Category Archive : Real Estate

LAS VEGAS, NV – According to recent reports, the city council of Las Vegas is considering beefing up enforcement of penalties imposed upon apartment buildings and hotels that are considered “dangerous” due to repeated code violations.

The proposals, which are expected to be heard today, came to be following outrage over a fire in December at the Alpine Motel Apartments that took the lives of six people and injured an additional 13. The Alpine had a history of coming up short in terms of safety inspections, and had not been inspected for over two years prior to the deadly fire, reports say. The Alpine was inspected after the fire, at which time officials discovered 42 fire code violations.

The new program to be proposed on Wednesday by the city council, if approved, would focus on aging properties – often catering to low-income families – that are considered dangerous due to potential fire hazards and inadequate fire safety equipment, and would strengthen an existing program introduced in 2017.

The scope of the program would be expanded as well. Currently, the safety program only applies to apartment complexes with at least five units; if passed by the city council, the amended program would lower that number to at least four units, which would add coverage to an additional 1,110 apartment buildings.

Fires in apartments have been a serious issue in recent years, with 16 people perishing in blazes since 2015. Part of the reason for the death toll and the push to address it is because current state law does not mandate that older buildings adhere to newer safety protocols as they are adopted for newer construction. As a result, older complexes tend to be at greater risk of fires if those running them elect not to upgrade as new fire safety regulations are signed into law.

An example of an older establishment being a particular danger in terms of fire safety is the Alpine, which did not possess a sprinkler system, having originally been constructed in 1972.

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 – Andrew “Dice” Clay, the legendary comedian who rose to prominence in the late 1980s with a brash, macho, persona known as “The Diceman” and in 1990 became the first stand-up comedian to sell out Madison Square Garden for two consecutive nights, recently put his Las Vegas home up for sale for just one dollar short of a cool million.

Listing for $999,999 and originally built in 1968, the Nevada Rancho Estates-based “lucky house,” which he has owned for the past 19 years, has been used relatively little by the comedian during the COVID-19 pandemic, with Clay spending the majority of his time split between his New York and Los Angeles residences.

The home, located at 121 Stonewood Court on a half-acre plot of land at the end of a cul-de-sac, is situated within the Alta Rancho historic district, which is a guard-gated community. It is a one-story ranch-style house coming in at 4,461 square feet in size and has five bedrooms; three full bathrooms, and an additional two half-bathrooms. It boasts numerous high-end amenities, such as a large backyard with a heated pool and spa, extensive landscaping, and more.

The home has been renovated with new plumbing, floors, carpeting, and granite and reflects a “vintage, nostalgic” design aesthetic reminiscent of the late 1960s and early 1970s, according to Realtor Rob Wilner, the listing agent. Clay himself spoke of the home and the great time he had there entertaining his many celebrity friends and acquaintances.

“It has that Vegas feel,” he said. “It has a step-down living room, step-down dining room and step-down bar where we had a blast there all of these years. We had parties all the time with my friends in Vegas with Criss Angel, Tom Green and Wayne Newton. Michael Imperioli from ‘The Sopranos’ would come over when he was in town. We hung out after my shows late at night. It was a great hang and party place. It has that big, open hangout where the bar is and a giant pool. We had so much fun there.”

At age 62, Clay continues to tour and perform stand-up, and has appeared in several films and TV shows, including roles in Woody Allen’s “Blue Jasmine” and Bradley Cooper’s “A Star Is Born.”

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 difficulties posed by the COVID-19 pandemic, Las Vegas home prices set yet another record this August, reaching new heights for local real estate regardless of the hardships other industries have experienced during the same time period.

Reports indicate that the median sales price of single-family homes in the Southern Nevada region was $335,000 by the end of last month, which represents an increase of 1.5 percent from the previous high-water mark set in July, and a year-over-year jump of 9.8 percent from August 2019.

Despite the new high for home prices in Las Vegas, sales activity overall has taken a small dip; this past August; 2,910 homes were purchased by buyers, which is a decrease of 12.5 percent from the prior month and a 8.1 percent drop from August of last year, reports say.

However, the inventory of available homes in Las Vegas has remained tight in August, with 4,639 residences listed without offers, representing a drop of 3.5 percent from the previous month and a whopping 40.3 percent decrease from August 2019.

