Category Archive : Real Estate

LAS VEGAS, NV – Sales of luxury homes in Las Vegas have now reached their highest level ever with a record-setting number of homes priced at $1 million or higher exchanging hands between January and June of this year, and the milestone is being associated with numerous factors, including increasing prices and escalating demand. 

During the first six months of 2023, 267 luxury homes costing $1 million and above were sold, besting the previous all time record of 237 homes sold in the first half of 2022, as per Home Builders Research; the report covered the sale of production homes only, and does not include instances where homeowners have purchased empty property and have utilized it to construct multi-million dollar custom homes upon it. 

Experts in real estate have noted that demand for luxury abodes in Las Vegas has been skyrocketing as of late due to very tight inventory and the fact that many standard homes do not have the opulent trappings and high-end amenities that affluent home buyers are typically looking for. 

In addition, the luxury market in Las Vegas has been performing better when compared to the middle-class housing sector since buyers in that price range typically possess a degree of wealth that current high interest rates on home mortgages are not a deterrent to making a purchase now. In contrast, many average-level income buyers are waiting in hopes that rates will come down at some point. 

Yet another contributing factor for the increase in $1 million and above sales in Las Vegas is the increasing costs associated with construction, which in turn has resulted in more new luxury homes being valued at that threshold than in previous years. 

Vegas has seen luxury sales increase year over year on a regular basis; the only year to buck that trend was 2020, when the COVID-19 pandemic put a temporary roadblock on home sales in the second quarter of the year.  

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 new data compiled by Construction Coverage – a group that provides in-depth reviews of solutions for the construction and real estate industry – the Las Vegas Valley had the second-lowest number of millennial home buyers throughout the United States in 2022, signifying that the demographic is having a particularly difficult time obtaining housing in Southern Nevada. 

As per the report, approximately 49 percent of home buyers in Las Vegas during 2022 were millennials, with the average age ranging between 25 and 44 years old, placing the city second-to-last among major metropolitan areas with the lowest number of home buyers from that generation.  

The lowest on the list was Tucson, Arizona, with 44.9 percent. In contrast, the major metro area with the highest number of millennial home buyers was San Jose, California, with 74.4 percent. 

Construction Coverage’s study was based on information gleaned from the Federal Financial Institution’s Examination Council, and its author, Jonathan Jones, said that the hurdles faced by millennials in Las Vegas come down to a matter of dollars and cents. 

While there are certainly several factors that can influence the housing market, price typically has an oversized influence,” he said. “From January 2021 to December 2022, the Las Vegas-Henderson-Paradise metropolitan area saw the median home sale price increase by 40.4 percent, outpacing the national median by 6.6 percentage points.” 

Millennials inherently have less home equity than older generations, and the rapid increase in home prices in the Las Vegas area likely priced out many millennial homebuyers,” Jones added. 

The median price for an existing single-family home sold in Las Vegas in August was $447,435, which is only a very slight decrease from the $450,000 that represented the median price in July; year-over-year, August’s prices were down only 0.6 percent.  

While these numbers represent a certain degree of stability returning to the Las Vegas real estate market after years of skyrocketing prices, homes nonetheless are remaining out of reach for many millennials, who are being hit especially hard by skyrocketing inflation rates throughout the nation. 

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 prices of homes in Las Vegas during the month of August remained stable but in contrast, the prices condominiums and townhomes fetched during that span of time reached an all-time record high according to new report released by Las Vegas Realtors on Wednesday. 

The median price for an existing single-family home sold in Las Vegas in August was $447,435, which is only a very slight decrease from the $450,000 that represented the median price in July; year-over-year, August’s prices were down only 0.6 percent, showing that the real estate market in Southern Nevada has achieved a degree of stability after several years of ever-climbing prices. 

However, the market for condos and townhomes showed no such restraint in August, with the medium price hitting an all-time high of $287,000; this represents an 8.3 percent increase year-over-year and bests the previous record set in May 2022, when that price was $285,000. 

Inventory in the housing market and several spikes in home mortgage rates are still leaving a lasting effect upon the market, according to Las Vegas Realtors President Lee Barrett. 

