Category Archive : Real Estate

LAS VEGAS, NV – The Tropicana – a famous hotel-casino from the Rat Pack era – is in the process of being sold this year to casino operator Bally’s Corporation, and is reportedly facing an uncertain future that could include either extensive redevelopment or even complete demolition to make way for an entirely new establishment.

According to Bally’s Chairman Soohyung Kim, they are currently weighing all possibilities for the Tropicana’s future, although the corporation will “almost certainly” rename the property under the Bally’s brand and will redevelop it in some manner, although literally “knocking it down and starting over” has not been ruled out either in order to “maximize value.”

There is already a Bally’s resort in Las Vegas; however, Caesars Entertainment announced recently that they would be renaming their Bally’s resort on the Strip to the “Horseshoe Las Vegas,” thus freeing up the Bally’s name to be used for the soon-to-be-former Tropicana instead.

In April 2021, Bally’s announced it entered a deal to acquire The Tropicana from Gaming and Leisure Properties in a deal valued at $308 million. Bally’s acquisition of Tropicana is expected to close early this year, with Gaming and Leisure Properties retaining ownership of the land underneath the property for an initial 50-year lease.

In April of 1957, the Tropicana opened with 300 rooms, and had ties to organized crime; today, in its current form, the resort features 1,470-rooms, 50,000 square-feet of gaming floor space, and 72,000 square-feet of convention and exhibit space.

Numerous movies and television shows have filmed scenes at the famed Tropicana, including the 1964 Elvis Presley film Viva Las Vegas, the James Bond film Diamonds Are Forever – Sean Connery’s 007 is seen checking in, declaring “I hear that the Hotel Tropicana is quite comfortable” – The Godfather and The Godfather Part II, the TV show Charlie’s Angels in the 1978 episode “Angels in Vegas,” and many more.

Photo: Exterior view of the famous Tropicana on December 28, 2019 in Las Vegas, Nevada. File: Kit Leong, Shutterstock.com, licensed.

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, NY – “La Vista,” a high-end penthouse located in The Martin – a luxury high-rise condominium tower located at 4471 Dean Martin Drive in Las Vegas – has just been listed on the open market for a whopping $10 million.

Located on The Martin’s 44^th floor, La Vista offers spectacular views of the surrounding cityscape via expansive floor-to-ceiling windows and an 800 square-foot balcony; the result is breathtaking 180-degree views of the famed Las Vegas Strip and Allegiant Stadium.

Plus, the sheer size of the condo – La Vista comes in at 5,217 square-feet – is a rarity in Vegas’ high-rise luxury market, in which only less than two percent of the units offer 5,000 square feet or more.

The penthouse also offers three bedrooms, formal living and dining, a great room with a gas fireplace and bar, a climate-controlled wine cellar, and the aforementioned balcony, which features sliding glass entry doors, heaters and special ceiling insulation that produces a 67 percent degree of noise reduction from the hustle-and-bustle of the city outside.

4471 DEAN MARTIN DRIVE 4408, LAS VEGAS – $10,000,000.00

The unnamed seller – who reportedly has a background in construction and design – originally bought La Vista as a “blank slate” in 2015, completely remodeling the condo himself over the course of two years with a luxurious Italian design aesthetic, utilizing well-known design companies such as Dada, Boffi, Miele and Fisher Paykel. Walls feature hand-textures, frameless custom teak cabinetry, integrated appliances, and custom art panels fashioned by Italian artist Alex Turco.

The unit also boasts some high-tech amenities as well, including a Control 4 Home automation system that controls blinds, lights, media and HVAC system. The tenant of La Vista also has three spots in The Martin’s indoor parking garage, as well as access to the building’s resort-style spa and wellness center, yoga studio, pool, private garden lounge, dog park, personal concierge, steam room, library lounge and more.

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 the S&P CoreLogic Case-Shiller index recently released by S&P Dow Jones Indices, home prices in the Las Vegas real estate marketplace are rising at levels that are currently outpacing the United States average, and this is not the first instance of this occurring, experts say.

The prices of homes in Southern Nevada, from November 2020 to November 2021, increased 25.7 percent, compared to a 18.8 percent year-over-year increase for the country as a whole during the same period of time, the report revealed, which examined 20 major metro areas, all of which recorded annual price increases in the double-digits.

The highest increase of the 20 metro areas looked at in the report, however, was Phoenix, Arizona, which saw home prices leap up 32.2 percent from November 2020 to November 2021.