The ongoing COVID-19 pandemic has caused a great deal of economic stress in Southern Nevada, with the tourism-dependent economy taking a substantial hit as stay-at-home orders helps to contribute to a record-breaking unemployment surge.

However, the need for affordable housing options managed to sustain itself, and that – coupled with evolution within the real estate industry and record-low rates on housing loans – enabled home sales to recuperate more quickly than anticipated, in addition to allowing homes in the region  to retain their value as opposed to depreciating.

As Nevada continues to slowly reopen its economy and unemployment continues to drop, it remains to be seen if the pandemic will have any far-reaching consequences upon the Las Vegas housing market, especially with the possibility if a COVID resurgence as the upcoming fall and winter months make its presence felt.

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, NBA star DeMarcus Cousins has listed his lavish 20,000 square-foot Las Vegas mansion, located several miles west of the famed Las Vegas Strip, for a whopping $8 million.

Cousins, who is currently on the injured list this NBA season with a torn ACL – a serious knee injury that typically requires surgery and an extended recovery time – had previously purchased the residence in 2017 for $6.5 million.

The mansion, situated upon approximately two acres and offering breathtaking views of the surrounding mountains, is loaded with amenities, including a circular driveway with a covered entrance – known as a porte-cochere driveway – as well as an indoor basketball court, a movie theater, a billiards room, a room for listening to music, and an extensive wet bar.

In addition, the two-floor estate features an astonishing 10 bedrooms and 12 bathrooms, serviced by an elevator in case residents or guests don’t care to utilize the stairs.

The backyard boasts of a large landscaped lawn with a resort-style swimming pool that includes a slide that connects with a second pool; all of this has a deck overlooking it from the home’s second floor.

Guests can even take advantage of a dedicated cottage situated in the backyard that has its own kitchen, reports say.

Nicknamed “Boogie”, Cousins was selected in the 2010 NBA draft by the Sacramento Kings. In his first season with the Kings, Cousins was named to the NBA All-Rookie First Team, and from 2015 to 2018, he was named an NBA All-Star. He is also a two-time gold medal winner as a member of the United States national team, winning his first in 2014 at the FIBA Basketball World Cup and his second in 2016 at the Rio Olympics.

Cousins was most recently signed by the Los Angeles Lakers, although he was released from his contract while sidelined with his current knee injury without ever having played a game for the team in the current season.

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

LAS VEGAS, NV – Last week Nevada Governor Steve Sisolak issued a last-second extension to the eviction moratorium he enacted in March, giving residential renters unable to meet their financial obligations due to COVID-19-related circumstances an additional 45 days before their landlords are able to begin proceedings to remove them from their residences due to non-payment.

The moratorium was originally scheduled to end on September 1.

Reports since that announcement indicate a vast number of Nevada landlords – many suffering significant financial distress – are up in arms regarding Sisolak’s extension, expressing frustration for their continued inability to evict their tenants who have not been paying rent for nearly six months at this point.

Numerous groups representing landlords in the state have come out strongly against Sisolak’s decree, with Nevada State Apartment Association Executive Director Susy Vasquez stating that non-payment of rent not only hurts landlords, but entire communities.

“It takes a village to maintain and operate these communities,” she said. “Impacts to our industry trickle down to small business owners, service providers, product suppliers and trades.”

Nevada State Apartment Association Executive Director Susy Vasquez

Caleb Green, an attorney for Detroit, Michigan-based law firm Dickinson Wright PLLC, noted that the extension to the eviction moratorium may be of help to renters, but that it will spell extreme financial distress for landlords who are still required by law to provide services out of their own pockets to tenants who are in some cases paying nothing.

“Any moratoriums on evictions puts pressure on landlords because they’re stuck,” he said. “They don’t have any legal means of removing someone who is not paying, and then the landlord still has legal duties to provide. It has to be habitable. They still have a lot of legal responsibilities and obligations they have to meet.”

Caleb Green, Dickinson Wright PLLC

Nevada’s leading real estate association, Nevada REALTORS, decried the lack of any notice from the Governor’s office as to the extension, which resulted in landlords – many small-time and hurting – being caught flat-footed and scrambling to figure out what to do next.

