Category Archive : Real Estate

LAS VEGAS, NV – Per a new report released by an industry group, home prices in Las Vegas leveled off in February as the available inventory continues to grow, showing definitive signs that the housing market in Southern Nevada is starting to stabilize after several years of rapid growth.

The median price for an existing single-family home in February was $424,995, which is nearly the same exact number as the median price in both February 2022 and January 2023, reports say.

Meanwhile, the median price for condominiums and townhomes sold in Las Vegas in February was $255,000, holding at the same number as January but slightly lower overall year-over-year.

Home prices holding steady comes amid a rising amount of available inventory; at the end of this past February, there were 4,665 homes listed for sale without any offers, which represents a 168 percent increase over February 2022.

In terms of condos and townhomes, there were 1,155 properties listed without offers, which is an increase of over 265 percent year-over-year.

Lee Barrett, president of Las Vegas Realtors, said in a news release this week that the city’s housing market is indeed showing signs of stabilization after years of skyrocketing prices, which should be an encouraging sign to those with affordability concerns.

“The local housing market is much more balanced now than it has been in recent years,” Barrett said in the release. “Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized, and we have more homes on the market.”

Barrett also noted that the bump in home sales from January to February was a positive sign that the market is heading in the right direction, even as the interest rates on home mortgages continue their climb to nearly 7 percent.

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 – 2022 continued the trend in Las Vegas of strong sales of luxury homes – a situation that has become common into 2023 with the top spot being held by the purchase of a $14.5 million bungalow by Hollywood A-list actor Mark Wahlberg, along with numerous other sales throughout the year.

Despite rising mortgage rates slowing down homes sales in Southern Nevada overall, the luxury market has shown zero signs of hitting the brakes.

According to Las Vegas-based Home Builders Research, there were 544 closings of new homes worth $1 million or more during 2022, which represents a 26 percent increase over 2021, when 432 homes in that price range were sold. In addition, 313 luxury homes were sold in 2020 and 247 in 2019, illustrating that the market continues to climb as the years go on.

In contrast, the overall new home market in Las Vegas saw closings decrease 1.6 percent over the course of 2022, which reports say was driven by the increased cost of building materials and labor, as well as increased interest rates on home mortgages.

However, experts say that the luxury market in Las Vegas has continued to thrive due to the simple fact that buyers in that category are typically quite affluent, and often purchase them with cash; in cases where they do not, the increased interest on home loans as of late often does not function as a deterrent, due to their wealthy status.

Aside from Wahlberg’s purchase of a $14.5 million bungalow in The Summit Club – the exclusive resort community in Summerlin – some of the top sales of 2022 also include a Sun West Custom Home that sold for $6.02 million in Ascaya, and a residence on Boulderback Drive also in Ascaya that went for $6 million.

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 8-acre estate of Roy Horn, one-half of the late famed entertainment duo Siegfried & Roy, has hit the Las Vegas marketplace for $3 million.

The estate, located at 1639 Valley Drive and dubbed “Jungle Palace,” was home to Horn – who lived there with the tigers and lions that were part of Siegfried & Roy’s iconic stage performances – until his death at the age of 75 in May 2020 due to complications from COVID-19.

Horn’s partner, Siegfried Fischbacher, lived a few miles away on a an 80-acre compound called Little Bavaria, and passed away in 2021 after a battle with pancreatic cancer.

The Jungle Palace was originally constructed in 1954 and later bought by Horn in 1982; following his death, a private firm purchased the estate in 2022 for $1.87 million and is now looking for sell it off.

The residence features a Moroccan-theme with an 8,750 square-foot main house along with three guest houses, three pools and a jacuzzi, six electric gates, two detached studios, a bird sanctuary, and multiple empty animal enclosures.

1639 VALLEY DRIVE, LAS VEGAS – $3,000,000.00

What is causing some to scratch their heads, however, is the fact that the estate is not being advertised as the former residence of Roy Horn in its Redfin listing for an unknown reason, as many would consider that a major selling point.

Horn famously allowed his lions and tigers to sleep with him in his bed as he was rising them – transferring them to an enclosure when they reached one year in age – and often would swim with them in the estate’s pool.

German-American magicians and entertainers, Siegfried & Roy gained great fame throughout the 1990’s and early 2000’s for their exciting shows at the Mirage Resort and Casino featuring magical illusions and appearances with white lions and white tigers. The duo retired following Horn’s career-ending injury on his birthday on October 3, 2003, when a white tiger used in their act named Mantacore attacked him.

