Category Archive : Real Estate

LAS VEGAS, NV – According to the National Association of Realtors, Las Vegas now ranks in the top ten of commercial real estate markets in the United States, and considering the fierce competition out there, this achievement is by all means no small feat.

The list – which was made public on Wednesday, March 10 – represents the first time that the National Association of Realtors (NAR) has released a commercial real estate forecast. Other cities on the top ten list include Phoenix, Seattle, Nashville and Salt Lake City.

NAR Chief Economist Lawrence Yun noted that commercial real estate in particular has had a hard time in the past year thanks to the ongoing COVID-19 pandemic, but expects 2021 to represent a big comeback as vaccine rollouts continue and the economy improves.

“A recovering economy and the near certain job growth will steadily lead to the absorption of commercial properties,” he said. “The apartment rentals market could once again experience very low vacancy rates by year’s end.”

NAR’s top ten list was put together based on 25 factors, taking into account multiple aspects of a region’s economic, demographic, housing and commercial market conditions in a variety of sectors, including multifamily, office, industrial, retail and hotel property. A number of indicators were examined, including but not limited to GDP growth, unemployment rate, median household income, consumer spending, number of business openings, population growth, homeownership rate, rental vacancy rate, building permits and apartment rent.

Affordability was a major factor in determining the top ten of commercial real estate markets in the United States, Yun noted, as cheaper areas to live in often do better than expensive markets in terms of drawing in new residents and businesses.

“The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” he said. “These growing markets also offer much lower office and retail rents and are, therefore, able to attract new and expanding businesses.”

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, VICI Properties, a real estate investment trust specializing in casino properties based in New York City, has agreed to purchase several Las Vegas Strip hotels and casinos from seller Las Vegas Sands for the whopping price of $4 billion, which many experts see as a huge vote of confidence in the economy of the tourism-dependent city to bounce back quickly after the COVID-19 pandemic.

The deal, paid in cash, includes the real estate for the Venetian Resort Las Vegas, the Sands Expo and Convention Center, and the land underneath the MSG Sphere, which is expected to open in 2023. Once the deal is completed, this will put VICI in possession of the largest hotel complex in the country – over 7,000 rooms – in addition to its largest convention and trade center – 2.3 million square feet – as well.

Apollo Global Management is slated to acquire the operating business and lease the property from VICI for $250 million per year, reports say.

In all, VICI Properties will be the owners of 99 acres of Las Vegas property, with call rights on another 28 neighboring acres. Currently, the company owns 28 casinos and four golf courses in America.

Many experts are calling VICI’s decision to make such a large purchase a “bold move,” especially right after one of the worst years that Las Vegas has ever experienced due to the economic impact of the ongoing COVID-19 pandemic, which costs thousands their jobs and caused many businesses, casinos, and hotels to close. Clearly, experts say, VICI is confident that Vegas will bounce back quickly and that tourism – the lifeblood of Las Vegas – will return to its previous successful 2019 level sooner rather than later, similar to how the famous “roaring twenties” were born out of the pandemic of 1918.

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 Las Vegas real estate market will continue to gain momentum throughout the upcoming year, but its hottest aspect will remain its luxury home sales, which are expected to flourish throughout 2021.

With traditional social activity curtailed by precautionary measures put into place by the ongoing COVID-19 pandemic, more and more people are looking to deal with the concept of the “new normal” by renting and purchasing homes that give them more space to spread out than a traditional abode offers.

Reports indicate that the purchase of large-scale, luxury homes in many regions in the United States, but especially in Las Vegas, reached a fever pitch during 2020, and that trend seems poised to continue – and possibility elevate further – during 2021 as COVID continues to be the driving force until vaccine rollout efforts result in eventual herd immunity.

Reports indicate that, in 2020, 313 luxury homes valued at $1 million or more closed, which represents a 26.7 percent increase from 2019, when 247 were sold. In addition, sales of homes that were valued less, but still considered in the “pricey” range – up to $750,000 or so – jumped by 11.7 percent in 2020.

Meanwhile last year, sales of homes costing $1 million or more saw a jump of 38 percent in 2020 over 2019, and the available marketplace for homes of that caliber continues to shrink as inventory becomes less available due to demand.

The Las Vegas regions continuing the most luxury sales in Las Vegas during 2020 – and likely to continue into 2021 – are the Southern Highlands, The Ridges in Summerlin, MacDonald Highlands and Seven Hills in Henderson, reports say.

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 constant restrictions being put on public space by the ongoing COVOD-19 pandemic have resulted in homebuyers desiring more and more personal space in their real estate purchases to counteract this unusual trend in the marketplace.