“Many of these property owners are retirees who own one or two homes and rely on this rental income to support themselves and their families,” Nevada REALTORS said in a statement. “Many of them will now have no recourse or way to cover their own expenses [for another 45 days].”

Nevada Association of Realtors

The moratorium covers only those who are unable to meet rent obligations specifically due to circumstances related to the COVID-19 pandemic. However, it does not absolve them of the responsibility of paying back rent that has accrued, which could leave them with a significant financial hurdle to overcome in the near future. As a result, it’s likely that many local landlords will never see all of the money that they are owed.

There are numerous forms of governmental rent assistance available, at a local, state, and federal level that renters in financial distress can apply for. Rent payments, if an applicant is approved, will be sent directly to landlords. As per Sisolak’s extension, the Nevada eviction moratorium will now last until October 15, 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 – According to reports, after an initial drop in the early days of the COVID-19 pandemic, Las Vegas apartment rents have remained strong in the second quarter of 2020 while vacancy rates were stabilized due mainly to Nevada Governor Steve Sisolak’s moratorium against residential evictions.

While Vegas rents showed definite signs of rebounding after the initial outbreak, they nonetheless have grown at a slower rate than before COVID-19 hit; local rents increased 2.2 percent during the second quarter, which while positive, nonetheless pales to the 7 percent rent growth year over year, reports say.

The average vacancy rate for local apartments was 6.8 percent during this period, representing a .4 percent increase from 2019 but a decrease of approximately 11 percent during the midst of the mid-2000’s recession.

Las Vegas rents in the second quarter of 2020 have averaged $1,105 per month, which represents a $25 increase from the same period of time in 2019 but only a 5 percent increase from the region’s peak levels before the recession; from 2015 through 2019, rents in Vegas grew at a steady and regular rate.

Governor Sisolak’s moratorium against residential evictions, combined with numerous forms of governmental assistance on the federal, state, and local level, have enabled approximately 90 percent of renters in Nevada to make their monthly rent; however, with the cessation of federal enhanced unemployment benefits at the end of July, along with the end of the moratorium come September, experts expect rental numbers to take a potentially drastic turn in the third and fourth quarters of 2020.

Another factor contributing to vacancy rates is the increased development of apartment complexes prior to the pandemic in order to satisfy the growing demand for housing options in light of Las Vegas’ blooming economy and job market. Currently, Las Vegas has 3,117 apartment units under construction as of the second quarter of 2020, and upon completion, this will also drive up vacancy rates correspondingly.

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

LAS VEGAS, NY – Gaming industry legend and philanthropist Diana Bennett set a record recently when she was responsible for the highest-priced home sale in Las Vegas in over a year, letting go of her Henderson mansion at 770 Dragon Ridge Drive, Henderson, NV 89012 – for a cool $11.25 million, according to reports.

Bennett, a Northern California businesswoman, co-founder of Paragon Gaming, and inductee into the American Gaming Association’s Hall of Fame, closed on her 17,562 square-foot desert-contemporary-style home last week. The residence features five bedrooms, 10 bathrooms, a gymnasium with a steam shower, a 12-seat movie theater, infinity-edge pool, a pool, a fountain, a massage room, wine cellar, and game room.

Events at the home can accommodate as many as 400 guests, and to that end there are living room-based bars and even paintings that hide televisions behind their facades. The dining room features a design that sees the table surrounded by man-made ponds of water and the room itself is topped off by a large skylight.

The mansion, located in the MacDonald Highlands in Henderson, is also a “green” property, with solar panels on the roof. The buyer has not yet been disclosed. The sale of the Bennett mansion is the largest one on record since July 2019, when Jim Rhodes – well-known Las Vegas developer – sold his home in Spanish Hills for $16 million.

The sale is yet another example of how the COVID-19 pandemic has not had a major negative impact upon the sales of luxury homes in Las Vegas. Real estate in general, while down a bit at first, suffered no major long-term ill effects and has continued to bounce back faster than many experts expected. However, luxury homes in particular have had record sales as of late, with July 2020 seeing the largest amount of them changing hands in the last ten years or more, experts say.

