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LAS VEGAS, NV – In an attempt to address the current housing crisis in Southern Nevada, the Bureau of Land Management (BLM) announced they will be auctioning off approximately 90 acres of land located throughout the Las Vegas Valley this upcoming March.

According to a notice posted by the BLM on the Federal Register, the online-based auction – slated to start at 8 a.m. on March 18 – will be comprised of 89.35 acres of land divided into 11 separate parcels.

BLM noted that 30 days prior to the auction, specifics of the land up for grabs – including legal description, physical location, encumbrances, reservations, rights-of-way and exact acreage – will be posted online.

Currently, what has been revealed by the BLM is that two parcels are located in Henderson, along with one in the southern part of the Las Vegas Valley and three in the northwest part; some are situated adjacent to commercial lots, and other next to residential properties.

As for the local jurisdictions that the properties are located in, two are within Henderson, three are in the city of Las Vegas, and six are in Clark County.

As per a press release put out by the BLM announcing the auction in March, the federal agency noted that the land being auctioned off will not be done so with any discounts, as per the 1998 Southern Nevada Public Land Management Act; instead, the parcels will be sold at “fair market value.”

Critics have become increasingly vocal with their complaints over the BLM’s seeming reluctance to set aside more land for residential or commercial development in the Las Vegas Valley, either by releasing it outright or allowing it to go to auction. Indeed, many are blaming the agency in-part for the overall lack of affordable housing options in Southern Nevada, and it is hoped that this auction is the first of many that will eventually remedy the situation.

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 newly-released records, the all-time record for the sale of a single-family home in Las Vegas was shattered back in May when a residence in the ultra-affluent The Summit Club master-planned community sold for a whopping $35 million, besting the previous record-holder, the sale of singer Celine Dion’s home – literally right next door – for $30 million in 2023.

In addition to setting the new record for overall closing price, the home in question – a two-story estate located on a 1.5-acre plot of land on Summit Club Drive – also set the record for price per square foot, which came out to be $3,063.

The record-breaking home comes in at 11,427 square feet and boasts five bedrooms, seven baths and a six-car garage, along with numerous luxury amenities such as a pool with a waterfall and a spa.

Patrick and Andrea Ramsey were the sellers, and had purchased the land for $2.5 million in 2016 and constructed their custom abode in 2017. Southern California business owners Ronald and Janis Soto were the buyers, and both parties in the sale were represented by Anthony Spiegel, who was working for IS Luxury at the time, but who has since has moved on to Lusso Residential Sales.

Spiegel said that it was a interesting development that the two biggest single-family home sales in the history of Las Vegas were literally neighbors to each other, and noted that the reason for this development is due to The Summit Club being such an attractive place for the rich and powerful to call home.

What gives any real estate real value is the location. At some point, there’s only so much replacement value that can be attributed to the value of the home,” Spiegel said. “If you look at the mega properties around the world, they trade at a premium to replacement value. That premium is generally a location premium. What makes it a $35 million home is that it’s in The Summit, a Discovery Land project and the only membership club in the city. It’s not just a neighborhood. It’s a community that people want to belong to, and there’s a cost that’s not only found in the membership fees but in the real estate.”

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 – Clark County announced this week that they had purchased 20 acres of U.S. government-controlled land from the Bureau of Land Management (BLM) to construct Nevada’s first-of-its-kind affordable residential housing community.

Officials confirmed that Clark County bought the land – located along Cactus Avenue in the southwest Las Vegas Valley – from BLM for the price of $100 an acre, with the intention of constructing 210 single-family homes aimed at first-time homebuyers who earn approximately $70,000 a year or less.

The community will be dubbed “Cactus Trails” once it is complete, and will offer three- and four-bedroom homes with numerous amenities for its residents, such as a playground, walking and hiking trails, and much more.

The plan, originally announced on July 16, will see Clark County retaining ownership of the land, which will ensure that prices remain at affordable levels, according to a post made by officials on X (formerly Twitter).

Plans for the project are expected to be submitted this fall,” the post said. “After the homes are built, qualified homebuyers will purchase the home while the County maintains ownership of the land to keep the cost of homebuying attainable for working families.”

Documents were signed last Friday officially transferring the 20 acres of land at a ceremony attended by officials from Clark County, the Biden Administration, BLM, and the Department of Housing and Urban Development (HUD).

