Category Archive : Real Estate

LAS VEGAS, NV – While there haven’t been many ‘motels’ on the Las Vegas Strip in recent years amid the massive hotels and casino resorts that the roadway has become well-known for, one of the remaining holdouts – the Travelodge Motel – was listed on the market for a whopping $52 million.

Situated next to Circus Circus Hotel and Casino, the Travelodge – located on a 1.8-acre plot of land on the northern part of the Strip – boasts 100 rooms spread out over two stories, and the sale also includes a three-story commercial building next door on Las Vegas Boulevard as well as the Bonanza Gift Shop, a souvenir shop catering to local tourists looking to purchase Vegas memorabilia.

Haim Gabay, the current owner of the Travelodge, appears to be trying to take advantage of the recent uptick in development in the northern end of the Las Vegas Strip recently, with that part of the roadway plagued for years by unfinished construction and a lack of foot traffic. The new effort to develop that section of town is already having a positive effect and is drawing the eyes of investors, making this likely a unique opportunity to list the Travelodge on the market.

The Travelodge is located across from the still-in-development Fontainebleau Las Vegas, a 67-story hotel resort that is scheduled to open in 2023, and adjacent to the Las Vegas Convention Center’s newly-opened West Hall and the $4.3 billion, 3,500-room Resorts World Las Vegas. Also of note is a 10 acre-lot nearby recently purchased by a Chilean developer, although exact plans for that project have yet to be revealed.

While few in number currently, the Travelodge isn’t the only motel to call the Las Vegas Strip home; others include Diamond Inn, Motel 8 Plus, and the former White Sands, a long-closed motel across from the Luxor.

However, the $52 million asking price for Travelodge is significant, experts say, especially when compared to White Sands’ current sale price of $12 million and what the Motel 8 Plus recently sold for, $7.4 million in 2018. Time will tell if Gabay gets any takers, or if he will be forced to lower his price.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new report released this week indicates that home prices in Las Vegas continue to increase on a regular basis, despite the fact that home sales in Southern Nevada overall have begun to slow down when compared to the same period of time one year ago.

According to Las Vegas Realtors (LVR), the median price of existing single-family homes sold in Las Vegas in March 2022 was $460,000, which once again breaks the all-time record, as has been the case each and every month for the last several months. Just one year ago – in March 2021 – the median price was just $363,000, which was 26.7 percent lower than it is now.

Another all-time real estate-related record was set in March as well – the median price of local condos and town homes sold in March hit $270,000, smashing last month’s record and representing a 39.2 percent jump from March 2021, when that price was $194,000.

In contrast, the lowest homes reached in terms of cost in recent times was during the mid-2000’s recession, when the median price of existing single-family homes bottomed out at a mere $118,000.

However, LVR President Brandon Roberts noted that the number of homes selling on the market is starting to ebb slightly, driven by several factors.

“We keep expecting prices to slow down at some point, but it’s not happening, yet,” Roberts said. “With mortgage interest rates rising recently and the inventory of homes available for sale as low as it has ever been, it’s no surprise that we’re starting to see fewer homes being sold.”

For example, there were only 2,005 single-family homes on the Las Vegas marketplace without any offers, which is an increase of 13.1 percent from the same period of time in 2021. In addition, 4,205 existing local homes, condos and town homes sold in March, which is 12.2 percent less for homes and 6.5 percent less for condos and town homes than one year prior.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – With the luxury home market in Las Vegas going strong and showing no signs of slowing down as affluent residents from neighboring states continue to transplant themselves into the region, the number of $1 million and higher homes sales in Southern Nevada in the month of March has set an all-time record.

According to reports, there were an incredible 196 homes in Las Vegas with an asking price of $1 million and higher sold in March, with the priciest being a residence in Summerlin that sold for $11.4 million and featured a $35,000 tub in its master bedroom.

The buyer of the expensive Summerlin home – located at 44 Hawk Ridge Drive, – has chosen to remain anonymous, driving a great deal of speculation about their identity. Construction of the residence commenced in 2018 and lasted until 2021, at which time it was listed on the market for $11.9 million, eventually closing for $11.4 million according to property records from Clark County.

The two-story home features an eight-car air-conditioned garage, swimming pool and the aforementioned $35,000 tub in the master bedroom. The home measures 10,609 square feet with four bedrooms and five-and-half baths.

No buyer’s agent was used, and the mysterious buyer utilized an out-of-state attorney for the transaction.