Click here for full listing details for 1639 Valley Drive, 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 – Noted television writer, producer, and author Anthony Zuiker – best known as the creator of the hit television franchise CSI: Crime Scene Investigation – has purchased a lavish $6 million hillside estate in Las Vegas, located within the prestigious MacDonald Highlands in the popular Las Vegas suburb of Henderson.

The Cliff House, originally built in 2019, is situated upon a half-acre plot of land next to a golf course and features stunning views of the Las Vegas Strip. The residence comes in at 6,099 square feet in size, with four bedrooms and four bathrooms, along with an additional powder room.

Among the many amenities that The Cliff House boasts include a courtyard entry, a six-car garage, and an expansive open-plan living space with 14-foot ceilings, several linear fireplaces, and large-scale marble-like porcelain floor tiles.

There’s also a wine bar and a glass-enclosed wine cellar along with a glass-enclosed home office, as well as an open-concept kitchen with marble-like quartz countertops and high-gloss cabinetry.

An especially unique aspect of The Cliff House is the inclusion of an array of automated floor-to-ceiling glass panels that can be retracted at the touch of a button, opening up the interior of the home to the backyard and its infinity-edge pool and spa, two fire lounges and an outdoor kitchen.

Zuiker, 54, is responsible for the creation of the hit CSI: Crime Scene Investigation, a series of procedural forensics crime drama television shows. The first three CSI series follow the work of forensic scientists as they unveil the circumstances behind mysterious deaths, while the fourth series, CSI: Cyber, emphasizes behavioral psychology and how it can be applied to cyber forensics.

Zuiker, who sold a big house in Lake Arrowhead, California a few years ago at a small loss, also has long-standing real estate ties in Malibu.

LAS VEGAS, NV – The luxury real estate market in Southern Nevada recorded its top transaction in January when Mark Davis, owner of the Las Vegas Raiders NFL team, sold his Summit Club condominium for an impressive $10.5 million.

Davis’ condo was built in 2021 and comes in at 2,662 square feet in size, with two bedrooms and three baths; reports say that he sold the dwelling in order to live full-time in his upcoming $14 million home at 77 Sunset Strip in the Henderson hillsides of Ascaya.

Previously, Davis has purchased a 1.21-acre lot in Summit Club for $8.5 million in 2017, but instead of building a home as was his original intention, he instead sold the lot for $10.5 million in July 2020, stating at the time that he had changed his mind because – part-way through the design process – he realized he would be unable to see the Raiders’ Allegiant Stadium, which was “starting to drive me crazy,” Davis said.

The Ascaya residence is currently under construction by luxury builder Blue Heron on a 6.3-acre plot of land that Davis purchased for $6 million.

Overall, 75 homes in Las Vegas and its surrounding areas worth at least $1 million or more sold in January; this eclipses the 71 sales the luxury market saw in November and 67 in December, but still a far cry from the eye-opening 122 closings in January 2022 and 86 closings in January 2021.

In addition, January saw five sales of properties that were valued at $5 million or more; Davis had originally listed his condo for $13.5 million after having paid $5.3 million for it in March 2021.

Coming in second for January’s luxury sales after Davis’ condo is a home on Flying Cloud Lane in Azure at The Ridges in Summerlin for $8.2 million; the 9,930 square-foot residence features five bedrooms and a five-car garage.

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 results of a new study have indicated that Las Vegas is in the top five “dream cities” in the United States that people moved to in 2022, cementing the fact that Southern Nevada has become a highly desirable location for people to relocate to for a number of reasons, including cost of living and a thriving job market. 

Home Bay, a real estate website, polled 1,000 Americans as to what they would consider to be the ideal city to move to based on several different factors, and Las Vegas was listed as number four out of the top five locales people would be all too happy to uproot themselves in favor of. 

The poll indicated that if money was not a factor, 15 percent of those polled would rather move to Las Vegas than continue residing in their current location. 

The top five “dream cities” that Americans would like to relocate to are as follows:  

• Los Angeles, CA — 19 percent 
• Atlanta, GA — 18 percent 
• Austin, TX — 17 percent 
• Las Vegas, NV — 15 percent 
• Miami, FL — 15 percent 

Los Angeles, Atlanta, Austin, Las Vegas, and Miami are still the hottest tickets in the country,” the report states. “This is based on survey data from 1,000 Americans who said they’d move to these cities first if money were no object. Although these are already major metros, they’re all experiencing growth in their populations.” 