At the event, District F Commissioner Justin Jones noted that Clark County’s commitment to providing affordable housing for its residents is a top priority.

Clark County has invested millions of dollars to foster development of affordable housing for working families and seniors on fixed income within our community,” he said. “Cactus Trails will be a first-of-its kind development in our community, aiming to offer affordable homeownership opportunities to working families.”

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 affluent SouthShore Lake Las Vegas master-planned community will be welcoming a prestigious new neighborhood early in 2025: La Cova, which according to developer Tri Pointe Homes is a luxury waterfront resort-style community whose homes will boast a luxurious European design aesthetic, right in the heart of Nevada.

Mike Woodley, President of Woodley Architectural Group – the firm that helped to design the community’s unique look and feel – noted that the guard-gated La Cova will be comprised of 42 residences spread out amongst three enclaves on adjacent peninsulas.

We were careful to contextualize the homes to the existing SouthShore neighborhood,” Woodley said. “These homes belong on this side of the lake in the exclusive SouthShore community. Our designs have the spirit of Old-World architecture but with cleaner lines and a bit more modern aesthetic.”

A total of 38 homes will be located along the shore of Lake Las Vegas, with the remaining four near the community’s edge, adjacent to the SouthShore Country Club golf course.

La Cova’s planning stage lasted two years while honing every possible detail of the community, said Tri Pointe Homes Division President Klif Andrews, right down to ensuring optimal, breathtaking views of the lake and surrounding mountain vistas.

It’s the first time we’ve done a professionally preplanned community, and I think that is exciting,” Andrews said. “Designing floor plans to fit certain homesites maximizes the views and creates an opportunity for a more custom experience. Each home will be one-of-a-kind.”

The homes on-offer in La Cova range in size from 3,200 square-feet to over 4,400 square-feet, with prices starting at $2 million and up. Designs blend modern-style Tuscan and Mediterranean influences and feature large windows for maximum visibility and backyards with lush, resort-style courtyards.

In addition, there will be numerous high-end amenities available for these homes, such as detached casitas, workout rooms, executive offices, club rooms and upper-level balconies. Also, boating, paddle boarding, and many other sport and recreation options are available via the development’s waterfront location.

La Cova is going to be unlike any other place,” Andrews said. “The way we connect homes to the water, it’s like having your own private luxury resort. It gives buyers a rare opportunity to purchase something incredibly unique for our market.”

Tri Pointe Homes is currently offering tours of model houses in the La Cova community, which is still under development.

LAS VEGAS, NV – While multi-family complexes in Las Vegas continue to be bought and sold on a regular basis, some owners of these properties are beginning to sweat as commercial real estate analysts indicate approximately 20 percent of all apartment building loans in the nation are in danger of defaulting due to pricey pandemic-era loans soon coming due.

The situation could potentially cause a dramatic increase in the number of rental properties being foreclosed upon and being sold off, experts say.

The cause, experts say, is due to variable rate financing offered during COVID-19 that is – several years after their respective loans were taken out – having a detrimental effect upon apartment complex owners recently, both in Las Vegas and across the country; currently, as per Colliers International, there are approximately 232,751 multifamily units in the Las Vegas Valley alone.

In 2021, Vegas saw $4.8 billion in sales of 80 multifamily transactions of buildings with 100 or more units. According to Executive Vice President for Multifamily Investment Sales with Colliers International in Las Vegas, Jeffrey Swinger, the exceedingly low-interest rate financing offered during the height of the pandemic is causing potential major financial headaches for property owners in the here and now.

What this really boils down to is interest rates and COVID,” he said. “Particularly starting in 2021, a lot of the lenders (within the multifamily market) because interest rates were zero, were able to offer these short-term floating rate loans, and they were typically three years. If you fast forward to today, a lot of these loans are coming due at today’s interest rates and it’s crushing them.”

Reports indicate that the 176-unit Tides at Walnut Park complex in Las Vegas – owned by ides Equities, which has 23 properties in the Las Vegas Valley – was recently foreclosed upon due to this very same reason.

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 by Redfin, nearly 60 percent of all homes currently for sale in the Las Vegas Valley have been on the market for over one full month, with the residential real estate brokerage noting that the situation could be described as “stagnant” due to a perceived disconnect between sellers and buyers.

Redfin real estate agent Shay Stein said that home sellers and buyers aren’t on the same page in terms of what they expect when it comes to the current state of the real estate market in the Valley.

