Category Archive : Real Estate

LAS VEGAS, NV – According to a new report by a local industry group, the prices of homes in Southern Nevada continued to drop in October for the second month in a row, while condominiums and townhomes – prices of which already hit an all-time high last month – continued to set records.

As per Las Vegas Realtors (LVR), the median price of a pre-existing, single-family home in Las Vegas in October 2024 was $475,531; this represents a $4,369 decrease from September 2024, when that amount was $479,900, itself a $100 drop from August. However, October’s house price numbers represent a 5.9 percent increase year-over-year from October 2023, when the price of a home was $449,000.

Currently, the region’s all-time record for single-family homes is $482,000, originally set in May 2022.

In contrast, October’s median price for condos and townhomes set an all-time record for the second month in a row, hitting $315,000 after reaching their highest level in history at $299,500 in September, with that number, in turn, surging a whopping $7,500 over August’s $292,000. October’s condo and townhome numbers represent a 14.3 percent year-over-year increase from October 2023’s price of $275,500.

LVR President Merri Perry Noted in a news release that many buyers had put their purchasing plans on the back burner while awaiting the outcome of the 2024 presidential election; now that that contest has been decided, she said she anticipates it to have a very distinct impact on the real estate scene, both in Las Vegas and nationwide.

It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans,” Perry said. “As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”

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 new study released this week, the number of new real estate agents entering the industry in Nevada is at the highest level in the entire nation, testament to the high level of property transaction activity within the Silver State.

As per a new study put out by Flatworld Mortgage Solutions – using data from the U.S. Bureau of Labor Statistics – about 1,140 new real estate agents joined the Nevada market from 2022 to 2023, the most out of any state in the country. Following up Nevada in a distant second place was Tennessee with 850, and in third place was Missouri with 770.

In contrast, California ranked highest among states that lost the most agents, with an astounding 8,160 heading for greener pastures during the time period of the study. Second highest in agents jumping ship was North Carolina with 5,870, followed by Texas with 3,190 and Florida with 1,350.

Flatworld Executive Vice President Rajeev Kumar noted that a variety of factors are figuring into the recent swell of realtors in Nevada.

Nevada’s leadership in real estate agent job growth could be attributed to its thriving economy, rapid population growth, and strong demand for housing,” he said. “The state’s favorable climate and relatively affordable living options may also make it an attractive destination, potentially driving increased investment and creating numerous opportunities for real estate professionals.”

In reaction to the story, Las Vegas Realtors President Merri Perry said that it was a clear indication that real estate growth in the Las Vegas Valley – in both the residential and commercial sectors – is still very much on the upswing.

Studies like this one suggesting that the number of Realtor jobs in Nevada increased through 2023 reinforce our state’s reputation for being a strong real estate market with a growing economy,” she said. “While the housing market may have slowed a bit in the past two years, LVR and its members still appreciate the fact that Southern Nevada has a range of advantages over other parts of the country.”

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 real estate scene in Las Vegas always goes hot and heavy, but according to a new report, September 2024 was a standout month in terms of the sheer number of high dollar properties being listed for sale on the open market. Numerous luxury homes and condominiums were put up for grabs last month, ranging in price from $7.7 million all the way up to a whopping $15 million.

For the purposes of this article, we will be covering the top four most expensive listings in September, and what they offer for their respective price points.

The most expensive new listing was the aforementioned $15 million home located at 607 Alpine Summit Drive in The Peak at MacDonald Highlands, a guard-gated community in Henderson. Despite its hefty price tag, this custom, 8,200 square-foot custom Blue Heron home is still in the process of being built. It boasts six bedrooms, six-and-a-half baths and a five-car garage, in addition to a sky deck, a 1,324 square-foot pool and views of the Las Vegas Strip.

Up next is a $14.5 million listing at 64 Promontory Ridge Drive within The Pointe at The Ridges in Summerlin, a guard-gated golf course luxury neighborhood. This 10,591-square-foot mansion features six bedrooms, 10 bathrooms, a four-car garage, a theater, lounge with a full bar, chef’s kitchen and prep kitchen, and a home automation system.

Coming in third on our list is a $13.28 million, three-story condo at 4525 Dean Martin Drive in Panorama Towers Las Vegas. The unit has 8,000 square feet of living space with two bedrooms and five bathrooms, and has many opulent amenities including a spiral crystal staircase and hammered copper sinks. Residents also have access to Panorama Towers’ many perks, such as a fitness center, yoga studio, pool, private cabanas, spa facilities, massage rooms, a business center, theater and racquetball court.

And finally, we have 591 Cityview Ridge, which comes in at $11,499,999. Located in MacDonald Highlands in Henderson, this newly-constructed estate comes with five bedrooms and seven bathrooms, and is sure to wow anyone with its home gym with a sauna as well as a full kitchen, 65-foot infinity pool, Jacuzzi, two firepits, built-in backyard patio heating and barbecue.