The report also bestowed another impressive distinction upon Las Vegas – the fact that the city has had home prices rising faster than the national average for six consecutive months in a row, and that trend is expected to continue until home inventory in the region increases due to ramped-up development efforts.

The report solidifies the fact that intense demand for homes in Las Vegas – driven by an influx of new residents seeking lower taxes and cheap mortgage rates that increased buying power – has resulted in a series of record-breaking home prices, seemingly month-to-month. While the degree to which Vegas’ real estate market has recovered from the mid-2000’s recession is indeed impressive, experts say that home prices are now sparking affordability concerns, especially among first-time buyers.

The December price of previously owned single-family homes in Vegas was a record-breaking $425,000, which represents a 23.2 percent year-over-year jump.

However, the findings of report also indicate that the prices of homes across the U.S. have uniformly been increasing at a “very high” rate overall, but have shown signs of slowing in the past few months; prices are expected to slow further as interest rates for home loans continue to increase.

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

LAS VEGAS, NV – Illustrating the prominence that Southern Nevada has achieved in the national real estate scene in 2021, recent national rankings have placed four Las Vegas-based master-planned communities in the United States’ top eleven in terms of sales, and five in the country’s top 25; this trend is expected to continue – and possibly increase even further – in 2022, experts say.

National consulting firm RCLCO currently ranks Summerlin in the number three spot nationally with 1,619 sales in 2021, which represents an increase of 11% over the 1,456 sales the community reported in 2020 and 23 percent over 2019’s 1,320 sales.

The number seven spot was taken by Cadence in east Henderson – a project of the LandWell Company – with 864 sales, which was a modest jump of 1% over 2020’s 852 sales – when it ranked 10th – but a 15% increase over the 753 sales the community had in 2019.

In 8th was North Las Vegas’ Valley Vista community with 860 sales, which was actually a decrease of 15% over 2020’s numbers, when they ranked 6th with 1,017 sales.

Up next is Inspirada in West Henderson, which was ranked 11th on RCLCO’s list with 741 sales, which represents an impressive 25% jump over their 2020 numbers – when 592 homes were sold – and a 15% increase over the 645 sales they had in 2019.

Outside of the top eleven, Skye Canyon comes in tied for 22^nd place with 655 sales, a huge bump of 39% higher than they were in 2020 when they sold 472 homes and placed 46th in the United States; in 2019, they reported 460 sales.

According to RCLCO Vice President Karl Pischke, Las Vegas had more high-end communities in the nation’s upper echelon of sales rankings than anywhere else in the country for 2021.

“Las Vegas had five communities in this year’s master plan list, and three in the top 10 and then Inspirada at 11 and Skye Canyon 22nd,” he said. “No other metropolitan area had more master plan communities in the top 10 than Las Vegas, which is a great distinction. When you look at the home sales within those five communities, they increased by about 8 percent between 2020 and 2021 (compared to 5 percent nationally for the top 50). That’s a positive picture. Low mortgage rates and demographics were helping drive some of that.”

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

LAS VEGAS, NV – The Las Vegas luxury real estate market continues to be fueled in no small part by California residents leaving their home state in droves – mainly due to excessive taxes, high cost-of-living concerns, and draconian COVID-19 restrictions – in favor of Las Vegas’ Henderson and Summerlin communities, both of which have been favored heavily by recent out-of-state transplants.

In contrast to their native California, Las Vegas offers everything individuals who are fleeing the Golden State could want, including lower taxes, secure high-end communities, breathtaking views – both scenic, and of the city of Las Vegas itself – and impressive amenities conducive to a luxurious lifestyle.

Reports say that an extremely high percentage of wealthy buyers from California are settling in Henderson and Summerlin, both of which contain affluent, gated, master-planned communities that offer high-end homes with numerous perks for residents and breathtaking views of the surrounding countryside.

However, which of these two communities Californian buyers are gravitating towards when they arrive in Southern Nevada tends to differ on what part of their home state they are coming from, experts say. Those coming from Orange County, for example, tend to favor the offerings of Summerlin. This is due to many factors, but especially its “city-like” feel; the community is located against the Spring Mountains of Red Rock National Conservation Area, and features a vibrant, pedestrian-friendly urban center with a mix of world-class dining, shopping, events and entertainment options.

In contrast, those coming from areas with a slightly more rural aesthetic, such as San Diego, tend to lean more towards Henderson, which features more of a “small town” charm. The community offers lush greenery, extensive landscaping, and 1,400 acres of developed parks and trails. Located near Lake Las Vegas and Lake Mead National Recreation Area, Henderson was also highlighted as Money Magazine’s 50 Best Places to Live in America in 2018 and one of the safest cities in America by Forbes in 2017.

