Category Archive : Real Estate

LAS VEGAS, NV – According to reports, the Las Vegas Turnberry Place penthouse of Barbara and Bruce Woollen, often used to host a variety of star-studded fundraisers and lavish parties, was recently listed on the market for a whopping $5.5 million.

Celebrities entertained by the Woollens’ at the penthouse included household names such as Sir Anthony Hopkins, Jane Seymour, and Jonathan Winters. Hopkins, a noted artist in addition to being an award-winning actor, once held an art show at the penthouse selling all of the paintings he had on display.

The Woollens’ were known for holding fundraisers at the penthouse that benefited local causes such as the arts community and underprivileged children; over the years the couple raised over $1 million that they donated to charity. The two were also known for investing in commercial and residential real estate.

The penthouse at Turnberry located at 2777 Paradise Road-3704, Las Vegas, NV 89109, is considered unique, coming in at two stories with a large outside deck – featuring 2,200 square feet of exterior space – with a 300-square-foot pool, a Jacuzzi, and a dual-sided fireplace. The penthouse is one of only eight top floor suites offered at Turnberry Place. In addition, it is the only top floor penthouse for sale in Las Vegas with a private pool and spa.

The inside is just as fancy as the outside, with over 6,421 square feet of interior space including three bedrooms and five bathrooms; luxury  trappings include crown molding, 11-foot ceilings, marble flooring, and a formal living room featuring a full bar with a granite counter.

Turnberry Place is a luxury residential high-rise condominium complex near the Las Vegas Strip in Winchester that contains four towers. All of the towers are 477 feet tall and have 38 floors. The community is considered the largest tax payer in Clark County, Nevada.

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 – Condo and timeshare owners on the famed Las Vegas Strip have recently been renting out their residences via short-term rental websites such as Airbnb, allowing renters to circumvent pricey resort fees that they would otherwise be responsible for paying, according to reports.

In today’s rough economy when a dollar saved is a dollar earned, Airbnb’s introduction on the Strip is allowing tourists who are braving the ongoing COVID-19 pandemic to get the most for their money; enjoying the experience of staying in a luxury resort hotel for less. For example, Elara by Hilton Grand Vacations typically runs $159.80 on a Monday; however, the same exact type of room in the same hotel on the same night will only cost you $79 when booked through Airbnb.

It’s the same experience, but the Strip’s at-times excessive fees no longer apply since the unit is already owned or shared by someone else. While this is currently legally allowed within Clark County – who has been imposing stricter rules on short-term rentals as of late – it’s nonetheless frowned upon by some resorts, who understandably view services such as Airbnb as competition.

While Clark County forbids residential areas to have short-term rentals private owners on the Strip are allowed to engage in this activity, provided that they are properly licensed; in addition, the rules that are imposed differ resort to resort as well, depending on management.

Resorts on the Strip that allow Airbnb include The Signature at MGM Grand and Vdara, both of which function under the umbrella of MGM Resorts International. Westgate however, which is located east of the Strip, does not allow the practice.

Occasionally, listings will covertly pop up on Airbnb in Strip resorts that do not allow short-term rentals, including Westgate, Jockey Club, and Palms Place.

If you’re wondering why some resorts do allow short-terms rentals, however, the answers are typically that guests are likely to spend their money on amenities available at the hotel itself, such as restaurants, spas, and casinos, thus resulting in additional revenue.

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 reports, experts on the Las Vegas real estate scene are saying that the region is set for a huge explosion of rental house development, based on current demand and market conditions. The rental house market was a huge source of income for developers during the period after the mid-2000’s recession, and during today’s economic uncertainty brought about by the ongoing COVID-19 pandemic, it is remaining profitable, prompting companies to bring all of their resources to bear on the Southern Nevada marketplace in order to construct more rental properties.

For example, developer Moderne Communities broke ground in February – right before the pandemic took home on the United States – on Moderne at Centennial, a $40 million development consisting of 185 single-story rental duplexes and freestanding houses, with the expectation of having tenants moving in by February 2021, exactly one year after work originally began.

