Category Archive : Real Estate

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.

LAS VEGAS, NV – Hard Rock International announced last week that, as a part of a whopping $1 billion deal, they are intending to construct an elaborate guitar-shaped hotel on the famed Las Vegas Strip.

Hard Rock will be purchasing The Mirage’s operations side from MGM Resorts International in a deal worth over $1 billion in cold, hard cash; part of that deal will see the development of a fancy new hotel that is sure to live up to Hard Rock’s rock-and-roll reputation.

The hotel is slated to take the form of the purple-hued tower hotel in the shape of a guitar, with six bright light beams penetrating upward into the night, which will represent strings on the neck of a guitar. The hotel will be located directly next to The Mirage, which will be rebranded and renamed as the Hard Rock.

Hard Rock should fit in nicely with the plethora of themed hotels and resorts that Las Vegas is known for, such as the replica Eiffel Tower at Paris Las Vegas and The Mirage’s volcano. However, currently, the announcement of this new venture is still early and no concrete details have been revealed yet about the project, according to Hard Rock spokeswoman Gina Morales.

“I wish we had more to share, but at this stage, we are not ready to discuss details on the design, development and timeline of the Las Vegas construction project,” she said in a statement, adding that the “first order of priority is to be respectful of the process of gaming regulatory approvals and the closing.”

Approvals and permits are anticipated to be completed by the end of 2022, Morales said, with development expected to commence shortly afterward.

Hard Rock International – owned by the Seminole Tribe of Florida – operates restaurants, casinos, hotels and other venues around the world; the organization owns a 450-foot-tall guitar-shaped hotel tower in Florida, which is similar in appearance as the one planned for the Las Vegas Strip.

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 – In Las Vegas, the all-time records just keep getting higher, as the prices of pre-owned homes on the market reached yet another milestone in the month of November 2021.

According to reports, the median price of existing single-family homes sold in Southern Nevada in November was a whopping $420,000, which represents a jump of 2.4 percent over October 20201 and an increase of 21.7 percent from the same period in November 2020, when that price was $345,000.

As for the Southern Nevada condominium and townhome marketplace, the median price for November was reported as being $240,000, which also breaks the all-time record and represents an increase of 20.2 percent from the process they were fetching in November 2020, which was $199,700.

However, as the Las Vegas real estate market ventures into 2022, experts are anticipating home and condo prices to continue to increase, but at slower levels than they have previously, due in-part to rising interest rates on mortgages.

If median home prices continue to increase by double-digits as they have over the past year, experts say that it will be the first time the region has seen double-digit price growth three years running in over a decade.

Meanwhile, Southern Nevada’s inventory of available homes for sale continues to be smaller than preferred given the intense demand – with only a one-month supply being available which is considered far from ideal – and homes continue to sell at a far greater pace than they have in recent years.

At the end of November 2021, it was reported that 2,805 single-family homes were listed for sale without an offer, which is 25.3 percent lower than in November 2020.

By the end of November, a total of 4,135 existing local homes, condos and townhomes had been sold in Southern Nevada, with those numbers representing an increase in sales of 7.8 percent for homes and 18.7 percent for condos and townhomes over November 2020.

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

LAS VEGAS, NV – In keeping with the ongoing trend of the high-priced luxury Las Vegas real estate, “The House of Roses,” a Northwest Las Vegas ranch estate, has been listed on the market for $7.95 million.

The ranch, located at 4225 North Jensen Street and situated on 2.25 acres at the base of Lone Mountain, lives up to its name by featuring lush landscaping that is considered uncommon in Southern Nevada. The property boasts 25 species of roses and numerous varied fruit trees throughout the property, which are able to grow and thrive in the notoriously dry climate by way of a private well-water system.

The ranch’s realtor has dubbed The House of Roses as a “horse owner’s dream property,” with the estate including seven horse stables with automatic waterers, a box stall with an attached 30-foot covered run, a 14,000 square-foot riding arena with shock absorption, a riding ring encircled by steel-board fencing, a 60-foot round training area, and circular driveway for loading and transporting horses and supplies. The estate also has multiple horse corrals and is adjacent to a 2.3 mile trail that is accessed via a remote-controlled gate.

As for the home itself, it comes in at an impressive 8,199 square-feet that includes six bedrooms, eight baths, a four-car garage and a separate guest cottage. It was originally constructed in 2003, and in 2016 was purchased and renovated by Jessica and Josh Pianco; Jessica is the daughter of the late Stan Mallin, original co-owner of Caesar’s Palace.