There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high,” she said. “A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high.”

59.4 percent of the homes for sale in the Valley had been listed on the market for over one month by the end of June 2024, which represents a drop of 1.1 percent from the end of June 2023.

In contrast, however, the market in much of the remainder of the United States appears to be playing catch-up with Vegas, with two-thirds – approximately 66.5 percent – of homes for sale in the country having been on the market for over a month, which is a massive 60 percent increase year-over-year.  

Stein notes that homes in the Valley that are “priced fairly” – both in middle-class and affluent neighborhoods – are still getting offers and selling well, with the local market showing the largest year-over-year jump in new listings – 17.5 percent – out of any major metropolitan area.

However, sellers with unrealistic expectations, coupled with buyers made leery by high prices and mortgage interest rates, have resulted in the current residential real estate slowdown, both in Vegas and nationwide, according to Redfin’s report.

June was the fourth straight month in which the portion of homes sitting on the market for at least one month ticked up on a year-over-year basis,” the report said. “Less-desirable listings are sitting on the market, causing unsold inventory to pile 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, a judge has blocked an attempt by Nevada Governor Steve Sisolak’s office to designate evictions as “non-essential” during the COVID-19 pandemic, opening the doors for landlords to begin eviction proceedings that go into effect at the end of December when a federal mandate against them is set to expire.

Currently, some tenants are protected from eviction via a mandate on the part of President Donald Trump, by way of the Center for Disease Control and Prevention (CDC); in addition, they have access to rental assistance provided by way of the CARES Act, originally passed by Congress to aid those who have been financially impacted by the pandemic. However, both of these are set to end come January 1, at which time a flood of evictions are expected to come.

Governor Sisolak has not announced any further extensions on his own now-expired eviction moratorium – which came to an end in mid-October – but his office recently sent a letter to the Las Vegas Justice Court (LVJC) regarding the influx of eviction paperwork, stating that they were concerned over crowding conditions these “non-essential” cases may be causing – allegedly violating social distancing guidelines – and asking chief justice Suzan Baucum to put a stop to them.

“The overcrowding of people within the LVJC during this statewide pause is a public health issue, and the Governor urges you to direct that all in-person appearances (including evictions) be suspended during this statewide pause for the express purpose of helping to contain the spread of COVID-19,” the letter said.

It should be noted that evictions were not the only case type mentioned – although they were highlighted – in the letter from Sisolak’s office, but rather all in-person court appearances be stopped in order to help curb the spread of COVID-19.

Baucum, in response, did institute several measures in order to increase safety in the courts and decrease the amount of social contact, but while some hearings have been postponed until 2021, eviction proceedings – which the chief justice deemed “essential” – were allowed to continue on an in-person basis, or through other means where possible.

When responding to the letter, Baucum noted that Sisolak’s moratorium on evictions has expired and that the court thusly had no cause to stop eviction hearings from going forward. Also, the Trump/CDC mandate does not serve as full protection against evictions, but only covers those who qualify and have opted into the program.

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.

The real estate rental market in Las Vegas is competitive and also very lucrative. As a real estate investor, you’ll want to make sure you take some simple steps to make sure your rental property is the home that prospective tenants choose. Here are some simple tips to make sure your Las Vegas Investment property rents quickly.

1. Competitive Price

The monthly rent price is your first step in getting prospective tenants through the door of your Las Vegas investment property. Setting your price is pretty simple. Ask your property manager to run a competitive rental analysis of the other rental properties in your neighborhood.

They can tell you what’s a good price for your Las Vegas rental property. A good rental price will make sure you get interest from prospective tenants, but getting them in the door is only half the battle.

The next two steps will make sure your home is the home that quality tenants choose over the competition.

2. Flooring, Paint, and Window Coverings

Homes with new paint and clean carpets are always going to rent faster than those without. As a rental property owner, just accept the cost of replacing carpets and painting after tenants move out as a cost of doing business. People may live in places with dirty carpets and walls, but they usually won’t choose to move into one.

Also, many of the tenants I meet with actually prefer tile and hard wood floors to carpet. So installing some pergo or tile is a good way for a property owner to avoid having to replace carpets every few years.

Another simple way to make your place stand out from the competition is to put nicer blinds up on your windows. You don’t have to put plantation shutters on all the windows in your rental property, but some low cost faux wood blinds with thick slats look a hundred times better than the cheap aluminum ones. Take a look at the bigger picture and spend the money to get a tenant in and paying rent as quickly as possible.