The home was previously owned by former Red Rock Resorts president Richard Haskins, who had passed away after a July 4, 2020 water accident in Michigan; Mike and Linda Huhn then bought the residence, which was still approximately 75 percent into its construction, and sank an additional $2 million into its completion before listing it.

At one point there was speculation that the buyer of the property was then-NFL Green Bay Packers wide receiver Davante Adams, who was said to be buying a home in Summerlin after being traded to the Las Vegas Raiders. However, in a local interview, Mike Huhn said that he was unaware of who had purchased his home, and could only say that the attorney representing them was located in New York.

“It would be pretty cool if [Adams] did buy it,” Huhn said. “Whoever moved in, moved in a week after we left. We’re still curious and, hopefully, we’ll find out sooner than later.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A growing number of homebuyers in the Southern Nevada region are paying for their purchases in cold, hard cash as opposed to taking out mortgages, a recent report says, which could be fueled by several factors, including investment and the arrival of affluent transplants from neighboring states.

The Las Vegas Realtors group report released last Wednesday indicates that 32 percent of all property transactions that took place during March 2022 – which includes existing homes, condominiums and townhomes – were paid for in full with cash, which is an increase of 8 percent over the same period of time one year prior.

Experts say there are numerous factors that could be contributing to the increase in cash real estate purchases in Southern Nevada as of late, such as an increase in investors sinking their money into the market. In addition, there has been an influx of new, wealthy residents to the region from neighboring markets such as California, where homes overall are far pricier; after selling of their old homes, these new transplants to Nevada are flush with cash and ready to take advantage of the comparatively lower home prices.

The median price for an exiting home in Las Vegas in March was $460,000 – yet another record amount – and the median price for a condominium or townhome was $270,000; compare that amount to the median home price in Los Angeles, which came in at an astonishing $935,640. With those numbers in mind, it’s no wonder that California homeowners are cashing out and fleeing for neighboring states such as Nevada with a lower cost of living.

However, this bump in cash sales, while significant, is nonetheless still less then Vegas’ peak rate which in 2013 following the recession, where the number of cash-based transactions hit a whopping 60 percent.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – An aging million-dollar-plus home located in Las Vegas’ Red Rock Country Club community that has received a huge facelift – now boasting numerous new modern touches – has just been listed on the open market for $3.5 million.

Forte Specialty Contractors, owned by developer Scott Acton, has been responsible for renovating many high-end homes in Southern Nevada and building some of the iconic sights of Las Vegas, such as the pirate ship at Treasure Island 20 years ago.

In September 2020, Acton purchased a home in Red Rock Country Club for $1.025 million that was originally built in 2003, and spent a year gutting, renovating and sprucing it up to suit the tastes of today’s homebuyers that are seeking out the latest in high-tech bells and whistles, along with luxury trappings such as high-end finishes and appliances, along with new open floor plans.

The two-story home – listed by Acton’s daughter, Samantha Paez – offers five bedrooms, six bathrooms, and comes in at 4,546 square feet, with 100 of those feet having been newly added during the extensive renovation process.

11489 SNOW CREEK AVENUE, LAS VEGAS – $3,500,000.00

The home – located on the golf course in Red Rock – now boasts numerous modernized amenities, including a home office/gym combo, steel windows and doors, high-end upgrades with marble and stone throughout, a double island marble-countered kitchen with white European millwork finishes, Viking appliances and custom banquette seating.

The master bedroom features a patio, custom fabric headboard attached to the wall, a bathroom featuring floor-to-ceiling Vanilla Onyx marble, and an upgraded the backyard with etched concrete, lush landscaping, and a new pool.

Currently, Forte Specialty Contractors is one of the main developers of high-end properties in Las Vegas, with 15 projects currently in the works in The Summit, adjacent to Red Rock Country Club.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A new report indicates that Las Vegas’ housing boom isn’t showing any signs of slowing in the near future, as prices continue to increase at an incredible rate when compared to many other markets across the United States.

In January 2022, home prices in Las Vegas had increased year-over-year from January 2021 by an amazing 26.2 percent; this is in contrast with the average gains across the country, which was approximately 19.2 percent, according to the S&P CoreLogic Case-Shiller index released last week by S&P Dow Jones Indices.

It also must be noted that, according to the Case-Shiller data, this represents the eighth month in a row that Las Vegas has seen its homes prices increase faster than the national average, with its highly-competitive market being driven by rapid sales, low inventory, and climbing costs.