Homes prices haven’t changed much lately. As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply,” he said. “Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.” 

There were 3,881 single family homes listed for sale without any offers at the end of August, which is a decrease of 50 percent year-over-year; Condos and townhomes saw similar numbers, with 978 units listed for sale without offers, a decrease of 46 percent from the same period of time one year prior. 

2,649 existing homes, townhomes, and condos were sold last month, up 0.3 percent for homes and 4.7 percent for condos and townhomes when compared to August 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 – San Francisco, California-based Prologis has announced plans to build an 11 million square-foot industrial project in North Las Vegas that will be situated upon 879 acres at Apex Industrial Park that the developer purchased last week. 

The project is slated to take the form of several buildings and construction is anticipated to begin within the next three years, with Prologis planning on also covering the cost of installing utilities at the site, located at Highway 93 and Grand Valley Parkway. 

The developer has not disclosed the price that they paid for the land and the deed has yet to be filed with Clark County officials. 

Prologis’ investment officer, Mathias Hughes, noted that the company sees massive untapped potential in the area in terms of its use as an industrial hub, which is what drove their decision to purchase and develop the land. 

Prologis has been operating in North Las Vegas for more than 30 years,” he said. “Our Vegas Industrial Park project demonstrates our commitment to the market while also enabling us to maintain our development momentum in Southern Nevada.” 

Hughes also justified the new development by referencing the success that Prologis has enjoyed with their previous commercial real estate investments in Las Vegas, noting that the company currently boasts 13.9 million square feet of space in the Las Vegas Valley, 96 percent of which is currently leased. 

We continue to see strong demand for modern and well-located logistics facilities in the market,” he said. “This industrial park will be best in class and its strategic location makes it ideal for a wide range of companies with varying logistics needs.” 

No tenants have been signed up for the Apex Industrial Park property as of yet. 

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 – Officials representing the Nevada Division of Insurance and the Nevada Real Estate Division have issued warnings to state residents over a new and increasingly widespread real estate scam known as “vacant lot fraud” or “seller impersonation fraud.”

This particular scam involves individuals pretending to be owners of properties or vacant lots and attempting to sell them before the owners and/or buyers wise up to the scheme. Officials say that there are numerous telltale signs that people should look out for – which are detailed below – before these bad actors are able to separate them from their hard-earned money. 

The fraud works like this: the perpetrator will look through public records in search of real estate that is free of mortgages or liens, and then pretend to be the owner of the property and list it for sale through a real estate agent. The most common targets of this scam are unoccupied properties such as vacant lots and vacation or rental properties that the owner does not personally reside in. 

These scammers normally list the properties below their established market value and quickly accept the first offer they receive; from there, they send falsified documents for the closing and then quickly collect the proceeds and disappear, with the victims completely unaware that they’ve been bamboozled until the fake documents have been recorded with the county. 

The Nevada Division of Insurance and the Nevada Real Estate Division have provided a comprehensive list of the telltale signs of seller impersonation fraud, and they are as follows: 

• Seller refuses to attend signings; always claiming to be out of town.  
• Seller requests to use their own notary. 
• Seller demands proceeds be wired. 
• Seller has a different address than the owner’s address or tax mailing address. 
• Seller refuses or is unable to complete multifactor authentication of identity verification. 

In addition, the following precautions can also help you avoid being a victim of this scam: 

• Send mail to the seller at the address listed on tax and property records. 
• Ask the seller’s real estate agent if they have personal or verified knowledge of the seller’s identity. 
• If using a remote notary, be sure the notary is fully vetted and approved by your state; otherwise, the title company should arrange for an in-person notary signing at an attorney’s office, title agency, or bank. 
• Contact the seller directly at an independently discovered and validated phone number. 
• Verify the sellers identify by sending the seller a link to complete a third-party identity verification. 
• Run the seller’s email and phone number through a verification program. 
• Ask conversational questions to ascertain seller’s knowledge of property information not readily available in public records. 
• Compare the seller’s signature to previously recorded public documents. 
• Use a wire verification service or confirm wire instructions match account details on seller’s disbursement authorization form. 
• Require a copy of a voided check with a disbursement authorization form. 
• Require that a check be sent for seller proceeds rather than a 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.

