Category Archive : Real Estate

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.

LAS VEGAS, NV – Following the end of pandemic-era housing protections, the number of evictions soared nationally and many tenants who failed to pay their rent during COVID-19 – either because of financial issues brought about by the virus, or because they were simply taking advantage of the law for their own gain – found themselves out on the street.

In fact, in 2023, evictions in some U.S. cities increased to over 50 percent higher than they were prior to the pandemic, according to a recent study by the University of Michigan.

While this was a blessing for many cash-strapped landlords who suffered throughout the pandemic, it has led to a new series of issues that many are being forced to face: a growing number of states that are allowing tenants to seal their eviction records in some – and, at times, all – cases, making it difficult for the next individual they rent from to tell if they will be a reliable occupant or not.

The increasing number of states that are passing legislation in favor of allowing tenants to conceal their previous eviction status argue that – regardless of the reason – having an eviction on your record can have a negative impact on acquiring new housing and can contribute to homelessness.

However, many landlords – especially small mom-and-pop property owners with limited means – argue that it is unfair to conceal eviction records from them, given the fact that many were already forced to provide free shelter for an extended time during the pandemic, much to their financial detriment. Not knowing if a new tenant is reliable or not could potentially put them in additional jeopardy, they say.

That being said, can tenants have their eviction records sealed in the state of Nevada? To answer that question, we turn to Nevada Legal Services (NLS), which lays out the details.

Normally, evictions are considered public records, and in the case of Nevada, that is no different. However, there are instances where – due to the passage of Nevada Revised Statutes (NRS) 40.2545 in 2022 – courts are allowed to seal a summary eviction case in certain circumstances; sometimes automatically, sometimes when petitioned by a tenant or landlord.

According to NLS, an eviction in the state of Nevada is sealed automatically:

• If the eviction is dismissed.
• 10 judicial days after eviction denied – tenant prevails at court hearing.
• The landlord seeks to rescind the eviction.
• 31 days after Tenant files the Tenant’s Affidavit if Landlord does not file.

In other instances, a tenant must take action to have an eviction sealed; a Stipulation to Seal can be filed if a landlord agrees to seal the eviction, and both parties must sign the form. But if the landlord does not agree to seal the eviction, the tenant must file a motion on their own, which may or may not be granted, depending on the circumstances of the eviction; essentially, they must prove to the court “the interest of justice in sealing the eviction is not outweighed by the public’s interest in access to court records.”

So, in closing, Nevada currently does not have a blanket seal on eviction records; they can be automatically sealed in certain instances, but otherwise tenants are required to petition the court to do so, and they must provide proof to back that petition up or it will not be granted.

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 – New rules governing the United States real estate industry are going into effect this week that could potentially make the process of buying and selling a house – both in Las Vegas and nationwide – more difficult and complicated than before.

Now, before a prospective buyer can even receive a tour of a home that they are interested in, they will need to have a written contract in place with a real estate agent.

Previously, individuals selling homes typically offered a blanket commission to the buyer’s real estate agent when listing their home for sale on a multiple listing service (MLS). However, going forward this will no longer be permitted due to new rules that are going into effect as a result of federal class-action lawsuits against the National Association of Realtors (NAR).

A buyer will still have the option of negotiating compensation offers directly from the seller, but if they are turned down, the buyer would be responsible for paying for the services of the seller’s agent.

These changes are a result of a settlement the NAR reached in their lawsuit – along with a $418 million payout – which alleged that artificially inflated real estate agent commissions were being forced upon sellers across the nation upon the sale of their homes.

Going forward, as mentioned earlier in this article, agents who are representing clients with homes advertised on a MLS and their prospective buyers will need to have a contract in place for even a tour of a listed home to take place, which some sellers say may add a layer of confusion and difficulty to the buying process.

However, real estate experts are saying that at the end of the day, it is not expected that the market will see significant slowdown due to the new rules being implemented, aside from adding more steps to the homebuying process.

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 effort on the part of a local homeowner to contest a “way too steep” $55,000 fine after being accused of operating an illegal short-term rental was shot down by the Las Vegas City Council last Wednesday, who noted that the defendant had been warned multiple times that he was breaking the municipality’s short-term rental law.

Short-term rentals are permitted in Las Vegas, but they must be licensed and are mandated to follow city regulations.

The council had levied fines in the amount of $500 per day – for a total of 110 days – that X Management LLC owner Jonathon Foulks had allegedly been operating the short-term rental in question, which was located in the proximity of Oakey Boulevard and Arville Street.

Foulks argued that the penalties he was being charged with were unfair and would ultimately result in the loss of the house that was purportedly being rented out.

$55,000 on top of my mortgage is putting the place into, basically foreclosure. It’s way too steep of a fine for what I did,” Foulks reportedly said to the council. “It’s over the top. It’s basically gonna make me bankrupt.”