In addition, the median sales price of previously owned single-family homes in Las Vegas was $450,000 last month, which represents a jump of 26.8 percent – or $95,000 – from February 2021, reports say.

The report covers 20 major metro areas, and while it illustrated that Vegas is far outpacing much of the country in terms of rising home prices, the king of the pack remains Phoenix, Arizona, which saw the cost of housing increase year-over-year in January by an astonishing 32.6 percent.

The housing boom – both in Las Vegas and nationwide – has been driven by historically low interest rates on mortgages that have allowed buyers to get more for their money; even with interest rates now beginning to increase slowly, the average rate on a 30-year home loan in February 2022 was 3.76 percent. This rate is indeed still quite low, but nonetheless higher than it was in February 2021, when it was a mere 2.81 percent.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports say.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Las Vegas Realtors Association President Brandon Roberts is predicting that, as Southern Nevada’s home prices continue to break record after record – causing intense affordability concerns – the market will eventually right itself and stabilize, noting that the current situation is “not sustainable” long-term as it is.

In February 2022, the median price of existing single-family homes in Las Vegas reached a new record – $450,000 – which itself leapfrogged the previous record just the month before. Overall, the median price was just $355,000, with the new record representing a whopping 26.8 percent year-over-year increase and over three times the $118,000 existing homes were fetching in January 2012 during the recession.

It’s easy to see how much the intense housing demand is driving home prices up in the region; in 2021, there were 38,601 home sales in Vegas, and over 50,000 when townhouses and condominiums are added into the equation. However, this represents a situation that Roberts says can’t last.

“Local home prices can’t keep going up this fast, forever. The increases we’ve been seeing in the last year or so are just not sustainable,” he said. “It remains to be seen how much higher these prices can go and when we might start to see the market stabilize, as many national experts have been predicting. Either way, I seriously doubt you’ll see home prices more than triple again in a single decade.”

Given the record-setting nature of the real estate industry in 2021, Roberts said that he expects this trend to continue into 2022 but that prices and demand will start to level off as interest rates on home loans begin to slowly rise from the historic lows they hit during the COVID-19 pandemic.

“That affects people’s buying power, which could affect the demand on some of the properties,” Roberts said. “I do think we will stay strong because we have low inventory, and we will continue to see that. As soon as they are coming on the market, they’re selling. We’re in a shortage of housing, I don’t think builders could build it fast enough because of supply, labor and permits. I think we will see increases (in prices) but not at the level we saw last year.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The defunct Terrible’s Hotel & Casino, which has been closed and sitting unused for two years, will be demolished and the property used to construct a large-scale industrial park, according to an announcement by a Reno developer.

Terrible’s, which originally opened in 1987 and closed for good in 2020, was owned by the Herbst family – operators of the Terrible Herbst gas station chain – and is located about 25 miles south of Downtown Las Vegas.

Public records show that on February 24, Tolles Development Company closed on a $44.7 million deal with the Herbst family for the sale of the approximately 142.3 acres of real estate in Jean Nevada off Interstate 15 that Terrible’s Hotel & Casino sits upon.

Tolles partner Cory Hunt noted that the location is ideal for an industrial park, since truckers delivering goods from Southern California could drop off their wares and be home in what would amount to a one-day round trip, as opposed to having to travel much further into Nevada. In addition, the location already has utility service in-place due to the hotel’s presence.

Hunt said plans are in-place to develop the property into a 1.9 million-square-foot warehouse and distribution complex, with a groundbreaking possibly planned for 2023; from there, it is estimated that the industrial park would take anywhere from three to five years to construct. Clark County commissioners approved plans for the project last month.

The last construction phase of the project will involve the current Terrible’s Hotel & Casino building itself, although it is not currently yet known how the structure will be demolished. However, Hunt facetiously said that if they decide to implode it, it would be done in over-the-top “Vegas style” and that he would be happy to allow a filmmaker to record the explosion for a movie to “help us celebrate blowing it up.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A lavish Las Vegas mansion that was once rented as a home for a whopping $50,000 a month 15 years ago by the late and controversial “King of Pop” Michael Jackson has been listed for sale on the market.

The 17,461-square-foot Las Vegas estate – surrounded by a 10-foot-high wall – is located in the western Las Vegas Valley, and currently has an asking price of $9.5 million.