LAS VEGAS, NV – With high mortgage rates, decreased sales, and complications due to a currently-high inflation rate, the real estate market can be incredibly complex and competitive to navigate, and Las Vegas, Nevada is no exception to that rule. So, local experts have pitched in to offer some tips on house buying in Southern Nevada, a market which is still proving to be a hotbed of sales activity despite the financial trials and tribulations being experienced across the country. 

First and foremost, a prospective buyer should always make sure to select a qualified realtor to aid them in their search for a home; buying and selling properties without the aid of one throughout the course of the transaction is NOT recommended. 

Looking up reviews of realtors on reputable real estate websites is a good idea, and conducting plenty of research to make sure you’re finding the right person for the job is essential when it comes to the largest purchase you’re ever likely to make in your lifetime. 

Next, you should establish a budget that is both clear and realistic, taking into account how much you can realistically afford; this may narrow the options available to you, but it also helps you to avoid getting into a serious financial bind down the road. When determining a budget, a buyer should take into account numerous financial aspects, including their income, debt, any possible future expenses, and the currently high level of interest rates on home loans. 

High interest rates on mortgages have resulted in a bit of a slowdown in the Las Vegas real estate market due to the fact that many current homeowners are locked into lower interest rate loans and are loathe to sell. This has placed a limit on the amount of available housing inventory at the moment which is presenting budget challenges to buyers, with more and more of them remaining in the rental market for the time being while waiting for conditions to improve. 

However, experts recommend that for those with the financial means to do so, there are indeed a growing number of home buying options available to them in Southern Nevada – especially in the suburbs – and potential refinancing options could be available in the future if and when interest rates drop to a more manageable level. 

Home buying these days may be more difficult than it used to be, but with effort, financial savvy, due diligence, and the right realtor by your side, it’s still an achievable dream for many. 

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 – An avid football fanatic has listed his Las Vegas home on the open market – after having lived there for 23 years – for $1.15 million, and one only need look inside to realize the depths of his esteem for the game, as his home is filled to nearly bursting with a mind-blowing 2,000 collegiate team helmets. 

In fact, that’s why Pug Winkler, 77, is finally looking to move out of the 2590 East Viking Road residence, as his collection – one of the world’s largest – has simply outgrown its 6,000 square-feet of space. And while the helmets – which are prominently mounted and displayed on the walls of practically every room of the house, even the kitchen and bathrooms – are not included in his current asking price, he noted that they can be included for the right amount of money. 

Obviously there’s a price for everything, but I would never break them up and sell them individually,” Winkler said. 

Winkler, originally hailing from Brooklyn, New York, said he’s been collecting football helmets for 50 years; unmarried, he said he had the luxury of not being forced to confine his hobby simply to a man cave or side office, but instead was able to spread it out to encompass the entirety of his home. 

2590 EAST VIKING ROAD, LAS VEGAS – $1,150,000.00

I have no wife to answer to, and if I did, and she said no, she wouldn’t be my wife anymore,” he said, who never actually played football himself in college but “loves watching the kids play.” 

Winkler began acquiring his helmets after selling a previous substantial collection of sports memorabilia; proceeds from that sale were large enough that he was able to retire, build his home, and go on numerous trips around the world. 

The property for sale consists of two houses – the main and an attached guesthouse – with Winkler’s collection spread out amongst the two of them. The main house comes in at 3,770 square feet and has four bedrooms and three bathrooms; the master bedroom boasts numerous amenities, including a jacuzzi, a sauna, and two walk-in closets, where he stores his collection of 150 football uniforms. 

Meanwhile, the guesthouse is 2,169-square-feet in size with four bedrooms and three bathrooms and can bring in as much as $4,800 per month in rent. 

Upon making the sale, Winkler said he plans on moving to Arizona.

See full listing details for 2590 East Viking Road, 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.

LAS VEGAS, NV – Real estate agents in Las Vegas – and, across the country – are paying very close attention to a current class action lawsuit filed by home sellers that, if successful, could have serious ramifications upon how realtors are compensated for the property transactions they handle. 