3. CLEAN!

I am shocked how many rental properties I show that are filthy. You obviously won’t be able to clean your rental property every day, but a good cleaning after a tenant vacates and every two weeks that your property is vacant will help to insure that your property won’t stay vacant for two months.

Rental Properties in Las Vegas take anywhere from a few days to a few months to rent. Taking these simple steps will keep your Las Vegas rental property ahead of the competition.

Las Vegas REOs are a less complex and often better way to purchase distressed properties than having to deal with a seller facing foreclosure, or at auction. There are some real bargains out there, and many Real Estate Owned properties can be found that are under-priced and marketed at attractive under comparable sales discounts.

No question, but that the really “hot” properties, in other words, true bargains, will receive multiple offers. In order to tempt the lender with the most attractive offer –while still maintaining a healthy profit margin- is to have your Realtor check the bank’s purchase price on the deed.

That is the figure that you need in order to compare figures with the price the bank now wants for the property. Certainly some competitors for the property will offer more than list price, so you need to be careful to avoid a bid that will negate your profit margin if you are buying the property as an investment.

Your Las Vegas real estate agents will guide you in the right direction as far as arriving at an offer that is profitable to you and simultaneously acceptable to the lender.

Your agent will run a neighborhood Comparative Market Analysis check (CMA) on the property, interact with other agents for information on pending sales prices, if possible, check on the lender’s listing agent’s  recent MLS postings and through these investigations, determine a list-price to sales-price ratio. Offering a percentage or two over that figure might be a deal closer as far as the lender is concerned.

Another thing to keep in mind is that although the lender certainly will not give the property away, bids are welcomed and appreciated. REOs are loans gone bad. REOs don’t pay interest, and the bank has an even lesser interest in owning property. They are not in the real estate business.

Even if you are an experienced investor, the agent representing you should be experienced in the bidding process, and rules and regulations governing the purchasing of REO properties, whether they are bank-owned, HUD, VA, etc.

For example, an experienced investor/agent team will know that an all cash offer has the best chance of beating out the competition. If financing, a lender’s pre-approval letter is a must. It’s a good idea to get a pre-approval not only from your lender, but from the lender who is selling the property as well, even though the seller will not be financing the property sale.

Other procedures required to finalize an REO purchase will include a limited-time inspection period, transfer fees, title insurance, and an appraisal.

Although REOs can have downsides and may not always be a super bargain in terms of price and profit, when REO inventories are high the profits can get better.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-0088.

Las Vegas Investors, small and large, can only prosper when they are totally flexible and adaptable to market changes, and, to be sure, the market is and will always be in a state of flux. Some changes may linger for awhile but to be sure, change is inevitable.

To be successful, the investor must keep up with and take advantage of the global changes brought on by the integration of many international economies. The current value of the U.S. dollar in comparison to the Euro for instance, has continued to attract international investors interested in properties within the United States, particularly Las Vegas.

Tax shelters designed to shield capital gains are less effective when market prices are falling, and sound, fundamental management is what is required to maximize property income during both good times and bad.

The astute investor in real estate must keep up with the way in which advances in communication can affect demands for certain kinds of investments.

Will the ability to complete entire transactions on the world-wide web have serious implications in regard to the demand for office space and traditional brick and mortar retail stores?

There will always be opportunities for the small investor in good times and bad, particularly since larger investment firms are rarely interested in smaller apartment houses, office buildings and single family home properties.

The small real estate investor must be sure of the kinds of investments he/she are most knowledgeable about, and most comfortable with. What are the goals?

What is your risk tolerance? Are you investing for Capital appreciation, current or tax-free income? What are your exit strategies, and time frame?

Additionally, the investor must estimate a time frame for return OF investment (return of the originally invested funds) and the return ON investment (profit.)

Investors in general look for properties which are easiest to convert to cash, (investment liquidity) at market values.

Liquidity is certainly very important, but location is one of THE most important factors in determining a property’s overall performance.

Evaluating trends in the local market and surrounding areas are a crucial part of deciding the worthiness of a particular property as an investment objective.

The investor must also examine possible restrictions as to use of the property, such as zoning laws, how demand for the property may be enhanced or diminished by interest rates, building codes and environmental laws, an oversupply of similar properties in the area, and such.