But regardless of where they chose to settle – Henderson, Summerlin, or elsewhere – the steady influx of wealthy out-of-state residents choosing to make Southern Nevada their new home isn’t expected to end anytime soon.

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 – With all of the real estate milestones that occurred in Las Vegas over the course of 2021 – perhaps one of the unlikeliest years for this to have taken place, given the ongoing COVID-19 pandemic – the local high-rise condo marketplace is yet another aspect of this industry that broke records over the course of last year.

Las Vegas’ high-rise market saw itself break its all-time record in 2021, recording more than twice the sales than it did in 2020; in addition, the highest price ever paid for an individual unit was eclipsed in 2021 as well with the $16.25 sale of a condominium at The Martin, a luxury tower located in Paradise, Nevada.

2021 represents an amazing about-face for Las Vegas’ high-rise industry after it sank to concerning lows in 2020 due to the pandemic; that year, high-rise condo sales dropped 18 percent to 584, whereas that number had been 692 in 2019. The reasoning for the decrease year-to-year was attributed to buyers purchasing more homes in an attempt to isolate themselves during the peak of COVID-19, eschewing densely-populated high-rises.

However, 2021 saw all that change once vaccinations were rolled out, and the many amenities that high-rise condos offer for tenants – such as pools, gyms, spas, salons, restaurants, retail, and more – proved to be very attractive, especially for those weary from long-standing lockdowns.

Las Vegas saw 1,321 condo sales in high-rises of five stories in 2021, a number which waylaid the previous record-holding year of 2017, when 970 condos were sold; every year forward, that number had dropped annually until 2021’s turnaround.

In addition, a report that tracks 21 high-rises along and near Las Vegas Boulevard and downtown, One Queensridge Place in the west valley showed 1,161 sales in 2021, up from 505 in 2020 and 607 in 2019. The average price paid for a unit in one of those 21 high-rise towers in 2021 was $561,252.

High-rise condos are expected to continue to be red-hot going into 2022, although the buying frenzy in 2021 means there are far fewer units on the market this year; currently, reports say that just 228 units were listed at the end of 2021, averaging in price at $1.15 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 – Last year, no segment of Las Vegas’ real estate market exploded quite like the luxury market, and experts are anticipating even greater heights in 2022. In 2021, the market skyrocketed, with an increase in the number of sales of many expensive properties – including those costing millions – being driven by residents of neighboring states transplanting themselves to Southern Nevada during the era of COVID-19.

Records indicate that 1,686 sales of homes costing at least $1 million or more were made throughout 2021, as compared to 825 in 2020 and 596 in 2019. And that just covers homes sold via the Las Vegas Realtors association’s Multiple Listing Service; any off-markets sales wouldn’t be covered in those totals, which could be significantly higher in reality.

With such high sales, experts have speculated that the trend will continue into 2022, even though developers have been struggling to build enough high-end luxury homes in order to keep up with the vast demand.

When it comes to percentages, the biggest increases in sales were in the $4 million-plus market; 101 single-family homes in this category were sold in 2021, compared to 51 in 2020 and 20 in 2019.

Luxury homes in the Southern Nevada region have attracted numerous buyers since Las Vegas re-opened after its government-imposed shutdown due to COVID-19. Vegas saw many transplanted residents from neighboring states –with homes at all price points being snapped up – but the largest demand of all was directed at luxury residences.

The momentum in the luxury market is expected to continue into 2022, considering the fact that glut of sales in that category – 223, to be exact – took place right at the very end of 2021. Real estate experts are bullish on 2022 due to several pending pieces of legislation in California aimed at increasing the state’s already insufferably high taxes even higher;  given the fact that these bills are due to go into effect in the very near future, a new wave of transplants into Las Vegas are expected shortly.

This impending influx of wealthy new residents already has some luxury homeowners in Southern Nevada gearing up to sell their homes, and experts are expecting the low inventory to potentially fetch some extraordinary prices, possibly even eclipsing 2021’s all-time record luxury sale amount of $25 million, which was paid for a residence in MacDonald Highlands in Henderson.

Experts say there are properties out there that can possibly command higher prices in 2022, especially considering that pricing and price-per-square-foot has continued to break records consistently in the region.