It’s a sad situation, but it is what it is, and that motion to appeal has been denied,” said Mayor Carolyn Goodman.

The complaint against Foulks began back in April 2023 when neighbors complained about the rental house to authorities; after a code enforcement officer investigated the allegations, he notified the homeowner that he was in violation of city ordinance for renting the property without a license.

However, the city claims that warning went unheeded, and sent Foulks a written notice after they discovered the very same house advertised for rent on Airbnb in July 2023. After the house continued to be advertised for rent, Foulks is alleged to have told a code enforcement officer in August 2023 that “he doesn’t see how the city can tell him what to do with the property.”

It was at this point that he was informed that the city would begin enforcing the ordinance; in an effort to remedy the situation, Foulks temporarily stopped renting the property until he was able to form an LLC – or Limited Liability Company – which he mistakenly thought would legitimize the rental property.

Later, the city fined Foulks a total of $55,000, saying that he operated the rental from August 2023 to February 11 – and continued renting it afterwards. However, the council noted that if Foulks had simply complied with previous warnings, he likely would have walked away without any penalty whatsoever.

Despite briefly considering lowering the amount of the fine, the council ultimately decided to keep it in full to serve as a deterrent, they said.

LAS VEGAS, NV – A 10.5-acre custom estate in Las Vegas featuring a fascinating and lavish medieval-themed Las Vegas mansion has just been listed on the market for $10 million.

Located upon a gated hilltop in Henderson, the startlingly unique, castle-themed 14,756-square-foot luxury residence was originally built in 2006 by Vegas-based magician Lance Burton. He had a long-running and highly-successful magic act, performing over 15,000 shows at the Monte Carlo Hotel and Casino for over 5,000,000 people until retiring in 2010, at which time he moved to his farm in Kentucky.

Later, in 2021, he put the Henderson mansion on the market, eventually selling it for $4 million; now it’s back up for grabs, but this time with a $10 million price tag.

The estate boasts six bedrooms and seven baths, and medieval-styled touches such as battlements and a turret that overlooks the valley and the Las Vegas Strip; however, there is also a clash of styles, with modern floor-to-ceiling windows and asymmetrical rooflines.

1280 Scooter Street, Henderson – $10,000,000.00

The interior is elaborate and highly detailed, featuring a great room with a 30-foot barrel ceiling and intricate decorative items everywhere, such as busts, mounted suits of armor, hallways lined with historical portraits, red velvet draperies, gold leafing, rich paneling and lush carpets, and bronze and marble statues.

In contrast to the almost Victorian-style trappings, there are also a host of high-end, modern amenities as well, such as a chef’s kitchen with a Viking Professional grill and a wine fridge, movie theater, performing stage, two-story library – with a secret door leading to the second floor – gym, office, library, sitting room, and a grotto area with a waterfall and spa.

There’s a sense of drama in the house,” Burton said of the residence in 2021. “The house is very cinematic with a lot of natural light. The living room has an overhead bridge that goes across the room. You walk up a spiral staircase and the bridge takes you to the guest rooms.”

See full listing details for 280 Scooter St, Henderson

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 a Las Vegas-based real estate industry group, the prices of homes in Southern Nevada increased in July – continuing their recent upward trajectory – whereas the cost of condominiums and townhomes reached an all-time record high.

Las Vegas Realtors notes that the median price of an existing single-family home in Las Vegas last month was $480,000, which represents a 1.05 percent increase over June, when that amount was $475,000. It’s also a 6.7 percent jump over July 2023’s median price of $450,000, with current prices slowly crawling to meet – and possibly exceed, eventually – the all-time record high of $482,000, which was reached in May 2022.

Meanwhile, the median price for condominiums and townhomes broke the local Las Vegas record, reaching a new all-time high of $296,000; the previous record, originally set in May of this year and subsequently carried over into June, was $295,000.

Las Vegas Realtors President Merri Perry said that the fact that the mortgage industry in the United States is still charging high interest rates on home loans appears not to have deterred sellers in Southern Nevada – and across the country – from continuing to raise their prices on homes.

It looks like prices for homes here in Southern Nevada will soon follow what’s already occurred with condos and townhomes, which have been at record levels since May,” Perry said. “One bright spot for home buyers in this month’s report is that we continue to see more homes hitting the market and available for sale.”

At the end of July, there were 4,634 single-family homes listed in Vegas without any offers, which is a 31.5 percent increase year-over-year. In addition, there were 1,481 condos and townhomes listed without an offer, a 70 percent jump from July 2023.

A combined total of 2,764 existing homes, condos, and townhomes were sold in Las Vegas by the end of July, an increase of 5 percent for homes and 1.5 percent for condos in townhomes year-over-year.

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 – National Hockey League (NHL) star Jonathan Marchessault has listed his Summerlin mansion for sale for $5.2 million after leaving the Las Vegas Golden Knights – a team he has played with for the past seven seasons, during which time the team picked up a Stanley Cup win – for a new big-money deal to play for the Nashville Predators.

