage guitar licks. 

4195 BADURA AVENUE, LAS VEGAS – $4,299,000.00

King originally purchased the custom-built property brand new for $3,819,000 in 2020; his current asking price is now $4,299,000. The home comes in at a whopping 6,000 square feet and features five bedrooms, seven bathrooms, and a striking contemporary design. 

The residence features a floating staircase, floor to ceiling glass walls, wood floors, and clean lines; each room has glass pocket doors that all allow access to the backyard, which has a large pool. 

Of course, the home of a rock star would not be complete without numerous luxury amenities, including a deck-based sauna, a wine room, pool house, and an outdoor kitchen with a bar. And for buyers seeking cutting-edge technology, the house also includes smart home automation and numerous solar panels. 

The reason why King has placed the estate on the market is currently unknown. 

Slayer disbanded back in November of 2019 after playing their final show in Los Angeles, California; however, King remains active on the music scene, having recently been jamming with a new band that includes former Slayer drummer Paul Bostaph that will begin performing live later in 2023. 

Click here to view full listing details for 4195 Badura 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 – In a state known for pricey luxury real estate purchases, a Henderson mansion that is currently under contract could eclipse them all if the sale goes through, considering the property’s whopping $75 million asking price.

Located within the MacDonald Highlands – a series of affluent residential neighborhoods in Henderson – a lavish residence slated to be constructed by development firm Terra FirmaIs is under contract for the aforementioned record $75 million, and will be one of the largest luxury homes ever built in the Las Vegas valley, clocking in at an eye-popping 55,000 square feet.

The previous record holder when it comes to luxury sales in Las Vegas was a newly-built 15,000-square-foot home situated on 1.26 acres – also in MacDonald Highlands – that was purchased in 2021 for $25 million.

The deal for the potentially record-breaking home sale is due to close in mid-May, at which time it will officially appear in Clark County records.

The especially interesting part of this transaction lies in the fact that the home has not even been constructed yet; the design has yet to be finalized and is subject to change, but in its current configuration the residence is slated to be 55,000 square feet in size and standing either two or three stories with a total of 13 bedrooms.

The home will be constructed upon four combined lots for a total of 1.1 acres. The groundbreaking on the project is expected to take place in early 2024, and construction of the residence will take approximately two-and-a-half years, according to the developer.

Upon completion, the home will reflect a modern design aesthetic and possess many high-end amenities, such as a gym, a movie theater, a gaming room, sports court and swimming pool.

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 – Las Vegas’ infamous “Underground House” – a “doomsday bunker” built 26 feet underground in 1978 by Avon cosmetics executive and subterranean living enthusiast Jerry Henderson – is still languishing on the market since it was first listed in 2019 for $18 million. However, the asking price has recently been lowered due to the lack of takers, with the seller now asking just $5.9 million for the one-of-a-kind dwelling. 

The 5,000 square-foot underground house originally cost $10 million to build, and is situated within a 15,000 square-foot steel-reinforced concrete bunker. Despite its intended purpose being to survive a potential nuclear holocaust, the house – which retains its authentic 1970’s design aesthetic to this day – features numerous amenities, including a pool, terraces, a waterfall, a generator, and a 1,000-gallon water tank. 

3970 SPENCER STREET, LAS VEGAS – $5,900,000.00

Included in the deal is also a 2,300 square-foot, two-bedroom house located above-ground that serves as a gateway to entering the underground house. The property’s current owners – The Stasis Foundation, which reportedly advocates for cryogenics, or the practice of freezing humans for scientific purposes – are represented in the sale by Stephan LaForge of Berkshire Hathaway. 

LaForge said that the recent price reduction “reflects the range of offers the property has received since being listed.” However, he noted that it would cost up to eight times its current asking price to build a comparable property. 

Previously, the property sold in 1990 for $1.3 million after Henderson passed away, and again in 2005 for $2 million. The Stasis Foundation purchased it in 2014 for $1,150,000. 

The underground house has two bedrooms and three baths, a vintage 1970’s-style kitchen, a large living room with beamed ceilings, a stone fireplace and a theater. Natural lighting patterns are automatically maintained to simulate the passage of daytime into night, and a faux “backyard” is accessible via sliding glass doors and features artificial grass, trees, a swimming pool, a fountain, BBQ, and small cottage. 

Click here to view full listing details for 3970 Spencer Street, 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 – While the housing market in the United States is currently experiencing a slight uptick, the scene in Las Vegas is being described as “flat,” bucking the current trend for the rest of the country. However, according to experts, the situation in Southern Nevada may actually be considered a positive development overall for a number of different reasons.

The national median home price for a single-family home in February, according to reports, was $293,170, which represents a small increase from January’s amount, which was $292,611; February was the first time that the median home price increased month-to-month nationally after dropping from $308,336 in June 2022.

The prices of homes in Las Vegas, however, are bucking the upward trend that the rest of the country is showing, but only to a slight degree. According to Las Vegas Realtors (LVR), median price of a single-family home in March 2023 remained relatively unchanged since December 2022, when that number hit $425,000; this represents the first time since 2018 that prices in the region remained flat for this amount of time.

However, the hardiness of the market in Las Vegas – as illustrated by the fact that prices are currently neither rising nor falling, in contrast to the rest of the country – is a positive development, according to LVR president Lee Barrett.

“Flat is stabilization. Conditions of the market are stabilizing. The consumer is getting used to interest rates,” he said. “The seller is getting used to pricing that is not the same as it was in April of 2022 where they could ask 20, 30, 40, 50-thousand dollars for the property and people were wanting to pay it because of the shortage of inventory.”

Local Las Vegas real estate agents have noted recently that buyers are becoming less and less deterred about the current high interest rates on mortgage loans, noting that while rates are hovering around 7 percent, business has continued to be brisk, especially as a result of the influx of buyers from states such as California, Illinois, and Florida.

But while the Las Vegas real estate market is showing a degree of stability the rest of the nation is lacking, experts are predicting that home prices across the country could decline by as much as 5 percent in the second half of 2023, which could contribute to a recession; only time will tell if this becomes the case.

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.