Category Archive : Real Estate

LAS VEGAS, NV – Madison Square Garden Entertainment (MSGE) is currently mulling over the possibility of selling their high-end Tao restaurant and nightclub chain in order to help fund the construction of their ongoing MSG Sphere entertainment venue in Las Vegas, as construction costs have continued spiraling ever-higher as the long-gestating project finally nears completion.

MSGE has reportedly engaged the services of multinational investment bank and financial services company Goldman Sachs to assist with the potential sale of Tao Group, which would include 17 restaurants, nightclubs, day clubs and pool lounges in Las Vegas. Among the local venues that would be part of the proposed sale would include Tao Nightclub and Tao Asian Bistro at The Venetian, Hakkasan at MGM Grand, and Beauty & Essex at The Cosmopolitan of Las Vegas.

In addition, Tao also operates venues in London, Singapore, Dubai, and New York City.

The potential Tao Group sale comes amid the skyrocketing budget of the MSG Sphere project, which has currently swelled to $2.17 billion, surpassing Allegiant Stadium as the Las Vegas’ priciest entertainment venue ever.

When completed, the 17,500-seat MSG Sphere will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena on 63 acres of property located 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 – known as an 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 venue will cater to musical performances and concerts; however, the occasional boxing or MMA contest could be held there as well, according to Madison Square Garden Co.

The MSG Sphere was initially scheduled to open in 2021, although it was later delayed due to the COVID-19 pandemic; it is now slated to open in the second half of 2023.

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 developer of the Fontainebleau Hotel and Casino announced this week that they have acquired a $2.2 billion construction loan to finally complete the project following a protracted – and extremely bumpy – development history. 

The long-gestating Fontainebleau project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – finally resumed construction in November 2021 after it was re-acquired by its original developer after changing hands several times over the years. 

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, set out to finish what he began 12 years ago after he put the brakes on the resort due to lack of funding, despite it already being 75 percent completed at the time. 

Fontainebleau Development had originally begun building the resort in 2007, but it was indefinitely halted two years later by the recession, forcing the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic. 

From there, the Fontainebleau sat unfinished for years until Fontainebleau Development re-acquired the project and resumed construction in 2021; currently, the resort is now expected to be finished in late 2023, following Soffer’s securement this week of $2.2 billion in new funding. 

When the resort is completed, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC. 

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and other amenities. The resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ economy. 

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 luxury home located in The Peaks, a gated subdivision of Henderson’s exclusive Lake Las Vegas community, has hit the open real estate market for the eye-opening sum of $2,425,000, and boasts a number of nigh-end amenities that should ensure that it’s for-sale status in indeed a short one.

The main selling points of the sizable residence, located at 41 Vista Outlook Street, are that it offers unobstructed views of both the Las Vegas Strip and Lake Las Vegas, according to the realtor handling the sale, Ashley Toussaint.

“Not only does the size of the lot set it apart from others, but it is also one of the only homes within the community offering the desert equivalent to an ocean view,” she said. “When it comes to looking for a property that has it all, this is it. From its convenient proximity to the lake and unobstructed view of the Strip on every level of the home, to the all-encompassing micro-local lifestyle it provides.”

The property features a combined total of 9,000 square-feet of indoor and outdoor living space, with the home itself comprised of 3,606 square-feet with five en suite bedrooms, six bathrooms, a four-car garage, front and back terraces, a resort-style backyard, and an outdoor kitchen.

41 VISTA OUTLOOK STREET, HENDERSON – $2,425,000.00

The home also recently underwent a series of cutting-edge “smart home” upgrades, including automation technology that allows the owner to control numerous functions directly from their smartphone.

However, the residence also comes with several perks to sweeten the deal, including a brand-new electric ICON golf cart to allow the home’s owner to ride around the community to partake in its many amenities – such as restaurants, entertainment venues, golf courses and parks – as well as $10,000 in credit for the Lake Las Vegas Sports Club, which offers a fitness facility, social events, personal trainers, and indoor and outdoor sports.

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 – As the real estate marketplace continues to experience a cooldown amid record national inflation, spiking interest rates on mortgages, and skyrocketing home prices, one crafty Las Vegas seller is getting attention for the bold move of listing their house with a starting price of just $1 in an effort to draw more offers. 

In a real estate climate that are seeing more and more homes sitting on the market for extended periods of time when compared to the mid-pandemic housing boom where they were selling hand-over-fist amid fierce competition, sellers are trying to figure out new ways of drawing prospective buyers to their listings. 

And if you’re browsing ads for a new home and notice a residence in the vicinity of St. Rose Parkway and I-15 with an initial asking price of $1, real estate agent Lana Boley wants to assure you that is not a typo. Instead, it’s part of a strategy intended to help move the house quickly for clients who are in a rush to sell in a slow market. 