Luxury real estate brokerage The Agency announced Friday that a 17,461-square-foot mansion in western Las Vegas, home to the King of Pop 15 years ago, is on the market for $9.5 million. Sellers Dong Xue and his wife Jeanette Zhou – both big fans of Jackson – bought the home in 2010 for $3.1 million.

2785 SOUTH MONTE CRISTO WAY, LAS VEGAS – $9,500,000.00

The mansion – which Jackson rented for a year in 2006 after spending time in the Middle East and Ireland – is located on an acre of land 15 minutes from The Las Vegas Strip at 2785 South Monte Cristo Way. It features eight bedrooms, nine bathrooms, and a Roman-style interior, an indoor fountain, custom chandeliers, a home theater, a security room, marble flooring and an orchestra loft overlooking a grand ballroom.

Jackson – whose sisters and parents lived in the Southern Nevada region at the time he rented the home – had faced allegations of sexual abuse for a number of years, and some have speculated that he had rented the compound in order to have privacy from paparazzi, which are rare in Las Vegas.

Some of Jackson’s personal furniture – including a dining table and a sofa – remained in the house when Xue and Zhou purchased it; the couple, previously California residents, had been using the mansion as their primary residence for over ten years.

The property was listed on the market Thursday, March 3.

Feature photo: Jackson attending The 4th Annual Roger Neal Oscar Viewing Dinner-Icon Awards and After Party at The Hollywood Palladium, Los Angeles, CA on February 24th, 2019 File photo: Eugene Powers, Shutter Stock, licensed.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Ever-increasing home prices in Las Vegas are now outstripping the current average in the United States, according to a recent Case-Shiller report, with the end of 2021 setting the stage for what to expect in 2022.

House values in Southern Nevada in December 2021 had shockingly jumped 25.5 percent from the same period of time in 2020; this runs in contrast with the 18.8 percent price climb on a national basis, according to reports. Vegas home prices have been accelerating past the national average now for the past seven months in a row.

Arizona, specifically Phoenix, is also a region where home prices have been rising fastest over the course of the past year, blasting past the national average to an even greater degree than Vegas. As of press time, home prices in Phoenix have jumped a whopping 32.5 percent year-over-year, illustrating the exuberant degree that home prices have raised overall in the United States during the past 365 days, despite – or perhaps because of – the impact of the pandemic.

Among the 20 markets covered by S&P Dow Jones, home prices are at an all-time high despite high unemployment caused by the COVID-19 pandemic; this factor has been mitigated by rock-bottom interest rates on home loans that have allowed buyers to maximize their budgets.

Rising home costs, both in Las Vegas and nationwide, have also been driven by limited inventory and “persistent demand,” real estate experts say.

However, of the 15 markets tracked by the Case-Shiller report, Southern Nevada has been proven to be an especially popular place for people to move to due to its low cost of living when compared to other regions with higher tax brackets and overall lower – for the time being – home prices.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Addressing concerns over cost-of-living increases in Southern Nevada in recent years, a developer has begun construction on an affordable housing project targeting Las Vegas senior citizens in the east section of the valley, a vulnerable population that is often neglected when it comes to housing options in their price range.

According to the Neighborhood Housing Services of Southern Nevada (NHSSN), ground was broken on “The Golden Rule Senior Apartments” on Eastern Avenue on Thursday of last week, which – once completed – will provide 60 rental units for very low-to-moderate-income seniors.

The National Low Income Housing Coalition has stated over the course of the last several years that the Las Vegas-Henderson-Paradise metropolitan area has offered the lowest amount of housing options for renters with limited means, with only 16 out of every 100 homes built catering to those in lower income brackets, reports say.

The Golden Rule apartment complex – located at 820 N. Eastern Avenue – is expected to be completed by February 2023, according to Clark County Commissioner William McCurdy, who said that Las Vegas needs to address the housing needs of its senior population.

“Too many of our seniors are struggling as rents and the cost of living in Las Vegas increase,” he said. “I’m very happy that we were able to contribute financially toward the completion of this project, which will house those with little income and provide needed social support for these residents.”

The project is being funded with $600,000 in Account for Affordable Housing Trust funds (AAHTF), $828,000 in National Housing Trust Funds from the State of Nevada (NHTF), $675,000 in the form of a permanent loan from Chase Bank, $1.9 million from the City of Las Vegas, and $12.3 million from private investor Boston Financial.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com