All of the above constitute greater or lesser risk factors. A certain amount of risk is an unavoidable factor in any investment, whether it be real estate or a new business start-up. However, the successful investor knowingly assumes only “calculated” risks, factors in the investment that have been carefully thought out and investigated before making a commitment.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-0088.

The possibilities of making big profits in distressed properties has lured many new investors into the field. Many, surprisingly enough, are willing to risk financing these kinds of properties without the knowledge and expertise, much less the experience of the successful, long-time investor.

Frequently, these newcomers rely on “instinct” rather then on the advice of knowledgeable professionals, such as real estate agents and attorneys. Their hunger for quick, profitable deals and lack of true market knowledge most often leads to investments that either do not materialize, or turn out to be money-losing propositions.

These entrepreneurs often do not know of all the options an owner of a distressed property may have before actually being foreclosed, such as:

• If the owner is in a higher than debt equity position, but has fallen behind on payments to the lender, he may opt for a quick sale to get out from under the mortgage
• Deed in lieu of foreclosure – giving the deed to the lender – may avoid foreclosure, but is not the best of all possible options
• Short Sale: The borrower must convince the lender to allow the property to be sold, even if the sale price is less than what is still owed on the loan.

The borrower must additionally ask the lender to agree that no further action against the borrower to collect any balance still due on the loan- after the sale of the property – will be taken. The possible tax ramifications of such a sale may not leave the seller free and clear of all debt.

“Jumping” into a distressed property purchase, without a complete understanding of the process, and without a skilled advisory team is often a recipe for financial disaster.

Without these advisers, how will the new investor know the true market value of a distressed property, particularly in a difficult market such as the present?

Certainly, the new investor should be aware of the outlay of funds required-other than the purchase price- such as appraisals, home inspections, title searches, financing conditions, rehab and upgrade costs, etc.

Further investigation may be needed to uncover possible second or third mortgages, contractor’s liens, judgments, and so on.

Additionally, the new investor who finds a truly profitable investment, will rarely be the only one who knows about the property, and will quickly find himself up against the old pros, savvy, long-time investors with deep pockets, who will be difficult to compete with.

At this point, all we can say to the new investor is, do not take the plunge into distressed property investment until you have thoroughly familiarized yourself with the market in which you are playing. Put together the best advisory team possible, and make sure your funding sources will enable you to make the purchases that will make you the kind of money that drew you into this investment field in the first place.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-0088.

Added value properties are properties that for one reason or another are undervalued, but with renovation, sometimes minor, sometimes extensive, investing in these properties could be profitable.

This is dangerous area for new investors, particularly those with a get rich quick mentality. Careful analysis by an experienced investor and his/her investment advisers is a requirement of good judgment and the only way to make a qualified decision as to whether the deal is worth pursuing or walking away from.

How to recognize a possibly under-valued property that with some tender love and care would add value, might make a worthwhile investment takes experience in evaluating real estate investment targets.

Some examples of a possible added-value investment property:

• A rental property in which the owner is not experiencing the expected cash flow from the investment. Possibly the current owner is unaware of how to track rental market trends or inexperienced in finding the right kinds of tenants and is experiencing high tenant turnover.
• The neglected, vacant property of an out of town owner, who doesn’t need the money, and may have not as yet gotten around to having the home fixed up and marketed.
• A for sale by owner (FSBO) home that has fallen into disrepair due the owner’s lack of funds. The owner has little knowledge of the property’s true market value, and is selling the property in “as is” condition.
• The owner was recently deceased, and the beneficiaries are out of town and anxious to sell. The property may be in some disrepair, maybe minor, possibly major.

The beneficiaries are reluctant to put any money into the property for renovation, and may be putting pressure on the listing agent for a quick sale and might be amenable to selling at an attractive under-market value price to a qualified buyer.

• The once residential home is now in an area that has been re-zoned for commercial use, and the owner is not inclined to be a landlord to a business owner tenant and would rather just sell the property.

There are many other reasons as to why a property could be targeted by the investor as an added value prospect, and as mentioned previously, it takes real know-how to identify and analyze a real estate investment of this nature.

As any experienced investor knows, it takes the knowledge, resources and experience of a real estate agent who knows how to recognize these kinds of properties to find the investments that may be worth pursuing.

If you have any questions about investing in Las Vegas Real Estate, feel free to give us a call at 702-376-7379.