“It is not a mistake. You basically have to talk to the listing agent and see what’s the highest you could do for that home,” she said. “Sometimes people just need to move to another state, or they have a different situation, and they don’t want to wait for an offer. So if they would like to sell it fast, they could list it for $1, or really, really low, so they could receive several offers and choose the best one.” 

The creative move comes as sellers in Vegas are dropping the prices of their homes after sales have dropped in recent months; according to reports, 2.4 percent of homes for sale in Southern Nevada have actually been “delisted” by their agents in order to wait for the market to recover. 

79 LOCKHEED AVENUE, LAS VEGAS – Accepting Offers

However, Boley noted that this is a sign that what was recently a very strong seller’s market is transitioning into a buyer’s market… albeit slowly. 

“There are a lot of opportunities, especially for the first-time homebuyers,” she 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 – The sale of the former apartment complex of late entrepreneur and Zappos CEO Tony Hsieh has been deemed fraudulent by a Las Vegas judge since his estate never approved of the transaction, leaving the buyer in a state of limbo in regards to the rights to their purchase.

Much of the Las Vegas real estate empire amassed by Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown Las Vegas area. Hsieh had passed away in November 2021 at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

The apartment complex in question, known as Cassia – which Hsieh purchased in 2012 – is located at 319 South Ninth Street, and was purportedly sold in March for $1.2 million by an individual named Santiago Espinosa, who claimed to be a managing member of Hsieh’s limited liability company that owned the property.

However, attorneys representing Hsieh’s estate were not informed of the sale until May, at which point they stated they had never heard of anyone named “Santiago Espinosa.” District Judge Gloria Sturman subsequently ruled that the sale of Cassia was “clearly fraudulent” and ordered that the deed be immediately returned to Hsieh’s estate.

While the whereabouts of the individual claiming to be Santiago Espinosa are currently known to authorities, the same cannot be said regarding the person who notarized the fraudulent sale, reports say. A source close to the situation alleges that the attempted sale of Cassia was part of a large-scale attempt to rip off real estate buyers across the Las Vegas valley.

The apartment complex had been sold to Galaxy Home Buyers LLC – managed by realtor Sarah Sorrells – and that the reversal of the sale by the judge resulted in the firm taking a $1.2 million loss that they have no choice but to accept.

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 “fix and flip” luxury residence located on Boulderback Drive in Las Vegas that was purchased and extensively renovated has now been listed on the open market for a whopping $5.895 million.

Shelly Kramarczuk, principal and owner of SK Design, first noted the home earlier in 2022, and after purchasing the single-story, four-bedroom, 4,832 square-foot property, oversaw a complete transformation of its interior.

Many of the changes in the home made extensive use of Neolith, a type of sintered stone made from three types of natural materials: Glass, Porcelain, and Quartz. The stone puts together the best features of these raw materials, creating a stone that is highly durable, waterproof, scratch resistant, and resistant to UV rays.

1 BOULDERBACK DRIVE, HENDERSON – $5,895,000.00

An entire wall in the home’s great room is completely made up of Neolith, Kramarczuk noted, and influenced her decision to make it a common design motif throughout.

“It transformed the entire feeling of the home. I am in love with the Neolith product line. It’s so rich in its look and appeal,” she said. “I immediately saw it in my mind when I first entered the home. I had a vision of re-slabbing it to transform the feeling of the home, so that is where I started.”

The great room Neolith wall features a 98-inch television with an integrated sound system and a 100-inch Dimplex fireplace – with the components are built into an AV media wall box behind the television – all of which have been incorporated seamlessly into the structure.

Kramarczuk added a number of other elegant design aspects into the home over the course of its 5-month renovation process, including a $70,000 custom Bocci chandelier hanging over the formal dining table, floor-to-ceiling glass throughout much of the residence, dual contrasting waterfall islands with quartz countertops in the kitchen, and much more, creating what Kramarczuk referred to as a “timeless, organic-modern aesthetic.”

“Boulderback is a special property,” she said. “The floor plan is functional, with four bedrooms and flex rooms that can be customized to the buyer’s interests and needs.”

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 housing market nationwide has been experiencing a series of hurdles and setbacks due to the ongoing inflation and rising mortgage interest rates that have been plaguing prospective homebuyers throughout 2022. However, real estate experts are noting that while Las Vegas isn’t immune to these issues, the marketplace is currently proving to be far more affordable overall than much of the country.

As 2022 soon enters into its final month, Las Vegas real estate expert Kirby Scofield stated in a recent interview that – despite the economic roadblocks that are in the way – individuals can still get a great deal in Southern Nevada if they’re willing to put in the effort, as the region features a unique set of circumstances that can prove rewarding for homebuyers.