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 – Those looking for sustainable housing options in Las Vegas’ trendy Arts District may wish to look into Midtown, a high-tech, environmentally-friendly “green” luxury apartment complex spearheaded by female developers that represents a unique new addition to the city’s downtown area.

Midtown – located at the north end of the Las Vega Arts District at 921 South Main Street, managed by Berkshire Hathaway HomeServices Nevada Properties with retail sales represented by the Martinez Group – will be holding a public open house event for prospective new tenants on Friday, October 25, from 5 p.m. to 8 p.m.

The facility will boast “modern residences alongside micro-retail, small business spaces and luxury amenities,” according to Aldo Martinez of the Martinez Group.

Midtown is designed for people who want an active, community-driven lifestyle, similar to the energy and vibrancy you find in New York City,” he said. “It is going to be the future of urban living in the valley, where sustainability and style come together. It’s a place where you can live, work and unwind, all while enjoying a modern environment without giving up any luxury.”

Midtown is slated to have 87 residential units – comprised of studio, one-bedroom, two-bedroom and penthouse options – with prices starting at a base level of $299,000, and accompanied by numerous high-end amenities such as energy-efficient appliances, all-electric interiors and access to a shared series of Tesla electric vehicles (EVs).

Midtown is unlike anything Las Vegas has seen before,” Matthew Martinez of the Martinez Group said. “We’re bringing together everything that makes downtown living exciting – walkable spaces, local businesses and modern design – all while keeping it accessible.”

If you’re interested in registering for the open house event, please visit midtownvegas.bhhsnv.com/midtown-open-house. Since space at the complex is limited, it is recommended registering as early as possible.

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 – KB Home, a major homebuilder in the Las Vegas Valley, has announced that they have purchased a large plot of “prime” land adjacent to Henderson upon which they intend to construct multiple housing units next year.

The 20 acres of land located in the Southeast valley along Boulder Highway and northeast of Harry Reid International Airport will be the site of KB Home’s latest construction endeavor, with the developer stating they will erect 229 homes at the site.

KB Home purchased the commercially-zoned land from The Siegel Group – a Las Vegas-based real estate investment and management firm – for $19 million, and is currently in the process of entitling the land for residential development.

The Siegel Group President, Stephen Siegel, noted that his firm had received numerous offers for the land in recent years, and said that he is happy that it will be used to address the housing crisis that is currently plaguing Southern Nevada.

We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities,” Siegel said. “Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

KB Home’s Division President, Jim McDade, revealed that the 229-unit single-family housing community will be dubbed “Manzano,” and that both construction work and home sales will commence on an unspecified date in 2025.

The new homes at Manzano will be designed for the way people live today, with popular interior features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space,” McDade said. “The community’s floor plans will feature up to five bedrooms and four baths.”

The original plot of land involved in the deal totaled 27 acres, with The Siegel Group holding onto the remaining seven acres for future development; there is also currently a 186-unit extended-stay hotel located on the property as well.

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 per a new report by Las Vegas Realtors (LVR), the median price of condominiums and townhomes in Vegas during the month of September hit their all-time high, while single-family home prices dropped ever-so-slightly still remaining perilously close to record levels.

In September, the median price of condos and townhomes in the Valley reached their highest level in history at $299,500, surging a whopping $7,500 over August’s $292,000 median price; this bests the previous record set in July when that amount was $296,000, and represents a 10.9 percent increase year-over-year.

As for pre-existing, single-family homes in Vegas, September’s median price was $299,500, a 6.6 percent year-over-year increase and an ever-so-slight decrease of just $100 from August’s $480,000 median price. September’s price, while infinitesimally lower from the month before, nonetheless remains just $2,100 shy of the region’s all-time record of $482,000, originally set in May 2022.

While real estate prices in Southern Nevada dropped slightly prior to the Federal Reserve’s half-percentage point interest rate cut in August, September overall saw prices rise yet again; single-family homes have increased in value in eight out of the nine months of this year so far.

LVR President Merri Perry nonetheless remained optimistic that the Fed’s rate cut – and the additional ones it plans to institute in the near future – will make homes in the Valley more affordable sooner rather than later.

The interest rate cut announced in September by the Fed can only help the housing market,” she said. “While I don’t think this will have a dramatic impact, it certainly helps people, especially prospective homebuyers.”

2.277 homes, condos and townhomes changed hands in Las Vegas in September, representing an overall decrease year-over-year among all three; home sales were 1.6 percent lower when compared to September 2023, and condo and townhome sales were down 12.1 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 – While Las Vegas has always been a hotbed of real estate activity, a new report indicates the city currently boasts the highest levels of growth in terms of new home listings out of the entire nation.