For example, California resident Aaron Franklin eventually decided to leave his diminutive one-bedroom residence in Marina del Rey for a much more spacious and affordable home in Las Vegas that included many amenities that his Californian home did not, such as a tennis court and swimming pool. The deciding factor? Affordability concerns born out of the COVID-19 pandemic and a desire for more elbow room, he said.

“I was working out of a living room,” Franklin said of his stay in Marina del Rey, noting that now that he is in Vegas he has “a dedicated room for doing all my meetings and videos, and my wife has her own room.”

Remote working has remained a major factor in requirements among buyers throughout the COVID-19 pandemic, especially when children are concerned; after all, having additional space is especially attractive when you have one – or more – little ones running around and threatening to intrude on a random video conference call with your boss. And when taking online school into the equation, having more room to spread out takes on an even greater urgency, most regional transplants say.

“Since COVID’s happened, I don’t need to be there anymore,” Franklin said of his decision to relocate from California to Las Vegas. “I was paying essentially $3,000 a month in rent for a one-bedroom apartment there, and I just bought a house here (Las Vegas) that’s about $300 less a month.”

Franklin said the 3,000-square-foot home he purchased with his partner has four bedrooms, and is a “massive upgrade in space” and allows them to finally host guests and have a dedicated work space that they didn’t when they were Californian residents.

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 the competitive landscape of the current housing market, many homes are facing bidding wars and selling for well over asking price. In fact, in 2021 there will be a record number of new homes built – the most since before the housing crash of 2008. If you can’t find a home you like, you should consider building a new home. Builders will often customize the home to your preferences, so you can add that home office or luxury bathroom. The process of building a new home can be complicated and overwhelming. That’s why Redfin asked industry experts (new home builders and real estate agents) to share the most common misconceptions around building a new home and the truth behind them.

1. Assuming Your Designer Knows Exactly What You Want

The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design 

2. You Won’t Need A Home Inspector

When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction.  Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed.  I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc., and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Realty

3. Custom Equals Expensive

Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes

4. Building Is Extremely Difficult And Time-Consuming 

Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders

5. Construction Will Progress Flawlessly And Without Hiccups

The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular 

6. Using Price Per Square Foot To Compare Custom Builders

Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes 

7. A New Construction Home Is Overwhelmingly Complicated

With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders 

8. Thinking You Won’t Need Representation

New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty

9. Underestimating The Skill Required To Design And Build Modern Homes

Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials.  The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail.  Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects

10. Building A New Construction Home Is A One-person Show

A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc 

11. You’ll Save Money Not Using A Real Estate Agent

One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for.  You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. -Ryan Fitzgerald – Uphomes 

12. That A Custom Build Will Be Less Expensive And Happen Quickly

When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards. It has your signature touch and hopefully has design elements that make it special to you.  But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty 

Lexi Klinkenberg of Redfin contributed to this story which was originally published on The Redfin Blog.

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 single most significant purchase one may make in their lifetime is a home. With that being the case, it may seem unusual that often times, this purchase will be made without ever setting foot inside the property, but in today’s “new normal” ushered in by the ongoing COVID-19 pandemic, it’s something more and more people are doing.

According to Las Vegas Weekly, in 2020, 63 percent of the homes sold in the United States were sold without the buyers ever having seen them in-person, which represents a unique development in the real estate industry; generally, this is attributed to random instances such as buyers from outside the region. However, more and more Las Vegas real estate agents are giving prospective buyers tours of properties via video; some of them are forced to do so out of heath COVID-related worries, but many are also due to the popularity of Southern Nevada real estate with those looking to take advantage of its affordability.

For example, one real estate agent recently gave a video tour of a Vegas home to a military couple stationed in the Middle East who were hoping to secure a residence in anticipation of returning to the United States.

It continues to be a “seller’s market” in Las Vegas, despite the pandemic and its resultant recession; the reason for this is low interest rates on home loans combined with and affordable cost of living and a small amount of inventory on the open market. The result is a competitive marketplace for properties – with regularly raising prices – that people are willing to circumvent conventional real estate processes for.

That said, buyers should be reminded to not rush into a perceived good deal too quickly; be judgmental of any and all pictures you may be presented with, and always question anything you may be wary of; it’s better to get these potential issue settled in the here and now than saddle yourself with a home you may regret for the next decade.

Always remember – it’s expected to remain a competitive “seller’s market” in Las Vegas in 2021, and with desirable properties getting purchased fast, it still makes sense to learn everything you can about a property – even if it’s virtually, before quickly snapping it up.