In fact, many are of the opinion that based on current sales figures, 2020 may be on the path to be one of the busiest and most lucrative years on record in terms of luxury home sales.

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 – Representatives of the Las Vegas hotel industry sent an appeal to Congress this week, asking for financial assistance and commercial debt relief in order to help ward off an “unprecedented wave” of foreclosures due to financial issues born out of the COVID-19 pandemic, according to reports.  

In July, reports indicate that approximately one-fourth of Las Vegas hotels were a month late – or more – on their mortgage loan payments, which represents the highest level of financial distress to ever befall the city’s hospitality industry. Compare that figure to the fourth quarter of 2019, when just over one percent of hotels were in that same predicament, said analysis firm Trepp.

On Tuesday, over 4,000 hotel owners – including 20 from Nevada – signed a letter that was sent to Congress, calling for passage of the Helping Open Properties Endeavor (HOPE) Act, which was drafted in-part to help protect owners of commercial real estate from foreclosures as a result of fallout from the COVID-19 pandemic. The bill specifically targets businesses that hold commercial mortgage-backed securities loans.

Hotels across the country have suffered during the pandemic, as travel has slowed to a standstill in order to help curb the spread of the disease; however, Las Vegas in particular has suffered more than most due to its reliance on tourism, and even with Nevada in the process of opening its economy once again, the economic damage has been done. And with tourism levels not yet returning to normal, it’s clear that outside help is sorely needed if many of these hotels are to survive.

Casino resorts on the Las Vegas Strip generate the majority of their revenue from gambling activities; however, smaller hotels that do not have gambling on premises would benefit the most from the passage of the HOPE Act. We will be sure to report here if Congress responds to the hotel industry letter.

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, despite an eviction moratorium and numerous sources of governmental financial assistance being made to local residents, September – when the moratorium is due to expire – could see a record-number of people in Las Vegas removed from their homes and apartments, as months of unpaid rent will finally take their toll.

Due to the current financial crisis and widespread unemployment that is still hitting Southern Nevada due to the COVID-19 pandemic – a crisis that the region is recovering from, but not fast enough – the high number of renters that call Vegas home are facing a very real possibility that they may be homeless in the near future, especially with the $600 federal unemployment benefits having expired at the end of July.

Reports indicate that roughly ten percent of the population of Clark County – approximately 249,700 people – may be out on the streets when the eviction freeze ends. This is an unfortunate situation no matter how you look at it, and one that is unprecedented in the modern era.

Of course, one has to look at this from the perspective of landlords as well, considering the fact that a tenant that is unable to pay rent – through no fault of their own – translates to monthly income that the landlord is no longer receiving. And things just got harder for them, as a recent new state law now gives courts the ability to delay an eviction for 30 days in an attempt to mediate the situation between the landlord and their tenant.

While this new law represents a stay of execution for tenants, it also represents more frustration for landlords, many of whom have felt unfairly treated throughout the pandemic by essentially being forced to house individuals that are unable to – or simply refuse to, in some instances – pay them.

Nationwide, the COVID-19 pandemic has led to high levels of unemployment, and evictions across the country are looming for as many as 30 to 40 million people in the next few months if things do not improve. However, experts are reporting that Las Vegas could be one of the harder-hit areas due to its reliance on tourism, which has been greatly curtailed by the pandemic.

Currently, Las Vegas’ unemployment rate is hovering at about 18 percent, down from a high of 34 percent at the height of the pandemic; in February, prior to COVID-19, it was just 3.9 percent.

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 – Local developer Edward Homes recently broke ground on a new housing project located in Las Vegas’ 1,200-acre Providence community, the last new-home development slated to be constructed at that location. The new housing tract, called Brownstones at Providence, is planned to add 30 new townhouses on a 3-acre plot of land, and is expected to start framing the new units in approximately a month. The project, the last new addition to the Providence community according to reports, has already had 10 signed sales contracts by buyers of the townhouses.

Providence is a master-planned community located in the northwest valley of Southern Nevada near the 215 Beltway and Hualapai Way. Its origins can be traced back prior to the mid-2000’s recession, a period of time where developers consistently bought up large plots of land to construct housing developments, which was a very profitable venture before the recession hit. Developed by the Focus Property Group, Providence first began to sell homes in the community in 2006, at the height of the region’s real estate boom.