According to residential real estate brokerage and mortgage origination services company Redfin, in August of 2024, the number of new home listings in Sin City jumped an impressive 12.8 percent year-over-year, which represents the biggest increase out of any metro area in the United States.

However, Redfin did not note the overall number of listings that this encompassed, just the percentage of the increase from one year to the next.

The growth of new listings in Vegas beat out competing cities such as San Diego, California, which saw an 11.7 percent increase, and Sacramento, California, with an 9.5 increase.

In contrast, Atlanta, Georgia, saw its number of new home listings decrease the most nationally, with a whopping drop of 19.4 percent year-over-year.

As for what is driving the large increase of new home listings in Las Vegas, experts point to numerous factors influencing the real estate market, such as a growing number of residential transplants from neighboring California – most likely escaping high living costs and heavy tax burdens – as well as lowering interest rates on home mortgages following the Federal Reserve’s recent rate cuts.

The continued upward trajectory of Vegas’ real estate industry is also being driven by the arrival of new professional sports teams – such as the Raiders NFL team – as well as significant investments on the part of Hollywood bigwigs such as Sony, which is establishing a new studio in Summerlin.

“Everyone is coming here,” Perry said. “I’ve had a lot of cash buyers come in, and a lot of Californians are coming because prices are so high they can sell their property and pay cash here and have a big nest egg because everything in Las Vegas is cheaper.”

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 is one of the most popular tourist destinations in the world, and when those visitors come to Sin City, they obviously need places to stay. And while the city’s hotels are bustling, investors have been hedging their bets on the popular short-term rental industry in recent years, buying up properties to rent out via platforms such as Airbnb and Vrbo.

At current count, there are approximately 10,000 short-term rentals operating in Las Vegas; however, according to a new report, the majority of them are doing so without a license, and are thus considered illegal by Clark County officials.

Landlords operating unlicensed short-term rentals can face serious penalties, with recent examples including hosts incurring fines as high as $180,000 to $240,000. But the majority of these property owners would prefer to be running their rentals legally and on the up-and-up, and blame the extraordinarily sluggish licensing approval process on the part of Clark County for essentially forcing them to skirt the law.

Clark County’s pre-application process opened in 2022, with the deadline for submission having been August 2023. Since then, however, a meager 64 applications have been approved out of the 831 submitted, leaving a looming backlog of over 600 individuals waiting to be able to legally rent out their properties.

According to a statement that Clark County officials issued to the media, the approval process has become ensnared in unforeseen red tape caused by the type of lottery process they employed, and they are attempting to rectify those issues as quickly as possible.

The issuance or denial of a license or a withdrawal of an application will impact other applicants with a higher RNG number on the priority list,” officials said. “Also, the appeal of a denial also requires a hearing process, which requires additional time and delays the process. Additionally, there are factors that impact the timeliness of this process, such as applicants submitting fees timely and getting their inspections scheduled.”

But regardless of the reasons for the delays, Greater Las Vegas Short-Term Rental Association founder Jackie Flores said that every day the property owners she advocates for are forced to wait, is yet another day they are unable to support their families.

A lot of people think people do short-term renting just to get rich, and that is not usually the case,” she said. “The average individuals are senior citizens with a fixed income that are doing it to supplement their income, there are families that have bills to pay and need to make that extra money.”

LAS VEGAS, NV – After a number of borrowing rate increases over the past several years instituted in an attempt to combat skyrocketing inflation and prevent a potential national recession, the Federal Reserve is finally expected to implement their first rate cut in four years on Wednesday, with experts anticipating that the move will begin to lower the historically-high interest on mortgage loans.

Other decreases due to Wednesday’s expected cut are to be seen with auto loans, credit cards – the nation debt for which recently hit $1.1 trillion, the highest level in U.S. history – and business loans.

The rate cut, which is anticipated to be by either a quarter point or half percentage point – and more cuts are currently in the pipeline – should make it easier for individuals and families who have been holding off on buying a home due to high borrowing costs to finally land a mortgage that they can afford. The last time the Fed instituted a cut – way back in 2020 – interest rates were at 5.25 to 5.5 percent, which at the time was the highest point they had reached in 23 years.

In contrast, over the past four years interest rates for mortgages peaked at a whopping 7.8 percent in October 2023; as of September 2024, rates have dropped to approximately 6.2 percent.

Experts say that, with the news of the Fed’s anticipated rate cut announcement on Wednesday, now is a good time for people to begin taking a close look at their financial situation, as some interest rates will decrease automatically, creating some measure of relief for cash-strapped citizens.

While the federal funds rate does not directly set mortgage rates, experts note that the two tend to go hand-in-hand and as continued cuts come to pass, borrowing rates should continue to fall. As that occurs, consumers are encouraged to consider refinancing existing home mortgages and those shopping for a home should step up their efforts amid the lowered borrowing costs.