Another company getting on the bandwagon is American Homes 4 Rent, which has recently opened a 34-house rental project in the Spring Valley and a 35-house rental project in the south Las Vegas valley. In addition, they are currently in the process of developing other rental communities as well. Overall, the company currently owns over 1,000 single-family houses in the Las Vegas area.

Las Vegas has been a popular location for developers of rental properties for many years; the market expanded rapidly in the wake of the mid-2000’s recession with companies and individuals purchasing homes for cheap and renting them out, and in recent years – as the local economy as continued to recover and thrive – the need for more and more housing options have increased.

The concept of single-family homes being constructed in large quantities explicitly as rentals – as opposed to being sold outright – is a fairly new concept in this day and age,  but it’s been increasing in popularity across the country and Las Vegas developers have taken notice.

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, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.

In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”

At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.

As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.

Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.

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 Summerlin home of noted Las Vegas injury law attorney Farhan Naqvi has been sold for a whopping $7.4 Million, according to recent reports. The two-story home, located in The Ridges – a master-planned community within Summerlin – fetched the third-highest sale price of 2020 thus far, a year that has seen the sale of luxury homes in Las Vegas set records despite the ongoing COVID-19 pandemic.

Naqvi, well-known in Southern Nevada from his ongoing television commercial advertising his law practice, originally purchased a lot next to The Ridges’ Bear’s Best golf course, and then acquired the services of Blue Heron – a developer that specializes in luxury homes who constructed the residence in 2015.

The home, located on just under an acre and constructed in a “cool, modern” style, comes in at 7,000 square-feet in size with five bedrooms, a five-car garage, a fancy entry courtyard, and “amazing views” of the famed Las Vegas Strip. Also on the property is a 1,800 square-foot, two bedroom guesthouse. The home has been purchased by a Sacramento, California civil attorney, reports say.

Naqvi’s new residence will not be far from his original abode; he is currently in the process of having a home constructed in Summerlin’s Summit Club resort community.

The high number of luxury sales in the region as of late has been credited in-part to California residents who are moving into Las Vegas to escape the high cost of living in their former home state; high taxes have been a driving force behind many residents and businesses leaving California for Vegas in recent years.

According to the Multiple Listing Service, 95 homes with a value of $1 million or higher were sold in October, with 96 such homes selling the month before.

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 historic Las Vegas residence that was once the former home of late Country Music great Kenny Rogers has just been listed on the open market with an asking price of over $3 million, according to reports.

A 7,249-square-foot single-story estate located at 500 Shetland Road, the glamorous home is situated on one acre of land and has been listed for $3,199,999. The residence was completely customized and its design was considered extremely forward-thinking and progressive when it was originally constructed back in the early 1970’s.

The estate boasts a private gated entry, a grand double-door glass entry, four en suite bedrooms with dual master suites, six and a half bathrooms, an office/library, large living room, dining room, and great room with a sunken bar lined with padded club chairs. Design aesthetics include beveled mirrored walls, fabric upholstered walls, marble flooring, crown molding, and large amounts of natural stone.

The property is topped off by a large, lush backyard with a resort-style pool with spa and a sizable deck area.

Several notable personalities have called the residence home in the years since it was built. Kenny Rogers, the iconic singer and actor, purchased the home in 1995 and owned it for three years, later selling it to casino mogul Phil Ruffin in 1998. Ruffin’s wife at the time, Lynne, then proceeded with extensive renovations, and stayed in the home after the couple divorced in the early 2000’s. She later remarried a man named R.T. Smith and lived in the home until her death in 2011, with Smith remaining there until his passing in 2019.

The property then fell into the hands of Smith’s two step-children, who are co-trustees of the estate; with the home having fallen into a state of disrepair, they have since performed extensive restorations to return the home to its former glory before listing it on the real estate 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 – Atlanta-based Beazer Homes, one of the largest homebuilders in the country, recently announced that they will be holding a grand opening on December 5th for their newest community in the city of North Las Vegas, dubbed Acacia Ranch, according to reports.

The Acacia Ranch community will consist of 48 new single-family homes – with six single and two-story floor plans available to choose from – all situated in the vicinity of numerous entertainment, shopping, and dining options. In addition, it is located near both the Interstate 215 and U.S. Highway 95 freeways, allowing for easy access by car.