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, much of the Las Vegas real estate empire amassed by late entrepreneur and former Zappos CEO Tony Hsieh has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area. Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire, and had no will before his death, reports say.

Representatives of the family have filed dozens of notices with Clark County District Court, with the properties in question slated to go to the “highest and best bidder,” with all transactions being cash only, representing hundreds of millions of dollars.

Properties up for grabs, reports say, are located around downtown’s Fremont Street area and include Zappos Headquarters – which he originally purchased for $65 million – as well as retail and food complexes Downtown Container Park and Fergusons Downtown, among many others.

However, the estate’s lawyer, Dara Goldsmith, noted that it is possible that not all of Hsieh’s properties would be sold, as the notices filed with the court allow for the “possible future sale” of the real estate in question.

“The estate may retain certain properties and sell others, or it may retain all of the properties,” she said. “Once the publication process is complete, the estate will consider reviewing serious, written offers.”

For 20 years, Hsieh – who had a net worth of hundreds of millions of dollars – headed up retail giant Zappos, selling the retailer to Amazon in a $1 billion-plus deal in 2009; he had retired as its CEO in August 2020. He is credited by many as being a central figure in the revitalization of Downtown Las Vegas.

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

LA VEGAS, NV – According to reports, the long-gestating Fontainebleau resort project – located on the northern part of the famed Las Vegas Strip and originally scheduled to open in 2009 – may have finally garnered a new lease on life after it was re-acquired by its original developer and changing hands several times over the years.

Remaining a vacant development for a number of years after declaring bankruptcy during the crash of the economy in the mid-2000’s, the megaresort project has remained an unfinished eyesore amid the ongoing COVID-19 pandemic and a mute testament to the previous economic hardships endured by Las Vegas before it’s resurgence in recent years.

Koch Industries’ real estate wing, in conjunction with Florida developer Jeffrey Soffer, have joined forced to acquire the Fontainebleau property – more recently known as “The Drew Las Vegas” – according to a joint release put out this week. Soffer was once affiliated with the group that originally constructed the over 60-story resort in the mid-2000’s; one of many that entered into a state of limbo when the housing bubble burst during that period.

But unlike many developments started during that period of time, the Fontainebleau site has refused to give up the ghost, so to speak, remaining as a reminder of harsh times gone by.

The Fontainebleau’s new ownership have yet to publically reveal any details on their plans for the site; some are anticipating that the owners will revert the project back to its original Fontainebleau name, but so far any resumption of construction efforts has yet to be announced.

The 68-floor luxury resort, boasting almost 4,000 rooms and suites, is located near the Las Vegas Convention Center; construction on the $2.9 billion property had begun in 2007 by privately held Fontainebleau Resorts LLC, but was indefinitely halted two years later when the recession forced the project into bankruptcy. In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017.

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 Martin, a luxury high-rise condominium tower located on Dean Martin Drive in Paradise, has listed its 45^th floor penthouse on the open market for a whopping $18 million, a potentially record-setting sum in Las Vegas if the residence actually ends up selling for that amount.

The penthouse, which comprises the entire 45^th floor, boasts 12,940 square-feet in space and has five bedrooms, eight bathrooms, Venetian plaster walls, custom-made furniture in every room, and 30 television sets. There is also 2,000 square-feet of balcony space with four terraces, which offers a stunning 360-degree view of the entire Las Vegas valley, reports say.

It also comes packed with numerous high-end amenities, such as a professional gym, steam room, sauna and cold plunge. It also comes well equipped for entertaining guests, featuring a catering kitchen, private wine room, bar, game room and theater.

The centerpiece of the penthouse, however, is a custom circular fish tank that has a bed situated in the center where you can kick back, relax, and watch the fish.

The owner, whose name has not been revealed, reportedly purchased the penthouse in 2016 for $4.25 million, and then put approximately another $12 million into it. Reportedly, the owner has already received several offers from out-of-state buyers and it is expected that it will be sold within a few months, if not sooner.

While home sales and apartment rentals overall have recently seen excellent growth in the Southern Nevada region, the high-rise condominium market actually saw sales drop 17 percent from one year ago and prices dropped double-digit percentages since the arrival of the COVID-19 pandemic.

The current record holder for penthouse sales belongs to Phil Maloof’s 58^th floor residence at The Palms, which sold for $12.5 million in 2019.

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, while Las Vegas has been making waves in the real estate world for its steadily rising home prices despite the ongoing COVID-19 pandemic – raising concerns over affordability if they continue to go up – prices are nonetheless rising much faster in many other cities, highlighting the current low cost of living in Southern Nevada.