How compensation is currently handled for a real estate agent is that they are essentially paid the same commission from the seller regardless of their degree of experience; a newcomer will make the same exact amount as one that has been in the industry for many years. 

However, the plaintiffs in Moehrl v. National Association of Realtors (NAR) – a lawsuit filed in the state of Illinois against both NAR and several major real estate brokerage companies – argue that home buyers should pay for their own agents; this is opposed to the current practice in the industry, where the commission paid by the seller between buyer and seller agents is split, which the plaintiffs claim is anti-competitive. 

Speaking to a local Fox affiliate news station this week, Las Vegas-based real estate agent Steve Hawks expressed concerns that – should the plaintiffs prevail in their case – it could result in buyers being much choosier about who they work with, which could force many new real estate agents out of the industry altogether.  

If this lawsuit goes through, it would probably cut the agent count from 1.6 million to about 200,000,” he opined. “It’s going to impact agents that aren’t experienced.” 

Hawks said the reason that inexperienced realtors would be disproportionately affected in a negative way if the plaintiffs win their case is because if buyers are forced to shoulder the burden of paying fees in the event of a home sale, they will almost certainly want to go with an agent who has more experience in the field. 

If you’ve been in the business one day or 30 years, when you do a transaction on the MLS (Multiple Listing Services), you’re getting paid the same amount,” he said. “In the future, when the buyers see that it’s going to cost them money one way or the other with their agent, they’re going to start interviewing their buyer’s agent similarly to how sellers do their listing agent.” 

Jaime Solorzano is a newly licensed real estate agent in Las Vegas, and said that he isn’t worried about the outcome of the case considering how hot the local market is currently. 

It doesn’t scare me. There’s many obstacles you always have to overcome. That doesn’t put fear in me,” he said. “It’s actually going to become even better. People are attracted over here more. People are coming in often, often. Way more than usual.” 

Moehrl v. National Association of Realtors is expected to be decided at some point in 2024. 

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 – As per a new report released this week, when prospective homebuyers nationwide are looking for a new place to relocate, the Las Vegas valley is currently the most searched location out of entirety of the United States. 

Real estate brokerage Redfin noted that home buyers are being inspired to flock to Las Vegas by several notable factors, the most prominent of which being its extremely high degree of affordability when compared to other parts of the country. 

Buyers with the freedom and inclination to relocate are choosing Las Vegas largely because their money goes a long way there,” the report said. “Its typical home sells for $412,000, less than half the price of a home in Los Angeles, the most common origin for buyers moving to Las Vegas.” 

The data in the report was accumulated from searches conducted by approximately 2 million Redfin.com users between April 2023 and June 2023 and encompassed queries for homes currently on the market across over 100 major metropolitan areas. 

In addition, the Redfin report notes that in the second quarter of 2023, a full 25 percent of their users indicated that they were looking to relocate to a different metropolitan area other than where they currently reside, which constitutes a record number of the site’s users looking to move. 

The Redfin report is backed up by newly released research from the University of Nevada, Las Vegas’ Center for Business and Economic Research, which indicates that 115 people are moving to Clark County on a daily basis. In fact, Clark County’s population is expected to grow by approximately 42,066 residents in 2023 alone, and the number of people moving there will continue to increase, according to UNLV, with that number possibly increasing to as many as 56,000 new residents in 2026. 

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 new high-rise apartment complex is slated to be constructed in Henderson – the first-ever located in the city – with the developers stating they plan to raise the bar in terms of luxury accommodations in the region. 

The complex – dubbed Four Seasons Private Residences Las Vegas, a fully-serviced luxury residential project – is set to break ground and begin construction at the end of 2023. It will take the form of two towers containing 171 homes, as well as six additional private villas to be located off-site in McDonald Highlands.  

Four Seasons, upon completion, will encompass 7,300 interior square feet and 5,000 exterior square feet, and is being built in partnership with Azure Resorts & Hotels and Luxus Developments. 

The developers describe the project as being a “single-family home, but in the sky,” with the units being marketed to families who are seeking to downsize from high-maintenance houses to a high-rise home with a similar layout. 