The homes will range in size from 1,750 square feet to 3,182 square feet, and the plots of land they will be available on will measure 100 feet deep with 20-25 foot rear yards – larger than the land provided by the average home in the region by approximately 15 to 20 percent.

All homes will include open-concept kitchens and two- or-three-car garages. Buyers can choose between pre-set layouts or the ability to choose room-specific layouts, allowing them a great deal of flexibility to design the homes in a way that is better tailored to their lives.

Homes in Acacia Ranch will focus on affordability, with prices starting in the low $300,000 range while being devoid of any homeowners associations fees.

At the December 5th grand opening, interested parties will be able to tour model homes to see what the final residences will look like, in addition to having assistance available on-hand for the loan pre-qualification process.

Construction plans and materials are said to yield a great deal of energy efficiency, reports say. Beazer builds homes in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.

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 recent reports, the mad scramble for local real estate and the subsequent record-setting months of rising median single-family home prices during the pandemic has real estate experts speculating that Las Vegas may potentially be in another bubble, reminiscent of the mid-2000’s that eventually gave way to a recession.

Multiple sellers are reporting that despite the ever-increasing prices of homes on the market – October 2020 saw the single-family homes median sales price reach and all-time high of $340,000 – multiple offers are often being made on new inventory as soon as they are available, with the activity surrounding it being described as “frenzied” and “defying logic” – lending itself to fears of a new recession in the works.

However, according to experts, there are several important differences between today’s real estate market and the one that eventually lead to the mid-2000’s recession; in the past, loans were easy to come by and the strong Southern Nevada economy led to skyrocketing property values, house-flipping, and mass construction. When the recession hit and the bottom dropped out, few regions were hit as badly as Las Vegas, with property values tanking, construction projects halted, and countless homes foreclosed upon.

Fast-forward to today, and while on the surface circumstances may seem similar, requirements for loans are mort strict now. While record-low interest rates are making it easier for people to get loans with monthly payments that they absolutely can afford, lenders are going to far greater lengths to verify a borrower’s income, employment, and assets; in the mid-2000’s, this often didn’t happen at all, leading an expert to note that “if you could walk and chew gum, you got a mortgage.” The result? A large increase in defaulted home loans, which experts say is unlikely to happen today.

So while experts are still scratching their heads over the current state of home pricing and demand in 2020 Las Vegas amid the pandemic and it’s uncertain what the market will ultimately look like within the next few years, it’s safe to assume that another bubble is, in fact, not around the corner.

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 – Soaring prices in the Las Vegas housing market are being shaped by one vitally important factor above all others – dwindling supply of residences available for buyers, according to recent reports. October 2020 saw yet another record broken when it comes to the median price for an existing single-family home sold in Southern Nevada, with prices now up to $340,200, representing a jump of approximately 11 percent from October of 2019.

Real estate experts are noting that thanks to COVID-19, the house buying season that normally hits its peak during the summer has continued into the fall with no signs of slowing down; that, coupled with demands for housing not being met in terms of new construction – in some instances slowed down by the pandemic – have resulted in home prices that seem to get higher month-after-month.

Townhouses and condominiums are also growing in cost, with the median sales price in October coming in at $186,500, compared to $171,250 during the same period of time last year.

Typically, to maintain a balanced real estate market, a six-month supply of homes is needed; currently, Las Vegas finds itself far below that threshold, with only a 1.5 month supply of homes for sale. Approximately 4,000 homes were sold in October 2020 alone.

Experts are also attributing the demand for homes to historically low interest rates on home loans, in addition to an order issued by Nevada Governor Steve Sisolak that allowed real estate agents statewide to be able to resume open houses for prospective buyers; the latter move has been attributed to more people getting out and buying homes and more homeowners putting their residences up for sale.

Ultimately, developers must find a way to increase their output of home construction in order to not only meet the continuing demand, but to also help stabilize prices, lest they continue to increase on a monthly basis.

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 COVID pandemic continuing to flare up around the country – and the economic woes that follow in the disease’s wake – Las Vegas has nonetheless managed to set records as home prices have managed to hit all-time highs for the fifth consecutive month in a row, according to recent reports.