After signing up to play for the Predators in July, Marchessault, 33, listed his two-story, five-bedroom, 5,586-square-foot home for sale in August for $5,200,000 after having previously purchased the residence – located in Summerlin’s private, master-planned community of Canyon Fairways – in 2021 for $2,150,000.

The residence was originally constructed in 2003 and features a contemporary design and has undergone numerous remodeling projects. It is part of a homeowners’ association whose fees are $580 per month, and membership includes access to golf courses, basketball courts, parks, playgrounds, and 24-hour a day, seven-day a week security.

504 LOB WEDGE CT, LAS VEGAS, NV 89144

The lavish mansion boasts huge glass doors and windows; a kitchen with granite countertops, custom cabinets, a pantry, and an island; a primary suite with an entertainment center, reading nook, walk-in closets, and a private balcony overlooking the backyard; and a primary bath with a soaking tub and double-sized shower.

The backyard is large and features many amenities, such as a children’s play area including an in-ground trampoline, a sports court, a fenced pool and spa, and a covered patio with a kitchen, dining area and fireplace.

Marchessault, who originally hails from Cap-Rouge, Quebec, Canada, was selected by the Golden Knights in the 2017 NHL Expansion Draft, and was later voted the most valuable player when the Golden Knights won the Stanley Cup Finals in 2023, a season that saw him make a career-high of 42 goals. He left the team at the end of the season as a free agent and subsequently signed a five-year, $27.5 million contract with the Nashville Predators on July 1.

See full listing details for 504 Lob Wedge Ct, 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 – Former Las Vegas Raiders quarterback Derek Carr has just put his lavish Southern Highlands mansion on the market for nearly $9 million, following his signing with another NFL team, the New Orleans Saints, last year.

Carr’s mansion, which was built in 2020 and boasts seven bedrooms and nine bathrooms, was listed this week for $8,990,000. The residence comes in at 9,628 square-feet and is located in a gated community that charges a $72 monthly homeowners association fee.

The home has a sleek, modern design aesthetic, with an open layout, tall ceilings, hardwood flooring, and oversized picture windows. The living room has a modern floating fireplace and a sculptural chandelier, and the kitchen has a seated center island, stainless steel appliances, marble countertops, and a pantry. There is also a stone-walled den and large office on the first floor as well.

52 Olympia Canyon Way, Las Vegas – $8,990,000.00

The mansion also has numerous high-end amenities, including a private balcony attached to the primary suite by a wall of sliding-glass windows, as well as walk-in closet, sitting area, and a spa-inspired bathroom with a soaking tub. There is also a guesthouse, a caretaker’s house, sports court, full gym with a golf simulator, and an eight-car garage.

The spacious backyard features a large lawn, two pools, and a patio area with a built-in outdoor barbecue.

Carr, who joined the Raiders in 2014 when they were still based out of Oakland, California, helped the team reach the playoffs during the 2016 season. However, after his performance was deemed below expectations during the 2022 season, Carr lost his starting job and agreed with Raiders leadership to be released following the conclusion of the season. Then, in March 2023, Carr signed with the New Orleans Saints for a four-year contract worth upwards of $150 million.

See full listing details for 52 Olympia Canyon Way, 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 new report indicates that the majority of homebuilders in Las Vegas saw strong sales increases during the first half of 2024 when compared to the same period of time in 2023, with seven of the top ten developers in the region reporting impressive jumps in the double-digits.

Led by Lennar, the current top homebuilder so far this year, there were a total of 884 sales of new construction homes in Las Vegas in June 2024 alone, which represents a 31 percent decrease from May – when that number was 1,273 – but a 15.6 percent decrease from June 2023, when 1,048 new homes were sold.

But despite the overall slowdown in sales in June, 2024 is nonetheless going strong, with a total of 6,652 in net sales having been made, which is a 16 percent jump from 5,589 from the same period of time in 2023.

Among builders seeing double-digit sales increases Lennar led the pack, having had 1,198 net sales so far in 2024, which – when taking away cancellations – represents a 19 percent increase over the 1,009 they sold in the first half of last year. Lennar was also the top selling builder in June as well, with 148 net sales.

Next up is D.R. Horton, whose 931 net sales in the first half of 2024 was a jump of 6 percent over the 879 sold in the first half of 2023. In third was the Pulte Group with 900 net sales – 15 percent higher than the 785 sold in 2023 – and in fourth was KB Home, which had net sales of 728. However, despite their placing on the list, KB actually recorded a decrease in sales when compared to last year, moving only 728 new homes as opposed to 856 last year.

Fifth place goes to Richmond American with 578 net sales (up 37 percent over 422 in 2023); in at sixth was Century Communities with 410 net sales (an impressive 122 percent jump over 185 last year); and seventh goes to Toll Brothers, who had 36 net sales (up 80 percent over 191).

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.