“We have four casinos going up, two more sports teams supposedly going to be announced and thousands of jobs coming into Las Vegas, that means people are going to be moving…moving means buying and selling homes,” he said.

The factors contributing to an improving Las Vegas real estate marketplace include gradually-lowering home prices coupled with reduced competition for the current inventory; this situation, Scofield said, can provide the ability to secure a good deal on a purchase despite high interest rates on home loans, which are currently past 7 percent.

Scofield notes that buyers should be looking at homes that they can afford based on the current interest rates, but also keep in mind that the tough market is now causing sellers to offer compromises that can lower the overall money you need to sink into a deal.

In addition, Scofield also said that some first-time home buyers may qualify for a Federal Housing Administration (FHA) home loan, which would require only a three-and-a-half percent down payment.

“Utilize that it’s currently a buyer’s market to get seller concessions to buy down the points, and pay for your closing costs and get keys for home you deserve,” he said. “More homes available in FHA limit, double than we had in inventory in January alone of every home total in 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 – An “outdated” equestrian property extensively transformed into an “organic luxury modern farmhouse” located in an out-of-the-way section of Las Vegas has been listed on the open real estate marketplace for nearly $2 million, according to reports.

The residence, located at 7435 W. Richmar Avenue – situated in a “peaceful nook” under Exploration Peak in the southwest Las Vegas Valley – was originally purchased in February 2022 by the husband-and-wife real estate team of Natalia and Ben Harris before their extensive renovation of the property.

The 3,358-square-foot home has now been listed for $1.849 million and features six bedrooms, four baths, formal living and dining and an executive office/flex space, all situated upon two acres of property isolated enough to give homeowners a strong sense privacy, but close enough to shopping and entertainment venues for when groceries or a night on the town are desired.

The house also boasts a detached casita, mature fruit trees, a greenhouse, resort-style pool, recreational vehicle parking and an oversized motor court entry.

7435 WEST RICHMAR AVENUE, LAS VEGAS – $1,849,000.00

Another selling point of the property is the large amount of nearby wildlife, with the owners noting that hundreds of species of birds are on display on a daily basis and coyotes are visible running up the nearby hills.

The property’s $250,000 in renovations – carried out by Gary Martin of GC Construction – were primarily confined to the residence’s interior, which Natalia and Ben Harris noted had a “cramped” feeling due to an excessive amount of partition walls; many of these were subsequently knocked down to create a spacious open-concept floor plan.

The overall aesthetic of the home, according to Natalia Harris, is now one of an “organic, modern farmhouse to pay tribute to the equestrian aspect of the property,” avoiding a completely modern feel in favor of an emphasis on warm, natural colors and textures.

Other upgrades include the gutting of the outdated kitchen and substituting it with a gourmet kitchen featuring quartz countertops and a striking black chevron backsplash, replacing the existing central multicolored stone fireplace with a LED black porcelain tile fireplace, and ripping out the old primary bathroom and transforming it into an exotic, resort-style bath.

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 entrepreneurs seeking an integration of their life and work experience into a single flexible space, Juhl, located in downtown Las Vegas, offers the unique combination of a luxury condominium with office, commercial or retail space that’s sure to appeal to go-getters looking to establish their brand while living where they work.

Juhl provides tenants with two-story live-work condominiums that provide visible street-level space for business, combined with separate, private second-floor living space that allows a seamless blending of living and working environments. The live-work condos range in size from 1,359 square feet to 1,993 square feet and cost in the range of $550,000 to $650,000, with building management offering a $25,000 tenant improvement credit to help the tenant to customize their space.

The block-sized Juhl, located on Bonneville Avenue, is the only mixed-use development in Las Vegas’ downtown area, and has a wide variety of businesses occupying its street-level business sections, from restaurants to retail establishments. All Juhl units are zoned for commercial use and include access to a private parking lot as well as ample street parking for customers and clients of its tenants.

The actual commercial units themselves are spacious and can be easily customized, with high ceilings, floor-to-ceiling windows, concrete flooring, a rear entrance, and a half-bath. And as for the second story living space, Juhl’s tenants have access to a one-bedroom, one-bath unit with a private entrance, balcony, and a contemporary kitchen with stainless steel appliances and granite countertops.

Juhl tenants also have access to a variety of amenities, including a two-story fitness center, a resort pool, dedicated concierge, 24-hour security, summer kitchens and grilling stations, movie theater, a Vino Deck, private pet walk and electric car charging stations.

For anyone interested in starting their own business and enjoying a conveniently-located space to call home in order to create a healthy life/work dynamic, Juhl offers a unique and dynamic way to achieve this goal.