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 new history data released by industry group Las Vegas Realtors (LVR) illustrating how inflation has made home ownership more costly in recent years, in 1997 the median price of an existing single-family home in Southern Nevada was $124,000, which would be the equivalent of $246,829 in today’s current market.

However, clearly showing how times have changed, the actual median price of a single-family home in Las Vegas as of July 2024 was, in reality, $480,000, which represents a 6.7 percent jump from July 2023, when that amount was $450,000.

July 2024’s median home price also shows that home values in the Las Vegas Valley are slowly but surely creeping back up to potentially meet – and perhaps even exceed – the all-time record of $482,000, which was originally set in May 2022.

Other tidbits from the data released by LVR provide additional insight into how home values have appreciated with greater and greater speed in Southern Nevada over the years- the median price in July 2000 was $140,000, but by April 2004, it had increased to $252,500.

And despite the Great Recession in the mid-2000s essentially knocking home prices in Vegas back to levels not seen since before 2001, LVR’s historical data indicates that, since 2000, home prices in the region overall have more than tripled.

One of the main factors contributing to the rapidly rising value of homes in Vegas is the fact that there is a limit currently to how much public land there is for developers to construct upon.

In fact, research firm Applied Analysis notes that in as soon as eight years, the valley could exhaust its supply unless the Bureau of Land Management – a federal agency that controls much of the land in Nevada – speeds up the process of releasing more land for housing development, a process that they have been heavily criticized for due to their lack of urgency in doing so thus far.

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 presidential campaign of Kamala Harris released an ad this week detailing her plan to address the housing shortage and lower home costs in the United States, should she be successful in her bid to be elected to the White House in November.

The advertisement – targeting residents in swing states including Nevada, where the median home price as of July was $480,000 – first details the struggle of the family of the Democratic nominee for president to save and purchase their first home when she was a child.

From there, the advertisement then proceeds to recap the plan that Harris revealed last week in North Carolina that calls for a $40 billion housing initiative fund for local municipalities throughout the country, the construction of three million new homes, and tax incentives for residential developers that target first-time homebuyers.

In addition, Harris’ plan also aims to provide “first-generation” homebuyers – defied as “any individual whose parents or guardians never owned a home during the homebuyer’s lifetime and whose spouse has not owned a home in the last three years” – with down payment assistance in the amount of $25,000, as well as a $10,000 tax credit for first-time buyers.

The Research Director of the University of Nevada, Las Vegas’ Lied Center for Real Estate, Nicholas Irwin, noted that Harris’ proposal, if implemented properly, could be effective in addressing the housing crisis that the state is currently experiencing, which currently has the sixth-lowest homeownership rate and 11th-highest median rent in the country.

I’m a big, big proponent, like most people in the real estate space, of building more housing as best we can,” he said, while pointing out the fact that about 80 percent of the land in Nevada is federally-owned. “We don’t have the option to just go build. Federal agencies are not disposing of [it’s land] perhaps as quickly as we would like, especially when it comes to addressing our affordable housing needs.”

However, the Executive Director of the Nevada Housing Coalition, Maurice Page – while also acknowledging the potential in Harris’ plan – expressed worry that it could ultimately inflate housing costs down the line.

These will definitely create some amount of inflationary pressure, because you’re putting more money in a certain group’s hands, the first-time homeowners,” he said. “But if you pair a demand-side policy like that with supply-side, getting more houses online, hopefully it will dampen that effect.”

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 new report released by residential real estate brokerage and mortgage origination services company Redfin, the Las Vegas Valley has seen the number of homes purchased by investors increase year-over-year by the largest margin in the entire nation.

In the second quarter of 2024, purchases made by investors – in this case, defied by Redfin as a “company” – jumped a whopping 27 percent when compared to the same period of time one year prior, the most out of any area in the United States. These numbers tied the valley with only one other city in the country- San Jose, California, which saw the same exact percentage of homes gobbled up by investors.

About 14 percent of all residential single-family homes in the Las Vegas Valley are now owned by investors representing corporations, according to a study released by the Lied Center for Real Estate at the University of Nevada, Las Vegas (UNLV). These numbers go up even further when North Las Vegas is focused upon, with an astonishing 25 percent of all homes there currently in the hands of out-of-state – and typically Wall Street-backed – investors.

Chen Zhao, a lead Redfin Economics Research analyst, noted that the Las Vegas Valley has a wide variety of factors that make it uniquely attractive to companies seeking to sink their investment dollars into real estate, buying large numbers of homes to then rent out to both locals and tourists.

Investors could be attracted to Las Vegas because rents there are increasing more than the national median,” she said. “In addition, Las Vegas is a tourist destination so short-term rentals are another reason for investors to want to buy there.”

In addition, in Q2 2024 the city of Las Vegas itself has the largest number of homes bought by investors – 22.3 percent – with only Miami, Florida ranking higher in that regard, as 28.5 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.