The home also has two staircases accessing the second floor, several balconies overlooking the horse pastures and training areas, a master bedroom with a fireplace and outdoor seating area, in addition to a den and office space. Aesthetics include rustic wood accents, archways, several courtyards, and backyard views of Lone Mountain and Red Rock Canyon’s Spring Mountain ranges.

LAS VEGAS, NV – Lyric, a high-end apartment complex situated in the south Las Vegas Valley and boasting of a unique set of amenities for tenants, has reportedly been sold last month for an impressive sum of money.

Located at 304 East Silverado Ranch Boulevard near Las Vegas Boulevard, Lyric was recently announced as having been acquired by Starlight U.S. Residential Fund in November for $135.2 million, the latest multi-million dollar rental property in the valley in a year replete with them.

Lyric features an impressive array of unusual and interesting amenities for its tenants, including a pet-washing station, poolside spin bikes, a karaoke lounge, and much more, according to the new owners, who purchased the property with 99 percent of its units already occupied.

The demand for rental units throughout the pandemic has skyrocketed over the past year, and investment groups have taken advantage by snatching up apartment complexes and rental homes whenever they have become available. As a result of the demand – driven by the vastly-improving local economy, despite the ravages of COVID-19 – rent has been shooting up at a record pace while demand far outstrips inventory.

That being said, Lyric is merely the latest such facility to sell for $100+ in the last 12 months; the 456-unit Ely at The Curve was acquired from The Calida Group by LaSalle Investment Management in October for $155.6 million.

In addition, Tuscan Highlands, a 304-unit complex near the M Resort, was purchased by Utah real estate investor Scott Keller in May for $115 million; as the per unit price of that sale amounted to over $378,000 per unit, many sources at the time of the sale referred to the sale as one of the highest prices ever paid for an apartment complex in the Southern Nevada 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 – Project63, a new four-story retail strip mall-style development at Las Vegas’ multi-tower CityCenter complex, has officially begun construction in an effort to meet both growing consumer demand as well as its anticipated 2022 completion date.

While the frame of the building itself is slated to be completed by this upcoming March, the entire project is not anticipated to be finished until fall of 2022, reports say.

The complex, according to Clark County documents, will clock in at 228,278 square feet. It will be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and currently is already about 30 percent leased via signed contracts with the developer reporting on the project’s many signed contracts.

“We’re seeing a very strong response,” they said.

The developers, Brett Torino of Las Vegas and New York’s Flag Luxury Group, reportedly purchased the site for $80 million earlier this year from MGM Resorts International and its partner CityCenter, a government-owned holding company Dubai World.

When the per-acre price is factored in, the amount of monies paid in this transaction was far-in-excess of even the price paid for Las Vegas Boulevard during the intense real estate activity experienced during the aftermath of the Great Recession of the mid-2000s.

Located adjacent to the luxury mall Shops at Crystals and across the intersection from Harmon Corner, the location was originally where the never-completed Harmon hotel tower was intended to be; the project – which was deemed “structurally flawed” – was dismantled several years ago.

Clark County commissioners approved plans for Project63 in August; once completed, the resulting apartment complex is anticipated to help alleviate the great demand for rental housing options that are currently plaguing Las Vegas in the wake of the COVID-19 pandemic.

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 Biden Administration’s Treasury Department is looking to crack down on all-cash real estate transactions by enacting more stringent reporting requirements, which is intended to curb money laundering activity. This is pertinent to Las Vegas, as the city is slated to be included in the initial batch of U.S. cities that the regulation will pertain to if it comes to pass.

The Treasury Department noted that the regulation is intended to essentially plug what they say is a “vulnerability” in the American real estate market. At the moment, title insurance companies in only 12 metropolitan areas in the entire country are mandated to report individuals who purchase real estate in all-cash transactions through shell companies if the amount is higher than $300,000.

Himamauli Das, acting director of Treasury’s Financial Crimes Enforcement Network, said that the regulation will crack down on bad actors’ use of the American real estate market to launder money made through illegal acts.

“Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market,” Das said. “The regulation will strengthen U.S. national security and help protect the integrity of the U.S. financial system.”

If passed, the regulation would initially expand reporting requirements to apply to an additional 12 metropolitan areas: Las Vegas, Boston; Chicago, Dallas-Fort Worth, Honolulu, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, and Seattle.

Corrupt government officials – in addition to other criminal elements – from around the world have reportedly been utilizing the American real estate marketplace to launder proceeds from criminal activity

The U.S. real estate market has long been viewed as a stable way station for corrupt government officials around the globe and other illicit actors looking to launder proceeds from criminal activity by utilizing shell companies to buy property in the United States.