Prices of homes in Las Vegas have gone up 6.8 percent from November 2010 to November 2020, which while an impressive feat, nonetheless falls well below the national year-over-year average of 9.5 percent, according to the S&P CoreLogic Case-Shiller index released by S&P Dow Jones Indices.

Indeed, among the 19 markets examined for the index, Phoenix, Arizona was the region with the fastest-rising home prices, and has steadfastly held that position for the past 18 months; in contrast, Las Vegas’ growth – while still very healthy, especially given the financial impact of the pandemic – was the market with the slowest-rising prices in the index.

Experts say the reason Las Vegas is not higher on that list is due to the fact that the city’s main industry is tourism, which has been devastated by the pandemic; jobs related to that industry have experienced huge losses.

However, despite the economic turmoil that Vegas has experienced, pace of its home price increases have broken several records over the course of the past year due to demand, low mortgage rates, and the overall low cost of living. Reports indicate that numerous home-buyers, many from out of state, have swooped into Southern Nevada to take advantage, and that the intense competition for homes is not expected to slow down any time soon.

The median sales price for homes in Las Vegas was an all-time record high $345,000 for both November and December 2020, which represents a 10.2 percent from the same period of time in 2019.

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, a high-tech “net zero” home located in Las Vegas’ the south valley that actually generates more electricity than it consumes has sold for the sizable amount of $2.75 million.

The four-bedroom, five-bathroom home, known as the New American Remodel 2020, was purchased by a Manhattan couple who decided to relocated to Nevada amid the ongoing COVID-19 pandemic. The house, located in the vicinity of Warm Springs Road and Decatur Boulevard, was featured in a news conference that took place during the 2020 Las Vegas International Builders’ Show; the home was also the subject of numerous tours as well, giving the public a look at its high-tech features.

Element Building Co. was responsible for the creation of the New American Remodel 2020; the goal of the project was to demolish a home built in the 1970’s and use its foundation as a basis for a new, modern-era residence featuring the “latest and greatest technology,” with an emphasis on energy efficiency. The original house was purchased in 2018 for $415,000, with the subsequent work going into the property amounting to over $2 million.

The New American Remodel 2020 at 7345 S Ullom Dr, Las Vegas, NV 89139 features 4,802 square feet of living space, a “showroom” three-car garage, glass elevator, five fireplaces, outdoor kitchen, a rooftop terrace, steam shower and Amazon Alexa-based smart mirrors. In addition, the backyard has a heated pool and waterfall.

However, the tech is the real selling point, and to that end the home features solar panels, energy-efficient appliances, special insulation, a Savant Pro home automation system that controls motorized shades, lighting, the alarm system, cameras, music and more, and an air-recovery system that circulates fresh air throughout the residence.

All of this adds up to a “net zero” home, meaning New American Remodel 2020 actually generates more electricity than it consumes, and is actually considered 117 percent more efficient than the average newly-built home.

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, Southern California investment firm Sakioka Farms has purchased Crossroads Commons, a large retail plaza located near Las Vegas’ Summerlin community, for the price of $50.75 million.

Crossroads Commons, located on the busy intersection of Charleston Boulevard and Fort Apache Road, is situated on 16.6 acres and is home to numerous major retailers, including Chick-fil-A, Barnes & Noble, and Whole Foods Market. In addition, several other tenants have recently signed on the dotted line for space in the shopping center as well, such as Dick’s Sporting Goods, a Greek restaurant, and Mastroianni Fashions.

While the ongoing COVID-19 pandemic has reduced the overall number of consumers who venture out of their homes to buy things – resulting in a major drop in retail sales in 2020 – many people are still heading out to make purchases, leading to firms and investors to sink their dough into various retail properties in the Southern Nevada region.

Investors have been closely studying the economy of the Las Vegas area throughout the pandemic, and clearly if money of this level is being poured into retail at this point in time then experts are clearly seeing a major retail resurgence in the near future, especially considering the fact that COVID-19 vaccines are currently in the process of being rolled out nationwide.

Again, it helps that Crossroads Commons is located at a very busy intersection, and that there are other retail shopping centers located nearby, making the area a destination for shoppers who are tired of being cooped up in their homes all day long. 

Before the pandemic hit physical retail had taken a significant hit from online retailers such as Amazon, but sales at brick-and-mortar stores – especially sporting goods – have had a resurgence in the past few months as people who have been isolating themselves grow restless and feel the need to shop.

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.