Las Vegas has a plethora of reasons for being a “dream city” to relocate to, including an affordable cost of loving, a booming local economy, an exciting downtown, a competitive real estate market, and a thriving job market, with scores of businesses moving to the city in recent years to take advantage of its “business friendly” tax structure. 

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 months and months of skyrocketing rent increases that drove very real affordability concerns, the rental market in Las Vegas has finally begun to show signs of stabilizing in a positive manner.

While units are still being leased at a healthy rate in Vegas and landlords are still purchasing buildings and developers are constructing new projects, rent increases have been dialed back and tenants have even begun to negotiate rental rates once again, a tactic that was pretty much nonexistent for the past couple of years, experts say.

Whereas rent hikes of anywhere from $200 to $1,000 were the norm during the pandemic, increases as of late appear to be “on hold.” At the end of 2022, the average monthly rent for a Southern Nevada apartment was $1,422, a decrease of just one percent year-over-year; in contrast, rents in Vegas jumped a whopping 22 percent in 2021.

This echoes the real estate situation throughout the United States, which overall reported three months in a row where rents either held steady or even decreased, indicating that there is some degree of breathing room in the market these days.

In addition, with the national economy currently in rough shape – along with a looming recession – people have been leery about the idea of moving, resulting in more rental units sitting empty for longer periods of time. For example, in early 2022 Las Vegas rental properties would last on the market no more than 14 days; today, that average is closer to 30 to 45 days.

The rental market in Las Vegas exploded during the pandemic as tenants – including an influx of new residents to the city – looked for more space amid widespread work-from-home arrangements. Investors sat up and took notice, purchasing 199 apartment complexes in Southern Nevada in 2021, and twice the number in 2020.

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 months of record-breaking increases, the red-hot housing market in Las Vegas began to slow down in late 2022, and according to newly-released figures, that trend is continuing into 2023, with home prices holding steady so far in the New Year.

In January, the median sales price of previously owned single-family homes in Las Vegas was $425,000, holding at the exact same price they were in December 2022 and representing a 2.3 percent drop overall year-over-year.

In January, 1,325 homes were sold in Vegas, which is a decrease of 13.6 percent from December 2022 and 48.3 percent from January 2022, respectively.

In addition, the inventory of available homes has also swelled in Vegas, with a total of 5,450 houses on the market without offers at the end of January; this is a drop of 12.3 percent from December but an increase of 199.3 percent – yes, you read that correctly – from the end of January 2022.

One of the main reasons for the real estate slowdown in Vegas is one that it shares with the rest of the country: mortgage rates, which have increased as of late due to the Federal Reserve raising interest rates several times last year in order to combat rising inflation.

After a significant period of time during the COVID-19 pandemic where the Las Vegas real estate market was on fire – with ever-increasing prices and low inventory being the norm – experts such as Las Vegas Realtors President Lee Barrett have correctly predicted that the market would stabilize as national inflation and mortgage rates have increased.

With higher borrowing costs buyers have pulled back, but lowering mortgage rates as of late may yet spark home sales once again.

“What a difference a year makes,” Barrett said. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying — especially when you compare what’s happening now to where we were a year ago.”

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

LAS VEGAS, NV – If you’re looking for a unique residence in Las Vegas – a city already renowned for its eye-catching, one-of-a-kind homes and businesses – and you have the funds to spare, then you might want to look into a mansion on sale in the gated community known as The Ridges that features a cobblestone Italian street complete with faux storefronts, making even a “staycation” feel like you’re strolling the streets of Europe.

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 and currently on the market for a whopping $6.5 million.

Built by the Stones in 2011, the 9,771 square-foot home 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.

15 BRIGHT HOLLOW COURT, LAS VEGAS – $6,500,000.00

Other amenities in the house include a pool, an outdoor fire pit, and a basketball court.

But despite the beautiful touches they have added to their residence over the years, the Stones have decided to sell it and move on.

“Our larger hope was to produce a ‘feeling’ of being in Italy,” David Stone said. “This home was truly a pleasure to build and enjoy. It will remain a special part of our past.”

See full listing details for 15 Bright Hollow Court, 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 – A former star of the MTV reality television series “Jersey Shore” has listed her luxury Las Vegas home on the open marketplace for $1.5 million.

Jennifer Harley – a social media and reality TV star who made a name for herself by dating fellow “Jersey Shore” star Ronnie Ortiz before subsequently starring in the spinoff series “Jersey Shore Family Vacation” – is currently attempting to sell her residence in Summerlin, which she originally acquired in 2018 for approximately $726,000 from builder Woodside Homes.