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 Stockton, California-based developer has announced that a new 265-unit apartment complex is set to open in Henderson’s Cadence community in 2022, which is anticipated to help address the near-ravenous demand for affordable housing options in Las Vegas during the past year.

A.G. Spanos Companies, founded by billionaire Alex Spanos in 1960, is a builder of multifamily residences, commercial buildings and communities, and is considered to be one of the biggest apartment developers in the United States; the company is currently led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.

In a press release, Spanos announced that the new apartment complex they are currently developing is expected to begin letting tenants begin their occupancy in the third quarter of next year.

The project, which will consist of 265 units ranging in size from 617 to 1,320 square feet, will feature a variety of amenities for tenants, including a 10,000-square-foot clubhouse and private parking garages situated in all of the buildings located in the complex.

Spanos has constructed over 200,000 multi-family housing and master planned communities with fifty years of operational experience. Their mission, as stated on their website, is “to enhance the communities where we build and develop projects that endure.”

In Las Vegas alone, the company has built over 22,000 apartment units from the 1970s through the 1990s.

Spanos representatives noted that the new apartment complex is being constructed on a plot of land located within Cadence, a master-planned community in Henderson that is currently being developed by the LandWell Company. Cadence is being developed on a plot of land 2,200 acres in size and is located off of Lake Mead Parkway east of Boulder Highway.

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 – Once you’ve unpacked your last box and organized your belongings in your new home, the most strenuous part of your relocation is finished. However, your move is not quite complete until you handle some essential tasks that will help you settle comfortably. Use this list of practical steps after you arrive in your new living environment:

Making Home Improvements

First, thoroughly inspect your new property to see if there are any necessary repairs or improvements you should tackle.

1. Look for repairs and improvements you can DIY, such as painting the walls, replacing faucets, and changing out cabinet hardware.
2. Consider hiring a professional to clean your furniture. Search for “professional furniture cleaning near me” and read reviews to find a trustworthy cleaner.
3. Tend to your property’s curb appeal. Making upgrades to your landscaping, pressure washing and painting the siding, painting the front door, and other minor projects can make a big difference.
4. Boost the security of your household and property by installing a smart security system.

Knocking Out the Necessities

Make sure you get these essential tasks out of the way soon after arriving at your new home:

1. Find a DMV office nearby to update your license and registration.
2. Register your new address with the post office, and confirm that your mail is being forwarded to the correct location.
3. Make a list of all the local contacts you need handy should an emergency occur.
4. Learn about state and local taxes and other costs of living so you can prepare a budget.

Settling Into the Community

Finally, it’s time to get to know your neighborhood and community so that you can truly settle in!

1. Help your child transition smoothly into their new school routine.
2. Meet the neighbors. Throwing a housewarming party and taking gifts door to door are a couple of the surest methods!
3. Pick up a local newspaper or magazine to learn about your new community.
4. Make a plan for trying out as many local restaurants and coffee shops as you can in the first month.

If you’re like most people after a move, you want to settle into your new home and community as soon as possible. The tips and resources above will help you do just that. After tackling home repairs and improvements, taking care of administrative tasks, and exploring your neighborhood and city, you’ll be primed to comfortably kick off your new chapter.

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

Jeffrey Soffer, chairman and CEO of Florida-based Fontainebleau Development, is still surprised that another developer didn’t finish what he began in the 12 years since he put the brakes on the nearly-3,800-room, $2 billion development due to lack of funding, despite it already being 75 percent completed.

“I saw the articles over the years that it should be torn down, crazy stuff like that,” Soffer said in a recent interview. “The building itself was very well-built as a physical structure. It’s in pristine shape.”

However, this week Soffer was involved in the groundbreaking ceremony with numerous local dignitaries and politicians, such as Nevada Governor Steve Sisolak and various Clark County officials. After a prolonged delay, the Fontainebleau is finally on-track to be completed and open for business by the fourth quarter of 2023, with Soffer declaring that he will finally “finish what I started.”

Soffer reacquired the Las Vegas project in February in partnership with Koch Real Estate Investments.

The Fontainebleau 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.

Parts of the original design that are being jettisoned include condominium units and a significant reduction of the originally planned 245,000 square feet of retail space. In addition, a 20,000-square-foot attraction on Fontainebleau’s roof – originally slated to open upon completion of the project – will instead debut within the next two years, Soffer 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.