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 – Despite the ongoing COVID-19 pandemic, 2021 saw a record-breaking year in Southern Nevada – its highest ever, in fact – both in terms of home prices and sales, driven by demand and low borrowing costs. And according to real estate experts, that trend is expected to persist well into the new year, with 2022 likely to continue breaking records time and again.

According to Frank Nothaft, chief economist with housing tracker CoreLogic, the pandemic initially caused a large drop in the real estate market; however, once the summer of 2020 hit, things started taking an unexpected turn for the better when mortgage rates dropped.

“Mortgage rates fell to 3 percent or even lower, and for many prospective homebuyers who didn’t lose their jobs, they saw this opportunity presented by record-low, rock-bottom mortgage rates, and the affordability that introduced,” he said. “We saw a lot of prospective homebuyers jump into the market, first-time homebuyers in particular. They saw this as an opportunity to trade up, buy more house, and more house, more room is exactly what they wanted during the pandemic. They needed more space because they needed the office from home. And if they had kids, at that stage of the pandemic, they had to plan for a school room from home, too.”

Nothaft noted that he was surprised at how long Las Vegas’ hot streak has lasted, saying that he had expected interest rates on home loans to have increased by now.

“Our forecast was that we’d see mortgage rates rising by now…well, they didn’t. Mortgage rates reached record-low levels. That has been a very powerful stimulant to the housing market,” he said. “In Vegas, we’ve got buyers coming in who earn a lot more money than the typical Vegas household who are able to buy a much more expensive home.”

However, Nothaft stated that the boom has made it harder for some Las Vegas families to be able to afford homes in the region, previously well-known for its low cost of living.

“You see prices really getting bid up. It makes it just that much harder for households, families that have been living in a market like Las Vegas to afford to buy,” he said. “What we’ve observed during the summer is something that we’ve never seen in the last 20, 25 years in the country. In the summer of ’21, more than one-half of the homes that sold on the MLS sold above the list price. And it’s not just that they’re selling above the list price, they’re selling quickly.”

Nothaft said that he’s expecting mortgage rates to eventually begin to climb, but most likely that will not happen at a rate that will have an impact upon Las Vegas home sales in 2022, which are expected to continue to climb… along with prices.

“We’re expecting a gradual rise in mortgage rates,” he said. “So, if that scenario comes to pass, and we see mortgage rates gradually rise and return back to some type of normal level, by the time we get to 2023, 2024, then we’ll see a gradual slowing down in home sales activity and in home price growth.”

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 – 2021 was many things to many people, but for Southern Nevada, it represented the all-time record-setting year in the region’s real estate history, despite the lasting effects of the COVID-19 pandemic upon its economy still being felt to this day.

A record 50,010 residential properties – encompassing houses, condominiums, and townhomes – were sold in Las Vegas in 2021, which is a jump of 21.5 percent from the year before.

In December, the median sales price of previously owned single-family homes reached a never-before seen $425,000 – an increase of 1.2 percent over November’s record, and 23.2 percent year-over-year – with 3,178 single-family homes purchased.

The previous all-time high for home sales in Las Vegas was originally sent back in 2011, and that number was 2,000 homes less than the record set in 2021; experts called what was achieved last year in “remarkable,” considering the fact that these records were set in the midst of a pandemic, during a period where local home prices have never been higher and the supply never lower.

The COVID-19 pandemic contributed to high unemployment rates throughout Las Vegas – 33 percent of the workforce was unemployed in spring 2020 – but despite an early hit the real estate market rebounded far faster than experts had expected, driven in-part by super-low mortgage rates that allowed buyers to get the very most for their money.

As for sellers of Las Vegas homes, most were inundated with offers, and many sold at or even well above their respective asking prices; median sales prices often set new records nearly every month. Buyers jockeying to purchase newly-built homes, due to fierce demand, were often forced to join waiting lists and at times even drew names for the chance to submit a bid on a home.

The real estate market in Las Vegas is mainly driven by single-family homes, but demand increased for attached dwellings during 2021 as well; condos and townhomes also set records last month, with the median sales prices of both hitting $242,000, a 30.1 percent year-over-year increase. Who knows what 2022 will bring?

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 – Rickie Fowler, a professional golfer who plays on the PGA Tour who is perhaps most notable for winning the Abu Dhabi HSBC Golf Championship in 2016 – and at the same time achieving a career-high ranking of fourth in the world – has reportedly sold his luxury condominium at The Summit Club in Summerlin for $6 million, a mere six months after he purchased it for only $2.1 million.