The home – originally listed on January 6 – is a two-story, four-bedroom residence spanning 2,955 square-feet in size, and is situated near Hualapai Way and Sunset Road. It offers numerous high-end amenities, including marble flooring, custom cabinets, and a backyard with a sunken fire pit with a glass window looking into the property’s sizable in-ground pool.

In addition to being a media personality, Harley is also a licensed agent with Realty One Group, and is responsible for listing the residence herself.

6438 WILD BLUE COURT, LAS VEGAS – $1,495,000.00

Harley had dated Ronnie Ortiz while he was one of the principal cast members of “Jersey Shore.” Ortiz would later file a lawsuit against Harley in fall 2021 in Clark County District Court after Harley had neglected to go along with a plan to sell the home and divide the proceeds.

Eventually the couple split up, and Harley placed the Summerlin home on the market after moving into a separate rental property that was under her ownership.

The house had previously been put up for sale in September 2019 for almost $870,000, but was later removed from the market – after not having been sold despite a price reduction – after the COVID-19 pandemic had essentially frozen the Las Vegas real estate market at the time.

Clik here to see full listing details for 6438 Wild Blue Court in Summerlin

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 long-standing reports that the residents of several neighboring states – in particular California – are moving to Las Vegas for its cheaper cost of living, a new development is seeing a large influx of Hawaiian residents now making their way to Sin City as well for more affordable lifestyles as well.

Currently, Hawaiians – who refer to Las Vegas as the “ninth island” – are moving to Southern Nevada to escape the skyrocketing prices of housing on their home state, and when looking at the numbers, it’s easy to see why.

In late 2022, the median price of an average single-family home in Las Vegas was approximately $430,000; in contrast, that price in Hawaii is – for the same type of dwelling – is a staggering $800,000 or higher, a price that is driving out local residents of the island paradise in record numbers.

Scott Suzuki of Ohana Realty – a realtor originally hailing from Hawaii, but now residing and working in Southern Nevada – says that the Las Vegas valley is proving to be the ideal location for his former neighbors to resettle after saying “aloha” to the high prices of their home state.

“The home prices in Hawaii right now…the condos are about $500K and homes could be around $1.1 million,” said Suzuki.

While the median household income for the average Hawaii resident is nearly $90,000, that sum is not matching the rising costs associated with living on the island; meanwhile, the $65,000 that the average Las Vegas resident takes home – while less than Hawaii – is nonetheless far more in line with the local cost of living.

New Las Vegas transplant, Trevis Nishioka, said that he moved from Hawaii recently and hasn’t regretted it due to not being able to afford a residence back home.

“I like Vegas. Vegas is pretty dope. There’s no other place. Vegas is one of a kind,” he said. “We moved here because my wife and i had a family. We wanted our own place. We were living with my auntie and her parents.”

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 Summerlin home on a golf course located within the master-planned community of Bellacre – featuring a lavish custom kitchen that boasts a $50,000 French oven – recently sold on the open market for nearly $4 million.

The home in question – which was purchased for $3.8 million – is located on a one-acre double lot on Bellacre’s TPC golf course and is a custom-built residence originally constructed in 2002. The sizable home comes in at 9,954 square-feet and features six bedrooms, five full bathrooms, and a garage that can accommodate up to four automobiles.

According to the listing agent, the previous owner had conducted extensive renovations to the residence, sinking nearly $1 million into a series of upgrades that included multiple aspects of its structure; however, the main transformation centered around the kitchen.

That kitchen was recreated nearly from the ground up to have everything that a master chef could ever possibly want or need to create a plethora of culinary delights. These include a custom-made $50,000 La Cornue stove range with gas burners and electric burners, a large French top, a power burner, and a gas lava-rock grill. In addition, there are two vaulted ovens with copper finishes, one gas and one electric.

There are also two islands in the kitchen with refrigerator drawers and double dishwashers, a double-size Sub-Zero range, a $6,000 Miele coffee maker, and a 1,000-bottle wine cellar with a multi-floor dumbwaiter.

The home also has various options for entertaining guests, including two bars, big-screen televisions, and a built-in entertainment and media center. There is also an underground racquetball court, gym, dry sauna, cold plunge pool and laundry room.

The main bedroom on the second floor has a fireplace, entertainment center, walk-in closets, a sitting room, and a balcony overlooking the backyard, offering views of the TPC golf course and surrounding mountain ranges, making this residence certainly a one-of-a-kind buy… even in 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.