For more information visit https://www.juhllv.com call (702) 816-5466.

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

LAS VEGAS, NV – According to a newly-released report, the housing market in Las Vegas is continuing to show signs of cooling, with prices – although still relatively high – dropping from September to October amid slowed activity brought about by high inflation and mortgage rates.

In October, the median price for an existing single-family home sold in Southern Nevada was $440,000, which represents a 2.2 percent decrease month-over-month from September, when that price was $450,000.

October’s drop was the fourth time in five months when home prices in Vegas have lowered from the previous all-time record for the region, which hit a whopping $482,000 in May of this year. Regardless, the median price for an existing single-family home in October was still up 7.3 percent from the same period of time in 2021.

Meanwhile, prices of townhomes and condominiums in Southern Nevada also dropped last month, although not to the degree of houses. In October, the median townhome and condo price was $266,000, a decrease of 1.5 percent from September but an increase of 12.7 percent from October 2021.

Brandon Roberts, president of Las Vegas REALTORS®, said that ever since the Federal Reserve began jacking up interest rates in an effort to curb national inflation, it has had a correspondingly harsh effect upon real estate, even in strong markets such as Nevada.

“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” he said. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”

In October, 2,192 homes, condos and townhomes were sold in Las Vegas, which is a drop of 44 percent year-over-year for homes and 41.9 percent for condos and townhomes, respectively.

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 real estate in Las Vegas – along with the entire country – has been facing a recent slowdown amid rampant inflation, high prices, and increasing mortgage rates, one aspect of the market has not only endured, but has actually continued to flourish- Southern Nevada’s warehouse market.

In October, newly-built industrial park SunPoint West sold for $143 million to German asset manager DWS Group. What was especially notable about the sale was that before the construction on the facility was even completed in September, it had already been fully-leased by tenants.

SunPoint West represents just one of a series of new warehouses near North Las Vegas Airport that are being snapped up as quickly as they are being built. The faciltiy’s developers, SunCap Property Group and Diamond Realty Investments, originally announced plans for the facility in 2021 as a six-building project spanning nearly 40 acres and covering approximately 730,770 square feet.

While demand for industrial real estate in Las Vegas grew quickly in the last few years, it only increased more during the COVID-19 pandemic and hasn’t let up since; greatly heightened public reliance on internet-based shopping paved the way for a much larger need for distribution facilities, with Southern Nevada proving to be extremely valuable in that regard.

Currently, industrial vacancies in the region are at record-lows, and rents are correspondingly rising higher and higher, with more and more landlords purchasing buildings and developers announcing new projects, with the main focus being placed on North Las Vegas.

Much like the home-purchasing frenzy in Vegas during the pandemic when buyers were often over-bidding and closing on houses sight-unseen, it’s now become fairly common within the last several years for industrial facilities to be fully-leased before construction on them has even been completed, with demand currently outstripping supply.

Essentially – despite the overall hurdles facing the real estate market currently – developers in Las Vegas seemingly can’t build industrial and warehouse space fast enough.

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 months amid lowering home and condo prices due to the nation’s inflation and rising mortgage interest rates, prices of luxury homes in Las Vegas have finally begun to feel the sting as well, with September representing their first decrease in value since January 2021.

However, experts are saying that this lull is only temporary, with values are already starting to pick up once again as October nears its end, proving that despite the nation’s economic woes having a very real negative impact upon the housing market, luxury homes remain very much in demand.

In Las Vegas during the month of September, reports indicate that 99 homes with a value of $1 million or more were closed upon, a 1.5 percent decrease from August; this is the lowest number since January 2021, when 86 closings of homes in this value range.

The all-time record for the Vegas luxury marketplace, in contrast, was 218 closing in April 2022; this was followed by 178 luxury closings in May, 156 in June, 106 in July, 118 in August, and 99 in September.

But real estate experts say that, despite the dip in September, the market appears to already be bouncing back, with 164 pending deals in-place at the start of October, representing a significant uptick from the month before.

Experts are attributing the lower-than-expected sales of luxury homes in Vegas in September to increasing national mortgage rates – which currently sit at 6.94 percent and rising – which has fueled the highest rates on 30-year fixed-rate home mortgages in 20 years.

In addition to pricing some buyers out of the market, the inflated interest rates have also caused a slowdown of sales due to some sellers now taking a “wait-and-see” approach to listing their properties until interest rates go back down and the market improves.

However, the Vegas luxury market is less affected by these factors, experts say, due to the fact that a few interest points more or less may not dissuade individuals with the significant buying power and net worth from purchasing homes sooner rather than later, as opposed to middle-to-lower-class buyers who not might want, but need – to wait.

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.