Fowler, 33, according to Clark County records, sold the condo privately in November to the Scarpelli Family Trust, owned by Michael and Janet Scarpelli. Records also indicate that Fowler – originally hailing from Murrieta, California – also owns a home in Jupiter, Florida.

The third-floor condo, originally purchased by Fowler in May, is located in the three-story Club Tower Suites – Las Vegas Raiders owner Mark Davis also owns a condo on the same floor that he paid $3 million for – and comes in at 1,906 square feet.

Fowler had achieved his all-time best showing on the PGA tour this past October, finishing tied for third place at The CJ Cup and earning $565,500.

Club Tower Suites has 16 condo units – all of which have been purchased – and is located next to a still-under-construction clubhouse in The Summit Club that, upon completion, will offer an additional 15 condos. In addition, demand for residences in the community has yielded plans for yet another building to eventually be constructed that will have yet 20 more condo units.

The Summit Club is located in Las Vegas’ Summerlin high-end master-planned community, and as such is called home by numerous celebrities, business owners, athletes and sports team owners. Residences in The Summit Club often fetch impressive prices on the real estate marketplace; 2021 saw the second-highest price ever paid for a home in the community at $18.75 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 St. Croix multifamily community in Las Vegas was recently purchased by SB Real Estate Partners for $73.1 million from Strata Equity, which represents the second high-profile – and high-priced – acquisition of a Southern Nevada apartment complex by SB in 2021.

The 256-unit, 21-building garden-style St. Croix community was purchased in an off-market transaction, and will be rebranded as Portola West Vegas. SB is planning on infusing the property with $4 million in upgrades and renovations – both to the inside and out – to reportedly increase its “competitiveness” in the Las Vegas marketplace.

The community was last sold in 2013, when Strata Equity bought it for $18.7 million; the $73.1 million price they got from SB represents a whopping fourfold increase on Strata’s initial investment in the property.

SB has announced their intention to commit a significant amount of investment resources – to the amount of $300 million – into the Las Vegas metro marketplace in 2022 with several more purchases of rental properties in the cards.

Their first entry into the Las Vegas real estate marketplace was made this past November when SB purchased the 241-unit Russell Apartments, which has since been rebranded as Portola on Russell; extensive renovations in the amount of $2 million were announced for that property as well.

SB noted at the time of Russell’s purchase the property would be the first of many investments the firm would make in higher-end Las Vegas apartment complexes that they would be offering at lower-than-average rental price points.

The firm was initially attracted to the Las Vegas marketplace by the population boom in the wake of the COVID-19 pandemic, which saw many families transplanting themselves to Southern Nevada from states with higher costs of living, attracted by promises of a cheaper lifestyle, a booming economy, and a blossoming job market.

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 – Steve Witkoff, a former developer of the Las Vegas Fontainebleau resort – which has since progressed in his absence – has announced a new project in Florida this year.

Developer Steve Witkoff has trumpeted a new project, which will be to redevelop the Shore Club in Miami Beach in 2021. The hotel – situated within two miles of the Fontainebleau Miami Beach, which has the same current owner as its Las Vegas counterpart – closed at the inception of the COVID-19 pandemic and has remained shuttered ever since.

Both the Shore Club and the Fontainebleau are located on Collins Avenue, a hotel-specific thoroughfare which mainly features establishments and lodging that caters to beach partiers. Witkoff’s company has plans in-place to destroy portions of the Shore Club complex and reduce the overall number of its rooms. In addition – according to plans filed this fall with the city of Miami Beach– Witkoff intends to construct a residential tower as well.

The buyers did not disclose in a recent press release what exactly will be built upon the site for the project’s estimated cost of $94 million, but they noted that the 4.7-acre site — located near a train station, a pro basketball arena, and several high-rises — has zoning that allows for 60-plus stories and a combination of residential and commercial uses.

Prior to this deal, Witkoff had claimed ownership of one of Las Vegas’ tallest buildings when he purchased the still under-construction Fontainebleau Hotel and Casino on the Las Vegas Strip in 2017 for $600 million. However, the hotel resort’s original developer then re-acquired the project in February 2021 from Witkoff – which at that point was still unfinished – and announced plans in November to finally open the establishment in 2023.

The Fontainebleau Las Vegas will mostly adhere to the original vision that was laid out for it back when the project was first envisioned in 2007, 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, and other amenities. Once completed, the project will provide approximately 6,000 full-time employees, which will greatly add to Las Vegas’ blossoming job market.

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.