Edward Homes noted that the low supply of homes on the Las Vegas real estate market was the driving force behind the decision to proceed with the construction of Brownstones at Providence, citing the strong demand for new housing despite the impact of the ongoing COVID-19 pandemic.

June 2020 saw approximately 1,230 sales contracts signed with homebuilders in Southern Nevada, the highest amount since February. Meanwhile, pre-existing home sales in July numbered over 4,000, the largest amount of homes sold in Las Vegas since 2017.

The fact that buyers are able to lock in very low interest rates on loans these days – as low as 3 percent – has also helped to sustain the demand for housing, regardless of the financial difficulties that many residents are experiencing.

Construction for the Brownstones at Providence project is expected to be completed by the end of summer 2021.

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, Las Vegas’ ongoing real estate rebound from COVID-19 has hit yet another milestone, with the industry setting an all-new record in the month of July 2020 and cementing it as one of the more notable aspects of the region’s recovering economy, damaged as it has been by the pandemic.

Realtors have revealed that July saw the largest amount of homes sold in Las Vegas since 2017, with over 4,000 pre-existing residences changing hands. That is indeed impressive, especially given how far the market had come since the mid-2000s recession, and how far it had dropped again thanks to COVID.

Local realtors have been quoted as saying that the local housing market is currently “on fire,” citing the non-stop demand coupled with historically low interest rates – some as low as 3 or even 2.5 percent – and a limited supply as the contributing factors to local real estate managing to weather the storm and come back faster than estimated after COVID played havoc with Nevada’s economy. Interest rates are expected to remain low for the remainder of 2020, reports say.

Therefore, individuals and families that have managed to remain employed throughout the pandemic – or who had adequate financial resources already in place – have been taking advantage of the opportunities presented to purchase homes in large numbers.

Also, the median single-family Las Vegas home price in July was $330,000, an increase of approximately 9 percent from the same period last year. Again, this is despite the current pandemic, which is still making its presence felt in Nevada and across the country.

In addition, ongoing forbearance and moratorium decrees that have been enabling people to remain in their homes despite the financial difficulties they have been experiencing have resulted in Las Vegas’ lowest amount of foreclosures and short sales ever, preventing another mid-2000’s-style catastrophe to strike the Southern Nevada housing marketplace. Federal homeowner and renter assistance has also played a part, 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 – Plans for a new apartment complex in Henderson were recently announced by a Las Vegas-based developer to be constructed on a 19-acre plot of land at the southeast corner of Galleria Drive and Boulder Highway, according to reports.

Tru Development Company noted that the complex, dubbed The Apex at Galleria (stylized as “theAPEX @galleria”), will be a 336-unit apartment complex with and 3.8 acres of retail development available for sale, ground lease, or build to suit as well.

Tru is teaming up with MultiGreen Properties to bring the project to life, according to Tim Deters, President and CEO of TRU Development.

“TRU Development Company is excited to be partnering with MultiGreen Properties on our first project collaboration in southern Nevada,” he said. “We are honored to have the opportunity to expand the multifamily offerings in the Las Vegas Valley and create a community centered around technology, sustainability, and wellness. We look forward to bringing our vision to fruition and welcoming residents in 2021.”

The apartments at The Apex at Galleria will be available for lease in March of 2021, and heralds what the developer is calling a series of “Apex” branded communities to be built throughout the state of Nevada, according to Randy Norton, Founder and Chairman of the Board at MultiGreen.

“We are excited to be working with TRU in the State of Nevada as we continue to grow and design theAPEX brand,” he said. “Our goal is to build thousands of newly constructed APEX- branded units together, all of which will be attainable, sustainable, and tech-enabled residences.”

Tru most recently is responsible for the construction of the Kaktus Life rental project off Cactus Avenue and Interstate 15, a 4-story complex. It also has plans for a southwest valley apartment building in the works, adjacent to the Meadows mall. Ground on Apex at Galleria is expected to be broken at some point in the fourth quarter of 2020.

Editors note: The photo used in this story, a rendering of the new apartment complex in Henderson, is credited to TRU Development, Nevada Business Magazine, Nevada Business Journal and Press Release Wire.

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.