October 2020 saw the demand for residences in Las Vegas to continue to climb, with the median sales price of previously-owned single-family homes – which make up the majority of the marketplace – reach $340,000, representing a 0.9 percent increase from September, itself a record-making month for the real estate industry. In addition, jumps in home prices last month saw an increase of 10.8 percent from October 2019, showing that despite the economic impact of COVID still being felt, it hasn’t done much to slow down home prices.

Market inventory is still growing smaller as well, with the end of October seeing only 4,501 single-family homes on the market without offers, a decrease of 6.2 percent from the previous month and a decrease of 37.6 percent from October 2019. 3,225 homes were sold in October, representing a decrease of only 1.4 percent from the previous month but a jump of 11.2 percent from the same time period in 2019.

While negatively affected early on in the pandemic, the Las Vegas housing market bounced back far more quickly than anticipated and has been described as being “on fire” in recent months, due in part to much lower interest rates on loans as of late.

Before the pandemic hit, the record median sales price of single-family homes was $316,000 in February, a milestone that had taken 13 years to reach after the mid-2000’s recession; in mid-2006, right before the market crashed, the record median home price was $315,000.

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 North Las Vegas city council unanimously voted to impose restrictions upon short-terms rentals of rooms and homes, such as those rented via Airbnb, including a new rule that requires a $900 a year licensing fee for the privilege of doing so; a fee that is currently the highest in the valley, according to reports.

The vote came after a public comment period – held virtually, due to COVID-19 concerns – where the city council listened to residents who were both for and against the idea of short-terms rentals in their neighborhoods. While some expressed strong opposition to the new restrictions and fees, many North Las Vegas residents expressed dissatisfaction with the number of Airbnb rentals that end up being party houses.

In addition to the annual $900 fee, there will also be a 13 percent transient lodging tax imposed on rentals whose occupants stay less than 30 days; if the stay is over 30 days, the 13 percent tax is waived.

There are also numerous other rules that Airbnb renters must adhere to, such as the installation of noise monitoring equipment, at least $500,000 in general liability insurance, and making sure that all neighbors living within 200 feet of the property are notified that the property is a short-term rental.

Short-term rentals in Las Vegas have taken off in the last year, and especially during the ongoing pandemic, as it allows homebound families and friends to vacation in a fancy home in a tourist destination while maintaining lodging that adheres to social distancing regulations, more so than most hotels can manage.

However, some rentals have caused issues for the surrounding community, as many occupants typically use the residence as loud and disruptive party houses; hence the strict new rules adopted by the North Las Vegas city council.

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 reports, the Las Vegas luxury home market is being described as “on fire” by experts, with home sales continuing to set records despite the ongoing COVID-19 pandemic. For example, Noel Lee, 71, the CEO of Monster Inc., recently sold his Henderson home – measuring 11,375 square feet with six bedrooms and nine bathrooms – for $7 million, the third-highest price paid for a residence in the Las Vegas valley in 2020 so far. Lee’s two-story home features two master suites, an office, game room, fitness room, wine cellar, theater, an infinity-edge pool, and a five-car garage.

The other two highest 2020 luxury home sales in Las Vegas were a MacDonald Highlands mansion owned by Paragon Gaming co-founder Diana Bennett for a whopping $11.25 million, and a Summerlin mansion located in The Ridges – a master-planned community – for $10.15 million.

In addition, 96 homes with a closing price of $1 million or higher were made in September alone, setting an all-time one month Las Vegas record. Previously, the record for homes at this price point (or higher) was 74 in May of 2019.

Overall, in September, 502 luxury homes and condos were sold in Las Vegas, representing a 16.4 percent increase over the same month in 2019, when 431 luxury homes and condos were sold. In contrast, the number of single-family homes – in all price ranges – in Southern Nevada are down 5.6 percent from 2019.

Industry experts are noting that the sales of existing luxury homes are bolstering the Las Vegas real estate market as a whole, according to reports; there are currently 160 sales pending in September of luxury homes in Las Vegas with an additional seven months of inventory to spare, further showing that the Sothern Nevada luxury sales market is showing no signs of slowing down 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.