The project is also pioneering what they refer to as a “lock and leave” concept, wherein residents can leave their keys at the front desk when going away and have management watch over and maintain their home in their absence. 

Four Seasons will boast 24-hour staff and over 90,000 square feet of amenities, including media rooms, gyms, a golf simulator, an indoor jacuzzi, cryotherapy chamber, wine cellars, meeting rooms, indoor pools an on-site world-class chef with food delivery service, and more. Residents will also be able to access their units through private garages – complete with electric vehicle charging stations – or private elevators. 

Such lavish accommodations certainly don’t come cheap: the homes start at $3.5 million, with some of the high-end penthouses costing as much as $45 million and featuring extras such as large terraces and outdoor kitchens.  

50 residences have been sold already, according to the developer, totaling $250 million in sales so far; the project is expected to open in the first quarter of 2026. 

For more information on Four Seasons Private Residences Las Vegas, please visit https://www.fourseasons.com/residences/private_residences/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. 

LAS VEGAS, NV – New data released by Las Vegas Realtors indicates the number of listings for new homes within the Las Vegas Valley have decreased by approximately 52 percent year-over-year in July, representing a historically low inventory of homes currently on the market. 

The housing market in Las Vegas is currently a one-of-a-kind occurrence, experts say, due to the limited number of homes available for sale along with numerous other mitigating factors – including high interest rates on home mortgage loans – that is creating a degree of demand not otherwise reflected by the majority of the real estate market in the rest of the country at the moment. 

A major example of this phenomena, according to Redfin, is the fact that out of all of the metropolitan areas in the United States, only Las Vegas saw an increase impending home sales in July. In fact, the new Las Vegas Realtors report notes that only 3,524 single-family homes were listed for sale last month without any offers, which represents a 4.2 percent decrease from June, and a whopping 51.9 percent decrease year-over-year. 

Redfin also reports that Las Vegas had a 43.4 percent drop in new listings over the course of the past month, the largest such decrease nationwide during that span of time. 

In addition to high demand, other factors that are reportedly driving the low housing inventory in the Las Vegas valley include a forbearance program instituted by the Federal Housing Administration during the COVID-19 pandemic, which is allowing some homeowners to remain in their residences by means of reducing or outright pausing their mortgage payments. 

The number of homeowners currently taking advantage of this forbearance program potentially number in the thousands, reports say, with the period of time where mortgage payments don’t have to be made ranging anywhere from six to 18 months. 

And finally, homeowners who made purchases during the midst of the pandemic – when interest rates were historically low – are currently hesitant to put their homes on the market due to the low monthly payments they currently benefit from, especially with new interest rates at much higher levels. 

All of these factors have combined to create what experts say is a “perfect storm” in the Las Vegas housing industry, driving up demand – and subsequently, prices – of what homes are left available on the 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 – The housing market in Las Vegas continued its upward trend in July 2023, with the median price of a pre-existing, single-family home increasing by over $9,000 month-over-month, showing a sustained degree of growth that unfortunately was not shared in the city’s condominium and townhome markets. 

A new report released by Las Vegas Realtors indicates that the median value of a home in Las Vegas for July was $450,000, in contrast to just one month prior in June when that number was $440,990. 

That price increase can be contributed to several factors that continue to persist despite the fact that interest rates for home mortgages remain historically high. These factors include the high degree of demand combined with a shrinking amount of housing inventory in Southern Nevada, which is serving to drive up the value of what homes are remaining available on the market. 

The all-time record for the median price of a home in Las Vegas was $482,000, which was achieved in May of 2022. 

While the prices of homes in Las Vegas continued to climb in July, the lower demand for condos and townhomes resulted in the median price dropping to $273,500, a $1,500 month-to-month difference from June when that number was $275,000. 

In their report, Las Vegas Realtors noted that 83.2 percent of homes and 85.6 percent of condos and townhomes sold within 60 days in July 2023; this represents a significant year-over-year decrease, as 95.2 percent of homes and 95.7 percent of condos and townhomes sold within 60 days in July 2022. 

Another decrease in July came in the form of cash buyers for real estate, as they made up one-quarter of all sales for the month; in contrast, that percentage was one-third during the same period of time one year ago. 

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.